DESWELL INDUSTRIES INC financial statements

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

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	44.5	60.7	66.6	65.4	64.9	86	77.3	69.4	67.6	61.3
Cost of revenue	37.1	51	56.3	53.5	51.7	72	64.5	55.5	54	47.6
Gross profit	7.45	9.71	10.3	11.9	13.2	14	12.8	13.9	13.6	13.7
Selling, general and administrative	8.86	8.81	9.46	10	10.3	11.3	11	10.5	11.3	11.6
Operating income	-2.1	1.8	0.53	1.41	3.26	2.76	2.89	3.79	3.31	1.98
Interest income	0.01
Other non-operating income	3.69	4.4	3.88	-2.36	5.45	5.31	-0.57	4.03	7.99	8.28
Pre-tax income	1.59	6.2	4.42	-0.95	8.71	8.07	2.31	7.82	11.3	10.3
Income tax	0.21	0.01	0.14	0.37	0.48	-0.17	0.26	0.11	0.16	-0.36
Income from continuing operations	1.38
Net income	1.38	6.19	4.27	-1.32	8.23	8.23	2.06	7.71	11.1	10.6
EBITDA	0.03	3.94	2.65	3.39	5.02	4.5	4.6	5.31	4.83	3.47
EPS, basic	0.09	0.39	0.27	-0.08	0.52	0.52	0.13	0.48	0.70	0.67
EPS, diluted	0.09	0.39	0.27	-0.08	0.51	0.51	0.13	0.48	0.70	0.67
Shares, basic (weighted)	0.02	0.02	0.02	0.02	15.9	0.02	0.02	0.02	0.02	0.02
Shares, diluted (weighted)	0.02	0.02	0.02	0.02	16	0.02	0.02	0.02	0.02	0.02
Dividend per share	0.11	0.07	0.10	0.15	0.18	0.20	0.20	0.20	0.20	0.20

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	8.08	15.2	14.4	22.5	20.2	13.5	22.2	15.8	28.1	23.1
Short-term investments	16.3	17.3	24.4	19.4	22.4	24.5	20.7	23	25.2	27.9
Receivables	13.2	15.9	15.7	12.3	14.7	18.2	15.7	12	9.91	11.4
Inventory	10.7	12.9	13	8.58	16.2	23.8	17.3	12.1	9.46	11.8
Other current assets	2.42	2.27	2.01	1.75	2.49	1.93	1.15	1.23	1.61	1.38
Total current assets	56.1	68.9	70	65.4	78.7	87.8	81.2	83.3	96.5	107
Property, plant and equipment	32	31.5	30.2	28.6	27.3	27	26.1	24.6	23.4	22.3
Total assets	91	100	100	95.4	108	115	110	111	120	130
Accounts payable	5.15	8.6	6.25	4.6	9.52	9.84	6.95	5.21	5.74	6.84
Accrued liabilities	0.6	0.62	0.54	1.72	2.02	2.95	1.99	7.16
Total current liabilities	14.8	19.1	16.2	14.3	21.2	24	20.2	16.4	17.7	20.4
Total liabilities	13.9	18.3	15.5	15.1	22.2	24.6	20.7	16.9	18.1	20.6
Paid-in capital	8.01	8.01	8.01	7.99	7.99	7.97	7.97	7.97	7.97	7.97
Retained earnings	12.6	17.7	20.4	16.7	22.1	27.1	26	30.5	38.5	45.9
Treasury stock	-2.82	-2.82	-2.82	-2.82	-2.82	-2.82	-2.82	-2.82	-2.82	-2.99
Other comprehensive income	5.32	5.32	5.32	5.32	5.32	5.32	5.32	5.32	5.32	5.32
Shareholders' equity	76.2	81.3	84	80.3	85.7	90.8	89.6	94.2	102	109
Total equity	76.2	81.3	84	80.3	85.7	90.8	89.6	94.2	102	109
Total liabilities and equity	91	100	100	95.4	108	115	110	111	120	130
Shares outstanding	15.9	15.9	15.9	15.9	15.9	15.9	15.9	15.9	15.9	15.9

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	1.38	6.19	4.27	-1.32	8.23	8.23	2.06	7.71	11.1	10.6
Depreciation and amortization	2.14	2.14	2.11	1.97	1.76	1.74	1.71	1.52	1.52	1.48
Stock-based compensation	0
Deferred income tax	0.09	-0.17	-0.09	0.11	0.15	-0.57	-0.16	-0.16	-0.02	-0.57
Change in receivables	-4.32	-2.08	-0.23	3.14	-2.8	-3.34	2.72	3.64	2.14	-1.52
Change in inventory	-2.51	-2.54	-0.35	4.03	-7.62	-7.6	6.38	5.22	2.72	-1.63
Change in payables	2.92	3.44	-2.34	-1.65	4.92	0.32	-2.89	-1.74	0.53	1.1
Cash from operations	-1.08	5.7	2.17	13.1	3.3	-0.18	13	13.2	13.5	5.2
Capital expenditures	-2.15	-1.71	-0.88	-0.51	-0.55	-1.5	-0.79	-0.38	-0.33	-0.48
Purchases of investments	-3.16	-5.36	-12.7	-2.12	-6.06	-11.5	-3.47	-1.35	-3.09	-10
Cash from investing	-0.28	2.53	-1.4	-2.66	-2.72	-3.43	-1.12	-16.4	2.04	-6.91
Stock issued				0.06		0.04
Share buybacks	-0.31
Dividends paid	-2.25	-1.11	-1.59	-2.39	-2.86	-3.19	-3.19	-3.19	-3.19	-3.19
Cash from financing	-2.56	-1.11	-1.59	-2.32	-2.86	-3.14	-3.19	-3.19	-3.19	-3.36
Net change in cash	-3.92	7.11	-0.82	8.14	-2.29	-6.76	8.7	-6.41	12.4	-5.07
Free cash flow	-3.23	3.99	1.29	12.6	2.75	-1.69	12.2	12.8	13.2	4.71
Income taxes paid	0.02	0.09	0.15	0.16	0.24	0.07	0.42	0.23	0.16	0.34

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $3.10 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	22.4%	Gross profit / revenue.
Operating margin	3.2%	Operating income / revenue.
EBITDA margin	5.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	16.7%	Pre-tax income / revenue.
Net margin	17.3%	Net income / revenue.
FCF margin	7.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.5%	Cash from operations / revenue.
Effective tax rate	-3.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.5%	Net income / average total assets.
Return on invested capital (ROIC)	2.0%	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%.
SG&A / revenue	18.8%	Selling, general and administrative expense / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-9.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-7.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.2%	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	-40.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-11.8%	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	-9.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-28.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-9.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-7.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-4.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	72.8%	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	5.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-4.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	72.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.6%	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	-61.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-26.3%	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	9.5%	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	-64.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-27.2%	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	11.4%	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	2.1%	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	7.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.9%	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	5.0%	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	8.1%	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	3.8%	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	-0.2%	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	-0.3%	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	-74.9%	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	5.25x	Current assets / current liabilities.
Quick ratio	3.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.50x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	15.8%	Total liabilities / total assets.
Working capital	$86.5M	Current assets - current liabilities.
Tangible book value	$109.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.49x	Revenue / average total assets.
Fixed asset turnover	2.68x	Revenue / average property, plant and equipment.
Inventory turnover	4.49x	Cost of revenue / average inventory.
Days inventory	81 days	365 x average inventory / cost of revenue.
Receivables turnover	5.75x	Revenue / average receivables.
Days sales outstanding	64 days	365 x average receivables / revenue.
Days payables	48 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	97 days	Days inventory + days sales outstanding - days payables.
FCF conversion	44.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.67	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	$0.67	Net income per basic share, as reported (split-adjusted).
Revenue per share	$3,852.00	Revenue / diluted weighted shares.
FCF per share	$296.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$326.28	Cash from operations / diluted weighted shares.
Book value per share	$6.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.89	Tangible book value / shares outstanding.
Cash per share	$3.21	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.20	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	30.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	67.6%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$49.2M	Share price x shares outstanding.
Enterprise value	-$1.7M	Market cap + total debt - cash - short-term investments.
P/E	4.63x	Market cap / net income. Only when net income is positive.
P/S	0.80x	Market cap / revenue.
P/B	0.45x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.45x	Market cap / tangible book value, when positive.
P/FCF	10.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.48x	Market cap / cash from operations, when positive.
FCF yield	9.6%	Free cash flow / market cap.
Earnings yield	21.6%	Net income / market cap (the inverse of P/E).
Dividend yield	6.5%	Dividends paid over the period / market cap.
Shareholder yield	6.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.06x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was DESWELL INDUSTRIES INC's revenue in fiscal 2026?

DESWELL INDUSTRIES INC reported revenue of $61.3M for fiscal 2026, 9.3% lower than the year before.

Was DESWELL INDUSTRIES INC profitable in fiscal 2026?

Yes. Net income was $10.6M, a net margin of 17.3%.

How much free cash flow did DESWELL INDUSTRIES INC generate in fiscal 2026?

Cash from operations of $5.2M minus capital expenditures of $481.0K left free cash flow of $4.7M.

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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