biote Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data biote 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

	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	139	165	185	197	192
Cost of revenue	48.8	54.6	57.9	58.1	54.9
Gross profit	90.6	110	127	139	137
Selling, general and administrative	49.1	171	98.8	107	102
Operating income	34.6	-60.7	28.7	31.6	35.6
Other non-operating income	-1.66	62.4	-28.8	-30.6	2.03
Pre-tax income	32.9	1.71	-0.12	1.02	37.6
Income tax	0.29	0.39	2.68	0.97	5.99
Net income to minority interests		2.29	-6.12	-3.11	4.55
Net income	11.1	-0.97	3.32	3.16	27
EBITDA	36	-58.5	31.7	35.2	39.2
EPS, basic		-0.12	0.13	0.09	0.86
EPS, diluted		-0.12	0.13	0.09	0.74
Shares, basic (weighted)		8.06	25.7	34.3	31.3
Shares, diluted (weighted)		8.06	25.7	34.3	36.7

Balance sheet

	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.13	79.2	89	39.3	24.1
Receivables	5.23	6.95	6.81	7.63	6.87
Inventory	9.62	11.2	17.3	14.8	19.1
Other current assets	5.47	3.82	0.31	0.11	0.01
Total current assets	47.1	101	122	68.1	54.7
Property, plant and equipment	2.34	1.5	1.22	6.97	10.8
Lease right-of-use assets	0.36	2.05	1.88	3.25	2.7
Goodwill				5.83	5.83
Intangible assets			0	5.5	4.27
Other non-current assets				0.07	0.07
Total assets	54.3	112	155	122	108
Accounts payable	4.35	4.11	4.16	5.81	6.83
Accrued liabilities	6.01	6.27	8.5	11.3	9.81
Deferred revenue	1.71	1.97	3	2.96	3.02
Short-term debt	5	6.25	6.25	6.25	6.25
Total current liabilities	17.3	18.8	22.2	51.5	45
Long-term debt	32	112	107	101	95.8
Lease liabilities	0.13	1.93	1.68	2.89	2.3
Other non-current liabilities				1.5	0.34
Total liabilities	50.2	170	192	225	158
Total debt	37	122	116	109	103
Paid-in capital	0	0	0	0	0
Retained earnings	4.17	-44.5	-29.4	-100	-49.5
Treasury stock				-5.6	-8.97
Other comprehensive income	-0.04	-0.01	-0.01	-0.04	-0.03
Shareholders' equity	4.13	-44.5	-29.4	-106	-58.5
Minority interests		-13.8	-7.15	3.73	8.14
Total equity	4.13	-58.3	-36.5	-102	-50.4
Total liabilities and equity	54.3	112	155	122	108
Shares outstanding		58.2

Cash flow statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	32.6	1.32	-2.81	0.05	31.6
Depreciation and amortization	1.4	2.2	2.99	3.57	3.67
Stock-based compensation		82.2	9.06	8.74	8.92
Deferred income tax		-0.74	0.72	-2.9	3.97
Change in receivables	-0.75	-1.56	-0.51	-2.27	-0.96
Change in inventory	-5.76	-1.71	-6.1	3.71	-6.24
Change in payables	1.61	0.42	-0.17	1.55	1.01
Cash from operations	33.7	-9.16	26.9	45.2	35.2
Capital expenditures	-1.45	-0.33	-0.36	-6.43	-5.02
Acquisitions				-11.8
Cash from investing	-3.81	-1.84	-2.71	-18.8	-6.86
Stock issued	0		0.42	2.39	0.23
Share buybacks				-5.6	-3.37
Dividends paid	-11.4	-12.9	-8.69	-4.74	-1.73
Cash from financing	-20.3	63.5	-14.4	-76.1	-43.6
Net change in cash	9.56	52.5	9.77	-49.7	-15.2
Free cash flow	32.3	-9.49	26.5	38.8	30.2
Interest paid	1.46	4.43	9.48	9.54	7.88
Income taxes paid	0.17	0.28	4.43	2.59	2.75

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 $1.22 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	68.6%	Gross profit / revenue.
Operating margin	8.0%	Operating income / revenue.
EBITDA margin	9.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.6%	Pre-tax income / revenue.
Net margin	3.2%	Net income / revenue.
FCF margin	10.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.3%	Cash from operations / revenue.
Effective tax rate	31.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	5.8%	Net income / average total assets.
Return on invested capital (ROIC)	21.2%	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%.
SG&A / revenue	60.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	-1.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.6%	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	12.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	11.5%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	756.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	722.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-22.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-22.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-12.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.2%	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	7.0%	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	65.7%	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	1.43x	Current assets / current liabilities.
Quick ratio	0.63x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.37x	(Cash + short-term investments) / current liabilities.
Debt / assets	122.9%	Total debt / total assets.
Liabilities / assets	157.2%	Total liabilities / total assets.
Net debt	$113.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.31x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$12.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	9.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$75.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.80x	Revenue / average total assets.
Fixed asset turnover	14.3x	Revenue / average property, plant and equipment.
Inventory turnover	3.15x	Cost of revenue / average inventory.
Days inventory	116 days	365 x average inventory / cost of revenue.
Receivables turnover	23.5x	Revenue / average receivables.
Days sales outstanding	16 days	365 x average receivables / revenue.
Days payables	42 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	90 days	Days inventory + days sales outstanding - days payables.
FCF conversion	339.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.20	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	$6.41	Revenue / diluted weighted shares.
FCF per share	$0.69	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.85	Cash from operations / diluted weighted shares.
Book value per share	-$2.30	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.63	Tangible book value / shares outstanding.
Cash per share	$0.39	(Cash + short-term investments) / shares outstanding.
Payout ratio	19.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	5.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$43.8M	Share price x shares outstanding.
Enterprise value	$157.7M	Market cap + total debt - cash - short-term investments.
P/E	7.48x	Market cap / net income. Only when net income is positive.
P/S	0.24x	Market cap / revenue.
P/FCF	2.21x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.80x	Market cap / cash from operations, when positive.
EV/Sales	0.86x	Enterprise value / revenue.
EV/EBIT	10.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.74x	Enterprise value / EBITDA, when both are positive.
EV/FCF	7.93x	Enterprise value / free cash flow, when both are positive.
FCF yield	45.3%	Free cash flow / market cap.
Earnings yield	13.4%	Net income / market cap (the inverse of P/E).
Dividend yield	2.7%	Dividends paid over the period / market cap.
Shareholder yield	2.7%	(Dividends paid + share buybacks) / market cap.

What was biote Corp.'s revenue in fiscal 2025?

biote Corp. reported revenue of $192.2M for fiscal 2025, 2.5% lower than the year before.

Was biote Corp. profitable in fiscal 2025?

Yes. Net income was $27.0M, a net margin of 14.1%.

How much free cash flow did biote Corp. generate in fiscal 2025?

Cash from operations of $35.2M minus capital expenditures of $5.0M left free cash flow of $30.2M.

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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