Airsculpt Technologies, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Airsculpt Technologies, Inc. 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

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	41.2	62.8	133	169	196	180	152
Cost of revenue	15.5	23.5	44.5	62.8	73.8	71.1	61.7
Gross profit	25.7	39.3	88.8	106	122	109	90.1
Selling, general and administrative	20.1	23.6	65.7	101	102	98.9	82.2
Operating income	0.66	10	15.8	-4.55	9.72	-1.58	-11.6
Interest expense	2.88	2.46	4.89	6.75	6.49	6.25	6.08
Pre-tax income	-2.21	7.58	10.9	-11.3	3.24	-7.83	-17.6
Income tax	0	0	0.33	3.38	7.48	0.19	-5.97
Net income	-2.21	7.58	10.6	-14.7	-4.24	-8.02	-11.7
EBITDA	5.62	15.7	22.4	3.52	20	10.3	1.22
EPS, basic			-0.01	-0.26	-0.08	-0.14	-0.19
EPS, diluted			-0.01	-0.26	-0.08	-0.14	-0.19
Shares, basic (weighted)			55.6	55.7	56.8	57.7	60.5
Shares, diluted (weighted)			55.6	55.7	56.8	57.7	60.5
Dividend per share				0.41

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5.13	10.4	25.3	9.62	10.3	8.24	8.45
Other current assets		1.18	4.09	4.23	3.76	5.83	5.51
Total current assets		11.6	29.4	16.7	16	17.1	15.5
Property, plant and equipment		7.11	13.6	24.2	28.9	37.5	27.8
Lease right-of-use assets		17.1	18.2	23.8	25.4	29.4	22.5
Goodwill		81.7	81.7	81.7	81.7	81.7	81.7
Intangible assets		60.6	55.9	51.1	46.3	41.6	36.8
Other non-current assets		1.54	1.74	3.28	5.66	5.43	3.01
Total assets		180	201	201	204	213	187
Accounts payable		1.1	2.67	3.84	3.92	6.26	5.37
Accrued liabilities		0.58	4.1	6.64	3.3	8.3	5.3
Deferred revenue		3.23	2.81	2.36	1.46	1.17	1.87
Short-term debt		0.4	0.85	2.13	2.13	4.25	5.46
Total current liabilities		9.46	16.4	22.3	20.3	28.9	27.9
Long-term debt		32.1	81.8	81.4	69.5	65.5	50.6
Lease liabilities		14.4	14.5	19.7	22.7	27.8	20.2
Other non-current liabilities			0	1.03	0.72	0.82	0
Total liabilities		55.9	117	130	120	135	99.6
Total debt		32.5	82.6	83.5	71.6	69.7	56
Paid-in capital			83.9	85.9	104	108	128
Retained earnings			-0.39	-15.1	-19.6	-28.9	-40.6
Other comprehensive income			0	-0.08	-0.41	-0.69	-0.1
Shareholders' equity			83.5	70.8	82.7	78.2	87.7
Total equity			83.5	70.8	82.7	78.2	87.7
Total liabilities and equity		180	201	201	204	213	187
Shares outstanding		0	55.6	56.2	57.4	58.4	64.5

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-2.21	7.58	10.6	-14.7	-4.24	-8.02	-11.7
Depreciation and amortization	4.96	5.64	6.6	8.06	10.3	11.9	12.8
Stock-based compensation	0.34	0.33	7.19	29.5	18.2	3.76	2.33
Deferred income tax	0	0	0.21	1.13	1.34	-0.25	-5.91
Change in payables	1.87	-1.02	1.58	0.87	-0.21	0.74	0.58
Cash from operations	4.94	14	26.6	24.4	24	11.4	3.1
Capital expenditures	-4.44	-3.69	-7.12	-12.9	-9.92	-14	-2.4
Cash from investing	-4.44	-3.69	-7.12	-12.9	-9.92	-14	-2.4
Stock issued					0	0	18.8
Dividends paid		0	0	-23.2	-0.39	-0.25	0
Cash from financing	-0.78	-5.02	-4.55	-27.3	-13.4	0.63	-0.48
Net change in cash	-0.28	5.25	15	-15.7	0.65	-2.03	0.21
Free cash flow	0.5	10.3	19.5	11.5	14	-2.66	0.69
Interest paid	2.68	2.29	4.26	5.83	6.28	6	5.56
Income taxes paid		0	0	4.93	4.66	4.6	1.83

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.96 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	59.7%	Gross profit / revenue.
Operating margin	-8.4%	Operating income / revenue.
EBITDA margin	-0.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-11.8%	Pre-tax income / revenue.
Net margin	-7.8%	Net income / revenue.
FCF margin	0.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	0.8%	Cash from operations / revenue.
Return on equity (ROE)	-11.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-6.1%	Net income / average total assets.
Return on invested capital (ROIC)	-7.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	55.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	8.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-15.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-17.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.3%	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	18.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-88.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-29.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-40.0%	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	-72.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-49.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-26.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-60.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-41.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-12.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.8%	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	2.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.79x	Current assets / current liabilities.
Quick ratio	0.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.54x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.42x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.5%	Total debt / total assets.
Liabilities / assets	45.8%	Total liabilities / total assets.
Net debt	$24.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-2.45x	Operating income / interest expense.
Working capital	-$7.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	60.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$11.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.78x	Revenue / average total assets.
Fixed asset turnover	6.15x	Revenue / average property, plant and equipment.
Days payables	44 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	40.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.17	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.13	Revenue / diluted weighted shares.
FCF per share	$0.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.02	Cash from operations / diluted weighted shares.
Book value per share	$1.47	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.16	Tangible book value / shares outstanding.
Cash per share	$0.26	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$141.3M	Share price x shares outstanding.
Enterprise value	$166.1M	Market cap + total debt - cash - short-term investments.
P/S	0.94x	Market cap / revenue.
P/B	1.35x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	186x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	111x	Market cap / cash from operations, when positive.
EV/Sales	1.10x	Enterprise value / revenue.
EV/FCF	218x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.5%	Free cash flow / market cap.
Earnings yield	-8.3%	Net income / market cap (the inverse of P/E).

What was Airsculpt Technologies, Inc.'s revenue in fiscal 2025?

Airsculpt Technologies, Inc. reported revenue of $151.8M for fiscal 2025, 15.8% lower than the year before.

Was Airsculpt Technologies, Inc. profitable in fiscal 2025?

No. It reported a net loss of $11.7M.

How much free cash flow did Airsculpt Technologies, Inc. generate in fiscal 2025?

Cash from operations of $3.1M minus capital expenditures of $2.4M left free cash flow of $692.0K.

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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