PDF SOLUTIONS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PDF SOLUTIONS 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	107	102	85.8	85.6	88	111	149	166	179	219
Cost of revenue	44.4	47.5	42.8	33.5	36.8	44.2	47.9	51.7	54.1	60.6
Gross profit	63	54.4	43	52.1	51.3	66.9	101	114	125	158
Research and development	27.6	30.1	28	32.7	34.7	43.8	56.1	50.7	53.6	64.2
Selling, general and administrative	22.1	23.7	23.9	26.3	32.7	37.6	45.3	62.2	69.9	84.7
Operating expenses	50	54.2	52.9
Operating income	13	0.19	-9.95					-0.15	0.94	5.85
Interest expense								0	0	3.96
Interest income						0.68	2.56	5.5	5.6	1.5
Other non-operating income	-0.01	-0.26	0.49	0.28	-1.27	0.68		5.02	5.64	1.31
Pre-tax income	13	-0.07	-9.46	-7.36	-18.1	-18.3	0.47	4.87	6.58	3.2
Income tax	3.85	1.26	-1.74	-1.94	22.3	3.17	3.9	1.76	2.52	3.84
Net income	9.1	-1.34	-7.72	-5.42	-40.4	-21.5	-3.43	3.11	4.06	-0.64
EBITDA	16.6	4.98	-4.99					4.84	4.56	9.93
EPS, basic	0.29	-0.04	-0.24	-0.17	-1.17	-0.58	-0.09	0.08	0.11	-0.02
EPS, diluted	0.28	-0.04	-0.24	-0.17	-1.17	-0.58	-0.09	0.08	0.10	-0.02
Shares, basic (weighted)	31.4	32	32.2	32.4	34.5	37.1	37.3	38	38.6	39.3
Shares, diluted (weighted)	32.4	32	32.2	32.4	34.5	37.1	37.3	38.9	39	39.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	117	101	96.1	97.6	30.3	27.7	120	99	90.6	42.2
Short-term investments				0	115	113	19.6	36.5	24.3	0
Receivables	48.2	57.6	51.6	40.7	34.1	40.1	42.2	44.9	73.6	82.9
Other current assets	5.34	5.07	9.56	9.32	13.9	8.19	12.1	17.4	0.94	4.14
Total current assets	170	164	157	148	193	189	193	198	206	164
Property, plant and equipment	19.3	25.4	35.7	40.8	39.2	35.3	40.2	37.3	48.5	81.6
Lease right-of-use assets				7.61	6.67	5.41	6	4.93	4.03	4.78
Goodwill	0.22	1.92	2.29	2.29	15.8	14.1	14.1	15	15	95
Intangible assets	4.22	6.07	5.06	6.22	24.6	21.2	18.1	15.6	12.3	52.2
Other non-current assets	12.6	10.5	6.97	9.72	7.69	9.12	6.85	19.2	29.5	21.1
Total assets	222	224	226	240	288	274	279	290	315	419
Accounts payable	2.21	2.54	2.45	7.64	4.4	5.55	6.39	2.56	8.26	17.1
Accrued liabilities	2.08	2.63	3.24	1.67	6.31	3.33	5.58	4.63	7.16	7.06
Deferred revenue	8.19	7.98	8.48	10.6	19.9	23.7	26	25.8	25	19.4
Short-term debt									0	2.24
Total current liabilities	18.5	19.6	19.5	28	42.2	43.8	58.2	50.8	60.5	71.9
Long-term debt									0	64.8
Lease liabilities				7.68	6.52	5.26	5.93	4.66	3.5	3.84
Other non-current liabilities	1.65	2.27	2.83	2.35	1.4	2.44	1.91	2.72	2.29	2.91
Total liabilities	23.5	25.8	26.1	43.4	53.1	54.2	68.7	61.2	69.3	148
Total debt									0	67
Paid-in capital	281	298	311	325	407	423	447	473	503	534
Retained earnings	-25.8	-27.1	-30.5	-35.9	-76.2	-97.7	-101	-98	-94	-94.6
Treasury stock	-54.9	-71.8	-79.1	-91.7	-96.2	-105	-134	-144	-159	-166
Other comprehensive income	-1.99	-0.71	-1.28	-1.48	-0.23	-1.06	-2.55	-2.39	-3.53	-2.05
Shareholders' equity	199	198	200	196	235	220	210	229	246	271
Total equity	199	198	200	196	235	220	210	229	246	271
Total liabilities and equity	222	224	226	240	288	274	279	290	315	419
Shares outstanding	31.9	32.1	32.4	32.5	36.9	37.4	37.4	38.3	38.8	39.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	9.1	-1.34	-7.72	-5.42	-40.4	-21.5	-3.43	3.11	4.06	-0.64
Depreciation and amortization	3.58	4.79	4.97	6.03	6.73	6.22	5.53	4.99	3.63	4.09
Stock-based compensation	11	11.8	10.3	11.4	12.5	12.9	19.6	21.5	25	25.9
Deferred income tax	0.22	-0.5	-4.17	-4.53	21	1.37	-0	-0.11	0.05	0.88
Change in receivables	-14.6	-9.58	6.83	10.9	8.1	-5.98	-2.14	-2.75	-28.8	-6.34
Change in payables	0.09	1.96	-1.41	0.81	-0.92	-0.09	-1.42	-2.15	2.79	4.88
Cash from operations	2	10.5	13.3	24.6	21.8	4.24	32.3	14.6	9.7	24.1
Capital expenditures	-11.3	-10.3	-13.1	-10.6	-6.01	-3.67	-8.41	-11.2	-17.2	-32.6
Acquisitions		-3.84		-2.66	-28.6	-3.05		-1.82	0	-130
Purchases of investments				0	-131	-169	-58.3	-59.6	-54.3	-2.94
Cash from investing	-11.3	-14.1	-13.1	-13.2	-151	-4.67	84.6	-29	-5.94	-137
Debt issued								0	0	69.6
Debt repaid								0	0	-1.88
Stock issued	2.97	2.82	0.56	0	65.1	1.93	1.69	0.49	0.12
Share buybacks	-2.18	-13.4	-5.25	-9.64	0	-4.52	-22.5	-0.74	-6.9	-0.24
Cash from financing	0.03	-12.2	-5.2	-9.84	64.8	-5.53	-24.3	-5.89	-11.2	64.6
Exchange rate effect	-0.12	0.26	-0.2	-0.03
Net change in cash	-9.37	-15.5	-5.18	1.52	-63.8	-6.13	91.9	-20.6	-8.38	-48.4
Free cash flow	-9.28	0.29	0.22	14	15.8	0.57	23.9	3.36	-7.45	-8.58
Interest paid								0	0	3.72
Income taxes paid	3.64	2.24	2.58	2.69	2.71	1.87	2.85	3.78	2.56	2.7

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 $49.55 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	71.5%	Gross profit / revenue.
Operating margin	8.2%	Operating income / revenue.
EBITDA margin	10.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.9%	Pre-tax income / revenue.
Net margin	4.3%	Net income / revenue.
FCF margin	-0.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.0%	Cash from operations / revenue.
Effective tax rate	37.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.0%	Net income / average total assets.
Return on invested capital (ROIC)	3.8%	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	29.2%	Research and development expense / revenue.
SG&A / revenue	32.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	10.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	16.8%	Capital expenditures / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	22.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	26.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.3%	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	25.3%	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	525.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	117.7%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-115.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-120.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	147.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-9.4%	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	2.0%	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	10.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.9%	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	2.9%	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	32.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.5%	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	7.8%	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	0.7%	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	1.8%	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	2.7%	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	3.45x	Current assets / current liabilities.
Quick ratio	2.80x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.57x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.18x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	12.8%	Total debt / total assets.
Liabilities / assets	28.3%	Total liabilities / total assets.
Net debt	-$48.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.87x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.28x	Operating income / interest expense.
Working capital	$179.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	27.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$229.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	2.55x	Revenue / average property, plant and equipment.
Receivables turnover	2.66x	Revenue / average receivables.
Days sales outstanding	137 days	365 x average receivables / revenue.
Days payables	66 days	365 x average accounts payable / cost of revenue.
FCF conversion	-17.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	104.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.25	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	$5.77	Revenue / diluted weighted shares.
FCF per share	-$0.04	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.93	Cash from operations / diluted weighted shares.
Book value per share	$8.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.48	Tangible book value / shares outstanding.
Cash per share	$2.74	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.09B	Share price x shares outstanding.
Enterprise value	$2.04B	Market cap + total debt - cash - short-term investments.
P/E	203x	Market cap / net income. Only when net income is positive.
P/S	8.68x	Market cap / revenue.
P/B	5.62x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.12x	Market cap / tangible book value, when positive.
P/OCF	54.1x	Market cap / cash from operations, when positive.
EV/Sales	8.48x	Enterprise value / revenue.
EV/EBIT	104x	Enterprise value / operating income, when both are positive.
EV/EBITDA	79.0x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.1%	Free cash flow / market cap.
Earnings yield	0.5%	Net income / market cap (the inverse of P/E).

What was PDF SOLUTIONS INC's revenue in fiscal 2025?

PDF SOLUTIONS INC reported revenue of $219.0M for fiscal 2025, 22% higher than the year before.

Was PDF SOLUTIONS INC profitable in fiscal 2025?

No. It reported a net loss of $640.0K.

How much free cash flow did PDF SOLUTIONS INC generate in fiscal 2025?

Cash from operations of $24.1M minus capital expenditures of $32.6M left free cash flow of -$8.6M.

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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