CapForce Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CapForce 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	4.03	3.21	2.95	3.5	4.21	4.31	2.61	3.42	5.2	30.2
Cost of revenue	1.66	1.61				2.3	3.32	3.08
Gross profit	2.37	1.6				2.01	-0.71	0.33
Research and development	8.61	6.88	5.68	5.12	9.96	10.9	8.17	4.73	0.05	0.01
Selling and marketing	5.53	2.77	1.53	1.46	3.09	3.71	4.34	2.78	0.17	0.01
General and administrative	6.6	6.69	7.07	6.25	8.8	9.94	8.88	8.08	4.54	3.13
Operating income	-19	-15.3	-13.2	-12.3	-22.7	-23.3	-34.6	-30.7	0.32	24
Interest expense	0.14	0.23	0.19	0.19	3.4	4.8	3.26	1.84	0.01	0.01
Other non-operating income	-0.16	-0.15	-0.19	-0.18	-3.36	-11.5	-2.72	-1.92	11.8	0.41
Pre-tax income	-19.2	-15.4	-13.4	-12.4	-26.1	-34.8	-37.3	-32.7	12.2	24.4
Income tax	0	0	0	0	0.13	0.04			0.18	0.81
Net income	-19.2	-15.4	-13.4	-12.4	-26.2	-34.8	-37.3	-32.7	12	23.6
EBITDA	-18.4	-14.6	-12.4	-11.3	-20.4	-20.6	-32.9	-29.4	0.5	24.2
EPS, basic	-111,020.00	-39,435.00	-8,933.00	-1,546.00	-333.31	-228.90	-152.70	-41.47	2.44	2.33
EPS, diluted	-111,020.00	-39,435.00	-8,933.00	-1,546.00	-333.31	-228.90	-152.70	-41.47	2.30	2.32
Shares, basic (weighted)	0	0	0	0.01	0.08	0.18	0.24	0.79	4.66	10.1
Shares, diluted (weighted)	0	0	0	0.01	0.08	0.18	0.24	0.79	5.22	10.1

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4.12	1.85	4.57	2.71	13.4	36.1	7.44	1.15	1.31	0.53
Receivables	0.54	0.81	0.37	0.57	0.65	1.17	0.51	0.1	0.03	0.25
Inventory	0.69	0.53	0.54	0.47	3.17	4.71	3.65	1.28	1.23
Other current assets	0.33	0.31	0.29	0.4	1.39	1.25	1.36	0.32	1.31	0.21
Total current assets	5.68	3.5	5.78	6.67	16.9	39.7	10.7	1.58	2.65	0.99
Property, plant and equipment	0.8	0.84	1.22	0.13	3.26	4.01	3.46		1.08	0.93
Lease right-of-use assets			0	1.04	2.08	1.81	1.46		0.83	0.79
Goodwill	0.6	0.6	0.6	0.6	8.02	7.45	0
Intangible assets	1.62	1.35	1.09	0.82	16.6	14.5	7.44			0.05
Other non-current assets	0.28	0.33	0.26	0.2	0.78	0.55	0.5	0.3	0.3	0.3
Total assets	8.98	6.62	8.95	10.4	49.8	71.7	25.8	1.88	9.86	38.1
Accounts payable	2.23	1.69	1.62	1.06	1.87	1.31	0.42	0.11	0.25	1.08
Accrued liabilities	1.22	1.16	0.9	1.05	1.44	1.97	1.53	0.14	0.06	3.15
Deferred revenue	0.04	0.02	0.02	0.01	0.01		0.14	0.03
Short-term debt	1.02	1.01	0.4	0.37	0.7	14.5	7.02	10.9
Total current liabilities	5.27	4.79	4.38	4.94	7.37	19.9	10.6	11.4	0.63	4.55
Long-term debt	0	0	0.66	0.33	19.4	7.18	4.85
Lease liabilities			0	0.55	1.49	2.98	2.57	2.02	1.85	1.65
Other non-current liabilities					0.16	0.15	0.13
Total liabilities	5.82	5.22	5.64	6.13	28.6	30.4	18.2	13.4	2.48	6.2
Total debt				0.33	19.4	7.18	4.85	10.9
Paid-in capital	136	150	165	179	219	276	281	294	301	302
Retained earnings	-133	-149	-162	-175	-201	-236	-273	-305	-294	-270
Other comprehensive income	0.01	-0.03	-0.01	-0.02	2.55	0.59	-0.8	-0.08		0
Shareholders' equity	3.17	1.4	3.31	4.29	21.2	41.2	7.58	-11.6	7.38	31.9
Total equity	3.17	1.4	3.31	4.29	21.2	41.2	7.58	-11.6	7.38	31.9
Total liabilities and equity	8.98	6.62	8.95	10.4	49.8	71.7	25.8	1.88	9.86	38.1
Shares outstanding	0	0	0	0.03	0.12	0.23	0.29	1.28	10.1	10.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-19.2	-15.4	-13.4	-12.4	-26.2	-34.8	-37.3	-32.7	12	23.6
Depreciation and amortization	0.66	0.67	0.73	0.92	2.33	2.71	1.64	1.32	0.17	0.19
Stock-based compensation	0.95	0.91	0.86	0.37	0.32	0.88	0.95	0.24	0.6	0.34
Deferred income tax	0
Change in receivables	0.14	-0.26	0.43	-0.2	0.44	-0.58	0.59	0.04	0.07	-0.22
Change in inventory	0.02	0.16	-0.01	0.07	-0.41	-2.34	-0.73	0.75	0.05
Cash from operations	-17.3	-14.3	-11.1	-11.5	-23.4	-21.5	-20.4	-14.3	-4.87	-1.18
Capital expenditures	-0.12	-0.28	-0.15	-0.03	-0.13	-1.98	-0.59	-0.8		-0.05
Acquisitions					1.27
Cash from investing	-0.12	-0.28	-0.14	-2.5	-1.06	-1.98	-0.59	-0.8		-0.05
Debt issued				0.47	1.87	9.09		12
Debt repaid	-0.18	-1.26	-0.37	-0.83	-1	-0.44	-10.8	-3.91
Stock issued	4.41	3.81	3.4	4.78	15.8	1.48	3.08	12
Cash from financing	13.7	12.3	13.8	12.2	34.1	47.5	-6.74	8.37	5.03	0.5
Exchange rate effect	0.01	-0.04
Net change in cash	-3.7	-2.27	2.65	-1.84	11.2	22.5	-28.7	-6.48	0.16	-0.78
Free cash flow	-17.4	-14.6	-11.2	-11.5	-23.5	-23.5	-21	-15.1		-1.23
Interest paid	0.06	0.05	0.06	0.19	0.95	0.9	1.08	1.42	0.01	0.01

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 $4.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	84.8%	Operating income / revenue.
EBITDA margin	85.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	85.3%	Pre-tax income / revenue.
Net margin	81.7%	Net income / revenue.
Operating cash flow margin	-2.0%	Cash from operations / revenue.
Return on equity (ROE)	83.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	71.0%	Net income / average total assets.
Return on invested capital (ROIC)	68.9%	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%.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	0.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	481.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	126.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	48.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	7,300.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	4,749.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	97.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	0.9%	EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	331.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	61.4%	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	8.5%	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	285.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.8%	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	-5.2%	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	94.0%	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	246.2%	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	164.2%	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	4.27x	Current assets / current liabilities.
Quick ratio	4.25x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	15.3%	Total liabilities / total assets.
Interest coverage	6,881x	Operating income / interest expense.
Working capital	$38.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$74.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.87x	Revenue / average total assets.
Fixed asset turnover	89.3x	Revenue / average property, plant and equipment.
Receivables turnover	1.52x	Revenue / average receivables.
Days sales outstanding	241 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.99	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	$6.10	Revenue / diluted weighted shares.
Operating cash flow per share	-$0.12	Cash from operations / diluted weighted shares.
Book value per share	$5.99	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.99	Tangible book value / shares outstanding.
Cash per share	$0.01	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$50.1M	Share price x shares outstanding.
Enterprise value	$49.9M	Market cap + total debt - cash - short-term investments.
P/E	0.80x	Market cap / net income. Only when net income is positive.
P/S	0.66x	Market cap / revenue.
P/B	0.67x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.67x	Market cap / tangible book value, when positive.
EV/Sales	0.66x	Enterprise value / revenue.
EV/EBIT	0.77x	Enterprise value / operating income, when both are positive.
EV/EBITDA	0.77x	Enterprise value / EBITDA, when both are positive.
Earnings yield	124.3%	Net income / market cap (the inverse of P/E).

What was CapForce Inc.'s revenue in fiscal 2025?

CapForce Inc. reported revenue of $30.2M for fiscal 2025, 481.2% higher than the year before.

Was CapForce Inc. profitable in fiscal 2025?

Yes. Net income was $23.6M, a net margin of 78.2%.

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

Cash from operations of $1.2M minus capital expenditures of $50.0K left free cash flow of -$1.2M.

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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