NETSOL TECHNOLOGIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NETSOL TECHNOLOGIES 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	64.6	65.4	60.9	67.8	56.4	54.9	57.2	52.4	64.5	73.1
Cost of revenue	33.7	37	31.7	32.9	29.4	28.6	33.5	35.5	32.1	33.5
Gross profit	30.8	28.4	29.2	34.9	27	26.4	23.7	16.9	29.3	32.6
Research and development	0.49	0.39	0.85	1.97	1.47	0.67	1.34	1.6	1.4	1.28
Selling, general and administrative									24.4	27.8
Selling and marketing	7.82	9.75	7.62	7.83	6.45	6.56	23.5	24.1	24.4
General and administrative	14.7	16.7	16.7	17.4	17.1	15.4	15.4
Operating expenses	24.5	29.4	26.2	28.1	25.9	23.6	24.8	25.7	25.8	29.1
Operating income	6.3	-1	3.05	6.83	1.07	2.72	-1.08	-8.78	3.49	3.5
Interest expense	0.26	0.31	0.42	0.31	0.35	0.39	0.37	0.77	1.14
Interest income	0.16	0.18	0.59	0.96	1.57	1.02	1.66	1.22	1.91	1.87
Other non-operating income	-0.59	0.2	4.97	6.25	1.26	0.57	3.17	5.56	-0.27	2.55
Pre-tax income	5.71	-0.8	8.02	13.1	2.33	3.29	2.09	-3.22	3.22	6.05
Income tax	0.65	0.93	0.87	1.06	1.14	1.03	0.99	0.93	1.15	1.48
Net income to minority interests	1.65	3.24	2.84	3.43	0.25	0.48	1.95	1.1	1.39	1.65
Net income	3.4	-4.98	4.31	8.58	0.94	1.78	-0.85	-5.24	0.68	2.92
EBITDA	7.53	0.11	4.02	7.73	1.9	3.69	-0.22	-5.54	5.22	4.97
EPS, basic	0.33	-0.46	0.38	0.74	0.08	0.15	-0.08	-0.46	0.06	0.25
EPS, diluted	0.32	-0.46	0.38	0.74	0.08	0.15	-0.08	-0.46	0.06	0.25
Shares, basic (weighted)	10.4	10.9	11.2	11.6	11.7	11.5	11.3	11.3	11.4	11.6
Shares, diluted (weighted)	10.6	10.9	11.2	11.6	11.8	11.5	11.3	11.3	11.4	11.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	11.6	14.2	22.1	17.4	20.2	33.7	24	15.5	19.1	17.4
Receivables	9.69	6.58	12.8	12.3	10.1	4.18	8.67	11.7	13	7.53
Other current assets	2.21	2.46	2.7	3.15	3.11	3.01	2.22	1.98	2.6	3.2
Total current assets	40.5	44.3	57.4	50.9	51.9	55.6	49.4	41.6	47.5	46.3
Property, plant and equipment	22.8	20.4	16.2	12.1	11.3	12.1	9.38	6.16	5.11	5.07
Lease right-of-use assets					2.36	1.35	0.97	1.15	1.33	0.81
Goodwill	9.52	9.52	9.52	9.52	9.52	9.52	9.3	9.3	9.3	9.3
Intangible assets	19.7	17	12.2	7.33	5.39	3.9	1.59	0.13
Long-term investments		3.06	3.22	2.65	2.39	3.16	1.06	0.03
Other non-current assets	0.84	0.24	0.07	0.02	0.04	0.06	0.03	0.03	0.03	0.03
Total assets	93.3	99.7	99.8	87.5	88.5	86.6	72.6	58.4	64.2	62.4
Accounts payable	1.35	1.47	1.67	1.16	1.35	1.07	1.18	1.11	1.43	0.98
Accrued liabilities	4.17	4.5	5.51	5.06	3.35	2.66	3.51	3.7	4.32	4.5
Deferred revenue	4.74	3.93	5.95	5.98	4.1	4.56	4.9	7.93	8.75	3.03
Short-term debt	4.44	10.2	8.6	6.91	0.55	1.14	0.63	0.16	0.05	0.03
Total current liabilities	15.2	21.1	22.5	20.4	20.1	23.5	20.8	20.8	23.9	19.7
Long-term debt	0.48	0.37	0.33	0.56			0.48	0.17	0.01	0.05
Lease liabilities					1.34	0.56	0.45	0.65	0.69	0.33
Total liabilities	15.7	21.5	22.8	21	23	24.7	21.8	21.6	24.7	20.2
Total debt	4.92	10.6	8.93	7.47	1.92	1.79	1.07	0.33	0.06	0.08
Paid-in capital	121	124	126	128	129	129	128	128	129	130
Retained earnings	-37.3	-42.3	-38	-35.2	-34.3	-38.8	-39.7	-44.9	-44.2	-41.3
Treasury stock	-0.42	-0.45	-1.21	-1.46	-1.46	-3.82	-3.92	-3.92	-3.92	-3.92
Other comprehensive income	-18.7	-18.1	-24.4	-33.1	-34.1	-31.9	-39.4	-46	-45.9	-46.6
Shareholders' equity	64.3	63.4	62.8	58.1	59	54.7	45.4	33.8	34.8	37.8
Minority interests	13.3	14.8	14.1	8.41	6.49	7.22	5.45	2.98	4.69	4.43
Total equity	77.6	78.2	76.9	66.5	65.5	61.9	50.9	36.8	39.5	42.3
Total liabilities and equity	93.3	99.7	99.8	87.5	88.5	86.6	72.6	58.4	64.2	62.4
Shares outstanding	10.7	11.2	11.5	11.7	11.9	11.3	11.3	11.3	11.4	11.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5.06	-1.74	7.15	12	1.19	2.26	1.1	-4.14	2.08	4.57
Depreciation and amortization	1.23	1.11	0.96	0.9	0.83	0.97	0.86	3.24	1.72	1.46
Stock-based compensation	1.26	2.52	1.86	1.13	0.81	0.34	0.1	0.32	0.31	0.21
Change in receivables	-3.76	2.29	-7.74	-1.84	2.04	6.86	-5.67	-6.86	-1.9	5.45
Change in payables	0.56	0.75	1.65	-0.05	-1.4	0.47	1.12	0.71	1.61	-0.2
Cash from operations	1.66	0.45	15.7	4.93	3.97	15.7	3.06	2.01	2.91	0.45
Capital expenditures	-3.34	-2.2	-2.45	-2.73	-1.38	-2.55	-2.61	-1.64	-0.52	-1.38
Purchases of investments	-0.56	-1.11	-0.23	-0.25	-0.09	-0.16
Cash from investing	-3.67	-2.73	-3.69	-3.65	-2.05	-2.52	-2.26	-1.4	-0.29	-1.27
Stock issued	0.02	0.08	0.01	0	0.01					0.47
Share buybacks		-0.04	-0.75	-0.25		-2.36	-0.1	-0.06		-1.5
Dividends paid	-1	-2.16	-0.42	-0.57	-1.92
Cash from financing	0.6	4.38	-1.02	0.02	1.7	-1.17	-1.38	-0.72	0.24	0.82
Exchange rate effect	-1.2	0.51	-3.09	-6.02
Net change in cash	-2.61	2.62	7.92	-4.72	2.8	13.5	-9.74	-8.43	3.59	-1.77
Free cash flow	-1.68	-1.75	13.3	2.21	2.6	13.2	0.45	0.37	2.39	-0.94
Interest paid	0.25	0.23	0.39	0.29	0.36	0.46	0.43	0.68	1.58	0.84
Income taxes paid	0.39	0.2	0.7	0.85	1.03	0.6	1.23	0.98	0.7	1.41

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $4.90 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	47.2%	Gross profit / revenue.
Operating margin	7.4%	Operating income / revenue.
EBITDA margin	9.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.1%	Pre-tax income / revenue.
Net margin	2.3%	Net income / revenue.
FCF margin	-2.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.4%	Cash from operations / revenue.
Effective tax rate	32.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.5%	Net income / average total assets.
Return on invested capital (ROIC)	16.9%	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	1.2%	Research and development expense / revenue.
SG&A / revenue	38.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.1%	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	3.9%	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	0.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	26.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-4.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	21.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	327.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	25.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	316.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	25.6%	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	-84.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-47.3%	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	-35.4%	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	-139.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	8.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.9%	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	-8.5%	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	-2.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.9%	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	-6.7%	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	1.4%	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	1.0%	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	-0.4%	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	1.94x	Current assets / current liabilities.
Quick ratio	1.16x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.55x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.5%	Total debt / total assets.
Liabilities / assets	38.4%	Total liabilities / total assets.
Net debt	-$14.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.06x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$25.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	14.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$26.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.07x	Revenue / average total assets.
Fixed asset turnover	13.8x	Revenue / average property, plant and equipment.
Receivables turnover	4.62x	Revenue / average receivables.
Days sales outstanding	79 days	365 x average receivables / revenue.
Days payables	11 days	365 x average accounts payable / cost of revenue.
FCF conversion	-125.1%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.15	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	$6.50	Revenue / diluted weighted shares.
FCF per share	-$0.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.03	Cash from operations / diluted weighted shares.
Book value per share	$3.14	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.27	Tangible book value / shares outstanding.
Cash per share	$1.24	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$58.2M	Share price x shares outstanding.
Enterprise value	$43.8M	Market cap + total debt - cash - short-term investments.
P/E	33.0x	Market cap / net income. Only when net income is positive.
P/S	0.76x	Market cap / revenue.
P/B	1.57x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.17x	Market cap / tangible book value, when positive.
EV/Sales	0.57x	Enterprise value / revenue.
EV/EBIT	7.74x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.30x	Enterprise value / EBITDA, when both are positive.
FCF yield	-3.8%	Free cash flow / market cap.
Earnings yield	3.0%	Net income / market cap (the inverse of P/E).

What was NETSOL TECHNOLOGIES INC's revenue in fiscal 2025?

NETSOL TECHNOLOGIES INC reported revenue of $73.1M for fiscal 2025, 13.4% higher than the year before.

Was NETSOL TECHNOLOGIES INC profitable in fiscal 2025?

Yes. Net income was $2.9M, a net margin of 4%.

How much free cash flow did NETSOL TECHNOLOGIES INC generate in fiscal 2025?

Cash from operations of $447.3K minus capital expenditures of $1.4M left free cash flow of -$935.5K.

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.

Open interactive statements, quarterly figures and charts

Back to NETSOL TECHNOLOGIES INC