SINOVAC BIOTECH LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SINOVAC BIOTECH 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	72.4	174	230	246	511	19,365	1,473	470	361	386
Cost of revenue	22.4	20.2	24.7	32.5	67.2	989	658	147	141	124
Gross profit	50	154	205	214	443	18,376	815	323	221	262
Research and development	12.6	20.5	21.9	24.3	48.8	153	479	350	271	216
Selling, general and administrative	42	87.4	137	121	177	602	836	598	421	333
Operating expenses	49.5	109	160	145	228	758	1,324	1,037	726	752
Operating income	0.5	45.4	45.3	68.6	216	17,618	-509	-714	-506	-490
Interest expense	1.73	1.57	1.07	0.65	1.45	2.84	1.26	4.94	5.64	9.82
Interest income	0.73	1.18	2.02	2	1.93	103	157	87.1	29.1	33.3
Other non-operating income	0.1	0.01	0.32	0.91	0.5	-153	297	559	528	209
Pre-tax income	-0.39	45	46.6	70.8	217	17,568	-48.5	-84.5	42.8	-262
Income tax	2.66	8.34	10.5	5.61	31.4	3,448	11.5	36.4	2.18	-63.3
Income from continuing operations	-2.93	25.8	21.8
Net income to minority interests	-0.12	10.9	14.3	20.3	74.8	5,998	-74.4	-107	-50.2	-139
Net income	-0.6	25.8	21.8	44.9	110	8,122	14.5	-13.5	90.9	-59.7
EBITDA	5.57	50.1	50.2	73.1	219	17,703	-356	-557	-395	-393
EPS, basic	-0.02	0.69	0.52	0.64	1.62	113.54	0.20	-0.19	1.27	-0.83
EPS, diluted	-0.02	0.69	0.52	0.63	1.48	113.44	0.20	-0.19	1.27	-0.83
Shares, basic (weighted)	37.3	37.3	42.4	62.1	64.7	71.5	71.7	71.8	71.9	71.9
Shares, diluted (weighted)	37.3	37.4	42.5	71.8	74.4	71.6	71.8	71.9	71.9	71.9
Dividend per share										55.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	62.4	114	158	153	1,041	11,609	3,879	1,124	335	488
Short-term investments			18.9	50.3	135	1,806	6,654	9,895	9,613	5,483
Receivables	49.8	66.2	74.5	114	253	943	487	425	301	286
Inventory	14.1	19.6	25.1	27.8	106	391	175	136	96.9	94.3
Other current assets	1.37	2.1	4.54	1.87	15.5	150	18.4	13	15.7	17.6
Total current assets	131	204	284	350	1,560	14,938	11,305	11,597	10,645	7,064
Property, plant and equipment	66.9	76.4	70.9	74.3	200	855	990	952	881	706
Lease right-of-use assets			0	6.64	83.8	115	58.6	45.5	16	10.4
Goodwill						0	0	0	27.5	12.6
Intangible assets					1.47	1.48	9.7	8.52	123	77.7
Long-term investments						656	1,426	880	491	512
Other non-current assets	0.96	0.53				1.61	19.2	20.9	20.5	18.3
Total assets	211	299	370	452	1,901	16,759	14,031	13,612	12,337	8,542
Accounts payable	1.83	6.78	5.53	5.78	30.5	58.5	19.9	12.9	12.3	16.2
Accrued liabilities	8.6	32.6	26.8	31.1	114	497	240	185	157	153
Deferred revenue	2.77	4.07	2.91	5.46	364	79.7	25.5	27	12.2	11.3
Short-term debt	31.3	18.2	3.32
Total current liabilities	66.3	92.5	58.2	87.2	680	2,519	1,256	1,293	1,452	1,540
Lease liabilities			0	5.76	85.5	112	52.5	39	13.2	8.64
Other non-current liabilities	2.94	3.14	3	1.73	0.87	0.32	0.04	0.04	0.02	0.02
Total liabilities	81.7	122	77.9	100	781	3,206	1,787	1,970	2,044	2,145
Total debt	40.7	33	7.21	5.93	35.1	15.8	11.8	254	376	495
Paid-in capital	113	115	205	208	539	545	549	550	550	550
Retained earnings	-11.9	9.13	23.8	56.7	144	6,814	6,804	6,789	6,838	2,816
Other comprehensive income	0.17	7.08	-2.1	-4.32	19.9	130	-401	-563	-708	-513
Shareholders' equity	116	151	253	294	746	8,995	8,491	8,316	8,262	4,439
Minority interests	13.9	26	38.5	58.2	374	4,558	3,753	3,327	2,031	1,957
Total equity	130	177	292	352	1,131	13,553	12,243	11,642	10,293	6,396
Total liabilities and equity	211	299	370	452	1,901	16,759	14,031	13,612	12,337	8,542
Shares outstanding	37.3	37.5	46.6	64.8	65	71.7	71.7	71.9	71.9	71.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.72	36.7	36.1	65.2	185	14,120	-60	-121	40.7	-199
Depreciation and amortization	5.06	4.64	4.89	4.58	3.69	85.1	153	157	110	97.4
Stock-based compensation	2.41	0.98	4.31	3	10.2	7.74	0	0	0	0
Deferred income tax	-1.01	-4.92	3.15	-5.69	-11.2	508	-83.6	-17.4	-56.4	-89.9
Change in receivables	-15.1	-13.5	-13.1	-40.2	-128	-677	390	41.4	87.7	24.3
Change in inventory	-3.03	-5.53	-9.41	-3.65	-77.7	-325	26.9	-14.9	-0.67	-23
Change in payables	2.74	33.4	-6.17	6.79	132	721	-86.9	109
Cash from operations	-13.9	59.8	7.94	39.1	479	15,322	-798	139	-56.9	-512
Capital expenditures	-12.7	-11.9	-5.61	-10.6	-127	-594	-314	-156	-96	-48.9
Acquisitions						0	0	0	-100	-14.1
Purchases of investments		0	-19.7	-50.7	-202	-8,827
Sales and maturities of investments					125	4,744	19,711	2,514	5,595	10,673
Cash from investing	-11.8	-11.9	-25.3	-42.5	-205	-2,975	-6,094	-2,699	456	4,388
Debt issued	45.5	28.6	18.9	2.11	33.2	13.4	0.15	243	205	318
Debt repaid	-24.9	-38.7	-43.9	-3.31	-6.04	-44.9	-62.8	-0.31	-81.7	-219
Stock issued	0.32	1.26	85.3	0	2	1.03	0	0.68	0	0
Dividends paid				0	0	-1,876	-247	-328	-947	-3,534
Cash from financing	27.8	-1.34	64.2	1.74	593	-1,913	-300	-88.6	-824	-3,435
Exchange rate effect	-2.27	4.01	-4.66	-0.65	27.2	136	-541	-109	-102	113
Net change in cash	-0.16	50.5	42.2	-2.29	894	10,570	-7,733	-2,758	-527	554
Free cash flow	-26.6	47.8	2.33	28.4	352	14,728	-1,112	-17.5	-153	-561
Interest paid	1.66	1.33	1.49	0.72	1.04	2.61	1.11	4.59	5.8	9.69
Income taxes paid	1.89	7.91	19.2	7.31	11.2	1,486	1,298	-58.5	47.1	186

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: we have no share price for this company.

Profitability

Metric	Value	How it is calculated
Gross margin	67.9%	Gross profit / revenue.
Operating margin	-127.0%	Operating income / revenue.
EBITDA margin	-101.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-67.9%	Pre-tax income / revenue.
Net margin	-15.5%	Net income / revenue.
FCF margin	-145.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-132.7%	Cash from operations / revenue.
Return on equity (ROE)	-0.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.6%	Net income / average total assets.
Return on invested capital (ROIC)	-6.1%	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	56.0%	Research and development expense / revenue.
SG&A / revenue	86.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	12.7%	Capital expenditures / revenue.
D&A / revenue	25.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-36.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-5.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	18.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-31.5%	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	-10.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-165.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-165.4%	EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-46.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-19.4%	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	42.8%	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	-30.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-15.2%	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	35.1%	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	0.0%	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	-0.7%	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	4.59x	Current assets / current liabilities.
Quick ratio	4.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.88x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.11x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.8%	Total debt / total assets.
Liabilities / assets	25.1%	Total liabilities / total assets.
Net debt	-$5.48B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-49.9x	Operating income / interest expense.
Working capital	$5.52B	Current assets - current liabilities.
Goodwill and intangibles / assets	1.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$4.35B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.04x	Revenue / average total assets.
Fixed asset turnover	0.49x	Revenue / average property, plant and equipment.
Inventory turnover	1.30x	Cost of revenue / average inventory.
Days inventory	281 days	365 x average inventory / cost of revenue.
Receivables turnover	1.31x	Revenue / average receivables.
Days sales outstanding	278 days	365 x average receivables / revenue.
Days payables	42 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	517 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.83	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	-$0.83	Net income per basic share, as reported (split-adjusted).
Revenue per share	$5.37	Revenue / diluted weighted shares.
FCF per share	-$7.81	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$7.13	Cash from operations / diluted weighted shares.
Book value per share	$61.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$60.52	Tangible book value / shares outstanding.
Cash per share	$83.10	(Cash + short-term investments) / shares outstanding.
Dividend per share	$55.00	Dividend declared per common share (paid, when declared is not tagged).

What was SINOVAC BIOTECH LTD's revenue in fiscal 2025?

SINOVAC BIOTECH LTD reported revenue of $386.0M for fiscal 2025, 6.8% higher than the year before.

Was SINOVAC BIOTECH LTD profitable in fiscal 2025?

No. It reported a net loss of $59.7M.

How much free cash flow did SINOVAC BIOTECH LTD generate in fiscal 2025?

Cash from operations of $512.2M minus capital expenditures of $48.9M left free cash flow of -$561.1M.

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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