Holley Inc. financial statements

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

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	369	504	693	688	660	602	614
Cost of revenue	220	296	406	435	404	364	347
Gross profit	149	208	287	254	256	239	266
Research and development	20.6	23.5	28.3	29.1	23.8	18.7	18.8
Selling, general and administrative	62.4	70.9	117	151	120	132	146
Operating expenses	103	123	209	203	162	224	184
Operating income	46.1	85.5	77.5	50.7	94	14.7	82.5
Interest expense	50.4	43.8	39.1	40.2	60.7	50.7	51.8
Other non-operating income	50.4	-43.8	-94.2	27.5	-66.5	-40.9	-53.8
Pre-tax income	-4.31	41.7	-16.7	78.3	27.6	-26.3	28.6
Income tax	-4.87	8.83	10.4	4.49	8.4	-3.03	9.46
Net income	0.56	32.9	-27.1	73.8	19.2	-23.2	19.2
EBITDA	54.9	93.3	89.1	60.8	104	25.2	92.2
EPS, basic	0.01	0.49	-0.30	0.63	0.16	-0.20	0.16
EPS, diluted	0.01	0.49	-0.30	0.14	0.16	-0.20	0.16
Shares, basic (weighted)	67.7	67.7	90	117	117	118	119
Shares, diluted (weighted)	67.7	67.7	90	117	119	118	120

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8.34	71.7	36.3	26.2	41.1	56.1	37.2
Inventory		134	185	234	192	193	206
Other current assets		5.04	19	18.2	15.7	12.6	15.4
Total current assets		258	292	325	297	297	316
Property, plant and equipment		43.7	51.5	52.2	47.2	41	45.1
Lease right-of-use assets			0	29.5	29.3	36	33.4
Goodwill	298	359	411	418	419	372	372
Intangible assets		405	438	425	410	387	397
Long-term investments		250
Other non-current assets				0	0
Total assets		1,065	1,193	1,250	1,203	1,133	1,164
Accounts payable		34.6	45.7	44.9	43.7	44.8	60.1
Accrued liabilities		26.1	34.9	43.3	42.1	43.2	48.3
Short-term debt		5.53	7.88	7	7.46	7.2	6.57
Total current liabilities		82	91.8	101	93.7	95.2	115
Long-term debt		649	638	644	577	545	516
Lease liabilities				25	25.2	31.9	28.7
Other non-current liabilities		2.15	1.17	25	26.3	32.3	33.2
Total liabilities		825	889	834	762	712	715
Total debt		655	646	651	584	553	523
Paid-in capital		239	330	368	374	378	385
Retained earnings		2.17	-25	48.8	68	44.7	63.9
Treasury stock							0
Other comprehensive income		-0.67	-0.26	-0.94	-0.71	-1.16	0.12
Shareholders' equity	205	240	304	416	441	421	449
Total equity	205	240	304	416	441	421	449
Total liabilities and equity		1,065	1,193	1,250	1,203	1,133	1,164
Shares outstanding		67.7	116	117	118	119	120

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.56	32.9	-27.1	73.8	19.2	-23.2	19.2
Depreciation and amortization	8.83	7.89	11.5	10.1	10.3	10.6	9.7
Stock-based compensation	0.44	0.49	4.96
Deferred income tax	-11.5	6.51	0.08	-11.6	-5.15	-16.2	9.17
Change in receivables	2.11	-11.3	0.46	3.78	-2.28	10.8	-21.4
Change in inventory	-7.06	22	-45.1	-58.4	38.2	-16.6	-17.1
Change in payables	0.18	8.4	8.73	-0.74	-1.63	1.23	12.9
Cash from operations	9.42	88.4	21.6	12.3	88.1	46.9	46.2
Capital expenditures	-7.42	-9.43	-15.2	-13.6	-5.93	-6.8	-12.3
Acquisitions	-5.94	-157	-119	-14.3	0	0
Cash from investing	-14.5	-166	-134	-25	-4.45	2.02	-32.2
Debt issued	0	205	655	37	0	0
Cash from financing	2.43	141	77.2	2.85	-69	-34.6	-32.6
Exchange rate effect		0	0	-0.3	0.3	0.69	-0.24
Net change in cash	-2.63	63.3	-35.3	-10.2	14.9	15	-18.9
Free cash flow	2	79	6.35	-1.28	82.2	40.1	33.9
Interest paid	49.8	39.9	38.1	36.9	64.7	52.2	46.6
Income taxes paid	4.43	3.24	10.6	6.83	16	11.1	10.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $2.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	43.0%	Gross profit / revenue.
Operating margin	9.1%	Operating income / revenue.
EBITDA margin	10.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.6%	Pre-tax income / revenue.
Net margin	1.7%	Net income / revenue.
FCF margin	7.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.4%	Cash from operations / revenue.
Effective tax rate	35.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.9%	Net income / average total assets.
Return on invested capital (ROIC)	4.0%	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%.
R&D / revenue	2.8%	Research and development expense / revenue.
SG&A / revenue	24.8%	Selling, general and administrative expense / revenue.
Capex / revenue	2.3%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.6%	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	5.0%	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	462.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	17.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-0.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	265.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	14.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-36.2%	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	-10.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	4.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-20.1%	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	-1.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	55.4%	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	-12.2%	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	-15.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-15.6%	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	6.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.6%	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	13.3%	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	2.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.3%	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	1.8%	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	1.4%	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	0.8%	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	12.1%	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	3.06x	Current assets / current liabilities.
Quick ratio	0.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.64x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.17x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	45.3%	Total debt / total assets.
Liabilities / assets	61.3%	Total liabilities / total assets.
Net debt	$457.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.91x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.37x	Operating income / interest expense.
Working capital	$222.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	63.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$291.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.53x	Revenue / average total assets.
Fixed asset turnover	12.2x	Revenue / average property, plant and equipment.
Inventory turnover	1.94x	Cost of revenue / average inventory.
Days inventory	188 days	365 x average inventory / cost of revenue.
Days payables	58 days	365 x average accounts payable / cost of revenue.
FCF conversion	423.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.09	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	$5.10	Revenue / diluted weighted shares.
FCF per share	$0.36	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.48	Cash from operations / diluted weighted shares.
Book value per share	$3.74	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.42	Tangible book value / shares outstanding.
Cash per share	$0.57	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$299.4M	Share price x shares outstanding.
Enterprise value	$757.2M	Market cap + total debt - cash - short-term investments.
P/E	29.0x	Market cap / net income. Only when net income is positive.
P/S	0.49x	Market cap / revenue.
P/B	0.67x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	6.85x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.18x	Market cap / cash from operations, when positive.
EV/Sales	1.24x	Enterprise value / revenue.
EV/EBIT	13.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	14.6%	Free cash flow / market cap.
Earnings yield	3.4%	Net income / market cap (the inverse of P/E).
PEG	6.37x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Holley Inc.'s revenue in fiscal 2025?

Holley Inc. reported revenue of $613.5M for fiscal 2025, 1.9% higher than the year before.

Was Holley Inc. profitable in fiscal 2025?

Yes. Net income was $19.2M, a net margin of 3.1%.

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

Cash from operations of $46.2M minus capital expenditures of $12.3M left free cash flow of $33.9M.

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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