InfuSystem Holdings, Inc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data InfuSystem Holdings, 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	70.5	71.1	67.1	81.1	97.4	102	110	126	135	143
Cost of revenue	16.2	18.4	27.6	34.2	38.6	43.8	49.4	62.7	64.5	63.1
Gross profit	44.7	43.4	39.6	46.9	58.8	58.5	60.6	63.1	70.4	80.3
Selling and marketing	9.66	9.78	9.11	9.93	9.66	10.8	12.3	12.7	11.3	10.5
General and administrative	24.6	25.2	25.4	29	35.2	40.7	44.2	45.4	51.2	57
Operating expenses	43.8	47.2	39.2	43.4	49.9	55.7	58.9	59	63.5	68.4
Operating income	0.97	-3.81	0.42	3.53	8.83	2.82	1.65	4.09	6.89	11.9
Interest expense	1.34	1.33	1.42	1.9	1.26	1.38	1.4	2.17	1.78	1.3
Other non-operating income	-1.34	-1.45	-1.46	-0.1	-0.03	-0.19	-0.12	-0.07	-0.06	0
Pre-tax income	-0.36	-5.26	-1.04	1.52	7.54	1.26	0.13	1.85	5.06	10.6
Income tax	-0.14	15.5	0.05	0.16	-9.79	-0.16	0.11	0.98	2.71	4
Net income	-0.22	-20.7	-1.1	1.36	17.3	1.42	0.02	0.87	2.35	6.63
EBITDA	7.87	3.15	11.7	15.9	22.9	17.4	15	16.6	19.4	25.2
EPS, basic	-0.01	-0.91	-0.05	0.07	0.86	0.07	0.00	0.04	0.11	0.32
EPS, diluted	-0.01	-0.91	-0.05	0.07	0.80	0.06	0.00	0.04	0.11	0.31
Shares, basic (weighted)	22.6	22.7	21.4	19.7	20.1	20.5	20.6	21	21.3	20.7
Shares, diluted (weighted)	22.6	22.7	21.4	20.8	21.7	22	21.5	21.6	21.7	21.1

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3.4	3.47	4.32	2.65	9.65	0.19	0.17	0.23	0.53	3.19
Receivables	11.6	11.3	9.59	12.1	14.7	15.4	16.9	19.8	21.2	22.9
Inventory	2.17	1.76	2.25	2.9	3	3.94	4.82	6.4	6.53	5.39
Other current assets	0.95	1.15	1.37	1.66	2.4	2.54	2.92	4.16	3.96	4.86
Total current assets	20.8	17.7	17.5	19.3	29.8	22.1	24.8	30.6	32.2	36.3
Property, plant and equipment	2	1.63	1.45	4.04	4.3	4.52	4.39	4.32	4.03	3.36
Lease right-of-use assets				5.73	4.46	4.24	4.17	6.7	5.37	4.18
Goodwill					0	3.71	3.71	3.71	3.71	3.71
Intangible assets	31.2	24.5	19.9	15.5	11.2	10.9	8.44	7.45	6.46	6.87
Other non-current assets	0.23	0.13	0.14	0.16	0.11	0.12	0.08	1.58	0.88	1.68
Total assets	96.3	68.9	64.1	79.2	97	97.6	99.4	103	104	101
Accounts payable	5.32	5.52	7.09	7.96	6.78	7.86	8.34	8.01	9.85	10.8
Accrued liabilities					2.8	1.3	3.3	4.6	4.8	5.5
Short-term debt	5.31	3.04	4.9	8.08	9.42	0.35	0	0	0	0
Total current liabilities	16.4	12.5	14.8	21.8	23	12.9	14.5	15.7	17.7	20.2
Long-term debt	26.6	25.4	28.8	30.3	29.4	32.7	33.2	29.1	23.9	19.6
Lease liabilities				4.64	3.86	3.67	3.76	5.8	4.56	3.43
Other non-current liabilities	0.07	0.01
Total liabilities	45.7	37.9	43.6	56.9	56.2	49.3	51.4	50.6	46.1	43.2
Total debt	31.9	28.4	33.7	38.4	38.8	33.1	33.2	29.1	23.9	19.6
Paid-in capital	91.8	92.6	83.2	83.7	84.8	102	106	110	114	117
Retained earnings	-41.1	-61.6	-62.7	-61.4	-44	-53.9	-59.3	-58.6	-57.5	-60.7
Other comprehensive income					0	0.27	1.49	1.09	1.12	0.57
Shareholders' equity	50.7	31	20.4	22.3	40.8	48.3	48	52.3	57.5	57.3
Total equity	50.7	31	20.4	22.3	40.8	48.3	48	52.3	57.5	57.3
Total liabilities and equity	96.3	68.9	64.1	79.2	97	97.6	99.4	103	104	101
Shares outstanding	22.7	22.8	19.6	19.9	20.3	20.7	20.8	21.2	21.3	20.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.22	-20.7	-1.1	1.36	17.3	1.42	0.02	0.87	2.35	6.63
Depreciation and amortization	6.9	6.96	11.3	12.3	14	14.6	13.4	12.5	12.5	13.3
Stock-based compensation	0.46	0.68	0.96	1	2.61	6.4	3.83	4.07	4.46	4.36
Deferred income tax	-0.24	15.4	-0.06	0.1	-10.1	-0.15	0.02	0.63	1.92	2.73
Change in receivables	-4.59	-5.34	1.91	-1.56	-2.63	0.83	-1.15	-2.36	-0.7	0.26
Change in inventory	-0.25	0.4	-0.49	-0.65	-0.1	-0.86	-0.88	-1.58	-0.13	1.14
Cash from operations	7.91	7.72	11.4	13.9	20.3	18.3	17.5	11.2	20.5	24.4
Capital expenditures	-0.17	-0.1	-0.28	-2.93	-1.09	-0.98	-0.98	-1.02	-1.09	-0.56
Acquisitions	-0.37			0	0	-7.65
Cash from investing	-5.34	0.92	-4.98	-19.6	-12.2	-21.3	-11.5	-6.73	-13.2	-6.79
Debt issued	66.9	28.9	11.2	9.44	37.6	76.2
Debt repaid				-4.87	-37.2	-81.7
Share buybacks	-0.08		-10.4	0	0	-0.56	-5.46	-0.15	-1.18	-9.87
Cash from financing	0.02	-8.57	-5.56	4.1	-1.12	-6.46	-6.06	-4.42	-6.92	-15
Net change in cash	2.58	0.07	0.85	-1.67	7	-9.46	-0.02	0.07	0.3	2.66
Free cash flow	7.74	7.61	11.1	10.9	19.2	17.3	16.5	10.2	19.4	23.8
Interest paid	1.23	1.2	1.38	1.71	1.21	1.11	1.31	2.05	1.75	1.24
Income taxes paid	0.11	0.14	0.16	0.11	0.1	0.17	0.15	0.21	0.75	0.54

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $15.28 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	57.6%	Gross profit / revenue.
Operating margin	9.8%	Operating income / revenue.
EBITDA margin	18.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.2%	Pre-tax income / revenue.
Net margin	6.5%	Net income / revenue.
FCF margin	17.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.5%	Cash from operations / revenue.
Effective tax rate	29.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.0%	Net income / average total assets.
Return on invested capital (ROIC)	13.5%	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	3.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	8.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.9%	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	6.4%	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	73.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	93.2%	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	6.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	30.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	18.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	182.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	616.7%	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	-17.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	181.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	-17.3%	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	19.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.7%	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	3.8%	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	23.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	13.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.4%	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	-0.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.1%	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	7.1%	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	-2.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.4%	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	0.7%	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	-2.8%	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	-0.7%	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	-0.6%	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	2.68x	Current assets / current liabilities.
Quick ratio	2.16x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.51x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.31x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.8%	Total debt / total assets.
Liabilities / assets	38.6%	Total liabilities / total assets.
Net debt	$10.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.39x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	13.8x	Operating income / interest expense.
Working capital	$30.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	9.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$54.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.38x	Revenue / average total assets.
Fixed asset turnover	52.5x	Revenue / average property, plant and equipment.
Inventory turnover	11.9x	Cost of revenue / average inventory.
Days inventory	31 days	365 x average inventory / cost of revenue.
Receivables turnover	4.89x	Revenue / average receivables.
Days sales outstanding	75 days	365 x average receivables / revenue.
Days payables	59 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	46 days	Days inventory + days sales outstanding - days payables.
FCF conversion	262.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.45	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	$6.85	Revenue / diluted weighted shares.
FCF per share	$1.18	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.20	Cash from operations / diluted weighted shares.
Book value per share	$3.20	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.70	Tangible book value / shares outstanding.
Cash per share	$0.45	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	25.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$304.3M	Share price x shares outstanding.
Enterprise value	$314.9M	Market cap + total debt - cash - short-term investments.
P/E	32.2x	Market cap / net income. Only when net income is positive.
P/S	2.11x	Market cap / revenue.
P/B	4.74x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.62x	Market cap / tangible book value, when positive.
P/FCF	12.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.1x	Market cap / cash from operations, when positive.
EV/Sales	2.18x	Enterprise value / revenue.
EV/EBIT	22.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	12.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.1%	Free cash flow / market cap.
Earnings yield	3.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.

What was InfuSystem Holdings, Inc's revenue in fiscal 2025?

InfuSystem Holdings, Inc reported revenue of $143.4M for fiscal 2025, 6.4% higher than the year before.

Was InfuSystem Holdings, Inc profitable in fiscal 2025?

Yes. Net income was $6.6M, a net margin of 4.6%.

How much free cash flow did InfuSystem Holdings, Inc generate in fiscal 2025?

Cash from operations of $24.4M minus capital expenditures of $560.0K left free cash flow of $23.8M.

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.

Open interactive statements, quarterly figures and charts

Back to InfuSystem Holdings, Inc