Income statement, balance sheet and cash flow statement for the last 2 fiscal years, taken from the XBRL data SHOULDER INNOVATIONS, 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
FY2025
FY2025
Revenue
31.6
47.3
Cost of revenue
7.28
11.1
Gross profit
24.3
36.2
Research and development
4.49
7.73
Selling, general and administrative
34.5
54.8
Operating income
-14.7
-26.3
Interest expense
1.32
0.07
Interest income
0.77
1.95
Other non-operating income
-0.97
-14.1
Pre-tax income
-15.6
-40.4
Income tax
0
0
Net income
-15.6
-40.4
EBITDA
-12.8
-23.4
EPS, basic
-242.04
-4.65
EPS, diluted
-242.04
-4.65
Shares, basic (weighted)
0.06
8.67
Shares, diluted (weighted)
0.06
8.67
Balance sheet
FY2025
FY2025
Cash and equivalents
6.12
26.9
Short-term investments
8.92
97.4
Receivables
5.12
8.27
Inventory
14
21.6
Other current assets
0.57
1.48
Total current assets
35.1
157
Property, plant and equipment
7.49
12.5
Lease right-of-use assets
0.07
0.11
Intangible assets
0.4
0.1
Other non-current assets
0
Total assets
43.1
170
Accounts payable
4.86
8.87
Accrued liabilities
2.74
5.26
Total current liabilities
7.65
14.2
Long-term debt
14.7
14.9
Other non-current liabilities
0.03
0.05
Total liabilities
23.3
29.2
Total debt
14.7
14.9
Paid-in capital
2.15
238
Retained earnings
-57
-97.4
Other comprehensive income
0.2
0.12
Shareholders' equity
-54.7
141
Total equity
-54.7
141
Total liabilities and equity
43.1
170
Shares outstanding
0.08
20.6
Cash flow statement
FY2025
FY2025
Net income
-15.6
-40.4
Depreciation and amortization
1.9
2.91
Stock-based compensation
0.75
1
Change in receivables
-0.58
-3.3
Change in inventory
-4.03
-7.64
Change in payables
3.12
3.37
Cash from operations
-14.1
-28.6
Capital expenditures
-4.02
-7.41
Purchases of investments
-5.28
-119
Sales and maturities of investments
23.3
31.3
Cash from investing
14
-95.6
Stock issued
0.07
0.92
Cash from financing
0.07
145
Net change in cash
-0.11
20.7
Free cash flow
-18.2
-36
Interest paid
1.79
1.69
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $21.93 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
77.8%
Gross profit / revenue.
Operating margin
-54.4%
Operating income / revenue.
EBITDA margin
-47.9%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-51.7%
Pre-tax income / revenue.
Net margin
-51.7%
Net income / revenue.
FCF margin
-66.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-54.2%
Cash from operations / revenue.
Return on equity (ROE)
-28.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-22.9%
Net income / average total assets.
Return on invested capital (ROIC)
-28.6%
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%.
R&D / revenue
21.0%
Research and development expense / revenue.
SG&A / revenue
111.3%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
5.0%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
12.0%
Capital expenditures / revenue.
D&A / revenue
6.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
49.6%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
48.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
294.4%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
13,340.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
10.7x
Current assets / current liabilities.
Quick ratio
8.28x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
7.52x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.13x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
10.2%
Total debt / total assets.
Liabilities / assets
18.6%
Total liabilities / total assets.
Net debt
-$77.5M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.60
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
$3.09
Revenue / diluted weighted shares.
FCF per share
-$2.05
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.68
Cash from operations / diluted weighted shares.
Book value per share
$5.66
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
7.08x
Market cap / revenue.
P/B
3.86x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.86x
Market cap / tangible book value, when positive.
EV/Sales
5.88x
Enterprise value / revenue.
FCF yield
-9.3%
Free cash flow / market cap.
Earnings yield
-7.3%
Net income / market cap (the inverse of P/E).
What was SHOULDER INNOVATIONS, INC.'s revenue in fiscal 2025?
SHOULDER INNOVATIONS, INC. reported revenue of $47.3M for fiscal 2025, 49.6% higher than the year before.
Was SHOULDER INNOVATIONS, INC. profitable in fiscal 2025?
No. It reported a net loss of $40.4M.
How much free cash flow did SHOULDER INNOVATIONS, INC. generate in fiscal 2025?
Cash from operations of $28.6M minus capital expenditures of $7.4M left free cash flow of -$36.0M.
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.