AVANOS MEDICAL, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AVANOS MEDICAL, 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	566	612	652	698	715	587	684	673	688	701
Cost of revenue	269	275	261	295	344	288	290	294	307	347
Gross profit	297	337	391	402	371	299	394	380	381	354
Research and development	38.4	38.2	41.8	37.7	34.9	30.6	29.2	27.2	26.2	23.3
Selling, general and administrative	346	322	340	399	333	285	327	335	319	316
Operating income	-107	-43.1	0.5	-55.7	-48.5	-39	35.5	4.2	-396	-61.6
Interest expense	32.7	31.6	26.4	15	15.6	3.3	10	15	12.2	7.8
Interest income	0.6	2.5	7.8	6.7	1.2	0.2	1.2	2.9	5.1	3.2
Pre-tax income	-139	-72.2	-18.1	-64	-62.9	-42.1	26.7	-7.9	-403	-66.2
Income tax	-55.9	-40.1	-9.6	-18.1	-33.9	-11.2	5.2	2	-17	6.7
Income from continuing operations	-83.3	-32.1	-8.5	-45.9	-27.2	-30.9	21.5	-9.9	-386	-72.9
Net income	39.8	79.3	57.5	-45.9	-29	6.3	50.5	-61.8	-392	-72.9
EBITDA	-41.9	16.4	34	-18.8	-5.6	-0.7	83.2	50.3	-351	-22.7
EPS, basic	0.91	1.81	1.31	-1.03	-0.61	0.13	1.08	-1.32	-8.53	-1.57
EPS, diluted	0.91	1.81	1.31	-1.03	-0.61	0.13	1.07	-1.32	-8.53	-1.57
Shares, basic (weighted)	43.5	43.7	44.1	44.5	47.8	48.1	46.9	46.6	46	46.3
Shares, diluted (weighted)	43.5	43.7	44.1	44.5	47.8	48.6	47.3	46.6	46	46.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	114	220	385	205	112	119	128	87.7	108	89.8
Receivables	189	203	151	164	168	131	168	143	133	104
Inventory	80.7	91.1	121	146	169	159	132	163	139	148
Other current assets	16.6	14.4	57.2	23.5	18.9	18.6	13.9	28.8	14.1	13.8
Total current assets	594	1,161	714	539	467	428	624	487	393	355
Property, plant and equipment	109	110	154	185	175	168	119	117	111	113
Lease right-of-use assets				64	48.3	38.6	27.5	26.8	34.1	27.6
Goodwill	762	765	784	801	803	743	760	796	456	395
Intangible assets	168	149	168	184	158	141	234	240	112	118
Other non-current assets	3	4.1	7.6	11.3	11.8	16.5	17.6	19.3	23.2	31.5
Total assets	2,072	2,196	1,833	1,800	1,673	1,604	1,787	1,692	1,154	1,074
Accounts payable	161	171	170	83	67.6	56.4	67.9	56.3	54.3	55.5
Accrued liabilities	138	145	94.4	115	83.2	68.1	97.8	93.2	91.3	91.3
Short-term debt	0	39.8	0			0	6.2	8.6	9.4	10.2
Total current liabilities	324	390	264	213	166	139	191	235	166	165
Long-term debt	579	541	248	248		130	226
Lease liabilities				62.6	53.3	42.8	32.5	28.3	24.6	20.4
Other non-current liabilities	23.8	31.8	19.8	11.2	11	9.1	20.5	10	4.4	13.5
Total liabilities	969	981	536	534	416	333	496	456	326	296
Total debt	589	589	248	248	180	130	226	159	125	90.3
Paid-in capital	1,533	1,551	1,578	1,594	1,609	1,629	1,646	1,664	1,679	1,692
Retained earnings	-379	-300	-242	-288	-316	-304	-253	-315	-707	-780
Treasury stock	-1.9	-4.4	-5.3	-8.9	-9.8	-21.3	-66.8	-85.9	-99	-102
Other comprehensive income	-50.1	-31.3	-33.7	-32	-28.1	-33.8	-35.8	-27	-44.6	-32
Shareholders' equity	1,103	1,215	1,297	1,273	1,262	1,271	1,291	1,236	829	778
Total equity	1,103	1,215	1,297	1,273	1,262	1,271	1,291	1,236	829	778
Total liabilities and equity	2,072	2,196	1,833	1,800	1,673	1,604	1,787	1,692	1,154	1,074
Shares outstanding	43.6	43.8	44.3	44.6	47.9	48.2	46.5	46.2	46	46.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	39.8	79.3	57.5	-45.9	-29	6.3	50.5	-61.8	-392	-72.9
Depreciation and amortization	65.2	59.5	33.5	36.9	42.9	38.3	47.7	46.1	45.5	38.9
Stock-based compensation	14.8	12.6	10.5	10.5	12.1	13.2	15.9	15.8	13.8	12.6
Deferred income tax	-22.5	-9.5	3.7	-15	11	3.8	-3.8	-8.1	-35.9	-7.8
Change in receivables	8.4	-15.3	67.4	-0.8	45.8	-10.8	-24.7	39	-6.6	30.9
Change in inventory	41	-16.8	-34.5	-21.3	-19.4	15.7	-30.9	4.7	39	0.2
Cash from operations	189	144	-146	-74.5	-2.5	87.3	90.9	32.4	101	74.7
Capital expenditures	-29.1	-43.2	-49.1	-50.6	-20.2	-21	-19.3	-17.8	-17.8	-31.6
Acquisitions	-175	0	-65.7	-57.5	0	0	-116	-49.6	0	-28
Purchases of investments			0	0	-4	0	0
Cash from investing	-201	-43.1	640	-108	-24.2	-21	-135	21.6	-27.5	-60.6
Debt issued	0
Debt repaid	0	0	-339	-0.2	-250	0	-127	-4.7
Stock issued							1.7	1.3	1.1	0.7
Share buybacks	-0.9	-2.5	-0.9	-3.6	-0.9	-11.5	-45.5	-19.1	-12.8	-3.3
Dividends paid			0
Cash from financing	-1.4	2.2	-324	1.5	-70	-55.3	56.7	-94.2	-49.1	-37
Exchange rate effect	-2.3	2.7	-4.7	1.9	2.9	-4	-3	0.2	-4.1	5
Net change in cash	-15.8	106	165	-179	-93.8	7	9.2	-40	20	-17.9
Free cash flow	160	101	-195	-125	-22.7	66.3	71.6	14.6	82.9	43.1
Interest paid	29.9	28.7	20.6	16.7	16.8	3	8.1	14.7	11.5	6.5
Income taxes paid	29.1	21.4	96.6	8.4	0	-45				14.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. No valuation: we have no share price for this company.

Profitability

Metric	Value	How it is calculated
Gross margin	50.0%	Gross profit / revenue.
Operating margin	-8.8%	Operating income / revenue.
EBITDA margin	-4.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-9.5%	Pre-tax income / revenue.
Net margin	-10.4%	Net income / revenue.
FCF margin	1.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.1%	Cash from operations / revenue.
Return on equity (ROE)	-9.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-7.1%	Net income / average total assets.
Return on invested capital (ROIC)	-6.2%	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	3.2%	Research and development expense / revenue.
SG&A / revenue	44.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.1%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.9%	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	-0.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.5%	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	-0.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-25.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-6.3%	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	-48.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-15.6%	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	-6.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-15.5%	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	-9.2%	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	-7.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-15.6%	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	-8.5%	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	0.7%	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	-0.7%	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	-0.6%	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	2.48x	Current assets / current liabilities.
Quick ratio	1.29x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.50x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.11x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	8.3%	Total debt / total assets.
Liabilities / assets	25.5%	Total liabilities / total assets.
Net debt	$21.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-8.75x	Operating income / interest expense.
Working capital	$193.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	48.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$273.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.68x	Revenue / average total assets.
Fixed asset turnover	6.44x	Revenue / average property, plant and equipment.
Inventory turnover	2.53x	Cost of revenue / average inventory.
Days inventory	144 days	365 x average inventory / cost of revenue.
Receivables turnover	6.95x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
Days payables	53 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	143 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	79.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.57	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	$15.07	Revenue / diluted weighted shares.
FCF per share	$0.16	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.77	Cash from operations / diluted weighted shares.
Book value per share	$16.76	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.86	Tangible book value / shares outstanding.
Cash per share	$1.41	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	32.0%	Share buybacks / free cash flow, when free cash flow is positive.

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

AVANOS MEDICAL, INC. reported revenue of $701.2M for fiscal 2025, 1.9% higher than the year before.

Was AVANOS MEDICAL, INC. profitable in fiscal 2025?

No. It reported a net loss of $72.9M.

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

Cash from operations of $74.7M minus capital expenditures of $31.6M left free cash flow of $43.1M.

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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