ICTS INTERNATIONAL N V financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ICTS INTERNATIONAL N V 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	256	298	345	333	248	325	325	432	483	534
Cost of revenue	223	255	312	290	197	210	261	352	413	475
Gross profit	32.1	43	33.2	42.8	51.9	115	63.8	80	69.8	59.7
Research and development	2.66	2.68	3.66	5.06	6.54	12.1	13.6	12.3	14.4	14.5
Selling, general and administrative	21.6	26.2	34.9	33.1	37.2	50.9	53.8	56.9	61.2	62.6
Operating expenses	24.2	28.9	40.1	38.1	43.8	63.1	67.4	69.3	75.6	77.2
Operating income	7.85	14.1	-6.92	4.72	8.07	52	-3.6	10.7	-5.78	-17.4
Interest expense						0.08	0.03	0.02	0	0
Interest income	0.12	0.17		0.15	0.18	0.02	0.12	2.23	3.08	2.39
Other non-operating income	-4.5	-6.17	-3.59	-10.5	-1.29	-0.54	0.11	1.58	1.43	0.58
Pre-tax income	3.35	7.9	-10.4	-5.7	5.99	50.5	-3.59	12.3	-4.35	-16.8
Income tax	1	2.03	0.69	1.55	0.59	9.22	1.65	1.75	-0.45	1.64
Income from continuing operations	2.34	5.87	-11.1	-8.04	4.4	24.7	-4.73	7.08
Net income to minority interests		-0.05	-0.12	0.79	1	6.48	-0.51	3.49	0.33	-4.13
Net income	2.34	5.82	-11.2	-8.04	4.4	34.8	-4.73	7.08	-4.23	-14.3
EBITDA	8.74	15.5	-5.02	6.41	10.2	54.1	-1.15	13.4	-3.41	-15.3
EPS, basic	0.20	0.28	-0.48	-0.26	0.12	0.66	-0.13	0.19	-0.11	-0.40
EPS, diluted	0.20	0.28	-0.48	-0.26	0.11	0.61	-0.13	0.18	-0.11	-0.40
Shares, basic (weighted)	11.5	21	23.4	30.5	35.8	37.4	37.4	37.4	37.4	36.2
Shares, diluted (weighted)	11.5	21	23.4	30.5	38.4	40.2	37.4	39.4	37.4	36.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3.89	9.07	12.8	52.4	51.6	88.8	50.9	55.2	64.7	16.9
Receivables	33.8	45.3	44.8	43.3	34.4	55.1	54.3	70.4	68.3	78.4
Other current assets	2.05	2.84	4.97	4.98	18.9	16	9.81	7.13	7.69	6.37
Total current assets	43.9	62	67.2	103	117	175	155	177	162	144
Property, plant and equipment	1.76	3.21	4.26	4.59	5.53	5.71	6.28	5.19	4.67	4.76
Lease right-of-use assets				10.4	12.9	10.9	10.2	7.4	13.1	9.7
Goodwill	0.31	1.04	0.7	0.68	0.75	0.69	0.65	0.67	0.63	0.71
Other non-current assets	0.33	0.66	2.22	2.07	1.97	2.05	1.05	0.85	0.96	1.36
Total assets	47.2	70.8	75.1	123	140	196	185	197	186	166
Accounts payable	3.16	5.46	5.89	5.81	3.72	5.86	8.72	6.6	6.72	6.98
Accrued liabilities	26.3	30.7	42.7	35.2	32.3	39.8	41.7	52.5	50.8	50.4
Deferred revenue							3.57	4.94	3.53	2.94
Total current liabilities	45.4	59.2	75.1	75.5	59.3	60.9	68.3	80.5	79.2	80.5
Long-term debt							1.1	0
Lease liabilities				7.56	9.33	8.3	6.38	3.65	8.3	6.74
Other non-current liabilities	0.44	0.72	1.67	1.76	0.45	0.97	29.2	22	14	12.5
Total liabilities	80.6	97.5	110	84.8	95.6	111	105	106	101	99.8
Paid-in capital	23.1	23.1	23.5	27	26.7	16.8	16.6	17.8	38.6	40.4
Retained earnings	-59.6	-53.7	-65	-73	-68.6	-33.8	-38.5	-31.4	-35.7	-50
Treasury stock							0	-1.52	-1.52	-1.52
Other comprehensive income	-7.86	-6.91	-6.25	-6.17	-6.26	-7.87	-8.19	-8.12	-8.37	-8.55
Shareholders' equity	-33.5	-26.7	-34.9	-35.7	-30.5	-5.83	-10.4
Minority interests	0.15	0.12		-1.6	-1.52	-0.2	0.56	1.47	0.12	-1.92
Total equity	-33.3	-26.6	-34.9	-37.3	-30.5	-5.83	-10.4	-2.6	-6.41	-21.2
Total liabilities and equity	47.2	70.8	75.1	123	140	196	185	197	186	166
Shares outstanding	21	21	25.1	35.4	37.4	37.4	37.4	37.4	37.4	37.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2.34	5.77	-11.4	-7.25	5.4	41.3	-5.23	10.6	-3.9	-18.5
Depreciation and amortization	0.89	1.42	1.9	1.69	2.09	2.06	2.45	2.68	2.37	2.1
Stock-based compensation	0			0	0	0.35	0.51	0.91	0.86	0.06
Deferred income tax	-0.25	0.03	-0.1	-0.04	-0.65	-0.29	-0.12	-0.06	0.35	0.83
Change in receivables	-8.76	-7.59	-0.25	0.67	11.4	-23.3	-1.23	-15.7	-0.96	-5.76
Change in payables	0.16	1.67	0.59	-0.03	-2.55	2.32	3.02	-2.26	0.33	-0.31
Cash from operations	3.52	9.08	7.42	-9.09	24.2	53.4	-2.11	4.39	-9.47	-31
Capital expenditures	-1.24	-2.53	-2.92	-1.88	-2.2	-1.43	-1.75	-1.55	-1.95	-1.81
Acquisitions	-0.16	-1.07
Cash from investing	-1.4	-7.34	-4.7	-3.35	-3.11	-2.42	-2.69	-0.62	-2.11	-32.9
Stock issued	1.16
Dividends paid							0	0	-3.25	0
Cash from financing	-5.19	0.35	-0.06	51.9	-16.5	-7.24	-0.15	0.19	-0.16	4.05
Exchange rate effect	-1.56	3.74	-0.25	-0.48	1.59	-1.35	-2.54	1.11	-1.88	2.43
Net change in cash	-4.62	5.83	2.41	38.9	6.23	42.4	-7.49	5.07	-13.6	-57.4
Free cash flow	2.29	6.55	4.5	-11	22	51.9	-3.86	2.84	-11.4	-32.8
Interest paid	0.68	0.63	0.84	1.96	0.61	0.15	0.08	1.06	1.09	1.25
Income taxes paid	0.16	0.12	1.32	3.13	1.33	2.18	1.9	6.01	5.2	-0.88

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $5.10 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	11.2%	Gross profit / revenue.
Operating margin	-3.3%	Operating income / revenue.
EBITDA margin	-2.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.2%	Pre-tax income / revenue.
Net margin	-2.7%	Net income / revenue.
FCF margin	-6.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-5.8%	Cash from operations / revenue.
Return on assets (ROA)	-8.2%	Net income / average total assets.
R&D / revenue	2.7%	Research and development expense / revenue.
SG&A / revenue	11.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-14.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.2%	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	2.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-10.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.6%	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	3.4%	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	-3.4%	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	-1.1%	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	-1.2%	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	1.79x	Current assets / current liabilities.
Quick ratio	1.18x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	60.3%	Total liabilities / total assets.
Working capital	$63.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.4%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	3.04x	Revenue / average total assets.
Fixed asset turnover	113x	Revenue / average property, plant and equipment.
Receivables turnover	7.28x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
Days payables	5 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.40	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	-$0.40	Net income per basic share, as reported (split-adjusted).
Revenue per share	$14.77	Revenue / diluted weighted shares.
FCF per share	-$0.91	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.86	Cash from operations / diluted weighted shares.
Cash per share	$0.45	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$190.9M	Share price x shares outstanding.
Enterprise value	$174.0M	Market cap + total debt - cash - short-term investments.
P/S	0.36x	Market cap / revenue.
EV/Sales	0.33x	Enterprise value / revenue.
FCF yield	-17.2%	Free cash flow / market cap.
Earnings yield	-7.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was ICTS INTERNATIONAL N V's revenue in fiscal 2025?

ICTS INTERNATIONAL N V reported revenue of $534.4M for fiscal 2025, 10.6% higher than the year before.

Was ICTS INTERNATIONAL N V profitable in fiscal 2025?

No. It reported a net loss of $14.3M.

How much free cash flow did ICTS INTERNATIONAL N V generate in fiscal 2025?

Cash from operations of $31.0M minus capital expenditures of $1.8M left free cash flow of -$32.8M.

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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