What is biote's operating income?

biote's total operating income in 2025 was $35.55 million, based on the following breakdown: Total Gross Profit: $137.36 million Total Operating Expenses: $101.81 million

biote (BTMD) Financials

$2.26 -0.07 (-2.80%)

As of 03:08 PM Eastern

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Annual Income Statements for biote

This table shows biote's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-51	-0.97	3.32	3.16	27
Consolidated Net Income / (Loss)	33	1.32	-2.81	0.05	32
Net Income / (Loss) Continuing Operations	-51	1.32	-2.81	0.05	32
Total Pre-Tax Income	-51	1.71	-0.12	1.02	38
Total Operating Income	-49	-61	29	32	36
Total Gross Profit	0.00	110	127	139	137
Total Revenue	0.00	165	185	197	192
Operating Revenue	-	-	185	197	192
Total Cost of Revenue	0.00	55	58	58	55
Operating Cost of Revenue	-	55	58	58	55
Total Operating Expenses	49	171	99	107	102
Selling, General & Admin Expense	49	171	99	107	102
Total Other Income / (Expense), net	-1.66	62	-29	-31	2.03
Interest & Investment Income	-1.67	-4.05	-6.36	-11	-11
Other Income / (Expense), net	0.02	67	-22	-20	13
Income Tax Expense	0.29	0.39	2.68	0.97	5.99
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	2.29	-6.12	-3.11	4.55
Basic Earnings per Share	$0.00	($0.12)	$0.13	$0.09	$0.86
Weighted Average Basic Shares Outstanding	0.00	8.06M	25.71M	34.27M	31.28M
Diluted Earnings per Share	$0.00	($0.12)	$0.13	$0.09	$0.74
Weighted Average Diluted Shares Outstanding	0.00	8.06M	25.71M	34.27M	36.67M
Weighted Average Basic & Diluted Shares Outstanding	0.00	70.32M	74.53M	54.71M	39.55M

This table shows biote's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	7.53	7.73	-4.16	-7.09	11	0.85	14	3.19	8.19	1.95	2.28
Consolidated Net Income / (Loss)	20	12	-5.73	-10	13	3.67	16	3.93	9.22	2.62	2.68
Net Income / (Loss) Continuing Operations	20	12	-5.73	-10	13	3.67	16	3.93	9.22	2.62	2.68
Total Pre-Tax Income	24	9.33	-3.32	-10	16	-1.22	17	6.08	8.45	5.60	3.34
Total Operating Income	7.60	5.51	10	6.23	12	2.77	9.69	11	8.27	6.83	3.17
Total Gross Profit	31	32	33	34	36	36	36	35	34	32	31
Total Revenue	46	46	47	49	51	50	49	49	48	46	45
Operating Revenue	46	-	47	49	51	-	49	49	48	46	45
Total Cost of Revenue	14	14	13	15	15	14	13	14	14	15	14
Operating Cost of Revenue	14	14	13	15	15	14	13	14	14	15	14
Total Operating Expenses	24	26	23	28	24	33	27	24	26	25	28
Selling, General & Admin Expense	24	26	23	28	24	33	27	24	26	25	28
Total Other Income / (Expense), net	16	3.83	-14	-17	3.67	-3.99	7.77	-4.69	0.18	-1.23	0.17
Interest & Investment Income	-1.53	-1.54	-1.66	-2.58	-3.54	-3.22	-2.91	-2.85	-2.73	-2.47	-1.97
Other Income / (Expense), net	17	5.37	-12	-14	7.21	-0.77	11	-1.84	2.92	1.25	2.14
Income Tax Expense	3.87	-2.74	2.40	0.07	3.20	-4.89	1.62	2.15	-0.77	2.99	0.66
Net Income / (Loss) Attributable to Noncontrolling Interest	12	4.34	-1.57	-3.28	1.96	2.83	2.12	0.74	1.03	0.66	0.40
Basic Earnings per Share	$0.25	$0.52	($0.12)	($0.21)	$0.34	-	$0.44	$0.10	$0.26	$0.06	$0.07
Weighted Average Basic Shares Outstanding	30.33M	25.71M	34.62M	33.07M	31.05M	34.27M	31.49M	31.63M	31.33M	31.28M	30.65M
Diluted Earnings per Share	$0.24	$0.53	($0.12)	($0.21)	$0.33	$0.01	$0.37	$0.10	$0.22	$0.05	$0.06
Weighted Average Diluted Shares Outstanding	31.04M	25.71M	34.62M	33.07M	32.26M	34.27M	36.95M	31.74M	36.71M	36.67M	36.00M
Weighted Average Basic & Diluted Shares Outstanding	72.76M	74.53M	62.04M	54.22M	54.34M	54.71M	50.61M	49.44M	45.66M	39.55M	37.58M

This table details how cash moves in and out of biote's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	9.56	52	9.77	-50	-15
Net Cash From Operating Activities	34	-9.16	27	45	35
Net Cash From Continuing Operating Activities	34	-9.16	27	45	35
Net Income / (Loss) Continuing Operations	33	1.32	-2.81	0.05	32
Consolidated Net Income / (Loss)	33	1.32	-2.81	0.05	32
Depreciation Expense	1.40	2.20	2.99	3.57	3.67
Amortization Expense	0.22	0.59	0.79	0.82	0.83
Non-Cash Adjustments To Reconcile Net Income	0.94	23	34	33	3.28
Changes in Operating Assets and Liabilities, net	-1.46	-37	-8.21	7.80	-4.18
Net Cash From Investing Activities	-3.81	-1.84	-2.71	-19	-6.86
Net Cash From Continuing Investing Activities	-3.81	-1.84	-2.71	-19	-6.86
Purchase of Property, Plant & Equipment	-3.81	-1.84	-2.71	-6.96	-6.86
Acquisitions	-	-	0.00	-12	0.00
Net Cash From Financing Activities	-20	63	-14	-76	-44
Net Cash From Continuing Financing Activities	-20	63	-14	-76	-44
Repayment of Debt	-5.00	80	-6.25	-6.25	-44
Repurchase of Common Equity	-3.94	-8.34	0.00	-5.60	-3.37
Payment of Dividends	-11	-13	-8.69	-4.74	-1.73
Issuance of Debt	0.00	0.44	-	0.00	5.00
Issuance of Common Equity	-	0.00	0.14	0.28	0.14
Other Financing Activities, net	0.00	3.91	0.42	2.39	0.23
Effect of Exchange Rate Changes	-0.01	0.00	-0.02	-	0.01
Cash Interest Paid	1.46	4.43	9.48	9.54	7.88
Cash Income Taxes Paid	0.17	0.28	4.43	2.59	2.75

This table details how cash moves in and out of biote's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-2.91	23	-10	-52	12	1.12	2.36	-22	8.45	-3.93	-19
Net Cash From Operating Activities	0.16	6.96	7.37	9.95	16	12	6.47	7.09	14	7.57	3.90
Net Cash From Continuing Operating Activities	0.16	6.96	7.37	9.95	16	12	6.47	7.09	14	7.57	3.90
Net Income / (Loss) Continuing Operations	20	12	-5.73	-10	13	3.48	16	3.93	9.22	2.62	2.68
Consolidated Net Income / (Loss)	20	12	-5.73	-10	13	3.48	16	3.93	9.22	2.62	2.68
Depreciation Expense	0.42	1.51	0.75	0.88	0.81	1.14	0.86	0.91	0.95	0.95	0.98
Amortization Expense	0.20	0.20	0.20	0.20	0.20	0.21	0.21	0.20	0.21	0.22	0.21
Non-Cash Adjustments To Reconcile Net Income	-15	-2.94	14	18	-2.69	4.27	-6.24	5.92	0.82	2.77	-2.14
Changes in Operating Assets and Liabilities, net	-5.16	-3.90	-2.02	1.21	4.58	3.27	-4.20	-3.87	2.87	1.01	2.18
Net Cash From Investing Activities	-0.48	19	-12	-3.34	-1.97	-1.31	-1.85	-1.96	-0.69	-2.36	-1.17
Net Cash From Continuing Investing Activities	-0.48	19	-12	-3.34	-1.97	-1.31	-1.85	-1.96	-0.69	-2.36	-1.17
Purchase of Property, Plant & Equipment	-0.48	-1.00	-1.05	-2.85	-1.97	-1.08	-1.85	-1.96	-0.69	-2.36	-1.17
Net Cash From Financing Activities	-2.56	-2.53	-5.41	-59	-1.77	-9.93	-2.26	-27	-4.94	-9.13	-22
Net Cash From Continuing Financing Activities	-2.56	-2.53	-5.41	-59	-1.77	-9.93	-2.26	-27	-4.94	-9.13	-22
Repayment of Debt	-1.56	-1.56	-1.56	-64	-1.56	-1.56	-1.56	-27	-1.56	-14	-9.06
Repurchase of Preferred Equity	-	-	0.00	-	-	-	-	-	-	-	-19
Repurchase of Common Equity	-	-	-4.09	-1.51	-	-	0.00	-	-3.37	-	-1.07
Payment of Dividends	-1.00	-1.11	-0.08	-4.12	-0.45	-0.09	-0.69	-0.89	-0.01	-0.14	-0.41
Issuance of Debt	-	-	0.00	10	-	-	0.00	-	-	5.00	7.50
Cash Interest Paid	2.44	2.45	2.23	1.74	3.35	2.21	2.02	2.01	2.02	1.83	1.76
Cash Income Taxes Paid	-1.68	1.64	0.00	2.21	0.08	0.31	0.00	2.51	-0.28	0.52	0.12

This table presents biote's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.15	54	112	155	122	108
Total Current Assets	0.00	47	101	122	68	55
Cash & Equivalents	0.00	27	79	89	39	24
Accounts Receivable	-	5.23	6.95	6.81	7.63	6.87
Inventories, net	-	9.62	11	17	15	19
Prepaid Expenses	0.00	5.47	3.82	9.23	6.31	4.62
Plant, Property, & Equipment, net	0.00	2.34	1.50	1.22	6.97	11
Total Noncurrent Assets	0.15	4.91	8.96	32	47	42
Goodwill	-	-	-	0.00	5.83	5.83
Intangible Assets	-	4.55	5.07	4.97	9.38	8.79
Noncurrent Deferred & Refundable Income Taxes	-	0.00	1.84	25	29	25
Other Noncurrent Operating Assets	0.15	0.36	2.05	1.88	3.32	2.77
Total Liabilities & Shareholders' Equity	0.15	54	112	155	122	108
Total Liabilities	0.12	50	170	192	225	158
Total Current Liabilities	0.12	17	19	22	52	45
Short-Term Debt	0.12	5.00	6.25	6.25	6.25	6.25
Accounts Payable	0.00	4.35	4.11	4.16	5.81	6.83
Accrued Expenses	0.00	6.01	6.27	8.50	11	9.81
Current Deferred Revenue	-	1.71	1.97	3.00	2.96	3.02
Other Current Liabilities	-	0.25	0.17	0.31	25	19
Total Noncurrent Liabilities	0.00	33	151	170	173	113
Long-Term Debt	-	32	112	107	101	101
Noncurrent Deferred Revenue	-	0.80	0.93	1.32	1.55	1.10
Other Noncurrent Operating Liabilities	0.00	0.13	38	62	70	11
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.03	4.13	-58	-37	-102	-50
Total Preferred & Common Equity	0.03	4.13	-44	-29	-106	-59
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.03	4.13	-44	-29	-106	-59
Common Stock	0.03	0.00	0.01	0.01	0.00	0.00
Retained Earnings	0.00	4.17	-44	-29	-100	-50
Treasury Stock	-	-	-	0.00	-5.60	-8.97
Accumulated Other Comprehensive Income / (Loss)	-	-0.04	-0.01	-0.01	-0.04	-0.03
Noncontrolling Interest	-	0.00	-14	-7.15	3.73	8.14

This table presents biote's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	150	160	93	101	123	105	111	89
Total Current Assets	118	114	62	70	69	50	57	36
Cash & Equivalents	66	79	26	38	42	20	28	5.32
Accounts Receivable	10	8.02	7.70	8.49	7.77	9.08	7.97	7.40
Inventories, net	11	19	19	16	13	12	16	20
Prepaid Expenses	11	8.64	8.44	7.07	5.76	8.70	4.66	3.76
Plant, Property, & Equipment, net	1.35	2.19	4.52	5.81	8.39	9.93	10	11
Total Noncurrent Assets	31	44	27	25	46	45	44	42
Goodwill	-	5.53	5.52	5.52	5.83	5.83	5.83	5.83
Intangible Assets	5.45	11	11	11	8.95	8.47	8.07	9.03
Noncurrent Deferred & Refundable Income Taxes	23	25	8.14	5.92	28	28	27	24
Other Noncurrent Operating Assets	1.95	2.20	2.10	3.38	3.19	3.05	2.91	2.63
Total Liabilities & Shareholders' Equity	150	160	93	101	123	105	111	89
Total Liabilities	201	205	235	228	208	184	177	137
Total Current Liabilities	25	24	46	47	48	51	56	28
Short-Term Debt	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25
Accounts Payable	5.69	4.20	5.79	4.37	3.34	3.86	4.36	8.24
Accrued Expenses	10	9.73	6.90	8.19	10	8.98	11	10
Current Deferred Revenue	2.56	2.88	3.16	2.93	3.04	3.05	3.17	2.85
Other Current Liabilities	0.30	1.01	24	25	26	28	31	0.61
Total Noncurrent Liabilities	176	181	188	182	160	133	120	109
Long-Term Debt	108	105	104	103	100	98	97	99
Noncurrent Deferred Revenue	1.18	1.43	1.54	1.60	1.45	1.40	1.23	0.92
Other Noncurrent Operating Liabilities	67	74	83	77	58	33	22	8.41
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-51	-45	-142	-127	-85	-79	-65	-48
Total Preferred & Common Equity	-41	-35	-143	-130	-90	-85	-73	-56
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-41	-35	-143	-130	-90	-85	-73	-56
Common Stock	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Retained Earnings	-41	-31	-138	-125	-84	-79	-64	-46
Treasury Stock	-	-4.09	-5.60	-5.60	-5.60	-5.60	-8.97	-10
Accumulated Other Comprehensive Income / (Loss)	-0.01	-0.01	-0.02	-0.03	-0.04	-0.03	-0.03	-0.03
Noncontrolling Interest	-11	-9.50	1.69	3.52	5.16	6.26	7.28	8.14

This table displays calculated financial ratios and metrics derived from biote's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	39,687,500.00	137,116,082.00	72,759,419.00	-	45,662,630.00
DEI Adjusted Shares Outstanding	39,687,500.00	137,116,082.00	72,759,419.00	-	45,662,630.00
DEI Earnings Per Adjusted Shares Outstanding	-1.28	-0.01	0.05	-	0.59
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	0.00%	12.37%	6.38%	-2.52%
EBITDA Growth	0.00%	118.96%	11.52%	63.64%	223.27%
EBIT Growth	0.00%	112.65%	0.58%	92.58%	303.97%
NOPAT Growth	0.00%	-36.76%	142.72%	-92.87%	1,988.30%
Net Income Growth	0.00%	-95.94%	-311.86%	101.64%	68,589.13%
EPS Growth	0.00%	0.00%	208.33%	-30.77%	722.22%
Operating Cash Flow Growth	0.00%	-127.16%	393.58%	68.30%	-22.21%
Free Cash Flow Firm Growth	0.00%	0.00%	200.67%	68.57%	-260.64%
Invested Capital Growth	0.00%	-233.84%	33.91%	-169.13%	195.36%
Revenue Q/Q Growth	0.00%	239.56%	-16.23%	2.14%	-1.75%
EBITDA Q/Q Growth	0.00%	112.16%	-73.46%	-36.01%	12.48%
EBIT Q/Q Growth	0.00%	108.12%	-82.15%	-42.48%	14.30%
NOPAT Q/Q Growth	0.00%	52.01%	-54.41%	-94.30%	-10.06%
Net Income Q/Q Growth	0.00%	-80.47%	-35.25%	-99.46%	-2.67%
EPS Q/Q Growth	0.00%	-200.00%	172.22%	-85.25%	-5.13%
Operating Cash Flow Q/Q Growth	0.00%	-78.57%	3.48%	13.59%	-12.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-64.31%	-61.09%	-11.65%
Invested Capital Q/Q Growth	0.00%	32.99%	43.95%	39.39%	229.57%
Profitability Metrics	-	-	-	-	-
Gross Margin	0.00%	66.92%	68.78%	70.52%	71.46%
EBITDA Margin	0.00%	5.45%	5.41%	8.32%	27.60%
Operating Margin	0.00%	-36.81%	15.46%	16.03%	18.50%
EBIT Margin	0.00%	3.76%	3.37%	6.09%	25.26%
Profit (Net Income) Margin	0.00%	0.80%	-1.51%	0.02%	16.44%
Tax Burden Percent	-64.32%	77.34%	2,280.49%	4.53%	84.07%
Interest Burden Percent	103.41%	27.60%	-1.97%	8.45%	77.42%
Effective Tax Rate	0.00%	22.66%	0.00%	95.47%	15.93%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	1,572.00%	-4.89%	5.92%	-0.07%	-41.41%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	-112.93%
Operating Return on Assets (OROA)	0.00%	7.48%	4.68%	8.66%	42.22%
Return on Assets (ROA)	0.00%	1.60%	-2.10%	0.03%	27.48%
Return on Common Equity (ROCE)	1,572.00%	-3.64%	4.61%	-0.06%	-44.63%
Return on Equity Simple (ROE_SIMPLE)	790.76%	-2.98%	9.54%	-0.04%	0.00%
Net Operating Profit after Tax (NOPAT)	-34	-47	20	1.43	30
NOPAT Margin	0.00%	-28.47%	10.82%	0.73%	15.55%
Net Nonoperating Expense Percent (NNEP)	-656.63%	-195.87%	72.61%	3.01%	-2.26%
Return On Investment Capital (ROIC_SIMPLE)	-	-	26.28%	27.27%	52.77%
Cost of Revenue to Revenue	0.00%	33.08%	31.22%	29.48%	28.54%
SG&A Expenses to Revenue	0.00%	103.73%	53.32%	54.49%	52.97%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	103.73%	53.32%	54.49%	52.97%
Earnings before Interest and Taxes (EBIT)	-49	6.20	6.24	12	49
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-47	8.99	10	16	53
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	94.29	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	1.55	1.94	1.70	0.62
Price to Earnings (P/E)	0.00	0.00	108.39	106.37	4.39
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.92%	0.94%	22.78%
Enterprise Value to Invested Capital (EV/IC)	27.87	0.00	0.00	0.00	6.45
Enterprise Value to Revenue (EV/Rev)	0.00	1.70	2.03	2.07	1.09
Enterprise Value to EBITDA (EV/EBITDA)	0.00	31.25	37.51	24.84	3.95
Enterprise Value to EBIT (EV/EBIT)	0.00	45.30	60.28	33.92	4.32
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	18.75	284.82	7.02
Enterprise Value to Operating Cash Flow (EV/OCF)	11.84	0.00	13.99	9.01	5.96
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	27.74	17.83	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	8.96	-2.03	-3.09	-1.05	-2.12
Long-Term Debt to Equity	7.75	-1.92	-2.92	-0.99	-2.00
Financial Leverage	2.47	-0.91	-0.66	-0.66	-0.99
Leverage Ratio	13.13	-3.07	-2.82	-2.00	-1.51
Compound Leverage Factor	13.58	-0.85	0.06	-0.17	-1.17
Debt to Total Capital	89.96%	197.02%	147.88%	2,047.04%	188.99%
Short-Term Debt to Total Capital	12.17%	10.41%	8.19%	119.07%	11.04%
Long-Term Debt to Total Capital	77.79%	186.62%	139.69%	1,927.97%	177.95%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	-23.00%	-9.37%	71.02%	14.38%
Common Equity to Total Capital	10.04%	-74.02%	-38.51%	-2,018.06%	-103.36%
Debt to EBITDA	-0.78	13.16	11.26	6.55	2.02
Net Debt to EBITDA	-0.22	4.35	2.38	4.15	1.56
Long-Term Debt to EBITDA	-0.67	12.47	10.63	6.17	1.90
Debt to NOPAT	-1.08	-2.52	5.63	75.08	3.58
Net Debt to NOPAT	-0.30	-0.83	1.19	47.59	2.77
Long-Term Debt to NOPAT	-0.93	-2.39	5.32	70.71	3.37
Altman Z-Score	2.43	2.89	2.96	1.85	3.19
Noncontrolling Interest Sharing Ratio	0.00%	25.51%	22.11%	2.47%	-7.78%
Liquidity Ratios	-	-	-	-	-
Current Ratio	2.72	5.39	5.51	1.32	1.22
Quick Ratio	1.85	4.59	4.31	0.91	0.69
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-13	14	23	-37
Operating Cash Flow to CapEx	885.74%	-498.20%	990.90%	650.42%	512.73%
Free Cash Flow to Firm to Interest Expense	0.00	-30.27	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	-20.58	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	-24.71	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	1.99	1.39	1.42	1.67
Accounts Receivable Turnover	0.00	27.09	26.95	27.31	26.51
Inventory Turnover	0.00	5.25	4.06	3.62	3.24
Fixed Asset Turnover	0.00	85.94	136.19	48.15	21.69
Accounts Payable Turnover	0.00	12.90	14.00	11.66	8.68
Days Sales Outstanding (DSO)	0.00	13.47	13.54	13.36	13.77
Days Inventory Outstanding (DIO)	0.00	69.55	89.84	100.94	112.81
Days Payable Outstanding (DPO)	0.00	28.29	26.07	31.29	42.05
Cash Conversion Cycle (CCC)	0.00	54.73	77.31	83.01	84.53
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	14	-19	-13	-34	33
Invested Capital Turnover	0.00	-68.07	-11.64	-8.43	-243.16
Increase / (Decrease) in Invested Capital	0.00	-33	6.50	-21	67
Enterprise Value (EV)	399	281	376	408	210
Market Capitalization	389	256	359	336	119
Book Value per Share	$0.10	($0.65)	($0.40)	($1.95)	($1.28)
Tangible Book Value per Share	($0.01)	($0.72)	($0.47)	($2.23)	($1.60)
Total Capital	41	60	76	5.25	57
Total Debt	37	118	113	107	107
Total Long-Term Debt	32	112	107	101	101
Net Debt	10	39	24	68	83
Capital Expenditures (CapEx)	3.81	1.84	2.71	6.96	6.86
Debt-free, Cash-free Net Working Capital (DFCFNWC)	8.01	9.43	17	-16	-8.19
Debt-free Net Working Capital (DFNWC)	35	89	106	23	16
Net Working Capital (NWC)	30	82	100	17	9.68
Net Nonoperating Expense (NNE)	-67	-48	23	1.39	-1.71
Net Nonoperating Obligations (NNO)	10	39	24	68	83
Total Depreciation and Amortization (D&A)	1.62	2.79	3.79	4.39	4.50
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	5.72%	9.37%	-8.36%	-4.26%
Debt-free Net Working Capital to Revenue	0.00%	53.75%	57.39%	11.59%	8.29%
Net Working Capital to Revenue	0.00%	49.96%	54.02%	8.42%	5.04%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.66	($0.12)	$0.13	$0.09	$0.86
Adjusted Weighted Average Basic Shares Outstanding	34.13M	8.06M	25.71M	34.27M	31.28M
Adjusted Diluted Earnings per Share	$0.64	($0.12)	$0.13	$0.09	$0.74
Adjusted Weighted Average Diluted Shares Outstanding	34.32M	8.06M	25.71M	34.27M	36.67M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.27M	70.32M	74.53M	54.71M	39.55M
Normalized Net Operating Profit after Tax (NOPAT)	-34	-47	20	22	30
Normalized NOPAT Margin	0.00%	-28.47%	10.82%	11.22%	15.55%
Pre Tax Income Margin	0.00%	1.04%	-0.07%	0.52%	19.55%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	0.00	13.94	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	-105.53	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	9.81	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	-109.66	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	34.96%	973.26%	-309.95%	10,313.04%	5.47%
Augmented Payout Ratio	47.04%	1,603.25%	-309.95%	22,484.78%	16.12%

This table displays calculated financial ratios and metrics derived from biote's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	74,129,702.00	72,759,419.00	74,531,558.00	62,036,479.00	54,218,373.00	-	54,710,252.00	50,614,057.00	49,438,803.00	45,662,630.00	39,550,746.00
DEI Adjusted Shares Outstanding	74,129,702.00	72,759,419.00	74,531,558.00	62,036,479.00	54,218,373.00	-	54,710,252.00	50,614,057.00	49,438,803.00	45,662,630.00	39,550,746.00
DEI Earnings Per Adjusted Shares Outstanding	0.10	0.11	-0.06	-0.11	0.20	-	0.25	0.06	0.17	0.04	0.06
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.55%	-44.01%	4.37%	-0.18%	12.79%	9.04%	4.67%	-0.62%	-6.67%	-6.87%	-8.28%
EBITDA Growth	778.84%	-68.80%	96.13%	32.26%	-20.47%	-73.36%	3,109.55%	251.17%	-39.52%	175.49%	-69.68%
EBIT Growth	1,072.57%	-72.53%	91.31%	26.69%	-22.55%	-81.59%	1,323.56%	215.66%	-42.34%	303.30%	-73.92%
NOPAT Growth	19.69%	-77.59%	32.31%	-18.72%	53.24%	-72.82%	20.47%	59.41%	-7.31%	64.68%	-71.13%
Net Income Growth	3,876.11%	-5.71%	73.28%	20.82%	-35.56%	-69.58%	376.62%	137.86%	-27.19%	-24.86%	-83.11%
EPS Growth	0.00%	140.91%	69.23%	16.00%	37.50%	-98.11%	408.33%	147.62%	-33.33%	-44.44%	-83.78%
Operating Cash Flow Growth	-97.50%	14.96%	-43.26%	46.82%	9,622.50%	77.80%	-12.28%	-28.76%	-9.54%	-38.80%	-39.66%
Free Cash Flow Firm Growth	-99.90%	-99.04%	-109.82%	-12.69%	12,652.48%	3,630.52%	148.75%	-454.32%	-231.64%	-371.45%	-512.15%
Invested Capital Growth	21.00%	33.91%	77.65%	-25.58%	-148.90%	-169.13%	-67.91%	110.87%	117.54%	195.36%	356.50%
Revenue Q/Q Growth	-7.51%	0.32%	2.41%	5.05%	4.50%	-3.02%	-1.69%	-0.26%	-1.86%	-3.23%	-3.17%
EBITDA Q/Q Growth	361.80%	-50.94%	-105.66%	-832.58%	407.35%	-83.57%	538.88%	-53.15%	22.95%	-25.13%	-29.70%
EBIT Q/Q Growth	337.90%	-56.58%	-115.30%	-363.82%	351.32%	-89.68%	916.98%	-56.15%	25.28%	-27.81%	-34.23%
NOPAT Q/Q Growth	18.23%	12.29%	2.41%	-40.22%	122.93%	-80.09%	353.97%	-20.90%	29.62%	-64.62%	-20.43%
Net Income Q/Q Growth	250.00%	-38.51%	-147.41%	-81.07%	222.08%	-70.97%	354.75%	-75.22%	134.80%	-71.60%	2.25%
EPS Q/Q Growth	196.00%	120.83%	-122.64%	-75.00%	257.14%	-96.97%	311.11%	-72.97%	120.00%	-77.27%	20.00%
Operating Cash Flow Q/Q Growth	-97.64%	4,247.50%	5.98%	34.93%	56.39%	-20.49%	-47.71%	9.57%	98.59%	-46.21%	-48.45%
Free Cash Flow Firm Q/Q Growth	-98.16%	84.11%	-5,686.09%	146.19%	168.46%	-46.14%	-27.00%	-435.69%	0.26%	-11.06%	-10.84%
Invested Capital Q/Q Growth	50.99%	43.95%	3.95%	-375.97%	2.87%	39.39%	40.08%	130.81%	56.71%	229.57%	61.17%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	68.90%	69.36%	71.26%	68.76%	70.27%	71.30%	74.26%	71.60%	71.77%	68.03%	68.88%
EBITDA Margin	56.33%	27.55%	-1.52%	-13.50%	39.72%	6.73%	43.74%	20.54%	25.74%	19.91%	14.46%
Operating Margin	16.68%	12.05%	22.28%	12.68%	23.71%	5.55%	19.78%	22.03%	17.24%	14.72%	7.05%
EBIT Margin	54.98%	23.80%	-3.56%	-15.70%	37.75%	4.02%	41.56%	18.27%	23.32%	17.40%	11.82%
Profit (Net Income) Margin	43.12%	26.43%	-12.23%	-21.09%	24.63%	7.37%	32.33%	8.03%	19.22%	5.64%	5.96%
Tax Burden Percent	83.53%	129.40%	172.26%	100.71%	79.83%	-301.15%	90.74%	64.61%	109.05%	46.71%	80.17%
Interest Burden Percent	93.89%	85.82%	199.76%	133.39%	81.74%	-60.94%	85.73%	68.05%	75.56%	69.40%	62.86%
Effective Tax Rate	16.47%	-29.40%	0.00%	0.00%	20.17%	0.00%	9.26%	35.39%	-9.05%	53.29%	19.83%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	66.49%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	66.65%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-82.70%
Return on Equity (ROE)	3.40%	5.92%	-20.04%	-14.54%	-9.70%	-0.07%	-33.32%	-32.57%	-33.76%	-41.41%	-16.22%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-490.83%	-333.35%	-112.93%	-95.47%
Operating Return on Assets (OROA)	93.82%	33.05%	-4.77%	-25.34%	58.07%	5.71%	58.46%	36.79%	42.93%	29.08%	20.94%
Return on Assets (ROA)	73.58%	36.70%	-16.41%	-34.04%	37.89%	10.47%	45.48%	16.18%	35.37%	9.43%	10.55%
Return on Common Equity (ROCE)	2.47%	4.61%	-13.07%	-12.84%	-9.31%	-0.06%	-32.20%	-33.74%	-35.66%	-44.63%	-17.84%
Return on Equity Simple (ROE_SIMPLE)	5.12%	0.00%	-36.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	6.35	7.13	7.30	4.36	9.73	1.94	8.79	6.96	9.02	3.19	2.54
NOPAT Margin	13.93%	15.59%	15.59%	8.87%	18.93%	3.89%	17.95%	14.23%	18.80%	6.87%	5.65%
Net Nonoperating Expense Percent (NNEP)	-37.50%	-15.72%	41.95%	26.58%	-5.91%	-3.78%	-14.51%	3.59%	-0.28%	0.76%	-0.17%
Return On Investment Capital (ROIC_SIMPLE)	-	9.34%	10.96%	-13.85%	-53.96%	36.90%	41.34%	26.86%	23.78%	5.63%	4.40%
Cost of Revenue to Revenue	31.10%	30.64%	28.74%	31.24%	29.73%	28.70%	25.74%	28.40%	28.23%	31.97%	31.12%
SG&A Expenses to Revenue	52.22%	57.30%	48.98%	56.08%	46.56%	65.74%	54.48%	49.57%	54.53%	53.32%	61.84%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	52.22%	57.30%	48.98%	56.08%	46.56%	65.74%	54.48%	49.57%	54.53%	53.32%	61.84%
Earnings before Interest and Taxes (EBIT)	25	11	-1.66	-7.72	19	2.00	20	8.93	11	8.07	5.31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	26	13	-0.71	-6.64	20	3.35	21	10	12	9.24	6.50
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.72	1.94	2.31	2.48	1.57	1.70	0.91	1.02	0.76	0.62	0.28
Price to Earnings (P/E)	29.84	108.39	72.53	115.39	42.09	106.37	8.66	6.50	5.15	4.39	3.42
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.35%	0.92%	1.38%	0.87%	2.38%	0.94%	11.55%	15.39%	19.41%	22.78%	29.22%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	46.84	23.41	6.45	3.09
Enterprise Value to Revenue (EV/Rev)	1.80	2.03	2.43	2.93	1.95	2.07	1.26	1.48	1.18	1.09	0.86
Enterprise Value to EBITDA (EV/EBITDA)	10.52	37.51	16.42	17.76	14.69	24.84	6.53	5.34	4.90	3.95	4.25
Enterprise Value to EBIT (EV/EBIT)	11.37	60.28	19.20	20.68	18.03	33.92	7.40	5.82	5.44	4.32	4.83
Enterprise Value to NOPAT (EV/NOPAT)	9.03	18.75	19.64	22.69	14.68	284.82	8.22	8.85	6.95	7.02	7.10
Enterprise Value to Operating Cash Flow (EV/OCF)	15.30	13.99	21.42	22.46	9.46	9.01	5.68	7.11	5.77	5.96	4.96
Enterprise Value to Free Cash Flow (EV/FCFF)	10.46	27.74	0.00	15.25	6.35	17.83	6.48	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-2.23	-3.09	-2.48	-0.78	-0.86	-1.05	-1.25	-1.33	-1.58	-2.12	-2.20
Long-Term Debt to Equity	-2.11	-2.92	-2.34	-0.73	-0.81	-0.99	-1.18	-1.25	-1.48	-2.00	-2.07
Financial Leverage	-0.58	-0.66	-0.48	-0.52	-0.56	-0.66	-0.75	-0.77	-0.76	-0.99	-1.24
Leverage Ratio	-2.12	-2.82	-2.17	-1.08	-1.41	-2.00	-2.19	-0.90	-1.11	-1.51	-1.60
Compound Leverage Factor	-1.99	-2.42	-4.33	-1.44	-1.15	1.22	-1.87	-0.61	-0.84	-1.05	-1.01
Debt to Total Capital	181.41%	147.88%	167.40%	-349.80%	-603.56%	2,047.04%	498.79%	404.45%	272.68%	188.99%	183.08%
Short-Term Debt to Total Capital	9.92%	8.19%	9.38%	-19.85%	-34.67%	119.07%	29.38%	24.14%	16.49%	11.04%	10.83%
Long-Term Debt to Total Capital	171.48%	139.69%	158.02%	-329.95%	-568.89%	1,927.97%	469.40%	380.31%	256.19%	177.95%	172.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-17.05%	-9.37%	-14.26%	-5.37%	-19.52%	71.02%	24.23%	24.19%	19.21%	14.38%	14.10%
Common Equity to Total Capital	-64.36%	-38.51%	-53.14%	455.17%	723.08%	-2,018.06%	-423.02%	-328.64%	-191.89%	-103.36%	-97.18%
Debt to EBITDA	3.02	11.26	4.02	3.57	4.24	6.55	2.75	1.90	2.19	2.02	2.77
Net Debt to EBITDA	0.76	2.38	1.18	2.71	2.75	4.15	1.67	1.54	1.60	1.56	2.63
Long-Term Debt to EBITDA	2.86	10.63	3.80	3.36	4.00	6.17	2.59	1.78	2.06	1.90	2.61
Debt to NOPAT	2.60	5.63	4.81	4.55	4.24	75.08	3.47	3.14	3.11	3.58	4.63
Net Debt to NOPAT	0.65	1.19	1.41	3.46	2.75	47.59	2.10	2.56	2.27	2.77	4.40
Long-Term Debt to NOPAT	2.45	5.32	4.54	4.30	4.00	70.71	3.26	2.96	2.92	3.37	4.36
Altman Z-Score	3.53	3.06	2.80	1.05	1.89	1.58	1.93	1.77	1.80	1.95	1.93
Noncontrolling Interest Sharing Ratio	27.40%	22.11%	34.79%	11.70%	4.05%	2.47%	3.35%	-3.61%	-5.62%	-7.78%	-10.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.69	5.51	4.75	1.34	1.50	1.32	1.42	0.98	1.01	1.22	1.29
Quick Ratio	3.82	4.31	3.61	0.74	1.00	0.91	1.02	0.57	0.64	0.69	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.34	0.63	-35	16	43	23	17	-57	-57	-63	-70
Operating Cash Flow to CapEx	33.06%	692.83%	699.43%	349.26%	788.04%	1,145.19%	349.95%	361.16%	2,039.42%	320.18%	334.08%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.71	1.39	1.34	1.61	1.54	1.42	1.41	2.01	1.84	1.67	1.77
Accounts Receivable Turnover	24.85	26.95	23.91	23.35	20.68	27.31	25.26	23.73	23.77	26.51	24.82
Inventory Turnover	6.73	4.06	4.03	4.28	4.26	3.62	3.54	3.56	3.31	3.24	3.37
Fixed Asset Turnover	141.44	136.19	107.10	67.05	53.88	48.15	37.69	27.55	24.65	21.69	19.71
Accounts Payable Turnover	10.27	14.00	12.41	8.59	11.54	11.66	15.21	11.56	12.38	8.68	9.72
Days Sales Outstanding (DSO)	14.69	13.54	15.26	15.63	17.65	13.36	14.45	15.38	15.36	13.77	14.71
Days Inventory Outstanding (DIO)	54.21	89.84	90.66	85.21	85.69	100.94	103.11	102.51	110.20	112.81	108.18
Days Payable Outstanding (DPO)	35.54	26.07	29.41	42.47	31.63	31.29	23.99	31.58	29.48	42.05	37.55
Cash Conversion Cycle (CCC)	33.35	77.31	76.51	58.38	71.71	83.01	93.57	86.31	96.08	84.53	85.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-23	-13	-12	-58	-56	-34	-20	6.30	9.87	33	52
Invested Capital Turnover	-8.64	-11.64	-5.62	-3.60	-4.90	-8.43	-12.23	-7.71	-8.44	-243.16	11.77
Increase / (Decrease) in Invested Capital	6.01	6.50	42	-12	-34	-21	-8.26	64	66	67	73
Enterprise Value (EV)	397	376	456	549	377	408	252	295	231	210	162
Market Capitalization	380	359	432	463	303	336	182	203	148	119	53
Book Value per Share	($0.55)	($0.40)	($0.48)	($2.31)	($2.40)	($1.95)	($1.64)	($1.68)	($1.47)	($1.28)	($1.42)
Tangible Book Value per Share	($0.62)	($0.47)	($0.70)	($2.57)	($2.70)	($2.23)	($1.91)	($1.96)	($1.75)	($1.60)	($1.79)
Total Capital	63	76	67	-31	-18	5.25	21	26	38	57	58
Total Debt	114	113	112	110	109	107	106	105	103	107	106
Total Long-Term Debt	108	107	105	104	103	101	100	98	97	101	99
Net Debt	29	24	33	84	71	68	64	85	75	83	100
Capital Expenditures (CapEx)	0.48	1.00	1.05	2.85	1.97	1.08	1.85	1.96	0.69	2.36	1.17
Debt-free, Cash-free Net Working Capital (DFCFNWC)	13	17	18	-4.67	-8.50	-16	-15	-14	-21	-8.19	9.06
Debt-free Net Working Capital (DFNWC)	99	106	97	22	30	23	26	5.22	7.07	16	14
Net Working Capital (NWC)	93	100	90	16	23	17	20	-1.03	0.82	9.68	8.13
Net Nonoperating Expense (NNE)	-13	-4.95	13	15	-2.93	-1.74	-7.05	3.03	-0.20	0.57	-0.14
Net Nonoperating Obligations (NNO)	29	24	33	84	71	68	64	85	75	83	100
Total Depreciation and Amortization (D&A)	0.62	1.71	0.95	1.08	1.01	1.35	1.07	1.11	1.16	1.17	1.19
Debt-free, Cash-free Net Working Capital to Revenue	6.03%	9.37%	9.48%	-2.49%	-4.40%	-8.36%	-7.64%	-7.23%	-10.73%	-4.26%	4.82%
Debt-free Net Working Capital to Revenue	44.70%	57.39%	51.54%	11.62%	15.40%	11.59%	13.27%	2.62%	3.61%	8.29%	7.64%
Net Working Capital to Revenue	41.88%	54.02%	48.21%	8.28%	12.16%	8.42%	10.14%	-0.52%	0.42%	5.04%	4.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.25	$0.52	($0.06)	($0.19)	$0.34	$0.00	$0.44	$0.10	$0.26	$0.06	$0.07
Adjusted Weighted Average Basic Shares Outstanding	30.33M	25.71M	34.62M	33.07M	31.05M	34.27M	31.49M	31.63M	31.33M	31.28M	30.65M
Adjusted Diluted Earnings per Share	$0.24	$0.53	($0.06)	($0.19)	$0.33	$0.01	$0.37	$0.10	$0.22	$0.05	$0.06
Adjusted Weighted Average Diluted Shares Outstanding	31.04M	25.71M	34.62M	33.07M	32.26M	34.27M	36.95M	31.74M	36.71M	36.67M	36.00M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	72.76M	74.53M	62.04M	54.22M	54.34M	54.71M	50.61M	49.44M	45.66M	39.55M	37.58M
Normalized Net Operating Profit after Tax (NOPAT)	6.35	3.86	7.30	4.36	9.73	1.94	8.79	6.96	5.79	4.78	2.54
Normalized NOPAT Margin	13.93%	8.44%	15.59%	8.87%	18.93%	3.89%	17.95%	14.23%	12.07%	10.30%	5.65%
Pre Tax Income Margin	51.62%	20.42%	-7.10%	-20.94%	30.86%	-2.45%	35.63%	12.43%	17.62%	12.07%	7.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-475.60%	-309.95%	44.07%	40.38%	66.68%	10,313.04%	24.78%	5.91%	5.17%	5.47%	7.80%
Augmented Payout Ratio	-475.60%	-309.95%	75.76%	76.21%	131.48%	22,484.78%	31.77%	5.91%	15.53%	16.12%	31.87%

Financials Breakdown Chart

Key Financial Trends

biote Corp. (NASDAQ: BTMD) has shown a mixed but notable shift in recent quarters. Revenue has been fairly steady, operating profitability improved from the weak first half of 2024, and the company generated solid operating cash flow in most periods. However, BTMD still carries a heavy debt load, and its balance sheet remains highly levered with negative common equity.

What stands out most: the business appears to be stabilizing operationally, but the financial structure is still risky. Earnings swung sharply from losses in early 2024 to stronger profits in late 2024 and early 2025, before settling back to modest profitability in Q1 2026. Meanwhile, cash on hand has fallen materially since early 2025, partly due to debt repayment and equity repurchases.

Q1 2026 operating revenue was $44.9 million, showing the company is still producing a meaningful top line.
Q1 2026 operating income was $3.2 million, indicating the core business remained profitable before non-operating items.
Q1 2026 operating cash flow was $3.9 million, a healthy conversion of earnings into cash.
For full-year comparison, margins improved meaningfully in late 2024 and early 2025, including Q1 2025 operating income of $9.7 million and Q3 2025 operating cash flow of $14.1 million.
Gross profit has remained relatively stable over the last year, with gross margin generally around the low- to mid-60% range.
The company has been reducing debt in several periods, which is a positive step for long-term balance sheet repair.
Revenue has been fairly range-bound, moving from about $45.6 million to $51.4 million across the last several comparable quarters.
Depreciation and amortization are steady and modest relative to revenue, suggesting no sudden change in asset intensity.
Earnings have been volatile, with large swings influenced by other income/expense and tax items.
BTMD’s balance sheet remains highly leveraged, with total liabilities of $137.0 million at Q1 2026 versus total assets of $89.0 million.
Common equity was deeply negative at Q1 2026, at about $(56.1) million, which signals a weak equity position.
Cash fell to $5.3 million in Q1 2026 from $41.7 million in Q1 2025, reflecting significant cash usage over the past year.
Long-term debt was still high at $99.4 million in Q1 2026, and short-term debt added another $6.3 million.
Q1 2026 financing cash flow was a large outflow of $21.5 million, driven by debt repayment, preferred equity repurchases, common stock repurchases, and dividends.
Q1 2026 net cash changed by $(18.8) million, indicating cash burn at the total-company level despite positive operating cash flow.

Quarter-over-quarter trend: Q1 2026 was weaker than Q4 2025 on revenue and operating income, but still profitable. Revenue fell from $46.4 million in Q4 2025 to $44.9 million in Q1 2026, while operating income dropped from $6.8 million to $3.2 million. Net income also eased from $2.6 million to $2.7 million, but the company remained in the black.

Longer-term trend: BTMD appears to have moved from a difficult first half of 2024, when Q2 2024 posted a net loss of $10.4 million and negative operating cash flow was avoided only by strong non-cash adjustments, into a much stronger second half of 2024 and early 2025. The latest quarter shows the company is still profitable, but the balance sheet and cash position remain the biggest concerns for retail investors.

Bottom line: BTMD’s operating business looks more resilient than it did a year ago, but the stock still carries meaningful financial risk because of leverage, negative equity, and shrinking cash. Investors will likely want to see continued operating profitability and better free cash flow before getting more comfortable with the story.

07/14/26 03:08 PM ETAI Generated. May Contain Errors.

biote Financials - Frequently Asked Questions

According to the most recent income statement we have on file, biote's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

biote's net income appears to be on a downward trend, with a most recent value of $31.60 million in 2025, falling from $32.62 million in 2021. The previous period was $46 thousand in 2024. View biote's forecast to see where analysts expect biote to go next.

biote's total operating income in 2025 was $35.55 million, based on the following breakdown:

Total Gross Profit: $137.36 million
Total Operating Expenses: $101.81 million

Over the last 4 years, biote's total revenue changed from $0.00 in 2021 to $192.22 million in 2025, a change of 19,221,900,000.0%.

biote's total liabilities were at $158.01 million at the end of 2025, a 29.6% decrease from 2024, and a 128,887.8% increase since 2020.

In the past 5 years, biote's cash and equivalents has ranged from $1.59 thousand in 2020 to $89.00 million in 2023, and is currently $24.12 million as of their latest financial filing in 2025.

Over the last 4 years, biote's book value per share changed from 0.10 in 2021 to -1.28 in 2025, a change of -1,333.9%.

Related Companies

Financial statements for NASDAQ:BTMD last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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biote (BTMD) Financials

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biote (BTMD) Financials

Annual Income Statements for biote

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Quarterly Cash Flow Statements for biote

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Quarterly Balance Sheets for biote

Annual Metrics And Ratios for biote

Quarterly Metrics And Ratios for biote

Financials Breakdown Chart

Key Financial Trends

biote Financials - Frequently Asked Questions

When does biote's fiscal year end?

How has biote's net income changed over the last 4 years?

What is biote's operating income?

How has biote's revenue changed over the last 4 years?

How much debt does biote have?

How much cash does biote have?

How has biote's book value per share changed over the last 4 years?

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