GENERAC HOLDINGS INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GENERAC HOLDINGS 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	1,448	1,679	2,023	2,204	2,485	3,737	4,565	4,023	4,296	4,209
Cost of revenue	935	1,095	1,298	1,407	1,528	2,377	3,043	2,657	2,630	2,597
Gross profit	512	585	725	798	958	1,360	1,522	1,365	1,666	1,612
Research and development	37.2	42.9	50	68.4	80.3	104	160	173	220	243
Selling and marketing	165	175	192	218	246	319	496	448	526	555
General and administrative	74.7	87.6	104	109	118	144	196	253	285	422
Operating expenses	310	334	368	426	479	639	956	979	1,129	1,323
Operating income	203	251	357	372	479	721	566	386	537	289
Interest expense	44.6	42.7	41	41.5	33	33	54.8	97.6	89.7	70.7
Other non-operating income	-49.1	-46.9	-46.1	-52.6	-32.9	-29.6	-57.9	-95.9	-127	-90.1
Pre-tax income	154	204	311	320	446	692	508	290	409	199
Income tax	56.5	44.1	69.9	67.3	99	135	99.6	73.2	92.5	37.7
Net income to minority interests	0.02	1.75	2.96	0.3	-3.36	6.08	9.37	2.51	0.66	1.8
Net income	97.2	158	238	252	351	550	400	215	316	160
EBITDA	257	303	405	433	548	813	722	553	709	484
EPS, basic	1.48	2.56	3.57	4.09	5.61	8.51	5.55	3.31	5.46	2.73
EPS, diluted	1.47	2.53	3.54	4.03	5.48	8.30	5.42	3.27	5.39	2.69
Shares, basic (weighted)	64.9	62	61.7	61.9	62.3	62.7	63.1	61.3	59.6	58.5
Shares, diluted (weighted)	65.4	62.6	62.2	62.9	63.7	64.3	64.7	62.1	60.4	59.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	67.3	138	224	323	655	147	133	201	281	341
Receivables	242	279	326	320	375	546	522	537	612	603
Inventory	350	387	545	522	603	1,090	1,405	1,167	1,032	1,249
Other current assets	24.6	19.7	25.4	31.4	36.4	65	122	91.9	107	269
Total current assets	684	825	1,121	1,196	1,670	1,848	2,182	1,998	2,032	2,462
Property, plant and equipment	213	230	279	317	344	441	468	599	690	814
Lease right-of-use assets								70.9	58	51.3
Goodwill	705	722	765	805	855	1,410	1,401	1,432	1,436	1,467
Intangible assets	255	236	246	298	292	1,041	931	846	759	675
Other non-current assets	2.23	10.5	15.3
Total assets	1,866	2,026	2,426	2,666	3,235	4,878	5,169	5,093	5,109	5,574
Accounts payable	182	234	328	262	330	674	446	341	459	437
Accrued liabilities	21.2	28	40.8	41.4	63	72.1	45.7	55	81.5	69.9
Deferred revenue			14.2	9.95	25.7
Short-term debt	14.4	0.94	1.08	0.55	1.84	1.72	10.1	42.1	60.8	12.7
Total current liabilities	342	396	561	497	642	1,156	992	881	1,033	1,215
Long-term debt	1.05	935	901	832	834	882	1,371	1,435	1,211	1,194
Lease liabilities								44.8	29.2	36.2
Other non-current liabilities	61.5	82.9	95.6
Total liabilities	1,427	1,428	1,604	1,572	1,779	2,606	2,800	2,744	2,612	2,935
Total debt	904	908	878	840	846	908	1,382	1,493	1,278	1,282
Paid-in capital	449	460	476	499	526	953	1,016	1,070	1,134	1,187
Retained earnings	456	611	831	1,084	1,433	1,966	2,316	2,519	2,844	3,004
Treasury stock	-262	-294	-321	-325	-332	-449	-808	-1,033	-1,197	-1,358
Other comprehensive income	-40.2	-21.2	-23.8	-24.9	-34.3	-54.8	-65.1	-15.1	-85.4	0.87
Shareholders' equity	401	554	761	1,032	1,390	2,214	2,257	2,340	2,494	2,632
Minority interests	-0.01	0.28	0.71	0.47	-0.09	0.31	1.87	2.82	3.17	5.88
Total equity	397	554	761	1,033	1,390	2,214	2,259	2,343	2,497	2,638
Total liabilities and equity	1,862	2,026	2,426	2,666	3,235	4,878	5,169	5,093	5,109	5,574

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	97.2	160	241	252	347	557	409	217	317	161
Depreciation and amortization	54.4	52	47.4	60.8	68.8	92	156	167	172	195
Stock-based compensation	9.49	10.2	14.6	16.7	20.9	24	29.5	35.5	49.2	49.9
Deferred income tax	38.3	19.5	23.6	18.7	21.2	-2.1	-95.5	-34.5	-60.6	15.1
Change in receivables	-21.2	-32.9	-43.2	8.23	-56	-132	6.55	-18.3	-82.8	45.6
Change in inventory	14.7	-23	-153	26.4	-78	-471	-319	263	123	-163
Change in payables	32.9	42.8	86.4	-69.4	66	297	-223	-121	124	-40.7
Cash from operations	241	257	247	309	487	411	58.5	522	741	438
Capital expenditures	-30.5	-33.3	-47.6	-60.8	-62.1	-110	-86.2	-129	-137	-170
Acquisitions	-61.4	1.26	-65.4	-112	-64.8	-713	-25.1	-16	-34.7	-0.76
Cash from investing	-93.5	-28.1	-109	-170	-124	-817	-134	-178	-209	-173
Debt issued		3.07	51.4	1.66	0.28	150	1,026	349	541	133
Stock issued	1.62	6.95	5.61	9.4	13.1	38.8	13.8	7.82	27.6	4.86
Share buybacks	-150	-30	-25.7	0	0	-126	-346	-252	-153	-148
Dividends paid	-0.08	0	-0.31	-0.29	0	0	-0.31	0	-0.27	-0.29
Cash from financing	-196	-160	-52	-41.9	-30.4	-103	64	-277	-449	-213
Exchange rate effect	-0.47	2.15	-0.29	1.51	0.24	1.31
Net change in cash	-48.6	71.2	86	98.4	332	-508	-14.6	68.3	80.3	60.1
Free cash flow	211	224	200	248	424	301	-27.7	393	605	268
Interest paid	42.5	41.1	41	35.5	28.8	27.8	48.9	84	89.4	75.9
Income taxes paid	8.89	23.8	41	61.8	61.9	157	151	100	149	89.4

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 $208.14 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.5%	Gross profit / revenue.
Operating margin	9.5%	Operating income / revenue.
EBITDA margin	13.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.6%	Pre-tax income / revenue.
Net margin	5.8%	Net income / revenue.
FCF margin	8.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.3%	Cash from operations / revenue.
Effective tax rate	23.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.5%	Net income / average total assets.
Return on invested capital (ROIC)	8.3%	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%.
R&D / revenue	5.6%	Research and development expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.8%	Capital expenditures / revenue.
D&A / revenue	4.2%	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	-2.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.9%	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	11.0%	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	-46.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-20.1%	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	-9.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-31.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-12.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-2.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-49.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-26.4%	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	-14.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-50.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-20.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-13.3%	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	-40.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	95.6%	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	-2.1%	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	-55.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-8.8%	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	5.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.3%	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	13.6%	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	9.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.5%	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	11.5%	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	-1.8%	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	-2.9%	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	-1.4%	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	2.04x	Current assets / current liabilities.
Quick ratio	0.78x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.22x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.45x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.2%	Total debt / total assets.
Liabilities / assets	50.1%	Total liabilities / total assets.
Net debt	$1.02B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.68x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.24x	Operating income / interest expense.
Working capital	$1.24B	Current assets - current liabilities.
Goodwill and intangibles / assets	28.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.23B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.77x	Revenue / average total assets.
Fixed asset turnover	5.15x	Revenue / average property, plant and equipment.
Inventory turnover	2.17x	Cost of revenue / average inventory.
Days inventory	168 days	365 x average inventory / cost of revenue.
Receivables turnover	6.63x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
Days payables	76 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	148 days	Days inventory + days sales outstanding - days payables.
FCF conversion	146.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	30.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.33	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	$74.43	Revenue / diluted weighted shares.
FCF per share	$6.36	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.19	Cash from operations / diluted weighted shares.
Book value per share	$48.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$20.56	Tangible book value / shares outstanding.
Cash per share	$4.44	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$12.28B	Share price x shares outstanding.
Enterprise value	$13.30B	Market cap + total debt - cash - short-term investments.
P/E	47.6x	Market cap / net income. Only when net income is positive.
P/S	2.77x	Market cap / revenue.
P/B	4.27x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	10.0x	Market cap / tangible book value, when positive.
P/FCF	32.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.4x	Market cap / cash from operations, when positive.
EV/Sales	3.00x	Enterprise value / revenue.
EV/EBIT	31.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	21.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	35.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.1%	Free cash flow / market cap.
Earnings yield	2.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was GENERAC HOLDINGS INC.'s revenue in fiscal 2025?

GENERAC HOLDINGS INC. reported revenue of $4.21B for fiscal 2025, 2% lower than the year before.

Was GENERAC HOLDINGS INC. profitable in fiscal 2025?

Yes. Net income was $159.6M, a net margin of 3.8%.

How much free cash flow did GENERAC HOLDINGS INC. generate in fiscal 2025?

Cash from operations of $438.0M minus capital expenditures of $169.9M left free cash flow of $268.1M.

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.

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