Protalix BioTherapeutics, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Protalix BioTherapeutics, 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	9.2	21.1	34.2	54.7	62.9	38.4	47.6	65.5	53.4	52.7
Cost of revenue	8.4	15.2	9.3	10.9	10.9	16.3	19.6	23	24.3	27
Gross profit	0.8	4.01	24.9	43.8	52	22	28	42.5	29.1	25.8
Research and development	30.4	32.2	33.3	44.6	38.2	29.7	29.3	17.1	13	19.6
Selling, general and administrative	9.36	11.5	10.9	9.9	11.1	12.7	11.7	15	12.2	11.7
Operating income	-33.2	-34.5	-19.3	-10.7	2.71	-20.5	-13	10.5	3.92	-5.5
Other non-operating income	3.99	-48.9	-7.15	-7.56	-9.23	-7.12	-1.38	-1.89	0.24	-0.11
Pre-tax income					-6.52	-27.6	-14.4	8.57	4.15	-5.61
Income tax							0.53	0.25	1.22	1
Income from continuing operations	-29.2	-83.4	-26.5	-18.3
Net income	-29.4	-83.4	-26.5	-18.3	-6.52	-27.6	-14.9	8.31	2.93	-6.6
EBITDA	-31.2	-32.6	-17.6	-9.1	4.01	-19.3	-11.9	11.7	5.22	-4.04
EPS, basic	-2.89	-6.37	-1.80	-1.23	-0.22	-0.62	-0.31	0.12	0.04	-0.08
EPS, diluted	-2.89	-6.37	-1.80	-1.23	-0.22	-0.62	-0.31	0.09	0.04	-0.08
Shares, basic (weighted)	10.2	13.1	14.7	14.8	29.1	44.1	48.5	67.5	72.5	78.5
Shares, diluted (weighted)	10.2	13.1	14.7	14.8	29.1	44.1	48.5	82.4	81.1	78.5

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	63.3	51.2	37.8	17.8	18.3	39	17.1	23.6	19.8	14.7
Receivables	0.69	1.72	4.73	4.7	2	3.44	4.59	5.27	2.91	8.84
Inventory	5.25	7.83	8.57	8.16	13.1	18	16.8	19	21.2	25.7
Other current assets	2.65	1.93	1.88	1.83	2.1	1.29	1.31	1.06	1.1	1.13
Total current assets	71.9	62.7	53	32.5	55.7	61.7	44.9	69.9	60.1	66.7
Property, plant and equipment	8.7	7.68	6.39	5.27	4.85	4.96	4.55	4.97	4.59	4.88
Lease right-of-use assets			0	5.68	5.57	4.96	5.09	5.91	5.43	7.7
Total assets	82.2	72.2	61.1	45.4	67.9	73.7	55.8	84.4	73.4	82.3
Accounts payable	7.5	9.31	10.3	11.9	13.9	16.4	12.3	19.6	4.53	5.26
Accrued liabilities	3.58	4.8	6.37	7.36	9.59	12	7.48	9.01	9.57	9.79
Deferred revenue	0.84		9.87	16.3	5.39	8.55	13.2	0
Total current liabilities	66.2	22.8	25.4	40.2	86.5	33.2	32.4	45.5	25.6	26.5
Lease liabilities			0	4.53	4.47	4.38	4.17	4.62	4.03	6.94
Other non-current liabilities	4.3	5.05	5.29	0.51	0.05
Total liabilities	92.2	102	114	116	95	79.7	66.4	50.9	30.2	34.1
Paid-in capital	203	266	270	270	320	369	379	415	422	433
Retained earnings	-213	-296	-323	-341	-347	-375	-390	-382	-378	-385
Shareholders' equity	-9.96	-29.5	-52.9	-70.3	-27	-6.04	-10.6	33.6	43.2	48.2
Total equity	-9.96	-29.5	-52.9	-70.3	-27	-6.04	-10.6	33.6	43.2	48.2
Total liabilities and equity	82.2	72.2	61.1	45.4	67.9	73.7	55.8	84.4	73.4	82.3
Shares outstanding	12.5	144	14.8	14.8	34.8	45.6	53.8	73	75.9	80.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-29.4	-83.4	-26.5	-18.3	-6.52	-27.6	-14.9	8.31	2.93	-6.6
Depreciation and amortization	1.98	1.92	1.67	1.62	1.3	1.12	1.09	1.19	1.3	1.47
Stock-based compensation	0.99	0.34	0.51	0.84	3.13	2.38	2.09	3.45	3.25	2.3
Deferred income tax						0	0	-3.09	0.24	0.34
Change in receivables	-1.13	0.03	-3.1	0.19	2.09	-1.03	-1.19	-0.43	2.32	-5.89
Change in inventory	0.52	-2.59	-0.74	0.41	-4.93	-4.87	1.15	-2.24	-2.2	-4.49
Change in payables	2.14	4.9	-0.76	2.74	2.27	2.39	-4.8	5.3	0.7	0.29
Cash from operations	-32.1	-9.99	-7.74	-19.4	-26.1	-10.3	-25	-1.32	8.67	-12
Capital expenditures	-0.85	-0.97	-0.69	-0.63	-0.66	-1.46	-0.63	-1.15	-1.28	-1.64
Cash from investing	-0.97	-1.12	-0.59	-0.88	-20	18.9	-5.04	-16.7	4.22	-2.37
Stock issued	0.01	0	0		4.87	8.58	8.24	24	3.63	6.81
Cash from financing	19.7	-1.42	-4.75	0	46.5	12.1	8.24	24.7	-16.8	9.33
Exchange rate effect	0.28	0.41	-0.27	0.23	0.06	0.01	-0.08
Net change in cash	-13.1	-12.1	-13.4	-20	0.47	20.7	-21.9	6.52	-3.87	-5.08
Free cash flow	-32.9	-11	-8.43	-20	-26.8	-11.7	-25.6	-2.47	7.39	-13.6
Interest paid	3.66	4.85	4.59	4.34	4.34	3.41	2.2	2.74	1.53	0
Income taxes paid									0.39	1.18

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 $2.72 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	69.2%	Gross profit / revenue.
Operating margin	28.9%	Operating income / revenue.
EBITDA margin	30.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	29.1%	Pre-tax income / revenue.
Net margin	23.5%	Net income / revenue.
FCF margin	9.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.3%	Cash from operations / revenue.
Effective tax rate	19.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	26.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	17.2%	Net income / average total assets.
Return on invested capital (ROIC)	42.8%	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	24.7%	Research and development expense / revenue.
SG&A / revenue	15.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-11.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.8%	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	-13.1%	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	-240.4%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-177.3%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-325.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-300.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-238.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-284.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	11.6%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	12.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.9%	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	3.9%	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	-3.1%	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	17.5%	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	21.9%	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	2.94x	Current assets / current liabilities.
Quick ratio	1.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.87x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	35.3%	Total liabilities / total assets.
Working capital	$60.8M	Current assets - current liabilities.
Tangible book value	$71.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.73x	Revenue / average total assets.
Fixed asset turnover	14.7x	Revenue / average property, plant and equipment.
Inventory turnover	0.77x	Cost of revenue / average inventory.
Days inventory	475 days	365 x average inventory / cost of revenue.
Receivables turnover	4.89x	Revenue / average receivables.
Days sales outstanding	75 days	365 x average receivables / revenue.
Days payables	96 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	454 days	Days inventory + days sales outstanding - days payables.
FCF conversion	40.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	22.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.23	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	$0.98	Revenue / diluted weighted shares.
FCF per share	$0.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.12	Cash from operations / diluted weighted shares.
Book value per share	$0.86	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.86	Tangible book value / shares outstanding.
Cash per share	$0.33	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$219.2M	Share price x shares outstanding.
Enterprise value	$191.7M	Market cap + total debt - cash - short-term investments.
P/E	11.6x	Market cap / net income. Only when net income is positive.
P/S	2.72x	Market cap / revenue.
P/B	3.07x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.07x	Market cap / tangible book value, when positive.
P/FCF	28.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.1x	Market cap / cash from operations, when positive.
EV/Sales	2.38x	Enterprise value / revenue.
EV/EBIT	8.23x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.71x	Enterprise value / EBITDA, when both are positive.
EV/FCF	25.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.5%	Free cash flow / market cap.
Earnings yield	8.6%	Net income / market cap (the inverse of P/E).

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

Protalix BioTherapeutics, Inc. reported revenue of $52.7M for fiscal 2025, 1.2% lower than the year before.

Was Protalix BioTherapeutics, Inc. profitable in fiscal 2025?

No. It reported a net loss of $6.6M.

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

Cash from operations of $12.0M minus capital expenditures of $1.6M left free cash flow of -$13.6M.

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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