Niagen Bioscience, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Niagen Bioscience, 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	21.7	21.2	31.6	46.3	59.3	67.4	72.1	83.6	99.6	129
Cost of revenue	11.3	10.7	15.5	20.5	24	26	29.3	32.8	38	46.2
Gross profit	10.4	10.5	16.1	25.8	35.3	41.5	42.8	50.8	61.6	83.2
Research and development	2.52	4.01	5.48	4.42	3.42	3.83	4.83	4.96	6.02	6.33
Selling and marketing	1.56	4.46	16.5	18.2	20.9	28.4	28.3	26.4	29.5	35.5
General and administrative	9.21	17.6	27.1	34.3	30.8	36.4	28.3	25	18.4	27.1
Operating expenses	13.3	26.9	49.2	57.1	55.1	68.6	61.4	56.4	53.9	66.9
Operating income	-2.91	-16.4	-33.2	-31.3	-19.9	-27.1	-18.6	-5.6	7.73	16.3
Interest expense	0.33	0.15	0.08	0.85	0.07	0.06
Interest income	0								1.13	2.13
Other non-operating income	-0.65	-0.15	-0.14	-0.85	-0.07
Pre-tax income	-3.55	-16.5						-4.94	8.86	18.2
Income tax	0	0						0	0.31	0.81
Income from continuing operations	-3.55	-16.5	-33.3
Net income	-2.93	-11.4	-33.3	-32.1	-19.9	-27.1	-16.5	-4.94	8.55	17.4
EBITDA	-2.57	-15.9	-32.6	-30.5	-19	-26.2	-17.8	-4.73	8.39	16.9
EPS, basic	-0.08	-0.26	-0.61	-0.56	-0.33	-0.40	-0.24	-0.07	0.11	0.22
EPS, diluted	-0.08	-0.26	-0.61	-0.56	-0.33	-0.40	-0.24	-0.07	0.11	0.20
Shares, basic (weighted)	37.3	0.04	0.06	57.1	61.1	67.2	69.7	75	75.9	79.2
Shares, diluted (weighted)	37.3	0.04	0.06	57.1	61.1	67.2	69.7	75	78.1	85.4

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1.64	45.4	22.6	18.8	16.7	28.2	20.3	27.2	44.5	64.8
Receivables	5.85	5.34	4.36	2.18	2.69	5.23	8.48	5.23	7.77	9.74
Inventory	7.91	5.8	8.25	11.5	11.7	13.6	14.7	14.5	9.19	20.4
Other current assets										1.31
Total current assets	15.7	57.2	36.5	33.5	32.2	48.9	46.6	49.5	64.1	96.8
Property, plant and equipment	1.78	2.87	3.59	3.77	3.21	3	2.8	2.14	1.72	1.32
Lease right-of-use assets			0	0.89	1.23	4.35	3.52	2.4	1.73	2.19
Intangible assets	0.49	1.65	1.55	1.31	1.08	0.86	0.67	0.51	0.36	5.66
Long-term investments	0.02	0
Other non-current assets		0	0.57	0.76	0.63	0.72	0.5	0.38	0.37	0.43
Total assets	19.8	62.7	42.2	40.2	38.4	57.8	54.1	55	68.3	106
Accounts payable	5.98	3.72	9.55	9.63	9.45	10.4	9.68	10.2	8.53	10.8
Accrued liabilities	2.17	3.65	4.44	4.42	6.13	6.48	7.34	9.49	7.82	7.72
Short-term debt	0	0.31	0.14
Total current liabilities	8.87	8.09	14.4	15.1	16.5	17.6	17.9	20.6	17.9	19.9
Long-term debt	0
Lease liabilities			0	0.85	1	4.15	3.54	2.56	1.66	1.82
Total liabilities	9.78	8.89	15.1	19.8	21.9	26.1	25.4	26.5	22.2	29.9
Total debt	0	0.31	0.14
Paid-in capital	55.2	110	117	142	158	201	214	219	228	241
Retained earnings	-45.2	-56.6	-89.8	-122	-142	-169	-185	-190	-182	-165
Shareholders' equity	9.97	53.8	27.2	20.4	16.4	31.7	28.7	28.5	46.1	76.5
Total equity	9.97	53.8	27.2	20.4	16.4	31.7	28.7	28.5	46.1	76.5
Total liabilities and equity	19.8	62.7	42.2	40.2	38.4	57.8	54.1	55	68.3	106
Shares outstanding	37.5	54.7	0.06	59.6	61.9	68.1	74.6	75	77.3	79.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-2.93	-11.4	-33.3	-32.1	-19.9	-27.1	-16.5	-4.94	8.55	17.4
Depreciation and amortization	0.33	0.51	0.61	0.76	0.87	0.89	0.87	0.87	0.66	0.61
Stock-based compensation	1.19	4.61	6.37	7.17	6.94	6.2	5.74	4.75	3.66	6.07
Deferred income tax	0	0							0	0
Change in receivables	4.11	-0.94	-1.11	0.04
Change in inventory	-0.24	-2.18	2.45	3.29	-0.15	-1.92	-1.08	0.15	5.33	-11.6
Change in payables	-0.25	-2.36	5.83	0.08	-0.18	0.98	-0.74	0.55	-1.07	2.27
Cash from operations	-2.94	-9.8	-20.9	-20.4	-10.6	-24.2	-15.1	7.12	12.1	13.5
Capital expenditures	-1.5	-1.17	-1.32	-0.74
Purchases of investments			-0.32	-0.05
Cash from investing	-1.72	4.6	-1.78	-0.25	-0.17	-0.41	-0.33	-0.14	-0.14	-0.29
Stock issued	5.72	46.6	0	6.77	4.86	26.7	7.75	0	5.43	7.25
Share buybacks		0	-0.4						0	-0.25
Cash from financing	0.75	48.9	-0.09	16.9	8.65	36.1	7.65	-0.09	5.37	6.92
Net change in cash	-3.91	43.7	-22.8	-3.8	-2.12	11.5	-7.78	6.88	17.3	20.1
Free cash flow	-4.44	-11	-22.2	-21.2
Interest paid	0.26	0.06	0.04	0.03	0.01	0	0	0	0	0

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 $3.05 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	64.2%	Gross profit / revenue.
Operating margin	8.2%	Operating income / revenue.
EBITDA margin	8.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.2%	Pre-tax income / revenue.
Net margin	12.4%	Net income / revenue.
Operating cash flow margin	4.6%	Cash from operations / revenue.
Effective tax rate	6.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.0%	Net income / average total assets.
Return on invested capital (ROIC)	63.0%	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	5.0%	Research and development expense / revenue.
Stock-based pay / revenue	5.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	29.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	21.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	35.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	24.8%	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	110.7%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	101.3%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	103.3%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	81.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	11.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	66.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	38.7%	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	36.0%	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	55.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	25.3%	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	22.6%	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	9.4%	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	7.0%	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	6.9%	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	6.50x	Current assets / current liabilities.
Quick ratio	5.00x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.43x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	22.6%	Total liabilities / total assets.
Working capital	$82.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$77.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.21x	Revenue / average total assets.
Fixed asset turnover	104x	Revenue / average property, plant and equipment.
Inventory turnover	2.24x	Cost of revenue / average inventory.
Days inventory	163 days	365 x average inventory / cost of revenue.
Receivables turnover	15.0x	Revenue / average receivables.
Days sales outstanding	24 days	365 x average receivables / revenue.
Days payables	75 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	113 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.19	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	$1.56	Revenue / diluted weighted shares.
Operating cash flow per share	$0.07	Cash from operations / diluted weighted shares.
Book value per share	$1.05	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.98	Tangible book value / shares outstanding.
Cash per share	$0.85	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$241.3M	Share price x shares outstanding.
Enterprise value	$174.6M	Market cap + total debt - cash - short-term investments.
P/E	15.1x	Market cap / net income. Only when net income is positive.
P/S	1.87x	Market cap / revenue.
P/B	2.92x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.13x	Market cap / tangible book value, when positive.
P/OCF	40.6x	Market cap / cash from operations, when positive.
EV/Sales	1.35x	Enterprise value / revenue.
EV/EBIT	16.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.7x	Enterprise value / EBITDA, when both are positive.
Earnings yield	6.6%	Net income / market cap (the inverse of P/E).

What was Niagen Bioscience, Inc.'s revenue in fiscal 2025?

Niagen Bioscience, Inc. reported revenue of $129.4M for fiscal 2025, 29.9% higher than the year before.

Was Niagen Bioscience, Inc. profitable in fiscal 2025?

Yes. Net income was $17.4M, a net margin of 13.4%.

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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