Perion Network Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Perion Network Ltd. 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	313	274	253	261	328	478	640	743	498	440
Cost of revenue	25.9	24.7	23.8	25.5
Gross profit	287	249	229	236
Research and development	25.2	17.2	18.9	22.6	30.9	35.3	34.6	33.9	36.7	34.7
Selling and marketing	54.6	52.7	38.9	34.7	39.1	53.2	57.4	59.3	68.5	76.5
General and administrative	28.8	21.9	16.5	15	15.8	23.2	27.7	32.1	38.7	36.4
Operating expenses	301	350	238	243	316	433	533	629	501	455
Operating income	11.3	-75.7	14.7	18	12.3	45.9	107	114	-3.04	-14.9
Interest expense	5.31	4.79	3.94	2.33	1.05
Interest income	0.2	0.13	0.3	0.62	0.29	0.54	4.99	20.7	19	12.9
Other non-operating income	-8.29	-5.92	-3.79	-3.47	-2.64	-0.58	4.5	21	18.5	9.93
Pre-tax income	3.06	-81.6	10.9	14.5	9.62	45.3	112	135	15.5	-4.97
Income tax	0.21	-8.83	2.78	1.65	-0.61	6.61	14.4	20.3	2.87	2.96
Income from continuing operations	2.85	-72.8	8.12	12.9	10.2	38.7	97.5	115	12.6	-7.93
Net income	0.2	-72.8	8.12	12.9	10.2	38.7	97.5	115	12.6	-7.93
EBITDA	37.3	-59.1	24.4	27.7	22.2	55.8	121	128	13.4	2.78
EPS, basic	0.01	-2.81	0.31	0.50	0.38	1.13	2.17	2.44	0.27	-0.19
EPS, diluted	0.01	-2.81	0.31	0.49	0.36	1.02	2.03	2.30	0.25	-0.19
Shares, basic (weighted)	25.5	25.8	25.9	26	26.7	34.4	44.9	47.1	47.3	42.1
Shares, diluted (weighted)	25.6	25.8	25.9	26.4	28.8	37.8	48.1	50.1	49.6	42.1

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	24	31.6	39.1	38.4	47.7	104	176	188	156	90
Short-term investments	8.41	5.91	4	23.2	12.7	217	253	207	139	151
Receivables	71.3	62.8	55.6	49.1	81.2	115	160	232	164	188
Other current assets	10	14	3.53	3.17	4.56	8.08	12	21	22.6	17.8
Total current assets	114	114	104	115	147	446	603	727	561	520
Property, plant and equipment	14.2	17.5	15.6	10.9	6.77	4.21	3.61	3.18	8.92	11.7
Lease right-of-use assets			25.8	22.4	20.3	11.6	10.1	6.61	20.2	17.2
Goodwill	191	125	125	126	152	189	196	248	247	266
Intangible assets	44	11.3	6.5	2.64	24.4	56.7	51.7	88.7	68.9	89.2
Other non-current assets	1.62	1.13	0.94	0.71	0.5	0.08	0.05	0.09	0.42	0.62
Total assets	368	274	256	284	359	713	870	1,077	916	914
Accounts payable	38.3	39.2	38.2	47.7	72.5	108	156	217	122	130
Accrued liabilities	17.5	17.8	17.2	18.4	21.2	40.3	37.9	42.6	32.8	37.8
Deferred revenue	5.35	5.27	3.79	4.19	5.71	3.85	2.38	2.3	2.05	1.21
Short-term debt	17.9	14	16.1	8.33	8.33	0
Total current liabilities	86.7	81.4	77.1	83.3	120	194	235	340	162	189
Long-term debt				8.33
Lease liabilities				20.4	17.7	9.77	7.58	3.45	18.7	20
Other non-current liabilities	5.72	7.61	6.16	6.59	6.71	9.54	11.8	15.6	12.1	11.4
Total liabilities	160	136	108	119	175	246	287	359	193	238
Total debt				8.33
Paid-in capital	235	237	240	243	252	496	514	535	527	488
Retained earnings	-25.6	-98.4	-90.3	-77.4	-67.1	-28.4	70.8	184	197	189
Treasury stock	-1	-1	-1	-1	-1	-1	-1	-1	-1	-1
Other comprehensive income	-0.27	0.53	0.14	0.13	0.11	-0.13	-0.58	-0.08	-0.22	0.27
Shareholders' equity	208	138	149	165	184	467	583	718	723	676
Total equity	208	138	149	165	184	467	583	718	723	676
Total liabilities and equity	368	274	256	284	359	713	870	1,077	916	914
Shares outstanding	77.2	25.9	25.9	26.2	27.4	43.7	46.2	48	44.8	39

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.2	-72.8	8.12	12.9	10.2	38.7	97.5	115	12.6	-7.93
Depreciation and amortization	26	16.6	9.72	9.71	9.92	9.9	13.8	14.1	16.4	17.7
Stock-based compensation	6.84	2.11	2.72	2.29	4.45	6.99	13.3	18	27.2	31.1
Deferred income tax	-3.27	-8.86	0.46	-2.04	-3.11	-2.76	-1.53	-0.73	-2.15	-1.51
Change in receivables	-5.33	8.89	7.42	6.42	-32	-34.2	-45.2	-5.33	66.1	-23
Cash from operations	30.5	36	32.8	44.7	22.2	71.1	122	155	6.94	41.9
Capital expenditures	-1.5	-1.61	-2.04	-1.21	-0.46	-0.63	-1.06	-0.81	-6.87	-3.8
Acquisitions	-29.5	-2.55	-3.33	-1.2	-19	-38.4	-9.57	-102	0	-26.6
Purchases of investments					-12.7	0	0	-111	-39.5	-59.3
Sales and maturities of investments						0	0	34.4	40.8	65.9
Cash from investing	28.1	-4.85	-1.82	-21.2	-8.92	-243	-46.8	-133	62.6	-37.4
Debt issued		5	25
Debt repaid								0	0	-0.45
Stock issued	0	0		1.23	4.29	6.9	5.83	2.43	0.55	0.61
Cash from financing	-52.6	-23.8	-23	-24.8	-4.05	229	-3.26	-10.8	-101	-71.1
Exchange rate effect					0.08	-0.03	-0.06	0.14	-0.21	0.33
Net change in cash	9.13	7.61	8.05	-1.2	9.27	56.7	72	11.4	-31.6	-66.2
Free cash flow	29	34.4	30.8	43.5	21.7	70.5	121	155	0.07	38.1
Interest paid	5.68	4.62	3.57	2.32	1.1	0.2	0.01	0.01	0.01	0.09
Income taxes paid	3.98	2.7	1.26	4.01	3.18	4.37	7.69	18	13.1	8.35

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $8.59 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-3.4%	Operating income / revenue.
EBITDA margin	0.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.1%	Pre-tax income / revenue.
Net margin	-1.8%	Net income / revenue.
FCF margin	8.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.5%	Cash from operations / revenue.
Return on equity (ROE)	-1.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.9%	Net income / average total assets.
Return on invested capital (ROIC)	-2.0%	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	7.9%	Research and development expense / revenue.
Stock-based pay / revenue	7.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	4.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-11.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-79.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-71.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-34.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-162.9%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-176.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	504.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-30.0%	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	13.6%	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	56,806.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-32.0%	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	11.9%	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	-6.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.0%	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	29.7%	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	-0.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.6%	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	20.6%	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	-15.0%	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	-4.3%	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	7.9%	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	2.76x	Current assets / current liabilities.
Quick ratio	2.27x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.28x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	26.0%	Total liabilities / total assets.
Working capital	$331.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	38.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$320.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
Fixed asset turnover	42.7x	Revenue / average property, plant and equipment.
Receivables turnover	2.50x	Revenue / average receivables.
Days sales outstanding	146 days	365 x average receivables / revenue.
Capex / operating cash flow	9.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.19	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	-$0.19	Net income per basic share, as reported (split-adjusted).
Revenue per share	$10.45	Revenue / diluted weighted shares.
FCF per share	$0.91	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.00	Cash from operations / diluted weighted shares.
Book value per share	$17.32	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.22	Tangible book value / shares outstanding.
Cash per share	$6.18	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$337.8M	Share price x shares outstanding.
Enterprise value	$96.8M	Market cap + total debt - cash - short-term investments.
P/S	0.77x	Market cap / revenue.
P/B	0.50x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.05x	Market cap / tangible book value, when positive.
P/FCF	8.86x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.06x	Market cap / cash from operations, when positive.
EV/Sales	0.22x	Enterprise value / revenue.
EV/EBITDA	34.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	2.54x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.3%	Free cash flow / market cap.
Earnings yield	-2.3%	Net income / market cap (the inverse of P/E).

What was Perion Network Ltd.'s revenue in fiscal 2025?

Perion Network Ltd. reported revenue of $439.9M for fiscal 2025, 11.7% lower than the year before.

Was Perion Network Ltd. profitable in fiscal 2025?

No. It reported a net loss of $7.9M.

How much free cash flow did Perion Network Ltd. generate in fiscal 2025?

Cash from operations of $41.9M minus capital expenditures of $3.8M left free cash flow of $38.1M.

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.

Open interactive statements, quarterly figures and charts

Back to Perion Network Ltd.