WESTPORT FUEL SYSTEMS INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WESTPORT FUEL SYSTEMS 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	484	564	270	305	252	312	306	68.2	40.7	23.3
Cost of revenue	293	297	323	237	213	264	269	67.8	37.9	20.6
Gross profit	191	268	-52.7	68.3	39.5	48.2	36.2	0.36	2.84	2.68
Research and development	55.5	50.1	30.6	25.2	21	25.2	23.5	12.8	9.53	5.78
Selling and marketing	18.2	15.8	15.9	16.4	11.5	13.5	15.1	5.84	2.71	1.48
General and administrative	44.8	47.4	51.1	41.3	26.6	36.3	37	25.1	20.7	14
Operating expenses								19.5	17.8	13.5
Operating income	-126	-66.7	-52.7	-21.4	-22	-30.5	-50.3	-45.6	-37.7	-14.2
Interest expense	10.8	14.5	9.13	7.27	7.99	4.94	3.35	2.98	1.08	0.61
Other non-operating income		1.38	0.47	4.07	0	1.05	0.88	0
Pre-tax income	-96.7	-67.3	-38.7	2.15	-5.93	5.53	-31.3	-48.1	-30.8	-29.4
Income tax	3.95	-4.42	2.11	1.96	1.43	-8.13	1.41	0.33	0.52	0.14
Income from continuing operations	-101	-62.9	-40.8	0.19	-7.36			-48.4	-31.3	-29.6
Net income	-97.6	-9.98	-31.5	0.04	-7.36	13.7	-32.7	-49.7	-21.8	-61.6
EBITDA	-111	-51.9	-36.2	-5.05	-7.96	-16.5	-38.5	-39.8	-35.5	-13.5
EPS, basic	-10.76	-0.80	-2.41	0.00	-0.50	0.90	-1.91	-2.90	-1.26	-3.56
EPS, diluted	-10.76	-0.80	-2.41	0.00	-0.50	0.80	-1.91	-2.90	-1.26	-3.56
Shares, basic (weighted)	9.06	11.9	13.2	13.4	13.6	15.9	17.1	17.2	17.2	17.3
Shares, diluted (weighted)	9.06	11.9	13.2	14.3	13.6	16.1	17.1	17.2	17.2	17.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	60.9	71.8	61.1	46	64.3	125	86.2	12.2	14.8	27.2
Short-term investments	0.85
Receivables	66.7	61.9	57.1	67	90.5	102	102	88.1	18.7	10.2
Inventory	53.3	45.7	46	47.8	51.4	83.1	81.6	67.5	6.67	3.04
Other current assets	4.57	4.73	4.84	7.42	11.8	7	7.76	6.32	1.33	1.18
Total current assets	214	201	169	168	229	339	277	217	170	41.6
Property, plant and equipment	54.6	69.8	63.4	58.9	57.5	64.4	62.6	69.5	3.12	5.61
Lease right-of-use assets				17.5	28	28.8	23.7	22.9	0.82	1.76
Goodwill	2.92	3.32	3.17	3.11	3.4	3.12	2.96	3.07	2.88
Intangible assets	21.8	20.9	16.8	13.1	11.8	9.29	7.82	6.82	5.28
Long-term investments	13.4	9.3	8.82	10.6	3.09	3.82	4.63	4.79	36.9	42.7
Other non-current assets	14.5	7.2	6.93	6.66	11.6	11.6	18	20.4	1.43	2.38
Total assets	331	314	270	280	346	471	407	356	292	94
Accounts payable	59.1	56.3	60	60.2	57.3	73.4	72.9	70.6	11.4	11.1
Accrued liabilities	11.6	16.3	13.7	15.9	14.7	16.6	17.1	18.1	2.56	2.7
Deferred revenue	3.54	1.4	1	2.72	8.01	3.5	4.44	2.38	0.53	0.47
Short-term debt	48.1	8.99	10.3	9.94	39.7	10.6	11.7	29.3	3.91	2.92
Total current liabilities	160	120	105	115	147	146	136	135	108	21.5
Long-term debt	30.9	45.4	45	35.3	45.7	45.1	32.2	31	2.93	0
Lease liabilities			0	13.1	23.5	24.4	20.1	19.3	0.55	1.29
Other non-current liabilities	5.66	5.85	7.12	6.38	6.02	5.61	5.08	5.12	1.39	1.39
Total liabilities	246	196	179	191	242	235	203	195	155	25.2
Total debt	79	54.4	76.2	67.1	101	55.7	43.9	45.1	33.7	2.92
Paid-in capital	10.1	10.1	10.1	10.1	11.5	11.5	11.5	11.5	11.5	11.5
Retained earnings	-957	-967	-998	-998	-1,006	-992	-1,025	-1,074	-1,096	-1,158
Other comprehensive income	-31.1	-19.7	-21.1	-23.9	-24.5	-33.5	-35.3	-30.8	-33.5	-40.6
Shareholders' equity	85.4	118	90.7	89.4	104	236	204	160	137	68.8
Total equity	85.4	118	90.7	89.4	104	236	204	160	137	68.8
Total liabilities and equity	331	314	270	280	346	471	407	356	292	94
Shares outstanding				13.6	14.3	17	17.1	17.2	17.3	17.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-97.6	-9.98	-31.5	0.04	-7.36	13.7	-32.7	-49.7	-21.8	-61.6
Depreciation and amortization	15.3	14.7	16.5	16.3	14	14	11.8	5.82	2.18	0.74
Stock-based compensation	10.5	6.96	3.04	1.47	2.37	1.91	2.07	1.27	0.77	0.81
Deferred income tax	2.34	-1.64	-1.84	-1.65	-1.01	-10.3	-0.44	-0.02	0.04	0
Change in receivables	-4.93	2.61	3.51	-11.1	-22.7	-11.1	-1.53	-6.9	37	2.27
Change in inventory	31.4	4.57	-0.08	-2	-3.23	-31.7	-3.51	2.77	-0.01	3.37
Change in payables	-22.8	6.76	-1.37	3.31	-0.42	11.3	0.12	3.63	-13.1	-3.82
Cash from operations	-81.8	-49.5	-27.4	-15.7	-35.1	-43.8	-34.6	-13.2	7.18	-14.2
Capital expenditures	-8.65	-25.3	-10.3	-8.86	-7.12	-14.2	-14.2	-6.48	-3.81	-2.69
Acquisitions	45.3	0	0		0	-5.95	0
Sales and maturities of investments	13					0	31.4	0	30	0
Cash from investing	76.4	-8.74	19.9	16.2	13.8	2.29	17.6	-15.4	4.47	15.8
Debt repaid	-12.8	-71.4	-15.6
Stock issued	0	26	0	0	13.9	121	0
Cash from financing	31.4	-14.3	-8.14	-14.8	39.7	105	-19.4	-2.22	-25.2	-4
Exchange rate effect		4.25	-7.65	-0.7	-0.13	-2.59	-2.32	-0.5	-3.8	2.2
Net change in cash	33.1	16.9	-10.7	-15.1	18.3	60.6	-38.7	-31.3	-17.2	-10.5
Free cash flow	-90.4	-74.7	-37.7	-24.5	-42.3	-58	-48.9	-19.7	3.37	-16.9
Interest paid	4.34	4.42	4.04	3.95	4.7	3.92	3.04	2.97	2.72	1.48
Income taxes paid	2.48	0.72	0.54	1.93	1.37	3.11	1.8	2.3	2.11	1.93

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.03 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	11.5%	Gross profit / revenue.
Operating margin	-61.0%	Operating income / revenue.
EBITDA margin	-57.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-126.2%	Pre-tax income / revenue.
Net margin	-264.3%	Net income / revenue.
FCF margin	-72.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-61.1%	Cash from operations / revenue.
Return on equity (ROE)	-59.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-32.0%	Net income / average total assets.
Return on invested capital (ROIC)	-11.2%	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	24.8%	Research and development expense / revenue.
Stock-based pay / revenue	3.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	11.5%	Capital expenditures / revenue.
D&A / revenue	3.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-42.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-57.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-37.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-58.0%	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	-41.6%	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	-298.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-602.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-49.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-30.4%	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	-7.9%	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	-67.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-38.7%	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	-23.0%	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	0.6%	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	0.4%	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	4.9%	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	1.93x	Current assets / current liabilities.
Quick ratio	1.73x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.26x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.04x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	3.1%	Total debt / total assets.
Liabilities / assets	26.8%	Total liabilities / total assets.
Net debt	-$24.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-23.2x	Operating income / interest expense.
Working capital	$20.0M	Current assets - current liabilities.
Tangible book value	$68.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.12x	Revenue / average total assets.
Fixed asset turnover	5.35x	Revenue / average property, plant and equipment.
Inventory turnover	4.25x	Cost of revenue / average inventory.
Days inventory	86 days	365 x average inventory / cost of revenue.
Receivables turnover	1.61x	Revenue / average receivables.
Days sales outstanding	226 days	365 x average receivables / revenue.
Days payables	199 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	113 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.56	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	-$3.56	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.34	Revenue / diluted weighted shares.
FCF per share	-$0.98	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.82	Cash from operations / diluted weighted shares.
Book value per share	$3.96	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.96	Tangible book value / shares outstanding.
Cash per share	$1.56	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$38.6M	Share price x shares outstanding.
Enterprise value	$14.3M	Market cap + total debt - cash - short-term investments.
P/S	1.65x	Market cap / revenue.
P/B	0.56x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.56x	Market cap / tangible book value, when positive.
EV/Sales	0.61x	Enterprise value / revenue.
FCF yield	-43.9%	Free cash flow / market cap.
Earnings yield	-159.8%	Net income / market cap (the inverse of P/E).

What was WESTPORT FUEL SYSTEMS INC.'s revenue in fiscal 2025?

WESTPORT FUEL SYSTEMS INC. reported revenue of $23.3M for fiscal 2025, 42.7% lower than the year before.

Was WESTPORT FUEL SYSTEMS INC. profitable in fiscal 2025?

No. It reported a net loss of $61.6M.

How much free cash flow did WESTPORT FUEL SYSTEMS INC. generate in fiscal 2025?

Cash from operations of $14.2M minus capital expenditures of $2.7M left free cash flow of -$16.9M.

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.

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