Caesarstone Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Caesarstone 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	539	588	576	546	486	644	691	565	443	397
Cost of revenue	326	391	412	397	352	472	528	473	347	324
Gross profit	212	197	163	149	134	171	163	91.9	96.7	73.3
Research and development	3.29	4.16	3.64	4.15	3.97	4.22	4.1	5.09	4.95	5.67
Selling and marketing	70.3	81.8	74.8	66.8	62	85.7	94.4	82.2	86.2	79.5
General and administrative	40.2	45.9	43.3	40.7	39.1	50.8	51.6	49.5	39.1	39.5
Operating expenses	120	157	131	124	111	144	222	180	139	199
Operating income	92.8	40.5	32.8	24.7	22.5	27.4	-58.7	-88	-41.9	-126
Interest expense						2.04	0.35	0.38	0.3	0.07
Interest income	0.15	1.04	1.47	1.02	0.66	0.15	0.02	1.47	4.8	3.15
Other non-operating income	-3.32	-5.58	-3.64	-5.58	-10.2	-7.59	3.08	1.07	-0.01	-7.77
Pre-tax income	89.5	35	29.1	19.1	12.3	19.8	-55.6	-87	-41.9	-133
Income tax	13	7.4	4.56	6.24	4.7	1.95	0.76	21.3	1.08	4.28
Net income to minority interests				0	7.27	0	0	0
Net income	74.6	26.2	24.4	12.9	7.22	19	-57.1	-108	-42.8	-137
EBITDA	121	70.5	61.4	53.3	52	62.8	-22.3	-58	-24.8	-112
EPS, basic	2.08	0.73	0.72	0.37	0.21	0.51	-1.66	-3.13	-1.13	-3.98
EPS, diluted	2.08	0.73	0.72	0.37	0.21	0.51	-1.66	-3.13	-1.13	-3.98
Shares, basic (weighted)	34.7	34.3	34.4	34.4	34.4	34.5	34.5	34.5	34.5	34.6
Shares, diluted (weighted)	34.8	34.4	34.4	34.5	34.5	34.6	34.5	34.5	34.5	34.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	106	139	93.6	139	114	74.3	52.1	54.6	57.3	58.4
Short-term investments					8.11	11.2	7.08	0
Receivables	63.1	73.3	72.6	78.3	84.8	82.8	77.9	66.9	46.9	48.3
Inventory	101	133	158	123	152	205	238	136	113	94.3
Other current assets	5.58	6.18	6.39	9.96	7.9	7.83	9.44	3.69	5.17	1.71
Total current assets	310	378	350	374	386	409	408	320	348	253
Property, plant and equipment	223	217	213	205	223	221	169	123	75.7	30.1
Lease right-of-use assets				72	124	155	144	120	115	105
Goodwill	35.7	37	35.3	35.2	47.5	45.8	0	0	0
Intangible assets	4.55	2.24			12.1	9.63	8.82	6.26	0.26	0
Long-term investments					10.9	8.65	0
Total assets	585	653	617	704	821	868	753	580	549	398
Accounts payable	48.6	64	55.8	53.1	55.1	81.4	62.2	42.8	52.8	37.8
Accrued liabilities	7.01	6.06	6.14	5.87	7.86	10.5	12	8.83	7.99	8.08
Short-term debt	8.54	4.19	7.57	0	11.1	12.5	26.1	23.9	24.3	26.9
Total current liabilities	93.3	127	111	126	157	183	165	121	152	138
Long-term debt					113	143	124	114	107
Lease liabilities				64.6	113	143	124	114	107	106
Total liabilities	147	183	150	226	334	373	332	265	277	259
Total debt					11.2	166	147	138	132	26.9
Paid-in capital	147	152	154	157	160	162	163	164	167	168
Retained earnings	331	356	361	368	371	378	312	204	165	27
Treasury stock	-39.4	-39.4	-39.4	-39.4	-39.4	-39.4	-39.4	-39.4	-39.4	-39.4
Other comprehensive income	-1.15	0.68	-3.18	-3.29	1.08	-0.7	-9.58	-8.4	-14.9	-10.9
Shareholders' equity	438	470	467	478	487	494	421	315	272	139
Total equity	438	470	467	478	487	494	421	315	272	139
Total liabilities and equity	585	653	617	704	821	868	753	580	549	398
Shares outstanding	34.3	34.3	34.4	34.4	34.4	34.5	34.5	34.5	34.5	34.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	76.5	27.6	24.6	12.9	7.62	17.9	-56.4	-108	-43	-138
Depreciation and amortization	28.3	29.9	28.6	28.6	29.5	35.4	36.3	30	17.1	14.2
Stock-based compensation	3.07	5.28	1.68	3.63	2.86	1.85	1.5	1.03	2.04	1.2
Deferred income tax	-0.96	-6.38	-3.06	-1.51	-0.9	-4.47	-6.07	11.9	-0.42	-1.37
Change in receivables	-4.18	-7.57	-2.64	-5.03	6.07	0.82	2.61	11.8	18.7	0.09
Change in inventory	-5.38	-27.8	-30.6	35.3	0.31	-54.2	-40.9	102	20.1	21.1
Change in payables	1.42	13.9	-16.2	-6.66	-17.9	28.3	-21	-29.5	8.95	-15.3
Cash from operations	102	61	14.7	83	47.6	20.7	-23.3	66.5	31.9	-38
Capital expenditures	-22.9	-22.7	-21	-23.6	-19.8	-31.5	-17.8	-11.2	-10.4	-9.04
Acquisitions				0	-29	0	-2.25	0	-1.56	0
Purchases of investments				0	-24.5	-11.7	0	0
Sales and maturities of investments				0	5.27	10.4	12.4	7.1	0	0
Cash from investing	-23.3	-22.8	-21.2	-23.6	-68.3	-34.9	-7.29	-40.5	-24.4	42
Dividends paid	-0.24		-20.3	-5.16	-4.82	-10.7	-8.63	0	0
Cash from financing	-35.6	-6.27	-38.4	-14.1	-6.08	-25.3	9.16	-23.8	-3.05	-3.88
Exchange rate effect	0.93	0.45	-0.32	0.48	1.65	-0.48
Net change in cash	43.5	32.4	-45.1	45.8	-25.1	-39.9	-22.2	2.54	2.71	1.1
Free cash flow	78.6	38.3	-6.27	59.5	27.8	-10.8	-41.1	55.4	21.5	-47.1
Interest paid	0.21	0.26	0.36	0	0	1.92	1.16	0.72	0.55	0.28
Income taxes paid	17.7	23.4	13.9	10.2	3.68	7.38	4.97	1.85	3.12	0.55

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.94 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.4%	Gross profit / revenue.
Operating margin	-31.6%	Operating income / revenue.
EBITDA margin	-28.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-33.6%	Pre-tax income / revenue.
Net margin	-34.6%	Net income / revenue.
FCF margin	-11.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-9.6%	Cash from operations / revenue.
Return on equity (ROE)	-66.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-29.0%	Net income / average total assets.
Return on invested capital (ROIC)	-43.8%	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	1.4%	Research and development expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.3%	Capital expenditures / revenue.
D&A / revenue	3.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-10.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-16.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-4.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-24.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-23.4%	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	-11.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-219.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-319.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-48.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-30.9%	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	-22.2%	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	-27.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-19.1%	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	-13.5%	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	0.1%	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	0.1%	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	0.1%	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	1.83x	Current assets / current liabilities.
Quick ratio	0.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.42x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.19x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	6.8%	Total debt / total assets.
Liabilities / assets	65.1%	Total liabilities / total assets.
Net debt	-$31.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-1,822x	Operating income / interest expense.
Working capital	$114.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$139.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.84x	Revenue / average total assets.
Fixed asset turnover	7.50x	Revenue / average property, plant and equipment.
Inventory turnover	3.13x	Cost of revenue / average inventory.
Days inventory	117 days	365 x average inventory / cost of revenue.
Receivables turnover	8.35x	Revenue / average receivables.
Days sales outstanding	44 days	365 x average receivables / revenue.
Days payables	51 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	109 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.98	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	-$3.98	Net income per basic share, as reported (split-adjusted).
Revenue per share	$11.49	Revenue / diluted weighted shares.
FCF per share	-$1.36	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$1.10	Cash from operations / diluted weighted shares.
Book value per share	$4.03	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.03	Tangible book value / shares outstanding.
Cash per share	$1.69	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$101.7M	Share price x shares outstanding.
Enterprise value	$70.1M	Market cap + total debt - cash - short-term investments.
P/S	0.26x	Market cap / revenue.
P/B	0.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.73x	Market cap / tangible book value, when positive.
EV/Sales	0.18x	Enterprise value / revenue.
FCF yield	-46.3%	Free cash flow / market cap.
Earnings yield	-135.2%	Net income / market cap (the inverse of P/E).

What was Caesarstone Ltd.'s revenue in fiscal 2025?

Caesarstone Ltd. reported revenue of $397.2M for fiscal 2025, 10.4% lower than the year before.

Was Caesarstone Ltd. profitable in fiscal 2025?

No. It reported a net loss of $137.5M.

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

Cash from operations of $38.0M minus capital expenditures of $9.0M left free cash flow of -$47.1M.

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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