CTS CORP financial statements

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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	397	423	470	469	424	513	587	550	515	541
Cost of revenue	256	283	306	311	285	328	376	360	327	333
Gross profit	140	140	165	158	139	185	211	191	188	208
Research and development	24	25.1	25.3	26	24.3	23.9	24.1	24.9	23.4	25.3
Selling, general and administrative	61.6	71.9	73.6	70.4	67.8	82.6	91.5	83.8	88.3	98.7
Operating income	63.2	38.5	61	53.8	45.1	76.5	93	75.1	71.2	82.6
Interest expense	3.7	3.34	2.09	2.65	3.27	2.11	2.19	3.33	4.24	4.31
Interest income	1.31	1.28	1.83	1.74	1.05	0.84	1.33	4.63	4.28	2.13
Other non-operating income	-5.92	1.76	-2.94	-3.55	0.35	-137	-12.3	0.1	-2.6	1.13
Pre-tax income	57.2	40.3	58.1	50.3	45.5	-60.9	80.7	75.2	68.6	83.8
Income tax	22.9	25.8	11.6	14.1	10.8	-19	21.2	14.6	13.1	18.5
Net income	34.4	14.4	46.5	36.1	34.7	-41.9	59.6	60.5	55.5	65.3
EBITDA	82.2	59.2	83.6	78.4	71.8	103	123	104	102	117
EPS, basic	1.05	0.44	1.41	1.11	1.07	-1.30	1.86	1.93	1.82	2.21
EPS, diluted	1.03	0.43	1.39	1.09	1.06	-1.30	1.85	1.92	1.81	2.19
Shares, basic (weighted)	32.7	32.9	33	32.7	32.3	32.3	32	31.4	30.4	29.5
Shares, diluted (weighted)	33.3	33.4	33.6	33.1	32.6	32.3	32.2	31.6	30.7	29.8
Dividend per share	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	114	114	101	100	91.8	141	157	164	94.3	82.3
Receivables	62.6	70.6	79.5	78	81	82.2	90.9	78.6	77.6	88.1
Inventory	28.7	36.6	43.5	42.2	45.9	49.5	62.3	60	52.3	52.9
Other current assets	10.6	12.9	15.4	17	14.6	15.9	15.7	16.9	17.9	29.5
Total current assets	216	234	239	237	233	289	326	319	242	253
Property, plant and equipment	82.1	88.2	99.4	105	97.4	96.9	97.3	92.6	94.4	89.7
Lease right-of-use assets			0	24.6	23.3	21.6	22.7	26.4	22.9	22.5
Goodwill	61.7	71.1	71.1	106	109	110	152	158	201	210
Intangible assets	64.4	66.9	60.2	85.2	79.1	69.9	108	104	164	154
Other non-current assets	1.74	2.1	2.04	3.05	2.59	2.42	18.9	16	13.2	11
Total assets	518	540	548	643	626	664	748	741	765	764
Accounts payable	40	49.2	52	48.2	50.5	55.5	53.2	43.5	42.6	48.2
Accrued liabilities	45.7	41.3	37.3	36.4	38.2	36.7	35.3	34.6	35.4	37.3
Deferred revenue		1.6	1.98	2.88				2.17	2.11	2.6
Total current liabilities	98.1	102	104	96.9	105	114	113	97	98.5	110
Lease liabilities			0	24.9	23.2	21.4	21.8	25	21.1	21.8
Other non-current liabilities	3.21	6.18	5.92	4.29	5.2	2.68	3.25	5.46	8.66	7
Total liabilities	200	196	170	238	202	201	242	214	237	213
Paid-in capital	40.5	41.1	42.8	43.7	41.7	42.5	46.1	45.1	44.7	43.3
Retained earnings	411	420	479	510	539	492	547	602	653	713
Treasury stock	-343	-343	-353	-364	-373	-381	-403	-444	-487	-544
Other comprehensive income	-93.2	-79	-97.7	-91.7	-95.9	-4.53	-0.67	4.26	-4.27	13.7
Shareholders' equity	318	344	378	405	424	464	506	527	528	552
Total equity	318	344	378	405	424	464	506	527	528	552
Total liabilities and equity	518	540	548	643	626	664	748	741	765	764
Shares outstanding	32.8	32.9	32.8	32.5	32.3	32.2	31.7	30.8	30	28.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	34.4	14.4	46.5	36.1	34.7	-41.9	59.6	60.5	55.5	65.3
Depreciation and amortization	19	20.7	22.5	24.6	26.7	26.9	29.8	28.7	30.9	34.5
Deferred income tax	10.4	17	-0.57	3.85	-0.69	-31	0.49	-0.99	-1.09	2.17
Change in receivables	-7.12	-5.2	-9.88	3.78	-0.34	-0.93	-5.91	12.6	0.03	-7.44
Change in inventory	-2.29	-5.4	-7.52	4.37	-0.58	-3.57	-8.21	2.35	12.5	1.38
Change in payables	0.54	5.39	5.11	-4.66	3.86	3.14	-2.29	-9.75	-1.77	4.18
Cash from operations	47.2	58	58.2	64.4	76.8	86.1	121	88.8	98.2	102
Capital expenditures	-20.5	-18.1	-28.5	-21.7	-14.9	-15.6	-14.3	-14.7	-18.6	-15.7
Acquisitions	-73.1	-19.1	0	-73.9	-8.31	-0.26	-96.9	-3.36	-122	0
Purchases of investments										-2.78
Cash from investing	-81.3	-36.7	-28.5	-95.5	-23.2	-15.9	-111	-18.1	-141	-18.5
Stock issued	0	0
Share buybacks	0	0	-9.44	-11.7	-8.08	-8.79	-21.4	-40.9	-42.6	-56.2
Dividends paid	-5.23	-5.26	-5.29	-5.24	-5.18	-5.17	-5.13	-5.04	-4.89	-4.75
Cash from financing	-8.64	-20.8	-42.5	30.1	-61.3	-20.7	4.34	-65.4	-26.9	-98.4
Exchange rate effect	-0.42	-0.79	0.19	0.35	-0.75	0.16
Net change in cash	-43.1	-0.23	-12.6	-0.69	-8.47	49.7	15.4	6.97	-69.5	-12
Free cash flow	26.7	40	29.7	42.7	61.9	70.5	107	74.1	79.6	86.4
Interest paid	2.94	2.13	1.58	1.96	2.6	1.95	2.02	3.13	4.23	4
Income taxes paid	10.5	10.9	9.92	11.1	12	16.9	20.1	20.2	16.6	16.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $59.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.0%	Gross profit / revenue.
Operating margin	15.9%	Operating income / revenue.
EBITDA margin	20.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	16.1%	Pre-tax income / revenue.
Net margin	12.5%	Net income / revenue.
FCF margin	15.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.7%	Cash from operations / revenue.
Effective tax rate	22.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.9%	Net income / average total assets.
Return on invested capital (ROIC)	14.7%	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	4.6%	Research and development expense / revenue.
SG&A / revenue	18.2%	Selling, general and administrative expense / revenue.
Capex / revenue	2.9%	Capital expenditures / revenue.
D&A / revenue	4.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.4%	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	8.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	16.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-3.9%	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	12.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	14.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	17.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	3.1%	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	13.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	21.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	15.6%	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	3.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.6%	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	5.9%	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	8.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-6.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	6.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.9%	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	5.4%	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	-0.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.7%	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	4.1%	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	-3.0%	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	-2.6%	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	-1.8%	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	2.52x	Current assets / current liabilities.
Quick ratio	1.75x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.86x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	28.3%	Total liabilities / total assets.
Interest coverage	22.9x	Operating income / interest expense.
Working capital	$160.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	46.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$200.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.71x	Revenue / average total assets.
Fixed asset turnover	6.21x	Revenue / average property, plant and equipment.
Inventory turnover	5.91x	Cost of revenue / average inventory.
Days inventory	62 days	365 x average inventory / cost of revenue.
Receivables turnover	5.92x	Revenue / average receivables.
Days sales outstanding	62 days	365 x average receivables / revenue.
Days payables	54 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	69 days	Days inventory + days sales outstanding - days payables.
FCF conversion	126.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.38	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	$19.13	Revenue / diluted weighted shares.
FCF per share	$3.02	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.58	Cash from operations / diluted weighted shares.
Book value per share	$19.48	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.99	Tangible book value / shares outstanding.
Cash per share	$3.17	(Cash + short-term investments) / shares outstanding.
Payout ratio	6.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	5.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	66.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.70B	Share price x shares outstanding.
Enterprise value	$1.61B	Market cap + total debt - cash - short-term investments.
P/E	24.6x	Market cap / net income. Only when net income is positive.
P/S	3.07x	Market cap / revenue.
P/B	3.05x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.50x	Market cap / tangible book value, when positive.
P/FCF	19.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.4x	Market cap / cash from operations, when positive.
EV/Sales	2.90x	Enterprise value / revenue.
EV/EBIT	18.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.1%	Free cash flow / market cap.
Earnings yield	4.1%	Net income / market cap (the inverse of P/E).
Dividend yield	0.3%	Dividends paid over the period / market cap.
Shareholder yield	3.7%	(Dividends paid + share buybacks) / market cap.
PEG	4.25x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CTS CORP's revenue in fiscal 2025?

CTS CORP reported revenue of $541.3M for fiscal 2025, 5.2% higher than the year before.

Was CTS CORP profitable in fiscal 2025?

Yes. Net income was $65.3M, a net margin of 12.1%.

How much free cash flow did CTS CORP generate in fiscal 2025?

Cash from operations of $102.1M minus capital expenditures of $15.7M left free cash flow of $86.4M.

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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