SkyWater Technology, LLC financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data SkyWater Technology, 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

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	140	163	213	287	342	442
Cost of revenue	118	170	187	227	273	355
Gross profit	22.7	-7.47	26	59.3	69.6	86.9
Research and development	4.21	8.75	9.43	10.2	15	14.6
Selling, general and administrative	25	43.6	46.3	63.9	48	74.9
Operating income	-8.64	-57.1	-29.8	-14.8	6.56	-2.58
Interest expense	5.5	3.54	5.19	10.8	8.84	13.7
Other non-operating income	-6.15	2.91	-6.3	-10.8	-8.84	98
Pre-tax income	-14.8	-54.2	-36.1	-25.6	-2.28	95.5
Income tax	4.92	-6.79	0.81	-0.52	0.24	-28
Net income to minority interests	0.9	3.29	2.72	5.66	4.28	4.54
Net income	-20.6	-50.7	-39.6	-30.8	-6.79	119
EBITDA	10.2	-29.7	-1.58	14.1	25.3	33.1
EPS, basic	-1.15	-1.76	-0.97	-0.68	-0.14	2.47
EPS, diluted	-1.15	-1.76	-0.97	-0.68	-0.14	2.44
Shares, basic (weighted)	0	29	40.8	45.5	47.4	48.2
Shares, diluted (weighted)	0	29	40.8	45.5	47.4	48.7

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7.44	12.9	30	18.4	18.8	23.2
Receivables	30	39.4	28	66	52.4	100
Inventory	27.2	17.5	13.4	15.3	14.5	24.6
Other current assets	0.04	0	0	17	23.5	27.3
Total current assets	76.6	74.4	117	146	130	193
Property, plant and equipment	178	180	180	159	165	512
Lease right-of-use assets		0	0.14	0.1	0.05	0
Intangible assets	4.56	3.89	5.61	5.67	7.78	9.17
Other non-current assets	4	4.84	3.69	5.34	8.49	19.8
Total assets	263	264	306	317	312	734
Accounts payable	16.8	7.64	21.1	19.6	29.6	34.9
Accrued liabilities	25.5	17.5	25.2	48.3	36.8	56.6
Deferred revenue	26	16.1	23.5	44.9	53.2	40.3
Short-term debt	2.77	1.02	1.86	3.98	5.07	5.94
Total current liabilities	86.3	47.8	132	144	154	324
Long-term debt	69.8	58.4	35.2	36.1	34.7	32.9
Lease liabilities		0	0.1	0.05	0	0.37
Other non-current liabilities	0	4.35	13.6	9.33	8.72	25.3
Total liabilities	265	204	252	256	250	538
Total debt	72.6	59.4	37	40.1	39.8	38.9
Paid-in capital	0	115	147	178	189	202
Retained earnings	-3.78	-54.5	-94.1	-125	-134	-15.1
Shareholders' equity	-0.02	61.1	53.7	53.7	55.6	188
Minority interests	-1.57	-1.2	0.31	6.96	5.88	7.99
Total equity	-1.58	59.9	54	58.7	63.5	196
Total liabilities and equity	263	264	306	317	312	734
Shares outstanding	0	39.8	43.7	47	47.7	48.6

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-19.7	-47.4	-36.9	-25.1	-2.52	123
Depreciation and amortization	18.9	27.4	28.2	28.9	18.7	35.7
Stock-based compensation	2.64	12.5	8.61	6.86	8.17	9.42
Deferred income tax	2.39	-7.06	0.24	-0.57	-0.05	-27.9
Change in receivables	31.5	-9.39	-11.6	-33.4
Change in inventory	-11.2	-3.77	-9.23	-1.94	0.81	1.05
Change in payables	12.1	-6.48	21	21.3	-10.4	7.17
Cash from operations	96.2	-55.7	-14.3	10.1	18.5	-29
Capital expenditures	-85.8	-30.8	-17.1	-8.62	-7.94	-24.3
Acquisitions					0	-86.5
Cash from investing	-88.2	-29.8	-17.5	-10.5	-11.2	-113
Debt issued	39	0	0	9.01
Debt repaid	0	-0.99	-1.22	-2.36	-4.83	-5.84
Stock issued	0	0	16.2
Share buybacks	-4.09	0	0
Cash from financing	-5.19	91	48.9	-11.2	-6.79	146
Net change in cash	2.83	5.48	17.1	-11.6	0.46	4.38
Free cash flow	10.4	-86.4	-31.4	1.46	10.5	-53.3
Interest paid	4.44	2.74	4.44	8.76	6.55	10.2
Income taxes paid	0.15	2.92	0	0.01	0.11	0.03

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $32.46 on July 30, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	20.2%	Gross profit / revenue.
Operating margin	0.7%	Operating income / revenue.
EBITDA margin	5.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.5%	Pre-tax income / revenue.
Net margin	18.4%	Net income / revenue.
FCF margin	-14.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-10.9%	Cash from operations / revenue.
Effective tax rate	-31.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	66.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.3%	Net income / average total assets.
Return on invested capital (ROIC)	1.5%	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%.
R&D / revenue	2.9%	Research and development expense / revenue.
SG&A / revenue	16.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.0%	Capital expenditures / revenue.
D&A / revenue	4.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	29.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	27.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	24.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	49.6%	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	30.8%	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	-139.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	31.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	26.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-256.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-606.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	237.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	51.8%	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	135.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	33.9%	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	22.8%	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	2.8%	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	6.1%	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	0.57x	Current assets / current liabilities.
Quick ratio	0.33x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.40x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.8%	Total debt / total assets.
Liabilities / assets	74.3%	Total liabilities / total assets.
Net debt	$58.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.72x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.19x	Operating income / interest expense.
Working capital	-$138.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$163.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.88x	Revenue / average total assets.
Fixed asset turnover	1.28x	Revenue / average property, plant and equipment.
Inventory turnover	19.4x	Cost of revenue / average inventory.
Days inventory	19 days	365 x average inventory / cost of revenue.
Receivables turnover	6.89x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
Days payables	26 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	46 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-80.9%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.39	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	$12.97	Revenue / diluted weighted shares.
FCF per share	-$1.93	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$1.42	Cash from operations / diluted weighted shares.
Book value per share	$3.68	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.40	Tangible book value / shares outstanding.
Cash per share	$0.26	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.60B	Share price x shares outstanding.
Enterprise value	$1.66B	Market cap + total debt - cash - short-term investments.
P/E	13.6x	Market cap / net income. Only when net income is positive.
P/S	2.51x	Market cap / revenue.
P/B	9.05x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.80x	Market cap / tangible book value, when positive.
EV/Sales	2.60x	Enterprise value / revenue.
EV/EBIT	365x	Enterprise value / operating income, when both are positive.
EV/EBITDA	49.1x	Enterprise value / EBITDA, when both are positive.
FCF yield	-5.9%	Free cash flow / market cap.
Earnings yield	7.3%	Net income / market cap (the inverse of P/E).

What was SkyWater Technology, LLC's revenue in fiscal 2025?

SkyWater Technology, LLC reported revenue of $442.1M for fiscal 2025, 29.2% higher than the year before.

Was SkyWater Technology, LLC profitable in fiscal 2025?

Yes. Net income was $118.9M, a net margin of 26.9%.

How much free cash flow did SkyWater Technology, LLC generate in fiscal 2025?

Cash from operations of $29.0M minus capital expenditures of $24.3M left free cash flow of -$53.3M.

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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