RideNow Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RideNow 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	0	7.31	156	841	416	924	1,793	1,366	1,209	1,083
Cost of revenue	0	7.03	143	790	385	766	1,017	1,007	895	785
Gross profit	0	0.28	13.5	50.6	31.6	158	442	360	314	298
Research and development			1.15	2.41	1.42
Selling, general and administrative	0.21	7.59	36	86.6	53.7	164	355	347	275	256
Selling and marketing	0	1.73	11.5	18.2	5.29	14.4	31.3
General and administrative	0.06	1.4	10.9	29.9	15.2	45.4	35.8	43.5	32.3	30.1
Operating expenses	0.21	15.3
Operating income	-0.21	-7.98	-23.4	-37.8	-18.6	-8.87	-260	-69.5	-15.2	-0.2
Interest expense	0.01	0.6	1.78	-7.19	6.45	16.4	52.1	77.2
Other non-operating income						0	4.2	-85.6	-63.6	-51.9
Pre-tax income	-0.23	-8.57	-25.2	-45.2	-25	-31.4	-306	-155	-78.8	-52.1
Income tax	-0	0	0	0	0	-21.7	-72	59.3	-0.2	0.3
Income from continuing operations							-234	-214	-78.6
Net income	-0.22	-8.57	-25.2	-45.2	-25	-9.73	-262	-216	-78.6	-52.4
EBITDA	-0.21	-7.31	-22.4	-36	-16.4	-2.77	-237	-47.5	-0.9	8.8
EPS, basic	-0.80	-17.17	-33.95	-40.53	-11.44	-1.41	-16.48	-12.15	-2.22	-1.38
EPS, diluted	-0.80	-17.17	-33.95	-40.53	-11.44	-1.41	-16.48	-12.15	-2.22	-1.38
Shares, basic (weighted)	0.28	0.5	0.74	1.11	2.18	6.92	15.9	17.7	35.4	38
Shares, diluted (weighted)	0.28	0.5	0.74	1.11	2.18	6.92	15.9	17.7	35.4	38

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1.35	9.17	9.13	0.05	1.47	49	46.8	58.9	85.3	29.5
Receivables	0	0.58	8.47	8.48	9.41	40.2	28	50.3	30.5	28.9
Inventory	0	52.2	52.2	57.4	21.4	202	324	348	241	257
Other current assets	0	0	1.1	1.21	3.45	6.34	7.4	6	3.6	5.5
Total current assets	1.35	12.9	77.5	73.8	37.7	300	461	481	371	335
Property, plant and equipment	0	3.36	5.18	6.43	6.52	21.4	76.1	76.8	63.5	60.5
Lease right-of-use assets			0	6.04	5.69	133	162	164	157	150
Goodwill	0	1.85	26.1	26.9	26.9	235	21.1	0.8	0.8	0
Intangible assets	0.05				0.05	302	247	203	162	127
Other non-current assets	0.05	0.05	0.1	0.24	0.11	10.1	1.9	1.5	1.3	1
Total assets	1.4	18.2	109	113	77	1,028	1,027	926	755	674
Accounts payable	0.22	1.18	10.6	12.4	12.7	77.3	79.5	68.1	75.4	77.7
Accrued liabilities					0.12
Short-term debt	0	1.08	58.6	59.2	2.88		224	35.6	39.1	0.4
Total current liabilities	0.22	2.29	69.3	73.7	35.4	179	312	395	324	297
Long-term debt	0	1.46	8.79	1.92	4.69	0.15	374	239	212	207
Lease liabilities			0	4.72	4.37	115	127	134	130	128
Other non-current liabilities		0.03	0		0.72	11.9	8.4	52.9	52.3	54.4
Total liabilities	0.3	3.79	78.1	101	72.4	596	821	821	719	686
Total debt	0	1.08	58.6	59.2	1.65	258	598	274	251	208
Paid-in capital	1.53	23.4	65	92.3	109	550	586	701	701	704
Retained earnings	-0.45	-9.02	-34.2	-79.4	-104	-114	-376	-591	-660	-712
Treasury stock					0	-4.32	-4.3	-4.3	-4.3	-4.3
Other comprehensive income					-104
Shareholders' equity	1.09	14.4	30.8	12.9	4.57	432	206	106	36.7	-12.5
Total equity	1.09	14.4	30.8	12.9	4.57	432	206	106	36.7	-12.5
Total liabilities and equity	1.4	18.2	109	113	77	1,028	1,027	926	755	674
Shares outstanding	0.32

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.22	-8.57	-25.2	-45.2	-25	-9.73	-262	-216	-78.6	-52.4
Depreciation and amortization	0	0.67	0.98	1.79	2.14	6.1	23	22	14.3	9
Stock-based compensation	0	0.5	1.66	3.84	2.98	29.2	9.4	12	4.6	2.1
Change in receivables			-0.32	2.04	-1.24	-9.76	-4.6	3.9	19.8	1.6
Change in inventory	0	-2.83	-1.72	-2.33	24.3	-53.2	-120	-31.7	108	-16.8
Change in payables	0	-0.58	-0.29	-5.03	1.35	3.01	-6	-4.4	6.2	1.7
Cash from operations	-0.02	-9.62	-23.5	-39.7	17.1	-32.2	-18.9	-38.9	99.4	15.9
Capital expenditures	0	-0.62	-0.01	-0.12	-0.18	-5.65	-5.6	-13.7	-2	-5.6
Acquisitions					0	-371	-69.6	-3.3	-0.7	0
Cash from investing	-0.05	-1.88	-17.6	-3.87	-2.28	-379	-82.2	-19.1	0.9	-2.7
Debt issued							84.5	2.2	0	10
Debt repaid						0	-51.2	-112	-36	-61.1
Stock issued	1.35	17.7	33.1	15.2	10.8	191	0	98.4	9.8	0
Share buybacks	0
Cash from financing	1.41	19.3	47.6	34.6	-18.1	459	108	78.2	-80.6	-67
Net change in cash	1.35	7.82	6.61	-9.06	-3.21	48.5	6.6	18.4	19.7	-53.8
Free cash flow	-0.02	-10.2	-23.5	-39.9	17	-37.8	-24.5	-52.6	97.4	10.3
Interest paid	0.02	0.2	1.23	4.89	3.84	12.1	49.4	66	49.5	45.7
Income taxes paid	0					0	6.6	1	-0.8	0.4

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 $6.06 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.7%	Gross profit / revenue.
Operating margin	3.7%	Operating income / revenue.
EBITDA margin	4.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.7%	Pre-tax income / revenue.
Net margin	-0.8%	Net income / revenue.
FCF margin	-1.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-1.4%	Cash from operations / revenue.
Return on assets (ROA)	-1.1%	Net income / average total assets.
Return on invested capital (ROIC)	20.2%	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	23.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-10.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-15.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	21.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-12.3%	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	56.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-84.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-1.5%	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	-89.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-9.5%	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	-134.1%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-10.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-13.1%	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	54.3%	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	7.3%	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	33.7%	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	77.0%	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	1.14x	Current assets / current liabilities.
Quick ratio	0.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / assets	28.9%	Total debt / total assets.
Liabilities / assets	101.2%	Total liabilities / total assets.
Net debt	$166.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.41x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$49.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	17.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$135.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.49x	Revenue / average total assets.
Fixed asset turnover	18.6x	Revenue / average property, plant and equipment.
Inventory turnover	2.57x	Cost of revenue / average inventory.
Days inventory	142 days	365 x average inventory / cost of revenue.
Receivables turnover	39.3x	Revenue / average receivables.
Days sales outstanding	9 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.21	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	$28.11	Revenue / diluted weighted shares.
FCF per share	-$0.53	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.41	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	-$3.49	Tangible book value / shares outstanding.
Cash per share	$1.20	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$236.4M	Share price x shares outstanding.
Enterprise value	$402.8M	Market cap + total debt - cash - short-term investments.
P/S	0.22x	Market cap / revenue.
EV/Sales	0.37x	Enterprise value / revenue.
EV/EBIT	10.00x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.25x	Enterprise value / EBITDA, when both are positive.
FCF yield	-8.7%	Free cash flow / market cap.
Earnings yield	-3.5%	Net income / market cap (the inverse of P/E).

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

RideNow Group, Inc. reported revenue of $1.08B for fiscal 2025, 10.5% lower than the year before.

Was RideNow Group, Inc. profitable in fiscal 2025?

No. It reported a net loss of $52.4M.

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

Cash from operations of $15.9M minus capital expenditures of $5.6M left free cash flow of $10.3M.

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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