Vistance Networks, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Vistance Networks, 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	4,924	4,561	4,569	8,345	8,436	6,737	5,789	1,864	1,383	1,932
Cost of revenue	2,894	2,855	2,935	5,941	5,688	4,298	3,803	964	778	976
Gross profit	2,029	1,706	1,633	2,404	2,748	2,440	1,986	900	605	956
Research and development	201	186	186	579	703	565	452	319	248	284
Selling, general and administrative	882	733	674	1,277	1,171	1,083	908	512	472	497
Operating expenses		1,234	1,183	2,913	2,800	2,243	2,921	1,560	921	944
Operating income	568	472	450	-509	-51.8	197	-935	-660	-292	47.6
Interest expense	278	257	242	577	578	561	589	676	687
Interest income	5.52	4.2	7	18.1	4.4	1.9	2.8	11.1	10.9	16.7
Other non-operating income	-23.1	-9.4	-44.3	-6.4	-29.3	-26.5	0	75.5	7.9	-9.4
Pre-tax income	273	210	171	-1,074	-655	-389	-1,521	-573	-273	54.9
Income tax	49.7	16	30.5	-145	-81.1	-39.2	-91.3	79.8	-66.9	-269
Income from continuing operations						-350	-1,430	-653	-206	324
Net income	223	194	140	-930	-573	-463	-1,287	-1,507	-316	2,284
EBITDA	967	850	808	262	772	983	-239	-98.4	78.8	325
EPS, basic	1.16	1.01	0.73	-5.02	-3.20	-2.55	-6.49	-7.44	-1.78	10.09
EPS, diluted	1.13	0.98	0.72	-5.02	-3.20	-2.55	-6.49	-7.44	-1.78	9.63
Shares, basic (weighted)	192	192	192	194	197	204	207	211	214	220
Shares, diluted (weighted)	196	197	195	194	197	204	207	211	214	230

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	428	454	458	598	522	360	373	500	404	614
Receivables	952	899	810	1,699	1,487	1,533	1,178	582	252	273
Inventory	473	445	473	976	1,089	1,436	1,376	901	403	239
Other current assets	140	146	136	239	256	251	177	135	89.4	46
Total current assets	1,994	1,944	1,878	3,512	3,355	3,580	3,726	2,826	3,485	5,796
Property, plant and equipment	475	467	451	724	685	656	601	433	82.2	50.3
Lease right-of-use assets				205	159	163	142	152	61.3	33.4
Goodwill	2,768	2,887	2,852	5,472	5,287	5,232	3,458	757	760	269
Intangible assets	1,799	1,636	1,352	4,264	3,650	3,027	1,915	1,460	979	839
Other non-current assets	106	108	97.5	461	601	765	275	287	150	118
Total assets	7,142	7,042	6,631	14,432	13,577	13,260	11,685	9,333	8,748	9,371
Accounts payable	416	437	399	1,148	1,011	1,161	684	331	123	161
Accrued liabilities	429	287	291	187	278	305	286	147	88.2	103
Deferred revenue	25.9	12.6	7.6	82.6	90	94.6	88.9	84.4	94.7	18.5
Short-term debt	12.5			32	32	32	32	32	0	0
Total current liabilities	858	724	691	2,042	1,953	2,183	2,108	1,406	1,230	1,496
Long-term debt	4,550	4,369	3,986	9,800	9,489	9,479	9,470	9,247	9,238	7,260
Lease liabilities				160	119	141	119	128	58.5	31.7
Other non-current liabilities	110	141	114	538	532	491	356	427	321	153
Total liabilities	5,748	5,394	4,874	12,595	12,180	12,360	12,131	11,195	10,976	9,096
Total debt	4,550	4,369	4,036	9,832	9,521	9,511	9,502	9,279	9,238	7,260
Paid-in capital	2,282	2,334	2,385	2,445	2,513	2,541	2,543	2,550	2,514	2,488
Retained earnings	-590	-396	-250	-1,179	-1,753	-2,215	-3,502	-5,009	-5,325	-3,041
Treasury stock	-15.2	-206	-221	-235	-251	-278	-293	-302	-304	-335
Other comprehensive income	-285	-86.6	-159	-197	-156	-206	-296	-267	-345	-119
Shareholders' equity	1,394	1,648	1,757	836	355	-157	-1,546	-3,025	-3,456	-1,004
Total equity	1,394	1,648	1,757	836	355	-157	-1,546	-3,025	-3,456	-1,004
Total liabilities and equity	7,142	7,042	6,631	14,432	13,577	13,260	11,685	9,333	8,748	9,371
Shares outstanding	194	191	195	195	200	205	208	212	216	223

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	223	194	140	-930	-573	-463	-1,287	-1,507	-316	2,284
Depreciation and amortization	399	378	358	771	823	786	696	561	371	277
Stock-based compensation	35	41.8	44.9	90.8	115	79.6	61.1	47.3	29.1	42.7
Deferred income tax	-101	-71.5	-261	-261	-155	-148	-118	-181	65	-1,350
Change in receivables	-101	96.7	65.1	259	228	-59.6	-16	472	-138	-281
Change in inventory	-32	53.7	-48.5	489	-101	-360	-179	391	153	-92
Change in payables	191	-155	-0.8	-274	-175	256	-43.2	-720	144	326
Cash from operations	640	586	494	596	436	122	190	297	273	323
Capital expenditures	-68.3	-68.7	-82.3	-104	-121	-131	-101	-60.7	-25.3	-70.3
Acquisitions		-105		-5,053			0	0	-45.1	0
Cash from investing	-54.6	-166	-64.3	-5,155	-120	-137	-82.1	30.9	-57.2	1,982
Debt issued	19.8	780	150	6,933	950	1,250	333	0	4,350	50
Debt repaid	-719	-990	-550	-3,061	-1,282	-1,282	-365	-32	-4,339	-2,049
Share buybacks		-175
Cash from financing	-708	-414	-410	4,699	-384	-140	-65	-182	-83	-2,054
Exchange rate effect	-11.9	19.4	-16	-0.1	-8.5	-7.6
Net change in cash	-135	25.8	4.2	140	-76.3	-162	37.8	146	120	260
Free cash flow	572	518	412	492	315	-9.1	88.7	237	248	253
Interest paid	261	217	231	465	521	526	563	654	650	640
Income taxes paid	149	101	112	121	94.4	79.4	131	101	100	205

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.06 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	42.6%	Gross profit / revenue.
Operating margin	2.1%	Operating income / revenue.
EBITDA margin	9.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.0%	Pre-tax income / revenue.
Net margin	504.0%	Net income / revenue.
FCF margin	-6.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-4.7%	Cash from operations / revenue.
Effective tax rate	-96.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	366.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	290.7%	Net income / average total assets.
Return on invested capital (ROIC)	1.8%	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	16.9%	Research and development expense / revenue.
SG&A / revenue	30.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.9%	Capital expenditures / revenue.
D&A / revenue	7.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	39.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-30.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-25.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	58.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-21.6%	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	-19.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	311.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	-15.9%	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	18.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	19.3%	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	-5.8%	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	1.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	41.7%	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	-4.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.1%	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	-7.1%	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	7.3%	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	3.5%	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	3.2%	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	4.00x	Current assets / current liabilities.
Quick ratio	2.74x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.93x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	20.8%	Total liabilities / total assets.
Net debt	-$683.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-4.61x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.07B	Current assets - current liabilities.
Goodwill and intangibles / assets	9.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.96B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.58x	Revenue / average total assets.
Fixed asset turnover	36.4x	Revenue / average property, plant and equipment.
Inventory turnover	3.08x	Cost of revenue / average inventory.
Days inventory	119 days	365 x average inventory / cost of revenue.
Receivables turnover	5.61x	Revenue / average receivables.
Days sales outstanding	65 days	365 x average receivables / revenue.
Days payables	59 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	124 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-1.3%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$36.11	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	$7.16	Revenue / diluted weighted shares.
FCF per share	-$0.47	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.33	Cash from operations / diluted weighted shares.
Book value per share	$10.49	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.23	Tangible book value / shares outstanding.
Cash per share	$3.21	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$935.2M	Share price x shares outstanding.
Enterprise value	$252.1M	Market cap + total debt - cash - short-term investments.
P/E	0.11x	Market cap / net income. Only when net income is positive.
P/S	0.58x	Market cap / revenue.
P/B	0.42x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.48x	Market cap / tangible book value, when positive.
EV/Sales	0.16x	Enterprise value / revenue.
EV/EBIT	7.24x	Enterprise value / operating income, when both are positive.
EV/EBITDA	1.70x	Enterprise value / EBITDA, when both are positive.
FCF yield	-11.3%	Free cash flow / market cap.
Earnings yield	876.1%	Net income / market cap (the inverse of P/E).

What was Vistance Networks, Inc.'s revenue in fiscal 2025?

Vistance Networks, Inc. reported revenue of $1.93B for fiscal 2025, 39.7% higher than the year before.

Was Vistance Networks, Inc. profitable in fiscal 2025?

Yes. Net income was $2.28B, a net margin of 118.2%.

How much free cash flow did Vistance Networks, Inc. generate in fiscal 2025?

Cash from operations of $322.9M minus capital expenditures of $70.3M left free cash flow of $252.6M.

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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