Track Group, Inc. financial statements

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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	27.2	29.7	30.6	34	33.9	39.7	37	34.5	36.9	35.2
Cost of revenue	12.4	14.1	13.4	15	15.2	18.6	19.6	19.2	19.7	17.7
Gross profit	14.8	15.6	17.2	19	18.6	21.1	17.4	15.3	17.2	17.5
Research and development	2.42	1.78	0.86	1.31	1.18	1.55	2.43	2.74	2.75	2.8
Selling and marketing	2.27	2.31	1.9	2.26	2.26	2.72	2.99	2.84	3.12	3.7
General and administrative	13	12.2	14	12.2	10.4	10.2	12.5	10.3	11.5	8.78
Operating expenses	20.4	20.5	18.9	17.9	15.9	16.4	19.5	16.8	19.1	16.3
Operating income	-5.66	-4.87	-1.65	1.17	2.76	4.71	-2.1	-1.54	-1.88	1.24
Interest expense	2.83	2.82	3	2.4	2.5	2.19	1.99	1.96	2.02	2.34
Other non-operating income	-2.84	0.65	-3.18	-2.85	-2.08	-0.55	-4.41	-1.22	-1.79	-3.02
Pre-tax income	-8.5	-4.22	-4.84	-1.68	0.67	4.16	-6.51	-2.76	-3.67	-1.78
Income tax	0	0.5	0.59	0.88	0.79	0.72	0.88	0.63	-0.59	0.1
Net income to minority interests	-6.96	-4.56	-5.72	-2.6	-0.04
Net income	-8.5	-4.73	-5.43	-2.56	-0.12	3.44	-7.39	-3.39	-3.08	-1.88
EBITDA	-0.94	-0.41	2.33	5.23	6.75	9.01	2.7	2.71	2.12	5.11
EPS, basic	-0.83	-0.45	-0.51	-0.23	-0.01	0.30	-0.64	-0.30	-0.26	-0.16
EPS, diluted	-0.83	-0.45	-0.51	-0.23	-0.01	0.29	0.64	-0.30	-0.26	-0.16
Shares, basic (weighted)	10.3	10.4	10.7	11.2	11.4	11.5	11.6	11.9	11.9	11.9
Shares, diluted (weighted)	10.3	10.4	10.7	11.2	11.4	12	11.6	11.9	11.9	11.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1.77	2.03	5.45	6.9	6.76	8.42	5.31	4.06	3.57	4.1
Receivables	6.89	5.67	5.98	6.76	5.55	7.16	6.24	4.54	4.43	6.46
Inventory	0.52	0.26	0.28	0.27	0.12	0.31	1.05	1.29	0.58	0.47
Other current assets					2.17	0	0.28	0	0.64	0.35
Total current assets	10.3	8.82	13	15.3	13.3	16.9	13.7	10.5	10.2	11.4
Property, plant and equipment	1.23	0.9	0.75	0.68	0.38	0.2
Lease right-of-use assets					0			0.4	0.31	0.72
Goodwill	7.96	8.23	8.08	8.19	8.52	8.06	8.06	7.85	7.94	8.3
Intangible assets	25.5	24.7	23.3	22	21.2	20.4	15.7	14.2	14	14
Other non-current assets	2.9	2.99	0.15	0.12	2.17	4.31	3.51	2.44	0.66	1.06
Total assets	52.3	49.1	48.4	49.4	47.7	53.5	44.7	40.2	37.7	40.3
Accounts payable	2.77	2.77	2.52	2.63	2.2	2.82	2.86	2.8	3.08	3.71
Accrued liabilities	3.98	6.65	10.3	13.8	15	4.35	3.04	2.57	2.64	4.89
Deferred revenue					0.15	0.02	0	0	0	0
Short-term debt	3.25	30.3	30.4	33.8	30.9	0.53	0.46	0.31	0	0
Total current liabilities	9.99	39.7	43.3	50.3	48.1	7.7	6.36	5.68	6.45	8.6
Long-term debt	30.3	3.48	3.43	0	0.42	43.5	43	42.8	42.7	42.7
Lease liabilities					0.16	0	0.4	0.26	0.19	0.53
Other non-current liabilities	0				0.16	0	0.4	0.26	0.19	0.53
Total liabilities	43.6	43.2	46.7	50.3	48.7	51.2	49.7	48.7	49.3	51.8
Total debt	33.6	33.8	33.9	33.8	31.3	44	43.4	43.1	42.7	42.7
Paid-in capital	299	301	302	302	302	302	302	303	303	303
Retained earnings	-289	-294	-299	-302	-302	-299	-306	-310	-313	-315
Other comprehensive income	-0.85	-0.68	-0.97	-1	-0.92	-1.05	-1.27	-1.48	-1.52	1
Shareholders' equity	8.69	5.98	1.64	-0.9	-0.92	2.37	-5.05	-8.49	-11.6	-11.5
Total equity	8.69	5.98	1.64	-0.9	-0.92	2.37	-5.05	-8.49	-11.6	-11.5
Total liabilities and equity	52.3	49.1	48.4	49.4	47.7	53.5	44.7	40.2	37.7	40.3
Shares outstanding	10.3	10.5	11.4	11.4	11.4	11.9	11.9	11.9	11.9	11.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-8.5	-4.73	-5.43	-2.56	-0.12	3.44	-7.39	-3.39	-3.08	-1.88
Depreciation and amortization	4.72	4.46	3.98	4.06	3.99	4.3	4.8	4.25	4.01	3.87
Stock-based compensation			0.15	0	0.02	0	0.21	0.16	0	0
Deferred income tax								-0.13	-0.52	0.02
Change in receivables	2.72	-0.58	0.56	-1.42	0.99	-1.82	0.69	1.51	-0.22	-2.94
Change in inventory	-0.26	-0.26	0	0.5	0.08	0	-0.75	-0.23	0.78	0.13
Cash from operations	0.91	4.15	6.03	5.07	4.73	4.82	0.8	3.88	4.91	4.32
Capital expenditures	0
Cash from investing	-5.06	-3.83	-2.54	-3.27	-2.94	-4.51	-3.06	-4.56	-3.84	-4.38
Stock issued								0	0	0
Cash from financing	0.98	-0.07	-0.07	-0.07	-1.79	1.38	-0.52	-0.51	-0.37	-0.06
Net change in cash	-3.13	0.26	3.42	1.45	-0.13	1.66	-3.11	-1.25	0.52	-0.48
Free cash flow	0.91
Interest paid	0.02	0.02	0.23	0.03	0.03	0.7	1.87	1.89	1.81	0.06
Income taxes paid					1	0.41	0.21	0.67	0.04	0.1

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 $0.46 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	47.9%	Gross profit / revenue.
Operating margin	4.9%	Operating income / revenue.
EBITDA margin	11.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	59.4%	Pre-tax income / revenue.
Net margin	59.2%	Net income / revenue.
Operating cash flow margin	15.9%	Cash from operations / revenue.
Effective tax rate	0.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	130.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	50.0%	Net income / average total assets.
Return on invested capital (ROIC)	6.9%	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%.
R&D / revenue	7.6%	Research and development expense / revenue.
D&A / revenue	6.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.3%	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	-1.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	-14.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	141.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	23.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-5.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-12.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	75.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.4%	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	-3.3%	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	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	0.7%	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	0.8%	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	1.94x	Current assets / current liabilities.
Quick ratio	1.80x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.16x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.07x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	41.0%	Total debt / total assets.
Liabilities / assets	61.8%	Total liabilities / total assets.
Net debt	$9.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.18x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.66x	Operating income / interest expense.
Working capital	$6.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	52.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$6.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.85x	Revenue / average total assets.
Inventory turnover	31.0x	Cost of revenue / average inventory.
Days inventory	12 days	365 x average inventory / cost of revenue.
Receivables turnover	7.78x	Revenue / average receivables.
Days sales outstanding	47 days	365 x average receivables / revenue.
Days payables	104 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-46 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.65	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	$1.10	Revenue / diluted weighted shares.
Operating cash flow per share	$0.18	Cash from operations / diluted weighted shares.
Book value per share	$0.40	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.15	Tangible book value / shares outstanding.
Cash per share	$0.20	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$19.0M	Share price x shares outstanding.
Enterprise value	$28.2M	Market cap + total debt - cash - short-term investments.
P/E	0.89x	Market cap / net income. Only when net income is positive.
P/S	0.52x	Market cap / revenue.
P/B	1.16x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	3.30x	Market cap / cash from operations, when positive.
EV/Sales	0.78x	Enterprise value / revenue.
EV/EBIT	16.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.68x	Enterprise value / EBITDA, when both are positive.
Earnings yield	112.8%	Net income / market cap (the inverse of P/E).

What was Track Group, Inc.'s revenue in fiscal 2025?

Track Group, Inc. reported revenue of $35.2M for fiscal 2025, 4.5% lower than the year before.

Was Track Group, Inc. profitable in fiscal 2025?

No. It reported a net loss of $1.9M.

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 Track Group, Inc.