NLI HOLDINGS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NLI HOLDINGS, 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	109	112	118	124	115	141	167	161	146	158
Cost of revenue	73.8	77.2	79.9	85.3	81.7	98.1	118	112	105	110
Gross profit	35.2	34.8	38.3	39	32.8	42.7	48.8	49.2	41.4	48.2
Research and development	0	0	0	0	0	0	0	0	0	0
Selling, general and administrative	19.6	19.6	20.5	21.3	21	22.2	23.4	23.8	24.3	25.6
General and administrative	16.7	14.1	18.4	12.6	9.46	10	11.7	11.3
Operating income	-0.72	1.7	-60.7	-1.61	2.36	10.5	13.7	14.1	37.9	10.7
Interest expense	0	0.03	0.04	0.68	1.35	1.14	0.94	0.75	0.53	0.77
Interest income	1.73	3.57	5.07	6.67	2.6	1.6	3.8	9.64	11	7
Pre-tax income	13.9	112	-54.4	28.6	13.6	60.8	39.2	-6.42	83.3	-51.4
Income tax	-2.78	-5.63	-15.4	0.58	-2.52	7.48	2.79	-7	14.1	-16.1
Net income to minority interests	1.37	1.73	2	2.19	1.42	2.17	2.61	2.89	2.03	2.46
Net income	15.3	116	-41	25.8	14.7	51.2	33.8	-2.31	67.2	-37.8
EBITDA	3.06	5.43	-57.2	2.08	6.18	14.3	17.7	18.1	41.6	14.3
EPS, basic	0.31	2.38	-0.84	0.53	0.30	1.05	0.69	-0.05	1.38	-0.77
EPS, diluted	0.31	2.38	-0.84	0.53	0.30	1.05	0.69	-0.05	1.38	-0.77
Shares, basic (weighted)	48.7	48.7	48.7	48.7	48.8	48.8	48.8	48.8	48.8	48.9
Shares, diluted (weighted)	48.7	48.7	48.7	48.7	48.8	48.8	48.8	48.8	48.8	48.9
Dividend per share					0.16	0.24	0.63	0.28	0.75	0.57

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	93.2	98.3	116	130	137	147	68.9	112	163	111
Short-term investments							70.2	53.1
Inventory	15	15.4	17.1	18.3	18.3	25.6	31.3	30.7	28.4	30.4
Other current assets	0.99	1.16	1.32	1.4	1.64	2.63	2.28	2.24	2.15	1.95
Total current assets	123	131	167	165	171	194	194	218	238	160
Property, plant and equipment	33.6	32.5	32	31	29	29.2	28.7	25.9	24	23.7
Goodwill	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2
Long-term investments					18.2	34.4	26.4	18.2	28	14.4
Other non-current assets	3.28	4.84	3.11	5.86	5.26	2.75	2.52	2.06	1.03	0.93
Total assets	385	552	547	557	548	596	610	577	578	464
Accounts payable	5.03	4.12	4.83	3.44	2.65	3.41	3.54	3.15	3.76	2.7
Accrued liabilities	10.6	9.71	10.9	10.6	10.3	12	13.4	13.2	12	15
Total current liabilities	30.7	19.6	81.3	29.8	27.5	30.6	32.1	30.4	91.1	20.6
Other non-current liabilities	13.5	10.3	9.92	6.26	3.78	3.49	4.28	5.07	6.26	1.28
Total liabilities	191	199	244	230	213	211	207	185	162	87.4
Paid-in capital	301	301	301	299	299	300	299	299	299	299
Retained earnings	104	220	225	251	258	297	300	284	315	249
Other comprehensive income	-233	-192	-248	-252	-251	-241	-223	-220	-223	-196
Shareholders' equity	178	335	284	305	312	362	382	370	397	359
Minority interests	16.4	17.8	19.4	22.7	23.5	22.5	20.6	22	19	18
Total equity	194	353	304	327	335	385	403	392	416	377
Total liabilities and equity	385	552	547	557	548	596	610	577	578	464
Shares outstanding	48.7	48.7	48.7	48.8	48.8	48.8	48.8	48.8	48.8	48.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	16.7	118	-39	28	16.1	53.4	36.5	0.58	69.3	-35.4
Depreciation and amortization	3.77	3.73	3.48	3.69	3.83	3.84	3.98	3.97	3.69	3.65
Deferred income tax	-4.33	-0.6	-15.2	0.43	-2.53	7.45	2.29	-7.31	13.7	-16.2
Change in inventory	-0.04	-0.47	-1.85	-1.44	-0.19	-7.48	-5.83	0.33	2.13	-2.33
Change in payables	-0.17	-1.7	61.8	-26.4	-13.2	-9.39	-10.4	-12.6	-13.3	-15.9
Cash from operations	27.7	18.6	17.1	27.4	19	17.6	26.9	37	25.6	-36.4
Capital expenditures	-3.21	-2.81	-3.12	-3.17	-1.74	-4.09	-3.7	-1.13	-1.43	-3.75
Purchases of investments							-70	-61.4
Cash from investing	-30.6	-13.6	1.31	9.92	-3.14	6.71	-67.9	22.1	58.9	-2.44
Dividends paid		0	0	0	-7.81	-11.7	-30.8	-13.7	-36.6	-27.9
Cash from financing	0.17	-0.33	-0.34	-0.47	-8.48	-14.3	-36.8	-15.2	-41.6	-31.3
Net change in cash	-2.74	4.7	18	36.9	7.4	9.97	-77.7	43.9	42.8	-70.1
Free cash flow	24.5	15.8	14	24.3	17.3	13.5	23.2	35.9	24.1	-40.2
Interest paid	0	0.03	0.03	0.04	0.03	0.03	0.03	0.05	0.05	0.53
Income taxes paid	0.07	3.11	-1.72	-0.12	0.05	0.03	1.14	-0.3	0.13	0.1

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 $7.02 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	32.1%	Gross profit / revenue.
Operating margin	9.2%	Operating income / revenue.
EBITDA margin	11.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-21.5%	Pre-tax income / revenue.
Net margin	-15.8%	Net income / revenue.
FCF margin	5.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.9%	Cash from operations / revenue.
Return on equity (ROE)	-7.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.4%	Net income / average total assets.
Return on invested capital (ROIC)	4.6%	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	15.8%	Selling, general and administrative expense / revenue.
Capex / revenue	1.9%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	16.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.4%	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	8.0%	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	-71.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-8.0%	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	35.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-65.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-6.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	18.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-156.3%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-155.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-242.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-266.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	-24.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-3.3%	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	28.9%	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	-9.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.1%	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	-19.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.7%	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	-3.3%	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	0.0%	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	0.0%	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	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	9.02x	Current assets / current liabilities.
Quick ratio	5.90x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	5.90x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	18.9%	Total liabilities / total assets.
Interest coverage	122x	Operating income / interest expense.
Working capital	$145.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$335.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.34x	Revenue / average total assets.
Fixed asset turnover	6.89x	Revenue / average property, plant and equipment.
Inventory turnover	3.46x	Cost of revenue / average inventory.
Days inventory	105 days	365 x average inventory / cost of revenue.
Days payables	13 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	27.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.52	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	$3.31	Revenue / diluted weighted shares.
FCF per share	$0.17	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.23	Cash from operations / diluted weighted shares.
Book value per share	$7.43	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.87	Tangible book value / shares outstanding.
Cash per share	$2.19	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	355.7%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$343.3M	Share price x shares outstanding.
Enterprise value	$236.3M	Market cap + total debt - cash - short-term investments.
P/S	2.12x	Market cap / revenue.
P/B	0.95x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.02x	Market cap / tangible book value, when positive.
P/FCF	42.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	30.6x	Market cap / cash from operations, when positive.
EV/Sales	1.46x	Enterprise value / revenue.
EV/EBIT	15.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.4%	Free cash flow / market cap.
Earnings yield	-7.4%	Net income / market cap (the inverse of P/E).
Dividend yield	8.4%	Dividends paid over the period / market cap.
Shareholder yield	8.4%	(Dividends paid + share buybacks) / market cap.

What was NLI HOLDINGS, INC.'s revenue in fiscal 2025?

NLI HOLDINGS, INC. reported revenue of $158.3M for fiscal 2025, 8.5% higher than the year before.

Was NLI HOLDINGS, INC. profitable in fiscal 2025?

No. It reported a net loss of $37.8M.

How much free cash flow did NLI HOLDINGS, INC. generate in fiscal 2025?

Cash from operations of $36.4M minus capital expenditures of $3.7M left free cash flow of -$40.2M.

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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