IT TECH PACKAGING, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data IT TECH PACKAGING, 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

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	135	135	117	86.7	118	101	161	100	86.5	75.8
Cost of revenue	107	109	97.1					95.6	85.5	69.1
Gross profit	27.9	25.5	20	5.82	13.7	5.7	11	4.75	1	6.69
Research and development	0.03	0.02	0.03	0.03	0.07	0.07	0.1	0.15	0.09	0.1
Selling, general and administrative	9.66	12.4	11.3	13.1	9.78	11.2	9.56	10.1	9.08	14.8
Operating income	18.2	13	4.68	-11.2	3.9	-5.46	1.46	-5.3	-9.58	-8.21
Interest expense	3.16	2.62	2.43	1.49	0.93	1.03	1.12	1.03	0.98	0.76
Interest income	0.07	0.1	0.03	0.04	0.06	0.03	0.04	0.02	0.32	0.01
Pre-tax income	15.7	10.4	2.32	-12.4	3.3	-6.66		-4.86	-9.6	-8.96
Income tax	4.12	3.11	0.66	-1.85	1.08	-1.1	5.55	11.7	0.35	0.88
Net income	11.5	7.31	1.66	-10.5	2.22	-5.55	0.91	-16.6	-9.95	-9.84
EBITDA	31.6	28.2	19.3	3.11	19.2	10.3	16.8	9.48	4.65	6.01
EPS, basic	0.57	0.34	0.08	-0.49	0.10	-0.21	0.10	-1.66	-0.99	-0.98
EPS, diluted	0.57	0.34	0.08	-0.49	0.10	-0.21	0.10	-1.66	-0.99	-0.98
Shares, basic (weighted)	20.3	21.4	21.5	21.6	22	26.5	9.13	9.97	10.1	10.1
Shares, diluted (weighted)	20.3	21.4	21.5	21.6	22	26.5	9.13	9.97	10.1	10.1

Balance sheet

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	2.64	4.49	9.02	12.1	5.84	4.14	11.2	9.52	4.39	6.95
Receivables									0.58	0.29
Inventory	9.21	5.63	8.47	2.92	1.61	1.23	5.84	2.87	3.56	2.35
Other current assets	0.01	0.02	0.01	0.04	0.25	0.99	25.8	27.2	19	18
Total current assets	26.3	14.5	20	24.2	24	14.9	55.5	47.2	28.4	28.5
Property, plant and equipment	206	188	189	168	152	145	127	152	164	147
Lease right-of-use assets								0.67	0.53	0.42
Total assets	239	208	219	203	190	200	242	204	195	178
Accounts payable	0.25	0.56	0.42	0.63	0.25	0.59	0.01	0.01	0	0
Accrued liabilities	0.53	0.21	0.55	0.62	0.61	0.65	0.66	0.61	0.6	0.3
Deferred revenue										0.01
Short-term debt	-6.86	-8.79				6.44	5.96	4.84	6.87	3.56
Total current liabilities	40.2	20.6	21.8	29.6	16.8	18.3	20.4	17.6	21.4	20.1
Long-term debt	3.22							4.2	4.5	1.11
Lease liabilities						0.35	0.15	0.58	0.48	0.23
Other non-current liabilities										0.28
Total liabilities	62.8	35.6	33.7	36.5	24.2	24.8	25.8	23.1	26.4	21.5
Total debt	8.62	8.07	8.16	4.52	4.44	9.59	9.82	9.04	11.4	4.67
Paid-in capital	49.2	50.6	50.6	51.1	51.2	54	89	89.2	89.2	89.2
Retained earnings								93.6	83.6	73.8
Other comprehensive income	6.34	-5.44	5.47	-3.26	-6.06	5.74	10.5	-7.51	-10.6	-13
Shareholders' equity	176	173	185	167	166	175	181	181	168	156
Total equity	176	173	185	167	166	175	181	181	168	156
Total liabilities and equity	239	208	219	203	190	200	242	204	195	178
Shares outstanding	20.3	21.5	21.5	21.5	22.1	28.5	9.92	10.1	10.1	10.1

Cash flow statement

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	11.5	7.31	1.66	-10.5	2.22	-5.55	0.91	-16.6	-9.95	-9.84
Depreciation and amortization	13.4	15.3	14.6	14.3	15.3	15.8	15.4	14.8	14.2	14.2
Stock-based compensation		1.42		0.47		1.26		0.16
Deferred income tax	-1.2	-1.96	-3.01	-2.09	-2.37	-2.36	2.73	10.3
Change in receivables	1.71	-2.25	2.27	1.18	-0.29	0.92	-2.43	3.75	0.28	0.24
Change in inventory	-2.58	3.11	-2.42	-5.32	1.21	0.46	-4.53	2.55	-0.74	0.43
Change in payables	0.26	0.34	-0.17	0.23	-0.37			-0	0
Cash from operations	21.2	15.3	18.2	9.17	7.53	16.1	-2.44	10.7	12.9	6.3
Capital expenditures	-19.3	-11.6	-9.38	-2.2	-6.42	-21.1	-25.1	-4.53	-22.3	-0.33
Acquisitions								-6.36
Cash from investing	-19.3	-11.5	-9.32	-2.2	-7.87	-20.5	-25.1	-10.9	-22.2	-0.33
Debt issued								0.06	3.77
Debt repaid	-4.62
Stock issued					-1.45
Cash from financing	-2.8	-3.68	-4.92	-3.17	-5.77	2.05	34.2	-0.88	4.41	-3.26
Exchange rate effect	-0.32	-0.36	0.61	-0.71	-0.17	0.63	0.37	-0.62	-0.17	-0.15
Net change in cash	-1.25	-0.31	4.52	3.1	-6.28	-1.7	7.06	-1.68	-5.13	2.56
Free cash flow	1.87	3.69	8.77	6.97	1.11	-4.96	-27.5	6.19	-9.42	5.97
Interest paid	3.26	2.41	1.36	1.39	0.93	0.59	0.58	0.32	1.48	1.81
Income taxes paid	5.33	4.35	3.25	0.52	2.25	2.4	1.97	2.05	0.76	0.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2025; growth uses fiscal years. Valuation uses the share price of $0.16 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	5.7%	Gross profit / revenue.
Operating margin	-12.6%	Operating income / revenue.
EBITDA margin	5.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-13.3%	Pre-tax income / revenue.
Net margin	-13.9%	Net income / revenue.
FCF margin	4.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.9%	Cash from operations / revenue.
Return on equity (ROE)	-7.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-6.2%	Net income / average total assets.
Return on invested capital (ROIC)	-5.3%	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%.
SG&A / revenue	18.1%	Selling, general and administrative expense / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	18.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-12.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-22.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-8.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	569.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-15.3%	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	-13.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	29.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-29.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-20.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-51.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-3.5%	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	39.9%	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	-7.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.9%	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	-1.2%	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	-8.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.8%	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	-1.4%	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	0.0%	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	3.3%	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	-14.5%	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	1.92x	Current assets / current liabilities.
Quick ratio	0.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.49x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.03x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	2.7%	Total debt / total assets.
Liabilities / assets	13.5%	Total liabilities / total assets.
Net debt	-$4.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.95x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-16.6x	Operating income / interest expense.
Working capital	$17.1M	Current assets - current liabilities.
Tangible book value	$152.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.45x	Revenue / average total assets.
Fixed asset turnover	0.57x	Revenue / average property, plant and equipment.
Inventory turnover	19.1x	Cost of revenue / average inventory.
Days inventory	19 days	365 x average inventory / cost of revenue.
Receivables turnover	38.0x	Revenue / average receivables.
Days sales outstanding	10 days	365 x average receivables / revenue.
Capex / operating cash flow	1.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.80	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	$5.80	Revenue / diluted weighted shares.
FCF per share	$0.28	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.28	Cash from operations / diluted weighted shares.
Book value per share	$8.96	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.96	Tangible book value / shares outstanding.
Cash per share	$0.54	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.6M	Share price x shares outstanding.
Enterprise value	-$1.8M	Market cap + total debt - cash - short-term investments.
P/S	0.03x	Market cap / revenue.
P/B	0.02x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.02x	Market cap / tangible book value, when positive.
P/FCF	0.69x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	0.68x	Market cap / cash from operations, when positive.
FCF yield	145.0%	Free cash flow / market cap.
Earnings yield	-416.4%	Net income / market cap (the inverse of P/E).

What was IT TECH PACKAGING, INC.'s revenue in fiscal 2024?

IT TECH PACKAGING, INC. reported revenue of $75.8M for fiscal 2024, 12.4% lower than the year before.

Was IT TECH PACKAGING, INC. profitable in fiscal 2024?

No. It reported a net loss of $9.8M.

How much free cash flow did IT TECH PACKAGING, INC. generate in fiscal 2024?

Cash from operations of $6.3M minus capital expenditures of $329.6K left free cash flow of $6.0M.

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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