AMTD Digital Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data AMTD Digital 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

	FY2021	FY2023	FY2023	FY2023	FY2024	FY2025
Revenue	25.3	42.2	48.5	12	22.8	136
Selling and marketing	0.33	0.52	0.66		0.31	0.79
General and administrative	0.67	0.74	1		0.06
Operating income	-0.04	0.61	0.15		37	1.12
Interest expense	0	0	1.2
Interest income	0.02	0.74	15.9		20	21.8
Pre-tax income	25.3	28.9	45.3		42.5	98.7
Income tax	3.17	3.03	4.49		0.79	1.68
Net income to minority interests	0.8	1.65	1.25		2.77	-42.3
Net income	22.1	25.8	40.8	-2.68	41.7	97
EBITDA	0.59	1.46	1.47		42.2	10.6
EPS, basic	0.43	0.41	0.57		0.58	0.44
EPS, diluted	0.43	0.41	0.57		0.58	0.44
Shares, basic (weighted)	52.9	74.2	74.2		76.7	124
Shares, diluted (weighted)	52.9	74.2	74.2		76.8	124

Balance sheet

	FY2021	FY2023	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	53.6	14.3	153	135	60.9	46.4
Receivables	8.94	5.04	9.8	0.93	6.65	11.8
Other current assets	2.47	36.9	7.68	35.8	2.67	4.47
Total current assets	342	379	320	451	84.6	321
Property, plant and equipment	0.02	0.02	134	69.6	274	293
Goodwill	7.56	7.48	0
Intangible assets	5.21	4.64	0.31	0.28	119	119
Total assets	395	411	484	537	503	955
Accounts payable	0.01	0.01	0.49	0.07	1.59	5.49
Deferred revenue	5.04	5.29	10.2		1.18	0.66
Short-term debt		0	65.8	65.6	258	260
Total current liabilities	17.5	13.6	140	159	163	167
Other non-current liabilities					1.65	2.27
Total liabilities	22.4	15.1	141	159	344	352
Total debt			50.8		174	177
Retained earnings		393	510
Treasury stock			-52.2	-52.2	-635	-296
Shareholders' equity	369	393	337	387	18.5	264
Minority interests	3.25	2.51	5.85	-8.77	140	338
Total equity	373	395	343	378	159	604
Total liabilities and equity	395	411	484	537	503	955

Cash flow statement

	FY2021	FY2023	FY2023	FY2023	FY2024	FY2025
Net income	22.9	27.5	42.1	-2.68	44.4	54.7
Depreciation and amortization	0.63	0.85	1.31		5.16	9.48
Stock-based compensation	0.12	1.14	0.24		0.09
Deferred income tax	-0.11	-0.14	-0.14
Change in receivables	-7.52	3.83	-4.27		-0.82	-5.19
Change in payables	-0.05	0.01	0.17		0.69	3.28
Cash from operations	10.7	10.3	15.5		4.25	14.4
Capital expenditures	-0.02	-0.01	-0		-0.16	-0.06
Acquisitions	2.67		3.86		9.06
Cash from investing	16.5	-49.1	-119		-75.5	-31.1
Debt issued	0	0	15
Debt repaid			-49.9		-10.1	-9.55
Stock issued	3.5	0	229			13.2
Cash from financing	1.02	0	243		-2.81	2.27
Exchange rate effect	0.08	-0.41	-0.15		-0.13	-0.02
Net change in cash	28.2	-38.9	139		-74.1	-14.5
Free cash flow	10.7	10.2	15.5		4.09	14.3
Income taxes paid	-0.07	5.32	4.11

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.68 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	0.8%	Operating income / revenue.
EBITDA margin	7.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	72.5%	Pre-tax income / revenue.
Net margin	71.3%	Net income / revenue.
FCF margin	10.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.6%	Cash from operations / revenue.
Effective tax rate	1.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	68.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.3%	Net income / average total assets.
Return on invested capital (ROIC)	0.4%	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%.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	7.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	496.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 5y	40.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-97.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-74.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	78.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	132.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	34.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-24.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	0.5%	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	238.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	6.1%	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	250.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	6.1%	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	1,327.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y	-6.5%	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	90.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 5y	19.3%	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	61.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	18.5%	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	1.92x	Current assets / current liabilities.
Quick ratio	0.35x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.28x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.67x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.5%	Total debt / total assets.
Liabilities / assets	36.8%	Total liabilities / total assets.
Net debt	$130.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	12.3x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$154.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	12.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$144.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.19x	Revenue / average total assets.
Fixed asset turnover	0.48x	Revenue / average property, plant and equipment.
Receivables turnover	14.7x	Revenue / average receivables.
Days sales outstanding	25 days	365 x average receivables / revenue.
FCF conversion	14.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.44	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	$0.44	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.10	Revenue / diluted weighted shares.
FCF per share	$0.12	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.12	Cash from operations / diluted weighted shares.
Book value per share	$2.13	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.17	Tangible book value / shares outstanding.
Cash per share	$0.37	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$212.0M	Share price x shares outstanding.
Enterprise value	$342.4M	Market cap + total debt - cash - short-term investments.
P/E	2.19x	Market cap / net income. Only when net income is positive.
P/S	1.56x	Market cap / revenue.
P/B	0.80x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.47x	Market cap / tangible book value, when positive.
P/FCF	14.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.7x	Market cap / cash from operations, when positive.
EV/Sales	2.52x	Enterprise value / revenue.
EV/EBIT	305x	Enterprise value / operating income, when both are positive.
EV/EBITDA	32.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.8%	Free cash flow / market cap.
Earnings yield	45.8%	Net income / market cap (the inverse of P/E).

What was AMTD Digital Inc.'s revenue in fiscal 2025?

AMTD Digital Inc. reported revenue of $136.1M for fiscal 2025, 496.6% higher than the year before.

Was AMTD Digital Inc. profitable in fiscal 2025?

Yes. Net income was $97.0M, a net margin of 71.3%.

How much free cash flow did AMTD Digital Inc. generate in fiscal 2025?

Cash from operations of $14.4M minus capital expenditures of $60.0K left free cash flow of $14.3M.

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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