Cognyte Software Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Cognyte Software Ltd. 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

	FY2020	FY2020	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Revenue	433	457	443	474	312	313	351	400
Cost of revenue	177	164	133	132	120	98	104	110
Gross profit	257	293	311	342	192	215	247	290
Research and development	100	111	129	143	140	107	108	122
Selling, general and administrative	137	154	163	186	154	126	144	154
Selling and marketing					101	81.6	95	107
General and administrative					53.3	44.2	48.5	47.1
Operating expenses	238	266	293	331	295	233	252	276
Operating income	18.7	27.3	18.3	11	-103	-18.1	-5.13	13.3
Interest expense	0.5	0.48	0.19	0.2	1.6	0.02	0.1	0.19
Interest income	3.17	3.51	1.35	0.18	0.77	1.9	2.47	2.03
Other non-operating income	1.25	2.62	6.45	-2.7	6.33	4.8	0.76	-1.92
Pre-tax income	19.9	29.9	24.7	8.26	-97	-13.3	-4.37	11.3
Income tax	7.62	2.57	4.41	18.5	13	-1.61	2.86	6.73
Net income to minority interests	3.59	7.18	6.11	4.63	4.18	3.93	4.82	5.25
Net income	8.73	20.2	14.2	-14.9	-114	-15.6	-12.1	-0.64
EBITDA	39.7	44.6	40.8	32.2	-85.3	-4.24	8.53	25.2
EPS, basic	0.13	0.31	0.22	-0.22	-1.68	-0.22	-0.17	-0.01
EPS, diluted	0.13	0.31	0.22	-0.22	-1.68	-0.22	-0.17	-0.01
Shares, basic (weighted)	65.8	65.8	65.8	66.6	67.9	70.1	71.8	72.9
Shares, diluted (weighted)	65.8	65.8	65.8	66.6	67.9	70.1	71.8	72.9

Balance sheet

	FY2020	FY2020	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Cash and equivalents	240	201	78.6	153	34.6	74.5	113	117
Short-term investments		6.6	4.71	10.4	17.5	0
Receivables		180	175	179	113	113	109	123
Inventory		14.9	14.5	14.4	25.3	24.6	19	16.4
Other current assets		3.48	2.07	0.76	0.6	0.94	0.81	0.83
Total current assets		512	350	420	252	265	286	298
Property, plant and equipment		41.6	37.6	30.8	25.9	24.4	28.3	29.1
Lease right-of-use assets		34.2	32.1	25	17.6	33.8	35.2	40.4
Goodwill	147	158	158	158	126	127	126	127
Intangible assets		7.87	5.3	3.16	0.65	0.26	0	4.38
Other non-current assets		49.2	42.1	25.7	20	19.1	18.9	16.2
Total assets		805	629	665	443	472	498	521
Accounts payable		43.4	41.6	36.7	20.7	20.9	25.2	26.9
Accrued liabilities		85.9	91.7	99.8	78.3	75.8	86.7	94.6
Deferred revenue		144	127	83.2	94.9	93.8	107	103
Short-term debt			0	100	0
Total current liabilities		280	299	320	194	190	219	224
Lease liabilities		24.4	24.1	17.2	10.4	28	29.8	36.5
Other non-current liabilities		17.4	9.2	10.8	11.7	7.61	7.68	9.37
Total liabilities		350	358	366	233	257	281	292
Paid-in capital			0	317	338	355	374	395
Retained earnings			0	-14.9	-129	-145	-157	-157
Treasury stock						0	-5.28	-26.7
Other comprehensive income		-13.9	-15.5	-16.7	-15.3	-12.6	-14	-4.84
Shareholders' equity		445	258	285	194	198	198	207
Minority interests		10.6	12.9	14	15.6	16.9	18.9	22.3
Total equity	475	455	270	299	210	215	217	229
Total liabilities and equity		805	629	665	443	472	498	521
Shares outstanding			65.8	67.2	68.8	71	72.1	73.1

Cash flow statement

	FY2020	FY2020	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Net income	12.3	27.4	20.3	-10.3	-110	-11.6	-7.23	4.61
Depreciation and amortization	21	17.3	22.5	21.3	18.1	13.8	13.7	12
Stock-based compensation	25.5	31	27.4	32.9	25.2	12.2	19	21.2
Deferred income tax	9	5.6	-2.2	5.86	0.05	-3.2	-1.36	-1.96
Change in receivables	-44.1	-24.1	1.5	-5.72	59.2	12.4	10.6	-6.27
Change in inventory	-3.62	-0.39	-1.14	-0.36	-13.1	-0.96	4.57	2.42
Change in payables	-7.75	1.31	8.67	4.89	-37.9	4.33	14.3	10.5
Cash from operations	53.7	67.2	71.3	2.63	-37	34.6	46.8	40.3
Capital expenditures	-9.92	-13.7	-14.2	-11.8	-8.27	-7.04	-10.6	-10.4
Acquisitions	-3.81	-18.7	0	0				-4.28
Purchases of investments	-57.7	-29.1	-48.6	-59	-55.2	-58.7	0	0
Cash from investing	-68.3	-29.5	16.4	-17.9	20.1	9.36	-5.69	-14.1
Cash from financing	6.06	-86	-206	58.7	-103	-2.45	-7.95	-24.8
Exchange rate effect	-0.54	-0.99	-0.86	0.04	0.62	-0.12	-0.63	2.58
Net change in cash	-9.09	-49.3	-119	43.6	-119	41.4	32.5	3.97
Free cash flow	43.8	53.5	57.1	-9.13	-45.3	27.5	36.2	29.9
Interest paid	0.02	0.02	0.04	0.47	1.98	0.66	0.5	0.49
Income taxes paid	7.6	9.62	1.26	8.23	11.3	6.77	7.15	8.48

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $8.52 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	72.4%	Gross profit / revenue.
Operating margin	3.3%	Operating income / revenue.
EBITDA margin	6.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.8%	Pre-tax income / revenue.
Net margin	-0.2%	Net income / revenue.
FCF margin	7.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.1%	Cash from operations / revenue.
Effective tax rate	59.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-0.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.1%	Net income / average total assets.
Return on invested capital (ROIC)	12.0%	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	30.6%	Research and development expense / revenue.
SG&A / revenue	38.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.7%	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	-1.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	-6.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	196.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	-9.2%	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	-13.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-10.8%	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	-17.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-12.1%	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	4.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.1%	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	-4.3%	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	4.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.6%	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	-3.7%	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	1.6%	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	2.4%	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	2.1%	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	1.33x	Current assets / current liabilities.
Quick ratio	1.07x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.52x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	56.1%	Total liabilities / total assets.
Interest coverage	68.4x	Operating income / interest expense.
Working capital	$74.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	25.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$75.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.79x	Revenue / average total assets.
Fixed asset turnover	13.9x	Revenue / average property, plant and equipment.
Inventory turnover	6.23x	Cost of revenue / average inventory.
Days inventory	59 days	365 x average inventory / cost of revenue.
Receivables turnover	3.45x	Revenue / average receivables.
Days sales outstanding	106 days	365 x average receivables / revenue.
Days payables	86 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	78 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	25.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.01	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.
EPS, basic	-$0.01	Net income per basic share, as reported (split-adjusted).
Revenue per share	$5.49	Revenue / diluted weighted shares.
FCF per share	$0.41	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.55	Cash from operations / diluted weighted shares.
Book value per share	$2.83	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.03	Tangible book value / shares outstanding.
Cash per share	$1.60	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$629.6M	Share price x shares outstanding.
Enterprise value	$512.8M	Market cap + total debt - cash - short-term investments.
P/S	1.57x	Market cap / revenue.
P/B	3.05x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.33x	Market cap / tangible book value, when positive.
P/FCF	21.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.6x	Market cap / cash from operations, when positive.
EV/Sales	1.28x	Enterprise value / revenue.
EV/EBIT	38.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	20.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.8%	Free cash flow / market cap.
Earnings yield	-0.1%	Net income / market cap (the inverse of P/E).

What was Cognyte Software Ltd.'s revenue in fiscal 2025?

Cognyte Software Ltd. reported revenue of $400.0M for fiscal 2025, 14.1% higher than the year before.

Was Cognyte Software Ltd. profitable in fiscal 2025?

No. It reported a net loss of $638.0K.

How much free cash flow did Cognyte Software Ltd. generate in fiscal 2025?

Cash from operations of $40.3M minus capital expenditures of $10.4M left free cash flow of $29.9M.

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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