TWIN DISC INC financial statements

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

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	168	241	303	247	219	243	277	295	341	381
Cost of revenue	120	160	213	191	168	174	203	212	247	279
Gross profit	48.2	80.6	89.6	55.7	50.9	68.8	74.3	83.3	93.9	103
Research and development	1.55	1.61	2.39	1.82	1.87	1.58	2.46	2.63	2.7	2.86
Selling, general and administrative	52.8	61.1	71.5	63.2	55.8	60.1	62.2	71.6	82.4	84.5
Operating income	-8.98	16.1	18.5	-40.3	-12.3	11	16.1	11.5	11.1	18
Interest expense	0.3	0.28	1.93	1.86	2.36	2.13	2.25	1.44	2.65	3.08
Interest income	0.07	0.06	0.04	0.08	0.02	0.03	0.03	0.06	0.07	0.03
Other non-operating income	-0.32	-1.5	-2.11	-1.63	-3.41	3.69	0.66	3.89	-8.12	-4.36
Pre-tax income	-9.53	14.4	14.5	-43.7	-9.84	12.6	14.5	15.4	2.97	13.6
Income tax	-3.41	4.77	3.71	-4.17	19.7	1.82	3.79	4.12	3.37	-14
Net income to minority interests	0.18	0.12	0.12	0.25	0.2	0.31	0.3	0.26	0.3	0.49
Net income	-6.29	9.53	10.7	-39.8	-29.7	10.5	10.4	11	-0.7	27.1
EBITDA	-1.96	22.6	27.8	-28.3	-1.03	20.6	25.4	21.5	26	31.7
EPS, basic	-0.26	0.38	0.39	-1.41	-1.04	0.28	0.28	0.29	-0.05	1.92
EPS, diluted	-0.26	0.38	0.39	-1.41	-1.04	0.28	0.27	0.28	-0.05	1.86
Shares, basic (weighted)	24.2	24.3	27.1	28.3	28.5	37.4	37.7	38.3	13.9	14.1
Shares, diluted (weighted)	24.2	24.5	27.3	28.3	28.5	37.5	38.7	38.9	13.9	14.6
Dividend per share	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.04	0.16	0.16

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	16.4	15.2	12.4	10.7	12.3	12.5	13.3	20.1	16.1	16
Receivables	31.4	45.4	44	30.7	39.5	45.5	54.8	52.2	58.9	66.8
Inventory	66.2	84	126	121	115	127	132	130	184	178
Other current assets	7.19	6.25	8.42	6.74	9.93	8.65	8.33	16.9	19.9	17.4
Total current assets	129	159	202	174	192	204	220	220	279	278
Property, plant and equipment	48.2	55.5	71.3	58.3	45.5	41.6	38.7	58.1	69.6	68.1
Lease right-of-use assets		6.53	14.1	14.4	14.7	12.7	13.1	16.6	17.3	14.7
Goodwill	2.59	2.69	26	0	0	0	0	0	2.89	2.77
Intangible assets	2.01	1.91	25.4	19	17.5	13	12.6	12.7	13.4	14.1
Other non-current assets	4.46	3.85	3.76	3.99	3.26	2.58	2.81	2.71	2.76	2.22
Total assets	211	241	294	294	275	277	289	312	388	401
Accounts payable	21.3	29.4	31.5	25.7	31	28.5	36.5	32.6	38.7	30.8
Accrued liabilities	23.2	33	41.6	36.4	45.5	50.5	61.6	62.4	80.7	82.7
Deferred revenue	2.42	5.43	14.9	11.5	13.1	17	22.9	28.6	43.2	50.7
Short-term debt			2	4.69	2	2	2.01	2	3	1.5
Total current liabilities	44.5	62.3	75.1	66.7	78.6	81.1	100	99.5	126	119
Long-term debt	6.32	4.82	40.5	37.9	30.1	34.5	16.6	23.8	28.4	28.3
Lease liabilities		6.53	12.6	12.7	12.9	10.6	10.8	14.4	14.4	11.7
Other non-current liabilities	1.77	1.66	2.49	3.36	7	5.36	5.25	6.11	6.42	7.82
Total liabilities	87.3	97.6	164	154	145	145	144	157	191	181
Total debt	6.32	4.82	42.5	42.6	32.1	36.5	18.6	25.8	31.4	29.8
Retained earnings	169	179	196	157	127	110	120	161	158	182
Treasury stock	-24.2	-23.7	-21.3	-18.8	-15.1	-14.7	-12.5	-9.78	-7.4	-3.23
Other comprehensive income	-32.7	-23.8	-38	-41.2	-22.6	-6.97	-5.57	-6.91	3.73	0.29
Shareholders' equity	123	143	182	139	130	131	145	155	196	220
Minority interests	0.65	0.62	0.6	0.57	0.45	0.41	0.42	0.35	0.38	0.28
Total equity	124	144	183	140	131	131	146	186	197	220
Total liabilities and equity	211	241	347	294	275	277	289	312	388	401
Shares outstanding	24.8	24.9	28.5	28.9	29.4	38.3	38.7	39.2	14.2	14.4

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-6.12	9.65	10.8	-39.6	-29.5	10.8	10.7	11.2	-0.4	27.6
Depreciation and amortization	7.02	6.46	9.34	11.9	11.2	9.55	9.36	9.98	14.9	13.7
Deferred income tax	-4.25	3	6.85	-8.07	17.7	-0.85	-0.63	-0.56	-1.58	-18
Change in receivables	-5.89	-13.8	11.2	13.1	-7.81	-8.41	-8.39	9.54	-2.03	-9
Change in inventory	0.62	-17.5	-27.7	6.78	9.06	-18.6	-2.75	6.02	-10.9	3.29
Change in payables	6.03	6.84	-1.01	-3.34	4.61	-0.64	7.14	-5.17	2.41	-6.91
Cash from operations	3.18	6.51	-5.46	9.12	6.53	-8.31	22.9	33.7	24	22.9
Capital expenditures	-3.13	-6.33	-12	-10.7	-4.46	-4.73	-7.92	-8.71	-15.2	-13.7
Acquisitions			-60.2						-17.2
Cash from investing	-3.04	-6.3	-66.9	-10.1	-2.74	5.9	-0.41	-32.1	-32.9	-14.1
Stock issued		0.03	32.2
Dividends paid							0	-1.7	-2.28	-2.29
Cash from financing	-2.44	-2.07	69.2	-1.06	-4.32	4.06	-19.5	2.75	-0.97	-6.59
Exchange rate effect	0.4	0.66	0.4
Net change in cash			-2.81	-1.67	1.65	0.18	0.74	6.81	-3.96	-0.08
Free cash flow	0.05	0.18	-17.4	-1.58	2.06	-13	15	25	8.82	9.19
Interest paid	0.3	0.3	1.91	1.86	2.37	2.25	2.16	1.38	2.22	3.27
Income taxes paid	0.03	-0.01	1.93	3.48	3.26	3.19	3.59	1.72	3.84	5.84

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $26.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	26.9%	Gross profit / revenue.
Operating margin	4.7%	Operating income / revenue.
EBITDA margin	8.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.6%	Pre-tax income / revenue.
Net margin	7.1%	Net income / revenue.
FCF margin	2.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.0%	Cash from operations / revenue.
Effective tax rate	-102.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.9%	Net income / average total assets.
Return on invested capital (ROIC)	6.4%	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	0.7%	Research and development expense / revenue.
SG&A / revenue	22.2%	Selling, general and administrative expense / revenue.
Capex / revenue	3.6%	Capital expenditures / revenue.
D&A / revenue	3.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.3%	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	15.1%	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	62.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	22.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 3y	37.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 3y	90.8%	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	-4.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.0%	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	28.5%	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 growth, 1y	4.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-15.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	34.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	12.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.8%	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	11.0%	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	3.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.5%	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	7.8%	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	5.3%	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	-27.7%	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	-12.6%	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	2.35x	Current assets / current liabilities.
Quick ratio	0.70x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.14x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	7.4%	Total debt / total assets.
Liabilities / assets	45.2%	Total liabilities / total assets.
Net debt	$13.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.43x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.83x	Operating income / interest expense.
Working capital	$159.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$202.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.97x	Revenue / average total assets.
Fixed asset turnover	5.54x	Revenue / average property, plant and equipment.
Inventory turnover	1.54x	Cost of revenue / average inventory.
Days inventory	237 days	365 x average inventory / cost of revenue.
Receivables turnover	6.07x	Revenue / average receivables.
Days sales outstanding	60 days	365 x average receivables / revenue.
Days payables	46 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	252 days	Days inventory + days sales outstanding - days payables.
FCF conversion	33.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	59.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.86	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	$1.92	Net income per basic share, as reported (split-adjusted).
Revenue per share	$26.14	Revenue / diluted weighted shares.
FCF per share	$0.63	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.57	Cash from operations / diluted weighted shares.
Book value per share	$15.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.06	Tangible book value / shares outstanding.
Cash per share	$1.11	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.16	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	8.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	24.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$376.9M	Share price x shares outstanding.
Enterprise value	$390.6M	Market cap + total debt - cash - short-term investments.
P/E	13.9x	Market cap / net income. Only when net income is positive.
P/S	0.99x	Market cap / revenue.
P/B	1.72x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.86x	Market cap / tangible book value, when positive.
P/FCF	41.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.5x	Market cap / cash from operations, when positive.
EV/Sales	1.02x	Enterprise value / revenue.
EV/EBIT	21.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	42.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.4%	Free cash flow / market cap.
Earnings yield	7.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	0.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.15x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was TWIN DISC INC's revenue in fiscal 2026?

TWIN DISC INC reported revenue of $381.3M for fiscal 2026, 11.9% higher than the year before.

Was TWIN DISC INC profitable in fiscal 2026?

Yes. Net income was $27.1M, a net margin of 7.1%.

How much free cash flow did TWIN DISC INC generate in fiscal 2026?

Cash from operations of $22.9M minus capital expenditures of $13.7M left free cash flow of $9.2M.

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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