HURCO COMPANIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HURCO COMPANIES 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	227	244	301	263	171	235	251	228	187	179
Cost of revenue	157	173	209	186	134	179	186	172	149	146
Gross profit	70.4	70.6	91.8	77.2	36.5	56.2	64.5	56.2	37.7	33
Research and development	4.9	4.2	4.7	4.4	3.5	3.2	3.4	4.2	3.9	4
Selling, general and administrative	50.8	49.7	58	54.7	41.4	46	51.7	49.6	46	43.2
Operating income	19.6	20.9	33.8	22.5	-9.86	10.2	12.7	6.62	-8.29	-10.3
Interest expense	0.07	0.09	0.1	0.06	0.09	0.02	0.03	0.28	0.58	0.09
Interest income	0.04	0.04	0.19	0.46	0.13	0.03	0.08	0.37	0.62	0.26
Other non-operating income	-1.31	-0.78	-2.37	-0.56	-1.18	-0.51	-1.83	-0.5	-1.98	-2.45
Pre-tax income	18.9	20.7	32.5	23.3	-10.8	10.1	11.9	6.75	-9.85	-12.2
Income tax	5.59	5.6	11	5.83	-4.56	3.36	3.65	2.37	6.76	2.95
Net income	13.3	15.1	21.5	17.5	-6.25	6.76	8.23	4.39	-16.6	-15.1
EBITDA	23.5	24.5	37.5	26.3	-5.32	14.4	16.7	10.7	-4.75	-7.58
EPS, basic	2.01	2.27	3.19	2.57	-0.93	1.01	1.24	0.67	-2.56	-2.34
EPS, diluted	1.99	2.25	3.15	2.55	-0.93	1.01	1.23	0.66	-2.56	-2.34
Shares, basic (weighted)	6.57	6.62	6.7	6.76	6.67	6.6	6.58	6.5	6.49	6.46
Shares, diluted (weighted)	6.64	6.68	6.77	6.82	6.67	6.61	6.63	6.53	6.49	6.46
Dividend per share	0.35	0.39	0.43	0.47	0.51	0.55	0.59	0.63	0.32

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	41.2	66.3	77.2	56.9	57.9	84.1	63.9	41.8	33.3	48.7
Receivables	48.6	50.1	54.4	43.3	27.7	42.6	38.4	40	36.7	27.9
Inventory	117	120	138	149	150	148	156	158	153	143
Other current assets	1.58	1.56	1.83	1.98	1.23	0.98	6.98	7.79	5.21	5.24
Total current assets	218	246	281	262	251	290	268	248	229	225
Property, plant and equipment	12.3	12.2	13	13.9	11.9	10.6	8.48	8.86	8.8	7.97
Lease right-of-use assets				0	11.7	10.6	8.46	11	11.3	11.6
Goodwill	2.31	2.44	2.38	5.85	0			0
Intangible assets	1.15	1.08	0.94	1.1	1.85	1.57	1.25	0.99	0.76	0.63
Long-term investments									8.22	9.01
Other non-current assets	6.74	7.13	8.01	8.18	8.41	9.56	9.24	9.76	2.59	1.17
Total assets	252	278	315	301	296	333	306	291	269	264
Accounts payable	35.2	45.1	54.1	33	26.4	46.3	40.7	29.7	25	26.1
Accrued liabilities	17.2	4.67	4.12	5.02	4.02	5.91	5.4	4.09	4.26	3.79
Deferred revenue					5.36	8.59	4.84	2.83	4.31	4.79
Short-term debt	1.48	1.51	1.43
Total current liabilities	58	70.9	86.8	54.6	50.4	81.2	73.3	55	47.8	52
Lease liabilities				0	7.99	6.79	4.81	7.61	7.85	7.56
Total liabilities	66.5	74.7	92.6	60.8	64.5	94.5	83.6	68.4	285	273
Paid-in capital	59.1	61.3	64.2	66.4	61	63.9	63.6	61.7	61.5	60.9
Retained earnings	137	149	168	182	172	176	180	180	161	146
Other comprehensive income	-11	-8.19	-9.86	-8.93	-2.99	-1.74	-21.5	-20.2	-16.4	-9.01
Shareholders' equity	185	203	223	240	231	238	223	222	207	199
Total equity	185	203	223	240	231	238	223	222	-16.4	-9.01
Total liabilities and equity	252	278	315	301	296	333	306	291	269	264
Shares outstanding	6.57	6.64	6.72	6.77	6.57	6.62	6.57	6.46	6.44	6.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	13.3	15.1	21.5	17.5	-6.25	6.76	8.23	4.39	-16.6	-15.1
Depreciation and amortization	3.87	3.62	3.71	3.75	4.55	4.19	3.92	4.09	3.53	2.69
Stock-based compensation	1.61	1.7	2.5	2.67	2.06	2.78	2.69	2.7	1.65	1.7
Deferred income tax	-0.23	1.11	-0.53	0.26	-0.55	-0.11	-1.04	-0.12	-4.28	-4.05
Change in receivables	-8.14	0.56	-5.15	11.2	15.9	-15.2	0.28	-0.08	4	9.74
Change in inventory	-13.9	1.64	-20.4	-10.5	3.46	2.17	-24.4	-0.65	8.38	16.4
Change in payables	-6	8.53	10.8	-23.3	-2.37	20.6	-2.28	-11.8	-5.27	0.31
Cash from operations	-6.72	30.4	21	-6.41	10.9	32.2	-3.97	-12.8	-2.52	17.6
Capital expenditures	-1.97	-2.18	-3.54	-3.17	-0.68	-1.26	-1.11	-1.29	-1.24	-0.91
Acquisitions	0	0	-1.16	-4.35
Cash from investing	-3.91	-4.03	-6.61	-8.9	-1.18	-3.35	-2.09	-1.9	-2.74	-1.25
Stock issued	0	0.53	0.85		0.07	0.35	0.12	0.27
Share buybacks					-7		-2.89	-4.61	-1.5	-2
Dividends paid	-2.31	-2.59	-2.9	-3.2	-3.42	-3.67	-3.92	-4.14	-2.09
Cash from financing	-2.46	-2.35	-2.55	-5.15	-10.9	-3.52	-6.9	-8.82	-3.91	-2.35
Exchange rate effect	-0.93	1.1	-0.99	0.24	2.01	0.9
Net change in cash	-14	25.1	10.9	-20.2	0.92	26.2	-20.1	-22.1	-8.45	15.4
Free cash flow	-8.69	28.2	17.5	-9.58	10.2	30.9	-5.07	-14.1	-3.76	16.7
Interest paid	0.06	0.07	0.06	0.01
Income taxes paid	4.33	4.87	6.17	11	0.49	1.57	-1.63	4.34	3.02	1.84

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $21.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	21.4%	Gross profit / revenue.
Operating margin	-2.8%	Operating income / revenue.
EBITDA margin	-1.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-2.8%	Pre-tax income / revenue.
Net margin	-3.6%	Net income / revenue.
FCF margin	4.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.9%	Cash from operations / revenue.
Return on equity (ROE)	-3.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.5%	Net income / average total assets.
Return on invested capital (ROIC)	-2.9%	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%.
SG&A / revenue	24.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-10.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-12.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-20.0%	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	-2.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.9%	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 CAGR, 5y	10.2%	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	-4.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.7%	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	-3.0%	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	-1.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.8%	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	-2.2%	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	-0.5%	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	-0.9%	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	-0.7%	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	3.98x	Current assets / current liabilities.
Quick ratio	1.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.93x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	105.1%	Total liabilities / total assets.
Interest coverage	-61.1x	Operating income / interest expense.
Working capital	$166.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$191.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.70x	Revenue / average total assets.
Fixed asset turnover	25.6x	Revenue / average property, plant and equipment.
Inventory turnover	1.05x	Cost of revenue / average inventory.
Days inventory	346 days	365 x average inventory / cost of revenue.
Receivables turnover	6.83x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
Days payables	74 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	326 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	6.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.01	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	$28.20	Revenue / diluted weighted shares.
FCF per share	$1.29	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.39	Cash from operations / diluted weighted shares.
Book value per share	$29.69	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$29.64	Tangible book value / shares outstanding.
Cash per share	$8.04	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$140.2M	Share price x shares outstanding.
Enterprise value	$88.1M	Market cap + total debt - cash - short-term investments.
P/S	0.77x	Market cap / revenue.
P/B	0.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.73x	Market cap / tangible book value, when positive.
P/FCF	16.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.6x	Market cap / cash from operations, when positive.
EV/Sales	0.48x	Enterprise value / revenue.
EV/FCF	10.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.0%	Free cash flow / market cap.
Earnings yield	-4.7%	Net income / market cap (the inverse of P/E).

What was HURCO COMPANIES INC's revenue in fiscal 2025?

HURCO COMPANIES INC reported revenue of $178.6M for fiscal 2025, 4.3% lower than the year before.

Was HURCO COMPANIES INC profitable in fiscal 2025?

No. It reported a net loss of $15.1M.

How much free cash flow did HURCO COMPANIES INC generate in fiscal 2025?

Cash from operations of $17.6M minus capital expenditures of $910.0K left free cash flow of $16.7M.

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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