Valens Semiconductor Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Valens Semiconductor 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

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	60	56.9	70.7	90.7	84.2	57.9	70.6
Cost of revenue	12.6	13.4	20.1	27.3	31.6	23.6	26.5
Gross profit	47.5	43.5	50.6	63.4	52.6	34.3	44.1
Research and development	52.7	44.7	46.9	58.2	48.2	40.5	42.7
Selling, general and administrative					14	16.5	14.3
Selling and marketing	17.6	13.7	14.2	17	17.3	18.3	21.4
General and administrative	5.12	7.88	16.6	16.6	14	16.5	14.3
Operating expenses	75.4	66.3	77.6	91.8	79.5	75.6	78.1
Operating income	-28	-22.8	-27.1	-28.4	-26.9	-41.3	-34.1
Interest income			0.31	2.3	6.67	6.12	4.2
Other non-operating income			1.1	-1.77	5.64	4.8	2.62
Pre-tax income	-25.5	-19.5	-26.1	-27.2	-19.6	-36.5	-31.4
Income tax	0.41	0.16	0.41	0.45	0.11	0.1	0.16
Income from continuing operations		-19.6	-26.5	-27.7	-19.7
Net income	-25.9	-19.6	-26.5	-27.7	-19.7	-36.6	-31.6
EBITDA	-26.9	-21.7	-26	-27	-25.3	-38.8	-31.1
EPS, basic	-4.13	-3.25	-1.15	-0.28	-0.19	-0.35	-0.31
EPS, diluted	-4.13	-3.25	-1.15	-0.28	-0.19	-0.35	-0.31
Shares, basic (weighted)	9.52	10.4	33	97.8	102	105	103
Shares, diluted (weighted)	9.52	10.4	33	97.8	102	105	103

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	15.6	26.3	56.8	20	17.3	35.4	27.9
Short-term investments				128	125	95.5	64.7
Receivables		8.68	7.1	11.5	14.6	7.75	9.97
Inventory		3.16	9.32	23.8	13.8	10.2	10.1
Other current assets		0.63	1.33	4.79	4.2	3.9	4.84
Total current assets		76.4	199	189	175	154	119
Property, plant and equipment	2.59	2.35	2.74	2.79	2.95	3.56	2.9
Lease right-of-use assets				3.82	2.2	7.46	6.9
Goodwill						1.85	1.85
Intangible assets						4.7	3.76
Other non-current assets		0.44	0.83	0.54	0.71	0.69	0.63
Total assets		79.2	203	196	181	172	135
Accounts payable		1.79	4.49	10.7	4.95	6	4.7
Accrued liabilities		3.95	4.58	0.14
Total current liabilities		11.2	15.7	24.8	15.9	20.3	22.9
Lease liabilities				1.62	0.19	6.65	6.72
Other non-current liabilities		0.05	0.05
Total liabilities		11.8	20.4	28.2	16.3	29.5	29.7
Paid-in capital		21.2	312	325	342	358	360
Retained earnings		-103	-130	-158	-177	-214	-246
Treasury stock						-1.61	-10
Other comprehensive income						0.6	0.43
Shareholders' equity	-68.3	-82.2	182	167	164	143	105
Total equity	-68.3	-82.2	182	167	164	143	105
Total liabilities and equity		79.2	203	196	181	172	135
Shares outstanding		10.8	97.1	98.9	103	106	103

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-25.9	-19.6	-26.5	-27.7	-19.7	-36.6	-31.6
Depreciation and amortization	1.04	1.09	1.1	1.38	1.63	2.55	2.98
Stock-based compensation	2.86	5.33	9.87	12.1	15	15.1	16.5
Deferred income tax	0	0	0
Change in receivables	2.46	-0.94	1.58	-4.42	-3.17	7.19	-2.25
Change in inventory	-1.73	-0.45	-6.16	-14.5	9.98	6.18	-0.18
Cash from operations	-21.6	-19.6	-21.6	-22.1	-6.36	1.02	-12.7
Capital expenditures	-1.43	-0.86	-1.44	-1.11	-1.19	-1.87	-1.07
Acquisitions						-7.8
Purchases of investments	-90	-86.9	-122	-215	-206	-142	-106
Cash from investing	10.6	28.3	-84.2	-11.7	1.35	17.8	28
Stock issued	0.13	0.41	1.25	0.82	1.5	0.86	0.9
Share buybacks						-1.02	-24
Cash from financing	0.13	0.41	135	0.82	1.5	-0.16	-23.1
Exchange rate effect	0.43	1.65	0.82	-3.77	0.75	-0.48	0.22
Net change in cash	-10.5	10.8	30.5	-36.8	-2.76	18.2	-7.56
Free cash flow	-23	-20.5	-23.1	-23.2	-7.54	-0.85	-13.8
Income taxes paid	0.43	0.14	0.42	0.21	0.29	0.12	0.16

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.81 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	62.4%	Gross profit / revenue.
Operating margin	-48.2%	Operating income / revenue.
EBITDA margin	-44.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-44.5%	Pre-tax income / revenue.
Net margin	-44.7%	Net income / revenue.
FCF margin	-19.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-18.0%	Cash from operations / revenue.
Return on equity (ROE)	-25.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-20.6%	Net income / average total assets.
Return on invested capital (ROIC)	-29.2%	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	60.4%	Research and development expense / revenue.
SG&A / revenue	20.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	23.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.5%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	22.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-8.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	28.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-11.4%	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	0.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-1,348.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-26.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-14.4%	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	-21.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-11.7%	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	11.2%	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	-2.2%	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	1.8%	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	58.1%	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	5.17x	Current assets / current liabilities.
Quick ratio	4.47x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.04x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	22.1%	Total liabilities / total assets.
Working capital	$95.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$99.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	21.9x	Revenue / average property, plant and equipment.
Inventory turnover	2.62x	Cost of revenue / average inventory.
Days inventory	139 days	365 x average inventory / cost of revenue.
Receivables turnover	7.97x	Revenue / average receivables.
Days sales outstanding	46 days	365 x average receivables / revenue.
Days payables	74 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	112 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.31	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	-$0.31	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.68	Revenue / diluted weighted shares.
FCF per share	-$0.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.12	Cash from operations / diluted weighted shares.
Book value per share	$1.02	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.96	Tangible book value / shares outstanding.
Cash per share	$0.90	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$190.6M	Share price x shares outstanding.
Enterprise value	$98.0M	Market cap + total debt - cash - short-term investments.
P/S	2.70x	Market cap / revenue.
P/B	1.82x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.92x	Market cap / tangible book value, when positive.
EV/Sales	1.39x	Enterprise value / revenue.
FCF yield	-7.2%	Free cash flow / market cap.
Earnings yield	-16.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	12.6%	(Dividends paid + share buybacks) / market cap.

What was Valens Semiconductor Ltd.'s revenue in fiscal 2025?

Valens Semiconductor Ltd. reported revenue of $70.6M for fiscal 2025, 22.1% higher than the year before.

Was Valens Semiconductor Ltd. profitable in fiscal 2025?

No. It reported a net loss of $31.6M.

How much free cash flow did Valens Semiconductor Ltd. generate in fiscal 2025?

Cash from operations of $12.7M minus capital expenditures of $1.1M left free cash flow of -$13.8M.

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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