GRANDSTAND Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data GRANDSTAND Ltd 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

	FY2019	FY2021	FY2021	FY2022	FY2024	FY2024	FY2025
Revenue	19.3	28	42.3	76.5	109	127	165
Cost of revenue		0	0	2.96	9.11	7.54	15.3
Gross profit		28	42.3	73.5	99.5	120	150
Selling and marketing	10.9	8.1	14.1	33.7
Operating income	1.4	11.1	11.4	1.88	21.8	35.7	-31.8
Interest expense	2.48	2.1	1.81	1.3	2.27	3.1	8.45
Interest income	0.14	0.3	2.58	2.32	0.63	1.57	7.83
Pre-tax income	-1.03	10.8	12.2	2.9	20.1	34.2	-32.4
Income tax	0.87	-4.4	-0.29	0.51	1.88	3.47	0.52
Net income	-1.9	15.2	12.5	2.39	18.3	30.7	-32.9
EPS, basic	-0.07	0.55	0.40	0.07	0.49	0.85	-0.93
EPS, diluted	-0.07	0.49	0.37	0.06	0.47	0.84	-0.93

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	6.99	8.23	51	29.7	25.4	13.7	15.8
Receivables		5.51	5.5	12.2	21.9	21.2	26.5
Inventory			0	0.08
Total current assets		13.7	56.5	42	47.4	34.9	42.3
Property, plant and equipment	0.55	0.52	0.57	0.71	0.91	1.83	2.22
Lease right-of-use assets	1.91	1.8	1.47	1.82	1.46	4.63	4.21
Intangible assets		3.29	2.78	8.17	9.13	11.5
Total assets		45.4	91	139	155	179	300
Accounts payable		2.43	3.29	6.34	10.8	10.2	13.5
Short-term debt		0.02	5.94	0
Total current liabilities		3.67	9.83	31.7	32.7	29.7	35
Lease liabilities		1.56	1.29	1.52	1.19	3.82	3.58
Total liabilities		11.2	11.1	51.8	35.9	55.4	192
Total debt		5.96	5.94	0	0	22.9	119
Retained earnings		11.3	23.8	26.4	44.7	75.3	42.4
Total equity	12.9	34.2	79.9	87.1	119	123	108
Total liabilities and equity		45.4	91	139	155	179	300

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2024	FY2024	FY2025
Net income	-1.9	15.2	12.5	2.39	18.3	30.7	-32.9
Cash from operations	4	10.9	14	18.8	17.9	37.6	19.1
Capital expenditures	-0.2	-0.05	-0.31	-0.33	-0.45	-1.33	-0.86
Cash from investing	-1.72	-0.09	-5.57	-32.7	-19.5	-43.8	-98.9
Debt issued	0.56	6	0	0	0	45.6	133
Debt repaid	-4.48	-17.4	0	-6	0	-21.1	-31.8
Share buybacks		0	0	-0.35	-2.57	-27.1	-5.58
Cash from financing	0.32	-10.2	35	-7.31	-3.14	-5.24	81.5
Exchange rate effect	-0.03	0.63	-0.59	-0.13	0.47	-0.25	0.45
Free cash flow	3.81	10.8	13.7	18.4	17.5	36.3	18.2

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.57 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	90.8%	Gross profit / revenue.
Operating margin	-19.2%	Operating income / revenue.
Pre-tax margin	-19.6%	Pre-tax income / revenue.
Net margin	-19.9%	Net income / revenue.
FCF margin	11.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.5%	Cash from operations / revenue.
Return on assets (ROA)	-13.8%	Net income / average total assets.
Capex / revenue	0.5%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	30.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	29.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	42.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	25.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	26.9%	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	39.9%	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	-189.1%	Operating income vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-207.3%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-210.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-49.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.6%	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	11.9%	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	-49.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-0.3%	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	11.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	67.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	29.2%	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	45.9%	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	1.21x	Current assets / current liabilities.
Quick ratio	1.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.45x	(Cash + short-term investments) / current liabilities.
Debt / assets	39.6%	Total debt / total assets.
Liabilities / assets	64.0%	Total liabilities / total assets.
Net debt	$102.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-3.76x	Operating income / interest expense.
Working capital	$7.3M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.69x	Revenue / average total assets.
Fixed asset turnover	81.7x	Revenue / average property, plant and equipment.
Receivables turnover	6.94x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
Days payables	283 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	4.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.93	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	-$0.93	Net income per basic share, as reported (split-adjusted).
Buybacks / FCF	30.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$55.1M	Share price x shares outstanding.
Enterprise value	$157.9M	Market cap + total debt - cash - short-term investments.
P/S	0.33x	Market cap / revenue.
P/FCF	3.02x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.88x	Market cap / cash from operations, when positive.
EV/Sales	0.95x	Enterprise value / revenue.
EV/FCF	8.66x	Enterprise value / free cash flow, when both are positive.
FCF yield	33.1%	Free cash flow / market cap.
Earnings yield	-59.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	10.1%	(Dividends paid + share buybacks) / market cap.

What was GRANDSTAND Ltd's revenue in fiscal 2025?

GRANDSTAND Ltd reported revenue of $165.4M for fiscal 2025, 30.1% higher than the year before.

Was GRANDSTAND Ltd profitable in fiscal 2025?

No. It reported a net loss of $32.9M.

How much free cash flow did GRANDSTAND Ltd generate in fiscal 2025?

Cash from operations of $19.1M minus capital expenditures of $863.0K left free cash flow of $18.2M.

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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