Stocks DRTTF Financial statements
Financial statementsDIRTT ENVIRONMENTAL SOLUTIONS LTD financial statements
Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data DIRTT ENVIRONMENTAL SOLUTIONS 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
| FY2017 | FY2019 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 227 | 275 | 248 | 172 | 148 | 172 | 182 | 174 | 169 |
| Cost of revenue | 141 | 168 | 161 | 118 | 124 | 144 | 122 | 110 | 113 |
| Gross profit | 85.5 | 107 | 86.4 | 53.3 | 23.5 | 28.2 | 59.5 | 64.4 | 55.4 |
| Selling and marketing | 46.2 | 40.6 | 33.9 | 28 | 31 | 27 | 25.2 | 22.9 | 20.6 |
| General and administrative | 28.4 | 28.7 | 27.6 | 26.7 | 30.6 | 25.5 | 21.7 | 19.9 | 23.6 |
| Operating expenses | 92 | 101 | 88.9 | 74.6 | 85.4 | 87.2 | 76.1 | 60.1 | 66.8 |
| Operating income | -6.5 | 5.69 | -2.45 | -21.3 | -61.9 | -59 | -16.6 | 4.23 | -11.3 |
| Interest expense | 0.5 | 0.5 | 0.13 | 0.31 | 3.13 | 5.16 | 4.93 | 4 | 1.88 |
| Interest income | 0.4 | 0.43 | 0.53 | 0.24 | 0.08 | 0.05 | 0.49 | 1.59 | 0.94 |
| Other non-operating income | -0.77 | 3.14 | -0.93 | 12.1 | 8.07 | 4.1 | 2.3 | 11 | -2.64 |
| Pre-tax income | -7.27 | 8.83 | -3.38 | -9.19 | -53.9 | -54.9 | -14.3 | 15.2 | -13.9 |
| Income tax | 0.46 | 3.28 | 1.02 | 2.1 | -0.2 | 0.02 | 0.33 | 0.45 | 0.51 |
| Net income | -7.73 | 5.55 | -4.4 | -11.3 | -53.7 | -55 | -14.6 | 14.8 | -14.4 |
| EBITDA | 6.36 | 19.4 | 9.79 | -9.57 | -47.4 | -43.9 | -7.62 | 10.8 | -5.13 |
| EPS, basic | -0.08 | 0.06 | -0.04 | -0.11 | -0.55 | -0.55 | -0.13 | 0.08 | -0.08 |
| EPS, diluted | -0.08 | 0.06 | -0.04 | -0.11 | -0.55 | -0.55 | -0.13 | 0.07 | -0.08 |
| Shares, basic (weighted) | 97 | 96.8 | 97 | 97 | 0.1 | 0.1 | 116 | 191 | 191 |
| Shares, diluted (weighted) | 97 | 97.4 | 97 | 97 | 0.1 | 0.1 | 116 | 240 | 191 |
Balance sheet
| FY2017 | FY2019 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 63.5 | 53.4 | 47.2 | 45.8 | 60.3 | 10.8 | 24.7 | 29.3 | 20.3 |
| Receivables | 22.4 | 13.1 | 14.1 | 13.9 | 15.8 | 19.5 | 22.4 | ||
| Inventory | 18.7 | 17.6 | 16 | 18.5 | 22.3 | 16.6 | 15.1 | 15.8 | |
| Other current assets | 2.22 | 3.34 | 4.07 | 4.4 | 3.83 | 4.02 | 2.61 | 2.97 | |
| Total current assets | 118 | 93 | 84.8 | 104 | 62.1 | 63.5 | 67.2 | 62.4 | |
| Property, plant and equipment | 36.7 | 41.4 | 49.8 | 51.7 | 41.5 | 14.9 | 20.2 | 14.9 | |
| Lease right-of-use assets | 22.6 | 20.7 | 33.6 | 30.9 | 30.5 | 29.8 | 25.4 | 18.9 | |
| Goodwill | 1.47 | 1.35 | 1.42 | 1.45 | 0 | 0 | |||
| Other non-current assets | 5.26 | 5.52 | 5.02 | 5.66 | 5.11 | 3.45 | 2.95 | 3.28 | |
| Total assets | 176 | 176 | 183 | 199 | 144 | 124 | 118 | 103 | |
| Accounts payable | 10.3 | 7.62 | 4.92 | 7.82 | 8.94 | 12.4 | 11.2 | 11.1 | |
| Accrued liabilities | 8.71 | 8.19 | 9.27 | 9.65 | 5.39 | 5.5 | 2.9 | 5.66 | |
| Deferred revenue | 6.38 | 7.7 | 3.57 | 1.82 | 2.42 | 4.87 | 5.29 | 4.03 | 3.51 |
| Short-term debt | 2.5 | 0.9 | 3.32 | ||||||
| Total current liabilities | 48.3 | 34.4 | 31.3 | 37.1 | 36 | 33.7 | 29.6 | 56.7 | |
| Long-term debt | 3.13 | 5.07 | 67.3 | 62.1 | 55.3 | 22 | 0.22 | ||
| Lease liabilities | 16.1 | 29.8 | 27.3 | 27.5 | 28.2 | 24.1 | 17 | ||
| Other non-current liabilities | 0.04 | ||||||||
| Total liabilities | 52.4 | 50.6 | 66.6 | 132 | 126 | 117 | 75.6 | 74 | |
| Total debt | 5.63 | 5.97 | 70.6 | 65.4 | 56.1 | 22.4 | 23.4 | ||
| Paid-in capital | 6.62 | 8.34 | 10.2 | 13.2 | 9.02 | 7.95 | 8.21 | 11.2 | |
| Retained earnings | -41.6 | -46 | -57.3 | -111 | -166 | -181 | -166 | -181 | |
| Other comprehensive income | -22.1 | -18 | -17 | -15.9 | -16.1 | -16.1 | -18.5 | -17.1 | |
| Shareholders' equity | 127 | 124 | 125 | 117 | 67.8 | 18 | 7.1 | 42.6 | 28.5 |
| Total equity | 127 | 124 | 125 | 117 | 67.8 | 18 | 7.1 | 42.6 | 28.5 |
| Total liabilities and equity | 176 | 176 | 183 | 199 | 144 | 124 | 118 | 103 | |
| Shares outstanding | 97 | 97 | 97 | 85.3 | 97.9 | 105 | 194 | 192 |
Cash flow statement
| FY2017 | FY2019 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Net income | -7.73 | 5.55 | -4.4 | -11.3 | -53.7 | -55 | -14.6 | 14.8 | -14.4 |
| Depreciation and amortization | 12.9 | 13.7 | 12.2 | 11.7 | 14.5 | 15.1 | 8.93 | 6.58 | 6.18 |
| Stock-based compensation | 2.74 | 1.87 | 0.2 | 2.35 | 4.25 | 3.34 | 2.31 | 2.97 | 3.04 |
| Deferred income tax | -2.82 | 1.1 | -0.05 | 5.63 | -0.41 | 0 | 0 | 0 | 0 |
| Change in inventory | -2.22 | -0.29 | 1.67 | 1.64 | -2.45 | -4.72 | 5.96 | 0.45 | -0.06 |
| Change in payables | 8.66 | 5.46 | -17.4 | 0.75 | 2.7 | 0.26 | 2.14 | -2.74 | 3.24 |
| Cash from operations | 19.4 | 10.1 | 13.4 | 12.5 | -31.2 | -44.3 | 14.8 | 7.34 | -0.19 |
| Capital expenditures | -14.4 | -8.47 | -12.3 | -16.6 | -11.8 | -2.39 | -1.24 | -1.4 | -1.58 |
| Cash from investing | -19.5 | -13.5 | -15.2 | -19.4 | -14.1 | -4.02 | 7.66 | -1.9 | -3.72 |
| Debt issued | 6.13 | 64.9 | 0.65 | 0 | 0 | ||||
| Debt repaid | -3.79 | -4.61 | -5.56 | -0.41 | -1.81 | -2.47 | -11.6 | -21.5 | -0.4 |
| Stock issued | 2.41 | 1.54 | 0.08 | ||||||
| Cash from financing | -9.11 | -3.07 | -5.48 | 5.72 | 62.5 | -0.87 | -11.6 | -0.42 | -4.98 |
| Exchange rate effect | 2.98 | -3.61 | 1.08 | ||||||
| Net change in cash | -6.19 | -10.1 | -6.24 | -1.33 | 17.6 | -49.2 | 10.9 | 4.43 | -8.96 |
| Free cash flow | 5.04 | 1.6 | 1.06 | -4.11 | -43 | -46.7 | 13.6 | 5.94 | -1.77 |
| Interest paid | 0.61 | 0.5 | 0.1 | 0.1 | 1.54 | 4.42 | 3.98 | 2.87 | 1.42 |
| Income taxes paid | -2.76 | -3.82 | -2.52 | 1.82 | 0.43 | 3.21 | 0 | -0.75 | -0.24 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 33.3% | Gross profit / revenue. |
| Operating margin | -5.0% | Operating income / revenue. |
| EBITDA margin | -1.5% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | -5.2% | Pre-tax income / revenue. |
| Net margin | -5.5% | Net income / revenue. |
| FCF margin | 0.4% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 1.3% | Cash from operations / revenue. |
| Return on equity (ROE) | -36.5% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | -10.7% | Net income / average total assets. |
| Return on invested capital (ROIC) | -24.3% | 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%. |
| Stock-based pay / revenue | 1.9% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.9% | Capital expenditures / revenue. |
| D&A / revenue | 3.5% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -3.1% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -0.6% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | -0.3% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -13.9% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 25.3% | 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 | 0.8% | 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 | -367.5% | Operating income vs the same period a year earlier. Only from a positive base. |
| EBITDA growth, 1y | -147.5% | EBITDA vs the same period a year earlier. Only from a positive base. |
| Net income growth, 1y | -197.8% | Net income vs the same period a year earlier. Only from a positive base. |
| EPS growth, 1y | -214.3% | EPS vs the same period a year earlier. Only from a positive base. |
| Operating cash flow growth, 1y | -102.6% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow growth, 1y | -129.8% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Book value growth, 1y | -33.0% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 16.6% | 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 | -24.5% | 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 | -13.3% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -10.6% | 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 | -11.0% | 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 | -20.5% | 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 | 1,141.0% | 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 | 14.5% | 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 | 1.23x | Current assets / current liabilities. |
| Quick ratio | 0.80x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.35x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 0.67x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 19.5% | Total debt / total assets. |
| Liabilities / assets | 70.7% | Total liabilities / total assets. |
| Net debt | $2.3M | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Interest coverage | -5.24x | Operating income / interest expense. |
| Working capital | $9.7M | Current assets - current liabilities. |
| Tangible book value | $25.7M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 1.95x | Revenue / average total assets. |
| Fixed asset turnover | 12.8x | Revenue / average property, plant and equipment. |
| Inventory turnover | 8.25x | Cost of revenue / average inventory. |
| Days inventory | 44 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 8.98x | Revenue / average receivables. |
| Days sales outstanding | 41 days | 365 x average receivables / revenue. |
| Days payables | 51 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 33 days | Days inventory + days sales outstanding - days payables. |
| Capex / operating cash flow | 67.1% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | -$0.05 | 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 | $0.87 | Revenue / diluted weighted shares. |
| FCF per share | $0.00 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $0.01 | Cash from operations / diluted weighted shares. |
| Book value per share | $0.13 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $0.13 | Tangible book value / shares outstanding. |
| Cash per share | $0.08 | (Cash + short-term investments) / shares outstanding. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $111.0M | Share price x shares outstanding. |
| Enterprise value | $113.3M | Market cap + total debt - cash - short-term investments. |
| P/S | 0.65x | Market cap / revenue. |
| P/B | 4.31x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 4.31x | Market cap / tangible book value, when positive. |
| P/FCF | 154x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 50.6x | Market cap / cash from operations, when positive. |
| EV/Sales | 0.66x | Enterprise value / revenue. |
| EV/FCF | 157x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 0.7% | Free cash flow / market cap. |
| Earnings yield | -8.5% | Net income / market cap (the inverse of P/E). |
What was DIRTT ENVIRONMENTAL SOLUTIONS LTD's revenue in fiscal 2025?
DIRTT ENVIRONMENTAL SOLUTIONS LTD reported revenue of $168.9M for fiscal 2025, 3.1% lower than the year before.
Was DIRTT ENVIRONMENTAL SOLUTIONS LTD profitable in fiscal 2025?
No. It reported a net loss of $14.4M.
How much free cash flow did DIRTT ENVIRONMENTAL SOLUTIONS LTD generate in fiscal 2025?
Cash from operations of $192.0K minus capital expenditures of $1.6M left free cash flow of -$1.8M.