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Financial statementsEmbecta Corp. financial statements
Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Embecta 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
| FY2020 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Revenue | 1,086 | 1,165 | 1,130 | 1,121 | 1,123 | 1,080 |
| Cost of revenue | 323 | 365 | 355 | 371 | 388 | 404 |
| Gross profit | 763 | 800 | 775 | 750 | 735 | 677 |
| Research and development | 61.4 | 63.3 | 66.9 | 85.2 | 78.8 | 37.3 |
| Selling, general and administrative | 215 | 240 | 295 | 341 | 365 | 332 |
| Operating expenses | 276 | 308 | 465 | 528 | 568 | 435 |
| Operating income | 487 | 492 | 310 | 222 | 167 | 242 |
| Interest income | 0 | 0 | 9.4 | 12 | 6 | |
| Other non-operating income | -0.7 | 2.9 | -6.8 | -8.8 | -10.3 | 1.5 |
| Pre-tax income | 486 | 495 | 257 | 106 | 44.2 | 136 |
| Income tax | 58.2 | 80.1 | 33 | 35.3 | -34.1 | 40.9 |
| Net income | 428 | 415 | 224 | 70.4 | 78.3 | 95.4 |
| EBITDA | 525 | 530 | 341 | 254 | 203 | 283 |
| EPS, basic | 7.50 | 7.28 | 3.92 | 1.23 | 1.36 | 1.64 |
| EPS, diluted | 7.50 | 7.28 | 3.89 | 1.22 | 1.34 | 1.62 |
| Shares, basic (weighted) | 57 | 57 | 57 | 57.2 | 57.7 | 58.3 |
| Shares, diluted (weighted) | 57 | 57 | 57.5 | 57.8 | 58.3 | 58.9 |
| Dividend per share | 0.15 | 0.60 | 0.60 | 0.60 |
Balance sheet
| FY2020 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Cash and equivalents | 0 | 0 | 331 | 326 | 268 | 226 |
| Receivables | 151 | 22.2 | 16.7 | 193 | 146 | |
| Inventory | 118 | 123 | 152 | 172 | 179 | |
| Other current assets | 23.2 | 77.9 | 111 | 68.5 | 75.3 | |
| Total current assets | 292 | 665 | 749 | 761 | 631 | |
| Property, plant and equipment | 451 | 302 | 300 | 290 | 257 | |
| Lease right-of-use assets | 3.9 | 6.3 | 23 | 22.6 | 20.2 | |
| Goodwill | 15.6 | 15.7 | 15.6 | 15.6 | 15.4 | |
| Intangible assets | 18.3 | 8.9 | 9.1 | 8.1 | 7 | |
| Other non-current assets | 11.3 | |||||
| Total assets | 788 | 1,086 | 1,214 | 1,285 | 1,091 | |
| Accounts payable | 54.2 | 41.4 | 53.5 | 91 | 74.2 | |
| Accrued liabilities | 81.6 | 104 | 118 | 134 | 98.9 | |
| Short-term debt | 0 | 9.5 | 9.5 | 9.5 | 9.5 | |
| Total current liabilities | 164 | 301 | 354 | 374 | 262 | |
| Long-term debt | 0 | 1,598 | 1,594 | 1,565 | 1,389 | |
| Lease liabilities | 3 | 4.3 | 15.4 | 11.9 | 10.2 | |
| Total liabilities | 194 | 1,978 | 2,036 | 2,024 | 1,742 | |
| Total debt | 0 | 1,608 | 1,603 | 1,575 | 1,398 | |
| Paid-in capital | 10 | 27.9 | 52.5 | 80 | ||
| Retained earnings | -577 | -541 | -499 | -446 | ||
| Other comprehensive income | -271 | -325 | -309 | -293 | -286 | |
| Shareholders' equity | 572 | 594 | -891 | -822 | -738 | -651 |
| Total equity | 572 | 594 | -891 | -822 | -738 | -651 |
| Total liabilities and equity | 788 | 1,086 | 1,214 | 1,285 | 1,091 | |
| Shares outstanding | 57.1 | 57.3 | 57.7 | 58.5 |
Cash flow statement
| FY2020 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Net income | 428 | 415 | 224 | 70.4 | 78.3 | 95.4 |
| Depreciation and amortization | 38.3 | 38.3 | 31.7 | 32.6 | 36.2 | 40.7 |
| Stock-based compensation | 12.7 | 12.8 | 18.7 | 21.5 | 26.3 | 31.6 |
| Deferred income tax | -2.2 | -2.8 | -26.5 | 14.3 | -70.6 | 17.6 |
| Change in receivables | -2.4 | -31.8 | 123 | 7 | -175 | 44.2 |
| Change in inventory | 3.5 | -18 | -23.4 | -28.8 | -16.5 | -6.1 |
| Change in payables | -3.8 | 40.2 | 76.9 | 7.9 | 60 | -68.9 |
| Cash from operations | 499 | 456 | 412 | 67.7 | 35.7 | 192 |
| Capital expenditures | -41.9 | -36.8 | -23.6 | -26.5 | -15.8 | -9.3 |
| Cash from investing | -41.9 | -39.2 | -24 | -26.5 | -15.8 | -9.3 |
| Debt issued | 0 | 0 | 1,450 | 0 | 0 | |
| Debt repaid | 0 | 0 | -4.8 | -9.5 | -34.6 | -185 |
| Dividends paid | 0 | 0 | -8.6 | -34.4 | -34.5 | -35 |
| Cash from financing | -457 | -417 | -48 | -48.7 | -73.4 | -227 |
| Net change in cash | 0 | 0 | 331 | -4.4 | -52.3 | -45.6 |
| Free cash flow | 457 | 420 | 389 | 41.2 | 19.9 | 182 |
| Interest paid | 38.9 | 111 | 118 | 104 | ||
| Income taxes paid | 15.6 | 30.4 | 29.1 | 50.1 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 59.0% | Gross profit / revenue. |
| Operating margin | 21.9% | Operating income / revenue. |
| EBITDA margin | 26.3% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 12.3% | Pre-tax income / revenue. |
| Net margin | 8.6% | Net income / revenue. |
| FCF margin | 16.2% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 17.1% | Cash from operations / revenue. |
| Effective tax rate | 30.0% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on assets (ROA) | 6.9% | Net income / average total assets. |
| Return on invested capital (ROIC) | 24.9% | 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 | 2.0% | Research and development expense / revenue. |
| SG&A / revenue | 31.3% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 2.5% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.9% | Capital expenditures / revenue. |
| D&A / revenue | 4.3% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -3.8% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -1.5% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | -0.1% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -7.9% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -4.4% | 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 | -2.4% | 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 | 45.1% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | -7.9% | 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 | -13.0% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 39.3% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | -6.1% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | -11.6% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 21.8% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -24.7% | 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 | -25.9% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 20.9% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -25.3% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | -26.4% | 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 | 437.0% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -22.5% | 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 | -17.4% | 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 | 816.6% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -22.3% | 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 | -16.8% | 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 | 58.7% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets growth, 1y | -15.1% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 0.1% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Share count change, 1y | 1.0% | 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 | 0.8% | 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 | 0.7% | 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 | 1.68x | Current assets / current liabilities. |
| Quick ratio | 0.95x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.51x | (Cash + short-term investments) / current liabilities. |
| Debt / assets | 115.0% | Total debt / total assets. |
| Liabilities / assets | 148.4% | Total liabilities / total assets. |
| Net debt | $1.24B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 4.63x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Working capital | $285.3M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 6.9% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$700.1M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.81x | Revenue / average total assets. |
| Fixed asset turnover | 3.22x | Revenue / average property, plant and equipment. |
| Inventory turnover | 1.95x | Cost of revenue / average inventory. |
| Days inventory | 187 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 5.59x | Revenue / average receivables. |
| Days sales outstanding | 65 days | 365 x average receivables / revenue. |
| Days payables | 79 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 173 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 188.1% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 5.5% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $1.50 | 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 | $17.41 | Revenue / diluted weighted shares. |
| FCF per share | $2.81 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $2.98 | Cash from operations / diluted weighted shares. |
| Book value per share | -$10.81 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | -$12.36 | Tangible book value / shares outstanding. |
| Cash per share | $3.79 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 31.1% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 16.5% | Dividends paid / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $334.3M | Share price x shares outstanding. |
| Enterprise value | $1.57B | Market cap + total debt - cash - short-term investments. |
| P/E | 3.82x | Market cap / net income. Only when net income is positive. |
| P/S | 0.33x | Market cap / revenue. |
| P/FCF | 2.03x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 1.92x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.55x | Enterprise value / revenue. |
| EV/EBIT | 7.05x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 5.88x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 9.57x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 49.2% | Free cash flow / market cap. |
| Earnings yield | 26.2% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 8.1% | Dividends paid over the period / market cap. |
| Shareholder yield | 8.1% | (Dividends paid + share buybacks) / market cap. |
What was Embecta Corp.'s revenue in fiscal 2025?
Embecta Corp. reported revenue of $1.08B for fiscal 2025, 3.8% lower than the year before.
Was Embecta Corp. profitable in fiscal 2025?
Yes. Net income was $95.4M, a net margin of 8.8%.
How much free cash flow did Embecta Corp. generate in fiscal 2025?
Cash from operations of $191.7M minus capital expenditures of $9.3M left free cash flow of $182.4M.