Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data STEM, 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
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
17.6
36.3
127
363
462
145
156
Cost of revenue
20.8
40.2
126
330
458
156
96.3
Gross profit
-3.26
-3.91
1.25
33.1
3.67
-11.1
60
Research and development
14.7
15.9
22.7
38.3
56.5
51.3
35.3
Selling and marketing
17.5
14.8
20
48.9
51.6
37.8
28.7
General and administrative
12.4
14.7
41.6
77
74.9
88.1
51.6
Operating expenses
44.6
45.5
84.3
164
183
828
116
Operating income
-47.9
-49.4
-83.1
-131
-179
-839
-55.7
Interest expense
12.5
20.8
17.4
10.5
15
18.3
23.9
Other non-operating income
-11.6
-107
-18.1
-8.09
39.3
-14.2
194
Pre-tax income
-59.4
-156
-101
-139
-140
-854
138
Income tax
0.01
0.01
0
-15.2
0.43
0.33
0.54
Net income to minority interests
0
0
0
0
0
Net income
-59.4
-156
-101
-124
-140
-854
138
EBITDA
-34
-31.7
-58.6
-85.7
-133
-794
-10.7
EPS, basic
-30.28
-82.83
-19.25
-16.25
-18.05
-105.80
16.52
EPS, diluted
-30.28
-82.83
-19.25
-16.25
-18.05
-105.80
-9.18
Shares, basic (weighted)
2.13
2
5.26
7.65
7.78
8.07
8.34
Shares, diluted (weighted)
2.13
2
5.26
7.65
7.78
8.07
8.49
Balance sheet
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
12.9
6.94
748
87.9
105
56.3
48.9
Short-term investments
0
173
162
8.2
0
Receivables
13.6
61.7
223
303
59.3
38.4
Inventory
20.8
22.7
8.37
26.7
Other current assets
0
7.92
4.9
8.03
9.3
10.1
8.24
Total current assets
0
49.3
1,024
533
473
137
100
Property, plant and equipment
124
106
90.8
74.4
58.8
43.9
Lease right-of-use assets
0.36
13
12.4
12.3
12.6
9.57
Goodwill
1.74
1.74
547
547
0
0
Intangible assets
12.1
14
162
157
144
123
Long-term investments
0
Other non-current assets
8.28
24.5
65.3
81.9
75.8
24.8
Total assets
0.25
206
1,192
1,422
1,357
437
309
Accounts payable
0.04
13.7
28.3
83.8
78.3
30.1
10.3
Accrued liabilities
0.15
16.1
26
85.3
76.9
25.8
26.9
Deferred revenue
36.9
9.16
64.3
54
43.3
43.6
Total current liabilities
0.25
191
88
267
251
129
111
Long-term debt
4.61
1.69
1.6
0
0
129
Lease liabilities
0.06
12.2
11
10.5
13.3
9.86
Other non-current liabilities
0
0.36
0.42
35.4
0.82
Total liabilities
0.25
383
524
870
930
835
558
Paid-in capital
0.02
231
1,177
1,185
1,199
1,228
1,239
Retained earnings
-0.02
-408
-509
-632
-772
-1,627
-1,489
Other comprehensive income
-0.19
0.02
-1.67
-0.04
0.08
0.04
Shareholders' equity
-24.5
-177
668
552
426
-398
-249
Minority interests
0
0.54
0.49
0.54
0.38
Total equity
-24.5
-177
668
552
427
-398
-249
Total liabilities and equity
0.25
206
1,192
1,422
1,357
437
309
Shares outstanding
2
7.21
7.71
156
8.14
8.49
Cash flow statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-0.01
-156
-101
-124
-140
-854
138
Depreciation and amortization
13.9
17.7
24.5
45.4
46.3
45
44.9
Stock-based compensation
1.53
4.54
13.5
28.7
45.1
18.5
10.2
Deferred income tax
0
0
0
-15.5
-0.44
-0.11
-0.24
Change in receivables
-5.11
-6.99
-48.1
-156
-80.9
133
17.7
Change in inventory
-1.55
-17.3
-1.88
18.6
-18.3
2.77
6.33
Change in payables
-0
0.2
16.3
53.3
-5.24
-48.1
-19.9
Cash from operations
-29.7
-33.7
-101
-106
-207
-36.7
6.86
Acquisitions
0
0
-533
-1.85
0
0
Purchases of investments
0
0
-190
-221
-60
0
0
Sales and maturities of investments
0
0
0
219
142
8.25
0
Cash from investing
-46.4
-12
-185
-544
136
-3.52
-6.6
Stock issued
10.8
149
1.28
0.28
0
0
Cash from financing
67.2
40.3
1,027
-9.27
90.2
-8.44
-7.56
Exchange rate effect
-0.17
-0.53
0.24
-0.2
-0.02
0.22
-0.08
Net change in cash
-9.01
-5.95
741
-660
18.6
-48.4
-7.38
Interest paid
8.94
9.67
10.2
6.41
14.6
16.2
14.6
Income taxes paid
0
0
0
0.29
0.2
0.7
0.48
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.48 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
41.5%
Gross profit / revenue.
Operating margin
-29.1%
Operating income / revenue.
EBITDA margin
-10.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-49.3%
Pre-tax income / revenue.
Net margin
-49.4%
Net income / revenue.
Operating cash flow margin
7.9%
Cash from operations / revenue.
Return on assets (ROA)
-26.1%
Net income / average total assets.
R&D / revenue
18.2%
Research and development expense / revenue.
Stock-based pay / revenue
5.4%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
19.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
8.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-24.5%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
33.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit CAGR, 3y
21.9%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-29.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-39.9%
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
8.5%
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
5.2%
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
3.5%
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
33.6%
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
0.83x
Current assets / current liabilities.
Quick ratio
0.67x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.36x
(Cash + short-term investments) / current liabilities.
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
$16.25
Revenue / diluted weighted shares.
Operating cash flow per share
$1.28
Cash from operations / diluted weighted shares.
Book value per share
-$28.06
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.29x
Market cap / revenue.
P/OCF
3.71x
Market cap / cash from operations, when positive.
EV/Sales
0.03x
Enterprise value / revenue.
Earnings yield
-169.4%
Net income / market cap (the inverse of P/E).
What was STEM, INC.'s revenue in fiscal 2025?
STEM, INC. reported revenue of $156.3M for fiscal 2025, 8.1% higher than the year before.
Was STEM, INC. profitable in fiscal 2025?
Yes. Net income was $137.8M, a net margin of 88.2%.
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.