STRATASYS LTD. financial statements

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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	672	668	663	636	521	607	651	628	572	551
Cost of revenue	355	346	338	322	301	347	375	361	316	324
Gross profit	317	323	325	314	219	260	276	267	257	227
Research and development	97.8	96.2	99	94.3	84	88.3	92.9	94.4	99.1	77.3
Selling, general and administrative			235	231	205	251	241	260	243	222
Selling and marketing	306	257	235	231
Operating expenses	404	353	334	325	675	339	334	355	342	300
Operating income	-86.7	-30.5	-8.85	-11.7	-456	-79.2	-57.2	-87.6	-85.7	-72.5
Other non-operating income	0.35	1.05	0.63	4.56	-0.58	-2.08	0.23	2.99	1.68	10.4
Pre-tax income	-86.4	-29.5	-8.21	-7.14	-457	-66.8	-17.8	-84.6	-84	-62.1
Income tax	-9.45	9.27	4.74	3.52	-16.4	-3.91	5.45	5.78	2.97	3.08
Net income to minority interests	-0.4	-0.48	-0.26	-0.23	-0.4
Net income	-77.2	-40	-11	-10.8	-444	-62	-29	-123	-120	-104
EBITDA	6.16	36.1	52.4	39.2	-406	-23.1	2.61	-38.6	-40.3	-29.3
EPS, basic	-1.48	-0.75	-0.22	-0.20	-8.08	-0.98	-0.44	-1.79	-1.70	-1.28
EPS, diluted	-1.48	-0.75	-0.22	-0.20	-8.08	-0.98	-0.44	-1.79	-1.70	-1.28
Shares, basic (weighted)	52.3	53	0.05	0.05	0.05	0.06	66.5	68.7	70.9	81.6
Shares, diluted (weighted)	52.6	53	53.8	0	0.05	0.06	66.5	68.7	70.9	81.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	280	329	393	293	272	243	150	82.6	70.2	94.5
Receivables	120	133	138	133	106	129
Inventory	118	116	124	169	132	129	194	193	180	145
Other current assets	15.5	22.9	22.9	29.7	16.9	33.1	27.8	24.6	21.8	26.2
Total current assets	553	615	684	659	560	801	700	560	513	582
Property, plant and equipment	208	200	188	190	201	203	195	198	184	193
Lease right-of-use assets				20.9	21.3	14.7	18.1	18.9	32.2	25.4
Goodwill	386	387	386	386	35.7	65.1	65	100	99.1	102
Intangible assets	177	142	107	87.3	132	152	121	128	106	95.8
Long-term investments	12.1	4.44	1.55		24.3	28.7	142	115	80.2	63.1
Other non-current assets	29.4	31.2	22.8	38.8	15.4	12.5	18.4	14.4	14.7	13.3
Total assets	1,366	1,380	1,388	1,382	990	1,277	1,260	1,134	1,030	1,074
Accounts payable	40.9	39.8	45.9	35.8	17	52	72.9	46.8	45	43
Accrued liabilities	34.2	35.4	31.7	34	6.4
Deferred revenue	50	52.9	54	52.3	49.2	51.2	50.2	52.6	46.3	47.8
Short-term debt	3.71	5.14	5.14
Total current liabilities	165	163	176	160	132	210	211	176	167	163
Long-term debt	22.3	27.1	22
Lease liabilities				12.4	12.6	7.69	10.7	12.2	25.2	19.9
Other non-current liabilities	22.3	32.9	29.1	35.3	34	21.1	24.5	24.2	19.9	23.2
Total liabilities	228	246	245	224	230	321	300	249	237	231
Total debt	26	32.3	27.1
Paid-in capital	2,633	2,663	2,681	2,707	2,754	3,012	3,049	3,092	3,123	3,275
Retained earnings	-1,484	-1,524	-1,531	-1,542	-1,986	-2,048	-2,077	-2,200	-2,320	-2,424
Treasury stock								0	-2	-2
Other comprehensive income	-13.5	-7.02	-7.75	-7.72	8.85	8.77	-12.8	-7.08	-8.03	-6.2
Shareholders' equity	1,136	1,132	1,142	1,157	759	956	959	885	793	843
Minority interests	0.13	0.02
Total equity	1,136	1,133	1,142	1,157	759	956	959	885	793	843
Total liabilities and equity	1,366	1,380	1,388	1,382	990	1,277	1,260	1,134	1,030	1,074
Shares outstanding	52.6	53.6	53.9	54.4	56.6	65.7	67.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-77.6	-40.5	-11.2	-11.1	-444	-62	-29	-123	-120	-104
Depreciation and amortization	92.9	66.6	61.3	50.9	49.6	56.1	59.8	49	45.3	43.2
Stock-based compensation	20.8	17.7	15.7	20.6	20.2	31	33.5	31.6	25.6	24.3
Deferred income tax	-10.4	-2.55	-3.96	3.52	-16.4	-3.91	5.45	-5.33	-3.83	-0.51
Change in receivables	2.01	-7.58	-8.88	4.97	29.5	-25	-28.9	-25.7	4.46	-18
Change in inventory	0.64	2.17	-16.1	-48.6	37.1	-0.05	-87.3	4.57	9.36	35.4
Change in payables	1.97	-1.21	6.88	-13.1	-24.5	28.5	19.6	-27.4	-3.68	-5.33
Cash from operations	61.9	61.7	63.7	-11.2	27.8	35.8	-75.4	-61.6	7.83	15.1
Capital expenditures	-45.1	-22.3	-23.4	-22.4	-26.9	-25	-13.6	-13.6	-10.9	-22.1
Acquisitions					-29.1	-20.6	0	-72.1	0	-6.07
Purchases of investments				-28.3	-27	-361	-480	-111	-171	-274
Cash from investing	-70.1	-27.8	7.14	-69.5	-52.6	-291	-7.21	-3.83	-14.8	-112
Debt issued	26	10
Debt repaid		-3.71	-5.14	-27.3
Stock issued	1.19	5.89	3.69	5.28	0.23	8.06	0.27	0	0	119
Cash from financing	25.8	10.7	-2.95	-22	0.23	227	-2.77	-1.52	-3.31	118
Exchange rate effect	-1.05	4.1	-3.53	2.59	3.21	-0.89	-7.22	-0.83	-1.48	3.4
Net change in cash	16.6	48.7	64.4	-100	-21.4	-28.9	-92.6	-67.8	-11.8	24.3
Free cash flow	16.8	39.4	40.4	-33.6	0.86	10.8	-89	-75.2	-3.05	-6.97
Interest paid		1.14	1.68	0.45
Income taxes paid	5.28	1.25	5.68	10.7	1.14	2.42	12.6	2.2	2.3	2.85

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $8.26 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	41.2%	Gross profit / revenue.
Operating margin	-13.2%	Operating income / revenue.
EBITDA margin	-5.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-11.3%	Pre-tax income / revenue.
Net margin	-18.9%	Net income / revenue.
FCF margin	-1.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.7%	Cash from operations / revenue.
Return on equity (ROE)	-12.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-9.9%	Net income / average total assets.
Return on invested capital (ROIC)	-7.8%	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	14.0%	Research and development expense / revenue.
SG&A / revenue	40.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.0%	Capital expenditures / revenue.
D&A / revenue	7.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-11.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.3%	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	0.7%	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	93.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-11.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.2%	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	2.1%	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	4.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.2%	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	1.6%	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	15.2%	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	7.1%	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	330.9%	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	3.57x	Current assets / current liabilities.
Quick ratio	0.58x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.58x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	21.5%	Total liabilities / total assets.
Working capital	$418.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$645.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.52x	Revenue / average total assets.
Fixed asset turnover	2.92x	Revenue / average property, plant and equipment.
Inventory turnover	1.99x	Cost of revenue / average inventory.
Days inventory	183 days	365 x average inventory / cost of revenue.
Days payables	50 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	146.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.28	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	-$1.28	Net income per basic share, as reported (split-adjusted).
Revenue per share	$6.75	Revenue / diluted weighted shares.
FCF per share	-$0.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.19	Cash from operations / diluted weighted shares.
Book value per share	$10.33	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.91	Tangible book value / shares outstanding.
Cash per share	$1.16	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$711.8M	Share price x shares outstanding.
Enterprise value	$617.3M	Market cap + total debt - cash - short-term investments.
P/S	1.29x	Market cap / revenue.
P/B	0.84x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.10x	Market cap / tangible book value, when positive.
P/OCF	47.0x	Market cap / cash from operations, when positive.
EV/Sales	1.12x	Enterprise value / revenue.
FCF yield	-1.0%	Free cash flow / market cap.
Earnings yield	-14.7%	Net income / market cap (the inverse of P/E).

What was STRATASYS LTD.'s revenue in fiscal 2025?

STRATASYS LTD. reported revenue of $551.1M for fiscal 2025, 3.7% lower than the year before.

Was STRATASYS LTD. profitable in fiscal 2025?

No. It reported a net loss of $104.3M.

How much free cash flow did STRATASYS LTD. generate in fiscal 2025?

Cash from operations of $15.1M minus capital expenditures of $22.1M left free cash flow of -$7.0M.

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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