Medalist Diversified, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Medalist Diversified, 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

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6.59	8.28	9.28	11.5	11.1	10.3	9.74	10.4
Cost of revenue	0.34	0.49	0.61
Gross profit	6.25	7.79	8.67
Selling, general and administrative	0.12	0.26	0.3	0.65
General and administrative				0.65	0.46	0.48	0.97	1.28
Operating expenses	7.65	9.53	15	10.8	11.7	11.3	8.72	10.1
Operating income	-1.06	-1.25	-5.74	0.81	-1.41	-1	3.73	0.55
Interest expense	1.92	2.47	3.96	5.53	3.56	3.54	3.02	2.62
Other non-operating income	0.04	-0.08	0.12	0.36
Pre-tax income	-2.94	-3.8	-9.7	-4.72	-4.97	-4.54	0.71	-2.07
Income tax	0.05	0		0			0
Net income	-2.74	-3.02	-8.18	-4.36	-4.77	-4.57	0.03	-2.39
EBITDA	0.98	1.53	-1.76	4.32	3.29	3.58	7.65	3.9
EPS, basic	-27.68	-16.33	-34.64	-6.57	-5.58	-5.15	0.02	-1.90
EPS, diluted	-27.68	-16.33	-34.64	-6.57	-5.58	-5.15	0.03	-1.90
Shares, basic (weighted)	0.1	0.18	0.24	0.66	0.86	0.89	1.13	1.26
Shares, diluted (weighted)	0.11	0.19	0.24	0.66	0.86	0.89	1.13	1.26
Dividend per share	10.45	10.45	2.49	0.40	1.40	0.40	0.17	0.27

Balance sheet

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1.33	0.61	2.86	4.37	3.92	2.23	4.78	2.63
Intangible assets	2.59	4.46	3.26	4.2	3.75	2.72	2.19	1.26
Total assets	53.1	83.2	79.3	92.5	87.9	82.7	75.1	77.7
Short-term debt						1
Total liabilities	34.5	62.4	67.6	69.5	69.2	69	54.1	53.6
Total debt	33.2	59.5	61.2	62.1		60.4		51.4
Paid-in capital	22.1	31.7	33.1	49.6	51.5	51.5	54.5	52
Retained earnings	-5.23	-10.6	-19.3	-25	-30.9	-35.9	-36	-38.8
Shareholders' equity	15	18.2	10.9	21.5	17.3	12.3	15	9.43
Total equity	18.6	20.9	11.7	23	18.7	13.7	21	24.1
Total liabilities and equity	53.1	83.2	79.3	92.5	87.9	82.7	75.1	77.7
Shares outstanding	0.12	0.23	0.24	0.81	0.89	0.89	1.35	1.11

Cash flow statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-2.99	-3.8	-9.58	-4.36	-4.73	-4.57	0.74	-1.94
Depreciation and amortization	2.04	2.77	3.98	3.51	4.71	4.57	3.92	3.35
Stock-based compensation	0.79	0.06	0.57	0.15	0.48		0.28	0.4
Change in payables	-0.42	0.74	-0.26	0.09	-0.11	-0.1	0.09	-0.24
Cash from operations	-0.42	0.81	-1.68	0.83	1.19	0.1	1.8	1.53
Capital expenditures	-0.99	-2.14	-0.41	-0.54	-1.02	-1.48	-0.9	-1.45
Cash from investing	-5.42	-34.9	-0.41	-19.1	-9.32	-1.48	2.06	-6.98
Stock issued		0.97			1.54	1.54	2.85
Share buybacks					-0.29		-0.03	-0.14
Dividends paid	-1.21	-2.44	-0.92	-1.15	-1.31	-0.38
Cash from financing	6.67	32.1	5.12	20.6	6.4	-0.47	-1.6	3.51
Net change in cash	0.83	-2.05	3.02	2.29	-1.72	-1.85	2.26	-1.94
Free cash flow	-1.41	-1.33	-2.1	0.3	0.18	-1.38	0.89	0.08
Interest paid	1.85	2.09	3.28	4.07	3.24	3.28	2.93	2.64

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 $11.86 on September 23, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	133.2%	Operating income / revenue.
EBITDA margin	156.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	117.7%	Pre-tax income / revenue.
Net margin	79.6%	Net income / revenue.
FCF margin	-6.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.7%	Cash from operations / revenue.
Return on equity (ROE)	31.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.2%	Net income / average total assets.
Return on invested capital (ROIC)	27.4%	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	13.0%	Capital expenditures / revenue.
D&A / revenue	23.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-85.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-49.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-8,779.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-6,433.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-14.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-91.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-24.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	57.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-42.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-36.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-37.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-18.2%	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	-2.8%	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	3.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.0%	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	-0.4%	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	11.1%	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	13.7%	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	39.7%	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
Debt / equity	0.79x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.0%	Total debt / total assets.
Liabilities / assets	35.5%	Total liabilities / total assets.
Net debt	$12.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.84x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.69x	Operating income / interest expense.
Goodwill and intangibles / assets	0.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$23.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.17x	Revenue / average total assets.
FCF conversion	-8.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	195.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.79	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	$6.01	Revenue / diluted weighted shares.
FCF per share	-$0.38	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.40	Cash from operations / diluted weighted shares.
Book value per share	$14.76	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.64	Tangible book value / shares outstanding.
Cash per share	$3.92	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$19.3M	Share price x shares outstanding.
Enterprise value	$32.0M	Market cap + total debt - cash - short-term investments.
P/E	2.53x	Market cap / net income. Only when net income is positive.
P/S	2.02x	Market cap / revenue.
P/B	0.80x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.81x	Market cap / tangible book value, when positive.
P/OCF	30.2x	Market cap / cash from operations, when positive.
EV/Sales	3.34x	Enterprise value / revenue.
EV/EBIT	2.51x	Enterprise value / operating income, when both are positive.
EV/EBITDA	2.13x	Enterprise value / EBITDA, when both are positive.
FCF yield	-3.2%	Free cash flow / market cap.
Earnings yield	39.5%	Net income / market cap (the inverse of P/E).

What was Medalist Diversified, Inc.'s revenue in fiscal 2025?

Medalist Diversified, Inc. reported revenue of $10.4M for fiscal 2025, 6.8% higher than the year before.

Was Medalist Diversified, Inc. profitable in fiscal 2025?

No. It reported a net loss of $2.4M.

How much free cash flow did Medalist Diversified, Inc. generate in fiscal 2025?

Cash from operations of $1.5M minus capital expenditures of $1.5M left free cash flow of $77.0K.

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 Medalist Diversified, Inc.