Karooooo Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Karooooo Ltd. files with the SEC in its annual reports.

In ZAR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,693	1,942	2,291	2,746	3,507	4,206	4,567
Cost of revenue	485	575	671	923	1,235	1,515	1,364
Gross profit	1,208	1,367	1,620	1,824	2,272	2,691	3,203
Research and development	48.3	44.9	100	149	177	212	227
Selling, general and administrative	444	460	477	555	705	838	945
Operating income	500	631	727	699	882	1,043	1,312
Interest expense	31.4	16.8	9.3	12.3	10.1	15.8	50.9
Interest income	2.75	2.59	4.36	6.08	23.3	39.4	44.2
Pre-tax income	471	617	696	682	894	1,066	1,247
Income tax	110	173	199	205	285	312	310
Net income to minority interests	124	154	179	26.7	11.7	16	16.1
Net income	237	290	318	450	597	738	921
EBITDA				1,196	1,427	1,691	1,975
EPS, basic			15.65	15.24	19.29	23.85	29.81
EPS, diluted			15.65	15.24	19.29	23.85	29.81

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents			76.1	718	966	460	1,043
Receivables		252	324	334	409	985
Inventory		152		25.4	79.2	6.58	3.83
Total current assets		567	1,327	1,115	1,463	1,460	1,657
Property, plant and equipment		855	1,137	1,391	1,592	2,033	2,508
Goodwill		132	124	186	212	227	175
Intangible assets	18.5	40.7	59.3	77	85.6	83.1	83.1
Total assets		1,845	2,915	3,090	3,752	4,307	5,079
Accounts payable		171	282	282	374	446	470
Total current liabilities		407	1,434	624	789	940	1,452
Lease liabilities		54.1	60.3	64.8	67.9	131	127
Total liabilities		620	1,633	915	1,060	1,305	1,834
Total debt			28.8	13.7	0.04	48.2	315
Retained earnings		836	815	1,277	1,565	1,803	2,112
Shareholders' equity		878	855	2,151	2,661	2,962	3,202
Minority interests		347	427	22.9	30.9	40.9	43.1
Total equity	838	1,225	1,282	2,174	2,692	3,002	3,246
Total liabilities and equity		1,845	2,915	3,090	3,752	4,307	5,079

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	361	444	497	477	609	754	937
Depreciation and amortization				497	545	648	663
Cash from operations	472	901	938	932	1,127	955	1,933
Capital expenditures	-422	-389	-478	-553	-580	-876	-1,022
Cash from investing		-427	-518	-658	-622	-932	-1,077
Debt issued	239			110	0.5		290
Debt repaid			-46.8	-47.2	-56.6	-57.9	-77.6
Dividends paid	-149	-92	-418	-6.73	-331	-500	-612
Cash from financing	83.4	-368	-486	335	-420	-593	-443
Exchange rate effect	126	2.89	-4.64	33.5	163	40.5	-11.3
Free cash flow	50.2	513	460	379	547	78.7	911
Interest paid		9.32	7.25	14.1	10.1	15.8	48.6

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	70.1%	Gross profit / revenue.
Operating margin	28.7%	Operating income / revenue.
EBITDA margin	43.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	27.3%	Pre-tax income / revenue.
Net margin	20.2%	Net income / revenue.
FCF margin	19.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	42.3%	Cash from operations / revenue.
Effective tax rate	24.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	29.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	19.6%	Net income / average total assets.
Return on invested capital (ROIC)	39.3%	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%.
R&D / revenue	5.0%	Research and development expense / revenue.
SG&A / revenue	20.7%	Selling, general and administrative expense / revenue.
Capex / revenue	22.4%	Capital expenditures / revenue.
D&A / revenue	14.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	19.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	20.7%	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	18.6%	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	25.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	23.4%	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	15.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	16.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	18.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	24.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	27.0%	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	26.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	25.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	25.1%	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	102.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	27.5%	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	16.5%	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 growth, 1y	1,058.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	33.9%	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	12.2%	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	8.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.2%	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	29.5%	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	17.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.0%	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	22.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.14x	Current assets / current liabilities.
Quick ratio	0.72x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.72x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.10x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	6.2%	Total debt / total assets.
Liabilities / assets	36.1%	Total liabilities / total assets.
Net debt	-ZAR 727.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.37x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	25.8x	Operating income / interest expense.
Working capital	ZAR 205.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	ZAR 2.94B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.97x	Revenue / average total assets.
Fixed asset turnover	2.01x	Revenue / average property, plant and equipment.
Inventory turnover	262x	Cost of revenue / average inventory.
Days inventory	1 days	365 x average inventory / cost of revenue.
Days payables	123 days	365 x average accounts payable / cost of revenue.
FCF conversion	98.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	52.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	ZAR 29.81	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	ZAR 29.81	Net income per basic share, as reported (split-adjusted).
Payout ratio	66.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	67.2%	Dividends paid / free cash flow, when free cash flow is positive.

What was Karooooo Ltd.'s revenue in fiscal 2025?

Karooooo Ltd. reported revenue of ZAR 4.57B for fiscal 2025, 8.6% higher than the year before.

Was Karooooo Ltd. profitable in fiscal 2025?

Yes. Net income was ZAR 921.0M, a net margin of 20.2%.

How much free cash flow did Karooooo Ltd. generate in fiscal 2025?

Cash from operations of ZAR 1.93B minus capital expenditures of ZAR 1.02B left free cash flow of ZAR 910.9M.

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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