| Market Cap | $2.04B | |
| Enterprise Value | $2.10B | |
| Revenue | $509.9M | +19.6% |
| Gross Profit | $312.4M | +33.3% |
| EBITDA | $222.9M | +35.7% |
| Net Income | $165.4M | −25.7% |
| Diluted EPS | $0.60 | −25.9% |
| Free Cash Flow | $107.9M | −74.8% |
| Ratio | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 12y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | |||||||||||||||
| Gross Margin | — | — | 84.93% | −28.14% | −148.42% | −34.60% | −45.17% | 1.45% | 22.89% | 34.44% | 51.48% | 57.39% | 85% | 44% | |
| Operating Margin | −270.79% | −216.14% | −162.56% | −172.71% | −354.95% | −141.14% | −153.75% | −72.12% | −25.55% | 8.38% | 32.59% | 37.53% | 96% | 97% | |
| EBITDA Margin | −266.60% | −209.60% | −158.15% | −160.88% | −334.66% | −130.04% | −144.42% | −65.33% | −20.93% | 11.60% | 34.48% | 39.11% | 96% | 97% | |
| NOPAT Margin | −213.92% | −170.75% | −128.42% | — | — | — | — | — | −20.18% | 6.62% | 32.59% | 30.19% | 79% | 97% | |
| Net Margin | −284.22% | −250.36% | −183.05% | −192.26% | −387.06% | −164.50% | −179.41% | −88.52% | −42.77% | −10.94% | 46.35% | 28.80% | 88% | 93% | |
| FCF Margin | −287.85% | −215.18% | −172.05% | −175.51% | −381.36% | −272.60% | −271.74% | −155.52% | −47.65% | 1.56% | 25.90% | 5.45% | 88% | 69% | |
| FCFF Margin | — | — | — | — | — | — | — | — | — | — | 29.17% | 6.57% | 25% | 22% | |
| FCFE Margin | — | — | −134.53% | −43.71% | −381.36% | −127.79% | −239.65% | — | — | — | — | — | — | — | |
| OCF Margin | −248.58% | −214.81% | −171.36% | −163.76% | −369.02% | −259.61% | −241.60% | −138.82% | −38.62% | 3.41% | 27.83% | 9.88% | 88% | 71% | |
| Gross Profitability | 8.04% | 12.09% | 18.16% | −5.93% | −28.36% | −7.99% | −9.18% | 0.42% | 10.12% | 27.02% | 44.93% | 46.90% | 96% | 74% | |
| Capex Intensity | 39.27% | 0.36% | 0.69% | 11.76% | 12.34% | 12.99% | 30.14% | 16.69% | 9.03% | 1.85% | 1.93% | 4.42% | 38% | 64% | |
| ▸Returns on Capital · 6 ratios | |||||||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | |||||||||||||||
| ▸Earnings quality · 7 ratios | |||||||||||||||
| ▸Liquidity & coverage · 9 ratios | |||||||||||||||
| ▸Leverage · 9 ratios | |||||||||||||||
| ▸Working capital · 8 ratios | |||||||||||||||
| ▸Capital allocation · 2 ratios | |||||||||||||||
| ▸Per share · 6 ratios | |||||||||||||||
| ▸Other · 1 ratios | |||||||||||||||
The five drivers multiply to 34.5% vs reported ROE 35.6%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2014↗ | 2015↗ | 2016↗ | 2017↗ | 2018↗ | 2019↗ | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.9M | $7.2M | $10.7M | $22.8M | $17.0M | $29.3M | $42.2M | $80.9M | $154.1M | $258.2M | $426.5M | $510.2M |
| YoY % | +21.3% | +48.5% | +113.5% | -25.4% | +72.8% | +43.9% | +91.7% | +90.4% | +67.6% | +65.2% | +19.6% | |
| Cost of Revenue | — | — | $1.6M | $29.2M | $42.2M | $39.5M | $61.3M | $79.8M | $118.8M | $169.3M | $206.9M | $217.4M |
| YoY % | +1715.3% | +44.7% | -6.4% | +55.2% | +30.1% | +48.9% | +42.5% | +22.2% | +5.1% | |||
| Gross Profit | $2.2M | $2.9M | $4.3M | -$6.4M | -$25.2M | — | -$19.1M | $1.2M | $35.3M | $88.9M | $219.6M | $292.8M |
| YoY % | +31.9% | +50.0% | +2906.4% | +152.2% | +146.8% | +33.3% | ||||||
| R&D Expense | $9.5M | $7.0M | $7.7M | $5.6M | $3.9M | $2.3M | $5.9M | $3.6M | $3.6M | $3.3M | $1.8M | $4.8M |
| YoY % | -26.3% | +9.6% | -27.6% | -29.5% | -40.3% | +152.0% | -38.3% | -0.9% | -8.7% | -45.1% | +162.7% | |
| SG&A Expense | — | — | — | — | — | — | $35.1M | $42.9M | $52.5M | $59.0M | $74.1M | $91.6M |
| YoY % | +22.4% | +22.3% | +12.5% | +25.6% | +23.5% | |||||||
| Total Operating Expenses | $21.9M | $22.7M | $28.0M | $62.1M | $77.3M | $70.8M | $45.8M | $59.5M | $74.6M | $67.3M | $80.6M | $101.3M |
| YoY % | +3.5% | +23.4% | +121.7% | +24.5% | -8.4% | -35.2% | +29.9% | +25.3% | -9.8% | +19.7% | +25.8% | |
| Operating Income | -$16.0M | -$15.5M | -$17.3M | -$39.3M | -$60.3M | -$41.4M | -$64.9M | -$58.4M | -$39.4M | $21.6M | $139.0M | $191.4M |
| YoY % | +542.5% | +37.7% | ||||||||||
| Interest Expense | — | — | — | — | — | — | — | — | $19.3M | $25.0M | $13.9M | $7.1M |
| YoY % | +29.8% | -44.3% | -49.0% | |||||||||
| Interest & Investment Income | — | — | — | — | — | $800,785 | $288,126 | $35,000 | $45,000 | $1.6M | $2.1M | $1.9M |
| YoY % | -64.0% | -87.9% | +28.6% | +3493.3% | +29.7% | -10.8% | ||||||
| Other Non-Operating Income | — | — | $4,496 | -$10,144 | -$127,121 | -$227,322 | -$128,528 | -$252,000 | -$635,000 | -$287,000 | -$193,000 | -$212,000 |
| Gains on Sale of Real Estate | — | — | — | — | — | — | -$81,697 | -$221,000 | -$427,000 | -$182,000 | -$106,000 | -$9,000 |
| Impairment of Real Estate | — | — | — | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 |
| Pretax Income | -$17.4M | -$18.0M | -$19.5M | — | — | — | — | — | -$65.9M | -$28.2M | $125.7M | $182.7M |
| YoY % | +45.3% | |||||||||||
| Income Tax | -$551,724 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$72.0M | $35.7M |
| Net Income | -$16.8M | -$18.0M | -$19.5M | -$43.8M | -$65.7M | -$48.3M | -$75.7M | -$71.6M | -$65.9M | -$28.2M | $197.7M | $146.9M |
| YoY % | -25.7% | |||||||||||
| EPS (Basic) | — | — | — | — | — | — | -$0.88 | -$0.51 | -$0.33 | -$0.13 | $0.85 | $0.62 |
| YoY % | -27.1% | |||||||||||
| EPS (Diluted) | — | — | — | — | — | — | -$0.88 | -$0.51 | -$0.33 | -$0.13 | $0.81 | $0.60 |
| YoY % | -25.9% | |||||||||||
| Weighted Avg Shares (Basic) | — | — | — | — | — | — | 86.1M | 139.6M | 197.9M | 224.0M | 233.1M | 238.3M |
| YoY % | +62.0% | +41.8% | +13.2% | +4.1% | +2.2% | |||||||
| Weighted Avg Shares (Diluted) | — | — | — | — | — | — | 86.1M | 139.6M | 197.9M | 224.0M | 243.3M | 244.9M |
| YoY % | +62.0% | +41.8% | +13.2% | +8.6% | +0.6% |
The sector classification is SIC-derived, not official GICS. Statement lines are XBRL facts as filed with the company's home regulator (SEC EDGAR for US filers; ESEF/EDINET and other national regulators for foreign filers); ratios and other derived figures are computed from them. A blank cell means the tag was absent — never imputed.
