CPI Card Group Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CPI Card Group 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	309	255	256	278	312	375	476	445	481	544
Cost of revenue	207	156	177	187	202	234	300	289	309	373
Gross profit	102	68.2	78.6	91.1	110	141	176	155	171	170
Selling, general and administrative	64	62.2	68	66.3	65.8	75.7	90.8	88.3	103
Operating expenses	72.9	87.5	74	66.4	71.9	82	96.6	93.9	108	115
Operating income	29	-19.3	4.59	24.7	38.4	59.5	79.1	61.6	62.8	54.8
Other non-operating income	0.02	0.01	0.02	-0	-0.02	0.01	-0.37	0.03	-0.69	-0.35
Pre-tax income	8.54	-39.6	-19.1	-1.52	12.9	23.8	49.1	34.5	25	21.7
Income tax	3.14	-16.5	-4.34	3.47	-3.31	7.88	12.6	10.5	5.51	6.66
Income from continuing operations	5.4	-23.1	-14.8	-4.99	16.2	15.9
Net income	5.4	-22	-37.5	-5.12	16.1	15.9	36.5	24	19.5	15
EBITDA	45.9	-2.38	23	42	55.2	74.6	94	77.5	79.2	77.3
EPS, basic	0.55	-2.28	-3.86	-0.46	1.44	1.42	3.24	2.10	1.75	1.32
EPS, diluted	0.55	-2.28	-3.86	-0.46	1.44	1.36	3.11	2.01	1.64	1.25
Shares, basic (weighted)	9.71	9.67	9.7	11.2	11.2	11.2	11.3	11.4	11.2	11.3
Shares, diluted (weighted)	9.77	9.67	9.7	11.2	11.2	11.8	11.7	11.9	11.9	11.9
Dividend per share	1.04	0.52

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	37	23.2	20.3	18.7	57.6	20.7	11	12.4	33.5	21.7
Receivables	31.5	32.5	43.8	42.8	54.6	61	80.6	73.7	85.5	95.4
Inventory	19.4	13.8	9.83	20.2	24.8	58	68.4	70.6	72.7	72.2
Other current assets	4.6	3.68	5	6.35	5.03	5.52	7.55	8.65	11.3	15.6
Total current assets	92.4	102	84.5	92.2	153	146	168	165	203	205
Property, plant and equipment	53.4	44.4	39.1	41.6	39.4	47.3	57.2
Lease right-of-use assets										27.4
Goodwill	66.1	47.2	47.2	47.2	47.2	47.2	47.2	47.2	47.2	48.8
Intangible assets	46.3	40.1	35.4	30.8	26.2	21.9	18	14.1	10.5	18.5
Other non-current assets	0.24	0.25	1.03	1.23	0.86	6.18	6.78	3.98	20.3	22.5
Total assets	264	234	207	213	266	268	297	294	350	403
Accounts payable	11	13.2	16.5	16.5	18.9	26.4	24.4	12.8	16.1	27.8
Accrued liabilities	17.5	12.8	23.9	24.7	28.1	37.2	40.1	35.8	58	52.4
Deferred revenue		3.34	0.91	0.47	1.87	1.18	3.57	0.84	1.49	3.92
Short-term debt					8.03					0
Total current liabilities	35.3	35	41.3	41.7	56.9	64.8	68	49.4	75.6	84.1
Long-term debt	302	304	306	308	329	304	286	265	280	287
Lease liabilities				5.07	5.49	10.7	8.91	9.38	8.24	15.7
Other non-current liabilities	1.23	2.5	3.94	11.5	11.2	15.5	18.4	24	26	47.5
Total liabilities	360	354	357	367	404	389	379	346	385	421
Total debt	302	304	306	308	337	304	286	265	280	287
Paid-in capital	-115	-113	-112	-112	-112	-111	-108	-102	-105	-102
Retained earnings	26	-1.37	-36	-42.3	-26.2	-10.2	26.3	50.3	69.8	84.7
Other comprehensive income	-6.42	-5.14	-1.36
Shareholders' equity	-95.3	-120	-151	-154	-138	-121	-82.1	-51.9	-35.6	-17.3
Total equity	-95.3	-120	-151	-154	-138	-121	-82.1	-51.9	-35.6	-17.3
Total liabilities and equity	264	234	207	213	266	268	297	294	350	403
Shares outstanding	9.63	9.68	9.7	11.2	11.2	11.3	11.4	11.4	11.2	11.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5.4	-22	-37.5	-5.12	16.1	15.9	36.5	24	19.5	15
Depreciation and amortization	16.9	16.9	18.4	17.3	16.8	15.1	14.9	15.9	16.4	22.5
Stock-based compensation	3.58	1.99	0.96	0.25	0.14	1.25	3.48	7.51	8.55	6.96
Deferred income tax	-1.83	-9.17	-6.9	0.97	1.04	-2.16	1.56	0.33	-3.82	4.52
Change in receivables	19.8	-6.4	-5.52	-0.69	-11.7	-6.36	-19.7	6.8	-11.8	-0.69
Change in inventory	5.79	2.83	-2	-10.4	-6.11	-33.4	-10.7	-1.64	-1.99	3.61
Change in payables	-6.39	5.66	2.41	1.13	1.66	6.58	-0.45	-11.3	2.76	7.51
Cash from operations	60	2.43	7.07	2.97	22.1	20.2	31.3	34	43.3	59.5
Capital expenditures	-14.3	-7.26	-5.63	-4.18	-7.09	-10.1	-17.9	-6.41	-9.26	-18.2
Acquisitions										-44.2
Cash from investing	-14.3	-8.79	-5.63	-2.57	-7.09	-9.92	-17.8	-6.22	-9.22	-65.1
Debt issued						310			285	67
Debt repaid						-313	-24.9	-17	-268	-62
Share buybacks	-6.01							-0.25	-8.68
Dividends paid	-7.52	-7.54
Cash from financing	-21.9	-7.88	-0.52	-1.93	24	-47.2	-23.2	-26.4	-13	-6.22
Exchange rate effect	-0.4	0.49	-0.06	0.05	0.02	0
Net change in cash	23.3	-13.8	-2.91	-1.61	38.9	-36.9	-9.65	1.38	21.1	-11.8
Free cash flow	45.7	-4.84	1.44	-1.21	15	10.2	13.5	27.6	34.1	41.3
Interest paid	15.1	18.5	20.7	23	22.8	22.3	27.7	25.7	26.3	32.4
Income taxes paid	-0.47	0.03	-0.66	0.78	1.04	9.79	12.6	10.5	9.29	6.4

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 $24.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.0%	Gross profit / revenue.
Operating margin	9.2%	Operating income / revenue.
EBITDA margin	13.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.7%	Pre-tax income / revenue.
Net margin	2.3%	Net income / revenue.
FCF margin	13.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.6%	Cash from operations / revenue.
Effective tax rate	34.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.5%	Net income / average total assets.
Return on invested capital (ROIC)	15.5%	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%.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	4.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.1%	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	9.0%	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	-12.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-11.5%	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	7.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-2.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-6.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-23.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-25.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-1.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-23.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-26.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-2.8%	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	37.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.8%	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	21.9%	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	21.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	45.3%	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	22.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	15.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.8%	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	8.7%	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	0.4%	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	0.5%	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	1.2%	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	2.09x	Current assets / current liabilities.
Quick ratio	1.22x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.24x	(Cash + short-term investments) / current liabilities.
Debt / assets	67.1%	Total debt / total assets.
Liabilities / assets	102.9%	Total liabilities / total assets.
Net debt	$240.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.02x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$98.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$83.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.50x	Revenue / average total assets.
Inventory turnover	6.45x	Cost of revenue / average inventory.
Days inventory	57 days	365 x average inventory / cost of revenue.
Receivables turnover	6.65x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
Days payables	28 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	84 days	Days inventory + days sales outstanding - days payables.
FCF conversion	556.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.14	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	$48.78	Revenue / diluted weighted shares.
FCF per share	$6.36	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.62	Cash from operations / diluted weighted shares.
Book value per share	-$1.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$7.28	Tangible book value / shares outstanding.
Cash per share	$1.85	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$285.4M	Share price x shares outstanding.
Enterprise value	$526.2M	Market cap + total debt - cash - short-term investments.
P/E	20.7x	Market cap / net income. Only when net income is positive.
P/S	0.49x	Market cap / revenue.
P/FCF	3.73x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.11x	Market cap / cash from operations, when positive.
EV/Sales	0.90x	Enterprise value / revenue.
EV/EBIT	9.71x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.61x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.87x	Enterprise value / free cash flow, when both are positive.
FCF yield	26.8%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).

What was CPI Card Group Inc.'s revenue in fiscal 2025?

CPI Card Group Inc. reported revenue of $543.5M for fiscal 2025, 13.1% higher than the year before.

Was CPI Card Group Inc. profitable in fiscal 2025?

Yes. Net income was $15.0M, a net margin of 2.8%.

How much free cash flow did CPI Card Group Inc. generate in fiscal 2025?

Cash from operations of $59.5M minus capital expenditures of $18.2M left free cash flow of $41.3M.

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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