Inspired Entertainment, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Inspired Entertainment, 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

	FY2017	FY2018	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	123	141		153	200	206	285	323	297	304
Cost of revenue	10.8	22.6		25.4	45.9	51.8	94.9	129
Gross profit	112	119		128	154	154	190	194
Research and development	5.24	4.8		3.8	15.1	13.8	18.3	20.3	22.7	19.4
Selling, general and administrative	58.3	60.1		70.4	67.6	77.3	91.1	104
General and administrative				79.4	72.4	90.3	103	116	131	128
Operating expenses									3.7	6.9
Operating income	-11.9	-7.3		-13	-18	-4.5	46.5	38.9	30.7	30.5
Interest expense	29.4	20.6		27.7	30	44.3	25.3	27.7	29.4	37.3
Interest income	0.06	0.2		0.1	0.6
Other non-operating income	-37	20.8		-28	-38.4	-37.7	-23.2	-27	-28.9	-36.4
Pre-tax income	-48.9	13.5		-41	-56.4	-42.2	23.3	11.9	1.8	-5.9
Income tax	0.18	-0.2		0.1	0.4	-1.6	2.1	5	-63	11.1
Net income	-49.1	13.3	-20.6	-41.1	-56.8	-40.6	21.2	6.9	64.8	-17
EBITDA	6.48	13		8.7	11.9	21.4	68	78.5	74	82.9
EPS, basic	-2.68	0.64		-1.88	-2.39	-1.66	0.76	0.25	2.27	-0.58
EPS, diluted	-2.68	0.59		-1.88	-2.39	-1.66	0.73	0.24	2.22	-0.58
Shares, basic (weighted)	18.3	20.8		21.9	23.7	24.4	28	28.1	28.5	29.1
Shares, diluted (weighted)	18.3	22.5		21.9	23.7	24.4	29.1	29.2	29.2	29.1

Balance sheet

	FY2017	FY2018	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	20	22.5	29.6	29.1	47.1	47.8	25	40	29.3	43.3
Receivables	20.5	14.3	10	24.2	27.5	31.6	40.4	43.8	65.4	43.9
Inventory	5.01	5.2	5.1	18.8	17.6	15.5	30.3	32.3	28	18.5
Other current assets	17.7	15.8	11.7	23.2	16.8	29.2	31.2	39.6	36	46.8
Total current assets	63.2	58.6	58	95.3	109	124	129	156	160	158
Property, plant and equipment	43.5	45.7	28.5	79.3	65.5	50.9	43.5	60.7	56.4	60.5
Lease right-of-use assets				9.4	12.5	19.9	16	14.2	16.2	7.8
Goodwill	47.1	45.8	43.3	80.9	63	62.2	55.5	58.8	57.8	62.1
Intangible assets	9.24	5.7	2.3	7.7	7.7	17.4	14.6	13.4	16.1	14
Other non-current assets	9.59	12.1	6.5	5.1	3.3	6.9	6.7	10.5	12.5	15.7
Total assets	219	208	14	327	324	309	290	343	438	440
Accounts payable	20.4	14.4	13	22.2	15.8	20.8	23.7	41.9	29.3	20
Accrued liabilities	18.1	14.3	15.2	31.2	31.4	32.9	29	5.5	5.7	9.6
Deferred revenue	7.21	9.2	3.2	10.1	11.5	6.7	4.6	5.6	5.8	7.1
Short-term debt	7.37	0.47	9	2.6	0.6			19.1	18.8
Total current liabilities	61.2	64.3	51.2	88.1	94.9	81.9	74.9	101	104	70.8
Long-term debt	115	131	133	271	298	309	278	296	292	345
Lease liabilities				5.2	9.2	16	12.3	9.8	11.7	6.1
Other non-current liabilities	6.37	5.1	4.8	5.2	10.9	3.1	4	4.1	2.4	1.1
Total liabilities	221	232	207	387	426	417	373	419	442	456
Total debt	124	132	149	271	313	317	283	319	313	363
Paid-in capital	323	303	319	321	325	372	378	386	390	395
Retained earnings	-379	-386	-414	-425	-457	-525	-515	-506	-442	-459
Other comprehensive income	-53.1	58.5	51.3	45.1	30.8	43.6	50.6	44.3	48.3	47.8
Shareholders' equity	-48.2	-24.5	-31.8	-61.7	-129	-107	-82.8	-75.9	-3.3	-16.2
Total equity	-48.2	-24.5	-31.8	-49.5	-88.7	-107	-82.8	-75.9	-3.3	-16.2
Total liabilities and equity	219	208	175	327	324	309	287	343	438	440
Shares outstanding	20.4	20.9	22.2	22.2	22.4	26.4	25.9	26.2	26.6	26.9

Cash flow statement

	FY2017	FY2018	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-49.1	-20.6	-20.6	-37	-56.8	-40.6	21.2	6.9	64.8	-17
Depreciation and amortization	18.4	20.3		21.7	29.9	25.9	21.5	39.6	43.3	52.4
Stock-based compensation	4.24	7.4		9	4.8	13	10.8	11.2	7.6	6.7
Deferred income tax									-69.4	2.9
Change in receivables	-4.57	-5.3		3.3	-2.8	-4.7	-13.5	1.1	-22.8	24.2
Change in inventory	2.74	0.4		2	1.4	3.2	-16.7	-0.3	3.8	7.3
Change in payables	10.5	-4.1		6.9	-4.7	2.8	5.1	4.5	-10.6	-10.7
Cash from operations	18.3	34.2		30.7	47.8	2.4	29.6	54.7	31.7	52
Capital expenditures	-15.1	-24.8		-10.5	-15.3	-11.3	-20.6	-32	-17	-35.7
Acquisitions				-106
Cash from investing	-35.4	-42.9		-133	-23.7	-32.4	-37.5	-57.6	-40.1	-40.5
Debt issued		140		271		333				366
Debt repaid	-3.2	-124		-144	-4.2	-321				-339
Stock issued	1.65
Share buybacks							-10.4	-1.6		-0.4
Cash from financing	34.6	11.2		114	-8.2	31.2	-11	16.2	-1.6
Exchange rate effect	1.12	-0.01		2.3	3.2
Net change in cash	18.5	2.5		13.1	18	0.7	-22.8	15	-10.7	14
Free cash flow	3.13	9.4		20.2	32.5	-8.9	9	22.7	14.7	16.3
Interest paid	10.5	16.7		12.6	13.3	30.8	23	24	26.6	36.6
Income taxes paid	0.36	0.01			0.2	1.2		5	9.2	7.5

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 $4.57 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	14.3%	Operating income / revenue.
EBITDA margin	33.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.8%	Pre-tax income / revenue.
Net margin	-3.3%	Net income / revenue.
FCF margin	6.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.5%	Cash from operations / revenue.
Return on assets (ROA)	-2.4%	Net income / average total assets.
Return on invested capital (ROIC)	11.3%	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%.
Stock-based pay / revenue	2.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	8.3%	Capital expenditures / revenue.
D&A / revenue	19.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-0.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-13.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	12.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	47.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-126.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-126.1%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	64.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	20.7%	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	1.7%	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	10.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	21.9%	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	-12.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.9%	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	6.3%	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	-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	-0.0%	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	4.1%	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	2.27x	Current assets / current liabilities.
Quick ratio	0.42x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.42x	(Cash + short-term investments) / current liabilities.
Debt / assets	81.3%	Total debt / total assets.
Liabilities / assets	104.0%	Total liabilities / total assets.
Net debt	$296.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.16x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.93x	Operating income / interest expense.
Working capital	$69.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	15.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$76.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.72x	Revenue / average total assets.
Fixed asset turnover	5.00x	Revenue / average property, plant and equipment.
Capex / operating cash flow	57.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.32	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	$9.61	Revenue / diluted weighted shares.
FCF per share	$0.60	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.39	Cash from operations / diluted weighted shares.
Book value per share	-$0.59	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.91	Tangible book value / shares outstanding.
Cash per share	$0.88	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$120.5M	Share price x shares outstanding.
Enterprise value	$416.7M	Market cap + total debt - cash - short-term investments.
P/S	0.43x	Market cap / revenue.
P/FCF	6.88x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.95x	Market cap / cash from operations, when positive.
EV/Sales	1.48x	Enterprise value / revenue.
EV/EBIT	10.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.45x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	14.5%	Free cash flow / market cap.
Earnings yield	-7.8%	Net income / market cap (the inverse of P/E).

What was Inspired Entertainment, Inc.'s revenue in fiscal 2025?

Inspired Entertainment, Inc. reported revenue of $304.1M for fiscal 2025, 2.4% higher than the year before.

Was Inspired Entertainment, Inc. profitable in fiscal 2025?

No. It reported a net loss of $17.0M.

How much free cash flow did Inspired Entertainment, Inc. generate in fiscal 2025?

Cash from operations of $52.0M minus capital expenditures of $35.7M left free cash flow of $16.3M.

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 Inspired Entertainment, Inc.