GENCOR INDUSTRIES INC financial statements

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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	70	80.6	98.6	81.3	77.4	85.3	103	105	113	115
Cost of revenue	52.5	59.4	71.8	58.9	58.5	67.1	82.9	76	81.8	83.7
Gross profit	17.5	21.2	26.8	22.4	19	18.2	20.5	29	31.3	31.7
Research and development	1.57	2.15	2.92	3.3	3.06	4.28	4.33	3.46	3.31	2.76
Selling, general and administrative	8.14	8.78	9.99	9.65	10.4	13.2	12.1	12.2	14.3	14.9
Operating expenses	9.71	10.9	12.9	12.9	13.4	17.5	16.4	15.6	17.6	17.7
Operating income	7.82	10.2	13.9	9.47	5.54	0.7	4.17	13.4	13.7	14
Other non-operating income	1.58	1.94	1.17	3.35	1.15	5.93	-5.86	5.35	7.04	6.18
Pre-tax income	9.4	12.2	15.1	12.8	6.68	6.63	-1.69	18.8	20.7	20.2
Income tax	2.36	3.76	2.37	2.63	1.15	0.83	-1.32	4.11	6.17	4.54
Net income	7.04	8.42	12.7	10.2	5.53	5.81	-0.37	14.7	14.6	15.7
EBITDA	9.21	11.4	15.3	11.1	7.18	3.29	6.99	16.3	16.3	16.4
EPS, basic	0.49	0.58	0.88	0.70	0.38	0.40	-0.03	1.00	0.99	1.07
EPS, diluted	0.48	0.57	0.86	0.69	0.38	0.39	-0.03	1.00	0.99	1.07
Shares, basic (weighted)	14.3	14.4	14.5	14.6	14.6	14.6	14.7	14.7
Shares, diluted (weighted)	14.5	14.7	14.7	14.7	14.7	14.7	14.7	14.7

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	18.2	22.9	8.01	10.3	35.6	23.2	9.58	17	25.5	26.6
Short-term investments	85.9	87.9	104	105	89.5	95	89.3	84.3	89.9	110
Receivables	1.11	1.18	0.99	1.6	1.99	2.62	3	2.47	1.98	3.13
Inventory	11.6	16.7	21.9	25.4	27.1	41.9	55.8	71.5	63.8	53.5
Other current assets	1.6	1.66	1.9	0.5	1.19	2.2	2.67	2.17	2.35	1.4
Total current assets	123	137	148	157	162	167	162	179	193	207
Property, plant and equipment	5.24	5.72	7.89	8.39	8.34	11.8	13.5	13.2	11.5	11.1
Other non-current assets	0.05	0.05	0.05	0.05	1	0.84	0.45	0.38	0.38	0.39
Total assets	129	143	156	165	171	179	179	196	208	223
Accounts payable	1.44	1.32	1.84	1.91	1.73	3.11	4.25	3.27	2	1.84
Accrued liabilities	2.26	2.43	2.09	2.66	2.61	2.65	1.89	3.75	3.26	2.74
Deferred revenue			4.56	1.92	3.85	5.24	5.86	6.82	0	0
Total current liabilities	8.19	12.4	8.49	6.49	8.51	11.4	12.4	14.2	10.6	8.81
Lease liabilities					0.61	0.39	0.01	0	0
Total liabilities	8.51	14	11.1	9.86	9.87	12.2	12.4	14.3	12	10.8
Total debt	0	0	0	0	0	0	0	0	0	0
Paid-in capital	10.9	11.2	11.9	12.2	12.3	12.6	12.6	12.6	12.6	12.6
Retained earnings	108	116	132	142	147	153	153	168	182	198
Shareholders' equity	120	129	145	156	161	167	167	182	196	212
Total equity	120	129	145	156	161	167	167	182	196	212
Total liabilities and equity	129	143	156	165	171	179	179	196	208	223

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	7.04	8.42	12.7	10.2	5.53	-5.81	-0.37	14.7	14.6	15.7
Depreciation and amortization	1.4	1.13	1.38	1.6	1.64	2.59	2.82	2.83	2.6	2.36
Stock-based compensation	0.04	0.07	0.07	0.07	0.07
Deferred income tax	1.65	1.33	0.76	0.18	-2.63	-0.35	-3.32	-0.32	1.12	-0.55
Change in receivables	-0.34	-0.19	-0.02	-0.79	-0.44	-0.68	-0.57	0.24	0.49	-1.2
Change in inventory	1.14	-5.05	-1.7	-3.48	-1.72	-4.41	-13.9	-15.7	7.77	10.3
Change in payables	-0.09	-0.12	0.52	0.07	-0.18	1.38	1.15	-0.98	-1.27	-0.16
Cash from operations	6.99	6.11	-12	4.16	26.8	3.82	-9.14	10.2	9.29	3.07
Capital expenditures	-0.31	-1.62	-3.55	-2.1	-1.6	-2.66	-4.52	-2.75	-0.84	-1.96
Acquisitions						-13.8
Purchases of investments	-550	-493	-256	-188	-132	-137	-136	-172
Sales and maturities of investments	549	492	239	188	146	135	134	180
Cash from investing	-0.31	-1.62	-3.55	-2.1	-1.6	-16.4	-4.52	-2.75	-0.84	-1.96
Stock issued	0.38	0.22	0.63	0.23	0.1	0.26
Cash from financing	0.38	0.22	0.63	0.23	0.1	0.26
Net change in cash	7.07	4.71	-14.9	2.29	25.3	-12.4	-13.7	7.45	8.45	1.11
Free cash flow	6.69	4.48	-15.5	2.06	25.2	1.16	-13.7	7.45	8.45	1.11
Income taxes paid	1.11	1.92	2.78	1.15	3.85	1.96	2.84	2.3	7.86	4.08

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 $17.46 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	28.6%	Gross profit / revenue.
Operating margin	11.7%	Operating income / revenue.
EBITDA margin	13.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.0%	Pre-tax income / revenue.
Net margin	13.5%	Net income / revenue.
FCF margin	-1.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.0%	Cash from operations / revenue.
Effective tax rate	20.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.2%	Net income / average total assets.
Return on invested capital (ROIC)	5.2%	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	2.5%	Research and development expense / revenue.
SG&A / revenue	14.4%	Selling, general and administrative expense / revenue.
Capex / revenue	2.5%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.6%	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	10.8%	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	2.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	49.8%	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	20.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	0.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	32.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	17.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	7.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	23.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	8.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	23.0%	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	-67.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-35.2%	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	-86.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-46.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.3%	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	5.6%	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	7.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.5%	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	5.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	19.2x	Current assets / current liabilities.
Quick ratio	14.4x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	14.1x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	5.9%	Total liabilities / total assets.
Working capital	$211.3M	Current assets - current liabilities.
Tangible book value	$224.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	9.80x	Revenue / average property, plant and equipment.
Inventory turnover	1.67x	Cost of revenue / average inventory.
Days inventory	218 days	365 x average inventory / cost of revenue.
Receivables turnover	39.4x	Revenue / average receivables.
Days sales outstanding	9 days	365 x average receivables / revenue.
Days payables	17 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	211 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-10.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	247.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.02	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	$7.51	Revenue / diluted weighted shares.
FCF per share	-$0.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.07	Cash from operations / diluted weighted shares.
Book value per share	$15.33	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.33	Tangible book value / shares outstanding.
Cash per share	$11.20	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$255.9M	Share price x shares outstanding.
Enterprise value	$91.8M	Market cap + total debt - cash - short-term investments.
P/E	17.2x	Market cap / net income. Only when net income is positive.
P/S	2.33x	Market cap / revenue.
P/B	1.14x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.14x	Market cap / tangible book value, when positive.
P/OCF	234x	Market cap / cash from operations, when positive.
EV/Sales	0.83x	Enterprise value / revenue.
EV/EBIT	7.10x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.10x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.6%	Free cash flow / market cap.
Earnings yield	5.8%	Net income / market cap (the inverse of P/E).

What was GENCOR INDUSTRIES INC's revenue in fiscal 2025?

GENCOR INDUSTRIES INC reported revenue of $115.4M for fiscal 2025, 2% higher than the year before.

Was GENCOR INDUSTRIES INC profitable in fiscal 2025?

Yes. Net income was $15.7M, a net margin of 13.6%.

How much free cash flow did GENCOR INDUSTRIES INC generate in fiscal 2025?

Cash from operations of $3.1M minus capital expenditures of $2.0M left free cash flow of $1.1M.

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.

Open interactive statements, quarterly figures and charts

Back to GENCOR INDUSTRIES INC