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Financial statementsPLAYSTUDIOS, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data PLAYSTUDIOS, 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 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 239 | 270 | 287 | 290 | 311 | 289 | 235 |
| Cost of revenue | 80.3 | 91.5 | 91.6 | 85.4 | 77.8 | 72.7 | 57.5 |
| Gross profit | 159 | 178 | 196 | 205 | 233 | 217 | 178 |
| Research and development | 39 | 51.7 | 61.3 | 63.3 | 70.3 | 67.7 | 58.4 |
| Selling and marketing | 59.9 | 57.1 | 79 | 80.8 | 74.4 | 64.6 | 55.5 |
| General and administrative | 16.7 | 17 | 27.9 | 40.3 | 45.1 | 46.1 | 45.9 |
| Operating income | 17.1 | 10.3 | -2.99 | -28.1 | -10.5 | -32.9 | -23.9 |
| Other non-operating income | 0.45 | 0.79 | 13.5 | 4.46 | 7.97 | 5.58 | -2.78 |
| Pre-tax income | 17.6 | 11.1 | 10.5 | -23.6 | -2.52 | -27.3 | -26.7 |
| Income tax | 3.98 | -1.67 | -0.26 | -5.84 | 16.9 | 1.4 | 1.94 |
| Net income | 13.6 | 12.8 | 10.7 | -17.8 | -19.4 | -28.7 | -28.6 |
| EBITDA | 19.7 | 13.1 | -0.19 | -23.4 | -4.99 | -28 | -20 |
| EPS, basic | 0.15 | 0.14 | 0.10 | -0.14 | -0.15 | -0.22 | -0.23 |
| EPS, diluted | 0.14 | 0.12 | 0.09 | -0.14 | -0.15 | -0.22 | -0.23 |
| Shares, basic (weighted) | 92.4 | 92.9 | 112 | 128 | 133 | 129 | 126 |
| Shares, diluted (weighted) | 97 | 103 | 125 | 128 | 133 | 129 | 126 |
Balance sheet
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 31 | 48.9 | 214 | 134 | 133 | 109 | 105 |
| Receivables | 16.6 | 20.5 | 25 | 30 | 26.3 | 22 | |
| Other current assets | 2.85 | 0.41 | 8.44 | 2.81 | 0.33 | 0.23 | |
| Total current assets | 77.8 | 242 | 176 | 175 | 147 | 135 | |
| Property, plant and equipment | 6.2 | 5.29 | 17.5 | 17.5 | 16.1 | 13.4 | |
| Lease right-of-use assets | 0 | 15.6 | 9.37 | 9.7 | 7.53 | ||
| Goodwill | 5.06 | 5.06 | 47.1 | 47.1 | 52.2 | 52.2 | |
| Intangible assets | 1.62 | 18.8 | 77.2 | 111 | 91 | 76.4 | |
| Other non-current assets | 1.93 | 14.4 | 4.6 | 3.69 | 6.81 | 2.1 | |
| Total assets | 134 | 335 | 352 | 366 | 323 | 291 | |
| Accounts payable | 4.72 | 7.79 | 4.43 | 1.91 | 1.52 | 7.81 | |
| Accrued liabilities | 29.1 | 15.6 | 21.5 | 39.9 | 44.5 | 16.7 | |
| Total current liabilities | 33.8 | 29.9 | 34.2 | 46 | 49.4 | 43.2 | |
| Lease liabilities | 0 | 11.7 | 5.7 | 6.66 | 4.07 | ||
| Other non-current liabilities | 1.31 | 1.46 | 2.39 | 1.05 | 0.82 | 0.14 | |
| Total liabilities | 38.4 | 31.4 | 49.7 | 78 | 78.2 | 62.8 | |
| Paid-in capital | 71.8 | 269 | 290 | 311 | 328 | 341 | |
| Retained earnings | 23.8 | 34.5 | 16.8 | -2.64 | -31.3 | -60 | |
| Treasury stock | 0 | -4.64 | -20.1 | -51.3 | -54.8 | ||
| Other comprehensive income | 0.48 | 0.39 | -0.15 | 0.12 | -0.63 | 1.81 | |
| Shareholders' equity | 80.3 | 96.1 | 303 | 302 | 288 | 245 | 228 |
| Total equity | 80.3 | 96.1 | 303 | 302 | 288 | 245 | 228 |
| Total liabilities and equity | 134 | 335 | 352 | 366 | 323 | 291 | |
| Shares outstanding | 3.57 |
Cash flow statement
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | 13.6 | 12.8 | 10.7 | -17.8 | -19.4 | -28.7 | -28.6 |
| Depreciation and amortization | 2.6 | 2.8 | 2.8 | 4.7 | 5.5 | 4.9 | 3.9 |
| Stock-based compensation | 5.88 | 3.52 | 4.46 | 17.7 | 18.7 | 18.1 | 14.1 |
| Deferred income tax | 2.35 | -3.7 | -2.34 | -7.73 | 12.4 | -1.37 | -0.24 |
| Change in payables | -1.59 | 22 | 3.88 | 1.97 | 1.43 | 0.65 | -8.15 |
| Cash from operations | 36.1 | 48.4 | 33.9 | 33.4 | 51.7 | 45.7 | 26.3 |
| Capital expenditures | -4.3 | -1.85 | -2.01 | -12 | -6.34 | -3.98 | -0.97 |
| Acquisitions | 0 | 0 | -70.4 | 0 | -3.4 | 0 | |
| Cash from investing | -25.3 | -27 | -56.9 | -102 | -32.3 | -26.3 | -16.9 |
| Stock issued | 0.75 | 0.99 | 2.41 | 1.49 | 3.13 | 0.29 | 0.12 |
| Share buybacks | -6.18 | 0 | 0 | -4.27 | -15.5 | -31.2 | -3.5 |
| Cash from financing | -7.35 | -3.64 | 187 | -9.57 | -20.2 | -41.9 | -14.9 |
| Exchange rate effect | -0.03 | 0.14 | 0.74 | -0.97 | -0.35 | -0.64 | 1.24 |
| Net change in cash | 3.42 | 17.9 | 165 | -79.5 | -1.11 | -23.1 | -4.23 |
| Free cash flow | 31.8 | 46.6 | 31.9 | 21.4 | 45.4 | 41.8 | 25.4 |
| Interest paid | 0.23 | 0.05 | 0.13 | 0.15 | 0.19 | 0.17 | 0.79 |
| Income taxes paid | 2.05 | 7.02 | -4.32 | 1.88 | 6.11 | 1.64 | 1.55 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 77.9% | Gross profit / revenue. |
| Operating margin | -17.9% | Operating income / revenue. |
| EBITDA margin | -16.4% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | -19.1% | Pre-tax income / revenue. |
| Net margin | -20.6% | Net income / revenue. |
| FCF margin | 8.0% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 8.3% | Cash from operations / revenue. |
| Return on equity (ROE) | -22.5% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | -17.2% | Net income / average total assets. |
| Return on invested capital (ROIC) | -30.5% | 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 | 26.7% | Research and development expense / revenue. |
| Stock-based pay / revenue | 4.4% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.3% | Capital expenditures / revenue. |
| D&A / revenue | 1.5% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -18.8% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -6.8% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | -2.7% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -18.0% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -4.7% | 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 | -0.1% | 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 | -42.4% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -7.6% | 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 | -11.5% | 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 | -39.2% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 5.8% | 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 | -11.4% | 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 | -6.9% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -9.0% | 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 | 18.9% | 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 | -10.0% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -6.2% | 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 | 16.7% | 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 | -2.9% | 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 | -0.7% | 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 | 4.0% | 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 | 2.99x | Current assets / current liabilities. |
| Quick ratio | 2.82x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 2.36x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 23.4% | Total liabilities / total assets. |
| Working capital | $86.8M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 43.7% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $89.1M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.84x | Revenue / average total assets. |
| Fixed asset turnover | 19.4x | Revenue / average property, plant and equipment. |
| Receivables turnover | 11.2x | Revenue / average receivables. |
| Days sales outstanding | 33 days | 365 x average receivables / revenue. |
| Days payables | 59 days | 365 x average accounts payable / cost of revenue. |
| Capex / operating cash flow | 3.8% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | -$0.37 | 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 | $1.77 | Revenue / diluted weighted shares. |
| FCF per share | $0.14 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $0.15 | Cash from operations / diluted weighted shares. |
| Book value per share | $1.63 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $0.70 | Tangible book value / shares outstanding. |
| Cash per share | $0.80 | (Cash + short-term investments) / shares outstanding. |
| Buybacks / FCF | 8.9% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $57.2M | Share price x shares outstanding. |
| Enterprise value | -$45.5M | Market cap + total debt - cash - short-term investments. |
| P/S | 0.25x | Market cap / revenue. |
| P/B | 0.28x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 0.64x | Market cap / tangible book value, when positive. |
| P/FCF | 3.17x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 3.05x | Market cap / cash from operations, when positive. |
| FCF yield | 31.5% | Free cash flow / market cap. |
| Earnings yield | -81.7% | Net income / market cap (the inverse of P/E). |
| Shareholder yield | 2.8% | (Dividends paid + share buybacks) / market cap. |
What was PLAYSTUDIOS, Inc.'s revenue in fiscal 2025?
PLAYSTUDIOS, Inc. reported revenue of $235.1M for fiscal 2025, 18.8% lower than the year before.
Was PLAYSTUDIOS, Inc. profitable in fiscal 2025?
No. It reported a net loss of $28.6M.
How much free cash flow did PLAYSTUDIOS, Inc. generate in fiscal 2025?
Cash from operations of $26.3M minus capital expenditures of $968.0K left free cash flow of $25.4M.