Penguin Solutions, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Penguin 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

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	534	761	1,289	1,212	1,122	1,056	1,396	1,441	1,171	1,369
Cost of revenue	427	599	997	974	906	818	1,005	1,026	830	975
Gross profit	107	162	292	238	216	238	391	415	341	394
Research and development	38.1	38.2	39.8	47.9	52.1	59.9	77.5	90.6	81.5	79.8
Selling, general and administrative	57.5	66.8	84.5	103	123	158	205	261	234	238
Operating expenses	101	108	121	148	175	254	324	406	322	336
Operating income	6.19	53.9	170	89.1	41.3	-15.7	67.2	8.75	18.3	58.1
Other non-operating income	-23.7	-51.8	-32.4	-22.9	-32	-16.6	-24.7	-48.3	-49.5	-9.23
Pre-tax income	-17.5	2.12	138	66.2	9.36	-32.3	42.5	-39.5	-31.2	48.9
Income tax	2.44	9.91	18.3	14.9	10.5	9.69	18.1	-49.2	10.6	20.1
Income from continuing operations						-43.2	22.4	7.86	-44.3	25.4
Net income to minority interests					0	1.2	2.04	1.83	2.54	3.44
Net income	-20	-7.8	119	51.3	-1.14	21.3	66.6	-188	-52.5	25.4
EBITDA	37.7	87.1	196	118	77.8	19.2	114	80.4	84	114
EPS, basic	-0.62	-0.21	2.33	0.96	-0.02	0.44	1.35	-3.78	-1.00	0.29
EPS, diluted	-0.62	-0.21	2.22	0.94	-0.02	0.44	1.22	-3.65	-1.00	0.28
Shares, basic (weighted)	32.2	36.8	51.4	53.5	44.7	48.6	49.5	49.6	52.4	53.2
Shares, diluted (weighted)	32.2	36.8	53.9	54.7	44.7	48.6	54.4	51.3	52.4	54.4

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	58.6	22.4	31.4	98.1	151	223	313	366	383	454
Short-term investments							0	25.3	6.34	0
Receivables	141	183	237	217	216	313	355	219	252	308
Inventory	103	127	221	119	163	364	264	175	151	255
Other current assets	16.5	14.1	32	38	27	50.8	33.5	51.8	75.3	47.4
Total current assets	319	347	522	472	557	951	1,152	907	868	1,064
Property, plant and equipment	57.6	55.2	56.6	68.3	54.7	156	96.7	119	107	92.6
Lease right-of-use assets					25	40.9	71.8	68.4	60.3	58.8
Goodwill	45	46	45.4	81.4	74	74.3	55.1	162	162	146
Intangible assets	16.9	5.11	26.3	69.3	55.7	101	77.8	160	121	87.8
Other non-current assets	19.9	26.7	22.4	12.8	20.6	21.5	15	15.2	71.4	68.8
Total assets	459	480	673	704	787	1,345	1,572	1,506	1,475	1,617
Accounts payable	198	190	223	165	225	430	293	135	182	267
Accrued liabilities	14.1	27.3	45.2	49	57.8
Deferred revenue			8.29	16.7	20.1	19.3	39.7	69.3	76.2	89.9
Short-term debt	17.1	22.8	27.4	24.1		25.4	8.47	35.6	0	19.9
Total current liabilities	229	240	296	238	282	584	516	426	328	474
Long-term debt	226	154	184	182	196	340	576	755	657	442
Lease liabilities					20.8	32.4	67	66.4	60.5	62.7
Other non-current liabilities	2.47	3.31	5.66	10.3	5.61	8.67	14.8	29.2	29.8	30.4
Total liabilities	460	398	486	431	505	1,026	1,194	1,277	1,075	1,009
Total debt	243	177	212	207	196	366	584	790	657	462
Paid-in capital	145	232	250	286	348	396	448	477	513	552
Retained earnings	0.59	-7.21	112	165	163	185	251	82.5	30	46.7
Treasury stock					-2.03	-50.5	-108	-132	-154	-206
Other comprehensive income	-148	-143	-176	-178	-228	-222	-222	-206	0.01	0.02
Shareholders' equity	-1.24	82.4	187	273	282	310	372	222	391	394
Minority interests						8.67	6.94	6.76	7.83	11.3
Total equity	-1.24	82.4	187	273	282	319	379	229	399	406
Total liabilities and equity	459	480	673	704	787	1,345	1,572	1,506	1,475	1,617
Shares outstanding	32.3	50.5	52.4	55	22.8	48.7	48.6	51.9	53.3	52.7

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-20	-7.8	119	51.3	-1.14	22.5	68.6	-186	-49.9	28.8
Depreciation and amortization	31.5	33.2	26.2	29.2	36.4	34.9	46.7	71.6	65.7	56.2
Stock-based compensation	3.87	5.36	10.6	18.2	18.7	31	37.3	39.2	43.2	41.2
Deferred income tax	-1.29	-2.16	-3.39	-0.72	-1.8	-1.95	-0.01	-63.3	-11.4	-14.1
Change in receivables	44.9	-40.4	-55.3	35.2	-12.3	-47.8	-97.8	163	-32.5	-56.2
Change in inventory	31.3	-21.9	-42.4	102	-51.8	-99.9	30.7	95.2	23.8	-102
Change in payables	-86.6	-10.6	17.5	-64.6	70.1	193	-44.9	-256	54.3	131
Cash from operations	15.1	-0.93	67.9	170	87.2	153	105	104	77.2	109
Capital expenditures	-13.8	-18.7	-25.7	-33.4	-32.4	-16.7	-20.4	-39.4	-19.4	-9.01
Acquisitions			-42.3	-76.1	0	-35.7	0	-213	0	0
Cash from investing	-13.4	-18	-67.7	-109	-32	-84.2	-39	-299	108	25
Debt issued	5.77	157	59.4		243	0	271	295	193	0
Debt repaid	-16.7	-19.7	-24.3	-6.75	-213	0	-127	-21.6	-351	-300
Stock issued	0.13	0.41	7.5	7.37	5.48	14.9	12.1	43	9.81	8.8
Share buybacks	-0.12			-0.52	-0.75	-48.5	-57.2	-24.7	-21.3	-52.3
Cash from financing	-10.9	-17	7.94	0.1	12.6	2.85	73.9	236	-210	-63.5
Exchange rate effect		-0.03	-0.33	0.59	-15.1	0.15	0.24	4.77	-1.26	0
Net change in cash	-9.46	-36	7.77	60.9	52.7	72.2	140	47	-26.6	70.6
Free cash flow	1.21	-19.6	42.2	136	54.8	137	84.6	65	57.8	100
Interest paid	22.4	21.5	15.3	20.6	13	8	12.8	41.8	47.7	26.2
Income taxes paid	5.3	8.1	21.8	15.3	9.15	6.7	13.8	35.5	13.1	34.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 29, 2026; growth uses fiscal years. Valuation uses the share price of $56.22 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.9%	Gross profit / revenue.
Operating margin	7.2%	Operating income / revenue.
EBITDA margin	9.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.2%	Pre-tax income / revenue.
Net margin	6.4%	Net income / revenue.
FCF margin	-4.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-3.9%	Cash from operations / revenue.
Effective tax rate	18.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	22.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.4%	Net income / average total assets.
Return on invested capital (ROIC)	20.1%	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	5.3%	Research and development expense / revenue.
SG&A / revenue	14.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.3%	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	12.7%	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	217.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-4.7%	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	7.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	36.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-27.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 3y	-38.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	41.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.3%	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	4.6%	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	73.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	5.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	12.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.0%	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	6.9%	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	9.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.9%	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	15.5%	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	3.7%	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	-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	4.0%	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	1.54x	Current assets / current liabilities.
Quick ratio	0.39x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.39x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.2%	Total debt / total assets.
Liabilities / assets	70.0%	Total liabilities / total assets.
Net debt	$2.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.02x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$609.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	9.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$226.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.69x	Revenue / average total assets.
Fixed asset turnover	17.6x	Revenue / average property, plant and equipment.
Inventory turnover	2.17x	Cost of revenue / average inventory.
Days inventory	168 days	365 x average inventory / cost of revenue.
Days payables	248 days	365 x average accounts payable / cost of revenue.
FCF conversion	-71.7%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.76	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	$27.29	Revenue / diluted weighted shares.
FCF per share	-$1.26	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$1.08	Cash from operations / diluted weighted shares.
Book value per share	$8.57	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.42	Tangible book value / shares outstanding.
Cash per share	$8.59	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.88B	Share price x shares outstanding.
Enterprise value	$2.88B	Market cap + total debt - cash - short-term investments.
P/E	29.7x	Market cap / net income. Only when net income is positive.
P/S	1.92x	Market cap / revenue.
P/B	6.56x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	12.7x	Market cap / tangible book value, when positive.
EV/Sales	1.92x	Enterprise value / revenue.
EV/EBIT	26.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	20.0x	Enterprise value / EBITDA, when both are positive.
FCF yield	-2.4%	Free cash flow / market cap.
Earnings yield	3.4%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.5%	(Dividends paid + share buybacks) / market cap.

What was Penguin Solutions, Inc.'s revenue in fiscal 2025?

Penguin Solutions, Inc. reported revenue of $1.37B for fiscal 2025, 16.9% higher than the year before.

Was Penguin Solutions, Inc. profitable in fiscal 2025?

Yes. Net income was $25.4M, a net margin of 1.9%.

How much free cash flow did Penguin Solutions, Inc. generate in fiscal 2025?

Cash from operations of $109.1M minus capital expenditures of $9.0M left free cash flow of $100.1M.

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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