Open Lending Corp financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Open Lending Corp 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

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	52.2	92.8	109	216	180	117	24	93.2
Cost of revenue	4.6	7.81	9.79	18.6	20	22.3	23.9	21.6
Gross profit	47.6	85	99.1	197	160	95.2	0.17	71.7
Research and development	0.8	1.17	1.96	4.35	8.21	5.58	4.46	8.78
Selling and marketing	6.19	7.48	7.84	12	17.9	17.5	17.2	14.8
General and administrative	12.1	13.8	32.6	30.4	36	43	43.9	53.1
Operating expenses			42.4	46.7	62	66.1	65.5	76.7
Operating income	28.5	62.6	56.7	150	97.6	29.1	-65.4	-5.01
Interest expense	0.34	0.32	11.6	5.86	5.83	10.7	11.3	9.66
Interest income	0.01	0.02	0.2	0.21	2	10.3	12.1	9.32
Other non-operating income	0.17	0.2	-4.38	-0.12	-0.24	0.11	0	-0.02
Pre-tax income	28.3	62.5	-91	191	93.5	28.9	-64.6	-5.37
Income tax	0.04	-0.03	6.57	45.1	26.9	6.79	70.4	-1.13
Net income	28.3	62.5	-97.6	146	66.6	22.1	-135	-4.24
EBITDA	28.6	62.7	58	151	98.5	30.2	-63.7	-2.6
EPS, basic	-1.17	-2.97	-1.09	1.16	0.53	0.18	-1.13	-0.04
EPS, diluted	-1.17	-2.97	-1.09	1.16	0.53	0.18	-1.13	-0.04
Shares, basic (weighted)	37.6	37.6	82.9	126	126	121	119	119
Shares, diluted (weighted)	37.6	37.6	82.9	126	126	121	119	119

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	11.1	7.68	102	116	204	240	243	177
Receivables		3.77	4.35	6.53	5.72	4.62	5.06	3.65
Other current assets		0.21	2.02	4.87	2.36	2.85	3.22	5.42
Total current assets	34.3	45.2	163	203	281	290	276	223
Property, plant and equipment		0.3	1.2	2.66	2.57	0.83	0.73	0.46
Lease right-of-use assets		0	5.73	5.19	4.61	3.99	3.88	3.06
Other non-current assets		0.51	0.12	0.26	5.58	5.54	5.56	3.53
Total assets		79.2	294	319	380	374	296	237
Accounts payable		1.34	3.44	1.29	0.29	0.38	0.95	0.45
Accrued liabilities		2.01	3.03	3.98	6.39	8.13	5.17	8.7
Short-term debt			4.89	3.13	3.75	4.69	7.5	7.5
Total current liabilities	13.8	8.19	17	12.1	15.1	20.6	47.3	49.3
Long-term debt		0.83	153	143	144	139	132	77.3
Lease liabilities		0	5.14	4.64	4.08	3.45	3.27	2.38
Other non-current liabilities		0	0.01	0	3.94	5.06	7.33	5.24
Total liabilities		9.02	267	160	167	168	218	162
Total debt			158	146	147	144	140	84.8
Paid-in capital		7.63	491	497	500	502	503	498
Retained earnings	-107	-243	-428	-282	-216	-194	-329	-333
Treasury stock		0	-37.5	-56.8	-72.3	-104	-97.1	-91
Shareholders' equity	-134	-235	26.6	159	213	206	78.1	75
Total equity	-134	-235	26.6	159	213	206	78.1	75
Total liabilities and equity		79.2	294	319	380	374	296	237
Shares outstanding		37.6	127	126	124	119	119	118

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	28.3	62.5	-97.6	146	66.6	22.1	-135	-4.24
Depreciation and amortization	0.08	0.11	1.31	0.53	0.92	1.16	1.67	2.41
Stock-based compensation	2.53	1.98	2.83	3.82	5.45	9.49	8.68	7.04
Deferred income tax	0	0	4.73	20.1	0.38	-4.99	70.1	0
Change in receivables	-0.44	-1.83	-0.59	-2.18	0.8	1.11	-0.44	1.4
Cash from operations	28.6	41.8	24.6	95.2	107	82.7	17.6	-3.19
Capital expenditures	-0.11	-0.1	-1.2	-0.11	-0.24	-0.12	-0.17	-0.06
Cash from investing	-0.11	-0.1	-1.2	-1.99	-0.62	-2.18	-3.9	-1.03
Debt issued	0	0	170
Share buybacks	0	0	-37.5	-20	-18	-37.3	0	-4.89
Dividends paid	-18.9	-42.4	-136	0	0
Cash from financing	-21.4	-44.9	70.8	-77.8	-17.8	-42.3	-6.45	-61.5
Net change in cash	7.12	-3.24	94.3	15.4	89	38.2	7.26	-65.7
Free cash flow	28.5	41.7	23.4	95	107	82.5	17.4	-3.25
Interest paid	0.35	0.32	10.4	5.24	3.52	10.3	12.6	9.28
Income taxes paid	0.04	-0.04	0.14	25.3	36.1	9.08	-3.91	-2.21

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $3.14 on July 29, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	77.2%	Gross profit / revenue.
Operating margin	-7.2%	Operating income / revenue.
EBITDA margin	-4.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-7.3%	Pre-tax income / revenue.
Net margin	-5.9%	Net income / revenue.
FCF margin	-0.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.1%	Cash from operations / revenue.
Return on equity (ROE)	-7.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.3%	Net income / average total assets.
R&D / revenue	9.3%	Research and development expense / revenue.
Stock-based pay / revenue	7.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	2.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	288.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-19.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	42,304.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-23.4%	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	-6.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-118.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-118.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-4.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-29.4%	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	23.0%	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	-20.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-14.6%	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	-4.2%	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	-2.1%	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	7.4%	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	4.44x	Current assets / current liabilities.
Quick ratio	3.62x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.53x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.10x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.9%	Total debt / total assets.
Liabilities / assets	67.4%	Total liabilities / total assets.
Net debt	-$90.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-0.76x	Operating income / interest expense.
Working capital	$169.0M	Current assets - current liabilities.
Tangible book value	$75.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.39x	Revenue / average total assets.
Fixed asset turnover	224x	Revenue / average property, plant and equipment.
Receivables turnover	18.8x	Revenue / average receivables.
Days sales outstanding	19 days	365 x average receivables / revenue.
Days payables	10 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.05	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	$0.76	Revenue / diluted weighted shares.
FCF per share	-$0.00	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.00	Cash from operations / diluted weighted shares.
Book value per share	$0.64	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.64	Tangible book value / shares outstanding.
Cash per share	$1.47	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$371.2M	Share price x shares outstanding.
Enterprise value	$280.8M	Market cap + total debt - cash - short-term investments.
P/S	4.16x	Market cap / revenue.
P/B	4.93x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.93x	Market cap / tangible book value, when positive.
EV/Sales	3.14x	Enterprise value / revenue.
FCF yield	-0.0%	Free cash flow / market cap.
Earnings yield	-1.4%	Net income / market cap (the inverse of P/E).

What was Open Lending Corp's revenue in fiscal 2025?

Open Lending Corp reported revenue of $93.2M for fiscal 2025, 288% higher than the year before.

Was Open Lending Corp profitable in fiscal 2025?

No. It reported a net loss of $4.2M.

How much free cash flow did Open Lending Corp generate in fiscal 2025?

Cash from operations of $3.2M minus capital expenditures of $56.0K left free cash flow of -$3.3M.

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.

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