DMC Global Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DMC Global 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	159	193	326	398	229	260	654	719	643	610
Cost of revenue	120	133	216	253	172	201	469	507	492	475
Gross profit	38.7	59.4	111	145	56.9	59.5	185	212	151	135
Research and development	4.6	5.17	7.21	8.45	7.91	7.24	6.78	6.86	5.84	5.05
General and administrative	22.1	27.1	38.5	38	29.2	36.3	76.1	75.3	61.4	61.3
Operating expenses	44	71.7	73.3	86.5	57.8	61.9	155	151	282	135
Operating income	-5.27	-12.3	37.4	58.4	-1	-2.4	30	61.2	-131	-0.11
Interest expense	1.07	1.65	1.62	1.55	0.73	0.3	6.19	9.52	8.66	6.49
Interest income	0	0	0.01
Other non-operating income	0.63	-1.38	-1.2	-0.17	-0.23	0.15	-0.59	-1.78	-1.07	-1.08
Pre-tax income	-5.71	-15.3	34.6	56.7	-1.96	-2.55	23.2	49.9	-141	-7.68
Income tax	0.8	3.57	4.13	22.7	-0.55	-1.54	9.38	15.1	11	4.07
Income from continuing operations	-6.51
Net income to minority interests				0	0	-0.81	1.59	8.5	-57.5	1.71
Net income	-6.51	-18.9	30.5	34	-1.41	-0.2	12.2	26.3	-94.5	-13.5
EBITDA	1.48	-1.69	46.9	68.3	10.1	10.3	81.2	97.7	-96.2	33.8
EPS, basic	-0.46	-1.31	2.05	2.29	-0.10	-0.26	0.72	1.08	-8.20	-0.90
EPS, diluted	-0.46	-1.31	2.04	2.28	-0.10	-0.26	0.72	1.08	-8.20	-0.90
Shares, basic (weighted)	14.1	14.3	14.5	14.6	14.8	17.6	19.4	19.5	19.7	19.9
Shares, diluted (weighted)	14.1	14.3	14.6	14.7	14.8	17.6	19.4	19.5	19.7	19.9
Dividend per share	0.08	0.08	0.08	0.29	0.13	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.42	8.98	13.4	20.4	28.2	30.8	25.1	31	14.3	31.9
Short-term investments				0	25.7	0	0	12.6	0
Receivables	33	49.5	59.7	60.9	31.4	71.9	94.4	106	103	93.7
Inventory	28.8	35.7	51.1	53.7	52.6	124	157	167	153	145
Other current assets	5.15	5.76	8.06	9.42	5.45	12.2	10.7	10.2	18.8	16.2
Total current assets	73.4	100	132	144	143	239	287	327	289	286
Property, plant and equipment	57.1	59.9	95.1	108	109	122	129	129	129	127
Lease right-of-use assets				10.4	10.7	52.2	48.5	45.4	42.2	36
Goodwill	16.1	0			0	141	142	142	0
Intangible assets	15.8	12.9	8.59	5.88	3.67	256	218	195	174	155
Other non-current assets	0.14	0.3	0.47	15.1	18.7	99.4	95.4	84.7	77.7	66.2
Total assets	163	173	240	277	280	864	879	884	671	636
Accounts payable	13.3	19.8	24.2	34.8	17.6	40.3	46.8	40.2	45.1	48.2
Accrued liabilities	4.17	6.88	8.97	6.9	5.3	13.6	8.42	10.8	11.4	12.4
Deferred revenue		5.89	1.14	2.74	4.93	21.1	32.1	21.6	23.2	22.6
Short-term debt		0	3.13	3.13	3.13	15	15	15	2.5	3.44
Total current liabilities	30.7	45.6	64.6	71.4	47.1	106	128	126	114	114
Long-term debt		18	38.2	11.1	8.14	132	118	101	68.3	47.2
Lease liabilities				9.78	10.1	47	43	39.7	37.2	31.8
Other non-current liabilities	2.22	3.12	2.96	18.9	25.2	66.3	63.1	57.2	50.2	44.7
Total liabilities	50.1	67.3	106	105	82.7	307	311	286	233	207
Total debt		18	41.4	14.3	11.3	147	133	116	70.8	50.6
Paid-in capital	73.1	76.1	80.1	85.6	117	295	304	314	305	306
Retained earnings	80.1	60.1	89.3	119	116	111	125	147	0	-13.5
Treasury stock	-0.03	-0.36	-0.82	-7.45	-14	-19.5	-20.7	-24.7	-26	-27.2
Other comprehensive income	-41.5	-30.8	-35	-25.8	-23	-26.5	-28.8	-26.4	-29.6	-24.7
Shareholders' equity	112	106	134	172	197	361	381	410	251	242
Total equity	112	106	134	172	197	361	381	410	251	242
Total liabilities and equity	163	173	240	277	280	864	879	884	671	636
Shares outstanding	14.5	14.8	14.9	14.7	15.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-6.51	-18.9	30.5	34	-1.41	-1.01	13.8	34.8	-152	-11.7
Depreciation and amortization	6.76	10.6	9.52	9.86	11.1	12.7	51.2	36.5	35	34
Stock-based compensation	2.33	2.98	3.58	5.2	5.68	6.57	10.1	10.3	6.9	5.54
Deferred income tax	-0.28	-0.56	-3.65	4.29	-2.31	-1.85	-0.6	0.97	4.22	0.23
Change in receivables	2.68	-14.4	-11.4	-1.22	30.2	-9.77	-23.8	-12.3	-3.48	6.4
Change in inventory	6.83	-5.29	-16.6	-2.67	2.99	-12.4	-33.8	-9.46	12.9	10.5
Change in payables	-1.34	5.22	2.2	10.1	-14.8	13.6	7.09	-6.73	5.18	2.14
Cash from operations	18.2	6.75	27.6	64.6	30.4	-12.8	44.9	65.9	46.6	53.5
Capital expenditures	-5.72	-6.19	-45.1	-27.2	-13.9	-8.66	-18.6	-16	-17.3	-16.5
Acquisitions				0	0	-261	0	0
Purchases of investments			0	0	-25.7	-124	0	-12.5	0	0
Sales and maturities of investments							0	0	3	0
Cash from investing	-5.7	-6.18	-45.1	-25.9	-39.6	-268	-20.9	-28.1	-3.57	-6.56
Stock issued			0	0	25.7
Share buybacks	-0.03	-0.34	-0.45	-1.1	-1.89	-2.49	-1.23	-2.48	-1.24	-1.17
Dividends paid	-1.15	-1.17	-1.19	-2.76	-3.75	0	0	0	-2.5	0
Cash from financing	-12.1	0.65	21.9	-30.6	17.3	283	-28.5	-33.2	-59.8	-28.7
Exchange rate effect	-0.26	1.35	-0.01	-1.11	-0.29	0.66	-1.17	1.25	0.01	-0.63
Net change in cash	0.13	2.56	4.39	6.98	7.83	2.62	-5.67	5.9	-16.8	17.6
Free cash flow	12.5	0.56	-17.5	37.4	16.5	-21.5	26.4	50	29.3	37
Interest paid	0.58	1.15	1.38	1.45	0.4	0.05	6.24	9.19	7.49	4.95
Income taxes paid	0.35	0.12	1.28	21	0.5	7.53	2.86	4.42	8.7	10.5

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 $5.91 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	19.9%	Gross profit / revenue.
Operating margin	-1.6%	Operating income / revenue.
EBITDA margin	4.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-2.7%	Pre-tax income / revenue.
Net margin	-3.4%	Net income / revenue.
FCF margin	1.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.0%	Cash from operations / revenue.
Return on equity (ROE)	-8.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.0%	Net income / average total assets.
Return on invested capital (ROIC)	-2.8%	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%.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.2%	Capital expenditures / revenue.
D&A / revenue	5.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	21.6%	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	-10.0%	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	18.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-25.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	27.4%	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	14.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.0%	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	12.0%	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	26.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	12.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	17.5%	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	-3.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-14.0%	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	4.2%	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	-5.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.2%	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	17.9%	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	1.2%	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	0.9%	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	6.1%	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	2.56x	Current assets / current liabilities.
Quick ratio	1.07x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.25x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.1%	Total debt / total assets.
Liabilities / assets	34.7%	Total liabilities / total assets.
Net debt	$30.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.29x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-1.64x	Operating income / interest expense.
Working capital	$190.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	22.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$91.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.90x	Revenue / average total assets.
Fixed asset turnover	4.85x	Revenue / average property, plant and equipment.
Inventory turnover	2.81x	Cost of revenue / average inventory.
Days inventory	130 days	365 x average inventory / cost of revenue.
Receivables turnover	5.76x	Revenue / average receivables.
Days sales outstanding	63 days	365 x average receivables / revenue.
Days payables	38 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	155 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	56.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.98	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	$29.04	Revenue / diluted weighted shares.
FCF per share	$0.51	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.16	Cash from operations / diluted weighted shares.
Book value per share	$11.73	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.50	Tangible book value / shares outstanding.
Cash per share	$1.41	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	10.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$121.4M	Share price x shares outstanding.
Enterprise value	$151.9M	Market cap + total debt - cash - short-term investments.
P/S	0.21x	Market cap / revenue.
P/B	0.51x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.33x	Market cap / tangible book value, when positive.
P/FCF	11.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.17x	Market cap / cash from operations, when positive.
EV/Sales	0.26x	Enterprise value / revenue.
EV/EBITDA	6.41x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.5%	Free cash flow / market cap.
Earnings yield	-16.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.9%	(Dividends paid + share buybacks) / market cap.

What was DMC Global Inc.'s revenue in fiscal 2025?

DMC Global Inc. reported revenue of $609.8M for fiscal 2025, 5.1% lower than the year before.

Was DMC Global Inc. profitable in fiscal 2025?

No. It reported a net loss of $13.5M.

How much free cash flow did DMC Global Inc. generate in fiscal 2025?

Cash from operations of $53.5M minus capital expenditures of $16.5M left free cash flow of $37.0M.

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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