Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data ONE STOP SYSTEMS, 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
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
27.5
37
58.3
51.9
62
72.4
60.9
24.6
32.2
Cost of revenue
18.9
25.7
38.9
35.5
42.3
52
42.9
23.9
16.2
Gross profit
8.66
11.3
19.4
16.4
19.6
20.4
18
0.62
16
Research and development
2.69
4
4.84
4.32
4.03
4.74
4.33
3.47
5.44
Selling, general and administrative
3.5
6.51
8.5
8.42
7.66
7.28
9.26
7.2
7.36
Selling and marketing
2.92
4
5.14
4.12
6.2
6.81
6.65
5.62
6.57
General and administrative
7.2
7.36
Operating expenses
9.11
14.5
20.2
16.9
17.9
18.8
25.9
16.3
19.4
Operating income
-0.45
-3.18
-0.78
-0.42
1.75
1.57
-7.92
-15.7
-3.38
Interest expense
0.2
0.07
0.17
0.55
0.53
0.16
0.12
0
0
Other non-operating income
-0.17
0.21
0.12
-0.19
1.19
0.63
2.13
0.5
0.29
Pre-tax income
-0.62
-2.97
-0.66
-0.61
2.94
2.19
-5.79
-15.2
-3.09
Income tax
-0.4
-1.4
0.24
-0.6
0.61
4.42
0.93
0
0.01
Income from continuing operations
-15.2
-3.1
Net income to minority interests
-0.31
-0.44
Net income
0.1
-1.14
-0.9
-0.01
2.33
-2.23
-6.72
-13.6
5.09
EBITDA
0.39
-1.83
-0.11
0.5
2.67
2.56
-6.85
-14.7
-2.61
EPS, basic
0.02
-0.09
-0.06
0.00
0.13
-0.11
-0.32
-0.65
0.23
EPS, diluted
0.01
-0.09
-0.06
0.00
0.12
-0.11
-0.32
-0.65
0.22
Shares, basic (weighted)
5.45
12.6
15.1
16.5
18.3
19.7
20.9
21
22.4
Shares, diluted (weighted)
10.7
12.6
15.1
16.5
19.5
19.7
20.9
21.4
23.2
Balance sheet
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.19
2.27
5.19
6.32
5.1
3.11
4.05
4.04
31.2
Short-term investments
14.5
10.1
7.77
3.22
0
Receivables
5.19
10.5
11.7
7.46
5.09
11.3
8.32
4.19
11.5
Inventory
3.7
6.82
7.37
9.65
12.3
20.8
21.7
5.69
5.42
Other current assets
0.98
0.67
0.45
0.66
0.58
0.5
0.61
0.6
0.47
Total current assets
10.1
20.3
24.7
24.1
37.6
45.8
42.4
32.2
50.8
Property, plant and equipment
1.58
1.76
3.57
3.49
3.09
2.57
2.37
1.33
0.67
Lease right-of-use assets
0.73
1.92
1.44
1.22
Goodwill
3.32
7.91
7.12
7.12
7.12
7.12
1.49
1.49
Intangible assets
0.61
3.53
1.35
0.66
0.11
0.04
0
0
0.07
Total assets
16.9
36.1
39.8
39.1
51.6
56.4
48.3
36.9
52.8
Accounts payable
3.9
3.71
4.12
0.98
2.06
4.59
1.2
0.96
1.72
Accrued liabilities
1.1
Deferred revenue
0.18
0.38
0.3
0.22
0.34
Short-term debt
1.97
3.62
3.73
2.95
Total current liabilities
9.95
9.22
10.7
7.81
9.63
11.1
6.87
8.2
5.57
Long-term debt
0.34
0.27
0.36
2.04
0.41
Lease liabilities
0.4
1.77
1.47
1.25
Total liabilities
10.3
9.48
11
9.84
9.63
12
8.68
9.76
6.82
Total debt
2.33
5.66
3.73
3.36
Paid-in capital
3.48
27.4
30.5
30.8
41.2
45.5
47.3
49.1
63
Retained earnings
0.28
-0.85
-1.76
-1.76
0.57
-1.7
-8.42
-22.1
-17
Other comprehensive income
0
-0.02
0.29
0.15
0.51
0.68
0.14
Minority interests
0.44
0
0
Total equity
6.62
26.6
28.8
29.3
42
44.3
39.6
27.2
46
Total liabilities and equity
16.9
36.1
39.8
39.1
51.6
56.4
48.3
36.9
52.8
Shares outstanding
5.51
14.2
16.1
16.7
18.8
20.1
20.7
21.1
24.6
Cash flow statement
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-0.22
-1.57
-0.9
-0.01
2.33
-2.23
-6.72
-13.6
5.09
Depreciation and amortization
0.84
1.35
0.67
0.92
0.92
0.99
1.08
0.93
0.77
Stock-based compensation
0.16
0.53
0.65
0.72
1.7
1.99
2.35
1.86
1.82
Deferred income tax
-0.46
-1.49
-0.22
-0.74
0.05
3.78
-0.1
0.03
-0.04
Change in receivables
-0.25
-2.56
-1.17
4.29
2.33
-6.25
3.1
0.83
-7.36
Change in inventory
-1.7
0.05
-1.01
-2.63
-3.46
-9.55
-1.64
0.21
0.67
Change in payables
1.28
-1.46
0.42
-3.15
1.08
2.52
-3.41
0.22
0.76
Cash from operations
-0.38
-3.89
2.37
-0.25
5.62
-7.81
-0.44
-0.11
-6.55
Capital expenditures
-0.43
-0.62
-2.39
-0.82
-0.56
-0.53
-0.82
-0.23
-0.11
Sales and maturities of investments
4.55
3.22
Cash from investing
-0.43
-5.91
-2.39
-0.82
-15.1
3.91
1.52
4.19
3.03
Stock issued
0.11
19.5
2.7
10
0.24
12.5
Cash from financing
0.98
11.9
2.92
2.11
8.43
1.95
-0.17
-1.18
11.9
Exchange rate effect
0.01
Net change in cash
2.1
2.91
1.04
-1.06
-1.95
0.91
2.75
26.6
Free cash flow
-0.81
-4.51
-0.01
-1.07
5.06
-8.34
-1.26
-0.34
-6.67
Interest paid
0.17
0.04
0.13
0.3
0.12
0.05
0.11
0.09
Income taxes paid
0.05
0.01
0.01
0.34
0.17
0.11
0.56
0.47
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.76 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
48.1%
Gross profit / revenue.
Operating margin
-17.3%
Operating income / revenue.
EBITDA margin
-15.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-14.8%
Pre-tax income / revenue.
Net margin
1.0%
Net income / revenue.
FCF margin
-31.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-31.1%
Cash from operations / revenue.
Return on assets (ROA)
0.9%
Net income / average total assets.
R&D / revenue
10.4%
Research and development expense / revenue.
SG&A / revenue
23.6%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
6.6%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.5%
Capital expenditures / revenue.
D&A / revenue
1.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
31.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-23.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-9.1%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
2,466.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-7.8%
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
-0.6%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
43.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-2.1%
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
6.2%
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
8.3%
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
5.6%
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
7.0%
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
5.70x
Current assets / current liabilities.
Quick ratio
3.92x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.34x
(Cash + short-term investments) / current liabilities.
Liabilities / assets
19.2%
Total liabilities / total assets.
Working capital
$37.9M
Current assets - current liabilities.
Goodwill and intangibles / assets
0.2%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.89x
Revenue / average total assets.
Fixed asset turnover
144x
Revenue / average property, plant and equipment.
Inventory turnover
1.59x
Cost of revenue / average inventory.
Days inventory
230 days
365 x average inventory / cost of revenue.
Receivables turnover
3.29x
Revenue / average receivables.
Days sales outstanding
111 days
365 x average receivables / revenue.
Days payables
35 days
365 x average accounts payable / cost of revenue.
Cash conversion cycle
305 days
Days inventory + days sales outstanding - days payables.
FCF conversion
-3,088.0%
Free cash flow / net income, when net income is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.02
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.
Market cap + total debt - cash - short-term investments.
P/E
277x
Market cap / net income. Only when net income is positive.
P/S
2.83x
Market cap / revenue.
EV/Sales
2.38x
Enterprise value / revenue.
FCF yield
-11.2%
Free cash flow / market cap.
Earnings yield
0.4%
Net income / market cap (the inverse of P/E).
What was ONE STOP SYSTEMS, INC.'s revenue in fiscal 2025?
ONE STOP SYSTEMS, INC. reported revenue of $32.2M for fiscal 2025, 31.2% higher than the year before.
Was ONE STOP SYSTEMS, INC. profitable in fiscal 2025?
Yes. Net income was $5.1M, a net margin of 15.8%.
How much free cash flow did ONE STOP SYSTEMS, INC. generate in fiscal 2025?
Cash from operations of $6.6M minus capital expenditures of $114.6K left free cash flow of -$6.7M.
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.