MERCER INTERNATIONAL INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MERCER INTERNATIONAL 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	932	1,169	1,458	1,624	1,423	1,803	2,281	1,994	2,043	1,868
Cost of revenue		866	1,032	1,340	1,164	1,246	1,639	1,853	1,683	1,776
Gross profit		303	426	284	259	558	642	140	360	92.1
Selling, general and administrative	44.5	49.7	61.5	74.2	66.9	78.9	106	123	116	114
Operating income	115	169	268	84	63.7	347	392	-189	15	-398
Interest expense	51.6	54.8	51.5	75.8	80.7	70	71.5	88.2	109	115
Other non-operating income	-55.7	-64.6	-90.6	-74.4	-74.9	-86	-47.1	-81	-102	-113
Pre-tax income	59.5	104	177	9.59	-11.1	261	345	-270	-86.9	-511
Income tax	24.5	33.5	48.7	19.2	6.1	89.6	98.3	-27.8	-1.77	-13.3
Net income to minority interests	0
Net income	34.9	70.5	129	-9.64	-17.2	171	247	-242	-85.1	-498
EBITDA	187	254	365	210	193	479	537	-16.3	186	-238
EPS, basic	0.54	1.09	1.97	-0.15	-0.26	2.59	3.74	-3.65	-1.27	-7.44
EPS, diluted	0.54	1.08	1.96	-0.15	-0.26	2.58	3.71	-3.65	-1.27	-7.44
Shares, basic (weighted)	64.6	64.9	65.1	65.6	65.8	65.9	66.1	66.4	66.8	66.9
Shares, diluted (weighted)	65.1	65.4	65.8	65.6	65.8	66.3	66.6	66.4	66.8	66.9
Dividend per share	0.46	0.47	0.50	0.54	0.33	0.26	0.30	0.30	0.30	0.15

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	137	143	240	351	361	346	354	314	185	187
Receivables	124	206	253	209	227	345	352	306	327	299
Inventory	133	177	304	273	272	357	450	414	362	359
Other current assets	3.61	8.97	13.7	12.3	15	16.6	21.7	23.5	17.6	20.7
Total current assets	402	852	811	845	875	1,064	1,178	1,093	910	866
Property, plant and equipment	738	845	1,029	1,074	1,110	1,136	1,341	1,410	1,255	1,115
Lease right-of-use assets			0	13	13.3	9.71	15	11.7	7.6	6.82
Goodwill						0	30.9	35.4	0
Intangible assets		24.6	53.9	53.4	51.6	47.9	61.5	52.6	49.8	26.1
Other non-current assets	7.59	1.58	17.9	26	31.9	38.7	48	12.1	13.6	6.39
Total assets	1,159	1,725	1,976	2,066	2,129	2,351	2,725	2,663	2,263	2,041
Accounts payable	28.8	36.2	36.3	73.7	42.7	58.5	92.8	61.1	53.6	72
Accrued liabilities	39.9	67.5	95.9	112	60.6	76.4	97	87.4	73.8	85.7
Deferred revenue							0	15.3	4.35	16.4
Short-term debt	0	296	0							13.7
Total current liabilities	93.2	430	195	256	212	283	378	286	257	284
Long-term debt	618	663	1,041	1,088	1,187	1,238	1,347	1,609	1,474	1,605
Lease liabilities			0	10.5	9.93	6.57	9.48	7.76	4.79	3.86
Other non-current liabilities	26.5	27.5	13.9	14.1	10.9	13.6	14.1	13.7	11.9	12
Total liabilities	780	1,174	1,394	1,515	1,528	1,657	1,886	2,027	1,833	1,973
Total debt	618	959	1,041	1,088	1,187	1,238	1,347	1,609	1,474	1,605
Paid-in capital	334	339	342	345	346	348	354	359	363	365
Retained earnings	166	206	302	256	217	371	598	336	231	-277
Other comprehensive income	-185	-59	-128	-117	-27.6	-90.8	-180	-127	-231	-87.2
Shareholders' equity	379	551	581	550	601	694	839	635	430	68.1
Total equity	379	-59	581	550	601	694	839	635	430	68.1
Total liabilities and equity	1,159	1,725	1,976	2,066	2,129	2,351	2,725	2,663	2,263	2,041
Shares outstanding	64.7	65	65.2	65.6	65.9	66	66.2	66.5	66.9	67

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	34.9	70.5	129	-9.64	-17.2	171	247	-242	-85.1	-498
Depreciation and amortization	72	85.3	96.7	126	129	132	144	173	171	160
Stock-based compensation	4.66	2.89	3.94	3.04	0.93	2.39	6.74	5.92	3.86	2.29
Deferred income tax	16.8	22.1	16.6	-7.87	-15.2	18.8	7	-36.4	-35.7	-11.3
Change in inventory	6.84	-20	-58.1	24.7	-11.4	-96.4	-63.2	-15.8	23.9	0.53
Change in payables	-10.3	37.2	38	45.3	-53.7	75.6	66.8	-98.2	-17.7	7.16
Cash from operations	141	142	237	244	41.6	182	361	-69	90.2	8.59
Capital expenditures	-42.5	-57.9	-87	-132	-78.5	-159	-179	-136	-84.3	-88.6
Acquisitions	0	-61.6	-380	-6.38	0	-51.3	-257		0	0
Purchases of investments			0	0	-9.37	0	-75	0	0
Sales and maturities of investments			0	0	26.9	0	75.5
Cash from investing	-44.3	-122	-467	-139	-59.8	-178	-425	-200	-67	-81.3
Debt issued	0	550	350	206	0	875	0	200	206	0
Debt repaid	-23.1	-235	-317	-104	0	-825	0	0	-300	0
Stock issued	0
Share buybacks			0	-0.75	-0.16	0
Dividends paid	-29.7	-29.9	-40.7	-35.3	-21.9	-17.2	-19.8	-20	-20.1	-10
Cash from financing	-62.4	289	14.9	6.1	26.3	-18.8	80.9	229	-153	79.8
Exchange rate effect	-2.07	10.7	-4.3	-0.43	1.96	-1.07	-8.53	0.21	0.5	-5.19
Net change in cash	32	320	-220	111	10	-15.5	8.42	-40	-129	1.88
Free cash flow	98.3	84	150	112	-37	22.8	182	-205	5.89	-80
Interest paid	50.2	45.9	40.3	59.7	78.2	73.1	67.1	79.6	105	108
Income taxes paid	13.4	10.9	16.1	52.9	19.3	23	86	63.6	22.5	26

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 $0.32 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	2.8%	Gross profit / revenue.
Operating margin	-23.6%	Operating income / revenue.
EBITDA margin	-14.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-29.7%	Pre-tax income / revenue.
Net margin	-27.9%	Net income / revenue.
FCF margin	-8.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-4.6%	Cash from operations / revenue.
Return on assets (ROA)	-27.7%	Net income / average total assets.
Return on invested capital (ROIC)	-30.6%	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%.
SG&A / revenue	6.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	8.7%	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	-6.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-74.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-47.7%	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	-18.7%	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	-2,750.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-227.9%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-90.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-71.2%	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	-27.1%	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	-1,459.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	-50.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-20.6%	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	-14.7%	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	-84.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-56.7%	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	-35.3%	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	-9.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.2%	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	-0.8%	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	0.2%	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	0.2%	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	0.4%	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	1.30x	Current assets / current liabilities.
Quick ratio	0.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / assets	69.8%	Total debt / total assets.
Liabilities / assets	105.2%	Total liabilities / total assets.
Net debt	$1.23B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-3.70x	Operating income / interest expense.
Working capital	$182.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$122.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.99x	Revenue / average total assets.
Fixed asset turnover	1.81x	Revenue / average property, plant and equipment.
Inventory turnover	4.81x	Cost of revenue / average inventory.
Days inventory	76 days	365 x average inventory / cost of revenue.
Receivables turnover	6.02x	Revenue / average receivables.
Days sales outstanding	61 days	365 x average receivables / revenue.
Days payables	15 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	122 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$7.72	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	$27.70	Revenue / diluted weighted shares.
FCF per share	-$2.30	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$1.26	Cash from operations / diluted weighted shares.
Book value per share	-$1.46	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.83	Tangible book value / shares outstanding.
Cash per share	$1.18	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$21.4M	Share price x shares outstanding.
Enterprise value	$1.25B	Market cap + total debt - cash - short-term investments.
P/S	0.01x	Market cap / revenue.
EV/Sales	0.67x	Enterprise value / revenue.
FCF yield	-718.9%	Free cash flow / market cap.
Earnings yield	-2,413.0%	Net income / market cap (the inverse of P/E).

What was MERCER INTERNATIONAL INC.'s revenue in fiscal 2025?

MERCER INTERNATIONAL INC. reported revenue of $1.87B for fiscal 2025, 8.6% lower than the year before.

Was MERCER INTERNATIONAL INC. profitable in fiscal 2025?

No. It reported a net loss of $497.9M.

How much free cash flow did MERCER INTERNATIONAL INC. generate in fiscal 2025?

Cash from operations of $8.6M minus capital expenditures of $88.6M left free cash flow of -$80.0M.

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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