Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Sol-Gel Technologies Ltd. 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
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.17
0.13
22.9
8.77
31.3
3.88
1.55
11.5
19.4
Research and development
17
25.8
28.1
40.6
27.9
20.4
12.7
23.5
17.8
22.8
General and administrative
3.73
6
5.5
8.28
11.1
8.45
7.45
7.37
5.75
4.18
Operating income
-20.8
-31.6
-33.5
-26
-30.2
2.96
-16.2
-29.3
-12
-7.54
Pre-tax income
-31.6
-32.2
-24.6
-29.3
3.22
Income tax
0.03
0
0
0
0
0
Net income
-20.8
-31.6
-32.2
-24.6
-29.3
3.22
-14.9
-27.2
-10.6
-6.13
EBITDA
-20.4
-31.2
-32.8
-25.1
-29.3
3.84
-15.7
-29
-11.8
-7.43
EPS, basic
32.71
49.75
17.84
-12.49
-12.88
1.39
-6.44
-10.01
-3.79
-2.19
EPS, diluted
32.71
49.75
17.84
-12.49
-12.88
1.39
-6.44
-10.01
-3.79
-2.19
Shares, basic (weighted)
0.63
0.63
1.8
1.97
2.28
2.33
2.33
2.71
2.79
2.79
Shares, diluted (weighted)
0.63
0.63
1.8
1.97
2.28
2.38
2.33
2.71
2.79
2.79
Balance sheet
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
7
5.02
5.33
9.41
7.12
20.1
12.4
7.51
19.5
11
Short-term investments
56.7
41
21.7
1.71
8.68
20.5
4.43
13
Receivables
4.12
2.15
13.1
0.06
0.38
3.6
1.97
Other current assets
0.47
1.52
2.99
1.29
1.07
0.8
1.51
2.79
3.77
1
Total current assets
8.3
10.5
66
55.8
53.4
57.1
43.1
41.2
31.3
27
Property, plant and equipment
0.8
2.31
2.6
2.31
1.82
1.05
0.66
0.43
0.2
0.14
Lease right-of-use assets
2.04
1.9
1.5
0.88
1.72
1.43
1.03
Other non-current assets
0.06
0.01
0.06
Total assets
11
15.3
69.7
61.3
59.2
69.2
46.6
45.3
35.8
29.9
Accounts payable
0.67
0.53
2.92
1.71
1.2
0.77
0.25
0.15
1.27
0.74
Accrued liabilities
3.62
0.91
1.03
3.25
3.25
1.69
1.26
2.05
1.06
2.91
Short-term debt
37.3
65.3
Total current liabilities
41.6
67.2
4.9
6.51
5.96
11.7
3.33
4.52
5.29
6.17
Lease liabilities
1.37
1.3
0.81
0.05
1.21
0.88
0.5
Total liabilities
42.3
68
5.77
8.84
8.31
13.6
4.42
6.64
7
7.11
Paid-in capital
32.3
42.5
191
204
232
233
235
258
259
259
Retained earnings
-63.7
-95.3
-127
-152
-181
-178
-193
-220
-231
-237
Shareholders' equity
-31.3
-52.7
63.9
52.5
50.8
55.6
42.2
38.6
28.9
22.8
Total equity
-31.3
-52.7
63.9
52.5
50.8
55.6
42.2
38.6
28.9
22.8
Total liabilities and equity
11
15.3
69.7
61.3
59.2
69.2
46.6
45.3
35.8
29.9
Shares outstanding
0.63
0.63
1.91
2.06
2.32
2.33
2.33
27.9
2.79
2.79
Cash flow statement
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-20.8
-31.6
-32.2
-24.6
-29.3
3.22
-14.9
-27.2
-10.6
-6.13
Depreciation and amortization
0.36
0.47
0.76
0.89
0.95
0.88
0.56
0.34
0.23
0.11
Stock-based compensation
0.95
3.97
4.65
2.55
1.22
0.69
1.53
1.86
0.79
0.08
Change in receivables
-1.19
-0.46
1.65
-4.12
1.97
-18.3
12.6
7.86
0
0
Change in payables
2.51
-2.49
3.03
0.94
-0.54
5.62
-8.3
1.47
0.78
0.82
Cash from operations
-18.5
-24.1
-23.5
-22.5
-25.2
-7.69
-9.48
-17.7
-13.9
0.32
Capital expenditures
-0.39
-1.93
-1.05
-0.6
-0.45
-0.14
-0.17
-0.13
-0
-0.05
Purchases of investments
-71.8
-38.7
-32.3
-6.72
-10
-23.2
0
-14.1
Sales and maturities of investments
15.1
54.3
51.5
26.8
2.92
11.8
15.9
5.51
Cash from investing
-0.39
-5.94
-54.7
16
-2.69
19.9
1.7
-9.74
26.7
-8.58
Stock issued
0.04
0
0.15
0.33
0.02
0.27
0
0.01
Cash from financing
20
28
78.8
10.6
26.5
0.84
0.02
21.8
0
0.01
Exchange rate effect
-0.01
0.05
0.03
-0.05
-0.01
-0.06
Net change in cash
1.11
-1.98
0.65
4.09
-1.49
13
-7.64
-5.74
12.8
-8.44
Free cash flow
-18.9
-26
-24.5
-23.1
-25.7
-7.83
-9.66
-17.9
-13.9
0.28
Income taxes paid
0
0.01
0.03
0
0
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $66.85 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-38.9%
Operating income / revenue.
EBITDA margin
-38.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-31.6%
Net income / revenue.
FCF margin
1.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
1.7%
Cash from operations / revenue.
Return on equity (ROE)
-23.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-18.6%
Net income / average total assets.
Return on invested capital (ROIC)
-56.3%
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
117.6%
Research and development expense / revenue.
Stock-based pay / revenue
0.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.2%
Capital expenditures / revenue.
D&A / revenue
0.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
68.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
70.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
17.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-20.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-18.5%
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
-14.8%
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
-16.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-13.8%
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
-12.7%
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
6.1%
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
4.1%
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
4.37x
Current assets / current liabilities.
Quick ratio
4.21x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
3.89x
(Cash + short-term investments) / current liabilities.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$2.19
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.
EPS, basic
-$2.19
Net income per basic share, as reported (split-adjusted).
Revenue per share
$6.96
Revenue / diluted weighted shares.
FCF per share
$0.10
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.12
Cash from operations / diluted weighted shares.
Book value per share
$8.19
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
9.69x
Market cap / revenue.
P/B
8.23x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
8.23x
Market cap / tangible book value, when positive.
P/FCF
683x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
583x
Market cap / cash from operations, when positive.
EV/Sales
8.45x
Enterprise value / revenue.
EV/FCF
596x
Enterprise value / free cash flow, when both are positive.
FCF yield
0.1%
Free cash flow / market cap.
Earnings yield
-3.3%
Net income / market cap (the inverse of P/E).
What was Sol-Gel Technologies Ltd.'s revenue in fiscal 2025?
Sol-Gel Technologies Ltd. reported revenue of $19.4M for fiscal 2025, 68% higher than the year before.
Was Sol-Gel Technologies Ltd. profitable in fiscal 2025?
No. It reported a net loss of $6.1M.
How much free cash flow did Sol-Gel Technologies Ltd. generate in fiscal 2025?
Cash from operations of $322.0K minus capital expenditures of $47.0K left free cash flow of $275.0K.
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.