Wetouch Technology Inc. financial statements

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

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	40	31.3	40.8	37.9	39.7	42.3	45.1
Cost of revenue	20.3	15.7	22.4	23.9	22.5	28.7	30.8
Gross profit	19.7	15.6	18.4	14.1	17.2	13.6	14.4
Research and development	0.14	0.08	0.09	0.09	0.08
General and administrative	2.33	2.32	1.94	1.26	3.85	3.54	3.83
Operating expenses	2.74	3.73	5.81	2.64	4.54	4.29	4.4
Operating income	17	11.9	12.6	11.4	12.7	9.32	9.97
Interest expense	0.02	1.73	0.03	0.22	0.25	1.17
Interest income	0.08	0.08	0.1	0.12	0.12	0.15	0.16
Other non-operating income	-0.56	-1.4	9.17	0.67	-0.3	-0.63	0.19
Pre-tax income	16.4	10.5	21.8	12.1	12.3	8.69	10.2
Income tax	2.72	1.55	4.41	3.35	4.08	2.66	3
Net income	13.7	8.93	17.4	8.73	8.26	6.03	7.16
EBITDA	18	12.9	13	11.4	12.7	9.33	9.99
EPS, basic	8.58	5.43	9.64	5.38	0.89	0.52	0.60
EPS, diluted	8.58	5.43	9.64	4.73	0.89	0.52	0.60
Shares, basic (weighted)	1.6	1.64	1.82	1.62	9.29	11.6	11.9
Shares, diluted (weighted)	1.6	1.65	1.86	1.84	9.38	11.7	11.9

Balance sheet

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	14.3	24	46.2	51.3	98	104	118
Receivables	16	11.9	7.99	9.06	7.46	7.5	6.51
Inventory	0.2	0.4	0.24	0.42	0.22	0.11	0.05
Other current assets	0.28	0.11	0.06	0.05	0.07	2.76	1.19
Total current assets	30.9	36.6	56.8	62.2	107	114	126
Property, plant and equipment	9.87	9.49	11.8	10.9	12.9	12.8	8.89
Lease right-of-use assets						1.06	0.52
Intangible assets	0.99	0.97
Total assets	41.7	47.1	68.7	73.1	120	128	141
Accounts payable	0.8	0.89	0.8	1.38	0.64	1.26	1.06
Accrued liabilities	0.25	0.11	0.1	0.09	0.24
Total current liabilities	9.44	2.28	3.24	4.01	6.34	2.95	3.24
Lease liabilities						0.48
Total liabilities	10.1	2.71	4.37	4.27	6.72	3.43	3.24
Paid-in capital	0.01	1.07	2.33	3.4	43.5	52.5	52.5
Retained earnings	31.4	39.2	54.6	62.4	69.5	74.6	81.8
Other comprehensive income	-1.73	0.96	2.27	-2.98	-7.28	-10.6	-4.98
Shareholders' equity	31.7	44.4	64.3	68.8	113	125	137
Total equity	31.7	44.4	64.3	68.8	113	125	137
Total liabilities and equity	41.7	47.1	68.7	73.1	120	128	141
Shares outstanding	1.6	1.8	1.82	1.68	9.73	11.9	11.9

Cash flow statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	13.7	8.93	17.4	8.73	8.26	6.03	7.16
Depreciation and amortization	1.04	1.06	0.38	0.01	0.01	0.01	0.02
Stock-based compensation		1.06	3.15
Deferred income tax						-0.04	-0.03
Change in receivables	-2.33	4.91	4.99	-1.5	1.35	-0.26	1.29
Change in inventory	0.01	-0.24	0.19	-0.2	0.19	0.05	0.11
Change in payables	-2.04	0.04	-0.17	0.64	-0.7	0.65
Cash from operations	10.2	13	14.1	8.59	12.7	1.07	7.39
Capital expenditures	-0.01		-11.7		-2.26	-0.27	-0.32
Cash from investing	-0.01		6.16		-2.26	-0.27	-0.32
Debt issued			1.79
Stock issued						8.99
Cash from financing	-13.5	-4.7	1.86	-0.65	39.9	7.59
Exchange rate effect					-3.62	-2.67	7.53
Net change in cash	-4.01	9.68	22.2	5.09	46.8	5.72	14.6
Free cash flow	10.2		2.36		10.5	0.8	7.07
Interest paid		1.77		0.01		1.19
Income taxes paid	4.18	3	3.77	3.39	4.1	2.89	3.03

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 $1.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	32.1%	Gross profit / revenue.
Operating margin	23.4%	Operating income / revenue.
EBITDA margin	23.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	23.7%	Pre-tax income / revenue.
Net margin	17.6%	Net income / revenue.
Operating cash flow margin	17.1%	Cash from operations / revenue.
Effective tax rate	25.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.5%	Net income / average total assets.
Return on invested capital (ROIC)	39.0%	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%.
D&A / revenue	0.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.8%	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	-1.6%	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	7.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-4.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-3.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	7.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-4.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-5.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	18.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-6.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-4.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	15.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-49.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-35.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	591.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.9%	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	-10.6%	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	786.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	10.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	25.9%	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	25.4%	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	9.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	24.4%	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	24.5%	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	2.1%	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	86.4%	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	48.5%	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	36.0x	Current assets / current liabilities.
Quick ratio	35.7x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	33.3x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	2.5%	Total liabilities / total assets.
Working capital	$134.1M	Current assets - current liabilities.
Tangible book value	$148.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.31x	Revenue / average total assets.
Fixed asset turnover	5.21x	Revenue / average property, plant and equipment.
Inventory turnover	3,529x	Cost of revenue / average inventory.
Days inventory	0 days	365 x average inventory / cost of revenue.
Receivables turnover	5.12x	Revenue / average receivables.
Days sales outstanding	71 days	365 x average receivables / revenue.
Days payables	10 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	62 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.68	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	$3.89	Revenue / diluted weighted shares.
Operating cash flow per share	$0.67	Cash from operations / diluted weighted shares.
Book value per share	$11.87	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.87	Tangible book value / shares outstanding.
Cash per share	$10.18	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$13.9M	Share price x shares outstanding.
Enterprise value	-$113.6M	Market cap + total debt - cash - short-term investments.
P/E	1.66x	Market cap / net income. Only when net income is positive.
P/S	0.29x	Market cap / revenue.
P/B	0.09x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.09x	Market cap / tangible book value, when positive.
P/OCF	1.70x	Market cap / cash from operations, when positive.
Earnings yield	60.3%	Net income / market cap (the inverse of P/E).

What was Wetouch Technology Inc.'s revenue in fiscal 2025?

Wetouch Technology Inc. reported revenue of $45.1M for fiscal 2025, 6.8% higher than the year before.

Was Wetouch Technology Inc. profitable in fiscal 2025?

Yes. Net income was $7.2M, a net margin of 15.9%.

How much free cash flow did Wetouch Technology Inc. generate in fiscal 2025?

Cash from operations of $7.4M minus capital expenditures of $322.3K left free cash flow of $7.1M.

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.

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