ARTIVION, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ARTIVION, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	180	190	263	276	253	299	314	354	389	441
Cost of revenue	61.5	61.1	89.9	93.2	85.4	101	111	125	140	157
Gross profit	119	129	173	183	168	198	203	229	249	284
Research and development	13.4	19.5	23.1	23	24.2	35.5	38.9	28.7	28.5	31
Selling, general and administrative	91.5	101	141	143	141	170	157	209	181	226
Operating expenses	105	121	164	166	165	205	196	238	210	257
Operating income	21.8	7.97	9.31	17	2.44	8.12	6.2	5.74	38.9	33.7
Interest expense	3	4.9	15.8	14.9	16.7	16.9	18.2	25.3	34.3	26.6
Interest income	0.07	0.21	0.23	0.74	0.22	0.08	0.15	1.08	1.47	0.76
Other non-operating income	-0.44	0.26	-0.14	-1.25	-3.13	-6.14	-3.11	-3.11	-9.91	9.52
Pre-tax income	18.4	3.56	-6.39	1.64	-17.2	-14.8	-15	-21.6	-7.51	14.8
Income tax	7.63	-0.14	-3.55	-0.08	-0.49	0.01	4.21	9.1	5.85	5.01
Net income	10.8	3.7	-2.84	1.72	-16.7	-14.8	-19.2	-30.7	-13.4	9.77
EBITDA	30.2	17.7	27.4	35.4	23.2	32.1	28.6	28.8	63.1	56.2
EPS, basic	0.33	0.11	-0.08	0.05	-0.44	-0.38	-0.48	-0.75	-0.32	0.22
EPS, diluted	0.32	0.11	-0.08	0.05	-0.44	-0.38	-0.48	-0.75	-0.32	0.21
Shares, basic (weighted)	31.9	33	36.4	37.1	37.9	39	40	40.7	41.7	45.3
Shares, diluted (weighted)	32.8	34.2	36.4	37.9	37.9	39	40	40.7	41.7	47.2
Dividend per share	0.00	0.00	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	56.6	40	41.5	33.8	61.4	55	39.4	58.9	53.5	64.9
Receivables	27.8	47.5	47.1	52.9	46	53	61.8	71.8	79.5	89.8
Inventory	26.3	46.7	45.5	53.1	73	77	74.5	82	79.8	92.4
Other current assets	2.82	4.73	6.85	11.6	14.3	14.7	17.6	15.8	19.3	42.5
Total current assets	147	179	179	187	235	248	247	281	290	358
Property, plant and equipment	18.5	33.6	31	32.2	33.1	37.5	38.7	38.4	36.4	65
Lease right-of-use assets			0	22	18.6	45.7	41.9	43.8	39.7	34.7
Goodwill	78.3	188	189	187	260	250	244	247	241	254
Intangible assets	1.01	130	118	115	186	167	151	143	128	124
Other non-current assets	2.48	7.49	7.92	14.2	14.6	8.27	7.34	8.89	24.5	15.2
Total assets	316	590	571	606	789	793	763	792	789	885
Accounts payable	5.74	9.77	7.55	9.8	9.62	10.4	12	13.3	18	16
Accrued liabilities	5.05	11.6	7.19	6.73	7.47	7.69	12.4	10.4	11.8	16.4
Short-term debt	4.56	0.72	1.16	1.16	1.2	1.63	1.61	1.45	0.2	0
Total current liabilities	30.1	42.9	34.5	45.2	60.5	45	49.7	57.9	66.8	102
Long-term debt	67	218	216	215	290	307	306	306	314	215
Lease liabilities			0	17.9	14	44.9	41.3	44	40	34.4
Other non-current liabilities	5.07	7.89	6.87	6.58	6.69	6.48	7.03	7.34	8.07	9.11
Total liabilities	107	313	296	320	461	492	478	511	513	437
Total debt	71.6	219	217	216	292	309	308	307	314	215
Paid-in capital	187	250	260	272	316	323	337	356	377	517
Retained earnings	34.1	37.6	35	36.7	20	1.98	-17.2	-47.9	-61.3	-51.5
Treasury stock	-12.1	-12.7	-14.6	-14.6	-14.6	-14.6	-14.6	-14.6	-14.6	-14.6
Other comprehensive income	-0.43	1.86	-6.07	-8.59	6.74	-9.89	-21.6	-12	-24.9	-2.72
Shareholders' equity	209	277	275	286	329	301	284	282	276	448
Total equity	209	277	275	286	329	301	284	282	276	448
Total liabilities and equity	316	590	571	606	789	793	763	792	789	885
Shares outstanding							41.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	10.8	3.7	-2.84	1.72	-16.7	-14.8	-19.2	-30.7	-13.4	9.77
Depreciation and amortization	8.38	9.75	18.1	18.3	20.7	24	22.4	23.1	24.2	22.5
Stock-based compensation	6.33	6.92	6.33	8.8	6.91	10.7	12.3	14.4	14.2	24.4
Deferred income tax	2.71	-1.23	-6.21	-2.25	0.82	-5.83	-0.89	-1.32	-1.51	0.04
Change in receivables	4.14	-7.26	-1.12	-5.33	9.94	-11.6	-13.3	-4.05	-15.4	-7.27
Change in payables	4.72	8.73	-8.87	0.25	-9.16	-1.89	0.81	4.5	9.5	2.18
Cash from operations	19.7	10.8	9.88	15.8	12.4	-2.59	-5.15	18.8	22.2	39.9
Capital expenditures	-6.2	-6.63	-5.79	-8.07	-7.33	-13.1	-10.7	-9.75	-11.2	-39
Acquisitions	-91.2	-0.41			-59.1	0	0
Cash from investing	-78.9	-171	-6.72	-23.9	-73.1	5.66	-10.7	-0.5	-28.2	-42
Debt issued							0	0	184	0
Debt repaid						-2.79	-2.75	-2.77	-212	-0.21
Stock issued	2.2	3.13	3.85	4.76	2.43	3.76	3.37	3.96	5.73	13.1
Cash from financing	73.4	143	-2.56	-1.49	93.6	-12.2	-1.64	0.87	2.2	11.3
Exchange rate effect	-0.32	0.41	0.88	1.67	-5.19	2.2	1.85	0.4	-1.73	2.32
Net change in cash	13.9	-16.6	1.48	-7.94	27.7	-6.95	-15.7	19.6	-5.48	11.4
Free cash flow	13.5	4.17	4.1	7.76	5.04	-15.7	-15.9	9.07	11	0.84
Interest paid	2.45	2.56	15	13.3	13	14.4	14.2	23.3	24.5	28.2
Income taxes paid	2.5	3.36	1.7	1.94	4.12	5.48	9.24	4.87	13.7	2.54

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 $22.63 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	64.4%	Gross profit / revenue.
Operating margin	4.4%	Operating income / revenue.
EBITDA margin	9.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.5%	Pre-tax income / revenue.
Net margin	-0.7%	Net income / revenue.
FCF margin	-1.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.8%	Cash from operations / revenue.
Effective tax rate	241.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-0.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.3%	Net income / average total assets.
Return on invested capital (ROIC)	2.2%	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%.
R&D / revenue	7.4%	Research and development expense / revenue.
SG&A / revenue	54.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	10.8%	Capital expenditures / revenue.
D&A / revenue	5.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.0%	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	11.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-13.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	75.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	69.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-10.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	25.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	19.4%	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	79.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	26.4%	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 growth, 1y	-92.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-30.1%	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	62.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.4%	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	6.4%	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	12.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.1%	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	2.3%	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	13.2%	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	5.6%	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	4.5%	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	3.47x	Current assets / current liabilities.
Quick ratio	1.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.72x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.82x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.9%	Total debt / total assets.
Liabilities / assets	58.4%	Total liabilities / total assets.
Net debt	$286.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.33x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.85x	Operating income / interest expense.
Working capital	$264.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	46.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$53.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Fixed asset turnover	6.40x	Revenue / average property, plant and equipment.
Inventory turnover	1.63x	Cost of revenue / average inventory.
Days inventory	225 days	365 x average inventory / cost of revenue.
Receivables turnover	4.81x	Revenue / average receivables.
Days sales outstanding	76 days	365 x average receivables / revenue.
Days payables	45 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	255 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	122.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.07	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	$9.71	Revenue / diluted weighted shares.
FCF per share	-$0.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.86	Cash from operations / diluted weighted shares.
Book value per share	$9.18	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.10	Tangible book value / shares outstanding.
Cash per share	$1.59	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.10B	Share price x shares outstanding.
Enterprise value	$1.39B	Market cap + total debt - cash - short-term investments.
P/S	2.34x	Market cap / revenue.
P/B	2.48x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	26.5x	Market cap / cash from operations, when positive.
EV/Sales	2.95x	Enterprise value / revenue.
EV/EBIT	67.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	30.7x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.8%	Free cash flow / market cap.
Earnings yield	-0.3%	Net income / market cap (the inverse of P/E).

What was ARTIVION, INC.'s revenue in fiscal 2025?

ARTIVION, INC. reported revenue of $441.3M for fiscal 2025, 13.6% higher than the year before.

Was ARTIVION, INC. profitable in fiscal 2025?

Yes. Net income was $9.8M, a net margin of 2.2%.

How much free cash flow did ARTIVION, INC. generate in fiscal 2025?

Cash from operations of $39.9M minus capital expenditures of $39.0M left free cash flow of $839.0K.

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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