| Market Cap | $96.03B | |
| Enterprise Value | — | |
| Revenue | $3.67B | +27.7% |
| Gross Profit | $2.93B | +26.3% |
| EBITDA | $37.8M | −89.6% |
| Net Income | $135.7M | −41.4% |
| Diluted EPS | $0.31 | −40.4% |
| Free Cash Flow | $1.06B | +19.7% |
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 9y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | ||||||||||||
| Gross Margin | 76.76% | 76.51% | 75.48% | 78.43% | 77.23% | 79.30% | 80.74% | 80.79% | 79.96% | 72% | 89% | |
| Operating Margin | −2.93% | −5.57% | −5.55% | −2.28% | −1.86% | −3.50% | −1.57% | 2.02% | −1.29% | 83% | 47% | |
| EBITDA Margin | −0.25% | −2.53% | −2.14% | 0.28% | 0.37% | −1.44% | 0.52% | 4.07% | 0.33% | 61% | 43% | |
| NOPAT Margin | −2.32% | −4.40% | −4.39% | −1.80% | −1.47% | −2.77% | −1.27% | 1.82% | −1.10% | 83% | 43% | |
| Net Margin | −2.55% | −5.43% | −4.61% | −4.07% | −2.02% | −2.99% | 2.28% | 6.85% | 3.14% | 83% | 58% | |
| FCF Margin | 11.39% | 0.59% | 3.01% | 17.18% | 26.89% | 22.87% | 29.71% | 31.14% | 29.19% | 72% | 90% | |
| FCFF Margin | — | — | — | — | — | — | 29.95% | 31.38% | 29.47% | 17% | 82% | |
| OCF Margin | 13.73% | 5.47% | 6.68% | 18.08% | 27.85% | 24.98% | 31.01% | 32.43% | 30.64% | 72% | 88% | |
| Gross Profitability | — | 84.31% | 26.38% | 25.04% | 33.37% | 44.21% | 43.66% | 37.49% | 41.24% | 56% | 73% | |
| Capex Intensity | 2.33% | 4.88% | 3.67% | 0.90% | 0.97% | 2.11% | 1.30% | 1.29% | 1.45% | 50% | 44% | |
| ▸Returns on Capital · 3 ratios | ||||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | ||||||||||||
| ▸Earnings quality · 6 ratios | ||||||||||||
| ▸Liquidity & coverage · 5 ratios | ||||||||||||
| ▸Leverage · 2 ratios | ||||||||||||
| ▸Working capital · 5 ratios | ||||||||||||
| ▸Capital allocation · 1 ratios | ||||||||||||
| ▸Per share · 6 ratios | ||||||||||||
| ▸Other · 1 ratios | ||||||||||||
The five drivers multiply to 8.1% vs reported ROE 7.8%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2017↗ | 2018↗ | 2019↗ | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $100.8M | $198.1M | $362.8M | $603.5M | $1.03B | $1.68B | $2.13B | $2.68B | $3.43B |
| YoY % | +96.6% | +83.2% | +66.3% | +70.5% | +62.8% | +27.1% | +26.1% | +27.7% | |
| Cost of Revenue | $23.4M | $46.5M | $88.9M | $130.2M | $234.2M | $346.7M | $409.9M | $515.5M | $687.0M |
| YoY % | +98.7% | +91.2% | +46.4% | +79.9% | +48.0% | +18.2% | +25.8% | +33.3% | |
| Gross Profit | $77.3M | $151.5M | $273.8M | $473.3M | $794.5M | $1.33B | $1.72B | $2.17B | $2.74B |
| YoY % | +95.9% | +80.7% | +72.8% | +67.9% | +67.2% | +29.4% | +26.2% | +26.3% | |
| R&D Expense | $24.7M | $55.2M | $111.4M | $210.6M | $419.8M | $752.4M | $962.4M | $1.15B | $1.55B |
| YoY % | +123.1% | +101.9% | +89.0% | +99.3% | +79.2% | +27.9% | +19.8% | +34.3% | |
| Selling & Marketing Expense | $44.2M | $88.8M | $146.7M | $213.7M | $299.5M | $495.3M | $609.3M | $756.6M | $956.4M |
| YoY % | +101.0% | +65.1% | +45.7% | +40.2% | +65.4% | +23.0% | +24.2% | +26.4% | |
| SG&A Expense | $11.4M | $18.6M | $35.9M | $62.8M | $94.4M | $139.4M | $180.2M | $205.2M | $279.7M |
| YoY % | +63.4% | +93.4% | +74.9% | +50.5% | +47.6% | +29.3% | +13.9% | +36.3% | |
| Total Operating Expenses | $80.3M | $162.6M | $294.0M | $487.0M | $813.7M | $1.39B | $1.75B | $2.11B | $2.78B |
| YoY % | +102.5% | +80.8% | +65.7% | +67.1% | +70.5% | +26.3% | +20.7% | +31.7% | |
| Operating Income | -$3.0M | -$11.0M | -$20.1M | -$13.8M | -$19.2M | -$58.7M | -$33.5M | $54.3M | -$44.4M |
| Interest Expense | — | — | — | — | — | $16.5M | $6.3M | $7.1M | $11.1M |
| YoY % | -61.9% | +12.2% | +56.5% | ||||||
| Interest & Investment Income | — | — | — | — | — | $34.9M | $103.5M | $155.3M | $194.4M |
| YoY % | +196.2% | +50.1% | +25.2% | ||||||
| Other Non-Operating Income | $843,000 | $793,000 | $4.2M | -$8.4M | $734,000 | $2.2M | -$3.5M | $1.4M | -$12.0M |
| YoY % | -5.9% | +425.1% | +203.7% | ||||||
| Gains on Sale of Real Estate | — | — | — | -$10,000 | -$274,000 | -$1.7M | -$706,000 | -$1.7M | -$2.1M |
| Pretax Income | -$2.1M | -$10.2M | -$16.0M | -$22.2M | -$18.4M | -$38.1M | $60.2M | $203.9M | $127.0M |
| YoY % | +238.6% | -37.7% | |||||||
| Income Tax | $457,000 | $522,000 | $734,000 | $2.3M | $2.3M | $12.1M | $11.7M | $20.2M | $19.3M |
| YoY % | +14.2% | +40.6% | +216.8% | -0.1% | +420.4% | -3.5% | +73.1% | -4.5% | |
| Net Income (incl. NCI) | -$2.6M | -$10.8M | -$16.7M | -$24.5M | -$20.7M | -$50.2M | $48.6M | $183.7M | $107.7M |
| YoY % | +278.3% | -41.4% | |||||||
| Net Income | -$2.6M | -$10.8M | -$16.7M | -$24.5M | -$20.7M | -$50.2M | $48.6M | $183.7M | $107.7M |
| YoY % | +278.3% | -41.4% | |||||||
| Net Income to Common | — | — | -$16.7M | -$24.5M | -$20.7M | -$50.2M | $48.6M | $183.7M | $107.7M |
| YoY % | +278.3% | -41.4% | |||||||
| EPS (Basic) | -$0.04 | -$0.15 | -$0.12 | -$0.08 | -$0.07 | -$0.16 | $0.15 | $0.55 | $0.31 |
| YoY % | +266.7% | -43.6% | |||||||
| EPS (Diluted) | -$0.04 | -$0.15 | -$0.12 | -$0.08 | -$0.07 | -$0.16 | $0.14 | $0.52 | $0.31 |
| YoY % | +271.4% | -40.4% | |||||||
| Weighted Avg Shares (Basic) | 61.3M | 71.0M | 139.9M | 300.4M | 309.0M | 315.4M | 324.0M | 336.2M | 347.3M |
| YoY % | +15.7% | +97.1% | +114.7% | +2.9% | +2.1% | +2.7% | +3.7% | +3.3% | |
| Weighted Avg Shares (Diluted) | 61.3M | 71.0M | 139.9M | 300.4M | 309.0M | 315.4M | 350.3M | 358.6M | 363.5M |
| YoY % | +15.7% | +97.1% | +114.7% | +2.9% | +2.1% | +11.1% | +2.4% | +1.3% |
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.
