Forafric Global PLC financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Forafric Global PLC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	197	262	284	302	274	176
Cost of revenue	156	219	255	273	247	158
Gross profit	40.4	42.4	29.2	28.5	27.3	18.4
Selling, general and administrative	30.5	39	26.9	27.3	35.1	22
Operating expenses	30.5	39	26.9	27.3	35.1	22
Operating income	9.89	3.39	2.28	1.24	-7.76	-3.56
Interest expense	6.85	10.4	12.5	14	12.8	14.3
Interest income	0	0.54	0.03	0.04	0.03	0.05
Other non-operating income	-9.89	-11.3	-19.2	-13.2	-13.9	-7.17
Pre-tax income	0	-7.87	-17	-12	-21.7	-10.7
Income tax	0.14	-0.09	-1.84	0.59	1.65	1.38
Income from continuing operations			-15.1	-12.6	-23.3	-12.1
Net income to minority interests	-0.03	0.2	-0.04	0.17	0.97	1.1
Net income	-0.11	-7.98	-19.1	-12.7	-24.3	-14.9
EBITDA	13.5	7.31	6.99	5.74	-3.42	1.24
EPS, basic	-0.22	-0.38	-0.72	-0.47
EPS, diluted	-0.22	-0.38	-0.72	-0.47
Shares, basic (weighted)	0.62	20.6	26.6	26.9	26.9	26.9
Shares, diluted (weighted)	0.62	20.6	26.6	26.9	26.9	26.9

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	12.7	14.4	24.8	24	12.2	14.3
Receivables		32.3	30.9	34.7	18	14
Inventory		37.6	27.2	28.4	15.2	14.1
Other current assets		3.72	3.83	1.6	1.39	0.71
Total current assets		118	144	121	77.4	68.2
Property, plant and equipment		109	101	107	102	108
Lease right-of-use assets		2.08	1.82	3.38	6.93	6.62
Goodwill	48.1	51.6	41.7	44	42.9	46.6
Intangible assets	0.36	3.98	3.72	4.65	4.4	5.16
Other non-current assets		0.97	3.01	4.76	3.58	2.96
Total assets		300	307	309	246	247
Accounts payable		26.2	27.3	46.2	35.3	41.2
Accrued liabilities		13.1	19	17.6	22.6	23.7
Short-term debt		10.8	5.42	10.4	4.64	8.77
Total current liabilities		203	238	254	207	208
Long-term debt		14.1	9.83	11.8	13.1	17.6
Lease liabilities		1.53	0.67	2.19	5.89	5.52
Other non-current liabilities		15.3		2.68	3.09	2.61
Total liabilities		252	262	280	241	240
Total debt		25	15.2	22.2	17.8	26.4
Paid-in capital		120	144	143	144	152
Retained earnings		-83.6	-103	-115	-140	-155
Other comprehensive income		3.69	-2.98	-5.01	-5.67	-6.19
Minority interests		7.52	6.9	6.41	6.99	15.3
Total equity	52	47.7	45	29.2	5.32	6.66
Total liabilities and equity		300	307	309	246	247
Shares outstanding			26.9	26.9	26.9	26.9

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	-0.14	-7.78	-19.2	-12.5	-23.4	-13.8
Depreciation and amortization	3.64	3.93	4.72	4.49	4.34	4.79
Stock-based compensation			0.13	0.17	0.52	0.4
Deferred income tax	-1.88	-2.59	-3.88	-1.29	-0.58	-0.31
Change in receivables	3.29	-4.37	-12.2	-1.85	8.85	3.75
Change in inventory	-11.7	-9.83	6.13	1.66	10.1	0.6
Change in payables	-4.05	2.33	14	8.95	-10.9	3.51
Cash from operations	-11.5	-26	-57.6	33.3	23.5	0.36
Capital expenditures	-0.66	-4.83	-4.47	-9.49	-1.78	-0.52
Acquisitions		-8.64		-0.04
Cash from investing	-0.7	-14.5	-4.03	-9.84	-2.06	7.28
Debt issued	108	164	193
Debt repaid	-89.5	-127	-147
Cash from financing	18.8	42.8	75	-21.2	-33.2	-6.12
Exchange rate effect	-2.9	-0.48	-2.96	-3.11	-0.01	0.57
Net change in cash	3.69	1.71	10.4	-0.81	-11.8	2.08
Free cash flow	-12.1	-30.9	-62	23.8	21.7	-0.16
Interest paid	6.85	9.2	11.3	15.8	13.1	13.2
Income taxes paid	1.9	2.5	2.23	1.99	2.23	1.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $10.97 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	10.4%	Gross profit / revenue.
Operating margin	-2.0%	Operating income / revenue.
EBITDA margin	0.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-6.1%	Pre-tax income / revenue.
Net margin	-8.4%	Net income / revenue.
FCF margin	-0.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	0.2%	Cash from operations / revenue.
Return on assets (ROA)	-6.0%	Net income / average total assets.
SG&A / revenue	12.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-35.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-14.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-32.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-14.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-14.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-43.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-38.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-98.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-100.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	0.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	112.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.33x	Current assets / current liabilities.
Quick ratio	0.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Debt / assets	10.7%	Total debt / total assets.
Liabilities / assets	97.3%	Total liabilities / total assets.
Net debt	$12.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	9.76x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.25x	Operating income / interest expense.
Working capital	-$139.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	20.9%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.72x	Revenue / average total assets.
Fixed asset turnover	1.69x	Revenue / average property, plant and equipment.
Inventory turnover	10.8x	Cost of revenue / average inventory.
Days inventory	34 days	365 x average inventory / cost of revenue.
Receivables turnover	11.1x	Revenue / average receivables.
Days sales outstanding	33 days	365 x average receivables / revenue.
Days payables	88 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-21 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	145.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Revenue per share	$6.56	Revenue / diluted weighted shares.
FCF per share	-$0.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.01	Cash from operations / diluted weighted shares.
Cash per share	$0.53	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$295.8M	Share price x shares outstanding.
Enterprise value	$307.9M	Market cap + total debt - cash - short-term investments.
P/S	1.68x	Market cap / revenue.
P/OCF	831x	Market cap / cash from operations, when positive.
EV/Sales	1.74x	Enterprise value / revenue.
EV/EBITDA	249x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.1%	Free cash flow / market cap.
Earnings yield	-5.0%	Net income / market cap (the inverse of P/E).

What was Forafric Global PLC's revenue in fiscal 2025?

Forafric Global PLC reported revenue of $176.5M for fiscal 2025, 35.6% lower than the year before.

Was Forafric Global PLC profitable in fiscal 2025?

No. It reported a net loss of $14.9M.

How much free cash flow did Forafric Global PLC generate in fiscal 2025?

Cash from operations of $356.0K minus capital expenditures of $517.0K left free cash flow of -$161.0K.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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