Massimo Group financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Massimo Group 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

	FY2023	FY2023	FY2024	FY2025
Revenue	86.5	115	109	71.8
Cost of revenue	64.3	79.1	76.9	44.9
Gross profit	22.2	35.9	32.5	26.9
Research and development			0.34	2.09
Selling and marketing	8.67	9.76
General and administrative	8.93	13.2	16.5	15.5
Operating expenses	17.6	23	27.4	25
Operating income	4.61	12.9	5.05	1.98
Interest expense	0.83	0.52	0.1	0.05
Other non-operating income	-0.44	-0.38	-2.63	0.05
Pre-tax income	4.16	12.5	2.42	2.03
Income tax		2.13	0.65	0.52
Net income	4.16	10.4	1.76	1.51
EBITDA	4.75	13.1	5.22	2.12
EPS, basic		0.26	0.04	0.04
EPS, diluted		0.26	0.04	0.04
Shares, basic (weighted)		40	41	41.6
Shares, diluted (weighted)		40	41.2	41.6

Balance sheet

	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	0.95	0.77	10.2	5.79
Receivables	6.83	9.57	4.83	5.33
Inventory	23.8	25.8	27.3	26
Other current assets	0.07	0.64	1.22	2.53
Total current assets	34.6	38.4	43.6	39.8
Property, plant and equipment	0.41	0.4	0.53	0.46
Lease right-of-use assets	1.34	1.48	9.49	7.39
Other non-current assets			0.05	0.05
Total assets	36.9	41.9	54.9	51.4
Accounts payable	11.1	10.3	9.57	7.73
Accrued liabilities	0.56	0.28	0.26	0.01
Deferred revenue	0.7	1.84	0.45	0.61
Short-term debt	5.6	0.3
Total current liabilities	31.1	18.8	25.7	22.3
Lease liabilities	0.59	0.63	7.41	5.46
Other non-current liabilities		7.92
Total liabilities	31.8	27.5	33.2	27.7
Paid-in capital	1.99	1.99	6.61	7.11
Retained earnings	5.07	13.3	15	16.6
Shareholders' equity	5.07	14.5	21.7	23.7
Total equity	5.07	14.5	21.7	23.7
Total liabilities and equity	36.9	41.9	54.9	51.4
Shares outstanding	40	40	41.5	41.6

Cash flow statement

	FY2023	FY2023	FY2024	FY2025
Net income	4.16	10.4	1.76	1.51
Depreciation and amortization	0.15	0.19	0.17	0.14
Stock-based compensation			0.22	0.19
Deferred income tax		-0.13	-0.99	-1.96
Change in receivables	1.09	-3.54	4.91	-0.61
Change in inventory	-1.45	-2.48	-1.49	1.25
Change in payables	-1.15	1.36	-0.76	-1.85
Cash from operations	0.62	10.9	6.67	-0.1
Capital expenditures	-0.2	-0.13	-0.39	-0.07
Purchases of investments				-3
Cash from investing	-0.2	-0.12	-0.23	-0.73
Stock issued		0.6
Cash from financing	-0.76	-11	3	-3.59
Net change in cash	-0.34	-0.18	9.44	-4.42
Free cash flow	0.42	10.8	6.28	-0.16
Interest paid	0.81	0.52	0.1	0.05
Income taxes paid		0.14	2.7	0.02

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 $0.94 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	43.0%	Gross profit / revenue.
Operating margin	7.9%	Operating income / revenue.
EBITDA margin	8.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.8%	Pre-tax income / revenue.
Net margin	6.0%	Net income / revenue.
Operating cash flow margin	7.0%	Cash from operations / revenue.
Effective tax rate	22.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.1%	Net income / average total assets.
Return on invested capital (ROIC)	20.6%	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	3.1%	Research and development expense / revenue.
D&A / revenue	0.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-34.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	-17.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-60.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-24.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-59.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-23.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-14.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-28.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	0.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-101.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-102.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	9.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	67.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-6.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.85x	Current assets / current liabilities.
Quick ratio	0.48x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	50.6%	Total liabilities / total assets.
Working capital	$17.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$23.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.35x	Revenue / average total assets.
Fixed asset turnover	66.6x	Revenue / average property, plant and equipment.
Inventory turnover	1.58x	Cost of revenue / average inventory.
Days inventory	231 days	365 x average inventory / cost of revenue.
Receivables turnover	13.2x	Revenue / average receivables.
Days sales outstanding	28 days	365 x average receivables / revenue.
Days payables	52 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	206 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.10	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	$1.58	Revenue / diluted weighted shares.
Operating cash flow per share	$0.11	Cash from operations / diluted weighted shares.
Book value per share	$0.58	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.57	Tangible book value / shares outstanding.
Cash per share	$0.11	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$39.1M	Share price x shares outstanding.
Enterprise value	$34.4M	Market cap + total debt - cash - short-term investments.
P/E	9.85x	Market cap / net income. Only when net income is positive.
P/S	0.60x	Market cap / revenue.
P/B	1.62x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.65x	Market cap / tangible book value, when positive.
P/OCF	8.56x	Market cap / cash from operations, when positive.
EV/Sales	0.52x	Enterprise value / revenue.
EV/EBIT	6.66x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.44x	Enterprise value / EBITDA, when both are positive.
Earnings yield	10.2%	Net income / market cap (the inverse of P/E).

What was Massimo Group's revenue in fiscal 2025?

Massimo Group reported revenue of $71.8M for fiscal 2025, 34.3% lower than the year before.

Was Massimo Group profitable in fiscal 2025?

Yes. Net income was $1.5M, a net margin of 2.1%.

How much free cash flow did Massimo Group generate in fiscal 2025?

Cash from operations of $98.3K minus capital expenditures of $65.4K left free cash flow of -$163.6K.

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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