SOUTH DAKOTA SOYBEAN PROCESSORS LLC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SOUTH DAKOTA SOYBEAN PROCESSORS LLC 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	378	376	392	371	415	590	722	703	554	504
Cost of revenue	364	364	363	356	396	557	648	625	525	479
Gross profit	14.1	11.6	29.2	14.8	19.3	33.5	73.4	78.4	29.4	24.7
General and administrative	3.44	3.21	3.83	3.62	3.82	4.59	5.67	6.49	6.05	7.24
Operating income	10.7	8.4	25.3	11.2	15.4	28.9	67.7	71.9	23.3	17.5
Interest expense	0.41	0.46	0.9	0.92	1.09	1.63	2.2	2.84	6.42	6.09
Other non-operating income	1.93	-1.63	0.55	-0.2	0.15	-0.88	-0.28	-0.82	-1.57	-4.51
Pre-tax income	12.6	6.77	25.9	11	15.6	28
Income tax	-0.01	0	0	0	0	0
Net income to minority interests						0	0	0.66	1.44	-4.79
Net income	12.6	6.77	25.9	11	15.6	28	67.5	70.4	20.3	17.7
EBITDA	13.9	12	29.5	15.7	20.3	34	73.3	77.8	29.9	27.3
EPS, basic	0.41	0.22	0.85	0.36	0.51	0.92	2.22	2.32	0.67	0.58
EPS, diluted	0.41	0.22	0.85	0.36	0.51	0.92	2.22	2.32	0.67	0.58
Shares, basic (weighted)						30.4	30.4	30.4	30.4	30.4
Shares, diluted (weighted)						30.4	30.4	30.4	30.4	30.4

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	11.7	0.68	7.2	0.62	3.65	0.83	0.87	72.9	39.6	8.35
Receivables	20.4	19.8	20.6	24.4	29	36.6	43.5	43.5	29.8	29.3
Inventory	32.4	38	36.7	50.1	69.6	95.1	134	72	45.1	133
Other current assets	1.46	1.58	1.49	1.88	2.09	2.69	2.36	5.62	2.98	3.38
Total current assets	70.3	64.4	68.3	87.1	139	149	198	204	127	184
Property, plant and equipment	44.8	55.5	59.1	64.5	64.2	72.5	74.6	175	360	553
Lease right-of-use assets			7.92	5.98	12	11.2	22.7	28.3	35.8	85.5
Intangible assets	0
Other non-current assets						0	0.1	0.34	0.66	0.98
Total assets	121	123	145	167	226	245	311	423	542	843
Accounts payable	1.46	1.93	2.33	4.9	1.51	1.93	2.25	7.46	3.98	3.16
Deferred revenue								0.74	10.5	14.1
Short-term debt	0.06	0.06	0.06	4.6	0	2.9	0	0	9	0.65
Total current liabilities	48.5	48.7	48.9	65.8	107	112	122	104	103	158
Long-term debt	0.72	5.1	0.59	12	17.5	14	8.85	0	57.7	251
Lease liabilities			5.2	3.32	6.11	6.13	17.2	22.8	29.9	75.3
Other non-current liabilities	0
Total liabilities					131	132	148	126	206	502
Total debt	0.79	5.18	0.67	16.6	17.5	16.9	8.85	0	69.2	254
Total equity					94.8	113	164	296	336	341
Total liabilities and equity	121	123	145	167	226	245	311	423	542	843

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	12.6	6.77	25.9	11	15.6	28	67.5	71.1	21.8	12.9
Depreciation and amortization	3.23	3.62	4.17	4.49	4.91	5.09	5.56	5.83	6.52	9.84
Change in receivables	-1.04	-0.55	0.77	-3.9	-4.57	-7.58	-6.95	-0.03	13.8	0.49
Change in inventory	5.56	5.57	-3.81	-14.3	-20.6	-26.9	-40.6	60.8	23.8	-88.1
Change in payables	-0.01	0.48	-0.39	2.58	-3.4	0.43	0.31	5.22	-3.48	-0.82
Cash from operations	18.1	7.4	30.5	-3.35	14.2	18	27.4	129	58.4	-38.9
Capital expenditures	-7.07	-14.5	-8.03	-10.1	-4.65	-13.4	-7.75	-104	-176	-202
Purchases of investments	0	0	-6.32	0	-0.4	0	-2.38	0	0
Cash from investing	-8.93	-11.2	-13.8	-9.97	-4.95	-13.2	-9.95	-104	-176	-202
Debt issued	87.1	133	67	71.5	36	20.3	5.76	22.7	69.2	215
Debt repaid	-87.2	-128	-71.5	-55.5	-33.9	-20.9	-13.8	-31.6	0	-30.8
Cash from financing	-16	-7.22	-10.2	6.74	-6.23	-7.6	-17.4	47.4	84.3	210
Net change in cash	-6.74	-11	6.51	-6.57	3.03	-2.82	0.03	72	-33.3	-31.2
Free cash flow	11.1	-7.1	22.5	-13.4	9.55	4.57	19.7	24.6	-117	-241
Interest paid	0.44	0.73	1.14	0.86	1.13	1.61	1.61	2.14	5.95	4.29
Income taxes paid	0.04	0.05	-0.02	0	0	0	0	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 $8.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	6.0%	Gross profit / revenue.
Operating margin	5.0%	Operating income / revenue.
EBITDA margin	7.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	4.1%	Net income / revenue.
FCF margin	-18.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-6.3%	Cash from operations / revenue.
Return on assets (ROA)	3.9%	Net income / average total assets.
Capex / revenue	11.7%	Capital expenditures / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-9.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-16.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-30.5%	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	5.1%	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	-25.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-36.4%	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	2.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-8.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-28.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-12.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-35.9%	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	2.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-13.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-36.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	2.6%	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	-166.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	55.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	39.4%	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	30.1%	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	0.0%	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	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.50x	Current assets / current liabilities.
Quick ratio	0.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Debt / assets	36.8%	Total debt / total assets.
Liabilities / assets	60.3%	Total liabilities / total assets.
Net debt	$317.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.10x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.50x	Operating income / interest expense.
Working capital	$78.8M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.94x	Revenue / average total assets.
Fixed asset turnover	1.53x	Revenue / average property, plant and equipment.
Inventory turnover	5.09x	Cost of revenue / average inventory.
Days inventory	72 days	365 x average inventory / cost of revenue.
Receivables turnover	14.4x	Revenue / average receivables.
Days sales outstanding	25 days	365 x average receivables / revenue.
Days payables	3 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	94 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-440.0%	Free cash flow / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$243.3M	Share price x shares outstanding.
Enterprise value	$560.3M	Market cap + total debt - cash - short-term investments.
P/E	7.20x	Market cap / net income. Only when net income is positive.
P/S	0.29x	Market cap / revenue.
EV/Sales	0.68x	Enterprise value / revenue.
EV/EBIT	13.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.02x	Enterprise value / EBITDA, when both are positive.
FCF yield	-61.1%	Free cash flow / market cap.
Earnings yield	13.9%	Net income / market cap (the inverse of P/E).

What was SOUTH DAKOTA SOYBEAN PROCESSORS LLC's revenue in fiscal 2025?

SOUTH DAKOTA SOYBEAN PROCESSORS LLC reported revenue of $503.8M for fiscal 2025, 9.1% lower than the year before.

Was SOUTH DAKOTA SOYBEAN PROCESSORS LLC profitable in fiscal 2025?

Yes. Net income was $17.7M, a net margin of 3.5%.

How much free cash flow did SOUTH DAKOTA SOYBEAN PROCESSORS LLC generate in fiscal 2025?

Cash from operations of $38.9M minus capital expenditures of $202.2M left free cash flow of -$241.1M.

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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