BRADY CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BRADY 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	FY2023	FY2024	FY2025	FY2026
Revenue	1,113	1,174	1,161	1,081	1,145	1,302	1,332	1,341	1,514	1,662
Cost of revenue	555	586	582	553	583	671	675	654	753	802
Gross profit	558	588	579	529	561	632	657	688	761	860
Research and development	39.6	45.3	45.2	40.7	44.6	58.5	61.4	67.7	79.9	94
Selling, general and administrative	388	390	371	336	350	380	371	377	444	502
Operating expenses	427	436	416	391	394	439	432	444	524	596
Operating income	131	153	162	138	167	193	225	243	237	263
Interest expense	5.5	3.17	2.83	2.17	0.44	1.28	3.54	3.13	4.75	9.7
Other non-operating income			5.05	5.08	4.33	0.24	4.02	7.55	5.21	5.63
Pre-tax income	127	152	165	141	171	192	226	248	237	259
Income tax	31	61	33.4	28.3	35.6	42	50.8	50.6	47.8	54
Income from continuing operations	95.6	91.1	131	112	130
Net income	95.6	91.1	131	112	130	150	175	197	189	205
EBITDA	158	178	186	161	193	227	258	273	277	308
Shares, basic (weighted)	51.1	51.7	52.6	52.8	52	51.3	49.6	48.1	47.6	47.3
Shares, diluted (weighted)	52	52.5	53.3	53.2	52.4	51.7	49.9	48.5	48.1	47.8

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	134	181	279	218	147	114	152	250	174	187
Receivables	150	161	158	146	171	183	184	185	232	261
Inventory	107	113	120	136	136	190	177	153	201	225
Other current assets	17.2	15.6	16.1	9.96	11.1	10.7	11.8	11.4	14.7	15.2
Total current assets	408	471	573	509	465	498	525	600	622	689
Property, plant and equipment	98.1	97.9	110	115	122	140	142	196	226	254
Lease right-of-use assets			0	41.9	41.9	31.3	29.7	38.5	58.4	67.9
Goodwill	438	420	411	416	614	587	593	590	677	686
Intangible assets	53.1	42.6	36.1	22.3	92.3	74	62.1	51.8	105	97.8
Other non-current assets	18.1	17.7	19.6	28.8	26.2	21.7	22.1	24.5	25.2	36.1
Total assets	1,050	1,057	1,157	1,142	1,378	1,367	1,389	1,516	1,734	1,852
Accounts payable	66.8	66.5	64.8	62.5	82.2	81.1	79.9	84.7	105	109
Accrued liabilities	58.2	67.6	62.5	41.5	81.2	76.8	71.5	78	92.7	106
Short-term debt		0	50.2	0
Total current liabilities	187	191	242	186	258	255	258	265	330	356
Long-term debt	105	52.6	0
Lease liabilities			0	32	28.3	19.1	16.2	25.3	43.6	51.6
Other non-current liabilities	58.3	61.3	64.6	61.5	90.8	86.7	74.4	68	68.4	72.3
Total liabilities	350	305	307	279	415	456	398	449	542	494
Total debt	105	52.6	50.2	0				90.9	99.8	15
Paid-in capital	323	326	330	332	339	345	352	354	359	374
Retained earnings	507	553	638	704	788	892	1,022	1,174	1,318	1,477
Treasury stock	-85.5	-71.1	-46.3	-107	-109	-218	-290	-352	-393	-420
Other comprehensive income	-44.7	-56.4	-71.3	-66.5	-56	-109	-93.1	-110	-92.2	-74.8
Shareholders' equity	700	700	700	752	963	911	991	1,067	1,192	1,358
Total equity	700	700	700	752	963	911	991	1,067	1,192	1,358
Total liabilities and equity	1,050	1,057	1,157	1,142	1,378	1,367	1,389	1,516	1,734	1,852

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	95.6	91.1	131	112	130	150	175	197	189	205
Depreciation and amortization	27.3	25.4	23.8	23.4	25.5	34.2	32.4	29.9	40.6	44.9
Stock-based compensation	9.5	9.98	12.1	8.84	10.1	10.5	7.51	7.36	11.9	22.9
Deferred income tax	-9.28	30.6	7.8	-1	-8.97	-1.65	-12.5	-9.4	-7.62	2.36
Change in receivables	0.77	-16.6	3.5	13.9	-12.6	-25.3	2.38	-6.58	-14.4	-24.1
Change in inventory	-5.69	-7.56	-9.92	-13.9	7.3	-62.9	15	21.7	-18.9	-19.2
Cash from operations	144	143	162	141	206	118	209	255	181	244
Capital expenditures	-15.2	-21.8	-32.8	-27.3	-27.2	-43.1	-19.2	-79.9	-27.6	-51.5
Acquisitions			0	0	-244	0	0	0	-145	-17.4
Cash from investing	-15.3	-2.91	-34.5	-36.1	-269	-43.1	-11.2	-81	-171	-59
Stock issued	19.7	13	25.7	5.51	1.77	1.08	4.09	8.19	6.17	11.3
Share buybacks	0	-1.46	-3.18	-64.5	-3.59	-109	-75	-72.2	-50.8	-42.2
Dividends paid	-41.9	-42.9	-44.7	-45.8	-45.7	-45.9	-45.4	-45.1	-45.5	-46.1
Cash from financing	-136	-90.7	-27.6	-164	-12.3	-102	-164	-70.5	-83.9	-177
Exchange rate effect	0.18	-1.97	-2.48	-2.77	4.94	-6.56	3.1	-4.91	-1.84	5.06
Net change in cash	-7.28	47.5	97.6	-61.4	-70.3	-33.3	37.5	98.6	-75.8	12.8
Free cash flow	129	121	129	114	178	75.3	190	175	154	193
Interest paid	5.77	2.98	2.65	2.4	0.37	1.08	3.41	2.93	4.66	2.86
Income taxes paid	31.9	33.3	24.3	29.6	46.9	33.8	58.8	62.1	71.1	53.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $84.02 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	51.7%	Gross profit / revenue.
Operating margin	15.9%	Operating income / revenue.
EBITDA margin	18.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.6%	Pre-tax income / revenue.
Net margin	12.4%	Net income / revenue.
FCF margin	11.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.7%	Cash from operations / revenue.
Effective tax rate	20.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.5%	Net income / average total assets.
Return on invested capital (ROIC)	18.1%	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	5.7%	Research and development expense / revenue.
SG&A / revenue	30.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.1%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.4%	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	8.9%	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	11.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.4%	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	9.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	8.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.5%	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	9.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	34.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.3%	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	3.5%	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	25.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	0.5%	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	1.5%	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	13.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.1%	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	7.1%	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	6.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.1%	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	6.1%	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	-1.4%	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	-1.8%	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	1.94x	Current assets / current liabilities.
Quick ratio	1.26x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.53x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.8%	Total debt / total assets.
Liabilities / assets	26.7%	Total liabilities / total assets.
Net debt	-$172.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.56x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	27.2x	Operating income / interest expense.
Working capital	$333.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	42.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$573.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.93x	Revenue / average total assets.
Fixed asset turnover	6.92x	Revenue / average property, plant and equipment.
Inventory turnover	3.76x	Cost of revenue / average inventory.
Days inventory	97 days	365 x average inventory / cost of revenue.
Receivables turnover	6.74x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
Days payables	49 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	102 days	Days inventory + days sales outstanding - days payables.
FCF conversion	93.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	21.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Revenue per share	$34.80	Revenue / diluted weighted shares.
FCF per share	$4.03	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.11	Cash from operations / diluted weighted shares.
Book value per share	$28.43	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.02	Tangible book value / shares outstanding.
Cash per share	$3.92	(Cash + short-term investments) / shares outstanding.
Payout ratio	22.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	23.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	21.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.96B	Share price x shares outstanding.
Enterprise value	$3.79B	Market cap + total debt - cash - short-term investments.
P/E	19.3x	Market cap / net income. Only when net income is positive.
P/S	2.38x	Market cap / revenue.
P/B	2.92x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.90x	Market cap / tangible book value, when positive.
P/FCF	20.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.2x	Market cap / cash from operations, when positive.
EV/Sales	2.28x	Enterprise value / revenue.
EV/EBIT	14.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	19.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.9%	Free cash flow / market cap.
Earnings yield	5.2%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	2.2%	(Dividends paid + share buybacks) / market cap.

What was BRADY CORP's revenue in fiscal 2026?

BRADY CORP reported revenue of $1.66B for fiscal 2026, 9.8% higher than the year before.

Was BRADY CORP profitable in fiscal 2026?

Yes. Net income was $205.4M, a net margin of 12.4%.

How much free cash flow did BRADY CORP generate in fiscal 2026?

Cash from operations of $244.1M minus capital expenditures of $51.5M left free cash flow of $192.7M.

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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