BALCHEM CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BALCHEM CORP 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	553	595	644	644	704	799	942	922	954	1,037
Cost of revenue	372	406	439	432	480	556	662	620	617	667
Gross profit	181	189	204	211	224	243	280	302	336	371
Research and development	7.33	9.31	11.6	11.4	10.3	13.5	12.2	15	16.8	18.5
General and administrative	27.5	28.1	28.3	36.5	43.8	41.7	55.7	53.4	67.6	67.4
Operating expenses	90	92.1	97.2	109	113	116	135	143	153	161
Operating income	90.8	96.9	107	103	111	128	145	159	183	209
Interest expense	7.27	7.54
Interest income	0.01	0.01
Other non-operating income	-7.9	-8.42	-8.07	-6.08	-4.73	-2.27	-11.4	-21.9	-16.5	-10.3
Pre-tax income	82.9	88.5	99	96.5	106	125	134	137	166	199
Income tax	27	-1.58	20.5	16.8	21.8	29.1	28.4	28.7	38	44.2
Net income	56	90.1	78.6	79.7	84.6	96.1	105	109	128	155
EBITDA	137	141	152	148	162	176	197	214	231	255
EPS, basic	1.78	2.83	2.45	2.48	2.63	2.98	3.29	3.38	3.97	4.80
EPS, diluted	1.75	2.79	2.42	2.45	2.60	2.94	3.25	3.35	3.93	4.75
Shares, basic (weighted)	31.5	31.8	32.1	32.1	32.2	32.2	32	32.1	32.3	32.3
Shares, diluted (weighted)	31.9	32.2	32.4	32.5	32.5	32.7	32.4	32.4	32.7	32.6
Dividend per share							0.71	0.79	0.87	0.96

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	38.6	40.4	54.3	65.7	84.6	103	66.6	64.4	49.5	74.6
Receivables	83.3	91.2	99.5	93.4	98.2	117	132	125	120	144
Inventory	57.2	60.7	67.2	83.9	70.6	91.1	120	110	131	131
Other current assets	4.48	2.22	1.48	2.45	3.44	4.41	7.1	7.19	5.74	6.22
Total current assets	188	199	226	255	267	322	336	314	314	366
Property, plant and equipment	166	190	191	217	228	238	271	276	282	307
Lease right-of-use assets			0	7.34	5.84	6.93	17.1	17.8	15.3	14.7
Goodwill	440	441	448	524	529	524	770	779	780	816
Intangible assets	147	128	109	144	122	94.7	213	191	132	133
Other non-current assets	7.14	5.07	6.72	8.62	11.3	11.7	15.1	16.9	17.3	18.1
Total assets	949	964	981	1,156	1,166	1,199	1,625	1,597	1,575	1,686
Accounts payable	32.5	28.5	33.3	37.3	23.7	56.2	57.3	55.5	54.7	60.4
Accrued liabilities	14.8	22.9	22	24.6	29.7	43.4	36.7	40.9	43.8	49.3
Short-term debt	35	35	0	2.48
Total current liabilities	101	108	82.1	92.3	94.4	144	140	148	158	176
Long-term debt	226	0	156
Lease liabilities			0	4.83	3.61	4.81	13.8	14.6	13	11.3
Other non-current liabilities						13.7	26.8
Total liabilities	428	347	290	412	338	322	686	543	425	429
Total debt	261	35	156	2.48
Paid-in capital	138	152	165	174	165	148	129	146	174	92.3
Retained earnings	388	465	528	591	657	732	814	897	997	1,121
Treasury stock	0	0	-0.06	-18.1	-7.87
Other comprehensive income	-6.85	-1.64	-3.6	-5.56	4.17	-4.99	-7.15	8.69	-23.7	41.5
Shareholders' equity	521	617	692	744	828	877	938	1,054	1,150	1,257
Total equity	521	617	692	744	828	877	938	1,054	1,150	1,257
Total liabilities and equity	949	964	981	1,156	1,166	1,199	1,625	1,597	1,575	1,686
Shares outstanding	31.8	32	32.3	32.2	32.4	32.3	32.2	32.3	32.5	32.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	56	90.1	78.6	79.7	84.6	96.1	105	109	128	155
Depreciation and amortization	46.2	44.4	44.7	45.9	51.3	48.9	51.8	54.9	48	45.7
Stock-based compensation	7.02	6.26	6.41	7.6	8.3	10.8	13.2	16.1	16.7	18.1
Deferred income tax	-6.88	-28.8	-5.4	-3.56	-4.63	-5.94	-8.36	-10.8	-6.78	6.26
Change in receivables	-15.7	-3.91	-7.77	11.6	-3.6	-20.7	-3.62	6.97	5.58	-20.9
Change in inventory	4.75	-0.32	-6.02	-11.4	13.9	-21	-7.8	10.5	-22.8	3.64
Change in payables	17.8	1.51	5.99	1.13	-0.99	47.1	-15.5	3.55	9.07	11.3
Cash from operations	108	111	119	124	150	161	139	184	182	217
Capital expenditures	-23	-27.5	-19.2	-25.8	-32.1	-36.1	-49.1
Acquisitions	-111	-17.4	-17.4	-141	0	0	-366	-1.25	-24.2	-0.32
Cash from investing	-134	-42.7	-32	-156	-34.6	-35.3	-416	-34.8	-59.7	-43.9
Debt issued	0
Debt repaid	-35	-43	-220
Stock issued	7.19	9.73	8.27	4.84	14.2	6.94	3.21	5.24	17.2	9.31
Share buybacks	-1.59	-1.91	-1.39	-21.3	-13.5	-35.2	-35.4	-4.47	-5.68	-108
Dividends paid	-10.7	-12.1	-13.4	-15.1	-16.7	-18.7	-20.7	-22.9	-25.6	-28.3
Cash from financing	-19.5	-68.6	-71.4	43.4	-101	-102	247	-153	-134	-153
Exchange rate effect	-0.72	2.48	-1.41	-0.22	4.16	-4.37	-5.88	2.26	-3.38	5.2
Net change in cash	-46.2	1.77	13.9	11.4	18.9	18.7	-36.7	-2.11	-14.9	25.1
Free cash flow	84.6	83.1	99.5	98.7	118	124	89.5
Interest paid	6.67	7.02	6.94	5.67	4.67	4.55	11.9	25.9	17.7	10.6
Income taxes paid	30.7	25.8	20.6	21.8	22.6	25.4	33	35.7	42.6	37.7

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 $167.89 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	36.3%	Gross profit / revenue.
Operating margin	20.4%	Operating income / revenue.
EBITDA margin	24.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.6%	Pre-tax income / revenue.
Net margin	15.1%	Net income / revenue.
Operating cash flow margin	20.2%	Cash from operations / revenue.
Effective tax rate	22.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.7%	Net income / average total assets.
Return on invested capital (ROIC)	13.9%	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	1.8%	Research and development expense / revenue.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	4.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.7%	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	10.6%	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	14.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	13.0%	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	13.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	20.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	13.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	20.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	13.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	19.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	16.1%	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	7.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	9.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.3%	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	8.7%	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	1.3%	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	7.7%	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	-0.3%	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	0.2%	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	0.1%	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	2.66x	Current assets / current liabilities.
Quick ratio	1.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.43x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	22.8%	Total liabilities / total assets.
Working capital	$242.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	55.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$369.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.64x	Revenue / average total assets.
Fixed asset turnover	3.56x	Revenue / average property, plant and equipment.
Inventory turnover	4.28x	Cost of revenue / average inventory.
Days inventory	85 days	365 x average inventory / cost of revenue.
Receivables turnover	7.29x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
Days payables	37 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	98 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.09	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	$33.72	Revenue / diluted weighted shares.
Operating cash flow per share	$6.82	Cash from operations / diluted weighted shares.
Book value per share	$40.76	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.57	Tangible book value / shares outstanding.
Cash per share	$1.98	(Cash + short-term investments) / shares outstanding.
Payout ratio	18.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.35B	Share price x shares outstanding.
Enterprise value	$5.29B	Market cap + total debt - cash - short-term investments.
P/E	32.6x	Market cap / net income. Only when net income is positive.
P/S	4.93x	Market cap / revenue.
P/B	4.11x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	14.5x	Market cap / tangible book value, when positive.
P/OCF	24.4x	Market cap / cash from operations, when positive.
EV/Sales	4.87x	Enterprise value / revenue.
EV/EBIT	23.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	19.6x	Enterprise value / EBITDA, when both are positive.
Earnings yield	3.1%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	2.7%	(Dividends paid + share buybacks) / market cap.
PEG	2.41x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was BALCHEM CORP's revenue in fiscal 2025?

BALCHEM CORP reported revenue of $1.04B for fiscal 2025, 8.8% higher than the year before.

Was BALCHEM CORP profitable in fiscal 2025?

Yes. Net income was $154.8M, a net margin of 14.9%.

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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