POWER SOLUTIONS INTERNATIONAL, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data POWER SOLUTIONS INTERNATIONAL, 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	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	339	417	496	546	418	456	481	459	476	722
Cost of revenue	310	366	437	446	359	415	393	353	335	538
Gross profit	29.2	51	58.8	99.9	58.4	41.3	88.6	106	141	185
Research and development	19	19.9	28.6	24.9	25.4	22.4	18.9	19.5	20.1	18.2
Selling and marketing	28.5	44.3	59.6	54.1	51.7	57.9	42.9	40.4	37.4	55.8
Operating expenses	54.5	69	95.5	82.7	80.2	82.8	64	61.6	58.9	75.2
Operating income	-25.3	-18	-36.7	17.2	-21.7	-41.6	24.6	44.3	81.6	110
Interest expense	11.2	10.8	7.63	7.87	5.71	7.31	13	17.1	11.4	6.7
Other non-operating income	-10.5	-29.1	-17.9	-8.55	-4.97	-7.31	-13		-11.4	-6.35
Pre-tax income	-35.9	-47.2	-54.6	8.66	-26.7	-48.9	11.6	27.2	70.2	103
Income tax	11.6	0.44	0.17	0.41	-3.71	-0.41	0.3	0.9	0.92	-10.6
Net income	-47.5	-47.6	-54.7	8.25	-23	-48.5	11.3	26.3	69.3	114
EBITDA	-20.8	-13.4	-31.5	22.4	-16.6	-36.7	29.2	48.1	85.4	114
EPS, basic	-4.34	-6.20	-2.94	0.38	-1.00	-2.12	0.49	1.15	3.01	4.95
EPS, diluted	-4.47	-6.20	-2.94	0.38	-1.00	-2.12	0.49	1.15	3.01	4.94
Shares, basic (weighted)	10.9	13.8	18.6	21.5	22.9	22.9	22.9	23	23	23
Shares, diluted (weighted)	10.9	13.8	18.6	21.5	22.9	22.9	22.9	23	23	23.1

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2.29	0	0.05	0	21	6.26	24.3	22.8	55.3	41.3
Receivables	60.3	68.7	86.5	105	60.1	65.1	89.9	67	69	90.4
Inventory	101	86.7	106	109	108	142	121	84.9	93.9	127
Other current assets	1.07	0.09	0.74	8.11	6.35	8.92	16.4	2.24	4.17	1.26
Total current assets	184	171	216	223	203	230	255	205	254	291
Property, plant and equipment	20.1	19	24.3	23.2	20.2	17.3	13.8	14.9	15.4	23
Lease right-of-use assets				20.7	17.1	13.5	13.3	27.1	23.3	52.9
Goodwill	29.8	29.8	29.8	29.8	29.8	29.8	29.8	29.8	29.8	29.8
Intangible assets	26	21.5	17	13.4	10.3	7.78	5.66	3.91	2.45	1.24
Other non-current assets	4.68	5.97	2.74	24.7	21	1.8	2.02	3.1	0.37	0.61
Total assets	265	247	290	314	284	301	320	284	328	425
Accounts payable	53.6	51.2	85.2	75.8	31.5	93.3	76.4	67.4	58.2	48.2
Deferred revenue			4.9	26.9	48	1.82	2.26	2.74	10.2	3.49
Short-term debt	0.75	0	0.08	0.2	0.31	0.11	0.13	0.14	0.05	0.03
Total current liabilities	99.6	123	221	182	239	283	319	248	228	92.3
Long-term debt	110	54.4	55.1	55.7	0.78	25.4	5.03	0.09	0.04	0.01
Lease liabilities				17.7	14.2	10.3	11	25.1	20.7	49.4
Other non-current liabilities	13.5	12.4	17.4	28.8	33.6	19	10.4	10.8	11.2	6.53
Total liabilities	224	215	308	285	278	343	350	288	263	246
Total debt	110	54.4	55.1	55.7	0.78	25.6	5.2	0.18	0.09	0.04
Paid-in capital	86.8	124	126	157	157	157	158	158	158	158
Retained earnings	-34.5	-82.1	-135	-127	-150	-198	-187	-161	-91.5	22.5
Treasury stock	-11.6	-9.54	-9.85	-1.34	-1.29	-1.12	-0.97	-0.92	-0.82	-1.49
Shareholders' equity	40.7	32.2	-18.6	28.5	6.1	-42	-30.4	-3.92	65.3	179
Total equity	40.7	32.2	-18.6	28.5	6.1	-42	-30.4	-3.92	65.3	179
Total liabilities and equity	265	247	290	314	284	301	320	284	328	425
Shares outstanding	10.9	18.4	18.6	22.9	22.9	22.9	23	23	23	23

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-47.5	-47.6	-54.7	8.25	-23	-48.5	11.3	26.3	69.3	114
Depreciation and amortization	4.58	4.63	5.2	5.16	5.15	4.87	4.57	3.85	3.74	4.17
Stock-based compensation	1.62	0.47	2.66	1.25	0.61	0.39	0.39	0.15	0.09	0.43
Deferred income tax	18.1	0.24	-0.06	0.46	-1.45	0.03	0.19	0.2	0.09	-14.9
Change in receivables	10.1	-8.39	-17.9	-18.1	44.6	-4.95	-25.7	21.2	2.12	-20.6
Change in inventory	55.6	13.4	-26.2	-3.98	-0.38	-34.8	21.1	33.8	-10.6	-33.4
Cash from operations	32.3	-7.7	-6.17	18.2	-7.59	-61.5	-8.85	70.5	62.4	24.1
Capital expenditures	-3.87	-5.06	-3.65	-3.68	-2.4	-1.97	-1.35	-5.04	-4.56	-9.97
Acquisitions	0	0
Cash from investing	-1.65	-5.17	-10.2	-3.66	-1.41	0.4	-1.35	-5.02	-4.56	-9.96
Debt issued	60	0
Debt repaid		-71.4	0				0	-80
Cash from financing	-36.8	10.6	16.5	-14.6	33.3	46.5	28.4	-66.8	-25.9	-27.7
Net change in cash	-6.15	-2.29	0.05	-0.05	24.3	-14.5	18.2	-1.31	31.9	-13.5
Free cash flow	28.4	-12.8	-9.81	14.5	-10	-63.4	-10.2	65.5	57.8	14.1
Income taxes paid					0.2	0.1		0.6	1.61	9.02

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 $46.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.9%	Gross profit / revenue.
Operating margin	13.0%	Operating income / revenue.
EBITDA margin	13.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.1%	Pre-tax income / revenue.
Net margin	10.0%	Net income / revenue.
FCF margin	9.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.0%	Cash from operations / revenue.
Effective tax rate	16.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	33.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.0%	Net income / average total assets.
Return on invested capital (ROIC)	52.7%	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	2.8%	Research and development expense / revenue.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	51.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	31.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	27.8%	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	25.9%	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	34.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	64.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	33.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	57.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	64.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	116.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	64.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	116.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-61.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-75.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	173.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y	96.5%	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	29.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.9%	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	8.4%	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	0.2%	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	0.2%	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	0.2%	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	2.57x	Current assets / current liabilities.
Quick ratio	1.28x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.60x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.03x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.3%	Total debt / total assets.
Liabilities / assets	55.2%	Total liabilities / total assets.
Net debt	-$64.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.69x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	13.4x	Operating income / interest expense.
Working capital	$184.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$166.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.49x	Revenue / average total assets.
Fixed asset turnover	21.2x	Revenue / average property, plant and equipment.
Inventory turnover	4.04x	Cost of revenue / average inventory.
Days inventory	90 days	365 x average inventory / cost of revenue.
Receivables turnover	8.43x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
Days payables	35 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	99 days	Days inventory + days sales outstanding - days payables.
FCF conversion	98.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.94	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	$29.31	Revenue / diluted weighted shares.
FCF per share	$2.91	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.22	Cash from operations / diluted weighted shares.
Book value per share	$8.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.24	Tangible book value / shares outstanding.
Cash per share	$3.04	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.08B	Share price x shares outstanding.
Enterprise value	$1.01B	Market cap + total debt - cash - short-term investments.
P/E	15.9x	Market cap / net income. Only when net income is positive.
P/S	1.59x	Market cap / revenue.
P/B	5.30x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.45x	Market cap / tangible book value, when positive.
P/FCF	16.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.5x	Market cap / cash from operations, when positive.
EV/Sales	1.50x	Enterprise value / revenue.
EV/EBIT	11.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.2%	Free cash flow / market cap.
Earnings yield	6.3%	Net income / market cap (the inverse of P/E).
PEG	0.14x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was POWER SOLUTIONS INTERNATIONAL, INC.'s revenue in fiscal 2025?

POWER SOLUTIONS INTERNATIONAL, INC. reported revenue of $722.4M for fiscal 2025, 51.8% higher than the year before.

Was POWER SOLUTIONS INTERNATIONAL, INC. profitable in fiscal 2025?

Yes. Net income was $114.0M, a net margin of 15.8%.

How much free cash flow did POWER SOLUTIONS INTERNATIONAL, INC. generate in fiscal 2025?

Cash from operations of $24.1M minus capital expenditures of $10.0M left free cash flow of $14.1M.

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.

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