Sound Group Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Sound Group 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	170	230	333	317	292	278	444
Cost of revenue	131	174	236	213	209	202	314
Gross profit	38.8	56.4	96.8	104	82.4	76.3	129
Research and development	22.7	34.5	41.5	41.1	42.5	31.9	34.4
Selling and marketing	30	21.9	60.6	37.6	33.5	42.1	49.7
General and administrative	6.57	13.6	16.4	15.5	27.3	14.6	14.3
Operating expenses							98.4
Operating income	-20.4	-13.6	-21.7	9.66	-20.8	-12.3	31
Interest expense		0.37			0.22	0.06
Other non-operating income	-0.29	-0.61	-0.08	0.28	-0.5	0.61	-0.3
Pre-tax income	-19.1	-12.4	-19.9	12.6	-18.9	-10.6	32
Income tax		0.15	0.06	0.03	0.06	0.45	0.4
Net income to minority interests					-1.11	-1.56	-0.83
Net income	-19.1	-12.6	-20	12.5	-17.8	-9.53	32.4
EBITDA	-18.8	-10.9	-18.7	12.3	-18.9	-10.8	32
EPS, basic	-4.13	-0.04	-0.02	0.01	-0.02	-0.01	0.03
EPS, diluted	-4.13	-0.04	-0.02	0.01	-0.02	-0.01	0.03
Shares, basic (weighted)	260	883	992	1,036	1,079	1,027	941
Shares, diluted (weighted)	260	883	992	1,039	1,079	1,027	944

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	11.9	48.3	83.7	82.4	69.7	60.5	93.7
Short-term investments		11.2	0	16.1
Receivables	0.43	1.28	1.01	0.47	0.22	0.15	0.14
Other current assets	2.7	2.97	5.27	4.41	4.78	4.81	7.11
Total current assets	15	64.4	90.6	105	75.1	67	102
Property, plant and equipment	4.65	5.29	5.24	3.85	2.44	2.26	1.73
Lease right-of-use assets		0.66	4.54	3.64	1.97	1.74	3.37
Intangible assets	0.24	0.45	0.35	0.17	0.2	0.16	0.13
Other non-current assets	0.31	0.33	0.13		0.12	0.24	0.36
Total assets	20.2	71.1	101	113	79.8	71.4	107
Accounts payable	10.4	12	12.7	7.81	6.08	5.4	8.4
Accrued liabilities	9.9	14.3	19.3	19.8	19.3	18	25.2
Deferred revenue	2.09	2.61	3.24	5.17	4.12	4.24
Short-term debt		6.06	10.8	10.7		0.99
Total current liabilities	27.6	44.2	57.5	53.9	38.4	41.5	52.2
Lease liabilities		0.09	2.68	1.19	0.55	0.61	1.43
Other non-current liabilities		0.83	0.7	0.57
Total liabilities	27.6	45.2	60.9	55.6	39	42.1	53.7
Paid-in capital		369	413	385	379	370	383
Retained earnings	-288	-343	-371	-331	-339	-341	-331
Treasury stock	-0	-0	-0	-0	-0.14	-1.4	-1.45
Other comprehensive income	0.64	-0.29	-1.53	2.11	2.52	4.08	4.69
Shareholders' equity	-287	25.9	40	56.9	42.2	32.2	57.4
Minority interests				-0	-1.33	-2.88	-3.83
Total equity	-287	25.9	40	56.9	40.8	29.4	53.5
Total liabilities and equity	20.2	71.1	101	113	79.8	71.4	107

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-19.1	-12.6	-20	12.5	-18.9	-11.1	31.6
Depreciation and amortization	1.55	2.71	3.02	2.62	1.86	1.47	0.99
Stock-based compensation		7.78	5.86	4.24	3.77	1.94	0.65
Change in receivables	0.5	-0.83	0.3	0.47	0.23	0.07	0.01
Change in payables	-0.63	0.92	0.4	-3.91	-1.5	-0.52	2.77
Cash from operations	-13.8	6.13	-6.34	19.8	-16.5	-3.63	40
Capital expenditures	-4	-3.26	-3.15	-1.7	-0.84	-1.52	-0.49
Purchases of investments		-13.2		-27.7		-17.1	-35.3
Cash from investing	-4.22	-14.5	8.18	-17.8	14.9	-1.64	-0.54
Stock issued		39.7	28.7
Share buybacks					-0.13	-1.4	-4.11
Dividends paid							-4.33
Cash from financing		45.7	33.4	0.69	-10.1	-0.41	-9.47
Exchange rate effect	0.32
Net change in cash	-17.7	36.2	34.3	5.95	-11.4	-6.09	29.6
Free cash flow	-17.8	2.87	-9.49	18.1	-17.3	-5.14	39.6
Interest paid		0.29	0.49	0.32	0.29	0.06	0
Income taxes paid			0.15	0.02	0.07	0.26	0.26

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $12.17 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	29.2%	Gross profit / revenue.
Operating margin	7.0%	Operating income / revenue.
EBITDA margin	7.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.2%	Pre-tax income / revenue.
Net margin	7.3%	Net income / revenue.
FCF margin	8.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.0%	Cash from operations / revenue.
Effective tax rate	1.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	72.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	36.3%	Net income / average total assets.
R&D / revenue	7.7%	Research and development expense / revenue.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	59.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	69.7%	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	18.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	47.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 3y	37.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 3y	37.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 3y	44.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	26.5%	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	45.6%	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 CAGR, 3y	29.9%	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	68.9%	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	77.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.2%	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	17.2%	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	50.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.6%	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	8.6%	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	-8.1%	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	-3.1%	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	1.3%	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	1.94x	Current assets / current liabilities.
Quick ratio	1.80x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.79x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	50.1%	Total liabilities / total assets.
Working capital	$49.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$57.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	4.97x	Revenue / average total assets.
Fixed asset turnover	223x	Revenue / average property, plant and equipment.
Receivables turnover	3,092x	Revenue / average receivables.
Days sales outstanding	0 days	365 x average receivables / revenue.
Days payables	8 days	365 x average accounts payable / cost of revenue.
FCF conversion	122.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.03	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	$0.03	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.47	Revenue / diluted weighted shares.
FCF per share	$0.04	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.04	Cash from operations / diluted weighted shares.
Book value per share	$0.06	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.06	Tangible book value / shares outstanding.
Cash per share	$0.10	(Cash + short-term investments) / shares outstanding.
Payout ratio	13.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	10.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$50.8M	Share price x shares outstanding.
Enterprise value	-$42.9M	Market cap + total debt - cash - short-term investments.
P/E	1.57x	Market cap / net income. Only when net income is positive.
P/S	0.11x	Market cap / revenue.
P/B	0.89x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.89x	Market cap / tangible book value, when positive.
P/FCF	1.28x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.27x	Market cap / cash from operations, when positive.
FCF yield	77.9%	Free cash flow / market cap.
Earnings yield	63.8%	Net income / market cap (the inverse of P/E).
Dividend yield	8.5%	Dividends paid over the period / market cap.
Shareholder yield	16.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.04x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Sound Group Inc.'s revenue in fiscal 2025?

Sound Group Inc. reported revenue of $443.7M for fiscal 2025, 59.4% higher than the year before.

Was Sound Group Inc. profitable in fiscal 2025?

Yes. Net income was $32.4M, a net margin of 7.3%.

How much free cash flow did Sound Group Inc. generate in fiscal 2025?

Cash from operations of $40.0M minus capital expenditures of $493.0K left free cash flow of $39.6M.

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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