Mastech Digital, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Mastech Digital, 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	132	148	177	194	222	222	242	201	199	191
Cost of revenue	106	116	135	146	143	163	179	150	143	138
Gross profit	26.3	31.6	42.5	48	51.5	59.4	63.2	51	55.6	53.1
Selling, general and administrative	21.8	27.5					51	60.3	51.8	53.1
Selling and marketing							15.3	14.8	16.4
General and administrative							17.9	22.1	21.2
Operating expenses	21.8	27.5	30.9	31	38.1	41.8	13.3	9.89	9.43
Operating income	4.51	4.08	11.6	17	13.4	17.6	12.2	-9.28	3.79	0
Other non-operating income	-0.03	-0	-0.04	0.01	0.1	-0.05	0.65	-0.08	0.03	0.22
Pre-tax income	4.02	2.95	9.41	15.2	12.6	16.9	12.5	-9.03	4.42	1.06
Income tax	1.5	1.32	2.72	4.07	2.77	4.67	3.78	-1.89	1.02	0.45
Net income	2.52	1.63	6.69	11.1	9.86	12.2	8.71	-7.14	3.4	0.61
EBITDA	4.71	6.02	14.8	20.4	17	21.6	16.4	-5.42	7.29	3.33
EPS, basic	0.29	0.16	0.61	1.01	0.87	1.07	0.75	-0.61	0.29	0.05
EPS, diluted	0.28	0.16	0.60	0.99	0.83	1.02	0.72	-0.61	0.28	0.05
Shares, basic (weighted)	8.79	9.92	11	11	11.3	11.4	11.6	11.6	11.7	11.7
Shares, diluted (weighted)	8.96	10	11.2	11.2	12	12	12.1	11.6	12	12

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.83	2.48	1.29	2.98	7.68	6.62	7.06	21.1	27.7	36.5
Receivables	17.9	22.9	28.9	22.3	22	34.2	33.6	22.6	23.8	20.6
Other current assets	0.7	1.53	1.32	1.6	1.35	3.89	3.8	5.5	7.02	5.65
Total current assets	22.7	34.7	40.7	36.9	41.2	53.9	53.2	56.5	66.2	68.6
Property, plant and equipment	0.56	1.9	2.21	2.48	1.97	3.04	2.67	1.91	2	1.56
Lease right-of-use assets				4.62	3.29	4.89	3.89	5.11	3.83	2.53
Goodwill	8.43	35.8	26.1	26.1	32.5	32.5	32.5	27.2	27.2	27.2
Intangible assets	7.31	25.5	22.7	20.1	21.9	18.8	15.8	13	10.3	7.76
Total assets	39.4	98.6	92.6	90.6	102	114	109	105	111	112
Accounts payable	1.96	5.03	4.13	4.03	2.59	4.95	4.48	4.66	4.68	3.45
Accrued liabilities	7.65	8.97	7.73	7.9	12.4	14.2	11.1	12.4	13.8	15.4
Deferred revenue	0.2	0.43	0.26	0.24	0.48	0.54	0.21	0.68	0.33	0.04
Short-term debt	1.8	4	4.58	4.58	4.4	4.4	1.1	0
Total current liabilities	12.3	20.1	17.9	19.1	22	26.8	19.6	19.9	20.6	21.1
Long-term debt	8.08	34.1	34.1	20.7	12.9	8.7	0
Lease liabilities				3.32	2.33	3.71	2.29	3.84	2.49	1.14
Total liabilities	20.3	71.5	58.3	44.3	42.5	39.6	22.9	23.8	24.1	22.5
Total debt	9.88	38.2	38.7	25.3	17.3	13.1	1.1	0
Paid-in capital	13.9	20.2	20.8	21.9	25.5	28.3	32.1	35.3	38.3	42.5
Retained earnings	9.3	10.9	17.6	28.8	38.6	50.8	59.6	52.4	55.8	56.4
Treasury stock	-4.13	-4.15	-4.17	-4.19	-4.19	-4.19	-4.19	-4.81	-4.89	-7.13
Other comprehensive income	-0.01	0.02	-0.12	-0.36	-0.54	-0.61	-1.56	-1.64	-1.91	-2.64
Shareholders' equity	19.1	27.2	34.3	46.3	59.5	74.4	86	81.4	87.4	89.3
Total equity	19.1	27.2	34.3	46.3	59.5	74.4	86	81.4	87.4	89.3
Total liabilities and equity	39.4	98.6	92.6	90.6	102	114	109	105	111	112

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2.52	1.63	6.69	11.1	9.86	12.2	8.71	-7.14	3.4	0.61
Depreciation and amortization	0.2	1.94	3.18	3.43	3.59	3.98	4.2	3.86	3.5	3.32
Stock-based compensation	0.41	0.38	0.47	0.94	2.02	2.21	2.23	3.08	2.2	3.12
Deferred income tax	0.06	-0.23	0.17	1.32	-1.82	1.06	0.66	-1.71	-0.51	-1.29
Change in payables	-0.25	1.69	-0.9	-0.1	-1.61	2.37	-0.48	0.19	0.04	-1.22
Cash from operations	2.29	3.35	-0.47	16.1	21.2	5.22	12.6	16	7.19	11.1
Capital expenditures	-0.11	-1.13	-0.77	-1.01	-0.3	-1.9	-0.84	-0.34	-0.94	-0.38
Cash from investing	-0.04	-35.9	-1.06	-0.88	-9.63	-2.08	-0.82	-0.22	-0.94	-0.49
Debt issued		30.5			17.5	0	0
Debt repaid	-1.8	-7.25	-4	-9.58	-16	-4.4	-12	-1.1	0	0
Stock issued	0.1	6	0.12	0.17	0.22	0.3	0.26	0.2	0.22	0.09
Share buybacks	-0.01	-0.02	-0.02	-0.01		0	0	-0.62	-0.08	-2.25
Cash from financing	-2.27	34.2	0.55	-13.4	-6.71	-4.09	-10.4	-1.58	0.65	-1.13
Exchange rate effect		0.01	-0.21	-0.13	-0.19	-0.09
Net change in cash	-0.02	1.65	-1.18	1.69	4.7	-1.06	0.44	14.1	6.6	8.79
Free cash flow	2.19	2.22	-1.24	15.1	20.9	3.32	11.8	15.6	6.25	10.8
Interest paid	0.43	0.93	2.06	1.78	0.78	0.62	0.32	0.04	0	0
Income taxes paid	2.3	1.51	2.03	2.63	2.68	3.83	2.16	1.36	2.23	0.87

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 $7.35 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	28.0%	Gross profit / revenue.
Operating margin	0.9%	Operating income / revenue.
EBITDA margin	2.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.9%	Pre-tax income / revenue.
Net margin	1.2%	Net income / revenue.
FCF margin	5.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.6%	Cash from operations / revenue.
Effective tax rate	36.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.9%	Net income / average total assets.
Return on invested capital (ROIC)	1.8%	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	27.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-7.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-4.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.7%	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	0.6%	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	-100.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-95.7%	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	-85.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-54.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-41.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-27.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-82.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-58.8%	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	-42.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-82.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-58.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-43.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	54.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.1%	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	-12.1%	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	72.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-3.0%	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	-12.5%	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	2.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.3%	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	8.4%	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	0.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.9%	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	1.8%	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	-0.5%	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	-0.4%	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	0.0%	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	4.10x	Current assets / current liabilities.
Quick ratio	3.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.11x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	16.2%	Total liabilities / total assets.
Working capital	$52.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	30.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$58.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.61x	Revenue / average total assets.
Fixed asset turnover	142x	Revenue / average property, plant and equipment.
Receivables turnover	8.10x	Revenue / average receivables.
Days sales outstanding	45 days	365 x average receivables / revenue.
Days payables	9 days	365 x average accounts payable / cost of revenue.
FCF conversion	457.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.17	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	$14.69	Revenue / diluted weighted shares.
FCF per share	$0.79	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.82	Cash from operations / diluted weighted shares.
Book value per share	$7.64	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.83	Tangible book value / shares outstanding.
Cash per share	$2.96	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$88.3M	Share price x shares outstanding.
Enterprise value	$52.7M	Market cap + total debt - cash - short-term investments.
P/E	42.5x	Market cap / net income. Only when net income is positive.
P/S	0.50x	Market cap / revenue.
P/B	0.96x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.52x	Market cap / tangible book value, when positive.
P/FCF	9.30x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.98x	Market cap / cash from operations, when positive.
EV/Sales	0.30x	Enterprise value / revenue.
EV/EBIT	33.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	5.55x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.8%	Free cash flow / market cap.
Earnings yield	2.4%	Net income / market cap (the inverse of P/E).

What was Mastech Digital, Inc.'s revenue in fiscal 2025?

Mastech Digital, Inc. reported revenue of $191.4M for fiscal 2025, 3.8% lower than the year before.

Was Mastech Digital, Inc. profitable in fiscal 2025?

Yes. Net income was $609.0K, a net margin of 0.3%.

How much free cash flow did Mastech Digital, Inc. generate in fiscal 2025?

Cash from operations of $11.1M minus capital expenditures of $376.0K left free cash flow of $10.8M.

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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