Simulations Plus, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Simulations Plus, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	20	24.1	29.7	34	41.6	46.5	53.9	59.6	70	79.2
Cost of revenue	4.6	6.31	7.99	9.03	10.6	10.6	10.8	11.6	26.9	33
Gross profit	15.4	17.8	21.7	24.9	30.9	35.9	43.1	47.9	43.2	46.2
Research and development	1.45	1.37	1.79	2.5	2.98	4.05	3.21	4.5	5.75	6.88
Selling, general and administrative	6.69	8.2	9.58	11.8	16.4	20.6	20.1	27.7	22.4	20.9
Selling and marketing							4.88	6.56	8.92	11.9
Operating expenses	8.14	9.57	11.4	14.3	19.3	24.6	28.2	39.2	37	117
Operating income	7.23	8.26	10.3	10.6	11.6	11.3	14.9	8.73	6.13	-70.7
Interest expense	0	0.04	0.15	0	0	0.02
Interest income								4.13	4.38	0.72
Other non-operating income	0	-0.02	-0.16	-0.09	-0.22	-0.17	0.2	2.97	6.28	1.35
Pre-tax income	7.24	8.24	10.1	10.6	11.4	11.1	15.1	11.7	12.4	-69.4
Income tax	2.29	2.45	1.2	1.97	2.06	1.3	2.63	1.73	2.46	-4.66
Net income	4.95	5.79	8.93	8.58	9.33	9.78	12.5	9.96	9.95	-64.7
EBITDA	9.16	10.4	13	13.4	14.6	14.8	18.5	12.6	11.8	-62.5
EPS, basic	0.29	0.34	0.52	0.49	0.52	0.49	0.62	0.50	0.50	-3.22
EPS, diluted	0.29	0.33	0.50	0.48	0.50	0.47	0.60	0.49	0.49	-3.22
Shares, basic (weighted)	17	17.2	17.3	17.5	17.8	20	20.2	20.1	20	20.1
Shares, diluted (weighted)	17.2	17.5	17.9	18.1	18.5	20.7	20.7	20.5	20.3	20.1
Dividend per share				0.24	0.24	0.24	0.24	0.24	0.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8.03	6.22	9.4	11.4	49.2	37	51.6	57.5	10.3	30.9
Short-term investments				0	66.8	86.6	76.7	57.9	9.94	1.5
Receivables	3.01	4.05	5.51	5.03	7.42	9.85	13.8	10.2	9.14	9.72
Other current assets	0.41	0.46	0.61	0.7	1.6	4.85	3.38	3.9	7.75	7.7
Total current assets	12.7	12.7	17.8	21.2	129	139	147	130	39.3	51.5
Property, plant and equipment	0.26	0.29	0.34	0.34	0.44	1.84	0.63	0.67	0.81	0.88
Lease right-of-use assets				0	0.93	1.28	1.42	1.25	1.03	0.41
Goodwill	4.79	10.4	10.4	10.4	12.9	12.9	12.9	19.1	96.1	43.7
Intangible assets	4.67	6.83	5.91	5.03	11.9	10.5
Long-term investments								0
Other non-current assets	0.03	0.03	0.04	0.04	0.05	0.05	0.44	0.43	0.54	1.4
Total assets	27.8	38.5	43.3	45.2	168	180	188	186	197	132
Accounts payable	0.11	0.24	0.35	0.2	0.35	0.39	0.23	0.14	0.6	0.47
Accrued liabilities	0.6	0.98	1.15	1.64	2.25	2.42	0.93	0.66	2.04	1.34
Deferred revenue	0.18	0.35	2.56	0.38	0.3	0.65	2.86	3.1	2	2.7
Short-term debt		0.25	2.56
Total current liabilities	2.13	2.04	4.83	4.78	5.51	11.6	7.74	12	12.1	6.73
Lease liabilities				0	0.46	0.9	0.94	0.76	0.53	0.41
Other non-current liabilities	0
Total liabilities	5.08	12.7	11.4	7.52	12.4	14.2	10.1	16.1	14.2	7.14
Total debt		5.74	3.33
Paid-in capital	11.4	12.1	13.5	15.3	129	133	139	145	0.02	0.02
Retained earnings	11.3	13.7	18.5	22.4	27.4	32.4	40	25.2	30.4	-34.4
Other comprehensive income				0	0.06	-0.04	-0.31	-0.14	-0.25	-0.27
Shareholders' equity	22.7	25.8	31.9	37.7	156	166	178	170	182	125
Total equity	22.7	25.8	31.9	37.7	156	166	178	170	182	125
Total liabilities and equity	27.8	38.5	43.3	45.2	168	180	188	186	197	132
Shares outstanding	17.2	17.3	17.4	17.6	19.9	20.1	20.3	19.9	20.1	20.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4.95	5.79	8.93	8.58	9.33	9.78	12.5	9.96	9.95	-64.7
Depreciation and amortization	1.93	2.13	2.72	2.75	2.96	3.59	3.57	3.84	5.67	8.21
Stock-based compensation	0.35	0.62	0.71	1.08	1.58	2.75	3.04	4.83	6.54	6.35
Deferred income tax	-0.02	0.18	1.73	-0.3	-0.56	-0.63	-0.27	-2.1	-1.77	-5.43
Change in receivables	-1.42	-0.88	-1.47	0.49	-2.02	-2.43	-3.94	4.1	3.13	-0.58
Change in payables	-0.1	0.1	0.11	-0.15	0.22	0.04	-0.16	-0.08	-0.48	-0.13
Cash from operations	5.42	6.88	9.29	11.6	10.9	19.2	17.9	21.9	13.3	18.1
Capital expenditures	-0.04	-0.18	-0.18	-0.14	-0.23	-1.63	-0.82	-0.45	-0.57	-0.71
Acquisitions						0	0	-8.22	-98.8	0
Purchases of investments			0	0	-67.2	-122	-101	-95	-67.2	-6.5
Cash from investing	-1.95	-4.36	-2.33	-1.96	-75.5	-26.7	4.31	7.37	-54	3.56
Stock issued	0.18	0.11	0.64	0.79	0.63	1.46	0.89	1.54	0.73	0.43
Share buybacks						0	0	-20	0	0
Dividends paid	-3.41	-3.45	-4.16	-4.2	-4.25	-4.81	-4.85	-4.81	-4.8	0
Cash from financing	-3.98	-4.34	-3.77	-7.65	102	-4.68	-7.62	-23.3	-6.57	-1.15
Net change in cash	-0.52	-1.81	3.18	2.03	37.8	-12.2	14.6	5.96	-47.2	20.5
Free cash flow	5.38	6.7	9.1	11.5	10.7	17.6	17.1	21.4	12.8	17.4
Income taxes paid	2.91	2.69	2.71	2.67	2.35	1.86	3.23	3.2	5.69	1.16

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 31, 2026; growth uses fiscal years. Valuation uses the share price of $18.46 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	63.4%	Gross profit / revenue.
Operating margin	14.0%	Operating income / revenue.
EBITDA margin	17.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.3%	Pre-tax income / revenue.
Net margin	9.9%	Net income / revenue.
FCF margin	29.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.4%	Cash from operations / revenue.
Effective tax rate	35.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.3%	Net income / average total assets.
Return on invested capital (ROIC)	7.2%	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	14.1%	Research and development expense / revenue.
SG&A / revenue	21.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	7.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	3.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.4%	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	8.4%	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	-1,254.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-630.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-750.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-757.1%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	36.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	36.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	0.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	10.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-31.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-11.2%	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	-4.4%	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	-32.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-11.2%	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	-4.8%	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	-1.0%	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	-1.1%	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	1.6%	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	5.54x	Current assets / current liabilities.
Quick ratio	4.95x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.68x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	9.1%	Total liabilities / total assets.
Working capital	$61.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	28.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$95.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	160x	Revenue / average property, plant and equipment.
Receivables turnover	4.77x	Revenue / average receivables.
Days sales outstanding	77 days	365 x average receivables / revenue.
Days payables	27 days	365 x average accounts payable / cost of revenue.
FCF conversion	302.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.40	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	$4.05	Revenue / diluted weighted shares.
FCF per share	$1.21	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.23	Cash from operations / diluted weighted shares.
Book value per share	$6.88	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.71	Tangible book value / shares outstanding.
Cash per share	$2.47	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$373.4M	Share price x shares outstanding.
Enterprise value	$323.4M	Market cap + total debt - cash - short-term investments.
P/E	46.1x	Market cap / net income. Only when net income is positive.
P/S	4.55x	Market cap / revenue.
P/B	2.69x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.92x	Market cap / tangible book value, when positive.
P/FCF	15.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.0x	Market cap / cash from operations, when positive.
EV/Sales	3.94x	Enterprise value / revenue.
EV/EBIT	28.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	22.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.6%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).

What was Simulations Plus, Inc.'s revenue in fiscal 2025?

Simulations Plus, Inc. reported revenue of $79.2M for fiscal 2025, 13.1% higher than the year before.

Was Simulations Plus, Inc. profitable in fiscal 2025?

No. It reported a net loss of $64.7M.

How much free cash flow did Simulations Plus, Inc. generate in fiscal 2025?

Cash from operations of $18.1M minus capital expenditures of $713.0K left free cash flow of $17.4M.

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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