FRSH Freshworks Inc. - Class A Common Stock
$9.04
Price · May 20, 2026
Fundamentals as of May 5, 2026
52W Range
$7–$16
24% of range
Analyst Rating
HOLD
23 analysts
Price Target
$12
+30% upside
P/E (TTM)
19.4
ROE
18.2%
Net Profit Margin
21.9%
FRSH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$9.04
Market Cap
$3.47B
P/E (TTM)
19.4
EPS (TTM)
$0.63
Revenue (TTM)
$839M
Div Yield
—
ROE
18.2%
Debt/Equity
—
52W Range
$7 – $16
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$839M
2019-12-31
→
2025-12-31
EPS
$0.63
2019-12-31
→
2025-12-31
Free Cash Flow
$237M
2021-12-31
→
2025-12-31
Margins
21.9%
2021-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
FRSH
Peer Median
P/E (TTM)
19.4
50.5
P/S (TTM)
4.1
4.4
P/B
3.4
6.8
Price / FCF
14.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
FRSH
Peer Median
Gross Margin
85.0%
69.4%
Operating Margin
1.6%
—
Net Profit Margin
21.9%
7.4%
ROA
11.4%
4.4%
ROE
18.2%
7.6%
ROIC
4.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
FRSH
Peer Median
Current Ratio
2.2
1.9
Quick Ratio
1.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
FRSH
Peer Median
Revenue YoY
16.4%
—
Revenue CAGR 3Y
19.0%
—
Revenue CAGR 5Y
27.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
FRSH
Peer Median
FRSH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
23 analysts
- Strong Buy 3 13.0%
- Buy 9 39.1%
- Hold 11 47.8%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
12 analysts · 2026-05-20
Median
$11.00
Mean
$11.75
Now
$9.04
Low
$8.00
High
$16.00
Median target
$11.00
+21.7%
Mean target
$11.75
+30.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $0.11 | $0.12 | -0.01% |
| Dec. 31, 2025 | $0.14 | $0.12 | 0.02% |
| Sept. 30, 2025 | $0.16 | $0.13 | 0.03% |
| June 30, 2025 | $0.18 | $0.12 | 0.06% |
| March 31, 2025 | $0.18 | $0.13 | 0.05% |
Peer Comparison Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FRSH | $3.47B | 19.4 | 16.4% | 21.9% | 18.2% | 85.0% |
| LIF | $5.09B | 36.2 | 31.8% | 30.8% | 33.0% | 77.8% |
| NN | — | — | — | — | — | — |
| QTWO | $4.53B | 90.2 | 14.1% | 6.5% | 8.3% | 54.1% |
| WK | — | -183.5 | 19.8% | -3.0% | 72.7% | 78.5% |
| CCC | $4.81B | — | 11.9% | 0.16% | 0.09% | 73.5% |
| KEEL | — | — | 72.0% | -124.1% | -48.6% | -8.2% |
| BRZE | — | -17.7 | 24.4% | -17.8% | -21.5% | 67.2% |
| RAMP | — | -2614.0 | 13.0% | -0.11% | -0.09% | 71.0% |
| AGYS | $2.03B | 88.5 | 16.1% | 8.4% | 8.9% | 62.4% |
| AVPT | $2.99B | 92.6 | 26.9% | 8.3% | 7.5% | 74.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $839M | $720M | $596M | $498M | $371M | $250M | $172M | |
| Cost of Revenue | $126M | $113M | $103M | $96M | $78M | $52M | $36M | |
| Gross Profit | $713M | $607M | $493M | $402M | $293M | $197M | $136M | |
| R&D Expense | $163M | $165M | $138M | $136M | $120M | $69M | $39M | |
| SG&A Expense | $141M | $181M | $168M | $157M | $117M | $51M | $16M | |
| Operating Expenses | $699M | $746M | $663M | $636M | $498M | $253M | $166M | |
| Operating Income | $13M | $-139M | $-170M | $-233M | $-205M | $-56M | $-30M | |
| Other Non-op | $40M | $48M | $46M | $13M | $23M | $3M | $2M | |
| Pretax Income | $53M | $-91M | $-124M | $-221M | $-181M | $-53M | $-27M | |
| Income Tax | $-130M | $5M | $14M | $11M | $11M | $4M | $4M | |
| Net Income | $184M | $-95M | $-137M | $-232M | $-192M | $-57M | $-31M | |
| EPS (Basic) | $0.63 | $-0.32 | $-0.47 | $-0.82 | $-21.73 | $-21.03 | $-8.21 | |
| EPS (Diluted) | $0.63 | $-0.32 | $-0.47 | $-0.82 | $-21.73 | $-21.03 | $-8.21 | |
| Shares (Basic) | 291,079,000 | 300,843,000 | 293,087,000 | 284,587,000 | 130,652,000 | 76,945,000 | 76,029,000 | |
| Shares (Diluted) | 293,769,000 | 300,843,000 | 293,087,000 | 284,587,000 | 130,652,000 | 76,945,000 | 76,029,000 | |
| EBITDA | $39M | $-119M | $-158M | $-222M | $-191M | · | · |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $570M | $620M | $488M | $304M | $748M | $95M | $75M | |
| Short-term Investments | $212M | $450M | $700M | $843M | $576M | $143M | · | |
| Receivables | $151M | $123M | $97M | $70M | $52M | $34M | · | |
| Prepaid Expense | $73M | $46M | $48M | $39M | $31M | $31M | · | |
| Current Assets | $1.10B | $1.27B | $1.36B | $1.28B | $1.42B | $312M | · | |
| PP&E (Net) | $39M | $26M | $23M | $24M | $21M | $21M | · | |
| PP&E (Gross) | $99M | $79M | $66M | $56M | $45M | $39M | · | |
| Accum. Depreciation | $60M | $53M | $43M | $32M | $23M | $18M | · | |
| Goodwill | $147M | $147M | $6M | $6M | $6M | $6M | · | |
| Intangibles | $77M | $91M | $0 | $303.0K | $2M | $6M | · | |
| Other Non-current Assets | $19M | $15M | $10M | $12M | $11M | $8M | · | |
| Total Assets | $1.60B | $1.61B | $1.46B | $1.38B | $1.48B | $367M | · | |
| Accounts Payable | $12M | $2M | $3M | $6M | $6M | $4M | · | |
| Accrued Liabilities | $101M | $82M | $57M | $59M | $56M | $36M | · | |
| Current Liabilities | $498M | $408M | $327M | $272M | $223M | $152M | · | |
| Capital Leases | $33M | $30M | $27M | $28M | · | · | · | |
| Other Non-current Liabilities | $39M | $36M | $31M | $29M | $21M | $17M | · | |
| Total Liabilities | $570M | $474M | $385M | $328M | $245M | $169M | · | |
| Common Stock | · | · | · | · | $0 | $1.0K | · | |
| Paid-in Capital | $4.59B | $4.87B | $4.71B | $4.56B | $4.51B | $0 | · | |
| Retained Earnings | $-3.55B | $-3.74B | $-3.64B | $-3.50B | $-3.27B | $-2.70B | · | |
| AOCI | $-2M | $-338.0K | $-754.0K | $-7M | $-747.0K | $411.0K | · | |
| Stockholders' Equity | $1.03B | $1.14B | $1.07B | $1.05B | $1.24B | $-2.70B | $-1.12B | |
| Liabilities + Equity | $1.60B | $1.61B | $1.46B | $1.38B | $1.48B | $367M | · | |
| Shares Outstanding | 283,427,000 | 303,382,000 | 296,695,000 | 289,093,000 | 273,294,000 | 77,619,000 | 76,821,000 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $26M | $19M | $12M | $12M | $13M | $11M | $6M | |
| Stock-based Comp | $147M | $217M | $211M | $208M | $173M | $43M | $273.0K | |
| Deferred Tax | $3M | $-13M | $-1M | $-2M | $-2M | $-2M | $-939.0K | |
| Amort. of Intangibles | $14M | $8M | $303.0K | $2M | $4M | $4M | $1M | |
| Restructuring | $405.0K | $10M | $0 | $0 | · | · | · | |
| Other Non-cash | $-117M | $33M | $2M | $13M | $19M | · | · | |
| Operating Cash Flow | $242M | $161M | $86M | $-3M | $11M | $33M | $-8M | |
| CapEx | $6M | $9M | $2M | $7M | $6M | $4M | $12M | |
| Investing Cash Flow | $206M | $39M | $158M | $-285M | $-420M | $-11M | $-149M | |
| Stock Repurchased | $386M | $14M | $0 | $0 | · | · | · | |
| Net Stock Activity | $-386M | $-14M | · | · | · | · | · | |
| Financing Cash Flow | $-437M | $-67M | $-61M | $-156M | $1.06B | $-2M | $150M | |
| Net Change in Cash | $12M | $132M | $184M | $-444M | $650M | $19M | $-7M | |
| Taxes Paid | $14M | $12M | $12M | $13M | $10M | $5M | $3M | |
| Free Cash Flow | $237M | $151M | $84M | $-10M | $6M | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 85.0% | 84.3% | 82.7% | 80.8% | 79.0% | · | · | |
| Operating Margin | 1.6% | -19.2% | -28.5% | -46.9% | -55.2% | · | · | |
| Net Margin | 21.9% | -13.2% | -23.0% | -46.6% | -51.7% | · | · | |
| Pretax Margin | 6.3% | -12.6% | -20.8% | -44.3% | -48.9% | · | · | |
| EBITDA Margin | 4.7% | -16.6% | -26.5% | -44.5% | -51.6% | · | · | |
| ROA | 11.4% | -6.2% | -9.7% | -16.2% | -20.8% | · | · | |
| ROE | 18.2% | -8.4% | -12.9% | -22.0% | -15.3% | · | · | |
| ROIC | 4.4% | -12.8% | -17.6% | -23.3% | -17.5% | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.2 | 3.1 | 4.1 | 4.7 | 6.4 | · | · | |
| Quick Ratio | 1.9 | 2.9 | 3.9 | 4.5 | 6.2 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.4 | 0.3 | 0.4 | · | · | |
| Receivables Turnover | 6.1 | 6.5 | 7.1 | 8.1 | 8.6 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 16.4% | 20.8% | 19.8% | 34.2% | 48.6% | · | · | |
| Revenue CAGR 3Y | 19.0% | 24.8% | 33.7% | · | · | · | · | |
| Revenue CAGR 5Y | 27.4% | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $839M | $720M | $596M | $498M | $371M | · | · | |
| Net Income TTM | $184M | $-95M | $-137M | $-232M | $-192M | · | · | |
| Market Cap | $3.47B | $4.91B | $6.97B | $4.25B | $0 | · | · | |
| P/E | 19.4 | -50.5 | -50.0 | -17.9 | -1.2 | · | · | |
| P/S | 4.1 | 6.8 | 11.7 | 8.5 | 0.0 | · | · | |
| P/B | 3.4 | 4.3 | 6.5 | 4.0 | · | · | · | |
| P / Tangible Book | 4.3 | 5.5 | 6.5 | 4.1 | 0.0 | · | · | |
| P / Cash Flow | 14.3 | 30.5 | 80.9 | -1684.2 | 0.0 | · | · | |
| P / FCF | 14.7 | 32.4 | 82.9 | -440.5 | 0.0 | · | · | |
| Earnings Yield | 5.1% | -2.0% | -2.0% | -5.6% | -82.8% | · | · |
Income Statement 16
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $229M | $223M | $215M | $205M | $196M | $195M | $187M | $174M | $165M | $160M | $154M | $145M | $138M | $133M | $129M | $121M | |
| Cost of Revenue | $35M | $32M | $33M | $31M | $30M | $29M | $30M | $28M | $26M | $27M | $26M | $25M | $25M | $25M | $24M | $24M | |
| Gross Profit | $194M | $191M | $182M | $174M | $166M | $165M | $157M | $146M | $139M | $133M | $127M | $120M | $112M | $108M | $105M | $97M | |
| R&D Expense | $49M | $42M | $41M | $40M | $40M | $41M | $48M | $41M | $35M | $36M | $35M | $34M | $33M | $35M | $36M | $34M | |
| SG&A Expense | $40M | $-329.0K | $47M | $47M | $47M | $48M | $46M | $45M | $42M | $45M | $40M | $41M | $41M | $39M | $40M | $40M | |
| Operating Expenses | $202M | $151M | $190M | $182M | $177M | $189M | $196M | $190M | $171M | $173M | $166M | $164M | $161M | $169M | $163M | $165M | |
| Operating Income | $-8M | $40M | $-7M | $-9M | $-10M | $-24M | $-39M | $-44M | $-32M | $-40M | $-39M | $-43M | $-48M | $-61M | $-58M | $-67M | |
| Other Non-op | $1M | $7M | $7M | $13M | $13M | $8M | $14M | $13M | $13M | $15M | $11M | $11M | $9M | $10M | $2M | $-242.0K | |
| Pretax Income | $-7M | $47M | $-52.0K | $4M | $3M | $-16M | $-25M | $-31M | $-19M | $-25M | $-28M | $-32M | $-39M | $-51M | $-56M | $-68M | |
| Income Tax | $-2M | $-145M | $5M | $6M | $4M | $6M | $5M | $-10M | $4M | $3M | $3M | $4M | $4M | $5M | $2M | $2M | |
| Net Income | $-5M | $191M | $-5M | $-2M | $-1M | $-22M | $-30M | $-20M | $-23M | $-28M | $-31M | $-36M | $-43M | $-55M | $-58M | $-70M | |
| EPS (Basic) | $-0.02 | $0.66 | $-0.02 | $-0.01 | $0.00 | $-0.07 | $-0.10 | $-0.07 | $-0.08 | $-0.09 | $-0.11 | $-0.12 | $-0.15 | $-0.20 | $-0.20 | $-0.24 | |
| EPS (Diluted) | $-0.02 | $0.66 | $-0.02 | $-0.01 | $0.00 | $-0.07 | $-0.10 | $-0.07 | $-0.08 | $-0.09 | $-0.11 | $-0.12 | $-0.15 | $-0.20 | $-0.20 | $-0.24 | |
| Shares (Basic) | 283,336,000 | -590,797,000 | 286,161,000 | 294,435,000 | 301,280,000 | -598,928,000 | 302,096,000 | 299,805,000 | 297,870,000 | -583,187,000 | 294,146,000 | 291,995,000 | 290,133,000 | -565,057,000 | 286,697,000 | 284,761,000 | |
| Shares (Diluted) | 283,336,000 | -588,107,000 | 286,161,000 | 294,435,000 | 301,280,000 | -598,928,000 | 302,096,000 | 299,805,000 | 297,870,000 | -583,187,000 | 294,146,000 | 291,995,000 | 290,133,000 | -565,057,000 | 286,697,000 | 284,761,000 | |
| EBITDA | $-197.0K | · | $-7M | $-9M | $-4M | · | $-39M | $-44M | $-29M | · | $-39M | $-43M | $-45M | · | $-58M | $-67M |
Balance Sheet 24
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $548M | $570M | $421M | $486M | $594M | $620M | $391M | $310M | $468M | $488M | $458M | $356M | $344M | $304M | $432M | $590M | |
| Short-term Investments | $231M | $212M | $392M | $440M | $401M | $450M | $664M | $709M | $739M | · | $706M | $805M | $806M | · | $719M | $584M | |
| Receivables | $127M | $151M | $120M | $116M | $112M | $123M | $99M | $101M | $84M | · | $80M | $74M | $73M | · | $57M | $55M | |
| Prepaid Expense | $68M | $73M | $60M | $67M | $62M | $46M | $54M | $52M | $52M | · | $52M | $47M | $46M | · | $42M | $38M | |
| Current Assets | $1.01B | $1.10B | $1.02B | $1.14B | $1.20B | $1.27B | $1.23B | $1.20B | $1.37B | · | $1.32B | $1.30B | $1.29B | · | $1.27B | $1.28B | |
| PP&E (Net) | $44M | $39M | $35M | $31M | $27M | $26M | $26M | $23M | $22M | · | $23M | $23M | $24M | · | $23M | $23M | |
| PP&E (Gross) | $108M | $99M | $93M | $89M | $83M | $79M | $77M | $72M | $68M | · | $63M | $61M | $59M | · | $53M | $51M | |
| Accum. Depreciation | $64M | $60M | $57M | $58M | $55M | $53M | $51M | $48M | $46M | · | $40M | $38M | $35M | · | $30M | $28M | |
| Goodwill | $199M | $147M | $147M | $147M | $147M | $147M | $147M | $147M | $6M | · | $6M | $6M | $6M | · | $6M | $6M | |
| Intangibles | $97M | $77M | $80M | $84M | $87M | $91M | $94M | $98M | · | · | · | · | · | · | $579.0K | $855.0K | |
| Other Non-current Assets | $18M | $19M | $17M | $17M | $15M | $15M | $14M | $14M | $12M | · | $10M | $10M | $11M | · | $12M | $13M | |
| Total Assets | $1.61B | $1.60B | $1.37B | $1.48B | $1.54B | $1.61B | $1.58B | $1.54B | $1.47B | · | $1.42B | $1.40B | $1.39B | · | $1.36B | $1.38B | |
| Accounts Payable | $19M | $12M | $8M | $5M | $2M | $2M | $7M | $10M | $2M | · | $3M | $2M | $4M | · | $4M | $6M | |
| Accrued Liabilities | $109M | $98M | $91M | $87M | $80M | $82M | $74M | $69M | $58M | · | $55M | $54M | $58M | · | $57M | $59M | |
| Current Liabilities | $520M | $498M | $451M | $433M | $413M | $408M | $378M | $368M | $336M | · | $306M | $292M | $285M | · | $252M | $248M | |
| Capital Leases | $29M | $33M | $31M | $27M | $31M | $30M | $26M | $28M | $25M | · | $27M | $24M | $26M | · | $25M | $26M | |
| Other Non-current Liabilities | $37M | $39M | $38M | $37M | $35M | $36M | $37M | $33M | $28M | · | $27M | $27M | $29M | · | $26M | $25M | |
| Total Liabilities | $586M | $570M | $520M | $496M | $479M | $474M | $440M | $428M | $389M | · | $360M | $343M | $340M | · | $303M | $299M | |
| Paid-in Capital | $4.58B | $4.59B | $4.60B | $4.72B | $4.80B | $4.87B | $4.85B | $4.80B | $4.74B | · | $4.68B | $4.64B | $4.60B | · | $4.52B | $4.48B | |
| Retained Earnings | $-3.56B | $-3.55B | $-3.74B | $-3.74B | $-3.74B | $-3.74B | $-3.71B | $-3.68B | $-3.66B | · | $-3.61B | $-3.58B | $-3.55B | · | $-3.45B | $-3.39B | |
| AOCI | $-4M | $-2M | $-2M | $102.0K | $608.0K | $-338.0K | $2M | $-1M | $-1M | · | $-5M | $-6M | $-5M | · | $-9M | $-6M | |
| Stockholders' Equity | $1.02B | $1.03B | $851M | $985M | $1.06B | $1.14B | $1.14B | $1.12B | $1.08B | $1.07B | $1.06B | $1.06B | $1.05B | $1.05B | $1.06B | $1.08B | |
| Liabilities + Equity | $1.61B | $1.60B | $1.37B | $1.48B | $1.54B | $1.61B | $1.58B | $1.54B | $1.47B | · | $1.42B | $1.40B | $1.39B | · | $1.36B | $1.38B | |
| Shares Outstanding | 278,982,000 | 283,427,000 | 281,744,000 | 292,042,000 | 298,380,000 | 303,382,000 | 302,578,000 | 300,961,000 | 298,500,000 | 296,695,000 | 294,861,000 | 292,839,000 | 290,535,000 | 289,093,000 | 287,082,000 | 285,558,000 |
Cash Flow 15
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $8M | $7M | $7M | $6M | $6M | $6M | $6M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Stock-based Comp | $44M | $-3M | $49M | $49M | $52M | $50M | $59M | $55M | $52M | $51M | $55M | $54M | $51M | $57M | $54M | $50M | |
| Deferred Tax | $-6M | $3M | $0 | $0 | $-459.0K | $1M | $0 | $-14M | $477.0K | $-1M | $0 | $0 | $113.0K | $-3M | $0 | $0 | |
| Amort. of Intangibles | $4M | $3M | $3M | $4M | $4M | $4M | $4M | $976.0K | $0 | $0 | $0 | $46.0K | · | $276.0K | $276.0K | $415.0K | |
| Restructuring | $0 | $0 | $0 | $0 | $405.0K | $10M | $0 | $0 | $0 | · | · | · | · | · | · | · | |
| Other Non-cash | $21M | · | · | · | $2M | · | · | · | $8M | · | · | · | $249.0K | · | · | · | |
| Operating Cash Flow | $62M | $62M | $63M | $59M | $58M | $41M | $42M | $36M | $41M | $31M | $24M | $20M | $12M | $7M | $-4M | $-7M | |
| CapEx | $4M | $2M | $2M | $380.0K | $1M | $5M | $1M | $2M | $739.0K | $1M | $278.0K | $329.0K | $383.0K | $2M | $2M | $2M | |
| Investing Cash Flow | $-82M | $157M | $46M | $-43M | $46M | $209M | $50M | $-183M | $-38M | $12M | $102M | $3M | $41M | $-124M | $-140M | $5M | |
| Stock Repurchased | $48M | $0 | $159M | $114M | $114M | $14M | $0 | $0 | $0 | · | · | · | · | · | · | · | |
| Net Stock Activity | $-48M | · | · | · | $-114M | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-56M | $-8M | $-174M | $-124M | $-130M | $-21M | $-12M | $-11M | $-23M | $-13M | $-24M | $-11M | $-12M | $-12M | $-13M | $-11M | |
| Net Change in Cash | $-83M | $211M | $-65M | $-108M | $-26M | $229M | $81M | $-158M | $-20M | $30M | $102M | $12M | $40M | $-128M | $-158M | $-13M | |
| Taxes Paid | $3M | $4M | $3M | $4M | $3M | $4M | $4M | $3M | $2M | $2M | $3M | $4M | $2M | $4M | $4M | $2M | |
| Free Cash Flow | $58M | · | · | · | $57M | · | · | · | $40M | · | · | · | $11M | · | · | · |
Profitability 8
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 84.8% | · | 84.7% | 84.8% | 84.8% | · | 84.0% | 83.8% | 84.3% | · | 82.9% | 82.9% | 81.7% | · | 81.2% | 80.2% | |
| Operating Margin | -3.5% | · | -3.5% | -4.2% | -5.3% | · | -20.8% | -25.1% | -19.5% | · | -25.2% | -29.8% | -34.9% | · | -45.3% | -55.5% | |
| Net Margin | -2.1% | · | -2.2% | -0.85% | -0.66% | · | -16.1% | -11.6% | -14.1% | · | -20.2% | -24.6% | -31.0% | · | -44.9% | -57.4% | |
| Pretax Margin | -2.9% | · | -0.02% | 1.9% | 1.3% | · | -13.4% | -17.5% | -11.7% | · | -18.1% | -22.1% | -28.1% | · | -43.5% | -55.7% | |
| EBITDA Margin | -0.09% | · | -3.5% | -4.2% | -2.1% | · | -20.8% | -25.1% | -17.7% | · | -25.2% | -29.8% | -32.7% | · | -45.3% | -55.5% | |
| ROA | -0.31% | · | -0.32% | -0.11% | -0.09% | · | -2.0% | -1.4% | -1.6% | · | -2.2% | -2.6% | -3.1% | · | -4.1% | -10.1% | |
| ROE | -0.46% | · | -0.47% | -0.17% | -0.12% | · | -2.7% | -1.9% | -2.2% | · | -2.9% | -3.3% | -4.0% | · | -5.0% | -12.9% | |
| ROIC | -0.57% | · | -78.8% | 0.39% | 0.50% | · | -4.1% | -2.6% | -3.6% | · | -4.1% | -4.5% | -5.1% | · | -5.7% | -6.4% |
Liquidity & Solvency 2
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.9 | · | 2.3 | 2.6 | 2.9 | · | 3.3 | 3.3 | 4.1 | · | 4.3 | 4.5 | 4.5 | · | 5.0 | 5.2 | |
| Quick Ratio | 1.7 | · | 2.1 | 2.4 | 2.7 | · | 3.1 | 3.0 | 3.8 | · | 4.1 | 4.2 | 4.3 | · | 4.8 | 5.0 |
Efficiency 2
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.2 | |
| Receivables Turnover | 1.9 | · | 2.0 | 1.9 | 2.0 | · | 2.1 | 2.0 | 2.1 | · | 2.2 | 2.2 | 2.3 | · | 2.5 | 4.4 |
Valuation (TTM) 10
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $845M | · | $803M | $762M | $722M | · | $679M | $638M | $601M | · | $565M | $533M | $503M | · | $461M | $421M | |
| Net Income TTM | $-13M | · | $-38M | $-53M | $-75M | · | $-105M | $-110M | $-133M | · | $-167M | $-206M | $-219M | · | $-284M | $-234M | |
| Market Cap | $2.24B | · | $3.32B | $4.35B | $4.21B | · | $3.47B | $3.82B | $5.44B | · | $5.87B | $5.15B | $4.46B | · | $3.72B | $3.76B | |
| P/E | -160.6 | · | -90.5 | -82.8 | -56.4 | · | -31.9 | -33.4 | -39.6 | · | -34.3 | -24.8 | -19.9 | · | -0.5 | -0.4 | |
| P/S | 2.7 | · | 4.1 | 5.7 | 5.8 | · | 5.1 | 6.0 | 9.0 | · | 10.4 | 9.7 | 8.9 | · | 8.1 | 8.9 | |
| P/B | 2.2 | · | 3.9 | 4.4 | 4.0 | · | 3.1 | 3.4 | 5.0 | · | 5.5 | 4.9 | 4.2 | · | 3.5 | 3.5 | |
| P / Tangible Book | 3.1 | · | 5.3 | 5.8 | 5.1 | · | 3.9 | 4.4 | 5.1 | · | 5.6 | 4.9 | 4.3 | · | 3.5 | 3.5 | |
| P / Cash Flow | 35.9 | · | · | · | 72.6 | · | · | · | 133.8 | · | · | · | 387.9 | · | · | · | |
| P / FCF | 38.3 | · | · | · | 74.3 | · | · | · | 136.3 | · | · | · | 401.3 | · | · | · | |
| Earnings Yield | -0.62% | · | -1.1% | -1.2% | -1.8% | · | -3.1% | -3.0% | -2.5% | · | -2.9% | -4.0% | -5.0% | · | -195.4% | -250.4% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $839M | $720M | $596M | $498M | $371M |
| Gross Margin % | 85.0% | 84.3% | 82.7% | 80.8% | 79.0% |
| Operating Margin % | 1.6% | -19.2% | -28.5% | -46.9% | -55.2% |
| Net Income | $184M | $-95M | $-137M | $-232M | $-192M |
| Diluted EPS | $0.63 | $-0.32 | $-0.47 | $-0.82 | $-21.73 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 2.2 | 3.1 | 4.1 | 4.7 | 6.4 |
| Quick Ratio | 1.9 | 2.9 | 3.9 | 4.5 | 6.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $237M | $151M | $84M | $-10M | $6M |
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