SkinHealth Systems Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data SkinHealth Systems 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

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	167	119	260	366	398	334	301
Cost of revenue	60.1	51.9	81.5	117	243	152	104
Gross profit	107	67.2	179	249	155	182	196
Research and development	4.61	3.41	8.2	8.44	10.1	6.3	5.63
Selling and marketing	61.8	50.3	112	160	144	118	93.6
General and administrative	26.7	30.6	98.7	106	131	125	118
Operating expenses	93.1	84.4	218	275	286	250	217
Operating income	13.5	-17.2	-39.9	-25.8	-131	-67.8	-20.8
Interest expense			11.8	13.4	13.6	10.4	19.3
Interest income		0	0.04	9.18	23.2	16.6	8.95
Other non-operating income	-16.4	-21.3	-341	-1.65	5.2	33.6	18.9
Pre-tax income	-2.94	-38.5	-381	45.3	-102	-29.6	-5.94
Income tax	-1.3	-9.31	-1.88	1.12	-1.77	-0.45	3.58
Net income	-1.64	-29.2	-379	44.2	-100	-29.1	-9.52
EBITDA	14.8	-14.6	-35.4	-18.7	-120	-57.8	-17
EPS, basic	-0.05	-0.85	-3.71	0.30	-0.76	-0.23	-0.08
EPS, diluted	-0.05	-0.85	-3.71	-0.23	-0.76	-0.36	-0.16
Shares, basic (weighted)	32.1	34.3	102	148	132	124	126
Shares, diluted (weighted)	32.1	34.3	102	149	132	142	136

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7.31	9.49	902	568	523	370	233
Receivables		18.6	46.8	76.5	54.7	27.6	21.7
Inventory		23.2	35.3	110	91.3	69.1	48
Other current assets		3.22	12.3	27.6	28.9	9.49	5.4
Total current assets		59.1	1,001	783	698	477	310
Property, plant and equipment		9.19	16.2	18.2	14.2	5.98	2.54
Lease right-of-use assets		0	15	15.6	12.1	13.6	11.6
Goodwill	98.5	98.5	124	125	126	123	127
Intangible assets		50.9	56	46.4	62.1	47.5	35.8
Long-term investments		460
Other non-current assets		4.81	6.71	14.2	16	14.1	11.9
Total assets		223	1,219	1,003	929	686	500
Accounts payable		18.5	29	28.5	44.8	21.9	15.6
Accrued liabilities		2.46	14.7	15.2	19.8	20	15.4
Deferred revenue					0.45	2.38	1.01
Total current liabilities		30.9	76.4	71.7	115	68.2	186
Lease liabilities		0	12.8	12.7	9.32	10.8	9.24
Other non-current liabilities		1.85	0	0	2.77	2.32	2.41
Total liabilities		253	917	836	870	634	439
Total debt						552
Paid-in capital		14	722	550	541	567	580
Retained earnings		-43.6	-419	-379	-479	-508	-517
Other comprehensive income		0.24	-1.26	-4.53	-3.04	-6.95	-1.43
Shareholders' equity	-1.21	-30.6	298	167	59.4	51.8	61.1
Total equity	-1.21	-30.6	298	167	59.4	51.8	61.1
Total liabilities and equity		223	1,219	1,003	929	686	500
Shares outstanding	32.1	35.5	151	132	123	125	128

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-1.64	-29.2	-379	44.2	-100	-29.1	-9.52
Depreciation and amortization	1.38	2.55	4.49	7.16	11.3	9.94	3.85
Stock-based compensation	0.1	0.36	12.4	28.5	22.5	26.7	14.8
Deferred income tax	-4.65	-4.34	-3.4	-1.79	-5.82	-3.6	1.88
Change in receivables	-11	3.7	-31	-32	16.5	20.8	5.16
Change in inventory	-4.77	-3.21	-7.29	-84.4	-22.6	-10.5	15.8
Change in payables	4.31	4.89	10.5	-0.26	15.8	-43.8	-7.18
Cash from operations	1.73	-12.4	-28.4	-107	21.8	16.1	37.5
Capital expenditures	-8.77	-3.5	-11.2	-10.8	-3.83	-0.76	-0.3
Acquisitions	-2.06	0	-22.9	0	0
Cash from investing	-12.5	-3.82	-37.7	-18.9	-31.5	-6.79	-5.16
Share buybacks	0	-0.15	0	-160	-30.2	0	0
Cash from financing	14.6	18.3	959	-205	-37.4	-158	-175
Exchange rate effect	-0.09	0.16	-0.54	-2.98	2.03	-3.96	5.21
Net change in cash	3.83	2.02	893	-331	-47.2	-149	-143
Free cash flow	-7.05	-15.9	-39.6	-117	17.9	15.4	37.2
Interest paid	15.7	13.5	10.2	9.82	9.38	8.01	14.4
Income taxes paid	0.86	2.43	1.7	-1.34	2.3	2.8	3.95

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 $0.67 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	66.4%	Gross profit / revenue.
Operating margin	-1.5%	Operating income / revenue.
EBITDA margin	-0.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-8.2%	Pre-tax income / revenue.
Net margin	-9.8%	Net income / revenue.
FCF margin	7.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.6%	Cash from operations / revenue.
Return on equity (ROE)	-51.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.8%	Net income / average total assets.
R&D / revenue	2.0%	Research and development expense / revenue.
Stock-based pay / revenue	3.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-10.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-7.6%	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	23.9%	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	132.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	141.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	17.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-28.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-27.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-20.7%	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	17.5%	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	-4.7%	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	-2.9%	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	31.7%	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	1.76x	Current assets / current liabilities.
Quick ratio	1.33x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.23x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	88.6%	Total liabilities / total assets.
Interest coverage	-0.17x	Operating income / interest expense.
Working capital	$127.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	32.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$101.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.60x	Revenue / average total assets.
Fixed asset turnover	139x	Revenue / average property, plant and equipment.
Inventory turnover	2.08x	Cost of revenue / average inventory.
Days inventory	175 days	365 x average inventory / cost of revenue.
Receivables turnover	16.4x	Revenue / average receivables.
Days sales outstanding	22 days	365 x average receivables / revenue.
Days payables	60 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	137 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	3.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.22	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	$2.24	Revenue / diluted weighted shares.
FCF per share	$0.16	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.17	Cash from operations / diluted weighted shares.
Book value per share	$0.43	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.78	Tangible book value / shares outstanding.
Cash per share	$1.58	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$86.5M	Share price x shares outstanding.
Enterprise value	-$119.5M	Market cap + total debt - cash - short-term investments.
P/S	0.30x	Market cap / revenue.
P/B	1.56x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	4.09x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.94x	Market cap / cash from operations, when positive.
FCF yield	24.4%	Free cash flow / market cap.
Earnings yield	-32.9%	Net income / market cap (the inverse of P/E).

What was SkinHealth Systems Inc.'s revenue in fiscal 2025?

SkinHealth Systems Inc. reported revenue of $300.8M for fiscal 2025, 10% lower than the year before.

Was SkinHealth Systems Inc. profitable in fiscal 2025?

No. It reported a net loss of $9.5M.

How much free cash flow did SkinHealth Systems Inc. generate in fiscal 2025?

Cash from operations of $37.5M minus capital expenditures of $303.0K left free cash flow of $37.2M.

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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