Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data SAB 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
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
55.2
60.9
23.9
2.24
1.32
0
Research and development
27.9
57.2
36.4
16.5
30.3
34.4
General and administrative
6.77
17.1
16.4
23.8
14
14.6
Operating expenses
34.7
74.3
52.8
40.3
44.2
49
Operating income
20.6
-13.4
-28.9
-38.1
-42.9
-49
Interest expense
0.47
0.29
0.3
0.32
0.32
0.24
Interest income
0.03
0.02
0.07
0.58
1.29
1.43
Other non-operating income
0
-3.75
10.2
-4.12
8.81
62.2
Pre-tax income
20.1
-17.1
-18.7
-42.2
13.3
Income tax
0
0
0.03
0
0
0
Net income
20.1
-17.1
-18.7
-42.2
-34.1
13.3
EBITDA
20.9
-11.9
-25.7
-34.4
-38.2
-46
EPS, basic
0.79
-0.63
-4.31
-7.64
-3.68
0.22
EPS, diluted
0.74
-0.63
-4.31
-7.64
-3.68
-0.79
Shares, basic (weighted)
25.4
27.3
4.35
5.52
9.26
19.3
Shares, diluted (weighted)
27
27.3
4.35
5.52
9.26
61.3
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
12.6
33.2
15
56.6
8.9
10.5
Short-term investments
0
11.9
86.1
Receivables
20.6
8.01
5.56
0
Other current assets
1.28
2.64
1.49
2.34
2.98
3.51
Total current assets
34.5
50.2
22.1
58.9
23.8
101
Property, plant and equipment
14.8
24.3
23.3
19.7
15.4
13.3
Lease right-of-use assets
3.05
2.62
1.19
1.28
0.97
2.6
Long-term investments
0
46.9
Total assets
56.5
81.1
50.9
83.9
44.2
173
Accounts payable
7.38
4.46
3.68
0.95
1.69
3.15
Accrued liabilities
0.16
3.4
4.17
5.04
Total current liabilities
11.1
26.5
15
10.8
7.98
10.7
Long-term debt
0.17
0
0.54
0
0
Lease liabilities
2.37
1.65
0.36
0.64
0.58
1.88
Total liabilities
17.5
42.6
19.8
26.6
18.2
21.3
Paid-in capital
51
67.7
84.4
153
156
268
Retained earnings
-12
-29.1
-47.9
-90.1
-124
-111
Treasury stock
0
-5.52
-5.52
-5.52
-5.52
Other comprehensive income
0.03
-0.14
0.19
Shareholders' equity
39
38.5
31.1
57.3
26
151
Total equity
39
38.5
31.1
57.3
26
151
Total liabilities and equity
56.5
81.1
50.9
83.9
44.2
173
Shares outstanding
26
43.5
5.04
9.23
9.29
47.6
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
20.1
-17.1
-18.7
-42.2
-34.1
13.3
Depreciation and amortization
0.38
1.49
3.17
3.65
4.71
2.99
Stock-based compensation
1.3
2.31
2.67
2.42
2.94
5.21
Change in receivables
-17.8
12.6
2.45
5.56
Change in payables
5.21
-2.94
-0.78
-2.7
0.92
1.48
Cash from operations
10
1.99
-23.5
-25.1
-34.3
-44.8
Capital expenditures
-12.7
-10.9
-2.17
-0.2
-0.34
-0.93
Purchases of investments
-37.4
-142
Sales and maturities of investments
25.8
21.3
Cash from investing
-12.7
-10.9
-2.09
-0.15
-12
-122
Stock issued
9.9
0
7.68
0.01
0.02
Cash from financing
8.98
35.9
1.05
66.8
-1.17
168
Net change in cash
6.26
26.9
-24.5
41.5
-47.7
1.6
Free cash flow
-2.73
-8.96
-25.6
-25.3
-34.6
-45.7
Interest paid
0.47
0.29
0.29
0.25
0.37
0.24
Income taxes paid
0
0.03
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 $3.29 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-5.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-5.4%
Net income / average total assets.
Return on invested capital (ROIC)
-27.5%
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%.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-100.0%
Revenue vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y
-8.0%
Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
483.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
69.6%
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
31.2%
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
291.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
50.3%
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
25.0%
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
562.3%
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
141.5%
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
17.8%
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
9.22x
Current assets / current liabilities.
Quick ratio
8.77x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
8.77x
(Cash + short-term investments) / current liabilities.
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.
Operating cash flow per share
-$0.68
Cash from operations / diluted weighted shares.
Book value per share
$2.57
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
1.39x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.39x
Market cap / tangible book value, when positive.
Earnings yield
-4.3%
Net income / market cap (the inverse of P/E).
What was SAB Biotherapeutics, Inc.'s revenue in fiscal 2025?
SAB Biotherapeutics, Inc. reported revenue of $0.0 for fiscal 2025, 100% lower than the year before.
Was SAB Biotherapeutics, Inc. profitable in fiscal 2025?
Yes. Net income was $13.3M, a net margin of -.
How much free cash flow did SAB Biotherapeutics, Inc. generate in fiscal 2025?
Cash from operations of $44.8M minus capital expenditures of $933.2K left free cash flow of -$45.7M.
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.