Playboy, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Playboy, 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

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	148	247	186	143	116	121
Cost of revenue	74.4	117	82.9	54.8	41.8	35.1
Gross profit	73.3	130	103	88.2	74.4	85.9
Selling, general and administrative	58.7	197	151	123	98.7	91
Operating income	13.6	-68.9	-296	-190	-50.8	-8.03
Interest expense	13.5	13.3	17.7	23.3	23.7	8.23
Interest income	0.03
Other non-operating income	-11.8	-11.6	-10.3	-9.85	-25.4	-5.87
Pre-tax income	1.8	-80.5	-306	-200	-76.2	-13.9
Income tax	7.07	-2.78	-55.7	-13.8	3.15	-1.23
Net income	-5.27	-77.7	-278	-180	-79.4	-12.7
EBITDA	15.9	-61.6	-283	-183	-43.8	-4.99
EPS, basic	-0.24	-2.04	-5.86	-2.53	-1.04	-0.13
EPS, diluted	-0.24	-2.04	-5.86	-2.53	-1.04	-0.13
Shares, basic (weighted)	22.2	38.1	47.4	71.3	76	100
Shares, diluted (weighted)	22.2	38.1	47.4	71.3	76	100
Dividend per share					0.00	0.00

Balance sheet

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	13.4	69.2	31.8	28.1	30.9	37.8
Receivables	6.6	14.1	14.2	7.5	7.27	4.12
Inventory	11.8	39.9	20.6	13	8.92	12.9
Other current assets	2.12	3.61	2.2	2.28	1.85	2.23
Total current assets	47.2	139	121	69.7	57.5	65.5
Property, plant and equipment	5.2	26.4	13.8	13.5	4.87	4.23
Lease right-of-use assets	0	38.7	28.1	25.3	19.5	16
Goodwill	0.5	254	123	54.9	36	37.5
Intangible assets	339	425	236	158	156	156
Other non-current assets	13	14.1	15.1	2.27	0.72	0.92
Total assets	412	935	555	334	285	292
Accounts payable	8.68	20.6	13.6	14.5	10.7	11.9
Accrued liabilities	0.76	4.62	7.79	0.9	5.01	5.37
Deferred revenue	11.2	9.93	10.5	9.21	9.69	11
Short-term debt	4.47	2.81	2.05	0.3	0.38	1.52
Total current liabilities	54	118	92.9	58.9	55.8	63.8
Long-term debt	154	226	191	190	176	173
Lease liabilities	0	35.5	26.7	24.6	18.8	14.8
Other non-current liabilities	2.42	0.02	0.89	0.96	1.84	2.33
Total liabilities	329	513	400	289	269	274
Total debt	165	229	193	190	177	174
Paid-in capital	161	586	617	690	719	757
Retained earnings	-78	-156	-433	-614	-694	-707
Treasury stock	0	-4.45	-4.45	-5.45	-5.45	-5.45
Other comprehensive income	0	-3.73	-24.1	-24.9	-27.5	-26.7
Shareholders' equity	83	422	155	45.9	-7.73	18.4
Minority interests						0
Total equity	5	422	155	45.9	-7.73	18.4
Total liabilities and equity	412	935	555	334	285	292
Shares outstanding	20.6	42.3	47	72.5	89.9	113

Cash flow statement

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-5.27	-77.7	-278	-180	-79.4	-12.7
Depreciation and amortization	2.26	7.29	12.7	7.2	7.01	3.04
Stock-based compensation	2.99	58.4	20.5	9.6	7.31	4.72
Deferred income tax	2.41	-6.84	-61.9	-18.1	1.06	-3.92
Change in receivables	-0.45	-6.74	-0.93	6.57	0.99	1.91
Change in inventory	-0.21	-5.1	-1.07	-0.47	4.59	-2.98
Change in payables	0.42	7.64	-0.8	0.51	-3.34	1.02
Cash from operations	0.81	-36.7	-59.4	-43.3	-19.1	0.02
Capital expenditures	-0.88	-17.5	-7.43	-3.55	-2.26	-1.02
Acquisitions	0	-256	0
Cash from investing	-5.47	-273	8.75	13	-0.32	0.55
Debt issued	0	239	0
Stock issued	0	203	0	47.6	0	10.3
Share buybacks			0	-1	0
Cash from financing	-8.49	370	11.6	26.2	21.6	8.59
Exchange rate effect	0	-0.63	-0.74	0.21	-0.49
Net change in cash	-13.1	59.9	-39.9	-3.95	1.65	9.5
Free cash flow	-0.07	-54.2	-66.9	-46.8	-21.4	-1.01
Interest paid	13.6	15	15.5	17.3	13	13.2
Income taxes paid	4.9	5.81	5.33	-1.75	2.05	1.17

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 $1.24 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	72.9%	Gross profit / revenue.
Operating margin	6.3%	Operating income / revenue.
EBITDA margin	8.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.9%	Pre-tax income / revenue.
Net margin	1.2%	Net income / revenue.
Operating cash flow margin	-4.8%	Cash from operations / revenue.
Effective tax rate	-47.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.5%	Net income / average total assets.
Return on invested capital (ROIC)	4.2%	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%.
SG&A / revenue	67.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.5%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-13.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.8%	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	3.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-53.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value CAGR, 3y	-50.9%	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	-26.0%	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	2.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-19.2%	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	-6.6%	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	31.8%	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	28.3%	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	35.2%	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	0.69x	Current assets / current liabilities.
Quick ratio	0.44x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.33x	(Cash + short-term investments) / current liabilities.
Debt / equity	5.62x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	53.2%	Total debt / total assets.
Liabilities / assets	90.3%	Total liabilities / total assets.
Net debt	$124.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	11.8x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.83x	Operating income / interest expense.
Working capital	-$28.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	66.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$166.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Fixed asset turnover	30.4x	Revenue / average property, plant and equipment.
Inventory turnover	3.01x	Cost of revenue / average inventory.
Days inventory	121 days	365 x average inventory / cost of revenue.
Receivables turnover	12.5x	Revenue / average receivables.
Days sales outstanding	29 days	365 x average receivables / revenue.
Days payables	121 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	29 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.01	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	$1.21	Revenue / diluted weighted shares.
Operating cash flow per share	-$0.06	Cash from operations / diluted weighted shares.
Book value per share	$0.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.42	Tangible book value / shares outstanding.
Cash per share	$0.25	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$148.6M	Share price x shares outstanding.
Enterprise value	$273.3M	Market cap + total debt - cash - short-term investments.
P/E	101x	Market cap / net income. Only when net income is positive.
P/S	1.16x	Market cap / revenue.
P/B	5.41x	Market cap / shareholders' equity. Only when equity is positive.
EV/Sales	2.13x	Enterprise value / revenue.
EV/EBIT	33.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	25.9x	Enterprise value / EBITDA, when both are positive.
Earnings yield	1.0%	Net income / market cap (the inverse of P/E).

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

Playboy, Inc. reported revenue of $120.9M for fiscal 2025, 4.1% higher than the year before.

Was Playboy, Inc. profitable in fiscal 2025?

No. It reported a net loss of $12.7M.

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

Cash from operations of $18.0K minus capital expenditures of $1.0M left free cash flow of -$1.0M.

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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