Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data Here Group 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
FY2023
FY2024
FY2025
Revenue
425
522
380
Cost of revenue
54
75.7
70.3
Gross profit
371
447
310
Research and development
30.3
19.9
13.8
Selling and marketing
332
356
225
General and administrative
24.2
17.3
16.1
Operating expenses
387
395
255
Operating income
-15.7
51.9
55.4
Interest income
0.74
1.45
0.7
Other non-operating income
2.94
3.99
8.3
Pre-tax income
-12
57.4
65.5
Income tax
2.99
4.31
15.8
Net income to minority interests
-0.02
-0.3
Net income
-15
53.1
50.1
EBITDA
-15.2
52.6
56.2
EPS, basic
-0.17
0.32
0.31
EPS, diluted
-0.17
0.31
0.30
Shares, basic (weighted)
104
165
161
Shares, diluted (weighted)
104
170
165
Balance sheet
FY2023
FY2024
FY2025
Cash and equivalents
105
109
116
Short-term investments
22.9
33.9
26.5
Receivables
1.69
2.3
6.41
Inventory
0.87
3
Other current assets
18.9
37.9
28.3
Total current assets
153
183
183
Property, plant and equipment
1.02
0.9
1.58
Lease right-of-use assets
11.6
8.1
2.78
Goodwill
26.2
Intangible assets
9.21
Long-term investments
1.24
8.25
Other non-current assets
2.94
2.94
0.7
Total assets
169
196
232
Accounts payable
8.56
8.54
6.8
Accrued liabilities
23.6
26.2
21.2
Deferred revenue
71.3
53
33.2
Short-term debt
1.55
Total current liabilities
130
120
85.7
Lease liabilities
7.29
2.34
0.98
Total liabilities
138
125
102
Paid-in capital
162
164
149
Retained earnings
-134
-80.4
-31.5
Treasury stock
-15
-6.85
Other comprehensive income
3.06
2.38
2.3
Shareholders' equity
30.9
71.1
113
Minority interests
0.29
11.6
Total equity
31.1
71.1
125
Total liabilities and equity
169
196
232
Cash flow statement
FY2023
FY2024
FY2025
Net income
-15
53.1
49.8
Depreciation and amortization
0.51
0.63
0.77
Stock-based compensation
26.4
3.82
2.86
Deferred income tax
-0.29
1.77
6.18
Change in receivables
-1.42
-0.6
-0.9
Change in inventory
-0.87
-1.65
Change in payables
2.33
-0
-3.71
Cash from operations
32.5
38.9
25.7
Capital expenditures
-0.79
-0.5
-0.43
Acquisitions
-0.28
-14.9
Purchases of investments
-399
-710
-820
Cash from investing
0.03
-18.3
-0.9
Stock issued
0.34
1.07
Share buybacks
-0.02
-0.02
-0.02
Dividends paid
-10.9
Cash from financing
34.2
-17.9
-14.7
Exchange rate effect
1.98
-0.54
-0.1
Net change in cash
68.7
2.18
9.93
Free cash flow
31.7
38.4
25.2
Interest paid
0.01
Income taxes paid
3.07
0.94
8.04
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.69 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
81.5%
Gross profit / revenue.
Operating margin
14.6%
Operating income / revenue.
EBITDA margin
14.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
17.2%
Pre-tax income / revenue.
Net margin
13.2%
Net income / revenue.
FCF margin
6.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
6.7%
Cash from operations / revenue.
Effective tax rate
24.1%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
54.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
23.4%
Net income / average total assets.
R&D / revenue
3.6%
Research and development expense / revenue.
Stock-based pay / revenue
0.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.1%
Capital expenditures / revenue.
D&A / revenue
0.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-27.1%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
-30.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y
6.7%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
6.9%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-5.6%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-3.2%
EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
-34.0%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
-34.3%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
58.9%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
18.2%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
-2.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.14x
Current assets / current liabilities.
Quick ratio
1.74x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.66x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
FCF conversion
50.4%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
1.7%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.30
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.
EPS, basic
$0.31
Net income per basic share, as reported (split-adjusted).
Revenue per share
$2.30
Revenue / diluted weighted shares.
FCF per share
$0.15
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.16
Cash from operations / diluted weighted shares.
Book value per share
$0.68
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Dividends paid / net income, when net income is positive.
Dividends / FCF
43.2%
Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF
0.1%
Share buybacks / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$91.9M
Share price x shares outstanding.
Enterprise value
-$50.5M
Market cap + total debt - cash - short-term investments.
P/E
1.84x
Market cap / net income. Only when net income is positive.
P/S
0.24x
Market cap / revenue.
P/B
0.81x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.19x
Market cap / tangible book value, when positive.
P/FCF
3.64x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
3.58x
Market cap / cash from operations, when positive.
FCF yield
27.5%
Free cash flow / market cap.
Earnings yield
54.5%
Net income / market cap (the inverse of P/E).
Dividend yield
11.9%
Dividends paid over the period / market cap.
Shareholder yield
11.9%
(Dividends paid + share buybacks) / market cap.
What was Here Group Ltd's revenue in fiscal 2025?
Here Group Ltd reported revenue of $380.5M for fiscal 2025, 27.1% lower than the year before.
Was Here Group Ltd profitable in fiscal 2025?
Yes. Net income was $50.1M, a net margin of 13.2%.
How much free cash flow did Here Group Ltd generate in fiscal 2025?
Cash from operations of $25.7M minus capital expenditures of $432.0K left free cash flow of $25.2M.
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.