Stocks ALIT Financial statements
Financial statementsAlight, Inc. / Delaware financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Alight, Inc. / Delaware 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 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 2,552 | 2,728 | 2,207 | 2,386 | 2,332 | 2,262 | |
| Cost of revenue | 1,472 | 1,504 | 1,442 | 1,386 | |||
| Gross profit | 686 | 810 | 794 | 765 | |||
| Selling, general and administrative | 479 | 590 | 585 | 435 | |||
| Operating expenses | 780 | 891 | 884 | 3,855 | |||
| Operating income | 265 | 147 | -94 | -81 | -90 | -3,090 | |
| Interest expense | 224 | 234 | 122 | 131 | 103 | 92 | |
| Other non-operating income | -3 | -7 | -30 | -256 | -58 | 28 | |
| Pre-tax income | 38 | -94 | -124 | -337 | -148 | -3,062 | |
| Income tax | 16 | 9 | 16 | -20 | -8 | 16 | |
| Income from continuing operations | -130 | -300 | -138 | -3,076 | |||
| Net income to minority interests | -10 | -17 | -2 | -2 | |||
| Net income | -35 | -62 | -345 | -157 | -3,097 | ||
| EBITDA | 333 | 238 | 207 | 220 | 209 | -2,794 | |
| EPS, basic | -0.08 | -0.14 | -0.70 | -0.29 | -5.87 | ||
| EPS, diluted | -0.08 | -0.14 | -0.70 | -0.29 | -5.87 | ||
| Shares, basic (weighted) | 440 | 459 | 489 | 540 | 528 | ||
| Shares, diluted (weighted) | 440 | 459 | 489 | 540 | 528 |
Balance sheet
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 506 | 372 | 228 | 324 | 343 | 273 | |
| Receivables | 532 | 515 | 678 | 435 | 471 | 387 | |
| Other current assets | 163 | 302 | 379 | 260 | 214 | 234 | |
| Total current assets | 2,231 | 2,469 | 2,816 | 2,776 | 1,267 | 1,142 | |
| Property, plant and equipment | 334 | 236 | 320 | 331 | 396 | 378 | |
| Lease right-of-use assets | 129 | 120 | 86 | 56 | 42 | 36 | |
| Goodwill | 2,245 | 3,638 | 3,679 | 3,212 | 3,212 | 83 | |
| Intangible assets | 1,733 | 4,170 | 3,872 | 3,136 | 2,855 | 2,573 | |
| Other non-current assets | 408 | 472 | 542 | 341 | 422 | 377 | |
| Total assets | 6,956 | 10,988 | 11,235 | 10,782 | 8,193 | 4,568 | |
| Accounts payable | 394 | 406 | 508 | 325 | 355 | 253 | |
| Accrued liabilities | 2.98 | ||||||
| Deferred revenue | 148 | 148 | 141 | 97 | 91 | 112 | |
| Short-term debt | 37 | 38 | 31 | 25 | 25 | 20 | |
| Total current liabilities | 1,785 | 2,125 | 2,348 | 2,187 | 892 | 874 | |
| Long-term debt | 4,041 | 2,830 | 2,792 | 2,769 | 2,000 | 1,985 | |
| Lease liabilities | 155 | 139 | 103 | 66 | 56 | 49 | |
| Other non-current liabilities | 447 | 353 | 281 | 142 | 158 | 141 | |
| Total liabilities | 6,273 | 6,060 | 6,146 | 6,040 | 3,880 | 3,522 | |
| Total debt | 4,078 | 2,868 | 2,823 | 2,794 | 2,025 | 2,005 | |
| Paid-in capital | 119 | 4,228 | 4,514 | 4,946 | 5,141 | 5,065 | |
| Retained earnings | -127 | -96 | -158 | -503 | -660 | -3,757 | |
| Treasury stock | -12 | -52 | -219 | -284 | |||
| Other comprehensive income | -42 | 8 | 95 | 71 | 47 | 20 | |
| Shareholders' equity | 683 | 4,140 | 4,439 | 4,462 | 4,309 | 1,044 | |
| Minority interests | 788 | 650 | 280 | 4 | 2 | ||
| Total equity | 683 | 4,928 | 5,089 | 4,742 | 4,313 | 1,046 | |
| Total liabilities and equity | 6,956 | 10,988 | 11,235 | 10,782 | 8,193 | 4,568 |
Cash flow statement
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | -35 | -72 | -362 | -159 | -3,099 | ||
| Depreciation and amortization | 68 | 91 | 301 | 301 | 299 | 296 | |
| Stock-based compensation | 9 | 5 | 164 | 139 | 76 | 19 | |
| Deferred income tax | 2 | 25 | -9 | -19 | 8 | ||
| Change in receivables | -74 | -20 | -37 | 84 | |||
| Change in payables | 69 | -61 | 31 | -90 | |||
| Cash from operations | 286 | 386 | 252 | 360 | |||
| Capital expenditures | -131 | -140 | -121 | -110 | |||
| Acquisitions | -87 | 1 | 0 | 0 | |||
| Cash from investing | -235 | -159 | 836 | -123 | |||
| Share buybacks | -12 | -40 | -167 | -65 | |||
| Dividends paid | 0 | 0 | -21 | -86 | |||
| Cash from financing | 54 | -231 | -1,074 | -298 | |||
| Exchange rate effect | -6 | 0 | 1 | 0 | |||
| Net change in cash | 107 | 0 | 12 | -61 | |||
| Free cash flow | 155 | 246 | 131 | 250 | |||
| Interest paid | 126 | 128 | 108 | 94 | |||
| Income taxes paid | 17 | 46 | 50 | 36 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 32.1% | Gross profit / revenue. |
| Operating margin | -95.7% | Operating income / revenue. |
| EBITDA margin | -82.5% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | -90.1% | Pre-tax income / revenue. |
| Net margin | -90.9% | Net income / revenue. |
| FCF margin | 11.2% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 15.8% | Cash from operations / revenue. |
| Return on equity (ROE) | -198.0% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | -47.5% | Net income / average total assets. |
| Return on invested capital (ROIC) | -60.1% | 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 | 18.6% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 0.9% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 4.7% | Capital expenditures / revenue. |
| D&A / revenue | 13.2% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -3.0% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 0.8% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | -3.7% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -3.7% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 3.7% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA growth, 1y | -1,437.0% | EBITDA vs the same period a year earlier. Only from a positive base. |
| Operating cash flow growth, 1y | 42.9% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 8.0% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 90.8% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 17.3% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value growth, 1y | -75.8% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -38.3% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 8.9% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | -44.2% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -25.9% | 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 | -8.1% | 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 | -2.4% | 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 | 4.8% | 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 | 1.42x | Current assets / current liabilities. |
| Quick ratio | 0.81x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.31x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 1.95x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 46.8% | Total debt / total assets. |
| Liabilities / assets | 76.0% | Total liabilities / total assets. |
| Net debt | $1.78B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Interest coverage | -22.2x | Operating income / interest expense. |
| Working capital | $290.0M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 59.0% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$1.49B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.52x | Revenue / average total assets. |
| Fixed asset turnover | 6.28x | Revenue / average property, plant and equipment. |
| Receivables turnover | 6.56x | Revenue / average receivables. |
| Days sales outstanding | 56 days | 365 x average receivables / revenue. |
| Days payables | 59 days | 365 x average accounts payable / cost of revenue. |
| Capex / operating cash flow | 29.5% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | -$76.96 | 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 | $84.66 | Revenue / diluted weighted shares. |
| FCF per share | $9.45 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $13.40 | Cash from operations / diluted weighted shares. |
| Book value per share | $38.86 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | -$56.62 | Tangible book value / shares outstanding. |
| Cash per share | $8.16 | (Cash + short-term investments) / shares outstanding. |
| Dividends / FCF | 17.7% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 10.0% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $296.9M | Share price x shares outstanding. |
| Enterprise value | $2.08B | Market cap + total debt - cash - short-term investments. |
| P/S | 0.13x | Market cap / revenue. |
| P/B | 0.29x | Market cap / shareholders' equity. Only when equity is positive. |
| P/FCF | 1.19x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 0.84x | Market cap / cash from operations, when positive. |
| EV/Sales | 0.93x | Enterprise value / revenue. |
| EV/FCF | 8.34x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 83.9% | Free cash flow / market cap. |
| Earnings yield | -683.1% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 14.8% | Dividends paid over the period / market cap. |
| Shareholder yield | 23.2% | (Dividends paid + share buybacks) / market cap. |
What was Alight, Inc. / Delaware's revenue in fiscal 2025?
Alight, Inc. / Delaware reported revenue of $2.26B for fiscal 2025, 3% lower than the year before.
Was Alight, Inc. / Delaware profitable in fiscal 2025?
No. It reported a net loss of $3.10B.
How much free cash flow did Alight, Inc. / Delaware generate in fiscal 2025?
Cash from operations of $360.0M minus capital expenditures of $110.0M left free cash flow of $250.0M.