Honest Company, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Honest Company, 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	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	236	301	319	314	344	378	371
Cost of revenue	160	193	209	221	244	234	248
Gross profit	75.9	108	109	92.3	101	145	124
Research and development	5.14	5.71	7.68	7	6.21	6.85	7.35
Selling, general and administrative	70.3	71.3	84.1	87.3	94.6	99	79.5
Operating expenses	107	121	146	142	139	151	142
Operating income	-31.5	-13.5	-36.8	-49.8	-38.9	-6.33	-18.5
Other non-operating income	0.43	-0.84	-1.78	0.87	-0.25	0.28	2.98
Pre-tax income	-31	-14.4	-38.6	-48.9	-39.2	-6.05	-15.5
Income tax	0.06	0.09	0.08	0.11	0.08	0.08	0.2
Net income	-31.1	-14.5	-38.7	-49	-39.2	-6.12	-15.7
EBITDA	-23.8	-8.69	-32.7	-47	-36.2	-3.49	-15.6
EPS, basic	-0.92	-0.43	-0.43	-0.53	-0.42	-0.06	-0.14
EPS, diluted	-0.92	-0.43	-0.43	-0.53	-0.42	-0.06	-0.14
Shares, basic (weighted)	33.9	34.1	71.1	92.2	94.5	100	111
Shares, diluted (weighted)	33.9	34.1	71.1	92.2	94.5	100	111
Dividend per share			0.42	0.42

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	13.5	29.3	50.8	9.52	32.8	75.4	89.6
Short-term investments		34.4	42.4
Receivables		22.8	31.8	42.3	43.1	43.5	33.8
Inventory		76.7	75.7	116	73.5	85.3	72.5
Other current assets		8.66	13.2	16	8.37	9.74	6.59
Total current assets		174	214	189	158	214	202
Property, plant and equipment		56.7	53	14.3	13.5	11.4	7.48
Lease right-of-use assets				29.9	23.7	17.2	11.4
Goodwill		2.23	2.23	2.23	2.23	2.23	2.27
Intangible assets		0.51	0.44	0.37	0.31	0.24	0.16
Other non-current assets		1.54	3.18	4.58	4.14	2.38	1.72
Total assets		241	273	241	202	247	225
Accounts payable		31.1	28.7	24.8	22.3	22.8	15.1
Accrued liabilities		22.2	19	38	32.2	35.9	35.7
Deferred revenue		0.72	0.73	0.82	2.21	1.21	0
Total current liabilities		54.1	48.5	63.6	56.7	59.9	50.8
Lease liabilities				29.8	21.7	13.2	4.92
Other non-current liabilities		8.66	7.49	0.82	0.03	0
Total liabilities		101	93.5	94.2	78.5	73.1	55.7
Paid-in capital		116	571	586	602	659	671
Retained earnings		-353	-392	-440	-479	-485	-501
Treasury stock							0
Other comprehensive income		0.09	-0.04	-0.03	0
Shareholders' equity	-230	-237	179	146	123	174	170
Total equity	-230	-237	179	146	123	174	170
Total liabilities and equity		241	273	241	202	247	225
Shares outstanding		34.1	91.5	92.9	95.9	109	113

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-31.1	-14.5	-38.7	-49	-39.2	-6.12	-15.7
Depreciation and amortization	7.67	4.85	4.15	2.75	2.74	2.84	2.9
Stock-based compensation	8.38	7.91	16.8	15.1	15.8	15.7	10.5
Deferred income tax	0	0	0	0	0	0	0
Change in receivables	-2.46	1.46	-8.99	-10.8	-0.68	-0.38	10.2
Change in inventory	4.65	-24.1	1	-39	43.5	-10.9	-7.47
Cash from operations	-20	-12.1	-38.2	-76.3	19.4	1.54	15.1
Capital expenditures	-0.66	-0.2	-0.22	-1.62	-1.84	-0.53	-1.51
Purchases of investments	-74.4	-22.5	-65.3	-12.8	0	0
Sales and maturities of investments	81.3	53.5	29.5	49.4	5.68	0	0
Cash from investing	11	36.7	-8.62	35	3.84	-0.53	-1.51
Stock issued	0.25	0.04	5.73	0.12	0	41.5	0.38
Dividends paid	0	0	-35	0	0
Cash from financing	-0.31	-0.97	60.4	0.04	0.12	41.6	0.54
Net change in cash	-9.29	23.7	13.6	-41.3	23.3	42.6	14.1
Free cash flow	-20.7	-12.3	-38.4	-77.9	17.5	1.01	13.6
Interest paid	1.72	1.84	1.8	0.01	0	0	0
Income taxes paid	0.08	0.1	0.08	0.1	0.12	0.09	0.11

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.29 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.7%	Gross profit / revenue.
Operating margin	-4.4%	Operating income / revenue.
EBITDA margin	-3.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.5%	Pre-tax income / revenue.
Net margin	-3.6%	Net income / revenue.
FCF margin	15.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.5%	Cash from operations / revenue.
Return on equity (ROE)	-7.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.5%	Net income / average total assets.
Return on invested capital (ROIC)	-19.3%	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	2.1%	Research and development expense / revenue.
SG&A / revenue	20.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	0.8%	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	5.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-14.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.3%	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	2.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	881.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	1,246.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-2.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-8.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.2%	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	-1.3%	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	10.9%	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	6.4%	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	26.7%	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	3.94x	Current assets / current liabilities.
Quick ratio	2.83x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.08x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	24.1%	Total liabilities / total assets.
Working capital	$149.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$164.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.55x	Revenue / average total assets.
Fixed asset turnover	41.5x	Revenue / average property, plant and equipment.
Inventory turnover	4.43x	Cost of revenue / average inventory.
Days inventory	82 days	365 x average inventory / cost of revenue.
Receivables turnover	8.98x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.
Days payables	30 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	93 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	6.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.11	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	$3.02	Revenue / diluted weighted shares.
FCF per share	$0.47	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.50	Cash from operations / diluted weighted shares.
Book value per share	$1.46	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.44	Tangible book value / shares outstanding.
Cash per share	$0.92	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$567.5M	Share price x shares outstanding.
Enterprise value	$461.6M	Market cap + total debt - cash - short-term investments.
P/S	1.66x	Market cap / revenue.
P/B	3.40x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.45x	Market cap / tangible book value, when positive.
P/FCF	10.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.0x	Market cap / cash from operations, when positive.
EV/Sales	1.35x	Enterprise value / revenue.
EV/FCF	8.76x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.3%	Free cash flow / market cap.
Earnings yield	-2.1%	Net income / market cap (the inverse of P/E).

What was Honest Company, Inc.'s revenue in fiscal 2025?

Honest Company, Inc. reported revenue of $371.3M for fiscal 2025, 1.9% lower than the year before.

Was Honest Company, Inc. profitable in fiscal 2025?

No. It reported a net loss of $15.7M.

How much free cash flow did Honest Company, Inc. generate in fiscal 2025?

Cash from operations of $15.1M minus capital expenditures of $1.5M left free cash flow of $13.6M.

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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