Imperial Petroleum Inc./Marshall Islands financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Imperial Petroleum Inc./Marshall Islands 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	13.3	20.3	17.4	97	184	147	161
General and administrative	0.33	0.22	0.61	1.77	4.93	4.89	4.62
Operating expenses	3.8	7.16	7.43	16.4	25.6	26.4	37.7
Operating income	-0.37	-0.36	-3.49	29.8	66	44.1	39.9
Interest expense	0.01	0.01	0.15	1.61	1.82	0.38	2.31
Interest income	0.01	0	0	1.29	4.47	6.67	7.26
Other non-operating income	-0	-0.04	-0.15	-0.31	5.12	6.01	10.1
Net income	-0.38	-0.39	-3.64	29.5	71.1	50.2	50
EBITDA		8.29	5.19	42.1	81.6	61.1	65.8
EPS, basic	-1.20	-1.20	-11.87	2.89	3.22	1.54	1.35
EPS, diluted	-1.20	-1.20	-11.87	2.88	2.93	1.40	1.29
Shares, basic (weighted)	0.32	0.32	0.32	8.56	18.6	29.9	34.5
Shares, diluted (weighted)	0.32	0.32	0.32	8.59	22.9	33	36.2

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8.8	6.45	3.39	50.9	91.9	67.8	5.77
Receivables		0.67	1.4	7.9	13.5	13.5	13.4
Inventory		0.84	0.26	5.51	7.29	7.31	4.72
Other current assets		0.17	0	0.24	0.3	0.65	1.11
Total current assets		9.43	6.01	134	183	228	199
Property, plant and equipment	136	129	120	226	181	208	335
Lease right-of-use assets					0	0.08	0
Total assets		138	128	366	377	450	547
Accounts payable		1.19	1.43	8.12	8.28	5.24	5.96
Accrued liabilities		0.39	0.49	3.01	3.01	3.37	4.2
Short-term debt			4.75	10.2	0
Total current liabilities		4.06	8.63	24.4	14.5	28.8	16.6
Long-term debt			23.1	59.8	0
Total liabilities		4.06	31.7	84.2	14.5	28.8	16.6
Total debt			28	70.4	0
Paid-in capital			97.2	253	270	283	344
Retained earnings			-0.47	28.6	97.6	146	194
Treasury stock				0	-5.89	-8.39	-8.39
Shareholders' equity	144	134	96.7	282	362	421	531
Total equity	144	134	96.7	282	362	421	531
Total liabilities and equity		138	128	366	377	450	547
Shares outstanding		0	4.78	13	29.8	34	44.6

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.38	-0.39	-3.64	29.5	71.1	50.2	50
Depreciation and amortization		8.64	8.67	12.3	15.6	17	25.9
Stock-based compensation				0.12	2.43	3.4	3.19
Change in inventory	-0.07	-0.7	0.58	-5.25	-1.91	-0.02	2.59
Cash from operations	8.57	8.87	5.24	40.9	79.5	77.7	80.8
Capital expenditures		-0.73	-0.14	-119	-28.1	-74.7	-1.71
Cash from investing		-0.73	-0.14	-187	12.3	-107	-35.1
Debt issued		0	28	47.8	0
Debt repaid			-25.8	-5.35	-70.4	0	0
Share buybacks					-5.89	-2.5	0
Cash from financing	-4.17	-9.33	-6.37	197	-57.4	4.81	-108
Net change in cash	4.41	-1.19	-1.28	51.2	34.4	-24.1	-62
Free cash flow		8.14	5.1	-77.8	51.4	3.02	79.1
Interest paid				0.9	1.74	0	2.69

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $25.80 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	24.8%	Operating income / revenue.
EBITDA margin	40.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	31.0%	Net income / revenue.
FCF margin	49.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	50.2%	Cash from operations / revenue.
Return on equity (ROE)	10.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.0%	Net income / average total assets.
Return on invested capital (ROIC)	7.2%	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%.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	16.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	51.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-9.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	7.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	51.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-0.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	19.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-7.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-23.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.5%	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	55.6%	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	2,516.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	57.6%	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	26.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	23.5%	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	31.7%	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	21.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.4%	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	31.7%	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	9.8%	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	61.5%	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	157.9%	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	12.0x	Current assets / current liabilities.
Quick ratio	1.16x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.35x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	3.0%	Total liabilities / total assets.
Interest coverage	17.3x	Operating income / interest expense.
Working capital	$182.4M	Current assets - current liabilities.
Tangible book value	$530.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.
Fixed asset turnover	0.59x	Revenue / average property, plant and equipment.
Receivables turnover	12.0x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.
FCF conversion	158.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.29	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	$1.35	Net income per basic share, as reported (split-adjusted).
Revenue per share	$4.44	Revenue / diluted weighted shares.
FCF per share	$2.18	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.23	Cash from operations / diluted weighted shares.
Book value per share	$11.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.89	Tangible book value / shares outstanding.
Cash per share	$0.13	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.17B	Share price x shares outstanding.
Enterprise value	$1.16B	Market cap + total debt - cash - short-term investments.
P/E	23.3x	Market cap / net income. Only when net income is positive.
P/S	7.25x	Market cap / revenue.
P/B	2.20x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.20x	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	14.4x	Market cap / cash from operations, when positive.
EV/Sales	7.21x	Enterprise value / revenue.
EV/EBIT	29.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.8%	Free cash flow / market cap.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was Imperial Petroleum Inc./Marshall Islands's revenue in fiscal 2025?

Imperial Petroleum Inc./Marshall Islands reported revenue of $161.0M for fiscal 2025, 9.2% higher than the year before.

Was Imperial Petroleum Inc./Marshall Islands profitable in fiscal 2025?

Yes. Net income was $50.0M, a net margin of 31%.

How much free cash flow did Imperial Petroleum Inc./Marshall Islands generate in fiscal 2025?

Cash from operations of $80.8M minus capital expenditures of $1.7M left free cash flow of $79.1M.

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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