Blue Bird Corp financial statements

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

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	991	1,025	1,019	879	684	801	801	1,133	1,347	1,480
Cost of revenue	863	903	885	783	612	764	764	994	1,091	1,177
Gross profit	127	122	133	96.2	72.1	36.5	36.5	139	256	304
Research and development	7.4	8.5	11.5	6.4	5.2	6.1	6.1	6.6	9.4	15.2
Selling, general and administrative	67.8	86.9	89.6	74.2	65.6	77.2	77.2	87.2	117	136
Operating income	59.5	35.1	43.8	22	6.52	-40.7	-40.7	51.7	139	167
Interest expense	7.25	6.66	12.9	12.3	9.68	14.7	14.7	18	10.6	7.2
Interest income	0.14	0.07	0.01	0.01	0	0.01	0.01	1	4.14	6.19
Other non-operating income	-4.93	-1.61	-1.33	0.74	1.78	2.95	2.95	-8.31	-4.39	3.41
Pre-tax income	37.4	26.9	29.6	10.5	-1.98	-53.1	-53.1	25.8	127	170
Income tax	11.9	-2.62	7.57	1.52	-1.19	-11.5	-11.5	8.95	33.2	43.9
Income from continuing operations	28.8
Net income	28.8	30.8	24.3	12.2	-0.29	-45.8	-45.8	23.8	106	128
EBITDA	67.7	44.1	54.2	36.4	20	-26.7	-26.7	67.6	154	183
EPS, basic	0.79	1.15	0.92	0.45	-0.01	-1.48	-1.48	0.74	3.27	4.01
EPS, diluted	0.74	1.08	0.90	0.45	-0.01	-1.48	-1.48	0.74	3.16	3.88
Shares, basic (weighted)	23.3	25.3	26.5	26.9	27.1	31	31	32.1	32.3	31.9
Shares, diluted (weighted)	24.9	28.6	27	27.1	27.1	31	31	32.3	33.3	32.9

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	62.6	60.3	71	44.5	11.7	10.5	10.5	79	128	229
Receivables	10.1	24.1	10.5	7.62	9.97		12.5	12.6	59.1	20.7
Inventory	76.2	57.3	78.8	56.5	125		143	135	128	139
Other current assets	11.5	8.18	11.8	8.24	9.19		8.49	9.22	8.8	22.2
Total current assets	160	150	172	117	156		174	236	323	412
Property, plant and equipment	34.7	66.1	100	103	105		101	95.1	97.3	109
Lease right-of-use assets			6.87	5.86	5.15		5.49	4.3	4.35	6.1
Goodwill	18.8	18.8	18.8	18.8	18.8		18.8	18.8	18.8	18.8
Intangible assets	57.5	55.5	54.7	51.6	49.4		47.4	45.4	43.6	41.7
Other non-current assets	0.98	1.68	0.38	1.02	1.48		1.48	1.52	2.35	1.79
Total assets	296	307	365	317	356		366	418	525	625
Accounts payable	87.3	95.8	102	57.6	72.3		108	137	143	151
Deferred revenue	6.78	8.16	8.63	8.54	7.83		7.21	8.1	9.42	11.3
Short-term debt	8	9.9	9.9	9.9	14.9		19.8	19.8	5	5
Total current liabilities	139	149	170	112	125		165	230	236	237
Long-term debt	143	132	173	164	150		130	111	90	85.3
Lease liabilities			7.66	6.65	5.53		4.58	3.61	2.97	4.01
Other non-current liabilities	15.1	4.92	12.1	14.3	14.9		11.1	7.96	9.02	10.2
Total liabilities	354	336	433	371	389		365	378	365	370
Total debt	151	142	183	174	164		150	130	95	90.3
Paid-in capital	45.4	70	84.3	88.9	96.2		173	178	186	195
Retained earnings	-100	-69.2	-45.6	-33.5	-33.8		-79.5	-55.7	0	88.2
Treasury stock		0	-50.3	-50.3	-50.3		-50.3	-50.3	0
Other comprehensive income	-43.9	-38.4	-56.2	-58.4	-44.8		-41.9	-31.9	-26.4	-28.2
Shareholders' equity	-58.5	-28.3	-67.8	-53.2	-32.7		1.38	40	160	255
Total equity	-58.5	-28.3	-67.8	-53.2	-32.7	1.38	1.38	40	160	255
Total liabilities and equity	296	307	365	317	356		366	418	525	625
Shares outstanding	23.7	27.3	26.5	27	27.2		32	32.2	32.3	31.9

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	28.8	30.8	24.3	12.2	-0.29	-45.8	-45.8	23.8	106	128
Depreciation and amortization	8.18	9.04	10.4	14.4	13.4	14.1	14.1	16	14.8	15.6
Stock-based compensation	1.27	2.63	4.27	4.14	5.94	3.69	3.69	4.17	8.61	14.8
Deferred income tax	-1.2	5.66	6.63	0.03	-0.93	-11.1	-11.1	8.07	-1.67	2.94
Change in receivables	10.2	-13.9	13.5	2.91	-2.35	-2.57	-2.57	-0.04	-46.5	38.4
Change in inventory	-22.3	17.8	-21.5	22.3	-68.7	-26.5	-26.5	7.69	7.49	-11.7
Change in payables	8.4	3.1	6.32	-40.3	14.1	35.1	35.1	28.7	6.67	8.02
Cash from operations	47.6	48.4	55.7	3.46	-54.2	-24.4	-24.4	120	111	176
Capital expenditures	-9.25	-32.1	-35.5	-19	-12.2	-6.45	-6.45	-8.52	-15.3	-22.9
Cash from investing	-9.2	-32.1	-35.5	-18.8	-11.3	-6.45	-6.45	-8.52	-15.8	-23.9
Debt issued	157	0	50	0	0
Debt repaid	-162	0	0
Stock issued	4.22	3.57	0.48	0	0	75	75	0	0	4.68
Share buybacks	-34.3	-26.6	0	-3.57	-0.52	-1.71	-1.71	-0.38	-1.18	-9.89
Cash from financing	-28.1	-18.6	-9.54	-11.1	32.8	29.7	29.7	-42.9	-46.6	-50.7
Net change in cash	10.3	-2.36	10.7	-26.5	-32.8	-1.23	-1.23	68.5	48.7	102
Free cash flow	38.4	16.2	20.2	-15.5	-66.5	-30.9	-30.9	111	95.8	153
Interest paid	6.08	5.78	10.4	7.59	11.6	15.2	15.2	16.1	9.93	7.37
Income taxes paid	8.42	3.67	4.59	-1.54	0.03	-0.08	-0.08	-0.03	29.4	58.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $58.12 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	20.6%	Gross profit / revenue.
Operating margin	11.8%	Operating income / revenue.
EBITDA margin	13.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	20.0%	Pre-tax income / revenue.
Net margin	17.5%	Net income / revenue.
FCF margin	9.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.2%	Cash from operations / revenue.
Effective tax rate	13.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	43.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	24.2%	Net income / average total assets.
Return on invested capital (ROIC)	26.4%	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	8.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	1.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	18.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	102.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	20.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	18.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	21.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	22.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	58.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	60.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	60.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	469.6%	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	19.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	19.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-1.4%	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	2.0%	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	1.64x	Current assets / current liabilities.
Quick ratio	0.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.37x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.13x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	7.4%	Total debt / total assets.
Liabilities / assets	43.9%	Total liabilities / total assets.
Net debt	-$30.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.14x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	27.9x	Operating income / interest expense.
Working capital	$200.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	37.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$215.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.38x	Revenue / average total assets.
Fixed asset turnover	9.76x	Revenue / average property, plant and equipment.
Inventory turnover	4.23x	Cost of revenue / average inventory.
Days inventory	86 days	365 x average inventory / cost of revenue.
Receivables turnover	30.1x	Revenue / average receivables.
Days sales outstanding	12 days	365 x average receivables / revenue.
Days payables	50 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	48 days	Days inventory + days sales outstanding - days payables.
FCF conversion	54.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.02	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	$45.87	Revenue / diluted weighted shares.
FCF per share	$4.36	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.13	Cash from operations / diluted weighted shares.
Book value per share	$20.67	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.79	Tangible book value / shares outstanding.
Cash per share	$3.69	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	5.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.84B	Share price x shares outstanding.
Enterprise value	$1.81B	Market cap + total debt - cash - short-term investments.
P/E	6.53x	Market cap / net income. Only when net income is positive.
P/S	1.14x	Market cap / revenue.
P/B	2.81x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.56x	Market cap / tangible book value, when positive.
P/FCF	12.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.2x	Market cap / cash from operations, when positive.
EV/Sales	1.12x	Enterprise value / revenue.
EV/EBIT	9.54x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.60x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.3%	Free cash flow / market cap.
Earnings yield	15.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.4%	(Dividends paid + share buybacks) / market cap.

What was Blue Bird Corp's revenue in fiscal 2025?

Blue Bird Corp reported revenue of $1.48B for fiscal 2025, 9.9% higher than the year before.

Was Blue Bird Corp profitable in fiscal 2025?

Yes. Net income was $127.7M, a net margin of 8.6%.

How much free cash flow did Blue Bird Corp generate in fiscal 2025?

Cash from operations of $176.2M minus capital expenditures of $22.9M left free cash flow of $153.3M.

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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