Cheer Holding, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Cheer Holding, 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

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	65.8	124	153	157	152	147	149
Cost of revenue			34.9	40.6	39.5	39.4	43.2
Gross profit			118	117	113	108	106
Research and development	0.75	0.69	0.92	1.33	1.64	3.43	5.17
Selling and marketing	3.15	43.8	77.5	82.5	76.2	75.3	69.4
General and administrative	3.13	10.1	3.34	5.91	5.66	3.5	4.72
Operating expenses	38.9	93.1	117	130	123
Operating income	26.8	30.7	36.3	26.7	29.3	25.6	26.3
Interest expense	0.3	0.28	0.51	0.09	0.27	0.37	0.37
Interest income	5.61
Other non-operating income	-0.25	20	0.04	0.13	1.3	0.34	-0.59
Pre-tax income	26.6	50.6	36.3	26.9	30.6	25.9	25.7
Income tax	0.19	1.67	0.98	0.41	0.06	-0.03	0.07
Net income to minority interests	0.08	-0.03	0.07	-0.45	0.05	0	0
Net income	26.3	49	35.3	26.9	30.5	26	25.6
EBITDA	27.6	33.6	38.4	29.6	32.7	29.4	33.2
EPS, basic	272.52	387.48	229.94	168.19	150.31	125.72	24.07
EPS, diluted	242.71	353.42	229.94	168.19	150.31	125.72	24.07
Shares, basic (weighted)	0.1	0.13	0.15	0.16	0.17	0.21	1.06
Shares, diluted (weighted)	0.11	0.14	0.15	0.16	0.17	0.21	1.06

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.03	17.7	77.3	70.5	195	198	242
Short-term investments		1.73
Receivables	51.1	81.1	63.1	98	81.2	77.1	79.7
Other current assets	2.5	2.54	13.1	15.3	31.2	30.8	44.8
Total current assets	60.5	103	154	184	307	306	367
Property, plant and equipment	0.33	0.25	0.24	0.16	0.09	0.03	0.02
Lease right-of-use assets	2.03	1.69	1.3	0.75	0.38	0.37	0.26
Intangible assets	14.7	15.6	16.7	20.3	20.3	40.5	34.7
Other non-current assets		20.6	21.4	0			0.08
Total assets	79.7	143	195	206	328	347	402
Accounts payable	4.55	7.89	12.9	6.41	9.6	2.04	2.74
Accrued liabilities					1.23	1.17	0.21
Deferred revenue				0.15	0.13	0.03	0
Short-term debt				0.01	4.66	12.5	7.65
Total current liabilities	15.7	35.4	34.6	32.9	46.2	39.9	31.8
Lease liabilities	1.72	1.39	1.13	0.47		0.25	0.13
Total liabilities	17.5	38.9	35.7	33.5	47.6	41.5	31.9
Total debt					1.41
Paid-in capital	13.4	9.16	25.6	27	106	113	138
Retained earnings	49.5	89.3	124	151	181	207	233
Other comprehensive income	-1.58	4.89	8.07	-6.68	-8.87	-17	-2.44
Shareholders' equity	61.8	104	159	172	280	305	370
Minority interests	0.48	0.47	0.55	0.08	0.08	0.08	0.09
Total equity	62.3	104	159	173	280	305	370
Total liabilities and equity	79.7	143	195	206	328	347	402
Shares outstanding	0.1	0.14	1.6	0.16	10.1

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	26.4	49	35.4	26.4	30.5	26	25.6
Depreciation and amortization	0.74	2.91	2.09	2.88	3.39	3.78	6.88
Stock-based compensation		1.78	0.18	0.39
Deferred income tax	0.19	-0.18	0.71	-0.05	0.06	-0.03	0.07
Change in receivables	-12.7	-24	19.9	-42.1	15.2	1.92	1.54
Change in payables	3.93	2.83	4.75	-5.58	3.33	-7.4	0.6
Cash from operations	26.1	8.74	46.5	7.74	42.2	22.9	17.9
Capital expenditures			-0.07	-0.03	-0	-0
Cash from investing	-15.3	-4.42	-1.05	-7.99	-0	-24.9	-0.71
Debt issued					1.41
Debt repaid				-0.01	-4.8	-6.95	-12.5
Stock issued			15.3		80
Cash from financing	-6.22	5.38	13.3	0.51	82	10.6	17.8
Exchange rate effect	-0.07	1.11	0.88	-7.08	-0.15	-5.43	9.37
Net change in cash	4.48	10.8	59.6	-6.82	124	3.14	44.4
Free cash flow			46.4	7.71	42.2	22.9
Interest paid	0.29	0.24	0.34	0.25	0.27	0.33	0.37
Income taxes paid						14.1	14.3

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.66 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	71.0%	Gross profit / revenue.
Operating margin	17.7%	Operating income / revenue.
EBITDA margin	22.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.3%	Pre-tax income / revenue.
Net margin	17.2%	Net income / revenue.
Operating cash flow margin	12.1%	Cash from operations / revenue.
Effective tax rate	0.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.8%	Net income / average total assets.
Return on invested capital (ROIC)	22.3%	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	3.5%	Research and development expense / revenue.
D&A / revenue	4.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.3%	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	2.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-0.5%	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	-3.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-1.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-1.6%	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	-12.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-80.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-47.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-41.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-21.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	32.3%	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	15.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	21.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	28.9%	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	28.9%	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	15.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	24.9%	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	22.9%	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	415.4%	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	88.1%	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	50.3%	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	11.5x	Current assets / current liabilities.
Quick ratio	10.1x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	7.62x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	7.9%	Total liabilities / total assets.
Interest coverage	71.8x	Operating income / interest expense.
Working capital	$334.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$334.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.40x	Revenue / average total assets.
Fixed asset turnover	5,953x	Revenue / average property, plant and equipment.
Receivables turnover	1.90x	Revenue / average receivables.
Days sales outstanding	192 days	365 x average receivables / revenue.
Days payables	20 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$24.07	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	$24.07	Net income per basic share, as reported (split-adjusted).
Revenue per share	$139.83	Revenue / diluted weighted shares.
Operating cash flow per share	$16.85	Cash from operations / diluted weighted shares.
Book value per share	$347.31	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$314.67	Tangible book value / shares outstanding.
Cash per share	$227.43	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.4M	Share price x shares outstanding.
Enterprise value	-$238.7M	Market cap + total debt - cash - short-term investments.
P/E	0.13x	Market cap / net income. Only when net income is positive.
P/S	0.02x	Market cap / revenue.
P/B	0.01x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.01x	Market cap / tangible book value, when positive.
P/OCF	0.19x	Market cap / cash from operations, when positive.
Earnings yield	748.4%	Net income / market cap (the inverse of P/E).

What was Cheer Holding, Inc.'s revenue in fiscal 2025?

Cheer Holding, Inc. reported revenue of $148.8M for fiscal 2025, 1.1% higher than the year before.

Was Cheer Holding, Inc. profitable in fiscal 2025?

Yes. Net income was $25.6M, a net margin of 17.2%.

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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