Orthofix Medical Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Orthofix Medical 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	410	434	453	460	407	464	461	747	799	822
Cost of revenue	87.9	93	96.6	101	102	115	124	260	254	256
Gross profit	322	341	356	359	305	350	337	486	546	566
Research and development	28.8	29.7	33.2	34.6	39.1	49.6	49.1	80.2	73.6	65.8
Selling, general and administrative							309	530	533	554
Selling and marketing	181	198	206	224	204	221	229	386
General and administrative	76.4	71.9	83.3	85.6	67.9	69.4	80	145
Operating expenses	301	300	326	378
Operating income	21.1	40.8	30.1	-18.8	-6.27	-8.32	-13.3	-139	-84.6	-81.4
Other non-operating income	-2.81	-4	-6.38	-8.14	8.38	-3.34	-3.15	-0.94	-9.63	8.11
Pre-tax income	19	36.4	22.9	-27	-0.37	-13.5	-17.7	-149	-124	-90.8
Income tax	15.5	29.1	9.07	1.41	-2.89	24.9	2.04	2.72	2.12	1.38
Income from continuing operations	3.5	7.29	13.8	-28.5
Net income	3.06	6.22	13.8	-28.5	2.52	-38.4	-19.7	-151	-126	-92.2
EBITDA	41.9	60.9	48.8	5.92	24.3	21.3	15.8	-86	-24.6	-4.11
EPS, basic	0.17	0.34	0.73	-1.51	0.13	-1.95	-0.98	-4.12	-3.30	-2.33
EPS, diluted	0.17	0.34	0.72	-1.51	0.13	-1.95	-0.98	-4.12	-3.30	-2.33
Shares, basic (weighted)	18.1	18.1	18.5	18.9	19.3	19.7	20.1	36.7	38.1	39.6
Shares, diluted (weighted)	18.5	18.5	18.9	18.9	19.4	19.7	20.1	36.7	38.1	39.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	39.6	81.2	69.6	69.7	96.3	87.8	50.7	33.1	83.2	82
Receivables	57.8	63.4	77.7	86.8	72.4	78.6	82.9	128	135	136
Inventory	63.3	81.3	76.8	82.4	84.6	83	100	222	189	172
Other current assets	19.2	25.9	17.9	20.9	16.5	20.1	22.3	32.4	23.4	23.7
Total current assets	194	252	245	261	270	270	256	420	433	417
Property, plant and equipment	48.9	45.1	42.8	62.7	63.6	59.3	58.2	159	140	129
Lease right-of-use assets				5.8	4.84	3.16	6.79	19.9	17.2	22.3
Goodwill	53.6	53.6	72.4	71.2	84	71.3	71.3	195	195	195
Intangible assets	7.46	10.5	51.9	54.1	60.5	52.7	47.4	117	98.8	72.8
Other non-current assets	20.5	21.1	21.6	11.9	22.3	23.9	25.7	33.4	26.5	36.7
Total assets	372	405	467	496	526	477	459	925	893	851
Accounts payable	14.4	18.1	18	19.9	23.1	26.5	27.6	58.4	48.8	58.4
Accrued liabilities	6.16	6.98	6.21	5.57	6.09	7.15	9.61	12.2	11.4	9.86
Short-term debt								1.25	0	0
Total current liabilities	83.4	79.4	85.9	84.9	104	106	83.6	165	169	170
Long-term debt								93.1	157	157
Lease liabilities				4.08	2.95	1.44	5.38	17.1	14.1	25.4
Other non-current liabilities	25.2	29.3	45.3	62.5	42.8	14	18.9	49.7	46.7	55.7
Total liabilities	109	109	131	168	169	140	122	327	390	401
Total debt								94.4	157	157
Paid-in capital	204	221	243	271	292	314	335	746	780	814
Retained earnings	64.2	70.4	87.1	57.7	59.4	21	1.25	-150	-276	-368
Other comprehensive income	-6.58	3.79	3.3	-3.04	3.25		-1.38	-1.29	-4.3	0.62
Shareholders' equity	263	297	335	328	357	337	337	599	503	450
Total equity	263	297	335	328	357	337	337	599	503	450
Total liabilities and equity	372	405	467	496	526	477	459	925	893	851
Shares outstanding	17.8	18.3	18.6	19.4	19.4	19.8	20.2	37.2	38.5	39.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3.06	6.22	13.8	-28.5	2.52	-38.4	-19.7	-151	-126	-92.2
Depreciation and amortization	20.8	20.1	18.7	24.7	30.5	29.6	29	53.1	60.1	77.3
Stock-based compensation	16	12.6	18.9	21.5	16.2	15.4	18.4	35.7	32.5	28.7
Deferred income tax	10.5	21.3	-2.66	1.39	10.8	24.5	0.31	0.58	1.88	0.22
Change in receivables	0.39	-6.56	-3.71	-11	13.3	-7.05	-6.74	-10.4	-9.53	-1.58
Change in inventory	-5.28	-15.6	9.7	-5.71	-0.87	-10.2	-33	-58.1	-5.55	-10.7
Change in payables	-1.77	2.32	-0.17	2.14	2.53	4.25	2.28	8.64	-5.57	2.6
Cash from operations	59.1	39	49.9	32	74.3	18.5	-11.5	-45.8	25.8	33.3
Capital expenditures	-16.4	-14.7	-13.6	-19	-15.5	-17.8	-21.4	-60.3	-34.9	-34.6
Acquisitions			-44.3		-18
Purchases of investments	0	0	-0.5		-10	-2.17
Sales and maturities of investments							0.13		7.4
Cash from investing	-21.9	-16.5	-61	-22.9	-52.3	-23	-24.5	-33.1	-27.6	-34.6
Stock issued	19.7	7.78	7.1	11.6	7.6	8.82	4.34	5.13	6.26	5.93
Share buybacks	-63.4
Cash from financing	-46.1	3.54	2.99	-10.7	3.25	-3.62	-0.08	65.3	50.7	-0.79
Exchange rate effect	-0.74	1.18
Net change in cash	-9.72	27.2	-8.97	-1.79	26.4	-8.97	-37.1	-12.9	48	-0.62
Free cash flow	42.6	24.3	36.3	13	58.8	0.69	-32.9	-106	-9.09	-1.28
Interest paid	0.7	0.8	0.8	0.8	1.9	1.5	1.4	5.8	16.9	17.3
Income taxes paid	4.4	3.3	15.6	8.1	0.5	4.8		0.88	1.3	1.58

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 $9.44 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	71.3%	Gross profit / revenue.
Operating margin	-4.7%	Operating income / revenue.
EBITDA margin	1.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-7.2%	Pre-tax income / revenue.
Net margin	-7.4%	Net income / revenue.
FCF margin	-3.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.0%	Cash from operations / revenue.
Return on equity (ROE)	-14.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-7.1%	Net income / average total assets.
Return on invested capital (ROIC)	-5.7%	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	7.4%	Research and development expense / revenue.
SG&A / revenue	66.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.3%	Capital expenditures / revenue.
D&A / revenue	6.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	21.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.8%	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	13.2%	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	29.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-14.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-10.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.1%	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	4.7%	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	-4.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	22.9%	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	10.1%	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	3.9%	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	25.5%	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	15.4%	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	2.84x	Current assets / current liabilities.
Quick ratio	1.53x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.66x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.52x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	25.4%	Total debt / total assets.
Liabilities / assets	50.8%	Total liabilities / total assets.
Net debt	$117.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	8.62x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$289.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	29.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$168.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.95x	Revenue / average total assets.
Fixed asset turnover	6.37x	Revenue / average property, plant and equipment.
Inventory turnover	1.30x	Cost of revenue / average inventory.
Days inventory	282 days	365 x average inventory / cost of revenue.
Receivables turnover	6.13x	Revenue / average receivables.
Days sales outstanding	59 days	365 x average receivables / revenue.
Days payables	97 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	244 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	271.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.51	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	$20.37	Revenue / diluted weighted shares.
FCF per share	-$0.68	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.40	Cash from operations / diluted weighted shares.
Book value per share	$10.54	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.13	Tangible book value / shares outstanding.
Cash per share	$2.55	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$384.5M	Share price x shares outstanding.
Enterprise value	$502.3M	Market cap + total debt - cash - short-term investments.
P/S	0.46x	Market cap / revenue.
P/B	0.90x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.29x	Market cap / tangible book value, when positive.
P/OCF	23.6x	Market cap / cash from operations, when positive.
EV/Sales	0.60x	Enterprise value / revenue.
EV/EBITDA	36.8x	Enterprise value / EBITDA, when both are positive.
FCF yield	-7.2%	Free cash flow / market cap.
Earnings yield	-16.1%	Net income / market cap (the inverse of P/E).

What was Orthofix Medical Inc.'s revenue in fiscal 2025?

Orthofix Medical Inc. reported revenue of $822.3M for fiscal 2025, 2.9% higher than the year before.

Was Orthofix Medical Inc. profitable in fiscal 2025?

No. It reported a net loss of $92.2M.

How much free cash flow did Orthofix Medical Inc. generate in fiscal 2025?

Cash from operations of $33.3M minus capital expenditures of $34.6M left free cash flow of -$1.3M.

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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