TORO CORP. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data TORO CORP. 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

	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	29.3	15.6	22.3	22.4	21.1
General and administrative	0.89	2.09	5.36	10.2	8.6
Operating income	-0.73	6.93	8.2	-5.56	-4.65
Interest expense	0.51	0.9	0.96	0.23	0.07
Interest income	0	0	2.05	8.35	2.81
Other non-operating income	-0.49	-0.01	3.03	11.1	10.3
Pre-tax income	-1.22	6.92	11.2	5.51	5.61
Income tax	0.21	0	0.05	0	0
Income from continuing operations		6.92	11.2	5.51	5.61
Net income	-1.43	49.9	141	25.2	5.93
EBITDA	3.1	8.34	11.6	-0.66	0.28
EPS, basic	-0.15	5.28	8.69	1.09	0.08
EPS, diluted	-0.15	1.17	2.87	1.09	0.08
Shares, basic (weighted)	9.46	9.46	15.4	17.4	17.9
Shares, diluted (weighted)	9.46	42.7	48.7	17.4	17.9

Balance sheet

	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4.96	41.8	152	37.2	87.4
Receivables	4.1	10.6	1.4	0.42	0.07
Inventory	3.14	0.89	0.17	0.19	0.2
Other current assets	0.4	0.92	1.11	0.29	0.55
Total current assets	12.6	54.8	165	55.3	96.3
Property, plant and equipment	108	92.5	77	72.8	96.2
Total assets	124	157	308	326	331
Accounts payable	0.51	1.64	1.75	0.77	1.13
Accrued liabilities	0.48	2.27	0.46	0.98	0.85
Deferred revenue	0.55	0	0.31	0.98	0.77
Total current liabilities	6.95	6.52	7.86	4.7	41.9
Total liabilities	20	17	131	127	168
Total debt	16	13.1	5.21
Paid-in capital		0	57.2	58.6	59.3
Retained earnings		-0	120	140	104
Treasury stock		0	-0.22	0
Shareholders' equity	104	140	177	199	164
Total equity	104	140	177	199	164
Total liabilities and equity	124	157	308	326	331
Shares outstanding		0	19	19.1	21.5

Cash flow statement

	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	-1.43	49.9	141	25.2	5.93
Depreciation and amortization	3.83	1.41	3.36	4.9	4.93
Stock-based compensation	0	0	1.27	5.31	3.59
Change in receivables	-4.1	-0.24	-0.73	0.96	-0.73
Change in inventory	-3.14	-0.08	-0	-0.02	-0.08
Change in payables	0.05	0.5	1.22	-0.98	0.53
Cash from operations	-4.42	41.5	56.1	10.8	-6.34
Capital expenditures	-111	-0.3	-72.2	-0.12	-66.8
Cash from investing	-111	11.8	50.7	-155	67.8
Debt issued	18	0	0
Stock issued	0	0	18.6	0	0
Share buybacks	0	0	-1.05	-3.73	0
Cash from financing	121	-16.5	6.27	-5.13	-11.3
Net change in cash	5.66	36.8	113	-118	50.2
Free cash flow	-116	41.2	-16.1	10.7	-73.1
Interest paid	0.35	0.69	0.77

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $5.28 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-22.1%	Operating income / revenue.
EBITDA margin	1.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	26.6%	Pre-tax income / revenue.
Net margin	28.1%	Net income / revenue.
FCF margin	-346.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-30.1%	Cash from operations / revenue.
Effective tax rate	0.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.8%	Net income / average total assets.
Return on invested capital (ROIC)	-3.9%	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%.
Stock-based pay / revenue	17.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	316.7%	Capital expenditures / revenue.
D&A / revenue	23.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-67.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-76.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-50.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-92.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-59.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-158.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-785.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-17.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	28.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	2.8%	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	-25.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.30x	Current assets / current liabilities.
Quick ratio	2.09x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.08x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	50.6%	Total liabilities / total assets.
Interest coverage	-68.3x	Operating income / interest expense.
Working capital	$54.4M	Current assets - current liabilities.
Tangible book value	$163.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.06x	Revenue / average total assets.
Fixed asset turnover	0.25x	Revenue / average property, plant and equipment.
Receivables turnover	86.7x	Revenue / average receivables.
Days sales outstanding	4 days	365 x average receivables / revenue.
FCF conversion	-1,232.0%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.08	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	$0.08	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.18	Revenue / diluted weighted shares.
FCF per share	-$4.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.35	Cash from operations / diluted weighted shares.
Book value per share	$7.62	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.62	Tangible book value / shares outstanding.
Cash per share	$4.07	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$152.3M	Share price x shares outstanding.
Enterprise value	$64.9M	Market cap + total debt - cash - short-term investments.
P/E	25.7x	Market cap / net income. Only when net income is positive.
P/S	7.23x	Market cap / revenue.
P/B	0.93x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.93x	Market cap / tangible book value, when positive.
EV/Sales	3.08x	Enterprise value / revenue.
EV/EBITDA	228x	Enterprise value / EBITDA, when both are positive.
FCF yield	-48.0%	Free cash flow / market cap.
Earnings yield	3.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was TORO CORP.'s revenue in fiscal 2025?

TORO CORP. reported revenue of $21.1M for fiscal 2025, 5.9% lower than the year before.

Was TORO CORP. profitable in fiscal 2025?

Yes. Net income was $5.9M, a net margin of 28.1%.

How much free cash flow did TORO CORP. generate in fiscal 2025?

Cash from operations of $6.3M minus capital expenditures of $66.8M left free cash flow of -$73.1M.

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.

Open interactive statements, quarterly figures and charts

Back to TORO CORP.