TAT TECHNOLOGIES LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TAT TECHNOLOGIES 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	95.8	107	87.7	97.5	75.4	78	84.6	114	152	178
Cost of revenue	76.8	86.1	79.8	82.2	66.9	66.7	68.6	91.3	119	134
Gross profit	19	20.4	7.95	15.3	8.44	11.3	15.9	22.5	33	44.1
Research and development	1.14	0.73	0.46	0.11	0.19	0.52	0.48	0.72	1.25	1.38
Selling and marketing	3.88	4.97	4.75	4.93	4.37	5.15	5.63	5.52	7.75	8.58
General and administrative	10	9.41	7.9	7.65	7.61	8.35	9.97	10.6	11.9	15.7
Operating expenses	14.9	15.2	13.1	12.7	12.5	15.3	17.7	16.4	20.5	25.3
Operating income	4.14	5.28	-5.16	2.6	-4.05	-4.04	-1.78	6.08	12.5	18.8
Interest expense						0.25	0.9	1.68	1.47	1.01
Other non-operating income					-0.1	-0.29	1.03	0.35	-0.48	-0.33
Pre-tax income	3.98	4.94	-3.93	1.46	-3.48	-3.99	-1.56	4.67	10.6	17.5
Income tax	3.87	2.33	-1.46	0.59	-1.52	-0.66	0.1	0.58	0.2	2.14
Income from continuing operations	0.06	2.4	-4.41	0.81	5.33	-3.56	-1.56	4.67	11.2	16.8
Net income			-4.41	0.81	-5.33	-3.56	-1.56	4.67	11.2	16.8
EBITDA	7.77	9.22	-1.1	6.9	0.02	0.85	1.93	10.8	18	23.9
EPS, basic	0.01	0.27	-0.50	0.10	-0.60	-0.40	-0.18	0.52	1.08	1.39
EPS, diluted	0.01	0.27	-0.50	0.10	-0.60	-0.40	-0.18	0.51	1.00	1.37
Shares, basic (weighted)	8.83	8.85	8.86	8.87	8.87	8.87	8.91	8.96	10.4	12.1
Shares, diluted (weighted)	8.83	8.91	8.86	8.87	8.87	8.87	8.91	9.08	11.2	12.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	21.4	17.5	16	16	24.1	12.9	7.72	16	7.13	51.3
Receivables	21.6	25.7	19.3	20.3	11.4	13.9	15.6	20	29.7	33.4
Inventory	39.3	38.6	38.6	43.3	41.2	41	45.8	51.3	68.5	75.5
Other current assets	1.69	2.36	3.63	2.61	2.74	4.22	6.05	6.4	7.85	6.07
Total current assets	84.9	84.7	77.5	83.6	79.4	72	75.2	94.3	113	166
Property, plant and equipment	21.3	21.3	21.4	20.6	25.7	30.5	43.4	42.6	41.6	46.9
Lease right-of-use assets			7.4	6.66	6.77	3.11	2.48	2.75	2.28	5.81
Intangible assets	1.18	1.05	0.91	0.39	1.48	1.83	1.62	1.82	1.55	1.45
Total assets	112	112	103	115	116	111	127	146	163	227
Accounts payable	8.41	9.35	8.27	11.8	12.2	9.09	10.2	9.99	12.2	13
Accrued liabilities	0.84	0.71	0.84	0.94	0.72	0.32	0.97	1.07	1.29	0.95
Deferred revenue	0.44	0.25	0.1			1.15	2.78	5.24	6.93	5.9
Short-term debt					1.48	0.69	1.88	2.2	2.08	2.23
Total current liabilities	18.2	17.7	14.7	20.7	25.2	24.6	29	39.3	38.1	34
Long-term debt					3.49	5.98	19.4	12.9	10.9	9.49
Lease liabilities				5.69	5.76	1.99	1.54	1.7	1.35	4.45
Other non-current liabilities	0.15	0.15	0.18	0.06
Total liabilities	23.3	23.4	19	29.3	35.8	34	51.1	54.9	51.4	50.3
Total debt					4.97	6.67	21.3	15.1	13	11.7
Paid-in capital	64.8	65.1	65.5	65.6	65.7	65.9	66.2	76.3	89.7	137
Retained earnings	23.3	22.7	18.2	19.1	13.7	10.2	8.6	13.3	24.4	41.3
Treasury stock	-2.09	-2.09	-2.09	-2.09	-2.09	-2.09	-2.09	-2.09	-2.09	-2.09
Other comprehensive income	-0.07	0.14	-0.21	0.03	0.13	0.03	-0.03	0.03	-0.08	0.64
Shareholders' equity			84.3	85.4	80.3	76.8	75.6	90.7	112	176
Total equity	88.7	88.6	84.3	85.4	80.3	76.8	75.6	90.7	112	176
Total liabilities and equity	112	112	103	115	116	111	127	146	163	227
Shares outstanding	8.83	8.85	8.87	8.87	8.87	8.87	8.91	10.1	10.9	13

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income			-4.41	0.81	-5.33	-3.56	-1.56	4.67	11.2	16.8
Depreciation and amortization	3.64	3.94	4.07	4.29	4.07	4.88	3.71	4.71	5.46	5.1
Stock-based compensation	0.11	0.17	0.27	0.04	0.14	0.16	0.22	0.16	0.4	1.23
Deferred income tax	1.89	-0.04	-0.1	0.41	-1.17	-0.69	0.1	0.53	0.11	1.89
Change in receivables	-2.39	-4.49	6.48	-2.04	9.47	-2.93	-2.66	-4.21	-9.74	-3.5
Change in inventory	-2.71	0.21	0.38	-5.74	1.87	-0.68	-5.07	-5.4	-17.2	-7.53
Change in payables	1.19	0.58	-1.14	3.35	-5.34	2.57	1.14	-0.25	2.17	0.36
Cash from operations	5.52	2.5	2.16	3.59	5.95	-2.27	-4.87	2.26	-5.82	15
Capital expenditures	-5.7	-3.52	-4.27	-3.27	-3.89	-16.2	-16.2	-5.1	-5.13	-11
Cash from investing	0.59	-3.56	-3.84	-3.28	-5.41	-15.6	-16.1	-3.58	-3.85	-10.1
Debt issued					3.69	3.04	16.7	0.71	0	0
Debt repaid					0	0	-1.07	-1.7	-2.02	-2.09
Stock issued	0.13	0.14	0.2		0	0	0	10.1	9.83	0.28
Dividends paid	-3	-3
Cash from financing	-3.37	-2.86	0.2		7.65	6.04	15.8	10.2	0.16	39.2
Net change in cash	2.75	-3.92	-1.56	0.01	8.35	-11.1	-5.19	8.92	-9.51	44.1
Free cash flow	-0.18	-1.02	-2.12	0.32	2.05	-18.5	-21.1	-2.85	-10.9	4.02
Interest paid	0	0.04	0.01	0.03	0	0.25	0.8	1.44	1.4	1
Income taxes paid	1.47	-2.4	-1.09	0.67	0	0	0	0	0.04	0.26

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $37.57 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.8%	Gross profit / revenue.
Operating margin	10.6%	Operating income / revenue.
EBITDA margin	13.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.8%	Pre-tax income / revenue.
Net margin	9.4%	Net income / revenue.
FCF margin	2.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.4%	Cash from operations / revenue.
Effective tax rate	12.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.6%	Net income / average total assets.
Return on invested capital (ROIC)	13.0%	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	0.8%	Research and development expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.2%	Capital expenditures / revenue.
D&A / revenue	2.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	28.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	33.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	40.4%	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	39.2%	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	50.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	33.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	131.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	316.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	50.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	37.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	20.3%	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, 5y	14.4%	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	57.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	32.7%	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	17.1%	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	38.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	21.4%	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	14.3%	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	9.5%	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	11.3%	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	6.7%	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	4.89x	Current assets / current liabilities.
Quick ratio	2.49x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.51x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.07x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.2%	Total debt / total assets.
Liabilities / assets	22.2%	Total liabilities / total assets.
Net debt	-$39.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.65x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	18.6x	Operating income / interest expense.
Working capital	$132.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$174.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.91x	Revenue / average total assets.
Fixed asset turnover	4.02x	Revenue / average property, plant and equipment.
Inventory turnover	1.86x	Cost of revenue / average inventory.
Days inventory	196 days	365 x average inventory / cost of revenue.
Receivables turnover	5.64x	Revenue / average receivables.
Days sales outstanding	65 days	365 x average receivables / revenue.
Days payables	34 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	227 days	Days inventory + days sales outstanding - days payables.
FCF conversion	23.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	73.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.37	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	$1.39	Net income per basic share, as reported (split-adjusted).
Revenue per share	$14.49	Revenue / diluted weighted shares.
FCF per share	$0.33	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.22	Cash from operations / diluted weighted shares.
Book value per share	$13.59	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.47	Tangible book value / shares outstanding.
Cash per share	$3.95	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$487.8M	Share price x shares outstanding.
Enterprise value	$448.2M	Market cap + total debt - cash - short-term investments.
P/E	29.0x	Market cap / net income. Only when net income is positive.
P/S	2.74x	Market cap / revenue.
P/B	2.77x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.79x	Market cap / tangible book value, when positive.
P/FCF	121x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	32.6x	Market cap / cash from operations, when positive.
EV/Sales	2.52x	Enterprise value / revenue.
EV/EBIT	23.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	112x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.8%	Free cash flow / market cap.
Earnings yield	3.4%	Net income / market cap (the inverse of P/E).

What was TAT TECHNOLOGIES LTD's revenue in fiscal 2025?

TAT TECHNOLOGIES LTD reported revenue of $178.0M for fiscal 2025, 17% higher than the year before.

Was TAT TECHNOLOGIES LTD profitable in fiscal 2025?

Yes. Net income was $16.8M, a net margin of 9.4%.

How much free cash flow did TAT TECHNOLOGIES LTD generate in fiscal 2025?

Cash from operations of $15.0M minus capital expenditures of $11.0M left free cash flow of $4.0M.

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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