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	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	761	1,289	1,212	1,122	1,056	1,396	1,441	1,171	1,369	1,731
Cost of revenue	599	997	974	906	818	1,005	1,026	830	975	1,253
Gross profit	162	292	238	216	238	391	415	341	394	479
Research and development	38.2	39.8	47.9	52.1	59.9	77.5	90.6	81.5	79.8	81.7
Selling, general and administrative	66.8	84.5	103	123	158	205	261	234	238	220
Operating expenses	108	121	148	175	254	324	406	322	336	313
Operating income	53.9	170	89.1	41.3	-15.7	67.2	8.75	18.3	58.1	166
Other non-operating income	-51.8	-32.4	-22.9	-32	-16.6	-24.7	-48.3	-49.5	-9.23	-13.7
Pre-tax income	2.12	138	66.2	9.36	-32.3	42.5	-39.5	-31.2	48.9	152
Income tax	9.91	18.3	14.9	10.5	9.69	18.1	-49.2	10.6	20.1	-33.9
Income from continuing operations					-43.2	22.4	7.86	-44.3	25.4	181
Net income to minority interests				0	1.2	2.04	1.83	2.54	3.44	5.17
Net income	-7.8	119	51.3	-1.14	21.3	66.6	-188	-52.5	25.4	181
EBITDA	87.1	196	118	77.8	19.2	114	80.4	84	114	216
EPS, basic	-0.21	2.33	0.96	-0.02	0.44	1.35	-3.78	-1.00	0.29	2.85
EPS, diluted	-0.21	2.22	0.94	-0.02	0.44	1.22	-3.65	-1.00	0.28	2.60
Shares, basic (weighted)	36.8	51.4	53.5	44.7	48.6	49.5	49.6	52.4	53.2	53
Shares, diluted (weighted)	36.8	53.9	54.7	44.7	48.6	54.4	51.3	52.4	54.4	58.8

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	22.4	31.4	98.1	151	223	313	366	383	454	647
Short-term investments						0	25.3	6.34	0
Receivables	183	237	217	216	313	355	219	252	308	796
Inventory	127	221	119	163	364	264	175	151	255	749
Other current assets	14.1	32	38	27	50.8	33.5	51.8	75.3	47.4	56.2
Total current assets	347	522	472	557	951	1,152	907	868	1,064	2,249
Property, plant and equipment	55.2	56.6	68.3	54.7	156	96.7	119	107	92.6	84.2
Lease right-of-use assets				25	40.9	71.8	68.4	60.3	58.8	54.2
Goodwill	46	45.4	81.4	74	74.3	55.1	162	162	146	146
Intangible assets	5.11	26.3	69.3	55.7	101	77.8	160	121	87.8	59.9
Other non-current assets	26.7	22.4	12.8	20.6	21.5	15	15.2	71.4	68.8	12
Total assets	480	673	704	787	1,345	1,572	1,506	1,475	1,617	2,778
Accounts payable	190	223	165	225	430	293	135	182	267	817
Accrued liabilities	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	157
Short-term debt	22.8	27.4	24.1		25.4	8.47	35.6	0	19.9	53.4
Total current liabilities	240	296	238	282	584	516	426	328	474	1,196
Long-term debt	154	184	182	196	340	576	755	657	442	736
Lease liabilities				20.8	32.4	67	66.4	60.5	62.7	57.9
Other non-current liabilities	3.31	5.66	10.3	5.61	8.67	14.8	29.2	29.8	30.4	48.9
Total liabilities	398	486	431	505	1,026	1,194	1,277	1,075	1,009	2,038
Total debt	177	212	207	196	366	584	790	657	462	789
Paid-in capital	232	250	286	348	396	448	477	513	552	584
Retained earnings	-7.21	112	165	163	185	251	82.5	30	46.7	215
Treasury stock				-2.03	-50.5	-108	-132	-154	-206	-281
Other comprehensive income	-143	-176	-178	-228	-222	-222	-206	0.01	0.02	0.21
Shareholders' equity	82.4	187	273	282	310	372	222	391	394	521
Minority interests					8.67	6.94	6.76	7.83	11.3	16.4
Total equity	82.4	187	273	282	319	379	229	399	406	537
Total liabilities and equity	480	673	704	787	1,345	1,572	1,506	1,475	1,617	2,778
Shares outstanding	50.5	52.4	55	22.8	48.7	48.6	51.9	53.3	52.7	60.2

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-7.8	119	51.3	-1.14	22.5	68.6	-186	-49.9	28.8	186
Depreciation and amortization	33.2	26.2	29.2	36.4	34.9	46.7	71.6	65.7	56.2	50.2
Stock-based compensation	5.36	10.6	18.2	18.7	31	37.3	39.2	43.2	41.2	31.8
Deferred income tax	-2.16	-3.39	-0.72	-1.8	-1.95	-0.01	-63.3	-11.4	-14.1	-62.3
Change in receivables	-40.4	-55.3	35.2	-12.3	-47.8	-97.8	163	-32.5	-56.2	-488
Change in inventory	-21.9	-42.4	102	-51.8	-99.9	30.7	95.2	23.8	-102	-494
Change in payables	-10.6	17.5	-64.6	70.1	193	-44.9	-256	54.3	131	607
Cash from operations	-0.93	67.9	170	87.2	153	105	104	77.2	109	-152
Capital expenditures	-18.7	-25.7	-33.4	-32.4	-16.7	-20.4	-39.4	-19.4	-9.01	-11.6
Acquisitions		-42.3	-76.1	0	-35.7	0	-213	0	0
Cash from investing	-18	-67.7	-109	-32	-84.2	-39	-299	108	25	58.1
Debt issued	157	59.4		243	0	271	295	193	0	737
Debt repaid	-19.7	-24.3	-6.75	-213	0	-127	-21.6	-351	-300	-315
Stock issued	0.41	7.5	7.37	5.48	14.9	12.1	43	9.81	8.8	10.4
Share buybacks			-0.52	-0.75	-48.5	-57.2	-24.7	-21.3	-52.3	-74.4
Cash from financing	-17	7.94	0.1	12.6	2.85	73.9	236	-210	-63.5	287
Exchange rate effect	-0.03	-0.33	0.59	-15.1	0.15	0.24	4.77	-1.26	0	0
Net change in cash	-36	7.77	60.9	52.7	72.2	140	47	-26.6	70.6	193
Free cash flow	-19.6	42.2	136	54.8	137	84.6	65	57.8	100	-163
Interest paid	21.5	15.3	20.6	13	8	12.8	41.8	47.7	26.2	11.7
Income taxes paid	8.1	21.8	15.3	9.15	6.7	13.8	35.5	13.1	34.5	28.8

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $44.64 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.7%	Gross profit / revenue.
Operating margin	9.6%	Operating income / revenue.
EBITDA margin	12.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.8%	Pre-tax income / revenue.
Net margin	10.4%	Net income / revenue.
FCF margin	-9.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-8.8%	Cash from operations / revenue.
Effective tax rate	-22.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	39.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.2%	Net income / average total assets.
Return on invested capital (ROIC)	24.6%	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	4.7%	Research and development expense / revenue.
SG&A / revenue	12.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	2.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	26.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	21.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.9%	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	15.0%	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	184.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	166.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	88.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	39.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	62.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	611.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	53.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	828.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	42.7%	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	-239.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-263.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	32.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	32.8%	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	10.9%	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	71.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	22.6%	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	15.6%	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	8.2%	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	4.7%	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	3.9%	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	1.88x	Current assets / current liabilities.
Quick ratio	1.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.54x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.52x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.4%	Total debt / total assets.
Liabilities / assets	73.4%	Total liabilities / total assets.
Net debt	$141.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.66x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.05B	Current assets - current liabilities.
Goodwill and intangibles / assets	7.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$315.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.79x	Revenue / average total assets.
Fixed asset turnover	19.6x	Revenue / average property, plant and equipment.
Inventory turnover	2.50x	Cost of revenue / average inventory.
Days inventory	146 days	365 x average inventory / cost of revenue.
Receivables turnover	3.14x	Revenue / average receivables.
Days sales outstanding	116 days	365 x average receivables / revenue.
Days payables	158 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	105 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-90.5%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.60	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.
EPS, basic	$2.85	Net income per basic share, as reported (split-adjusted).
Revenue per share	$29.43	Revenue / diluted weighted shares.
FCF per share	-$2.78	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$2.58	Cash from operations / diluted weighted shares.
Book value per share	$8.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.23	Tangible book value / shares outstanding.
Cash per share	$10.76	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.29B	Share price x shares outstanding.
Enterprise value	$2.43B	Market cap + total debt - cash - short-term investments.
P/E	12.7x	Market cap / net income. Only when net income is positive.
P/S	1.32x	Market cap / revenue.
P/B	4.39x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.26x	Market cap / tangible book value, when positive.
EV/Sales	1.40x	Enterprise value / revenue.
EV/EBIT	14.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.3x	Enterprise value / EBITDA, when both are positive.
FCF yield	-7.1%	Free cash flow / market cap.
Earnings yield	7.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.3%	(Dividends paid + share buybacks) / market cap.

What was Penguin Solutions, Inc.'s revenue in fiscal 2026?

Penguin Solutions, Inc. reported revenue of $1.73B for fiscal 2026, 26.5% higher than the year before.

Was Penguin Solutions, Inc. profitable in fiscal 2026?

Yes. Net income was $180.6M, a net margin of 10.4%.

How much free cash flow did Penguin Solutions, Inc. generate in fiscal 2026?

Cash from operations of $151.9M minus capital expenditures of $11.6M left free cash flow of -$163.5M.

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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