Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Emmaus Life Sciences, 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
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.13
1.32
16.5
22.8
23.2
20.6
18.4
29.6
16.7
12.5
Cost of revenue
0.05
0.83
0.99
1.09
2.25
3.31
2.59
1.34
1.2
0.86
Gross profit
0.08
0.49
15.5
21.7
20.9
17.3
15.8
28.3
15.5
11.6
Research and development
1.72
2.18
2.41
4.11
1.73
1.19
0.66
0.31
Selling and marketing
1.23
1.62
4.73
6.98
4.87
5.88
7.49
8.64
6
2.87
General and administrative
4.59
7.74
17.5
17
13.7
13.4
13.2
14.9
10.7
8.18
Operating expenses
7.18
10.7
23.9
26.2
21
23.4
22.4
24.7
17.3
11.4
Operating income
-7.1
-10.2
-8.45
-4.51
-0.03
-6.13
-6.59
3.54
-1.89
0.23
Interest expense
22.8
27.6
5.99
3.1
5.01
7.38
5.49
7.13
Other non-operating income
-0.01
-0.09
Pre-tax income
-7.11
-10.3
-72.5
-54.7
0.97
-15.9
-10.6
-3.79
-6.42
-7.48
Income tax
0
0
0.04
0.16
-0.38
0.03
0.06
-0.06
0.03
0.01
Net income to minority interests
0
0.73
Net income
-7.11
-9.6
-72.6
-54.8
1.35
-15.9
-10.6
-3.73
-6.45
-7.49
EBITDA
-7.05
-10.1
-8.39
-4.44
0.03
-6.07
-6.53
3.57
-1.87
0.27
EPS, basic
-2.52
-1.86
-1.97
-1.30
0.03
-0.32
-0.21
-0.07
-0.10
-0.12
EPS, diluted
-2.52
-1.86
-1.97
-1.30
0.03
-0.32
-0.21
-0.07
-0.10
-0.12
Shares, basic (weighted)
2.82
5.2
36.9
42.3
48,897
49.3
49.4
53.1
63.2
64
Shares, diluted (weighted)
2.82
5.2
36.9
42.3
48,897
49.3
49.4
53.1
63.2
64
Balance sheet
FY2017
FY2018
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
5.45
3.25
3.91
1.77
2.49
2.28
2.02
2.55
1.39
2.13
Short-term investments
49.3
27.9
Receivables
0.01
0.06
1.79
2.15
0.2
1.04
0.38
5.52
2.62
2.8
Inventory
4.71
7.97
7.09
4.39
2.38
1.71
1.64
1.56
Other current assets
0.02
0.13
0.41
0.67
0.64
0.39
0.45
0.6
0.23
0.36
Total current assets
5.69
3.51
60.6
41.2
11.3
9.09
6.29
11.5
6.77
7.75
Property, plant and equipment
0.12
0.11
0.15
0.15
0.12
0.15
0.08
0.06
0.05
0.11
Lease right-of-use assets
4.47
4.07
3.49
2.8
2.34
1.53
0.77
Goodwill
1.39
1.39
Intangible assets
0.06
0.12
0.1
Long-term investments
0.2
0.54
Other non-current assets
0.03
0.03
0.41
0.29
0.3
0.3
0.26
0.3
0.22
0.21
Total assets
6.1
5.15
75.3
59.5
59.5
56.7
48.2
35.2
23.6
21.4
Accounts payable
0.74
0.35
3.47
7.28
2.02
2.72
3.79
5.11
5.18
5.98
Accrued liabilities
0.06
0.27
1.79
3.19
4.77
5.8
7.24
8.17
7.73
9.32
Total current liabilities
1.55
1.17
45.6
32.8
23.4
37.1
54.3
61.5
63.6
69.1
Long-term debt
0.59
0.6
0.8
Lease liabilities
3.93
3.47
3.26
2.55
1.84
0.82
1.41
Other non-current liabilities
36.2
33.8
34.5
33.2
21.7
17.4
13.5
12.3
Total liabilities
1.55
1.87
97
70.5
64.7
78.2
82.3
82.9
80.1
85
Total debt
0.59
0.6
15.3
22.3
30.4
30.6
29
27.1
Paid-in capital
80.2
89.3
150
215
219
220
221
225
226
226
Retained earnings
-75.6
-85.2
-171
-226
-225
-241
-252
-256
-263
-270
Other comprehensive income
-0.07
-0.08
1.14
-0.26
-2.62
-0.16
-3
-2.73
Shareholders' equity
4.55
4.02
-21.7
-11.1
-5.16
-21.5
-34.1
-47.8
-56.5
-63.6
Minority interests
-0.73
-0.1
Total equity
4.55
-11.5
-15.9
-11.1
-5.16
-21.5
-34.1
-47.8
-56.5
-63.6
Total liabilities and equity
6.1
5.15
75.3
59.5
59.5
56.7
48.2
35.2
23.6
21.4
Shares outstanding
4.3
7.41
37.3
48.5
48,987
49.3
49.6
61.8
63.9
70.2
Cash flow statement
FY2017
FY2018
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-7.11
-10.3
-72.6
-54.8
1.35
-15.9
-10.6
-3.73
-6.45
-7.49
Depreciation and amortization
0.05
0.12
0.06
0.07
0.06
0.06
0.05
0.03
0.02
0.04
Stock-based compensation
2.09
1.59
0.74
0.55
0.02
1.26
0.26
0.03
Change in receivables
-0
-0
-1.76
-0.36
1.95
-0.85
0.61
-5.15
2.9
-0.18
Change in inventory
-4.08
-3.27
-0.25
0.46
0.43
0.65
0.01
-0.02
Change in payables
0.3
-0.43
3.57
6.53
-3.35
2.06
3.68
4.8
1.3
6.46
Cash from operations
-4.79
-9.04
-5.63
-4.52
-2.45
-1.25
-5.07
-1.5
-2.29
-0.01
Capital expenditures
-0.13
-0.06
-0.09
-0.06
-0.02
-0.07
-0.03
-0.02
-0.01
-0
Acquisitions
-0.31
-1.65
Purchases of investments
-0.19
-0.47
Sales and maturities of investments
6.44
0.22
35.6
2.92
2.23
2.51
2.17
Cash from investing
-0.48
-0.36
-7.44
-1.48
5.47
-6.38
-2.39
-0.43
2.5
2.17
Debt repaid
-0.04
Stock issued
2.98
0.93
1.28
8.59
0.14
Cash from financing
10.4
7.21
-5.58
3.88
-2.31
7.41
7.23
2.48
-1.35
-1.43
Net change in cash
5.13
-2.19
-18.7
-2.14
0.72
-0.21
-0.26
0.53
-1.16
0.74
Free cash flow
-4.92
-9.09
-5.73
-4.58
-2.47
-1.33
-5.1
-1.52
-2.3
-0.01
Interest paid
0.01
0.01
2.18
1.54
1.48
0.95
1.34
2.45
2.25
2.53
Income taxes paid
0
0
0
0.23
0.14
0.02
0
0.08
0.05
0.02
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.07 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
93.6%
Gross profit / revenue.
Operating margin
29.3%
Operating income / revenue.
EBITDA margin
29.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-34.9%
Pre-tax income / revenue.
Net margin
-38.8%
Net income / revenue.
Operating cash flow margin
25.5%
Cash from operations / revenue.
Return on assets (ROA)
-36.8%
Net income / average total assets.
R&D / revenue
1.5%
Research and development expense / revenue.
Stock-based pay / revenue
0.1%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
0.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-25.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-12.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-11.7%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-25.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-9.8%
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
-11.1%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y
57.3%
Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-9.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-23.7%
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
-18.5%
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
1.3%
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
9.0%
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
-73.5%
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
0.09x
Current assets / current liabilities.
Quick ratio
0.05x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.04x
(Cash + short-term investments) / current liabilities.
Debt / assets
152.6%
Total debt / total assets.
Liabilities / assets
504.3%
Total liabilities / total assets.
Net debt
$22.2M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
4.81x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Days inventory + days sales outstanding - days payables.
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
$0.13
Revenue / diluted weighted shares.
Operating cash flow per share
$0.03
Cash from operations / diluted weighted shares.
Book value per share
-$0.94
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.31x
Market cap / revenue.
P/OCF
1.20x
Market cap / cash from operations, when positive.
EV/Sales
1.73x
Enterprise value / revenue.
EV/EBIT
5.92x
Enterprise value / operating income, when both are positive.
EV/EBITDA
5.85x
Enterprise value / EBITDA, when both are positive.
Earnings yield
-126.6%
Net income / market cap (the inverse of P/E).
What was Emmaus Life Sciences, Inc.'s revenue in fiscal 2025?
Emmaus Life Sciences, Inc. reported revenue of $12.5M for fiscal 2025, 25.2% lower than the year before.
Was Emmaus Life Sciences, Inc. profitable in fiscal 2025?
No. It reported a net loss of $7.5M.
How much free cash flow did Emmaus Life Sciences, Inc. generate in fiscal 2025?
Cash from operations of $11.0K minus capital expenditures of $1.0K left free cash flow of -$12.0K.
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.