What is Fathom's operating income?

Fathom's total operating income in 2025 was -$15.58 million, based on the following breakdown: Total Gross Profit: $420.48 million Total Operating Expenses: $436.06 million

Fathom (FTHM) Financials

$0.87 -0.06 (-6.50%)

Closing price 07/17/2026 04:00 PM Eastern

Extended Trading

$0.87 +0.00 (+0.22%)

As of 07/17/2026 06:21 PM Eastern

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Annual Income Statements for Fathom

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

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-4.09	-1.34	-12	-28	-24	-22	-20
Consolidated Net Income / (Loss)	-4.09	-1.34	-12	-28	-24	-22	-20
Net Income / (Loss) Continuing Operations	-4.09	-1.34	-12	-28	-24	-22	-20
Total Pre-Tax Income	-4.10	-1.35	-16	-28	-24	-23	-20
Total Operating Income	-3.99	-1.28	-16	-27	-23	-23	-16
Total Gross Profit	5.95	177	330	413	345	335	420
Total Revenue	111	177	330	413	345	335	420
Operating Revenue	111	177	330	413	345	335	420
Total Cost of Revenue	105	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	9.94	178	346	440	368	359	436
Selling, General & Admin Expense	9.60	177	333	415	353	340	419
Marketing Expense	0.34	0.97	1.90	5.22	6.04	5.80	5.16
Research & Development Expense	-	0.37	3.91	7.72	6.28	6.64	7.30
Depreciation Expense	-	0.04	1.82	3.10	3.16	2.24	2.23
Other Special Charges / (Income)	-	-	-	-	0.00	3.49	2.03
Total Other Income / (Expense), net	-0.11	-0.07	0.37	-0.90	-0.58	0.86	-4.64
Interest & Investment Income	-	-	-	-	-0.25	-0.54	-0.59
Other Income / (Expense), net	0.00	0.01	-0.06	-0.91	-0.34	1.40	-4.05
Income Tax Expense	-0.01	-0.01	-3.25	-0.05	0.15	-1.02	0.09
Basic Earnings per Share	($0.42)	($0.12)	($0.88)	($1.73)	($1.47)	($1.07)	($0.72)
Weighted Average Basic Shares Outstanding	9.80M	11.40M	14.27M	16.00M	16.27M	20.24M	28.20M
Diluted Earnings per Share	($0.42)	($0.12)	($0.88)	($1.73)	($1.47)	($1.07)	($0.72)
Weighted Average Diluted Shares Outstanding	9.80M	11.40M	14.27M	16.00M	16.27M	20.24M	28.20M
Weighted Average Basic & Diluted Shares Outstanding	9.80M	11.40M	17.02M	17.65M	20.78M	27.20M	32.78M

This table shows Fathom'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	-5.50	-8.44	-5.93	-1.29	-8.12	-6.24	-5.65	-3.59	-4.36	-6.71	-8.24
Consolidated Net Income / (Loss)	-5.50	-8.44	-5.93	-1.29	-8.12	-6.24	-5.65	-3.59	-4.36	-6.71	-8.24
Net Income / (Loss) Continuing Operations	-5.50	-8.44	-5.93	-1.29	-8.12	-6.24	-5.65	-3.59	-4.36	-6.71	-8.24
Total Pre-Tax Income	-5.48	-8.35	-5.91	-1.30	-8.10	-7.29	-5.63	-3.53	-4.33	-6.73	-8.22
Total Operating Income	-5.37	-8.10	-5.65	-3.63	-7.76	-6.42	-4.42	-2.38	-4.04	-4.74	-7.61
Total Gross Profit	94	74	71	89	84	92	93	121	115	91	86
Total Revenue	94	74	71	89	84	92	93	121	115	91	86
Operating Revenue	94	74	71	89	84	92	93	121	115	91	86
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	99	82	76	93	91	98	98	124	119	95	94
Selling, General & Admin Expense	94	82	73	89	85	94	94	120	114	92	91
Marketing Expense	0.80	3.60	1.20	1.33	1.36	1.90	1.37	1.40	0.98	1.40	1.32
Research & Development Expense	1.76	1.07	1.59	1.56	1.70	1.79	1.94	1.84	1.82	1.71	1.44
Depreciation Expense	0.89	0.76	0.73	0.55	0.44	0.52	0.55	0.55	0.55	0.57	0.56
Other Special Charges / (Income)	0.00	-	0.00	0.00	3.10	0.39	0.00	0.01	2.00	0.02	0.01
Total Other Income / (Expense), net	-0.11	-0.25	-0.26	2.33	-0.34	-0.87	-1.21	-1.15	-0.30	-1.99	-0.61
Interest & Investment Income	-0.09	-	-0.11	-0.11	-0.10	-0.22	-0.16	-0.21	-0.11	-0.12	-0.11
Other Income / (Expense), net	-0.02	-0.15	-0.15	2.44	-0.24	-0.65	-1.05	-0.94	-0.18	-1.87	-0.50
Income Tax Expense	0.02	0.09	0.02	-0.01	0.02	-1.05	0.02	0.06	0.02	-0.02	0.02
Basic Earnings per Share	($0.34)	($0.50)	($0.31)	($0.07)	($0.40)	($0.29)	($0.24)	($0.13)	($0.15)	($0.20)	($0.25)
Weighted Average Basic Shares Outstanding	16.07M	16.27M	19.18M	19.76M	20.43M	20.24M	23.41M	27.49M	29.57M	28.20M	32.69M
Diluted Earnings per Share	($0.34)	($0.50)	($0.31)	($0.07)	($0.40)	($0.29)	($0.24)	($0.13)	($0.15)	($0.20)	($0.25)
Weighted Average Diluted Shares Outstanding	16.07M	16.27M	19.18M	19.76M	20.43M	20.24M	23.41M	27.49M	29.57M	28.20M	32.69M

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

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.43	29	8.36	-30	-0.84	-0.15	-1.47
Net Cash From Operating Activities	-1.11	-1.22	-12	-6.58	-11	-4.69	-21
Net Cash From Continuing Operating Activities	-1.11	-1.22	-12	-6.58	-11	-4.69	-21
Net Income / (Loss) Continuing Operations	-4.09	-1.34	-12	-28	-24	-22	-20
Consolidated Net Income / (Loss)	-4.09	-1.34	-12	-28	-24	-22	-20
Depreciation Expense	0.06	0.17	2.75	5.35	5.95	5.42	5.85
Amortization Expense	-	-	-	0.00	0.07	0.10	0.03
Non-Cash Adjustments To Reconcile Net Income	1.59	0.84	182	267	164	246	243
Changes in Operating Assets and Liabilities, net	1.33	-0.88	-184	-251	-157	-234	-250
Net Cash From Investing Activities	-0.37	-0.91	-15	-7.10	-1.87	3.30	4.02
Net Cash From Continuing Investing Activities	-0.37	-0.91	-15	-7.10	-1.87	3.30	4.02
Purchase of Property, Plant & Equipment	-0.04	-0.07	-0.88	-0.95	-0.02	-0.05	-0.12
Acquisitions	-0.33	-0.68	-14	-4.75	-1.85	-3.95	-2.93
Divestitures	-	-	-	-	0.00	7.44	7.07
Other Investing Activities, net	0.00	-0.17	-	-1.40	0.00	-0.13	0.00
Net Cash From Financing Activities	1.05	31	35	-16	12	1.24	15
Net Cash From Continuing Financing Activities	1.05	31	35	-16	12	1.24	15
Repayment of Debt	-0.02	-0.52	0.88	-221	-147	-238	-241
Repurchase of Common Equity	0.00	-3.21	-2.47	-6.05	-0.75	-0.06	-0.39
Issuance of Debt	0.00	0.45	1.13	211	154	239	247
Issuance of Common Equity	1.07	34	35	0.00	4.90	0.00	9.51
Other Financing Activities, net	-	-	0.00	-	-	0.00	-0.06
Cash Interest Paid	0.11	0.09	0.01	0.00	0.19	0.30	0.61
Cash Income Taxes Paid	0.00	0.02	0.04	0.11	0.05	0.00	0.07

This table details how cash moves in and out of Fathom'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	-2.41	0.78	-1.58	4.82	2.65	-6.04	0.78	-3.05	4.80	-4.00	-1.43
Net Cash From Operating Activities	-1.47	-4.37	-0.95	-3.09	-0.33	-0.32	-5.73	-5.94	3.04	-12	-0.10
Net Cash From Continuing Operating Activities	-1.47	-4.37	-0.95	-3.09	-0.33	-0.32	-5.73	-5.94	3.04	-12	-0.10
Net Income / (Loss) Continuing Operations	-5.50	-8.44	-5.93	-1.29	-8.12	-6.24	-5.65	-3.59	-4.36	-6.71	-8.24
Consolidated Net Income / (Loss)	-5.50	-8.44	-5.93	-1.29	-8.12	-6.24	-5.65	-3.59	-4.36	-6.71	-8.24
Depreciation Expense	1.60	1.48	1.48	1.32	1.25	1.37	1.44	1.46	1.48	1.47	1.37
Amortization Expense	0.03	0.03	0.00	-	-	0.10	0.03	0.00	-	-	0.00
Non-Cash Adjustments To Reconcile Net Income	31	45	53	80	65	48	52	63	69	59	68
Changes in Operating Assets and Liabilities, net	-29	-43	-49	-83	-58	-44	-53	-67	-63	-66	-62
Net Cash From Investing Activities	-0.45	-0.51	-0.54	6.64	-1.00	-1.80	-0.82	3.26	-0.72	2.30	-0.52
Net Cash From Continuing Investing Activities	-0.45	-0.51	-0.54	6.64	-1.00	-1.80	-0.82	3.26	-0.72	2.30	-0.52
Purchase of Property, Plant & Equipment	-0.01	-0.00	-0.00	-0.01	-0.03	-0.01	-0.03	-0.03	-0.02	-0.04	-0.04
Acquisitions	-0.44	-0.51	-0.53	-0.66	-0.97	-1.79	-0.67	-0.72	-0.70	-0.72	-0.49
Other Investing Activities, net	-	-	-	-	-	-	-0.12	-	-	-	0.00
Net Cash From Financing Activities	-0.49	5.65	-0.10	1.28	3.98	-3.92	7.33	-0.37	2.48	5.60	-0.81
Net Cash From Continuing Financing Activities	-0.49	5.65	-0.10	1.28	3.98	-3.92	7.33	-0.37	2.48	5.60	-0.81
Repayment of Debt	-39	-41	-49	-77	-66	-46	-51	-66	-67	-57	-63
Repurchase of Common Equity	-0.20	-0.55	-0.03	-	-	-0.03	-0.17	0.04	-0.07	-0.19	0.00
Payment of Dividends	-	-	-	-	-	-	0.00	-	-	-	-0.05
Issuance of Debt	39	42	49	78	69	42	55	66	63	63	62
Issuance of Common Equity	-	-	0.00	-	-	-	3.04	-	6.47	-	0.00
Cash Interest Paid	0.17	-	0.09	0.11	0.10	-	0.09	-	0.09	0.43	0.11

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

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2.49	35	105	80	79	75	78
Total Current Assets	1.65	33	54	19	23	25	36
Cash & Equivalents	0.58	29	38	8.32	7.40	7.13	5.77
Restricted Cash	0.00	0.98	0.09	0.06	0.14	0.26	0.14
Accounts Receivable	0.30	1.60	3.98	3.07	3.35	7.15	6.72
Prepaid Expenses	0.41	1.70	2.63	3.67	3.70	5.65	7.81
Other Current Assets	0.36	0.00	0.05	3.69	8.60	4.77	15
Plant, Property, & Equipment, net	0.11	0.16	1.25	2.95	2.34	1.85	1.61
Total Noncurrent Assets	0.73	2.21	49	58	54	49	41
Goodwill	0.00	0.80	21	26	26	21	18
Intangible Assets	0.46	0.92	24	27	24	20	19
Other Noncurrent Operating Assets	0.27	0.49	4.45	5.56	4.21	3.86	4.27
Total Liabilities & Shareholders' Equity	2.49	35	105	80	79	75	78
Total Liabilities	3.65	5.57	25	18	24	31	41
Total Current Liabilities	2.94	4.99	21	12	16	19	34
Short-Term Debt	0.02	0.26	10	4.14	8.77	8.95	21
Accounts Payable	0.95	2.60	5.30	3.34	3.40	4.31	5.65
Accrued Expenses	1.88	1.07	4.49	3.40	2.68	4.89	5.97
Other Current Liabilities	0.09	1.07	0.87	1.61	1.50	1.24	1.66
Total Noncurrent Liabilities	0.71	0.58	3.71	5.67	7.67	11	6.71
Long-Term Debt	0.54	0.28	0.15	0.13	3.47	5.09	0.08
Other Noncurrent Operating Liabilities	0.18	0.30	3.56	5.54	4.21	6.25	6.63
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-1.16	30	80	62	55	45	37
Total Preferred & Common Equity	-1.16	30	80	62	55	45	37
Total Common Equity	-1.16	30	80	62	55	45	37
Common Stock	4.99	37	100	110	127	138	151
Retained Earnings	-6.15	-7.49	-20	-48	-72	-93	-113

This table presents Fathom'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	79	78	80	81	81	80	83	72
Total Current Assets	22	22	34	35	31	34	37	31
Cash & Equivalents	6.62	5.68	10	13	7.98	4.88	9.76	4.38
Restricted Cash	0.15	0.28	0.34	0.32	0.20	0.24	0.16	0.11
Accounts Receivable	4.12	3.00	7.92	7.21	6.13	9.08	11	8.41
Prepaid Expenses	3.60	4.60	4.85	5.34	6.96	6.77	7.36	5.13
Other Current Assets	7.15	8.73	10	9.03	9.51	13	9.09	13
Plant, Property, & Equipment, net	2.46	2.22	2.02	1.95	1.78	1.72	1.66	1.57
Total Noncurrent Assets	55	54	44	44	48	45	44	40
Goodwill	26	26	19	19	21	21	21	18
Intangible Assets	25	23	17	18	20	19	18	18
Other Noncurrent Operating Assets	4.45	5.05	4.52	4.10	4.40	4.37	4.37	4.15
Total Liabilities & Shareholders' Equity	79	78	80	81	81	80	83	72
Total Liabilities	23	26	27	34	38	40	40	42
Total Current Liabilities	15	18	22	23	26	28	27	34
Short-Term Debt	7.18	8.76	14	12	13	13	9.41	18
Accounts Payable	3.40	3.83	4.87	4.93	5.20	8.78	11	8.51
Accrued Expenses	3.03	3.71	2.64	4.13	5.86	4.92	5.06	5.81
Other Current Liabilities	1.51	1.51	1.20	1.28	1.48	1.51	1.58	1.73
Total Noncurrent Liabilities	7.87	8.51	4.80	11	12	11	13	8.45
Long-Term Debt	3.45	3.49	0.09	5.09	5.09	5.08	5.08	2.09
Other Noncurrent Operating Liabilities	4.42	5.02	4.71	6.08	6.55	6.39	8.14	6.37
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	56	52	53	47	43	41	43	30
Total Preferred & Common Equity	56	52	53	47	43	41	43	30
Total Common Equity	56	52	53	47	43	41	43	30
Common Stock	119	129	132	134	142	143	150	151
Retained Earnings	-63	-78	-79	-87	-99	-102	-107	-122

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

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	13,762,715.00	14,796,207.00	17,074,582.00	18,174,964.00	22,620,255.00	32,390,959.00
DEI Adjusted Shares Outstanding	0.00	13,762,715.00	14,796,207.00	17,074,582.00	18,174,964.00	22,620,255.00	32,390,959.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-0.10	-0.84	-1.62	-1.32	-0.95	-0.63
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	58.97%	86.80%	25.05%	-16.40%	-2.91%	25.45%
EBITDA Growth	0.00%	72.01%	-1,119.64%	-66.55%	21.37%	5.87%	16.85%
EBIT Growth	0.00%	68.30%	-1,177.79%	-71.31%	14.82%	6.47%	11.03%
NOPAT Growth	0.00%	68.05%	-1,163.14%	-66.27%	13.16%	-0.90%	33.60%
Net Income Growth	0.00%	67.23%	-831.47%	-121.17%	13.19%	10.02%	5.89%
EPS Growth	0.00%	71.43%	-633.33%	-96.59%	15.03%	27.21%	32.71%
Operating Cash Flow Growth	0.00%	-9.45%	-861.92%	43.72%	-60.60%	55.66%	-338.05%
Free Cash Flow Firm Growth	0.00%	0.00%	-2,242.30%	62.36%	23.37%	57.28%	-50.94%
Invested Capital Growth	0.00%	153.02%	8,291.57%	9.72%	3.48%	-14.36%	1.74%
Revenue Q/Q Growth	0.00%	0.00%	14.59%	-2.83%	-2.64%	5.56%	-0.27%
EBITDA Q/Q Growth	0.00%	0.00%	-18.87%	-30.68%	9.70%	6.51%	3.17%
EBIT Q/Q Growth	0.00%	0.00%	-23.19%	-26.71%	7.61%	5.10%	2.27%
NOPAT Q/Q Growth	0.00%	0.00%	-22.12%	-27.27%	7.45%	6.67%	9.74%
Net Income Q/Q Growth	0.00%	0.00%	-23.20%	-29.67%	5.92%	9.27%	-2.41%
EPS Q/Q Growth	0.00%	0.00%	-15.79%	-29.10%	8.13%	16.41%	11.11%
Operating Cash Flow Q/Q Growth	0.00%	-3.35%	-56.88%	43.24%	-67.31%	46.34%	-129.45%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-18.06%	19.87%	13.30%	-31.87%
Invested Capital Q/Q Growth	0.00%	0.00%	7.87%	6.40%	0.43%	0.46%	8.89%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	5.35%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-3.53%	-0.62%	-4.06%	-5.41%	-5.09%	-4.93%	-3.27%
Operating Margin	-3.59%	-0.72%	-4.88%	-6.48%	-6.74%	-7.00%	-3.71%
EBIT Margin	-3.59%	-0.72%	-4.89%	-6.71%	-6.83%	-6.58%	-4.67%
Profit (Net Income) Margin	-3.68%	-0.76%	-3.78%	-6.69%	-6.95%	-6.44%	-4.83%
Tax Burden Percent	99.80%	99.41%	79.37%	99.80%	100.62%	95.48%	100.42%
Interest Burden Percent	102.75%	106.64%	97.36%	99.96%	101.04%	102.43%	103.03%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-42.21%	-33.87%	-27.62%	-29.53%	-21.07%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-37.90%	22.58%	-2,634.70%	-120.41%	-108.86%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	19.46%	-5.00%	-13.28%	-13.67%	-28.39%
Return on Equity (ROE)	353.03%	-9.41%	-22.75%	-38.86%	-40.90%	-43.19%	-49.46%
Cash Return on Invested Capital (CROIC)	0.00%	-430.51%	-237.50%	-43.14%	-31.05%	-14.05%	-22.79%
Operating Return on Assets (OROA)	-160.26%	-6.71%	-23.07%	-29.92%	-29.59%	-28.53%	-25.58%
Return on Assets (ROA)	-164.35%	-7.11%	-17.82%	-29.85%	-30.08%	-27.90%	-26.47%
Return on Common Equity (ROCE)	353.03%	-9.41%	-22.75%	-38.86%	-40.90%	-43.19%	-49.46%
Return on Equity Simple (ROE_SIMPLE)	353.03%	-4.52%	-15.58%	-44.54%	-43.42%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.79	-0.89	-11	-19	-16	-16	-11
NOPAT Margin	-2.51%	-0.50%	-3.41%	-4.54%	-4.71%	-4.90%	-2.59%
Net Nonoperating Expense Percent (NNEP)	-4,770.40%	-3.09%	-4.32%	-56.44%	2,607.07%	90.88%	87.80%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-24.12%	-27.97%	-18.76%
Cost of Revenue to Revenue	94.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	8.63%	99.93%	100.91%	100.61%	102.25%	101.58%	99.73%
R&D to Revenue	0.00%	0.21%	1.18%	1.87%	1.82%	1.98%	1.74%
Operating Expenses to Revenue	8.94%	100.72%	104.88%	106.48%	106.74%	107.00%	103.71%
Earnings before Interest and Taxes (EBIT)	-3.99	-1.27	-16	-28	-24	-22	-20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-3.93	-1.10	-13	-22	-18	-17	-14
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	16.73	3.78	1.17	1.18	0.77	0.87
Price to Tangible Book Value (P/TBV)	0.00	17.76	8.56	7.93	11.41	11.74	27.38
Price to Revenue (P/Rev)	0.00	2.81	0.92	0.18	0.19	0.10	0.08
Price to Earnings (P/E)	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%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	742.43	5.22	1.18	1.17	0.80	0.91
Enterprise Value to Revenue (EV/Rev)	0.00	2.64	0.83	0.17	0.20	0.12	0.11
Enterprise Value to EBITDA (EV/EBITDA)	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
Enterprise Value to NOPAT (EV/NOPAT)	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
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	-0.48	0.02	0.13	0.07	0.22	0.31	0.55
Long-Term Debt to Equity	-0.46	0.01	0.00	0.00	0.06	0.11	0.00
Financial Leverage	0.02	-1.02	-0.51	-0.22	0.01	0.11	0.26
Leverage Ratio	-2.15	1.32	1.28	1.30	1.36	1.55	1.87
Compound Leverage Factor	-2.21	1.41	1.24	1.30	1.37	1.59	1.93
Debt to Total Capital	-90.97%	1.79%	11.64%	6.45%	18.14%	23.90%	35.60%
Short-Term Debt to Total Capital	-2.82%	0.85%	11.47%	6.25%	13.00%	15.24%	35.46%
Long-Term Debt to Total Capital	-88.15%	0.94%	0.16%	0.19%	5.14%	8.66%	0.14%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	190.97%	98.21%	88.36%	93.55%	81.86%	76.10%	64.40%
Debt to EBITDA	-0.14	-0.49	-0.79	-0.19	-0.70	-0.85	-1.50
Net Debt to EBITDA	0.01	26.38	2.04	0.18	-0.27	-0.40	-1.07
Long-Term Debt to EBITDA	-0.14	-0.26	-0.01	-0.01	-0.20	-0.31	-0.01
Debt to NOPAT	-0.20	-0.60	-0.94	-0.23	-0.75	-0.85	-1.90
Net Debt to NOPAT	0.01	32.52	2.43	0.22	-0.29	-0.40	-1.35
Long-Term Debt to NOPAT	-0.19	-0.32	-0.01	-0.01	-0.21	-0.31	-0.01
Altman Z-Score	0.00	58.94	10.08	5.67	3.84	2.51	3.04
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.56	6.58	2.58	1.51	1.42	1.29	1.06
Quick Ratio	0.30	6.05	2.45	0.91	0.66	0.74	0.37
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-2.71	-63	-24	-18	-7.82	-12
Operating Cash Flow to CapEx	-2,687.66%	-1,842.42%	-1,333.75%	-696.61%	-48,054.55%	-9,192.16%	-16,971.90%
Free Cash Flow to Firm to Interest Expense	0.00	-32.24	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-10.13	-14.48	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-10.50	-15.26	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	44.66	9.37	4.71	4.46	4.33	4.33	5.48
Accounts Receivable Turnover	364.89	186.11	118.45	117.07	107.45	63.85	60.65
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1,049.39	1,354.81	470.08	196.88	130.64	159.84	243.05
Accounts Payable Turnover	111.26	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	1.00	1.96	3.08	3.12	3.40	5.72	6.02
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	3.28	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	-2.28	1.96	3.08	3.12	3.40	5.72	6.02
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	-1.19	0.63	53	58	60	51	52
Invested Capital Turnover	-93.73	-634.30	12.37	7.46	5.86	6.03	8.12
Increase / (Decrease) in Invested Capital	0.00	1.82	52	5.13	2.02	-8.61	0.89
Enterprise Value (EV)	0.00	467	275	68	70	41	47
Market Capitalization	0.00	496	303	73	65	35	33
Book Value per Share	($0.12)	$2.15	$5.42	$3.63	$3.04	$1.98	$1.16
Tangible Book Value per Share	($0.17)	$2.03	$2.39	$0.54	$0.31	$0.13	$0.04
Total Capital	-0.61	30	91	66	67	59	58
Total Debt	0.55	0.54	11	4.27	12	14	21
Total Long-Term Debt	0.54	0.28	0.15	0.13	3.47	5.09	0.08
Net Debt	-0.03	-29	-27	-4.11	4.70	6.64	15
Capital Expenditures (CapEx)	0.04	0.07	0.88	0.95	0.02	0.05	0.12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1.84	-1.44	5.87	2.08	8.07	7.13	17
Debt-free Net Working Capital (DFNWC)	-1.27	28	44	10	16	15	23
Net Working Capital (NWC)	-1.28	28	33	6.32	6.84	5.58	2.02
Net Nonoperating Expense (NNE)	1.30	0.45	1.22	8.88	7.70	5.15	9.40
Net Nonoperating Obligations (NNO)	-0.03	-29	-27	-4.11	4.70	6.64	15
Total Depreciation and Amortization (D&A)	0.06	0.17	2.75	5.35	6.02	5.52	5.88
Debt-free, Cash-free Net Working Capital to Revenue	-1.66%	-0.81%	1.78%	0.50%	2.34%	2.13%	3.98%
Debt-free Net Working Capital to Revenue	-1.14%	15.91%	13.26%	2.53%	4.52%	4.33%	5.38%
Net Working Capital to Revenue	-1.15%	15.76%	10.11%	1.53%	1.98%	1.66%	0.48%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.12)	($0.88)	($1.73)	($1.47)	($1.07)	($0.72)
Adjusted Weighted Average Basic Shares Outstanding	0.00	13.90M	14.27M	16.00M	16.27M	20.24M	28.20M
Adjusted Diluted Earnings per Share	$0.00	($0.12)	($0.88)	($1.73)	($1.47)	($1.07)	($0.72)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	13.90M	14.27M	16.00M	16.27M	20.24M	28.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.12)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	11.40M	17.02M	17.65M	20.78M	27.20M	32.78M
Normalized Net Operating Profit after Tax (NOPAT)	-2.79	-0.89	-11	-19	-16	-14	-9.49
Normalized NOPAT Margin	-2.51%	-0.50%	-3.41%	-4.54%	-4.71%	-4.17%	-2.26%
Pre Tax Income Margin	-3.69%	-0.76%	-4.77%	-6.70%	-6.90%	-6.74%	-4.81%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-36.37	-15.06	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-25.46	-10.63	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-36.75	-15.85	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-25.84	-11.41	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%
Augmented Payout Ratio	0.00%	-239.60%	-19.78%	-21.88%	-3.11%	-0.27%	-1.91%

This table displays calculated financial ratios and metrics derived from Fathom'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	18,121,402.00	18,174,964.00	20,776,292.00	20,850,770.00	21,007,879.00	22,620,255.00	27,196,999.00	27,776,484.00	28,147,122.00	32,390,959.00	32,782,364.00
DEI Adjusted Shares Outstanding	18,121,402.00	18,174,964.00	20,776,292.00	20,850,770.00	21,007,879.00	22,620,255.00	27,196,999.00	27,776,484.00	28,147,122.00	32,390,959.00	32,782,364.00
DEI Earnings Per Adjusted Shares Outstanding	-0.30	-0.46	-0.29	-0.06	-0.39	-0.28	-0.21	-0.13	-0.15	-0.21	-0.25
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-15.94%	-11.23%	-9.08%	-10.87%	-10.47%	23.85%	32.10%	36.11%	37.72%	-1.24%	-7.23%
EBITDA Growth	18.89%	21.86%	0.53%	104.69%	-79.18%	17.08%	7.33%	-1,554.69%	59.43%	8.04%	-68.09%
EBIT Growth	10.51%	19.05%	-1.75%	71.92%	-48.40%	14.36%	5.72%	-179.01%	47.23%	6.45%	-48.09%
NOPAT Growth	8.90%	18.78%	-1.93%	14.35%	-44.47%	20.72%	21.74%	34.44%	47.97%	26.20%	-71.90%
Net Income Growth	8.58%	15.17%	-3.96%	70.22%	-47.76%	26.12%	4.74%	-177.59%	46.35%	-7.65%	-45.86%
EPS Growth	10.53%	20.63%	13.89%	74.07%	-17.65%	42.00%	22.58%	-85.71%	62.50%	31.03%	-4.17%
Operating Cash Flow Growth	78.52%	-3,763.72%	39.68%	2.31%	77.54%	92.74%	-505.39%	-91.92%	1,020.61%	-3,654.89%	98.27%
Free Cash Flow Firm Growth	6.44%	36.53%	-539.10%	113.44%	135.01%	153.53%	116.61%	-48.62%	-90.15%	-202.25%	136.45%
Invested Capital Growth	9.63%	3.48%	7.94%	-6.34%	-14.39%	-14.36%	-7.67%	-4.12%	-6.14%	1.74%	-15.93%
Revenue Q/Q Growth	-6.56%	-20.80%	-4.82%	26.53%	-6.14%	9.56%	1.52%	30.37%	-5.03%	-21.43%	-4.64%
EBITDA Q/Q Growth	-37.90%	-79.13%	35.89%	102.96%	-5,371.88%	17.10%	28.35%	53.54%	-47.05%	-87.87%	-30.97%
EBIT Q/Q Growth	-27.09%	-53.10%	29.65%	79.48%	-571.62%	11.65%	22.56%	39.28%	-27.02%	-56.62%	-22.60%
NOPAT Q/Q Growth	-26.79%	-50.74%	30.19%	35.80%	-113.86%	17.28%	31.09%	46.23%	-69.74%	-17.34%	-60.51%
Net Income Q/Q Growth	-26.49%	-53.55%	29.77%	78.17%	-527.59%	23.22%	9.45%	36.38%	-21.30%	-54.05%	-22.69%
EPS Q/Q Growth	-25.93%	-47.06%	38.00%	77.42%	-471.43%	27.50%	17.24%	45.83%	-15.38%	-33.33%	-25.00%
Operating Cash Flow Q/Q Growth	53.62%	-197.21%	78.31%	-226.72%	89.33%	3.94%	-1,708.52%	-3.58%	151.16%	-491.80%	99.17%
Free Cash Flow Firm Q/Q Growth	3.58%	14.64%	-7.21%	115.22%	151.24%	30.54%	-66.73%	-52.91%	-51.85%	-1,455.54%	176.94%
Invested Capital Q/Q Growth	-0.25%	0.43%	-2.85%	-3.77%	-8.82%	0.46%	4.74%	-0.07%	-10.74%	8.89%	-13.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-4.03%	-9.11%	-6.13%	0.14%	-8.06%	-6.10%	-4.30%	-1.53%	-2.37%	-5.68%	-7.80%
Operating Margin	-5.74%	-10.93%	-8.02%	-4.07%	-9.27%	-7.00%	-4.75%	-1.96%	-3.50%	-5.23%	-8.80%
EBIT Margin	-5.76%	-11.14%	-8.23%	-1.34%	-9.55%	-7.70%	-5.88%	-2.74%	-3.66%	-7.30%	-9.38%
Profit (Net Income) Margin	-5.88%	-11.39%	-8.41%	-1.45%	-9.70%	-6.80%	-6.06%	-2.96%	-3.78%	-7.41%	-9.53%
Tax Burden Percent	100.33%	101.11%	100.29%	99.54%	100.21%	85.59%	100.30%	101.76%	100.55%	99.73%	100.24%
Interest Burden Percent	101.63%	101.14%	101.81%	109.15%	101.31%	103.08%	102.85%	106.23%	102.65%	101.80%	101.36%
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)	-24.99%	-44.84%	-33.85%	-16.09%	-37.20%	-29.52%	-21.25%	-9.75%	-20.87%	-29.73%	-51.52%
ROIC Less NNEP Spread (ROIC-NNEP)	8.62%	-982.37%	-394.96%	36.53%	-105.73%	-60.22%	-51.90%	-33.97%	-56.69%	-61.44%	-74.10%
Return on Net Nonoperating Assets (RNNOA)	-0.72%	-4.95%	-3.88%	1.56%	-8.06%	-6.84%	-9.05%	-5.76%	-5.35%	-16.02%	-26.13%
Return on Equity (ROE)	-25.71%	-49.79%	-37.73%	-14.53%	-45.26%	-36.35%	-30.30%	-15.51%	-26.22%	-45.75%	-77.65%
Cash Return on Invested Capital (CROIC)	-40.02%	-31.05%	-36.80%	-20.94%	-16.28%	-14.05%	-19.82%	-22.56%	-18.07%	-22.79%	-9.24%
Operating Return on Assets (OROA)	-23.52%	-48.24%	-35.51%	-5.33%	-37.98%	-33.39%	-26.40%	-13.29%	-18.80%	-39.99%	-50.70%
Return on Assets (ROA)	-23.98%	-49.34%	-36.26%	-5.79%	-38.56%	-29.46%	-27.24%	-14.36%	-19.41%	-40.60%	-51.51%
Return on Common Equity (ROCE)	-25.71%	-49.79%	-37.73%	-14.53%	-45.26%	-36.35%	-30.30%	-15.51%	-26.22%	-45.75%	-77.65%
Return on Equity Simple (ROE_SIMPLE)	-45.68%	0.00%	-46.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.76	-5.67	-3.96	-2.54	-5.43	-4.49	-3.10	-1.67	-2.83	-3.32	-5.32
NOPAT Margin	-4.02%	-7.65%	-5.61%	-2.85%	-6.49%	-4.90%	-3.33%	-1.37%	-2.45%	-3.66%	-6.16%
Net Nonoperating Expense Percent (NNEP)	-33.61%	937.53%	361.12%	-52.62%	68.54%	30.71%	30.65%	24.22%	35.82%	31.71%	22.57%
Return On Investment Capital (ROIC_SIMPLE)	-	-8.40%	-6.17%	-3.80%	-8.42%	-7.65%	-5.00%	-2.83%	-4.88%	-5.71%	-10.72%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	100.04%	110.90%	103.03%	100.22%	101.38%	101.98%	100.60%	98.83%	98.86%	101.14%	104.95%
R&D to Revenue	1.88%	1.44%	2.26%	1.74%	2.03%	1.95%	2.08%	1.51%	1.58%	1.89%	1.67%
Operating Expenses to Revenue	105.74%	110.93%	108.02%	104.07%	109.27%	107.00%	104.75%	101.96%	103.50%	105.23%	108.80%
Earnings before Interest and Taxes (EBIT)	-5.39	-8.25	-5.81	-1.19	-8.00	-7.07	-5.47	-3.32	-4.22	-6.61	-8.11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-3.77	-6.75	-4.33	0.13	-6.75	-5.59	-4.01	-1.86	-2.74	-5.14	-6.74
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.32	1.18	0.80	0.67	1.15	0.77	0.55	0.85	1.17	0.87	0.58
Price to Tangible Book Value (P/TBV)	13.30	11.41	12.75	2.19	5.32	11.74	10.18	116.36	13.81	27.38	0.00
Price to Revenue (P/Rev)	0.21	0.19	0.12	0.11	0.17	0.10	0.07	0.09	0.12	0.08	0.04
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)	1.30	1.17	0.82	0.69	1.14	0.80	0.64	0.88	1.15	0.91	0.73
Enterprise Value to Revenue (EV/Rev)	0.22	0.20	0.14	0.12	0.18	0.12	0.10	0.12	0.13	0.11	0.08
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	0.19	0.22	0.24	0.26	0.37	0.31	0.43	0.45	0.33	0.55	0.67
Long-Term Debt to Equity	0.06	0.06	0.07	0.00	0.11	0.11	0.12	0.12	0.12	0.00	0.07
Financial Leverage	-0.08	0.01	0.01	0.04	0.08	0.11	0.17	0.17	0.09	0.26	0.35
Leverage Ratio	1.40	1.36	1.41	1.48	1.55	1.55	1.67	1.71	1.81	1.87	2.09
Compound Leverage Factor	1.42	1.38	1.44	1.61	1.57	1.60	1.72	1.82	1.86	1.90	2.12
Debt to Total Capital	16.00%	18.14%	19.09%	20.47%	26.97%	23.90%	29.89%	30.83%	25.03%	35.60%	40.13%
Short-Term Debt to Total Capital	10.81%	13.00%	13.65%	20.33%	19.09%	15.24%	21.68%	22.19%	16.25%	35.46%	35.94%
Long-Term Debt to Total Capital	5.19%	5.14%	5.44%	0.14%	7.89%	8.66%	8.21%	8.64%	8.78%	0.14%	4.20%
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	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	84.00%	81.86%	80.91%	79.53%	73.03%	76.10%	70.11%	69.17%	74.97%	64.40%	59.87%
Debt to EBITDA	-0.55	-0.70	-0.70	-0.93	-0.98	-0.85	-1.14	-1.00	-1.02	-1.50	-1.21
Net Debt to EBITDA	-0.20	-0.27	-0.36	-0.20	-0.22	-0.40	-0.64	-0.71	-0.32	-1.07	-0.94
Long-Term Debt to EBITDA	-0.18	-0.20	-0.20	-0.01	-0.29	-0.31	-0.31	-0.28	-0.36	-0.01	-0.13
Debt to NOPAT	-0.60	-0.75	-0.75	-0.86	-0.99	-0.85	-1.19	-1.24	-1.20	-1.90	-1.52
Net Debt to NOPAT	-0.22	-0.29	-0.38	-0.18	-0.23	-0.40	-0.66	-0.89	-0.38	-1.35	-1.18
Long-Term Debt to NOPAT	-0.20	-0.21	-0.21	-0.01	-0.29	-0.31	-0.33	-0.35	-0.42	-0.01	-0.16
Altman Z-Score	5.18	4.48	3.70	3.62	3.24	3.17	2.94	3.53	4.02	3.59	3.20
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.43	1.42	1.25	1.52	1.55	1.29	1.18	1.20	1.41	1.06	0.91
Quick Ratio	0.71	0.66	0.49	0.82	0.90	0.74	0.54	0.49	0.78	0.37	0.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-9.00	-7.69	-8.24	1.25	3.15	4.12	1.37	0.64	0.31	-4.21	3.24
Operating Cash Flow to CapEx	-13,354.55%	-436,600.00%	-94,700.00%	-28,127.27%	-970.59%	-6,340.00%	-22,932.00%	-20,475.86%	12,658.33%	-27,681.40%	-267.57%
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	4.08	4.33	4.31	3.99	3.98	4.33	4.49	4.86	5.14	5.48	5.40
Accounts Receivable Turnover	84.87	107.45	105.58	53.46	56.03	63.85	78.39	45.90	45.98	60.65	56.89
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	127.23	130.64	133.88	138.63	144.16	159.84	178.60	208.63	233.97	243.05	246.50
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	4.30	3.40	3.46	6.83	6.51	5.72	4.66	7.95	7.94	6.02	6.42
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)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	4.30	3.40	3.46	6.83	6.51	5.72	4.66	7.95	7.94	6.02	6.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	60	60	58	56	51	51	54	54	48	52	45
Invested Capital Turnover	6.22	5.86	6.03	5.65	5.73	6.03	6.39	7.11	8.51	8.12	8.36
Increase / (Decrease) in Invested Capital	5.24	2.02	4.28	-3.80	-8.59	-8.61	-4.47	-2.31	-3.14	0.89	-8.56
Enterprise Value (EV)	78	70	48	39	58	41	34	47	55	47	33
Market Capitalization	74	65	41	36	54	35	24	34	51	33	17
Book Value per Share	$3.08	$3.04	$2.50	$2.55	$2.24	$1.98	$1.60	$1.47	$1.54	$1.16	$0.91
Tangible Book Value per Share	$0.31	$0.31	$0.16	$0.79	$0.49	$0.13	$0.09	$0.01	$0.13	$0.04	($0.17)
Total Capital	66	67	64	67	65	59	62	59	58	58	50
Total Debt	11	12	12	14	17	14	19	18	14	21	20
Total Long-Term Debt	3.45	3.47	3.49	0.09	5.09	5.09	5.09	5.08	5.08	0.08	2.09
Net Debt	3.87	4.70	6.29	2.89	3.98	6.64	10	13	4.57	15	15
Capital Expenditures (CapEx)	0.01	0.00	0.00	0.01	0.03	0.01	0.03	0.03	0.02	0.04	0.04
Debt-free, Cash-free Net Working Capital (DFCFNWC)	6.94	8.07	7.28	14	11	7.13	10	14	10	17	10
Debt-free Net Working Capital (DFNWC)	14	16	13	25	25	15	18	19	20	23	15
Net Working Capital (NWC)	6.52	6.84	4.48	12	12	5.58	4.80	5.68	11	2.02	-2.96
Net Nonoperating Expense (NNE)	1.74	2.77	1.97	-1.25	2.69	1.74	2.55	1.93	1.53	3.40	2.91
Net Nonoperating Obligations (NNO)	3.87	4.70	6.29	2.89	3.98	6.64	10	13	4.57	15	15
Total Depreciation and Amortization (D&A)	1.62	1.51	1.48	1.32	1.25	1.47	1.47	1.46	1.48	1.47	1.37
Debt-free, Cash-free Net Working Capital to Revenue	1.96%	2.34%	2.15%	4.41%	3.54%	2.13%	2.81%	3.49%	2.45%	3.98%	2.52%
Debt-free Net Working Capital to Revenue	3.86%	4.52%	3.92%	7.71%	7.77%	4.33%	5.09%	4.80%	4.81%	5.38%	3.60%
Net Working Capital to Revenue	1.84%	1.98%	1.32%	3.56%	3.89%	1.66%	1.34%	1.46%	2.58%	0.48%	-0.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.34)	($0.50)	($0.31)	($0.07)	($0.40)	($0.29)	($0.24)	($0.13)	($0.15)	($0.20)	($0.25)
Adjusted Weighted Average Basic Shares Outstanding	16.07M	16.27M	19.18M	19.76M	20.43M	20.24M	23.41M	27.49M	29.57M	28.20M	32.69M
Adjusted Diluted Earnings per Share	($0.34)	($0.50)	($0.31)	($0.07)	($0.40)	($0.29)	($0.24)	($0.13)	($0.15)	($0.20)	($0.25)
Adjusted Weighted Average Diluted Shares Outstanding	16.07M	16.27M	19.18M	19.76M	20.43M	20.24M	23.41M	27.49M	29.57M	28.20M	32.69M
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	18.17M	20.78M	20.85M	21.01M	22.62M	27.20M	27.78M	28.15M	32.39M	32.78M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	-3.76	-5.67	-3.96	-2.54	-3.26	-4.22	-3.09	-1.66	-1.43	-3.30	-5.32
Normalized NOPAT Margin	-4.02%	-7.65%	-5.61%	-2.85%	-3.90%	-4.60%	-3.32%	-1.37%	-1.24%	-3.65%	-6.16%
Pre Tax Income Margin	-5.86%	-11.27%	-8.38%	-1.46%	-9.68%	-7.94%	-6.04%	-2.91%	-3.76%	-7.43%	-9.51%
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	-0.78%	-3.11%	-3.19%	-3.65%	-2.41%	-0.27%	-0.93%	-0.66%	-1.15%	-1.91%	-0.95%

Financials Breakdown Chart

Key Financial Trends

Fathom Holdings (NASDAQ: FTHM) remains a difficult turnaround story. The latest Q1 2026 results show revenue growth versus the prior quarter, but the company is still generating operating losses and burning cash. The balance sheet has improved compared with a year ago, but leverage remains meaningful and cash generation is not yet sustainable.

What stands out most: revenue rebounded in Q1 2026, but the company still posted a net loss of $8.2 million and operating cash flow was essentially flat to slightly negative. Compared with Q1 2025, revenue improved meaningfully, but expenses also rose sharply, keeping margins under pressure.

Q1 2026 revenue rose to $86.4 million, up from $93.1 million in Q1 2025 and above Q4 2025 levels, showing the business can still generate substantial top-line volume.
The balance sheet was stronger than a year ago: total assets were $72.1 million versus $81.0 million in Q1 2025, but equity held relatively steady at $29.7 million, suggesting the company has not been rapidly eroding book value.
Cash and equivalents of $4.4 million at the end of Q1 2026 were down from Q1 2025 but still give the company near-term liquidity.
Debt declined year over year on the current balance sheet, with short-term debt at $17.9 million and long-term debt at $2.1 million, versus a much heavier debt load in prior periods.
Operating losses narrowed materially from the much larger losses seen in 2024, indicating some improvement in the underlying business trajectory despite continued red ink.
Q1 2026 gross profit matched revenue because reported cost of revenue was shown as $0; that makes the statement hard to interpret and may reflect reporting classification rather than true zero direct costs.
The company continued to rely on non-cash adjustments to bridge losses, with $68.3 million of non-cash adjustments in Q1 2026.
The business also continues to post sizable working-capital swings, which can make quarterly cash flow volatile and difficult to forecast.
Goodwill and intangible assets remain large parts of the asset base, which can be a concern if future performance weakens and impairment risk rises.
Q1 2026 still produced a net loss of $8.2 million, or -$0.25 per share, so profitability remains elusive.
Operating expenses were heavy at $94.0 million, exceeding gross profit and resulting in an operating loss of $7.6 million.
Operating cash flow in Q1 2026 was negative $99,000, showing the company is not yet consistently generating cash from operations.
The company still depends on financing activity and debt issuance; in Q1 2026 it issued $62.0 million of debt while repaying $62.8 million, underscoring ongoing balance-sheet management.
Retained earnings remained deeply negative at -$121.7 million, reflecting the cumulative impact of years of losses.

Bottom line: Fathom has shown some top-line resilience and a better balance-sheet position than a year ago, but the core challenge is unchanged: the business is still not consistently profitable and cash generation remains weak. For retail investors, this is still a high-risk turnaround name rather than a clear fundamental recovery story.

07/18/26 02:13 PM ETAI Generated. May Contain Errors.

Fathom Financials - Frequently Asked Questions

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

Fathom's net income appears to be on an upward trend, with a most recent value of -$20.31 million in 2025, rising from -$4.09 million in 2019. The previous period was -$21.58 million in 2024. View Fathom's forecast to see where analysts expect Fathom to go next.

Fathom's total operating income in 2025 was -$15.58 million, based on the following breakdown:

Total Gross Profit: $420.48 million
Total Operating Expenses: $436.06 million

Over the last 6 years, Fathom's total revenue changed from $111.21 million in 2019 to $420.48 million in 2025, a change of 278.1%.

Fathom's total liabilities were at $40.61 million at the end of 2025, a 32.2% increase from 2024, and a 1,012.7% increase since 2019.

In the past 6 years, Fathom's cash and equivalents has ranged from $579.42 thousand in 2019 to $37.83 million in 2021, and is currently $5.77 million as of their latest financial filing in 2025.

Over the last 6 years, Fathom's book value per share changed from -0.12 in 2019 to 1.16 in 2025, a change of -1,077.8%.

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Financial statements for NASDAQ:FTHM last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Fathom (FTHM) Financials

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Fathom (FTHM) Financials

Annual Income Statements for Fathom

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Quarterly Metrics And Ratios for Fathom

Financials Breakdown Chart

Key Financial Trends

Fathom Financials - Frequently Asked Questions

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How has Fathom's revenue changed over the last 6 years?

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