U S GLOBAL INVESTORS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data U S GLOBAL INVESTORS 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	6.76	6.26	3.46	4.48	21.7	24.7	15.1	11	10.8	14.4
Gross profit									-0.53	3.59
General and administrative	3.49	3.87	2.92	3.66	5.7	6.91	6.12	6.06	5.8	5.34
Operating expenses	7.64	8.55	6.22	6.88	13.5	13.6	11.5	11.5	11.4	10.9
Operating income	-0.87	-2.29	-2.76	-2.4	8.17	11.1	3.53	-0.48	-2.99	-0.6
Interest expense				0		0	0
Interest income	0.82	0.89	0.32	0.17	0.46	1.95	1.8	2.41	2.19	1.47
Other non-operating income	0.35	3.17	-1.51	-2.24	29.3	-6.15	0.56	2.4	2.72	4.49
Pre-tax income	-0.53	0.89	-4.27	-4.64	37.4	4.97	4.08	1.92	-0.26	3.88
Income tax	0.02	0.2	-0.98	-0.18	5.48	1.53	0.93	0.58	0.07	0.83
Income from continuing operations	-0.51
Net income to minority interests	-0.03	0.04	-0.05	-0.12	0
Net income	-0.51	0.65	-3.39	-4.68	32	3.44	3.15	1.33	-0.33	3.06
EBITDA	-0.62	-2.05	-2.54	-2.2	8.54	10.7	3.28	-0.62	-3.1	-0.59
EPS, basic	-0.03	0.04	-0.20	-0.29	1.95	0.23	0.22	0.09	-0.03	0.24
EPS, diluted	-0.03	0.04	-0.20	-0.29	1.95	0.23	0.22	0.09	-0.03	0.24
Shares, basic (weighted)	16.5	16.5	16.5	16.4	16.4	15	14.6	14.2	13.3	12.7
Shares, diluted (weighted)	16.5	16.5	16.5	16.4	16.4	15	14.6	14.2	13.3	12.7
Dividend per share								0.01	0.01	0.01

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	3.96	6.36	1.47	1.94	14.4	22.3	25.4	27.4	24.6	24.3
Short-term investments		8.18	8.02	6.32	6.32	12.1	11.6	9.64	9.69	8.87
Receivables								0	0.75	0
Other current assets	0.32	0.33	0.29	0.29	0.35	0.4	0.51	0.5	0.55	0.53
Total current assets	17.5	17.1	13.1	10.5	26.8	38	40.4	40.3	39.1	37.6
Property, plant and equipment	2.21	1.97	1.71	1.51	1.38	1.37	1.14	1.15	1.1	1.12
Lease right-of-use assets			0	0.09	0.04	0
Long-term investments		7.09	7.17	5.14	17	10.6	1.56	1.45	2.5	2.87
Other non-current assets	0.08	0.07	0.06	0.09	0.1	0.22	0.22	0.2	0.2	0.26
Total assets	25.5	28.9	23.7	18.8	62.3	58.4	55.7	52	48.1	48
Accounts payable	0.12	0.2	0.03	0.03	0.1	0.07	0.14	0.01	0.01	0
Accrued liabilities	0.39	0.65	0.31	0.36	1.56	1.86	1.17	0.61	0.47	0.45
Total current liabilities	1.17	1.77	1.43	2.01	5.15	4.13	2.94	2.16	1.87	1.91
Long-term debt								0	0.08	0.08
Lease liabilities			0	0.04	0
Total liabilities	1.17	2.87	1.57	2.05	7.95	4.58	3.65	2.96	2.86	2.9
Total debt	0	0	0
Paid-in capital	15.6	15.7	15.6	15.6	15.7	16.4	16.4	16.4	16.6	16.6
Retained earnings	9.32	9.51	7.76	2.63	33.8	35.9	37.6	37.5	35.9	37.9
Treasury stock	-1.76	-1.88	-1.89	-1.88	-2.17	-2.6	-3.74	-5.88	-7.78	-9.69
Other comprehensive income	0.26	1.86	-0.21	-0	6.59	3.62	1.35	0.58	0.1	0
Shareholders' equity	23.9	25.5	21.7	16.8	54.3	53.6	52	49	45.2	45.1
Minority interests	0.48	0.52	0.47	0
Total equity	24.4	26.1	22.2	16.8	54.3	53.6	52	49	45.2	45.1
Total liabilities and equity	25.5	28.9	23.7	18.8	62.3	58.4	55.7	52	48.1	48

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-0.54	0.69	-3.44	-4.8	32	3.44	3.15	1.33	-0.33	3.06
Depreciation and amortization	0.25	0.24	0.21	0.2	0.37	-0.42	-0.25	-0.14	-0.12	0.01
Stock-based compensation	0	0	0	0	0.04	0.73	0	0	0.12	0.01
Deferred income tax	0	0.05	-0.97	-0.14	1.06	-2.89	-0.44	0.34	0.71	-0.17
Change in payables	-0.14	0.62	-0.46	0.66	3.43	-0.69	-1.19	-0.8	-0.24	0.04
Cash from operations	0.69	-0.03	-1.08	-1.95	4.77	10.5	2.91	0.99	-0.82	0.74
Capital expenditures	0	0	0	0	-0.07	-0.22	-0.01	-0.21	-0.01	-0.06
Purchases of investments		-2.42	-1.59	0	-9.15	0	0
Cash from investing	-0.16	3.06	-1.73	2.54	8.65	-1.02	2.67	4.42	1.06	2.12
Stock issued	0.01	0.01	0	0	0.01	0.05	0.06	0.07	0.07	0.07
Share buybacks	-0.11	-0.14	-0.02	-0.11	-0.31	-0.45	-1.2	-2.17	-1.97	-1.97
Dividends paid	-0.46	-0.46	-0.45	-0.45	-0.64	-1.24	-1.33	-1.28	-1.21	-1.14
Cash from financing	-0.56	-0.59	-0.47	-0.12	-0.94	-1.64	-2.5	-3.41	-3.08	-3.09
Exchange rate effect	-0	-0.03	0
Net change in cash	-0.04	2.41	-3.39	0.47	12.5	7.88	3.09	2	-2.85	-0.22
Free cash flow	0.69	-0.03	-1.08	-1.95	4.69	10.3	2.9	0.78	-0.83	0.68
Interest paid						0	0	0	0	0.01
Income taxes paid	0.02	0.01	0.12	0	4.7	4.14	1.49	0.25	0.06	0.05

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $2.98 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.0%	Gross profit / revenue.
Operating margin	-4.2%	Operating income / revenue.
EBITDA margin	-4.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	27.0%	Pre-tax income / revenue.
Net margin	21.2%	Net income / revenue.
FCF margin	4.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.2%	Cash from operations / revenue.
Effective tax rate	21.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.4%	Net income / average total assets.
Return on invested capital (ROIC)	-2.3%	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%.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	0.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	32.8%	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	-7.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-1.0%	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	-37.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	2.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-34.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	-36.6%	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	-31.1%	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 CAGR, 3y	-38.2%	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	-32.0%	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.
Book value growth, 1y	-0.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.6%	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	-3.6%	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	-0.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.8%	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	-5.1%	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	-4.9%	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	-4.7%	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	-5.0%	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	19.7x	Current assets / current liabilities.
Quick ratio	17.4x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	17.4x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	6.0%	Total liabilities / total assets.
Working capital	$35.7M	Current assets - current liabilities.
Tangible book value	$45.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.30x	Revenue / average total assets.
Fixed asset turnover	13.0x	Revenue / average property, plant and equipment.
Receivables turnover	38.4x	Revenue / average receivables.
Days sales outstanding	10 days	365 x average receivables / revenue.
FCF conversion	22.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.24	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	$0.24	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.13	Revenue / diluted weighted shares.
FCF per share	$0.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.06	Cash from operations / diluted weighted shares.
Book value per share	$3.56	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.56	Tangible book value / shares outstanding.
Cash per share	$2.62	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.01	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	37.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	167.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	289.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$37.0M	Share price x shares outstanding.
Enterprise value	$3.8M	Market cap + total debt - cash - short-term investments.
P/E	12.1x	Market cap / net income. Only when net income is positive.
P/S	2.57x	Market cap / revenue.
P/B	0.82x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.82x	Market cap / tangible book value, when positive.
P/FCF	54.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	49.8x	Market cap / cash from operations, when positive.
EV/Sales	0.26x	Enterprise value / revenue.
EV/FCF	5.52x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.8%	Free cash flow / market cap.
Earnings yield	8.3%	Net income / market cap (the inverse of P/E).
Dividend yield	3.1%	Dividends paid over the period / market cap.
Shareholder yield	8.4%	(Dividends paid + share buybacks) / market cap.
PEG	4.11x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was U S GLOBAL INVESTORS INC's revenue in fiscal 2026?

U S GLOBAL INVESTORS INC reported revenue of $14.4M for fiscal 2026, 32.8% higher than the year before.

Was U S GLOBAL INVESTORS INC profitable in fiscal 2026?

Yes. Net income was $3.1M, a net margin of 21.2%.

How much free cash flow did U S GLOBAL INVESTORS INC generate in fiscal 2026?

Cash from operations of $742.0K minus capital expenditures of $60.0K left free cash flow of $682.0K.

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.

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