GULF RESOURCES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GULF RESOURCES, 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	149	108	2.59	10.6	28.2	55	66.1	30	7.66	25.4
Cost of revenue	94.8	63.2	1.31	5.43	19.4	27.1	28.7	28.1
Gross profit	54.5	44.4	1.28	5.17	8.79	27.9	37.4	1.95
Research and development	0.26	0.2	0
Selling, general and administrative	0.34	0.28	0.07
Selling and marketing			0.07	0.01	0.04	0.06	0.06	0.06	0.05	0.05
General and administrative	5.43	8.54	11.3	13.3	10.2	9.53	6.03	4.24	6.24	5.58
Operating expenses					37.9	49.8	49.6	41.9	29.9	34
Operating income	47.7	11.2	-83.6	-23.3	-9.68	5.21	16.5	-11.9	-22.2	-8.57
Interest expense	0.17	0.16	0.16	0.15	0.14	0.14	0.12	0.11	0.09	0.37
Interest income	0.49	0.56	0.66	0.45	0.29	0.3	0.29	0.25	0.08	0.43
Other non-operating income	0.31	0.39	0.5	0.3	0.15	0.16	0.16	0.14	-0.06	-4
Pre-tax income	48	11.6	-83.1	-23	-9.53	5.37	16.6	-58.3	-58.3	-43.9
Income tax	11.8	3.61	-13.1	2.81	-1.11	6.3	6.59	3.54	1.65
Net income	36.2	7.95	-70	-25.8	-8.42	-0.92	10.1	-61.8	-59.9	-43.9
EBITDA	72.3	31.1	-66.1	-9.23	6.3	25.8	43.3	14	-6.43	4.5
EPS, basic	7.66	1.67	-14.64	-26.82	-8.55	-0.88	9.82	-58.16	-54.88	-32.95
EPS, diluted	7.66	1.67	-14.64	-26.82	-8.55	-0.88	9.82	-58.16	-54.88	-32.95
Shares, basic (weighted)	4.71	4.76	4.76	0.96	0.98	1.07	1.02	1.06	1.09	1.33
Shares, diluted (weighted)	4.75	4.77	4.76	0.96	0.98	1.07	1.02	1.06	1.09	1.33

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	164	209	179	100	94.2	95.8	108	72.2	10.1	0
Receivables							5.36	4.87	0.56	3.27
Inventory	5.88	1.2	0	0.69	0.42	0.69	1.6	0.58	0.32	0.56
Other current assets	0.12	1.4	8.1	1.33	6.15	4.45	4.24	8.4	6.38	3.94
Total current assets	222	242	187	107	107	115	119	86.1	17.5	24.6
Property, plant and equipment	109	95.1	82.3	138	149	163	150	112	89.4	61.9
Lease right-of-use assets			0	8.82	8.87	8.31	8.1	6.7	6.17	5.67
Goodwill	27.7	29.4	0
Total assets	366	387	299	279	294	310	292	227	168	134
Accounts payable	7.51	0	0	0	0.48	0.2	0.06	0.21	0.03	0.15
Accrued liabilities										0.5
Short-term debt										2.85
Total current liabilities	13.9	3.23	2.62	6.31	7.1	13.9	11.8	12.6	13	8.24
Lease liabilities			0	7.93	8.02	7.56	7.58	7.53	6.94	6.49
Total liabilities	16.2	5.54	4.69	16.1	17	23.2	20.8	21.4	25	22.3
Paid-in capital	94.2	94.5	95	95	97.4	101	101	102	102	106
Treasury stock	-0.58	-0.55	-0.55	-0.51	-0.51	-0.51	-1.37	-1.37	-1.37	-1.37
Other comprehensive income	-16	8.16	-10.5	-15.5	4.45	11.9	-13	-18.1	-20.8	-12.2
Shareholders' equity	349	382	294	263	277	287	272	205	143	111
Total equity	349	382	294	263	277	287	272	205	143	111
Total liabilities and equity	366	387	299	279	294	310	292	227	168	134
Shares outstanding	4.76	4.76	0.95	0.97	1.02	1.07	1.06	1.09	1.09	1.54

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	36.2	7.95	-70	-25.8	-8.42	-0.92	10.1	-61.8	-59.9	-43.9
Depreciation and amortization	24.6	19.9	17.4	14.1	16	20.5	26.8	25.9	15.8	13.1
Stock-based compensation	0.04	0.37	0.5	0.05	2.39	3.13	0.67	0.45	0.19	0.93
Deferred income tax	0	-4.13	-13.1	-0.32	0.61	0	0	3.22	1.63
Change in receivables	-6.17	26.1	30.2	-5.07	-1.16	-7.75	8.2	0.41	4.26	-2.64
Change in inventory	0.9	4.88	1.19	-0.7	0.29	-0.26	-0.94	0.77	-0.73	-0.53
Change in payables	-0.5	-8.2	-0.11	-0.1	0.34	2.86	-0.82	1.11	-2.19	0.46
Cash from operations	55.2	62.8	17.3	-15.3	9.31	23.3	51.1	-32.8	0.68	7.8
Capital expenditures	-17	-17.9	-35.3	-60.6	-21.7	-30.1	-37.6		-28.9	-8.85
Acquisitions	0
Cash from investing	-15	-28.4	-36	-60.6	-21.7	-30.1	-37.6		-28.9	-22.6
Debt issued	0.66	0.45	0.36							2.31
Share buybacks	0
Cash from financing	-0.29	-0.27	-0.29	-0.28	-0.26	-0.29	-0.26	-0.27	-31.9	4.84
Exchange rate effect	-9.69	11	-11	-2.5	6.6	8.62	-0.86	-2.98	-2.02	-0.15
Net change in cash					-6.08	1.54	12.5	-36	-62.1	-10.1
Free cash flow	38.2	44.8	-17.9	-75.9	-12.4	-6.78	13.6		-28.2	-1.05
Interest paid				0.15	0.14	0.14	0.12	0.1	0.2	0.47
Income taxes paid	12.1	11.1	0	0	0	13.8	10.1	6.41	1.52	2.34

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $3.26 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-30.6%	Operating income / revenue.
EBITDA margin	16.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-165.1%	Pre-tax income / revenue.
Net margin	-165.1%	Net income / revenue.
Operating cash flow margin	40.0%	Cash from operations / revenue.
Return on equity (ROE)	-39.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-32.5%	Net income / average total assets.
Return on invested capital (ROIC)	-6.1%	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%.
D&A / revenue	47.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	231.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-27.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-53.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-6.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	1,055.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-46.6%	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	-3.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-21.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-25.7%	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	-16.6%	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	-20.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-23.0%	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	-14.6%	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	22.1%	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	9.3%	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	6.3%	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	2.34x	Current assets / current liabilities.
Quick ratio	0.84x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.60x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	17.2%	Total liabilities / total assets.
Interest coverage	-16.9x	Operating income / interest expense.
Working capital	$14.7M	Current assets - current liabilities.
Tangible book value	$109.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.20x	Revenue / average total assets.
Fixed asset turnover	0.44x	Revenue / average property, plant and equipment.
Receivables turnover	9.79x	Revenue / average receivables.
Days sales outstanding	37 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$27.30	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	$16.54	Revenue / diluted weighted shares.
Operating cash flow per share	$6.62	Cash from operations / diluted weighted shares.
Book value per share	$65.31	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$65.31	Tangible book value / shares outstanding.
Cash per share	$3.88	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$5.0M	Share price x shares outstanding.
Enterprise value	-$1.5M	Market cap + total debt - cash - short-term investments.
P/S	0.19x	Market cap / revenue.
P/B	0.05x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.05x	Market cap / tangible book value, when positive.
P/OCF	0.48x	Market cap / cash from operations, when positive.
Earnings yield	-861.1%	Net income / market cap (the inverse of P/E).

What was GULF RESOURCES, INC.'s revenue in fiscal 2025?

GULF RESOURCES, INC. reported revenue of $25.4M for fiscal 2025, 231.8% higher than the year before.

Was GULF RESOURCES, INC. profitable in fiscal 2025?

No. It reported a net loss of $43.9M.

How much free cash flow did GULF RESOURCES, INC. generate in fiscal 2025?

Cash from operations of $7.8M minus capital expenditures of $8.8M left free cash flow of -$1.0M.

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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