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Digimarc (DMRC) Financials

Digimarc logo
$6.36 -0.40 (-5.92%)
Closing price 04:00 PM Eastern
Extended Trading
$6.40 +0.03 (+0.55%)
As of 07:30 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Digimarc

Annual Income Statements for Digimarc

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

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -16 -18 -22 -26 -33 -33 -21 -35 -60 -46 -39
Consolidated Net Income / (Loss)		 -16 -18 -22 -26 -33 -33 -33 -35 -60 -46 -39
Net Income / (Loss) Continuing Operations		 -16 -18 -22 -26 -33 -33 -33 -35 -60 -46 -39
Total Pre-Tax Income 		-15 -18 -22 -26 -32 -33 -33 -35 -60 -46 -39
Total Operating Income		 -15 -18 -22 -27 -34 -34 -33 -40 -62 -48 -41
Total Gross Profit		 17 13 13 17 13 15 16 18 15 20 24
Total Revenue		 26 22 22 25 21 23 24 27 30 35 38
Operating Revenue		 26 22 22 25 21 23 24 27 30 35 38
Total Cost of Revenue		 8.43 8.95 8.50 8.56 8.43 8.04 7.93 8.78 15 15 14
Operating Cost of Revenue		 8.43 8.95 8.50 8.56 8.43 8.04 7.93 8.78 15 15 14
Total Operating Expenses		 32 31 35 43 46 49 49 58 77 68 66
Selling, General & Admin Expense		 8.97 7.95 8.30 9.68 9.90 12 13 20 19 18 17
Marketing Expense		 7.97 9.28 12 17 19 20 19 20 30 22 21
Research & Development Expense		 14 12 13 15 16 16 17 18 26 27 26
Amortization Expense		 - - - - - - - 0.00 1.06 1.07 1.10
Impairment Charge		 - - - - - - - 0.00 0.92 0.25 0.00
Total Other Income / (Expense), net		 0.06 0.11 0.26 0.59 1.06 0.91 0.55 5.12 2.11 2.45 2.34
Other Income / (Expense), net		 - - - - - - 0.28 0.03 2.11 2.45 2.34
Income Tax Expense		 0.65 0.07 0.01 -0.21 0.04 -0.02 0.00 0.02 0.10 0.20 0.04
Basic Earnings per Share		 ($2.22) ($2.19) ($2.36) ($2.44) ($2.86) ($2.79) ($3.41) ($2.11) ($3.12) ($2.26) ($1.83)
Weighted Average Basic Shares Outstanding		 7.19M 8.20M 9.19M 10.57M 11.36M 11.76M 12.91M 16.46M 19.14M 20.32M 21.26M
Diluted Earnings per Share		 ($2.22) ($2.19) ($2.36) ($2.44) ($2.86) ($2.79) ($3.41) ($2.11) ($3.12) ($2.26) ($1.83)
Weighted Average Diluted Shares Outstanding		 7.19M 8.20M 9.19M 10.57M 11.36M 11.76M 12.91M 16.46M 19.14M 20.32M 21.26M
Weighted Average Basic & Diluted Shares Outstanding		 7.10M 8.20M 10.69M 11.86M 12.13M 12.61M 16.85M 17.69M 20.27M 20.44M 21.55M

Quarterly Income Statements for Digimarc

This table shows Digimarc'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 Q1 2026 Q2 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 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -11 -11 -10 -9.27 -11 -8.65 -12 -8.22 -8.15 -6.97 -12
Consolidated Net Income / (Loss)		 -11 -11 -10 -9.27 -11 -8.65 -12 -8.22 -8.15 -6.97 -12
Net Income / (Loss) Continuing Operations		 -11 -11 -10 -9.27 -11 -8.65 -12 -8.22 -8.15 -6.97 -12
Total Pre-Tax Income 		-11 -10 -10 -9.26 -11 -8.63 -12 -8.22 -8.15 -6.97 -12
Total Operating Income		 -11 -11 -11 -9.98 -11 -9.10 -12 -8.43 -8.36 -7.14 -12
Total Gross Profit		 5.22 5.83 6.21 6.86 5.90 5.27 6.09 4.71 4.45 4.54 4.30
Total Revenue		 8.99 9.28 9.94 10 9.44 8.66 9.37 8.01 7.63 7.58 7.39
Operating Revenue		 8.99 9.28 9.94 10 9.44 8.66 9.37 8.01 7.63 7.58 7.39
Total Cost of Revenue		 3.77 3.46 3.73 3.52 3.55 3.39 3.28 3.30 3.18 3.04 3.09
Operating Cost of Revenue		 3.77 3.46 3.73 3.52 3.55 3.39 3.28 3.30 3.18 3.04 3.09
Total Operating Expenses		 16 17 17 17 17 14 18 13 13 12 17
Selling, General & Admin Expense		 4.43 4.66 4.52 4.31 4.86 3.38 5.18 5.08 5.36 5.56 10
Marketing Expense		 5.37 5.64 5.54 5.62 5.64 4.38 5.08 3.23 2.85 2.08 2.41
Research & Development Expense		 6.31 6.28 6.74 6.64 6.49 6.34 7.63 4.54 4.32 3.75 3.65
Amortization Expense		 0.27 0.27 0.27 0.27 0.28 0.27 0.27 0.29 0.29 0.29 0.29
Total Other Income / (Expense), net		 0.48 0.58 0.53 0.72 0.62 0.47 0.37 0.21 0.22 0.17 0.23
Other Income / (Expense), net		 0.48 0.58 0.53 0.72 0.62 0.47 0.37 0.21 0.22 0.17 0.23
Income Tax Expense		 0.05 0.14 0.01 0.01 0.00 0.02 0.02 0.00 0.01 0.00 -0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - - - - - - 0.00 - - -0.02
Basic Earnings per Share		 ($0.53) ($0.50) ($0.50) ($0.43) ($0.50) ($0.40) ($0.55) ($0.38) ($0.38) ($0.32) ($0.54)
Weighted Average Basic Shares Outstanding		 20.22M 20.32M 20.73M 21.39M 21.44M 21.26M 21.52M 21.61M 21.71M 22.01M 22.27M
Diluted Earnings per Share		 ($0.53) ($0.50) ($0.50) ($0.43) ($0.50) ($0.40) ($0.55) ($0.38) ($0.38) ($0.32) ($0.54)
Weighted Average Diluted Shares Outstanding		 20.22M 20.32M 20.73M 21.39M 21.44M 21.26M 21.52M 21.61M 21.71M 22.01M 22.27M
Weighted Average Basic & Diluted Shares Outstanding		 20.36M 20.44M 21.37M 21.42M 21.45M 21.55M 21.55M - 21.76M 22.24M 22.48M

Annual Cash Flow Statements for Digimarc

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

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 2.31 -2.96 8.48 29 -14 -16 8.48 -5.91 20 -12 -9.09
Net Cash From Operating Activities		 -6.73 -9.74 -14 -18 -21 -22 -20 -26 -44 -22 -27
Net Cash From Continuing Operating Activities		 -6.73 -9.74 -14 -18 -21 -22 -20 -26 -44 -22 -27
Net Income / (Loss) Continuing Operations		 -16 -18 -22 -26 -33 -33 -33 -35 -60 -46 -39
Consolidated Net Income / (Loss)		 -16 -18 -22 -26 -33 -33 -33 -35 -60 -46 -39
Depreciation Expense		 0.97 1.24 1.34 1.43 1.55 1.45 1.53 1.37 1.37 1.12 0.73
Amortization Expense		 1.34 1.20 1.12 1.00 0.59 1.92 1.45 1.82 7.21 7.01 6.87
Non-Cash Adjustments To Reconcile Net Income		 5.40 5.08 5.55 6.76 7.30 8.21 9.12 6.90 12 11 10
Changes in Operating Assets and Liabilities, net		 1.37 0.68 -0.20 -1.02 1.86 -0.44 0.51 -1.45 -5.48 4.41 -5.20
Net Cash From Investing Activities		 -4.39 -5.19 -15 19 8.50 -12 -34 26 3.76 13 -11
Net Cash From Continuing Investing Activities		 -4.39 -5.19 -15 19 8.50 -12 -34 26 3.76 13 -11
Purchase of Property, Plant & Equipment		 -1.40 -1.22 -1.84 -2.19 -1.29 -1.06 -1.02 -0.97 -0.93 -0.31 -0.21
Acquisitions		 -1.19 -0.90 -0.79 -0.82 -0.75 -0.66 -0.61 -0.61 -4.05 -0.43 -0.43
Purchase of Investments		 -30 -45 -54 -38 -24 -51 -76 -55 -13 -14 -33
Sale and/or Maturity of Investments		 28 42 41 60 35 41 43 82 21 28 23
Net Cash From Financing Activities		 13 12 38 28 -0.83 17 63 -5.77 60 -2.76 29
Net Cash From Continuing Financing Activities		 13 12 38 28 -0.83 17 63 -5.77 60 -2.76 29
Repayment of Debt		 - - - - - - - 0.00 -0.04 -0.04 -0.04
Repurchase of Common Equity		 -2.39 -2.44 -2.54 -3.03 -2.09 -3.51 -3.76 -5.77 -2.36 -2.72 -3.42
Issuance of Common Equity		 16 13 40 30 0.00 20 39 0.00 63 0.00 32
Other Net Changes in Cash		 - - - - - - - 0.00 -0.04 0.05 -0.00
Cash Income Taxes Paid		 0.26 1.23 -0.04 -0.04 0.09 0.09 0.02 -0.04 -0.06 -0.23 -0.06

Quarterly Cash Flow Statements for Digimarc

This table details how cash moves in and out of Digimarc'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 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 3/31/2026
Net Change in Cash & Equivalents		 5.51 -11 15 -5.82 -5.04 -13 -3.46 1.21 -1.01 -1.00
Net Cash From Operating Activities		 -0.19 -5.32 -8.42 -6.83 -7.09 -4.24 -5.49 -4.69 -2.60 -1.85
Net Cash From Continuing Operating Activities		 -0.19 -5.32 -8.42 -6.83 -7.09 -4.24 -5.49 -4.69 -2.60 -1.85
Net Income / (Loss) Continuing Operations		 -11 -11 -10 -9.27 -11 -8.65 -12 -8.22 -8.15 -6.97
Consolidated Net Income / (Loss)		 -11 -11 -10 -9.27 -11 -8.65 -12 -8.22 -8.15 -6.97
Depreciation Expense		 0.22 0.21 0.19 0.20 0.18 0.16 0.15 0.14 0.15 0.15
Amortization Expense		 1.87 1.73 1.77 1.66 1.76 1.69 1.69 2.04 1.96 1.94
Non-Cash Adjustments To Reconcile Net Income		 2.69 3.03 2.81 2.41 2.82 2.01 1.26 4.08 4.24 2.03
Changes in Operating Assets and Liabilities, net		 5.75 0.29 -2.86 -1.82 -1.08 0.56 3.14 -2.73 -0.78 0.99
Net Cash From Investing Activities		 6.53 -4.97 -7.03 1.57 2.55 -8.37 3.56 6.37 2.04 1.78
Net Cash From Continuing Investing Activities		 6.53 -4.97 -7.03 1.57 2.55 -8.37 3.56 6.37 2.04 1.78
Purchase of Property, Plant & Equipment		 -0.09 -0.11 -0.11 -0.03 -0.07 -0.01 -0.06 -0.20 -0.22 -0.04
Acquisitions		 -0.10 -0.13 -0.11 -0.09 -0.12 -0.12 -0.09 -0.12 -0.26 -0.08
Purchase of Investments		 - -5.70 -10 -4.43 -4.62 -14 -2.86 -0.49 0.91 -0.23
Sale and/or Maturity of Investments		 6.71 0.97 3.50 6.12 7.36 5.58 6.56 7.18 1.61 2.13
Net Cash From Financing Activities		 -0.77 -0.69 30 -0.55 -0.58 -0.53 -1.56 -0.51 -0.43 -0.89
Net Cash From Continuing Financing Activities		 -0.77 -0.69 30 -0.55 -0.58 -0.53 -1.56 -0.51 -0.43 -0.89
Repayment of Debt		 -0.02 -0.00 -0.02 -0.00 -0.02 -0.00 -0.02 -0.00 -0.01 -0.00
Repurchase of Common Equity		 -0.76 -0.69 -1.78 -0.55 -0.56 -0.53 -1.55 -0.50 -0.42 -0.89
Other Net Changes in Cash		 - 0.10 - - - - 0.03 - - -0.05
Cash Income Taxes Paid		 -0.01 -0.10 -0.02 -0.03 -0.00 -0.01 -0.00 -0.03 -0.00 -0.00

Annual Balance Sheets for Digimarc

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 56 79 88 62 57 97 65 114 81 76 53
Total Current Assets		 42 63 76 50 43 84 44 64 37 39 21
Cash & Equivalents		 3.16 12 41 27 11 20 14 34 21 12 9.82
Short-Term Investments		 33 44 27 16 26 58 20 19 5.73 16 3.05
Accounts Receivable		 4.62 5.08 6.40 3.89 4.02 3.91 8.37 5.43 5.81 6.41 6.51
Other Current Assets		 1.49 1.70 2.17 2.10 2.46 2.20 2.32 6.17 4.09 4.19 1.96
Plant, Property, & Equipment, net		 3.01 3.57 4.24 3.96 3.65 3.27 2.88 2.39 1.57 1.04 1.10
Total Noncurrent Assets		 11 12 7.82 8.19 10 9.92 18 47 42 35 31
Goodwill		 1.11 1.11 1.11 1.11 1.11 1.11 1.11 8.23 8.64 8.53 9.06
Intangible Assets		 6.61 6.42 6.38 6.65 6.67 6.61 6.61 33 28 22 17
Other Noncurrent Operating Assets		 0.34 0.33 0.33 0.43 2.66 2.20 10 5.85 4.80 4.67 4.41
Total Liabilities & Shareholders' Equity		 56 79 88 62 57 97 65 114 81 76 53
Total Liabilities		 4.91 5.40 6.02 5.17 7.94 13 9.50 16 19 14 13
Total Current Liabilities		 4.68 4.45 5.04 4.32 5.44 9.78 7.72 10 13 9.14 8.35
Accounts Payable		 1.66 1.52 1.91 1.09 2.27 2.83 4.73 5.99 6.67 5.12 4.36
Current Deferred Revenue		 3.02 2.92 3.12 3.23 3.17 3.00 2.99 4.15 5.85 4.02 3.99
Total Noncurrent Liabilities		 0.23 0.96 0.99 0.85 2.49 3.41 1.78 6.05 6.10 5.27 4.38
Other Noncurrent Operating Liabilities		 0.23 0.96 0.99 0.85 - - 1.78 6.05 6.10 5.27 4.38
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 51 73 82 57 49 84 55 98 62 61 40
Total Preferred & Common Equity		 51 73 82 57 49 84 55 98 62 61 40
Preferred Stock		 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05
Total Common Equity		 51 73 82 57 49 84 55 98 62 61 40
Common Stock		 77 121 156 162 188 255 261 368 376 415 425
Retained Earnings		 -26 -48 -74 -106 -139 -171 -206 -266 -312 -351 -383
Accumulated Other Comprehensive Income / (Loss)		 - - - - - - 0.00 -4.36 -2.56 -2.98 -1.42
Noncontrolling Interest		 - - - - - - - - - - 0.00

Quarterly Balance Sheets for Digimarc

This table presents Digimarc'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 Q2 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 6/30/2026
Total Assets		 89 100 93 85 67 61 55 49 46
Total Current Assets		 45 58 53 45 31 25 22 19 18
Cash & Equivalents		 32 36 31 26 8.90 10 9.10 8.82 6.93
Short-Term Investments		 1.00 13 11 8.13 13 5.98 3.46 1.15 1.82
Accounts Receivable		 7.04 5.22 8.07 6.97 6.47 6.36 6.32 7.09 6.46
Other Current Assets		 4.58 3.80 3.65 4.14 2.88 2.66 2.87 1.99 2.62
Plant, Property, & Equipment, net		 1.66 1.45 1.26 1.16 0.91 1.04 1.23 0.99 0.87
Total Noncurrent Assets		 42 40 39 39 35 35 32 28 27
Goodwill		 8.32 8.58 8.59 9.03 8.75 9.21 9.06 8.92 8.94
Intangible Assets		 29 27 25 25 21 21 19 15 14
Other Noncurrent Operating Assets		 4.94 5.04 5.08 5.21 4.77 4.79 4.63 4.31 4.43
Total Liabilities & Shareholders' Equity		 89 100 93 85 67 61 55 49 46
Total Liabilities		 20 15 16 15 17 14 14 14 16
Total Current Liabilities		 14 9.36 10 9.38 11 9.43 9.44 10 12
Accounts Payable		 6.21 4.10 5.69 5.97 6.73 5.47 5.60 6.00 7.85
Current Deferred Revenue		 7.32 5.26 4.81 3.41 4.71 3.95 3.84 4.23 4.61
Total Noncurrent Liabilities		 6.44 5.89 5.71 5.48 5.06 4.84 4.61 4.21 3.94
Other Noncurrent Operating Liabilities		 6.44 5.89 5.71 5.48 5.06 4.84 4.61 4.21 3.94
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 69 84 77 70 50 46 41 34 29
Total Preferred & Common Equity		 69 84 77 70 50 46 41 34 29
Preferred Stock		 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05
Total Common Equity		 69 84 77 70 50 46 41 34 29
Common Stock		 374 409 411 414 415 418 422 426 433
Retained Earnings		 -301 -322 -331 -342 -363 -371 -379 -390 -402
Accumulated Other Comprehensive Income / (Loss)		 -3.84 -2.97 -2.86 -1.26 -2.32 -0.95 -1.40 -1.74 -1.81
Noncontrolling Interest		 - - - - - - - - 0.13

Annual Metrics And Ratios for Digimarc

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

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -26.62% -13.52% -1.78% 15.69% -15.95% 8.47% 4.36% 10.55% 13.87% 15.41% 10.24%
EBITDA Growth		 -2,951.77% -20.41% -25.21% -24.03% -30.00% 3.23% 2.66% -23.97% -39.50% 26.40% 16.63%
EBIT Growth		 -531.14% -18.09% -21.93% -21.19% -26.20% -0.62% 3.54% -22.44% -49.86% 23.36% 14.84%
NOPAT Growth		 -531.14% -18.09% -21.93% -21.19% -26.20% -0.62% 2.72% -21.49% -55.04% 22.01% 14.31%
Net Income Growth		 -3,020.32% -13.36% -20.84% -18.91% -26.13% -1.03% 0.92% -6.83% -72.04% 23.14% 15.12%
EPS Growth		 -2,120.00% 1.35% -7.76% -3.39% -17.21% 2.45% -22.22% 38.12% -47.87% 27.56% 19.03%
Operating Cash Flow Growth		 -293.87% -44.66% -42.34% -27.03% -20.44% -2.32% 8.13% -30.99% -70.04% 50.47% -20.81%
Free Cash Flow Firm Growth		 -110.76% -50.71% -35.10% -28.44% -6.96% -18.16% 17.33% -71.21% -81.59% 64.62% -14.32%
Invested Capital Growth		 -17.90% -6.33% 4.37% 14.06% -11.29% 16.73% -10.95% 63.71% 104.26% -22.87% -6.09%
Revenue Q/Q Growth		 -3.62% -3.68% 0.76% -1.26% 1.77% 0.40% 0.99% 6.30% 0.31% 6.30% -1.60%
EBITDA Q/Q Growth		 -5.47% -7.35% -3.94% -12.69% 0.98% 1.88% 1.74% -1.89% -3.34% 11.17% 5.18%
EBIT Q/Q Growth		 -5.66% -6.41% -2.79% -11.69% 1.18% -1.85% 3.89% -0.98% -5.22% 9.41% 4.43%
NOPAT Q/Q Growth		 -5.66% -6.41% -2.79% -11.69% 1.18% -1.85% 3.08% -1.05% -8.93% 4.56% 4.44%
Net Income Q/Q Growth		 0.00% 0.00% -2.13% -11.29% 1.08% -2.08% 2.60% -1.25% -7.56% 3.92% 4.70%
EPS Q/Q Growth		 -94.74% 22.61% 3.28% -9.42% 2.05% -0.72% -23.55% 29.19% -2.63% 3.42% 5.18%
Operating Cash Flow Q/Q Growth		 5.14% -24.03% -18.49% 6.80% -7.68% 0.76% 1.15% -12.71% 0.30% 9.11% 3.91%
Free Cash Flow Firm Q/Q Growth		 46.23% -157.26% -14.59% 4.38% -5.50% -13.25% 14.65% -5.12% 3.78% -14.99% 14.05%
Invested Capital Q/Q Growth		 -34.95% -4.75% 8.41% -11.44% -3.50% 16.28% -5.69% 3.16% -10.83% -2.27% -10.54%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 67.14% 59.68% 61.01% 66.06% 60.24% 65.04% 66.93% 66.90% 50.74% 57.86% 63.09%
EBITDA Margin		 -50.31% -70.05% -89.31% -95.74% -148.08% -132.11% -123.22% -138.18% -169.30% -107.97% -81.66%
Operating Margin		 -59.33% -81.02% -100.58% -105.36% -158.19% -146.74% -136.78% -150.32% -204.69% -138.32% -107.52%
EBIT Margin		 -59.33% -81.02% -100.58% -105.36% -158.19% -146.74% -135.62% -150.21% -197.71% -131.29% -101.43%
Profit (Net Income) Margin		 -61.66% -80.82% -99.44% -102.21% -153.39% -142.86% -135.63% -131.07% -198.03% -131.87% -101.54%
Tax Burden Percent		 104.30% 100.37% 100.05% 99.21% 100.12% 100.06% 100.00% 100.05% 100.16% 100.45% 100.11%
Interest Burden Percent		 99.64% 99.39% 98.82% 97.79% 96.85% 97.30% 100.00% 87.21% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -73.34% -99.19% -122.36% -135.65% -170.25% -168.14% -160.63% -157.11% -128.96% -84.58% -85.83%
ROIC Less NNEP Spread (ROIC-NNEP)		 -59.39% -85.51% -109.67% -124.46% -154.02% -144.47% -142.36% -143.89% -90.45% -53.94% -49.72%
Return on Net Nonoperating Assets (RNNOA)		 42.65% 64.58% 87.63% 102.54% 123.46% 106.21% 111.81% 107.17% 50.77% 26.96% 22.55%
Return on Equity (ROE)		 -30.69% -34.61% -34.73% -33.11% -46.78% -61.92% -48.82% -49.93% -78.18% -57.62% -63.28%
Cash Return on Invested Capital (CROIC)		 -53.67% -92.65% -126.63% -148.79% -158.28% -183.58% -149.05% -205.43% -197.49% -58.76% -79.55%
Operating Return on Assets (OROA)		 -26.56% -31.60% -32.45% -31.79% -44.65% -56.61% -42.14% -49.21% -66.83% -47.09% -49.85%
Return on Assets (ROA)		 -27.61% -31.52% -32.08% -30.84% -43.30% -55.11% -42.14% -42.94% -66.94% -47.30% -49.91%
Return on Common Equity (ROCE)		 -30.66% -34.58% -34.71% -33.09% -46.75% -61.87% -48.79% -49.90% -78.13% -57.59% -63.23%
Return on Equity Simple (ROE_SIMPLE)		 -30.32% -34.85% -29.55% -31.30% -57.42% -66.41% -38.81% -62.76% -61.27% -74.21% -63.58%
Net Operating Profit after Tax (NOPAT)		 -11 -13 -15 -19 -23 -24 -23 -28 -43 -34 -29
NOPAT Margin		 -41.53% -56.71% -70.41% -73.75% -110.73% -102.72% -95.74% -105.23% -143.28% -96.83% -75.26%
Net Nonoperating Expense Percent (NNEP)		 -13.95% -13.67% -12.69% -11.19% -16.23% -23.67% -18.28% -13.22% -38.50% -30.64% -36.11%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - -54.49% -47.12%
Cost of Revenue to Revenue		 32.86% 40.32% 38.99% 33.94% 39.76% 34.96% 33.07% 33.10% 49.26% 42.14% 36.91%
SG&A Expenses to Revenue		 34.97% 35.85% 38.08% 38.39% 46.70% 53.68% 52.98% 74.03% 62.74% 51.85% 44.44%
R&D to Revenue		 53.44% 56.18% 61.46% 61.22% 75.36% 71.64% 72.17% 66.15% 87.72% 76.26% 68.22%
Operating Expenses to Revenue		 126.47% 140.70% 161.59% 171.42% 218.43% 211.78% 203.71% 217.23% 255.43% 196.18% 170.61%
Earnings before Interest and Taxes (EBIT)		 -15 -18 -22 -27 -34 -34 -33 -40 -60 -46 -39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -13 -16 -19 -24 -31 -30 -30 -37 -51 -38 -31
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.01 6.33 4.31 4.98 3.05 8.44 8.63 12.08 3.80 11.88 13.10
Price to Tangible Book Value (P/TBV)		 4.72 7.45 4.80 5.48 3.53 10.02 9.51 14.04 6.60 29.68 26.27
Price to Revenue (P/Rev)		 8.14 14.66 14.49 16.24 8.13 18.14 30.16 25.21 12.27 21.10 20.91
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 2.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 12.96 23.32 19.92 23.40 9.94 25.31 48.49 28.80 7.06 20.38 23.74
Enterprise Value to Revenue (EV/Rev)		 6.62 12.90 11.71 13.56 6.08 16.65 27.23 23.95 10.53 20.32 20.16
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.05 0.09 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.05 0.04 0.00 0.00 0.00 0.00
Financial Leverage		 -0.72 -0.76 -0.80 -0.82 -0.80 -0.74 -0.79 -0.74 -0.56 -0.50 -0.45
Leverage Ratio		 1.11 1.10 1.08 1.07 1.08 1.12 1.16 1.16 1.17 1.22 1.27
Compound Leverage Factor		 1.11 1.09 1.07 1.05 1.05 1.09 1.16 1.01 1.17 1.22 1.27
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 4.80% 8.07% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.33% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 4.80% 3.74% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.10% 0.10% 0.07% 0.06% 0.09% 0.10% 0.05% 0.09% 0.05% 0.08% 0.08%
Noncontrolling Interests 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%
Common Equity to Total Capital		 99.90% 99.90% 99.93% 99.94% 99.91% 95.10% 91.87% 99.91% 99.95% 99.92% 99.92%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 -0.08 -0.25 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 1.13 2.38 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 -0.08 -0.12 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 -0.11 -0.32 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 1.45 3.06 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 -0.11 -0.15 0.00 0.00 0.00 0.00
Altman Z-Score		 24.13 39.27 34.46 39.90 17.03 27.39 30.50 36.84 9.56 17.19 26.26
Noncontrolling Interest Sharing Ratio		 0.10% 0.10% 0.08% 0.06% 0.07% 0.09% 0.08% 0.07% 0.07% 0.06% 0.08%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 9.03 9.04 14.15 15.15 11.50 7.95 8.58 5.70 6.33 2.96 4.30
Quick Ratio		 8.51 8.72 13.77 14.72 11.01 7.50 8.35 5.40 5.72 2.63 3.85
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -7.80 -12 -16 -20 -22 -26 -21 -36 -66 -23 -27
Operating Cash Flow to CapEx		 -481.27% -799.67% -754.71% -804.89% -1,641.64% -2,057.06% -1,954.71% -2,703.52% -4,754.60% -7,004.78% -12,533.96%
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		 0.45 0.39 0.32 0.30 0.28 0.39 0.31 0.33 0.34 0.36 0.49
Accounts Receivable Turnover		 4.94 4.84 4.50 4.39 4.12 5.81 6.05 4.32 4.38 6.20 6.29
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 9.55 7.41 6.62 6.46 5.17 6.05 6.93 8.63 11.47 17.60 29.44
Accounts Payable Turnover		 5.74 5.89 5.34 4.98 5.61 4.78 3.11 2.32 2.78 2.32 2.41
Days Sales Outstanding (DSO)		 73.85 75.35 81.18 83.11 88.63 62.79 60.31 84.48 83.38 58.86 58.07
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 63.62 61.93 68.30 73.29 65.11 76.40 117.29 157.07 131.48 157.34 151.75
Cash Conversion Cycle (CCC)		 10.23 13.42 12.88 9.82 23.52 -13.61 -56.98 -72.59 -48.10 -98.48 -93.68
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 13 12 13 15 13 15 13 22 45 35 33
Invested Capital Turnover		 1.77 1.75 1.74 1.84 1.54 1.64 1.68 1.49 0.90 0.87 1.14
Increase / (Decrease) in Invested Capital		 -2.86 -0.83 0.54 1.80 -1.65 2.17 -1.66 8.58 23 -10 -2.12
Enterprise Value (EV)		 170 286 255 342 129 383 653 635 318 708 775
Market Capitalization		 209 325 316 410 172 417 724 668 370 735 803
Book Value per Share		 $6.77 $5.77 $6.96 $7.26 $4.76 $3.97 $5.47 $3.27 $4.87 $3.04 $2.86
Tangible Book Value per Share		 $5.76 $4.90 $6.25 $6.60 $4.11 $3.35 $4.97 $2.81 $2.80 $1.22 $1.43
Total Capital		 52 51 73 82 57 52 91 55 98 62 61
Total Debt		 0.00 0.00 0.00 0.00 0.00 2.49 7.36 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 2.49 3.41 0.00 0.00 0.00 0.00
Net Debt		 -39 -39 -61 -68 -44 -34 -70 -33 -53 -27 -29
Capital Expenditures (CapEx)		 1.40 1.22 1.84 2.19 1.29 1.06 1.02 0.97 0.93 0.31 0.21
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 2.12 1.42 2.33 3.54 1.67 1.03 0.28 2.97 1.47 -2.63 1.46
Debt-free Net Working Capital (DFNWC)		 40 38 58 71 45 38 78 36 54 25 30
Net Working Capital (NWC)		 40 38 58 71 45 38 74 36 54 25 30
Net Nonoperating Expense (NNE)		 5.16 5.35 6.33 7.18 9.04 9.23 9.57 6.85 17 12 10
Net Nonoperating Obligations (NNO)		 -39 -39 -61 -68 -44 -34 -70 -33 -53 -27 -29
Total Depreciation and Amortization (D&A)		 2.31 2.43 2.46 2.43 2.14 3.36 2.98 3.19 8.58 8.13 7.60
Debt-free, Cash-free Net Working Capital to Revenue		 8.25% 6.41% 10.68% 14.03% 7.88% 4.49% 1.15% 11.20% 4.85% -7.54% 3.81%
Debt-free Net Working Capital to Revenue		 157.61% 169.50% 268.26% 282.69% 213.88% 164.66% 325.15% 136.86% 178.85% 70.46% 78.59%
Net Working Capital to Revenue		 157.61% 169.50% 268.26% 282.69% 213.88% 164.66% 308.70% 136.86% 178.85% 70.46% 78.59%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($2.22) ($2.19) ($2.36) ($2.44) ($2.86) ($2.79) ($3.41) ($2.11) ($3.12) ($2.26) ($1.83)
Adjusted Weighted Average Basic Shares Outstanding		 7.19M 8.20M 9.19M 10.57M 11.36M 11.76M 12.91M 16.46M 19.14M 20.32M 21.26M
Adjusted Diluted Earnings per Share		 ($2.22) ($2.19) ($2.36) ($2.44) ($2.86) ($2.79) ($3.41) ($2.11) ($3.12) ($2.26) ($1.83)
Adjusted Weighted Average Diluted Shares Outstanding		 7.19M 8.20M 9.19M 10.57M 11.36M 11.76M 12.91M 16.46M 19.14M 20.32M 21.26M
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		 8.51M 9.07M 10.69M 11.86M 12.13M 12.61M 16.85M 17.69M 20.27M 20.44M 21.55M
Normalized Net Operating Profit after Tax (NOPAT)		 -11 -13 -15 -19 -23 -24 -23 -28 -43 -34 -29
Normalized NOPAT Margin		 -41.53% -56.71% -70.41% -73.75% -110.73% -102.72% -95.74% -105.23% -141.16% -96.32% -75.26%
Pre Tax Income Margin		 -59.12% -80.53% -99.40% -103.03% -153.20% -142.77% -135.62% -131.01% -197.71% -131.29% -101.43%
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		 -10.46% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -25.58% -13.62% -11.71% -11.76% -6.43% -10.68% -11.56% -16.61% -3.94% -5.93% -8.76%

Quarterly Metrics And Ratios for Digimarc

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 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 3/31/2026 6/30/2026
DEI Shares Outstanding		 20,336,193.00 20,357,870.00 20,443,596.00 21,373,323.00 21,420,625.00 - 21,548,579.00 0.00 21,681,378.00 21,756,987.00 0.00
DEI Adjusted Shares Outstanding		 20,336,193.00 20,357,870.00 20,443,596.00 21,373,323.00 21,420,625.00 - 21,548,579.00 0.00 21,681,378.00 21,756,987.00 0.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.53 -0.52 -0.51 -0.43 -0.50 - -0.54 0.00 -0.38 -0.32 0.00
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 15.00% 28.62% 26.71% 18.89% 4.99% -6.74% -5.74% 0.00% -19.23% -19.10% -7.77%
EBITDA Growth		 33.16% 25.20% 29.67% 14.39% -2.73% 20.18% -17.98% 0.00% 31.43% 50.67% -49.45%
EBIT Growth		 28.35% 21.65% 26.34% 12.82% -0.69% 17.33% -13.37% 0.00% 24.23% 40.52% -47.70%
NOPAT Growth		 28.15% 17.28% 26.48% 11.41% -1.91% 17.40% -11.26% 0.00% 26.43% 40.92% -46.74%
Net Income Growth		 28.18% 15.06% 26.37% 12.74% -0.29% 18.21% -13.46% 0.00% 24.20% 40.61% -47.58%
EPS Growth		 30.26% 13.79% 28.57% 18.87% 5.66% 20.00% -10.00% 0.00% 24.00% 41.82% -42.11%
Operating Cash Flow Growth		 98.32% 29.31% 3.68% 11.83% -3,648.68% 20.33% 34.86% 0.00% 63.36% 66.33% 0.00%
Free Cash Flow Firm Growth		 117.90% 108.02% 129.87% 36.69% -224.01% -264.11% -378.49% 0.00% 120.20% 52.31% 0.00%
Invested Capital Growth		 -29.63% -22.87% -18.54% -19.02% 2.59% -6.09% -19.96% 0.00% -20.97% -15.28% 0.00%
Revenue Q/Q Growth		 3.02% 3.22% 7.04% 4.44% -9.02% -8.31% 8.20% 0.00% -4.78% 0.00% 0.00%
EBITDA Q/Q Growth		 0.77% 0.99% 1.55% 11.49% -19.07% 23.07% -45.51% 0.00% -0.17% 0.00% 0.00%
EBIT Q/Q Growth		 -0.54% 2.29% 1.01% 10.36% -16.12% 19.77% -35.75% 0.00% 0.84% 0.00% 0.00%
NOPAT Q/Q Growth		 0.99% 1.25% 1.44% 8.06% -13.90% 19.97% -32.75% 0.00% 0.74% 0.00% 0.00%
Net Income Q/Q Growth		 -0.94% 1.40% 2.22% 10.33% -16.01% 19.58% -35.64% 0.00% 0.83% 0.00% 0.00%
EPS Q/Q Growth		 0.00% 5.66% 0.00% 14.00% -16.28% 20.00% -37.50% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 97.56% -2,712.70% -58.43% 18.90% -3.73% 40.23% -29.54% 0.00% 44.62% 0.00% 0.00%
Free Cash Flow Firm Q/Q Growth		 598.34% -63.81% -81.17% 187.15% -733.58% 52.10% 68.04% 0.00% 406.07% 0.00% 0.00%
Invested Capital Q/Q Growth		 -19.38% -2.27% 2.31% 0.45% 2.15% -10.54% -12.81% 0.00% -5.17% 0.00% 0.00%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 58.07% 62.79% 62.51% 66.12% 62.45% 60.83% 64.96% 58.76% 58.29% 59.86% 58.20%
EBITDA Margin		 -95.43% -91.53% -84.18% -71.35% -93.37% -78.34% -105.36% -98.98% -79.27% -64.24% -160.37%
Operating Margin		 -124.04% -118.66% -109.25% -96.18% -120.40% -105.09% -128.94% -105.19% -109.66% -94.15% -167.35%
EBIT Margin		 -118.72% -112.39% -103.93% -89.21% -113.86% -99.63% -125.00% -102.57% -106.82% -91.90% -164.25%
Profit (Net Income) Margin		 -119.22% -113.88% -104.03% -89.32% -113.88% -99.88% -125.21% -102.62% -106.88% -91.91% -164.20%
Tax Burden Percent		 100.42% 101.33% 100.09% 100.12% 100.02% 100.26% 100.17% 100.05% 100.06% 100.01% 99.97%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -66.14% -72.56% -71.37% -65.12% -91.37% -83.90% -106.76% 0.00% -79.15% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -59.18% -65.38% -65.41% -59.11% -83.03% -75.75% -97.47% 0.00% -69.21% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 29.16% 32.67% 35.15% 28.83% 40.02% 34.35% 51.09% 0.00% 28.70% 0.00% 0.00%
Return on Equity (ROE)		 -36.98% -39.88% -36.22% -36.28% -51.35% -49.55% -55.67% 0.00% -50.45% 0.00% 0.00%
Cash Return on Invested Capital (CROIC)		 -47.37% -58.76% -57.89% -54.43% -86.58% -79.55% -70.86% 0.00% -57.98% 16.54% 0.00%
Operating Return on Assets (OROA)		 -37.29% -40.31% -38.26% -35.92% -51.14% -48.97% -56.92% 0.00% -51.20% 0.00% 0.00%
Return on Assets (ROA)		 -37.45% -40.85% -38.29% -35.97% -51.15% -49.10% -57.02% 0.00% -51.23% 0.00% 0.00%
Return on Common Equity (ROCE)		 -36.96% -39.86% -36.20% -36.26% -51.32% -49.50% -55.63% 0.00% -50.41% 0.00% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 -69.44% 0.00% -50.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -7.81 -7.71 -7.60 -6.99 -7.96 -6.37 -8.46 -5.90 -5.85 -5.00 -8.65
NOPAT Margin		 -86.83% -83.06% -76.47% -67.32% -84.28% -73.57% -90.26% -73.64% -76.76% -65.91% -117.15%
Net Nonoperating Expense Percent (NNEP)		 -6.97% -7.18% -5.96% -6.01% -8.34% -8.15% -9.29% 0.00% -9.93% -12.50% -79.41%
Return On Investment Capital (ROIC_SIMPLE)		 - -12.45% -9.00% -9.05% -11.34% -10.38% -16.90% - -14.15% -14.66% -29.40%
Cost of Revenue to Revenue		 41.93% 37.21% 37.49% 33.88% 37.55% 39.17% 35.04% 41.24% 41.71% 40.14% 41.80%
SG&A Expenses to Revenue		 49.29% 50.18% 45.48% 41.56% 51.48% 39.02% 55.31% 63.40% 70.21% 73.29% 139.56%
R&D to Revenue		 70.14% 67.66% 67.83% 64.01% 68.71% 73.18% 81.49% 56.63% 56.58% 49.44% 49.43%
Operating Expenses to Revenue		 182.11% 181.44% 171.75% 162.30% 182.84% 165.93% 193.89% 163.96% 167.96% 154.02% 225.56%
Earnings before Interest and Taxes (EBIT)		 -11 -10 -10 -9.26 -11 -8.63 -12 -8.22 -8.15 -6.97 -12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -8.58 -8.50 -8.37 -7.41 -8.82 -6.78 -9.87 -7.93 -6.05 -4.87 -12
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 9.60 11.88 6.58 8.59 8.21 13.10 5.53 0.00 5.12 3.14 6.26
Price to Tangible Book Value (P/TBV)		 20.95 29.68 11.31 15.32 15.89 26.27 13.78 0.00 15.68 10.85 27.91
Price to Revenue (P/Rev)		 20.15 21.10 15.04 17.17 14.75 20.91 7.30 0.00 6.29 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 17.65 20.38 14.26 17.40 14.86 23.74 8.95 0.00 6.91 4.02 8.43
Enterprise Value to Revenue (EV/Rev)		 19.14 20.32 13.72 16.10 13.89 20.16 6.73 0.00 5.92 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 22.29 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.49 -0.50 -0.54 -0.49 -0.48 -0.45 -0.52 0.00 -0.41 -0.38 -0.30
Leverage Ratio		 1.23 1.22 1.17 1.23 1.25 1.27 1.24 0.00 1.26 1.37 1.56
Compound Leverage Factor		 1.23 1.22 1.17 1.23 1.25 1.27 1.24 0.00 1.26 1.37 1.56
Debt 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%
Short-Term Debt 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%
Long-Term Debt 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%
Preferred Equity to Total Capital		 0.07% 0.08% 0.06% 0.06% 0.07% 0.08% 0.10% 0.00% 0.12% 0.15% 0.17%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.43%
Common Equity to Total Capital		 99.93% 99.92% 99.94% 99.94% 99.93% 99.92% 99.90% 0.00% 99.88% 99.85% 99.40%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 15.51 18.64 17.96 20.21 18.15 27.59 2.75 0.00 -0.13 -7.08 0.00
Noncontrolling Interest Sharing Ratio		 0.06% 0.06% 0.06% 0.06% 0.07% 0.08% 0.07% 0.00% 0.09% 0.12% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.32 2.96 6.19 5.07 4.77 4.30 2.70 0.00 2.31 1.86 1.43
Quick Ratio		 2.99 2.63 5.79 4.72 4.33 3.85 2.45 0.00 2.00 1.67 1.22
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 7.16 2.59 0.49 1.40 -8.88 -4.25 -1.36 0.00 1.79 -0.65 -29
Operating Cash Flow to CapEx		 -217.24% -5,015.09% -7,945.28% -26,269.23% -10,574.63% -32,576.92% -9,974.55% 0.00% -1,174.66% -4,197.73% 0.00%
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		 0.31 0.36 0.37 0.40 0.45 0.49 0.46 0.00 0.48 0.00 0.00
Accounts Receivable Turnover		 4.42 6.20 7.36 3.85 5.57 6.29 6.48 0.00 5.07 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 15.29 17.60 21.30 25.44 27.74 29.44 32.16 0.00 28.22 0.00 0.00
Accounts Payable Turnover		 2.03 2.32 3.23 2.67 2.34 2.41 2.54 0.00 2.27 0.00 0.00
Days Sales Outstanding (DSO)		 82.62 58.86 49.60 94.82 65.47 58.07 56.35 0.00 72.03 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 179.93 157.34 112.84 136.88 156.07 151.75 143.90 0.00 160.45 0.00 0.00
Cash Conversion Cycle (CCC)		 -97.31 -98.48 -63.24 -42.06 -90.59 -93.68 -87.55 0.00 -88.42 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 36 35 36 36 36 33 28 0.00 29 24 21
Invested Capital Turnover		 0.76 0.87 0.93 0.97 1.08 1.14 1.18 0.00 1.03 0.00 0.00
Increase / (Decrease) in Invested Capital		 -15 -10 -8.09 -8.39 0.92 -2.12 -7.10 0.00 -7.65 -4.35 21
Enterprise Value (EV)		 627 708 507 621 542 775 255 0.00 199 97 174
Market Capitalization		 661 735 556 663 576 803 276 0.00 212 107 183
Book Value per Share		 $3.38 $3.04 $4.13 $3.61 $3.27 $2.86 $2.32 $0.00 $1.91 $1.55 $1.31
Tangible Book Value per Share		 $1.55 $1.22 $2.40 $2.02 $1.69 $1.43 $0.93 $0.00 $0.62 $0.45 $0.29
Total Capital		 69 62 84 77 70 61 50 0.00 41 34 29
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -33 -27 -49 -41 -34 -29 -22 0.00 -13 -9.96 -8.76
Capital Expenditures (CapEx)		 0.09 0.11 0.11 0.03 0.07 0.01 0.06 0.00 0.22 0.04 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1.90 -2.63 -0.34 1.23 1.73 1.46 -2.09 0.00 -0.24 -1.15 -3.38
Debt-free Net Working Capital (DFNWC)		 31 25 49 43 35 30 19 0.00 12 8.81 5.38
Net Working Capital (NWC)		 31 25 49 43 35 30 19 0.00 12 8.81 5.38
Net Nonoperating Expense (NNE)		 2.91 2.86 2.74 2.28 2.80 2.28 3.27 2.32 2.30 1.97 3.48
Net Nonoperating Obligations (NNO)		 -33 -27 -49 -41 -34 -29 -22 0.00 -13 -9.96 -8.76
Total Depreciation and Amortization (D&A)		 2.10 1.94 1.96 1.85 1.94 1.84 1.84 0.29 2.10 2.10 0.29
Debt-free, Cash-free Net Working Capital to Revenue		 -5.80% -7.54% -0.92% 3.17% 4.42% 3.81% -5.52% 0.00% -0.72% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 95.86% 70.46% 131.51% 110.60% 90.70% 78.59% 51.47% 0.00% 36.60% 0.00% 0.00%
Net Working Capital to Revenue		 95.86% 70.46% 131.51% 110.60% 90.70% 78.59% 51.47% 0.00% 36.60% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.53) ($0.50) ($0.50) ($0.43) ($0.50) ($0.40) ($0.55) $0.00 ($0.38) ($0.32) ($0.54)
Adjusted Weighted Average Basic Shares Outstanding		 20.22M 20.32M 20.73M 21.39M 21.44M 21.26M 21.52M 0.00 21.71M 22.01M 22.27M
Adjusted Diluted Earnings per Share		 ($0.53) ($0.50) ($0.50) ($0.43) ($0.50) ($0.40) ($0.55) $0.00 ($0.38) ($0.32) ($0.54)
Adjusted Weighted Average Diluted Shares Outstanding		 20.22M 20.32M 20.73M 21.39M 21.44M 21.26M 21.52M 0.00 21.71M 22.01M 22.27M
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		 20.36M 20.44M 21.37M 21.42M 21.45M 21.55M 21.55M 0.00 21.76M 22.24M 22.48M
Normalized Net Operating Profit after Tax (NOPAT)		 -7.81 -7.71 -7.60 -6.99 -7.96 -6.37 -8.46 -5.90 -5.85 -5.00 -8.65
Normalized NOPAT Margin		 -86.83% -83.06% -76.47% -67.32% -84.28% -73.57% -90.26% -73.64% -76.76% -65.91% -117.15%
Pre Tax Income Margin		 -118.72% -112.39% -103.93% -89.21% -113.86% -99.63% -125.00% -102.57% -106.82% -91.90% -164.25%
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		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -5.92% -5.93% -9.11% -9.23% -8.74% -8.76% -7.87% 0.00% -8.14% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Digimarc’s financial statements show a mixed picture: operating cash burn has improved from 2024 and early 2025 levels, but revenue remains under pressure and the company continues to post substantial operating and net losses. Its balance sheet has also weakened considerably as cash and equity have declined.

  • Operating cash burn improved. Net cash used in operating activities was $1.8 million in Q1 2026, compared with $4.7 million in Q2 2025, $5.5 million in Q1 2025, and $8.4 million in Q1 2024. This suggests better cash conversion despite continued losses.
  • Gross margin remains relatively strong. Q2 2026 gross profit was $4.3 million on $7.4 million of revenue, implying a gross margin of approximately 58.2%. That is broadly consistent with Q2 2025 and above the roughly 55% margin recorded in Q2 2024.
  • Deferred revenue has generally increased. Current deferred revenue rose to $4.6 million in Q2 2026 from $3.4 million in Q3 2024. This can provide some visibility into future revenue, although it must still be converted into recognized sales.
  • Liquidity is supported by investment assets. Digimarc held $6.9 million of cash and $1.8 million of short-term investments at the end of Q2 2026. The company also has relatively modest reported liabilities of $16.4 million and no material debt balance listed in the provided balance-sheet data.
  • Revenue has been volatile but is now below prior-year levels. Q2 2026 revenue was $7.4 million, down from $8.0 million in Q2 2025, $9.4 million in Q3 2024 and $10.4 million in Q2 2024. The sequential decline from $7.6 million in Q1 2026 was approximately 2.5%.
  • Other income provides a modest offset. Net other income was $229,000 in Q2 2026, compared with $171,000 in Q1 2026 and $210,000 in Q2 2025. This appears to be helping results slightly, but it is not large enough to offset operating expenses.
  • Digimarc remains deeply unprofitable. Q2 2026 operating loss was $12.4 million and net loss attributable to common shareholders was $12.1 million, or $0.54 per diluted share. The net loss worsened from $7.0 million in Q1 2026 and $8.2 million in Q2 2025.
  • Operating expenses are substantially out of proportion to revenue. Q2 2026 operating expenses totaled $16.7 million, more than twice quarterly revenue. SG&A alone increased to $10.3 million from $5.6 million in Q1 2026, while marketing expense was $2.4 million and research and development expense was $3.7 million.
  • The company’s long-term revenue trend is unfavorable. Revenue declined from $9.3 million in Q4 2023 and $9.9 million in Q1 2024 to $7.4 million in Q2 2026. Continued revenue contraction makes it more difficult for Digimarc to leverage its fixed research, marketing and administrative costs.
  • Cash reserves have fallen sharply. Cash and equivalents declined to $6.9 million at June 30, 2026, from $8.8 million at March 31, 2026, $9.1 million at September 30, 2025 and $30.6 million at June 30, 2024. Including short-term investments, readily available resources were approximately $8.8 million, down materially from prior years.
  • Shareholders’ equity has contracted. Total equity and noncontrolling interests fell to $29.4 million in Q2 2026 from $34.1 million in Q1 2026, $41.4 million in Q3 2025 and $77.2 million in Q2 2024. Retained earnings were negative $402.2 million, reflecting the company’s accumulated losses.
  • Share repurchases are occurring despite ongoing losses and cash burn. Digimarc repurchased $885,000 of common stock in Q1 2026 and has reported repurchases in each of the provided cash-flow periods. These buybacks reduce cash that could otherwise extend the company’s operating runway.

For investors, the central issue is whether Digimarc can stabilize revenue and reduce operating expenses before its remaining cash and investments are materially depleted. The improvement in operating cash burn is encouraging, but the Q2 2026 loss, declining liquidity and elevated expense base remain significant risks.

10/02/26 08:15 PM ETAI Generated. May Contain Errors.

Digimarc Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Digimarc's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

Digimarc's net income appears to be on a downward trend, with a most recent value of -$39.01 million in 2024, falling from -$15.82 million in 2014. The previous period was -$45.96 million in 2023. Check out Digimarc's forecast to explore projected trends and price targets.

Digimarc's total operating income in 2024 was -$41.31 million, based on the following breakdown:
  • Total Gross Profit: $24.24 million
  • Total Operating Expenses: $65.55 million

Over the last 10 years, Digimarc's total revenue changed from $25.66 million in 2014 to $38.42 million in 2024, a change of 49.7%.

In the past 11 quarters, Digimarc's cash and equivalents has ranged from $6.93 million in Q2 2026 to $36.41 million in Q1 2024, and is currently $6.93 million as of their latest financial filing in Q2 2026.

Digimarc had total debt of $0.00 at the end of 2024, compared with none in 2023, and none in 2014.

Over the last 10 years, Digimarc's book value per share changed from 6.77 in 2014 to 2.86 in 2024, a change of -57.8%.


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Financial statements for NASDAQ:DMRC last updated on 8/19/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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