Financials
Financial Statements
Five-year statement history, cash flow, and balance sheet.
Illustrative data for a fictional company — see Methodology.
Income Statement
USD millions
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | $420.0M | $495.0M | $560.0M | $660.0M | $761.0M |
| COGS | $168.0M | $198.0M | $224.0M | $264.0M | $304.4M |
| Gross Profit | $252.0M | $297.0M | $336.0M | $396.0M | $456.6M |
| SG&A | $176.4M | $198.0M | $212.8M | $237.6M | $262.5M |
| EBITDA | $75.6M | $99.0M | $123.2M | $158.4M | $194.1M |
| D&A | $22.0M | $24.0M | $27.0M | $31.0M | $34.0M |
| EBIT | $53.6M | $75.0M | $96.2M | $127.4M | $160.1M |
| Interest Expense | $10.8M | $10.2M | $9.6M | $9.0M | $8.7M |
| EBT | $42.8M | $64.8M | $86.6M | $118.4M | $151.4M |
| Taxes | $10.7M | $16.2M | $21.7M | $29.6M | $37.9M |
| Net Income | $32.1M | $48.6M | $65.0M | $88.8M | $113.6M |
Cash Flow
USD millions
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash from Operations (CFO) | $38.0M | $60.0M | $82.0M | $108.0M | $127.0M |
| Capex | $25.0M | $28.0M | $30.0M | $33.0M | $40.0M |
| D&A | $22.0M | $24.0M | $27.0M | $31.0M | $34.0M |
| Change in NWC | — | $29.2M | $35.0M | $47.0M | $51.0M |
| Unlevered FCFF | — | $23.1M | $34.2M | $46.6M | $63.1M |
Balance Sheet
USD millions
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash | $60.0M | $85.0M | $120.0M | $165.0M | $215.0M |
| Accounts Receivable | $51.8M | $61.0M | $69.0M | $81.0M | $94.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Total Assets | $520.0M | $560.0M | $610.0M | $670.0M | $730.0M |
| Accounts Payable | $18.4M | $21.7M | $24.5M | $28.9M | $33.4M |
| Total Debt | $180.0M | $170.0M | $160.0M | $150.0M | $145.0M |
| Total Liabilities | $275.0M | $270.0M | $268.0M | $268.0M | $275.0M |
| Equity | $245.0M | $290.0M | $342.0M | $402.0M | $455.0M |
| Net Working Capital | $36.8M | $66.0M | $101.0M | $148.0M | $199.0M |
Year-over-Year Growth
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue YoY Growth | 17.9% | 13.1% | 17.9% | 15.3% |
| EBITDA YoY Growth | 31.0% | 24.4% | 28.6% | 22.5% |
Margins & Capital Intensity
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Gross Margin | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% |
| EBITDA Margin | 18.0% | 20.0% | 22.0% | 24.0% | 25.5% |
| EBIT Margin | 12.8% | 15.2% | 17.2% | 19.3% | 21.0% |
| Net Margin | 7.6% | 9.8% | 11.6% | 13.5% | 14.9% |
| Capex / Revenue | 6.0% | 5.7% | 5.4% | 5.0% | 5.3% |
| Capex / D&A | 1.14x | 1.17x | 1.11x | 1.06x | 1.18x |