ROCKWELL MEDICAL, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ROCKWELL MEDICAL, 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	53.3	57.3	63.4	61.3	62.2	61.9	72.8	83.6	101	69.3
Cost of revenue	46.5	53.6	65	58.5	59.5	64.4	68.7	74.9	84	57.6
Gross profit	6.75	3.7	-1.58	2.84	2.73	-2.42	4.08	8.7	17.5	11.7
Research and development	5.84	6.32	5.64	6.89	7.09	6.84	3.12	1.11	0.02	0
Selling, general and administrative	21.1	23.3	23.1
Selling and marketing			1	9.05	7.87	5.73	2.09	2.13	2.75	2.35
General and administrative			22.1	21	16.2	15.3	15.6	12.1	14.1	14
Operating income	-20.2	-25.9	-32.4	-34.5	-28.4	-30.3	-16.8	-6.67	0.61	-4.69
Interest expense				0.03	1.88	2.36	1.94	2.3	1.25	1.12
Interest income	0.81			0.39	0.24	0.02	0.03	0.21
Other non-operating income		0	0.31	0.4	-2.47	-2.34	-1.9	-1.77	-1.09	-0.62
Pre-tax income	-19.4	-25.9						-8.44	-0.48	-5.31
Income tax	0.4	0	0	0	0	0	0	0	0	0
Net income	-19.8	-25.9	-32.1	-34.1	-30.9	-32.7	-18.7	-8.44	-0.48	-5.31
EBITDA	-19.4	-25.4	-31.8	-33.7	-27.6	-29.7	-16.2	-5.23	2.79	-2.5
EPS, basic	-2.96	-3.87	-4.63	-4.25	-3.11	-2.65	-1.31	-0.37	-0.03	-0.15
EPS, diluted	-2.96	-3.87	-4.63	-4.25	-3.11	-2.65	-1.31	-0.37	-0.03	-0.15
Shares, basic (weighted)	6.68	6.73	6.96	8.03	9.97	12.3	14.3	23.3	31.1	36
Shares, diluted (weighted)	6.68	6.73	6.96	8.03	9.97	12.3	14.3	23.3	31.1	36

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	17.2	8.41	22.7	11.8	48.7	13.3	10.1	8.98	15.7	10.7
Short-term investments			10.8	14.3	10	9.16	11.4	1.95	5.94	14.3
Receivables	6.39	6.36	6.98	4.2	4.17	5.91	6.26	10.9	8.29	8.14
Inventory	12.1	7.64	4.04	3.65	3.91	4.08	5.81	5.87	5.78	3.42
Other current assets	2.03	1.78	1.9	2.98	2.71	2.86	1.75	1.06	1.36	1.6
Total current assets	78.5	48.8	46.8	36.9	69.5	35.3	35.3	28.8	37	38.2
Property, plant and equipment	1.39	2.55	2.64	2.43	2.64	2.49	2.19	6.4	5.79	4.63
Lease right-of-use assets				3.21	2.9	7.7	3.94	2.71	3.22	2.57
Goodwill	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92
Intangible assets	0	0					0	10.8	10.2	9.66
Other non-current assets	0.5	0.49	0.54	0.44	0.63	0.62	0.52	0.53	0.53	0.56
Total assets	83.2	58.8	52.6	44.3	77.7	48.6	46.6	52.2	59.2	57.1
Accounts payable	5.86	4.22	4.49	3.02	4.16	3.74	4.05	4.52	2.87	2
Accrued liabilities	4.21	4.72	5.13	4.52	5.01	5.09	7.7	7.15	6.28	4.34
Deferred revenue			2.25	2.23	2.18	2.17	1.73	0.05	0.05	0
Short-term debt					0	7.38	1.63	0		0
Total current liabilities	10.1	9.14	13.2	12.4	12.8	21	17.7	16.6	14.1	9.58
Long-term debt				0	20.9	13.2	7.56	8.29	8.47	8.83
Lease liabilities				1.78	1.82		2.58	1.43	1.7	1.45
Other non-current liabilities					0	0.01	0.01	0.01	0
Total liabilities	30.2	25.9	25.3	24	43.6	46	32.5	30.9	26.6	20.2
Total debt				0	20.9	20.6	9.19	8.29	8.47	8.83
Paid-in capital			300	327	372	373	403	418	430	440
Retained earnings	-214	-240	-272	-307	-337	-370	-389	-397	-398	-403
Other comprehensive income	-0.9	-0.04	0.06	0.05	0.06	0.05	0.16	-0	0.05	0.13
Shareholders' equity	53	32.9	27.3	20.3	34.2	2.54	14.1	21.3	32.6	37
Total equity	53	32.9	27.3	20.3	34.2	2.54	14.1	21.3	32.6	37
Total liabilities and equity	83.2	58.8	52.6	44.3	77.7	48.6	46.6	52.2	59.2	57.1
Shares outstanding	6.79	6.83	7.52	8.62	12.3	12.3	12.2	29.1	34.1	3.94

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-19.8	-25.9	-32.1	-34.1	-30.9	-32.7	-18.7	-8.44	-0.48	-5.31
Depreciation and amortization	0.76	0.51	0.65	0.79	0.83	0.67	0.58	1.44	2.18	2.19
Stock-based compensation	10.3	7.17	4.39	4.95	0.48	0.94	0.32	0.93	1.29	1.82
Change in receivables	-1.16	-0.96	-0.62	2.78	0.03	-1.74	-0.35	-4.64	2.61	-0.1
Change in inventory	-6.1	0.34	-0.84	0.32	-1.31	-0.66	-2.1	1.18	-0.33	2.78
Change in payables	1.86	-1.64	0.27	-1.47	1.14	-0.42	0.31	0.46	-1.65	-0.87
Cash from operations	-12.5	-21.1	-20.4	-27.3	-29.6	-33.5	-16.9	-9.41	4.2	-0.66
Capital expenditures								-0.28	-1.01	-0.54
Purchases of investments				-41.7	-29.3	-26.1	-21.3	-5.7	-5.86	-24.2
Sales and maturities of investments	24.5	51.9	33.9	38.3	33.6	26.9	19.2	15.3	2	16.2
Cash from investing	-1.64	14.5	12.7	-4.75	3.21	0.31	-2.4	-3.05	-4.87	-8.54
Debt issued				0	22.5	0
Debt repaid					0	-0.75	-11.8	-2	0
Stock issued	0.08	0.12	22	0.15	0		15	14.9	10.2	7.82
Cash from financing	0.08	-2.16	22	21.1	63.3	-2.18	16.2	11.3	7.35	4.25
Exchange rate effect							-0	-0	-0.01	0
Net change in cash	-14	-8.77	14.3	-10.9	36.9	-35.4	-3.18	-1.12	6.68	-4.95
Free cash flow								-9.7	3.19	-1.2
Interest paid				0	1.56	1.83	1.47	1.21	0.85	0.77
Income taxes paid	0.4									0

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 $8.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	17.7%	Gross profit / revenue.
Operating margin	-6.5%	Operating income / revenue.
EBITDA margin	-3.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-7.3%	Net income / revenue.
FCF margin	2.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.2%	Cash from operations / revenue.
Return on equity (ROE)	-14.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-9.0%	Net income / average total assets.
Return on invested capital (ROIC)	-10.6%	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	2.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.0%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-31.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-33.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	42.1%	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	33.8%	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	-871.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-189.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-115.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-137.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	13.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	37.9%	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	1.6%	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	-3.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.0%	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	-6.0%	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	15.8%	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	36.0%	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	29.3%	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	3.25x	Current assets / current liabilities.
Quick ratio	1.68x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.94x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.26x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.9%	Total debt / total assets.
Liabilities / assets	37.9%	Total liabilities / total assets.
Net debt	-$1.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-3.99x	Operating income / interest expense.
Working capital	$25.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$24.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.23x	Revenue / average total assets.
Fixed asset turnover	15.0x	Revenue / average property, plant and equipment.
Inventory turnover	20.3x	Cost of revenue / average inventory.
Days inventory	18 days	365 x average inventory / cost of revenue.
Receivables turnover	8.36x	Revenue / average receivables.
Days sales outstanding	44 days	365 x average receivables / revenue.
Days payables	20 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	41 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	46.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.28	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	$17.53	Revenue / diluted weighted shares.
FCF per share	$0.39	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.73	Cash from operations / diluted weighted shares.
Book value per share	$8.83	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.24	Tangible book value / shares outstanding.
Cash per share	$2.65	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$33.7M	Share price x shares outstanding.
Enterprise value	$32.2M	Market cap + total debt - cash - short-term investments.
P/S	0.49x	Market cap / revenue.
P/B	0.96x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.36x	Market cap / tangible book value, when positive.
P/FCF	21.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.6x	Market cap / cash from operations, when positive.
EV/Sales	0.46x	Enterprise value / revenue.
EV/FCF	20.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.6%	Free cash flow / market cap.
Earnings yield	-15.1%	Net income / market cap (the inverse of P/E).

What was ROCKWELL MEDICAL, INC.'s revenue in fiscal 2025?

ROCKWELL MEDICAL, INC. reported revenue of $69.3M for fiscal 2025, 31.8% lower than the year before.

Was ROCKWELL MEDICAL, INC. profitable in fiscal 2025?

No. It reported a net loss of $5.3M.

How much free cash flow did ROCKWELL MEDICAL, INC. generate in fiscal 2025?

Cash from operations of $659.0K minus capital expenditures of $542.0K left free cash flow of -$1.2M.

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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