PDF Solutions (PDFS) Financials

$44.00 -0.78 (-1.73%)

As of 01:13 PM Eastern

Annual Income Statements for PDF Solutions

This table shows PDF Solutions' income and expenses over time, based on annual financial 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
Net Income / (Loss) Attributable to Common Shareholders	12	9.10	-1.34	-7.72	-5.42	-40	-21	-3.43	3.11	4.06	-0.64
Consolidated Net Income / (Loss)	12	9.10	-1.34	-7.72	-5.42	-40	-21	-3.43	3.11	4.06	-0.64
Net Income / (Loss) Continuing Operations	12	9.10	-1.34	-7.72	-5.42	-40	-21	-3.43	3.11	4.06	-0.64
Total Pre-Tax Income	19	13	-0.07	-9.46	-7.36	-18	-18	0.47	4.87	6.58	3.20
Total Operating Income	19	13	0.19	-9.95	-7.64	-17	-19	-2.09	-0.15	0.94	5.85
Total Gross Profit	59	63	54	43	52	51	67	101	114	125	158
Total Revenue	98	107	102	86	86	88	111	149	166	179	219
Operating Revenue	98	107	102	86	86	88	111	149	166	179	219
Total Cost of Revenue	39	44	48	43	33	37	44	48	52	54	61
Operating Cost of Revenue	39	44	48	43	33	37	44	48	52	54	61
Total Operating Expenses	40	50	54	53	60	68	86	103	114	124	153
Selling, General & Admin Expense	20	22	24	24	26	33	38	45	62	70	85
Research & Development Expense	19	28	30	28	33	35	44	56	51	54	64
Amortization Expense	0.20	0.43	0.40	0.44	0.61	0.74	1.26	1.27	1.29	0.90	3.58
Total Other Income / (Expense), net	0.18	-0.01	-0.26	0.49	0.28	-1.27	0.68	2.56	5.02	5.64	-2.65
Interest Expense	-	-	-	-	-	-	-	-	0.00	0.00	3.96
Other Income / (Expense), net	0.18	-0.01	-0.26	0.49	0.28	-1.27	-	-	5.02	5.64	1.31
Income Tax Expense	7.02	3.85	1.26	-1.74	-1.94	22	3.17	3.90	1.76	2.52	3.84
Basic Earnings per Share	$0.39	$0.29	($0.04)	($0.24)	($0.17)	($1.17)	($0.58)	($0.09)	$0.08	$0.11	($0.02)
Weighted Average Basic Shares Outstanding	31.42M	31.37M	32.04M	32.17M	32.41M	34.46M	37.14M	37.31M	38.02M	38.60M	39.32M
Diluted Earnings per Share	$0.39	$0.28	($0.04)	($0.24)	($0.17)	($1.17)	($0.58)	($0.09)	$0.08	$0.10	($0.02)
Weighted Average Diluted Shares Outstanding	32.16M	32.43M	32.04M	32.17M	32.41M	34.46M	37.14M	37.31M	38.94M	39.05M	39.32M
Weighted Average Basic & Diluted Shares Outstanding	31.80M	31.40M	32.30M	32.60M	32.78M	37.15M	37.71M	37.77M	38.58M	39.11M	39.89M

This table shows PDF Solutions' 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	-4.97	0.89	-0.39	1.71	2.21	0.54	-3.03	1.15	1.29	-0.05	4.79
Consolidated Net Income / (Loss)	-4.97	0.89	-0.39	1.71	2.21	0.54	-3.03	1.15	1.29	-0.05	4.79
Net Income / (Loss) Continuing Operations	-4.97	0.89	-0.39	1.71	2.21	0.54	-3.03	1.15	1.29	-0.05	4.79
Total Pre-Tax Income	1.03	0.14	-0.27	1.74	3.63	1.47	-3.00	0.07	3.49	2.64	5.82
Total Operating Income	-0.98	-0.88	-1.96	0.26	2.12	0.51	-3.56	1.12	4.83	3.46	6.31
Total Gross Profit	28	28	28	29	34	34	35	37	41	45	43
Total Revenue	42	41	41	42	46	50	48	52	57	62	60
Operating Revenue	42	41	41	42	46	50	48	52	57	62	60
Total Cost of Revenue	14	13	14	12	12	16	13	15	16	17	17
Operating Cost of Revenue	14	13	14	12	12	16	13	15	16	17	17
Total Operating Expenses	29	29	30	29	32	34	38	36	36	42	37
Selling, General & Admin Expense	16	16	16	16	18	19	23	20	20	22	17
Research & Development Expense	13	12	13	13	14	14	15	15	15	19	18
Amortization Expense	0.33	0.31	0.26	0.26	0.20	0.18	0.38	1.07	1.07	1.07	1.06
Total Other Income / (Expense), net	2.02	1.02	1.69	1.48	1.51	0.96	0.56	-1.05	-1.34	-0.82	-0.50
Interest Expense	-	-	0.00	0.00	0.00	-	0.31	1.24	1.24	1.16	1.09
Other Income / (Expense), net	-	-	1.69	1.48	1.51	-	0.87	0.20	-0.10	0.35	0.59
Income Tax Expense	6.01	-0.74	0.13	0.04	1.42	0.94	0.04	-1.08	2.19	2.69	1.03
Basic Earnings per Share	($0.13)	$0.02	($0.01)	$0.04	$0.06	$0.02	($0.08)	$0.03	$0.03	-	$0.12
Weighted Average Basic Shares Outstanding	38.19M	38.02M	38.50M	38.62M	38.71M	38.60M	39.09M	39.15M	39.50M	39.32M	39.86M
Diluted Earnings per Share	($0.13)	$0.03	($0.01)	$0.04	$0.06	$0.01	($0.08)	$0.03	$0.03	-	$0.12
Weighted Average Diluted Shares Outstanding	38.19M	38.94M	38.50M	39.13M	39.11M	39.05M	39.09M	39.26M	39.62M	39.32M	40.38M
Weighted Average Basic & Diluted Shares Outstanding	38.26M	38.58M	38.40M	38.75M	38.77M	39.11M	39.14M	39.49M	39.51M	39.89M	39.92M

This table details how cash moves in and out of PDF Solutions' business through operations, investing, and financing, using annual figures. 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
Net Change in Cash & Equivalents	11	-9.37	-16	-5.18	1.52	-64	-6.13	92	-21	-8.38	-48
Net Cash From Operating Activities	30	2.00	11	13	25	22	4.24	32	15	9.70	24
Net Cash From Continuing Operating Activities	30	2.00	11	13	25	22	4.24	32	15	9.78	24
Net Income / (Loss) Continuing Operations	12	9.10	-1.34	-7.72	-5.42	-40	-21	-3.43	3.11	4.06	-0.64
Consolidated Net Income / (Loss)	12	9.10	-1.34	-7.72	-5.42	-40	-21	-3.43	3.11	4.06	-0.64
Depreciation Expense	2.65	3.58	4.79	4.97	6.03	6.73	6.22	5.53	4.99	3.63	4.09
Amortization Expense	0.37	0.81	0.87	1.39	1.63	2.00	3.99	4.85	4.52	4.36	10
Non-Cash Adjustments To Reconcile Net Income	9.74	9.83	12	11	12	13	15	21	21	28	23
Changes in Operating Assets and Liabilities, net	5.17	-21	-5.68	3.58	10	40	0.75	4.11	-19	-30	-13
Net Cash From Investing Activities	-10	-11	-14	-13	-13	-151	-4.67	85	-29	-5.94	-137
Net Cash From Continuing Investing Activities	-10	-11	-14	-13	-13	-151	-4.67	85	-29	-5.94	-137
Purchase of Property, Plant & Equipment	-4.78	-11	-10	-13	-11	-6.97	-4.05	-8.43	-11	-18	-33
Acquisitions	-5.55	0.00	-3.84	0.00	-2.66	-29	-3.05	-0.15	-1.97	0.00	-130
Purchase of Investments	-	-	-	-	0.00	-131	-169	-58	-60	-54	-2.94
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	0.00	-	-	0.64
Sale and/or Maturity of Investments	-	-	-	-	0.00	17	171	152	44	68	27
Other Investing Activities, net	-	-	-	-	-	-	-	0.00	0.11	-1.95	0.00
Net Cash From Financing Activities	-9.23	0.03	-12	-5.20	-9.84	65	-5.53	-24	-5.89	-11	65
Net Cash From Continuing Financing Activities	-9.23	0.03	-12	-5.20	-9.84	65	-5.53	-24	-5.89	-11	65
Repayment of Debt	-0.35	-	-	-	-	-	-	-	0.00	0.00	-2.78
Repurchase of Common Equity	-15	-2.18	-13	-5.25	-9.64	0.00	-4.52	-22	-0.74	-6.90	-0.24
Issuance of Debt	-	-	-	-	-	-	-	-	0.00	0.00	70
Issuance of Common Equity	1.38	1.56	1.87	1.83	1.53	67	1.04	3.01	4.32	4.20	4.24
Other Financing Activities, net	4.26	0.66	-0.67	-1.79	-1.73	-1.95	-2.04	-4.85	-9.47	-8.53	-6.21
Cash Interest Paid	0.02	-	-	-	-	-	-	-	0.00	0.00	3.72
Cash Income Taxes Paid	4.98	3.64	2.24	2.58	2.69	2.71	1.87	2.85	3.78	2.56	2.70

This table details how cash moves in and out of PDF Solutions' 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	11	-13	-14	6.73	4.44	-5.83	-47	-6.32	-1.54	6.34	-11
Net Cash From Operating Activities	19	2.03	-1.86	0.68	9.28	1.61	8.64	-5.22	3.29	17	1.67
Net Cash From Continuing Operating Activities	19	2.03	-1.86	0.68	9.28	1.61	8.64	-5.22	3.29	17	1.67
Net Income / (Loss) Continuing Operations	-4.97	0.89	-0.39	1.71	2.21	0.54	-3.03	1.15	1.29	-0.05	4.79
Consolidated Net Income / (Loss)	-4.97	0.89	-0.39	1.71	2.21	0.54	-3.03	1.15	1.29	-0.05	4.79
Depreciation Expense	1.23	1.21	1.06	1.07	0.77	0.73	0.69	0.80	1.15	1.45	1.56
Amortization Expense	1.14	1.10	0.99	1.07	1.10	1.20	1.73	2.62	2.77	3.00	2.82
Non-Cash Adjustments To Reconcile Net Income	4.21	7.06	6.02	3.61	6.06	9.95	6.28	5.48	7.53	4.19	6.82
Changes in Operating Assets and Liabilities, net	18	-8.23	-9.55	-6.77	-0.86	-11	2.97	-15	-9.46	8.75	-14
Net Cash From Investing Activities	-4.56	-15	-2.64	6.84	-4.01	-6.12	-124	-0.39	-3.32	-9.79	-11
Net Cash From Continuing Investing Activities	-4.56	-15	-2.64	6.84	-4.01	-6.12	-124	-0.39	-3.32	-9.79	-11
Purchase of Property, Plant & Equipment	-2.92	-2.41	-2.02	-5.32	-4.60	-5.85	-8.20	-8.53	-6.33	-9.79	-11
Acquisitions	-	-	0.00	-	-	-	-130	-	-	-	0.00
Purchase of Investments	-8.77	-27	-20	-5.85	-18	-11	-2.94	-	0.00	-	0.00
Sale and/or Maturity of Investments	9.00	15	19	18	20	11	17	7.50	3.00	-	0.00
Net Cash From Financing Activities	-3.10	-0.31	-8.75	-0.40	-1.76	-0.33	68	-1.31	-1.19	-0.89	-2.15
Net Cash From Continuing Financing Activities	-3.10	-0.31	-8.75	-0.40	-1.76	-0.33	68	-1.31	-1.19	-0.89	-2.15
Repayment of Debt	-	-	-	-	-	-	-0.40	-	-0.63	-0.63	-0.63
Issuance of Debt	-	-	0.00	-	-	-	70	0.40	-	-	0.00
Issuance of Common Equity	2.17	-	1.92	-	2.16	-	2.13	0.04	2.09	0.00	2.19
Other Financing Activities, net	-4.53	-0.31	-3.77	-0.40	-3.91	-0.33	-3.32	-0.22	-2.41	-0.27	-3.71
Effect of Exchange Rate Changes	-0.27	0.40	-0.47	-0.39	0.93	-0.99	0.40	0.59	-0.31	-	-0.10
Cash Interest Paid	-	-	-	-	-	-	0.00	-	1.16	1.10	1.01
Cash Income Taxes Paid	0.43	0.22	0.67	0.62	0.77	0.50	0.23	1.47	0.45	0.55	0.82

This table presents PDF Solutions' 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	192	222	224	226	240	288	274	279	290	315	419
Total Current Assets	163	170	164	157	148	193	189	193	198	206	164
Cash & Equivalents	126	117	101	96	98	30	28	120	99	91	42
Accounts Receivable	33	48	58	52	41	34	40	42	45	74	83
Prepaid Expenses	3.66	5.34	5.07	9.56	9.32	14	8.19	12	17	17	39
Plant, Property, & Equipment, net	11	19	25	36	41	39	35	40	37	48	82
Total Noncurrent Assets	17	33	35	33	51	55	50	45	55	61	173
Goodwill	0.22	0.22	1.92	1.92	2.29	16	14	14	15	15	95
Intangible Assets	5.03	4.22	6.07	5.06	6.22	25	21	18	16	12	52
Noncurrent Deferred & Refundable Income Taxes	10	16	16	19	25	0.25	0.08	0.06	0.16	0.04	0.07
Other Noncurrent Operating Assets	1.65	13	11	6.97	17	14	15	13	24	34	26
Total Liabilities & Shareholders' Equity	192	222	224	226	240	288	274	279	290	315	419
Total Liabilities	17	24	26	26	43	53	54	69	61	69	148
Total Current Liabilities	14	19	20	20	28	42	44	58	51	61	72
Short-Term Debt	-	-	-	-	-	-	-	-	-	0.00	2.24
Accounts Payable	1.29	2.21	2.54	2.45	7.64	4.40	5.55	6.39	2.56	17	26
Current Deferred Revenue	5.97	8.28	7.98	9.11	12	21	24	28	27	25	19
Current Employee Benefit Liabilities	4.81	5.96	6.49	4.73	5.07	8.34	9.50	17	15	17	22
Other Current Liabilities	-	-	-	0.00	1.87	1.93	1.76	1.41	1.53	1.68	1.98
Total Noncurrent Liabilities	3.01	5.00	6.17	6.58	15	11	10	10	10	8.71	76
Long-Term Debt	-	-	-	-	-	-	-	-	-	0.00	65
Noncurrent Deferred Revenue	2.54	3.35	3.90	3.75	5.37	2.96	5.10	2.62	2.97	2.92	4.27
Other Noncurrent Operating Liabilities	0.47	1.65	2.27	2.83	10	7.91	5.26	7.84	7.38	5.80	6.75
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Total Equity & Noncontrolling Interests	174	199	198	200	196	235	220	210	229	246	271
Total Preferred & Common Equity	174	199	198	200	196	235	220	210	229	246	271
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Total Common Equity	174	199	198	200	196	235	220	210	229	246	271
Common Stock	266	281	298	311	325	407	423	447	473	503	534
Retained Earnings	-40	-26	-27	-30	-36	-76	-98	-101	-98	-94	-95
Treasury Stock	-50	-55	-72	-79	-92	-96	-105	-134	-144	-159	-166
Accumulated Other Comprehensive Income / (Loss)	-1.54	-1.99	-0.71	-1.28	-1.48	-0.23	-1.06	-2.55	-2.39	-3.53	-2.05

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

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	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	266	279	290	282	287	298	307	390	391	406	431
Total Current Assets	181	193	204	194	187	193	191	141	135	146	176
Cash & Equivalents	94	114	100	112	85	92	96	44	37	36	31
Accounts Receivable	55	47	61	41	47	56	47	64	69	75	96
Prepaid Expenses	9.46	13	19	18	17	19	25	23	25	35	48
Plant, Property, & Equipment, net	39	42	43	38	36	41	46	57	62	72	90
Total Noncurrent Assets	47	44	43	50	63	64	70	193	194	188	164
Goodwill	14	14	14	15	15	15	15	97	97	97	95
Intangible Assets	19	17	16	16	15	14	13	58	56	54	50
Noncurrent Deferred & Refundable Income Taxes	0.02	0.09	0.08	0.03	0.15	0.15	0.17	0.22	1.21	0.20	0.04
Other Noncurrent Operating Assets	14	13	12	19	34	35	42	38	40	37	19
Total Liabilities & Shareholders' Equity	266	279	290	282	287	298	307	390	391	406	431
Total Liabilities	63	66	66	61	61	66	67	141	134	142	150
Total Current Liabilities	52	54	52	50	52	55	58	64	57	66	75
Short-Term Debt	-	-	-	-	-	-	-	2.24	2.24	2.24	2.24
Accounts Payable	5.19	6.29	2.28	2.63	5.73	4.22	7.50	9.39	16	23	24
Current Deferred Revenue	27	27	32	30	30	32	29	27	23	21	23
Current Employee Benefit Liabilities	13	14	11	12	9.49	11	13	11	14	17	24
Other Current Liabilities	1.45	1.57	1.54	1.50	1.63	1.61	1.71	1.59	1.75	1.97	2.07
Total Noncurrent Liabilities	10	12	14	11	9.61	10	9.16	77	77	76	75
Long-Term Debt	-	-	-	-	-	-	-	66	66	65	64
Noncurrent Deferred Revenue	4.30	2.64	2.43	2.82	2.98	2.67	2.88	2.93	2.96	3.30	4.58
Other Noncurrent Operating Liabilities	6.07	8.96	12	8.15	6.63	7.71	6.27	7.35	7.82	7.32	6.34
Commitments & Contingencies	0.00	0.00	0.00	0.00	-	-	-	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	203	213	224	222	225	232	240	249	258	264	280
Total Preferred & Common Equity	203	213	224	222	225	232	240	249	258	264	280
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	203	213	224	222	225	232	240	249	258	264	280
Common Stock	442	454	459	467	481	487	496	512	518	527	542
Retained Earnings	-102	-101	-94	-99	-98	-97	-95	-97	-96	-95	-90
Treasury Stock	-133	-138	-138	-144	-155	-155	-159	-163	-163	-166	-170
Accumulated Other Comprehensive Income / (Loss)	-3.91	-2.28	-2.67	-3.23	-2.93	-3.26	-2.25	-3.08	-1.78	-2.03	-2.36

This table displays calculated financial ratios and metrics derived from PDF Solutions' official financial filings.

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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.18%	9.68%	-5.20%	-15.78%	-0.24%	2.88%	26.14%	33.76%	11.64%	8.22%	22.04%
EBITDA Growth	-25.20%	-22.71%	-67.81%	-155.53%	109.67%	-3,213.33%	5.91%	194.23%	12.96%	-4.58%	46.69%
EBIT Growth	-30.53%	-33.29%	-100.57%	-12,682.43%	22.19%	-145.38%	-5.20%	88.99%	92.78%	719.21%	8.77%
NOPAT Growth	-33.14%	-25.88%	-98.54%	-5,337.89%	23.27%	-119.89%	-13.16%	214.76%	-100.63%	698.77%	-302.75%
Net Income Growth	-32.80%	-26.63%	-114.69%	-477.11%	29.78%	-644.98%	46.76%	84.04%	190.55%	30.66%	-115.78%
EPS Growth	-32.76%	-28.21%	-114.29%	-500.00%	29.17%	-588.24%	50.43%	84.48%	188.89%	25.00%	-120.00%
Operating Cash Flow Growth	5.83%	-93.41%	427.25%	26.49%	84.36%	-11.42%	-80.52%	661.21%	-54.80%	-33.54%	147.89%
Free Cash Flow Firm Growth	-39.53%	-335.75%	39.60%	9.23%	98.59%	-1,161.35%	-43.01%	789.79%	-195.37%	-63.74%	-346.33%
Invested Capital Growth	3.86%	70.34%	18.39%	6.80%	-4.97%	-9.48%	-11.04%	-10.75%	31.90%	40.38%	125.54%
Revenue Q/Q Growth	-1.99%	4.23%	-1.60%	-7.59%	3.43%	-0.22%	7.26%	7.71%	0.36%	5.26%	5.96%
EBITDA Q/Q Growth	-15.65%	-0.22%	-25.80%	-373.22%	115.81%	-146.89%	7.36%	579.89%	-20.43%	12.74%	46.45%
EBIT Q/Q Growth	-18.96%	-2.23%	-103.41%	-86.20%	18.66%	-47.13%	3.20%	76.98%	-107.37%	305.95%	146.67%
NOPAT Q/Q Growth	-18.73%	-1.28%	-96.74%	-84.13%	20.18%	-36.79%	3.20%	339.97%	-110.09%	251.30%	-1,448.04%
Net Income Q/Q Growth	-19.23%	1.43%	-131.68%	-6.65%	24.77%	-389.60%	55.17%	68.58%	14.96%	-7.90%	-1,107.55%
EPS Q/Q Growth	-18.75%	-3.45%	-130.77%	-4.35%	22.73%	-350.00%	57.04%	68.97%	33.33%	-16.67%	-100.00%
Operating Cash Flow Q/Q Growth	32.35%	-80.18%	63.95%	0.08%	-9.95%	74.89%	-71.20%	282.72%	-60.38%	-4.18%	189.17%
Free Cash Flow Firm Q/Q Growth	144.34%	-103.45%	35.13%	-31.21%	-107.13%	76.52%	-879.08%	311.41%	-1,311.61%	-7.71%	5.69%
Invested Capital Q/Q Growth	-1.77%	16.47%	-0.46%	-0.39%	4.04%	-7.47%	-3.49%	-18.70%	8.38%	9.01%	-0.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.17%	58.64%	53.35%	50.11%	60.89%	58.24%	60.21%	67.75%	68.79%	69.83%	72.32%
EBITDA Margin	22.90%	16.14%	5.48%	-3.61%	0.35%	-10.61%	-7.91%	5.57%	5.64%	4.97%	9.76%
Operating Margin	19.64%	12.07%	0.19%	-11.60%	-8.92%	-19.07%	-17.11%	-1.41%	-0.09%	0.52%	2.67%
EBIT Margin	19.82%	12.06%	-0.07%	-11.03%	-8.60%	-20.51%	-17.11%	-1.41%	-0.09%	0.52%	3.27%
Profit (Net Income) Margin	12.66%	8.47%	-1.31%	-8.99%	-6.33%	-45.84%	-19.35%	-2.31%	1.87%	2.26%	-0.29%
Tax Burden Percent	63.88%	70.26%	1,806.76%	81.57%	73.61%	223.49%	117.31%	-729.57%	63.77%	61.67%	-19.99%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	96.41%	-22.47%	-3,224.50%	703.64%	44.73%
Effective Tax Rate	36.12%	29.74%	0.00%	0.00%	0.00%	0.00%	0.00%	829.57%	36.23%	38.33%	119.99%
Return on Invested Capital (ROIC)	26.01%	14.00%	0.15%	-6.94%	-5.29%	-12.52%	-15.78%	20.32%	-0.12%	0.51%	-0.55%
ROIC Less NNEP Spread (ROIC-NNEP)	25.92%	14.00%	1.50%	-6.18%	-5.21%	11.04%	-10.04%	33.70%	-2.45%	-2.27%	-1.72%
Return on Net Nonoperating Assets (RNNOA)	-18.63%	-9.12%	-0.82%	3.06%	2.55%	-6.22%	6.32%	-21.92%	1.53%	1.19%	0.30%
Return on Equity (ROE)	7.38%	4.88%	-0.67%	-3.88%	-2.74%	-18.74%	-9.46%	-1.60%	1.41%	1.71%	-0.25%
Cash Return on Invested Capital (CROIC)	22.22%	-38.04%	-16.70%	-13.52%	-0.19%	-2.57%	-4.09%	31.68%	-27.63%	-33.09%	-77.68%
Operating Return on Assets (OROA)	10.52%	6.26%	-0.03%	-4.20%	-3.16%	-6.85%	-6.77%	-0.76%	-0.05%	0.31%	1.95%
Return on Assets (ROA)	6.72%	4.40%	-0.60%	-3.43%	-2.33%	-15.31%	-7.66%	-1.24%	1.09%	1.34%	-0.17%
Return on Common Equity (ROCE)	7.38%	4.88%	-0.67%	-3.88%	-2.74%	-18.74%	-9.46%	-1.60%	1.41%	1.71%	-0.25%
Return on Equity Simple (ROE_SIMPLE)	7.12%	4.58%	-0.67%	-3.86%	-2.76%	-17.21%	-9.79%	-1.63%	1.36%	1.65%	0.00%
Net Operating Profit after Tax (NOPAT)	12	9.11	0.13	-6.97	-5.35	-12	-13	15	-0.10	0.58	-1.17
NOPAT Margin	12.55%	8.48%	0.13%	-8.12%	-6.25%	-13.35%	-11.98%	10.27%	-0.06%	0.32%	-0.53%
Net Nonoperating Expense Percent (NNEP)	0.10%	-0.01%	-1.35%	-0.76%	-0.08%	-23.56%	-5.74%	-13.38%	2.33%	2.78%	1.17%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.27%	-0.04%	0.23%	-0.35%
Cost of Revenue to Revenue	39.83%	41.36%	46.65%	49.89%	39.11%	41.76%	39.79%	32.25%	31.21%	30.17%	27.68%
SG&A Expenses to Revenue	20.84%	20.52%	23.25%	27.90%	30.73%	37.11%	33.90%	30.52%	37.52%	38.96%	38.69%
R&D to Revenue	19.49%	25.65%	29.53%	32.63%	38.26%	39.36%	39.42%	37.78%	30.59%	29.85%	29.33%
Operating Expenses to Revenue	40.53%	46.57%	53.17%	61.71%	69.81%	77.31%	77.32%	69.16%	68.89%	69.31%	69.65%
Earnings before Interest and Taxes (EBIT)	19	13	-0.07	-9.46	-7.36	-18	-19	-2.09	-0.15	0.94	7.16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	22	17	5.58	-3.10	0.30	-9.34	-8.79	8.28	9.35	8.93	21
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.95	3.57	2.53	1.36	2.79	3.37	5.41	5.08	5.37	4.27	4.16
Price to Tangible Book Value (P/TBV)	2.02	3.65	2.63	1.41	2.91	4.08	6.44	6.00	6.20	4.80	9.10
Price to Revenue (P/Rev)	3.48	6.61	4.92	3.17	6.38	8.99	10.69	7.18	7.42	5.85	5.15
Price to Earnings (P/E)	27.46	77.99	0.00	0.00	0.00	0.00	0.00	0.00	396.05	258.80	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	3.64%	1.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%	0.39%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.46	7.23	4.12	1.70	4.55	7.24	13.19	13.09	11.71	7.13	3.89
Enterprise Value to Revenue (EV/Rev)	2.19	5.52	3.93	2.05	5.24	7.34	9.43	6.24	6.60	5.21	5.26
Enterprise Value to EBITDA (EV/EBITDA)	9.56	34.20	71.69	0.00	1,495.97	0.00	0.00	111.94	116.98	104.76	53.91
Enterprise Value to EBIT (EV/EBIT)	11.05	45.79	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,000.09	161.00
Enterprise Value to NOPAT (EV/NOPAT)	17.46	65.12	3,009.85	0.00	0.00	0.00	0.00	60.74	0.00	1,621.79	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	7.07	296.60	37.96	13.19	18.25	29.65	246.75	28.70	74.95	96.37	47.90
Enterprise Value to Free Cash Flow (EV/FCFF)	20.43	0.00	0.00	0.00	0.00	0.00	0.00	38.96	0.00	0.00	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	0.25
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	0.24
Financial Leverage	-0.72	-0.65	-0.55	-0.50	-0.49	-0.56	-0.63	-0.65	-0.63	-0.53	-0.17
Leverage Ratio	1.10	1.11	1.12	1.13	1.18	1.22	1.24	1.29	1.30	1.27	1.42
Compound Leverage Factor	1.10	1.11	1.12	1.13	1.18	1.22	1.19	-0.29	-41.78	8.97	0.64
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	19.82%
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%	0.66%
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%	19.16%
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	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	80.18%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.13
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.16
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	3.03
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-57.31
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-21.20
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	-55.40
Altman Z-Score	13.19	19.44	12.72	7.04	8.20	9.30	13.46	9.90	12.76	9.81	5.11
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	11.29	9.19	8.35	8.05	5.27	4.58	4.30	3.32	3.89	3.40	2.28
Quick Ratio	11.04	8.91	8.09	7.56	4.94	4.25	4.11	3.12	3.55	3.11	1.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	11	-25	-15	-14	-0.19	-2.41	-3.45	24	-23	-37	-166
Operating Cash Flow to CapEx	634.11%	17.73%	102.83%	101.69%	233.04%	312.61%	104.69%	383.13%	130.12%	54.73%	74.69%
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	-41.93
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	6.08
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	-2.06
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.53	0.52	0.46	0.38	0.37	0.33	0.40	0.54	0.58	0.59	0.60
Accounts Receivable Turnover	2.75	2.63	1.93	1.57	1.86	2.35	2.99	3.61	3.81	3.03	2.80
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	9.72	7.01	4.56	2.81	2.24	2.20	2.98	3.94	4.28	4.18	3.37
Accounts Payable Turnover	37.24	25.41	20.04	17.16	6.64	6.11	8.88	8.02	11.57	10.01	2.83
Days Sales Outstanding (DSO)	132.55	138.57	189.40	232.15	196.65	155.03	121.97	101.05	95.82	120.56	130.47
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)	9.80	14.37	18.21	21.28	55.01	59.74	41.10	45.49	31.56	36.46	128.85
Cash Conversion Cycle (CCC)	122.75	124.21	171.19	210.87	141.64	95.28	80.87	55.56	64.26	84.10	1.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	48	82	97	104	99	89	79	71	93	131	296
Invested Capital Turnover	2.07	1.65	1.14	0.85	0.85	0.94	1.32	1.98	2.02	1.60	1.03
Increase / (Decrease) in Invested Capital	1.79	34	15	6.61	-5.15	-9.34	-9.85	-8.53	23	38	165
Enterprise Value (EV)	215	593	400	176	449	646	1,047	927	1,094	935	1,152
Market Capitalization	341	710	502	272	546	791	1,187	1,066	1,230	1,050	1,127
Book Value per Share	$5.55	$6.31	$6.21	$6.19	$6.06	$6.40	$5.88	$5.62	$5.98	$6.35	$6.86
Tangible Book Value per Share	$5.38	$6.17	$5.96	$5.97	$5.80	$5.30	$4.93	$4.76	$5.18	$5.64	$3.13
Total Capital	174	199	198	200	196	235	220	210	229	246	338
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	67
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	65
Net Debt	-126	-117	-101	-96	-98	-145	-140	-139	-136	-115	25
Capital Expenditures (CapEx)	4.78	11	10	13	11	6.97	4.05	8.43	11	18	32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	23	35	43	42	22	5.88	4.46	-3.97	11	31	52
Debt-free Net Working Capital (DFNWC)	149	152	144	138	120	151	145	135	147	145	94
Net Working Capital (NWC)	149	152	144	138	120	151	145	135	147	145	92
Net Nonoperating Expense (NNE)	-0.12	0.01	1.47	0.75	0.07	29	8.19	19	-3.20	-3.48	-0.53
Net Nonoperating Obligations (NNO)	-126	-117	-101	-96	-98	-145	-140	-139	-136	-115	25
Total Depreciation and Amortization (D&A)	3.02	4.39	5.66	6.36	7.66	8.72	10	10	9.51	7.99	14
Debt-free, Cash-free Net Working Capital to Revenue	23.10%	32.54%	42.21%	48.49%	25.68%	6.68%	4.01%	-2.67%	6.92%	17.02%	23.75%
Debt-free Net Working Capital to Revenue	151.87%	141.22%	141.61%	160.49%	139.72%	171.70%	130.27%	91.02%	88.65%	81.04%	43.03%
Net Working Capital to Revenue	151.87%	141.22%	141.61%	160.49%	139.72%	171.70%	130.27%	91.02%	88.65%	81.04%	42.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.39	$0.29	($0.04)	($0.24)	($0.17)	($1.17)	($0.58)	($0.09)	$0.08	$0.11	($0.02)
Adjusted Weighted Average Basic Shares Outstanding	31.42M	31.37M	32.04M	32.17M	32.41M	34.46M	37.14M	37.31M	38.02M	38.60M	39.32M
Adjusted Diluted Earnings per Share	$0.39	$0.28	($0.04)	($0.24)	($0.17)	($1.17)	($0.58)	($0.09)	$0.08	$0.10	($0.02)
Adjusted Weighted Average Diluted Shares Outstanding	32.16M	32.43M	32.04M	32.17M	32.41M	34.46M	37.14M	37.31M	38.94M	39.05M	39.32M
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	31.21M	32.05M	32.30M	32.60M	32.78M	37.15M	37.71M	37.77M	38.58M	39.11M	39.89M
Normalized Net Operating Profit after Tax (NOPAT)	12	9.11	0.13	-6.56	-5.28	-12	-11	-1.46	-0.10	0.58	4.09
Normalized NOPAT Margin	12.55%	8.48%	0.13%	-7.65%	-6.17%	-13.35%	-9.97%	-0.99%	-0.06%	0.32%	1.87%
Pre Tax Income Margin	19.82%	12.06%	-0.07%	-11.03%	-8.60%	-20.51%	-16.49%	0.32%	2.94%	3.67%	1.46%
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	1.81
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.30
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	-6.33
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	-8.44
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	117.07%	23.97%	-1,003.59%	-68.01%	-177.91%	0.00%	-21.05%	-655.32%	23.93%	170.05%	-38.13%

This table displays calculated financial ratios and metrics derived from PDF Solutions' 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	-	-	-	-	-	-	-	-	-	-	39,890,709.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	39,890,709.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.12
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.25%	1.49%	1.35%	0.14%	9.58%	21.79%	15.66%	24.16%	23.07%	24.59%	25.85%
EBITDA Growth	-57.57%	-62.67%	-95.72%	-44.08%	187.39%	70.51%	-114.99%	22.11%	57.22%	142.65%	4,308.96%
EBIT Growth	-242.82%	-166.24%	-1,080.72%	-85.93%	315.35%	158.38%	-901.87%	-24.67%	30.17%	158.01%	357.17%
NOPAT Growth	990.84%	-1,013.60%	-1,634.50%	-94.06%	-72.78%	103.44%	-81.38%	6,881.50%	39.10%	-133.59%	308.98%
Net Income Growth	-458.99%	83.64%	-210.70%	-75.05%	144.37%	-39.23%	-671.50%	-32.79%	-41.34%	-108.91%	258.01%
EPS Growth	-425.00%	200.00%	-200.00%	-76.47%	146.15%	-66.67%	-700.00%	-25.00%	-50.00%	0.00%	250.00%
Operating Cash Flow Growth	1,267.50%	-91.64%	-89.61%	112.14%	-51.66%	-20.85%	564.02%	-862.43%	-64.56%	979.76%	-80.63%
Free Cash Flow Firm Growth	226.69%	-407.26%	-3,586.68%	8.37%	-681.00%	-33.92%	-580.91%	-1,001.17%	-429.96%	-338.75%	71.20%
Invested Capital Growth	-1.05%	31.90%	28.33%	14.13%	39.57%	40.38%	156.99%	149.60%	146.08%	125.54%	19.84%
Revenue Q/Q Growth	1.80%	-2.89%	0.45%	0.85%	11.40%	7.92%	-4.61%	8.27%	10.41%	9.26%	-3.64%
EBITDA Q/Q Growth	-67.68%	3.10%	-93.29%	2,401.04%	66.14%	-38.83%	-110.98%	1,867.91%	82.50%	-4.53%	36.64%
EBIT Q/Q Growth	-152.45%	10.87%	-123.49%	113.47%	702.65%	-75.84%	-624.41%	148.90%	259.86%	-19.51%	81.57%
NOPAT Q/Q Growth	8.75%	-214.97%	74.78%	118.82%	398.65%	-85.46%	-1,429.16%	824.51%	-90.06%	-103.51%	8,368.19%
Net Income Q/Q Growth	-172.74%	117.84%	-144.31%	533.84%	29.38%	-75.57%	-662.52%	137.80%	12.91%	-103.71%	10,081.25%
EPS Q/Q Growth	-176.47%	123.08%	-133.33%	500.00%	50.00%	-83.33%	-900.00%	137.50%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	440.60%	-89.42%	-191.77%	136.73%	1,255.99%	-82.68%	437.98%	-160.36%	163.03%	427.56%	-90.35%
Free Cash Flow Firm Q/Q Growth	137.28%	-596.19%	14.37%	42.14%	-136.35%	-14.37%	-335.38%	6.44%	-13.75%	5.31%	71.42%
Invested Capital Q/Q Growth	-13.91%	8.38%	9.75%	11.46%	5.28%	9.01%	100.90%	8.25%	3.80%	-0.09%	6.75%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	66.28%	67.92%	67.25%	70.64%	73.10%	68.25%	72.89%	71.22%	72.27%	72.85%	71.83%
EBITDA Margin	3.28%	3.48%	0.23%	5.76%	8.60%	4.87%	-0.56%	9.16%	15.14%	13.23%	18.76%
Operating Margin	-2.32%	-2.13%	-4.74%	0.63%	4.57%	1.02%	-7.44%	2.16%	8.45%	5.54%	10.50%
EBIT Margin	-2.32%	-2.13%	-4.74%	0.63%	4.57%	1.02%	-5.62%	2.54%	8.27%	6.09%	11.48%
Profit (Net Income) Margin	-11.74%	2.16%	-0.95%	4.09%	4.75%	1.08%	-6.35%	2.22%	2.27%	-0.08%	7.97%
Tax Burden Percent	-480.85%	620.28%	146.64%	97.82%	60.77%	36.57%	101.20%	1,614.08%	37.11%	-1.82%	82.38%
Interest Burden Percent	-105.08%	-16.31%	13.67%	660.23%	171.31%	287.89%	111.58%	5.41%	73.80%	69.39%	84.23%
Effective Tax Rate	580.85%	-520.28%	0.00%	2.18%	39.23%	63.43%	0.00%	-1,514.08%	62.89%	101.82%	17.62%
Return on Invested Capital (ROIC)	21.30%	-26.71%	-6.06%	0.96%	4.58%	0.60%	-5.29%	34.20%	3.11%	-0.10%	6.91%
ROIC Less NNEP Spread (ROIC-NNEP)	29.02%	-31.32%	-6.82%	-0.23%	3.86%	0.32%	-4.29%	71.65%	4.24%	-0.14%	5.27%
Return on Net Nonoperating Assets (RNNOA)	-17.18%	19.60%	3.99%	0.12%	-2.14%	-0.17%	0.98%	-13.19%	-0.74%	0.02%	0.50%
Return on Equity (ROE)	4.12%	-7.11%	-2.07%	1.09%	2.45%	0.43%	-4.31%	21.01%	2.37%	-0.08%	7.40%
Cash Return on Invested Capital (CROIC)	2.16%	-27.63%	-26.12%	-9.73%	-33.41%	-33.09%	-88.08%	-85.54%	-84.46%	-77.68%	-14.81%
Operating Return on Assets (OROA)	-1.40%	-1.24%	-2.79%	0.36%	2.64%	0.61%	-3.09%	1.44%	4.79%	3.64%	6.48%
Return on Assets (ROA)	-7.07%	1.26%	-0.56%	2.32%	2.75%	0.64%	-3.49%	1.26%	1.31%	-0.05%	4.49%
Return on Common Equity (ROCE)	4.12%	-7.11%	-2.07%	1.09%	2.45%	0.43%	-4.31%	21.01%	2.37%	-0.08%	7.40%
Return on Equity Simple (ROE_SIMPLE)	1.22%	0.00%	1.05%	-1.19%	1.83%	0.00%	0.57%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	4.73	-5.44	-1.37	0.26	1.29	0.19	-2.49	18	1.79	-0.06	5.20
NOPAT Margin	11.17%	-13.23%	-3.32%	0.62%	2.77%	0.37%	-5.21%	34.85%	3.14%	-0.10%	8.65%
Net Nonoperating Expense Percent (NNEP)	-7.72%	4.61%	0.76%	1.20%	0.72%	0.28%	-1.00%	-37.45%	-1.12%	0.03%	1.64%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.38%	-	-	-	0.08%	-0.78%	5.54%	0.54%	-0.02%	1.50%
Cost of Revenue to Revenue	33.72%	32.08%	32.75%	29.36%	26.90%	31.75%	27.12%	28.78%	27.73%	27.15%	28.17%
SG&A Expenses to Revenue	36.86%	39.38%	39.94%	39.03%	38.99%	38.08%	48.92%	38.17%	34.92%	34.74%	29.09%
R&D to Revenue	30.96%	29.93%	31.43%	30.36%	29.12%	28.79%	30.62%	28.83%	27.02%	30.86%	30.48%
Operating Expenses to Revenue	68.60%	70.05%	71.99%	70.01%	68.53%	67.23%	80.33%	69.06%	63.82%	67.31%	61.33%
Earnings before Interest and Taxes (EBIT)	-0.98	-0.88	-1.96	0.26	2.12	0.51	-2.69	1.31	4.73	3.80	6.91
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1.39	1.43	0.10	2.40	3.99	2.44	-0.27	4.74	8.65	8.26	11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.58	5.37	5.72	6.02	5.10	4.27	3.00	3.25	3.86	4.16	4.65
Price to Tangible Book Value (P/TBV)	6.50	6.20	6.58	6.87	5.78	4.80	7.95	8.02	9.00	9.10	9.64
Price to Revenue (P/Rev)	7.48	7.42	7.74	8.39	7.20	5.85	4.02	4.27	4.93	5.15	5.64
Price to Earnings (P/E)	457.35	396.05	546.57	0.00	278.65	258.80	527.13	974.16	0.00	0.00	181.65
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	0.22%	0.25%	0.18%	0.00%	0.36%	0.39%	0.19%	0.10%	0.00%	0.00%	0.55%
Enterprise Value to Invested Capital (EV/IC)	12.76	11.71	11.37	11.19	9.20	7.13	2.89	3.03	3.55	3.89	4.24
Enterprise Value to Revenue (EV/Rev)	6.66	6.60	7.00	7.69	6.49	5.21	4.10	4.41	5.09	5.26	5.79
Enterprise Value to EBITDA (EV/EBITDA)	93.56	116.98	161.66	240.64	139.86	104.76	99.06	87.92	72.05	53.91	40.71
Enterprise Value to EBIT (EV/EBIT)	536.56	0.00	0.00	0.00	0.00	1,000.09	0.00	4,479.37	362.42	161.00	80.03
Enterprise Value to NOPAT (EV/NOPAT)	1,152.18	0.00	0.00	343.95	0.00	1,621.79	0.00	11,362.69	0.00	0.00	142.62
Enterprise Value to Operating Cash Flow (EV/OCF)	29.85	74.95	84.94	63.84	109.35	96.37	37.71	60.43	126.40	47.90	78.43
Enterprise Value to Free Cash Flow (EV/FCFF)	587.37	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	0.00	0.28	0.26	0.26	0.25	0.24
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.27	0.26	0.25	0.24	0.23
Financial Leverage	-0.59	-0.63	-0.58	-0.53	-0.55	-0.53	-0.23	-0.18	-0.18	-0.17	0.09
Leverage Ratio	1.29	1.30	1.29	1.29	1.28	1.27	1.43	1.41	1.41	1.42	1.55
Compound Leverage Factor	-1.36	-0.21	0.18	8.51	2.19	3.67	1.59	0.08	1.04	0.99	1.31
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	21.61%	20.92%	20.35%	19.82%	19.16%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.71%	0.69%	0.67%	0.66%	0.65%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.91%	20.23%	19.68%	19.16%	18.51%
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	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	78.39%	79.08%	79.65%	80.18%	80.85%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	8.93	6.93	4.63	3.13	2.02
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	1.89	2.82	2.17	1.16	1.07
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	8.63	6.70	4.48	3.03	1.95
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	-282.51	895.29	-894.60	-57.31	7.07
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	-59.69	364.27	-419.48	-21.20	3.76
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	-273.29	865.85	-864.97	-55.40	6.83
Altman Z-Score	12.87	12.75	13.23	13.39	11.68	9.81	3.52	4.17	4.77	5.08	5.79
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	3.89	3.89	3.62	3.49	3.32	3.40	2.19	2.37	2.21	2.28	2.34
Quick Ratio	3.53	3.55	3.29	3.14	2.89	3.11	1.83	1.93	1.68	1.74	1.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5.65	-28	-24	-14	-33	-38	-163	-153	-174	-165	-47
Operating Cash Flow to CapEx	657.96%	84.26%	-92.04%	12.86%	201.85%	27.47%	105.33%	-61.17%	51.97%	177.11%	15.94%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-525.55	-123.13	-140.51	-141.51	-43.23
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	27.78	-4.20	2.66	14.90	1.54
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	1.41	-11.06	-2.45	6.49	-8.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.60	0.58	0.59	0.57	0.58	0.59	0.55	0.57	0.58	0.60	0.56
Accounts Receivable Turnover	3.44	3.81	3.53	2.82	3.89	3.03	3.35	3.12	3.40	2.80	2.90
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	4.32	4.28	4.28	3.98	4.07	4.18	4.01	3.82	3.51	3.37	3.15
Accounts Payable Turnover	12.88	11.57	8.88	16.39	10.15	10.01	7.08	5.67	3.87	2.83	3.91
Days Sales Outstanding (DSO)	105.97	95.82	103.45	129.23	93.79	120.56	108.89	117.02	107.38	130.47	125.96
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)	28.34	31.56	41.09	22.28	35.97	36.46	51.52	64.41	94.40	128.85	93.43
Cash Conversion Cycle (CCC)	77.62	64.26	62.36	106.95	57.83	84.10	57.37	52.61	12.98	1.62	32.53
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	86	93	103	114	120	131	263	285	296	296	316
Invested Capital Turnover	1.91	2.02	1.82	1.55	1.65	1.60	1.02	0.98	0.99	1.03	0.80
Increase / (Decrease) in Invested Capital	-0.92	23	23	14	34	38	161	171	176	165	52
Enterprise Value (EV)	1,100	1,094	1,165	1,279	1,107	935	762	865	1,051	1,152	1,340
Market Capitalization	1,235	1,230	1,288	1,397	1,227	1,050	747	837	1,020	1,127	1,305
Book Value per Share	$5.81	$5.98	$5.85	$6.05	$6.21	$6.35	$6.37	$6.58	$6.69	$6.86	$7.03
Tangible Book Value per Share	$4.99	$5.18	$5.08	$5.29	$5.48	$5.64	$2.40	$2.67	$2.87	$3.13	$3.39
Total Capital	222	229	225	232	240	246	318	326	332	338	347
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	69	68	68	67	66
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	66	66	65	65	64
Net Debt	-135	-136	-123	-118	-120	-115	15	28	32	25	35
Capital Expenditures (CapEx)	2.92	2.41	2.02	5.32	4.60	5.85	8.20	8.53	6.33	9.79	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	9.04	11	13	20	14	31	24	40	46	52	72
Debt-free Net Working Capital (DFNWC)	144	147	136	138	134	145	79	80	82	94	103
Net Working Capital (NWC)	144	147	136	138	134	145	76	78	80	92	101
Net Nonoperating Expense (NNE)	9.70	-6.33	-0.98	-1.45	-0.92	-0.35	0.54	17	0.50	-0.01	0.41
Net Nonoperating Obligations (NNO)	-135	-136	-123	-118	-120	-115	15	28	32	25	35
Total Depreciation and Amortization (D&A)	2.37	2.31	2.06	2.14	1.87	1.93	2.42	3.43	3.92	4.45	4.38
Debt-free, Cash-free Net Working Capital to Revenue	5.47%	6.92%	7.59%	11.99%	7.93%	17.02%	13.13%	20.24%	22.45%	23.75%	31.02%
Debt-free Net Working Capital to Revenue	87.40%	88.65%	81.45%	82.81%	78.39%	81.04%	42.26%	40.85%	39.80%	43.03%	44.48%
Net Working Capital to Revenue	87.40%	88.65%	81.45%	82.81%	78.39%	81.04%	41.05%	39.71%	38.72%	42.01%	43.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.13)	$0.02	($0.01)	$0.04	$0.06	$0.02	($0.08)	$0.03	$0.03	$0.00	$0.12
Adjusted Weighted Average Basic Shares Outstanding	38.19M	38.02M	38.50M	38.62M	38.71M	38.60M	39.09M	39.15M	39.50M	39.32M	39.86M
Adjusted Diluted Earnings per Share	($0.13)	$0.03	($0.01)	$0.04	$0.06	$0.01	($0.08)	$0.03	$0.03	$0.00	$0.12
Adjusted Weighted Average Diluted Shares Outstanding	38.19M	38.94M	38.50M	39.13M	39.11M	39.05M	39.09M	39.26M	39.62M	39.32M	40.38M
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	38.26M	38.58M	38.40M	38.75M	38.77M	39.11M	39.14M	39.49M	39.51M	39.89M	39.92M
Normalized Net Operating Profit after Tax (NOPAT)	-0.69	-0.61	-1.37	0.26	1.29	0.36	-2.49	0.78	3.38	2.42	5.20
Normalized NOPAT Margin	-1.63%	-1.49%	-3.32%	0.62%	2.77%	0.72%	-5.21%	1.51%	5.92%	3.88%	8.65%
Pre Tax Income Margin	2.44%	0.35%	-0.65%	4.18%	7.82%	2.94%	-6.27%	0.14%	6.11%	4.23%	9.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-8.63	1.06	3.82	3.27	6.34
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-8.00	14.52	1.45	-0.05	4.78
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-35.01	-5.81	-1.29	-5.14	-3.30
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-34.38	7.65	-3.66	-8.47	-4.87
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	27.51%	23.93%	324.23%	-275.59%	156.62%	170.05%	0.00%	0.00%	-460.38%	-38.13%	0.00%

Financials Breakdown Chart

Key Financial Trends

PDF Solutions (NASDAQ: PDFS) has shown several encouraging trends in the last four years, including a steady upturn in quarterly revenue with solid gross margins and intermittent profitability. The company also generated meaningful operating cash flow in the latest quarter, helping to support a positive net change in cash despite ongoing investment in SG&A and R&D. At the same time, earnings have remained choppy on a quarterly basis, and debt levels alongside equity dilution risk warrant continued monitoring.

Revenue trend improving to the low $60s millions in late 2025. In Q4 2025 PDFS reported operating revenue of $62.40 million, up from about $50.09 million in Q4 2024 and higher levels in prior years, signaling a multi-year growth trajectory.
Very high gross margins support pricing/product mix strength. Q4 2025 gross profit was $45.46 million on $62.40 million revenue, implying a gross margin near 73%, underscoring strong core profitability after cost of revenue.
Consistent positive operating income in the latest half-year, indicating improving profitability. Q4 2025 operating income was about $3.46 million, with Q3 2025 at roughly $4.83 million and Q2 2025 around $1.12 million, showing earnings power improving versus earlier periods.
Free cash flow turns positive in the latest quarter. In Q4 2025, net cash from operating activities was $17.34 million and capital expenditures were about $9.79 million, yielding roughly $7.6 million of free cash flow for the quarter.
Improving quarterly cash generation and a rising cash balance in the latest quarter. Net change in cash and equivalents in Q4 2025 was $6.34 million, reflecting stronger liquidity alongside robust CFO.
Investment in growth remains sizable. Selling, general & administrative expense and research & development expense are consistently high (e.g., combined SG&A and R&D around $38–$44 million per quarter in 2025), indicating ongoing investment in product/tech capabilities that could drive longer-term growth but pressure near-term margins.
Moderate leverage with a still-large equity base. Long-term debt sits around $66–66.5 million in mid-2025 quarters with total debt under $70 million and equity near $260–265 million, providing a reasonable cushion for financing activities given the size of assets and cash flows.
Balance sheet liquidity remains adequate for operational needs. Cash & equivalents sit in the mid-$30s million near mid-2025, with substantial current assets, supporting working capital needs as revenue grows.
Profitability is still volatile on a quarterly basis. While several 2025 quarters were profitable, Q1 2025 and Q4 2025 showed net losses (e.g., net income attributable to common shareholders of about -$0.048 million in Q4 2025 and -$3.03 million in Q1 2025), highlighting ongoing earnings volatility.
Near-term CFO weakness in early 2025 before a late-2025 rebound. Operating cash flow was negative in Q1 and Q2 2025, indicating some quarterly cash-burn despite revenue growth, though CFO improved by Q3–Q4 2025.

05/21/26 01:14 PM ETAI Generated. May Contain Errors.

PDF Solutions Financials - Frequently Asked Questions

According to the most recent income statement we have on file, PDF Solutions' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

PDF Solutions' net income appears to be on an upward trend, with a most recent value of -$640 thousand in 2025, falling from $12.41 million in 2015. The previous period was $4.06 million in 2024. Check out PDF Solutions' forecast to explore projected trends and price targets.

PDF Solutions' total operating income in 2025 was $5.85 million, based on the following breakdown:

Total Gross Profit: $158.40 million
Total Operating Expenses: $152.55 million

Over the last 10 years, PDF Solutions' total revenue changed from $97.98 million in 2015 to $219.02 million in 2025, a change of 123.5%.

PDF Solutions' total liabilities were at $147.68 million at the end of 2025, a 113.2% increase from 2024, and a 745.7% increase since 2015.

In the past 10 years, PDF Solutions' cash and equivalents has ranged from $27.68 million in 2021 to $126.16 million in 2015, and is currently $42.22 million as of their latest financial filing in 2025.

Over the last 10 years, PDF Solutions' book value per share changed from 5.55 in 2015 to 6.86 in 2025, a change of 23.7%.

Related Companies

Financial statements for NASDAQ:PDFS last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

PDF Solutions (PDFS) Financials

Financials Breakdown Chart

Key Financial Trends

PDF Solutions Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

PDF Solutions (PDFS) Financials

Annual Income Statements for PDF Solutions

Quarterly Income Statements for PDF Solutions

Annual Cash Flow Statements for PDF Solutions

Quarterly Cash Flow Statements for PDF Solutions

Annual Balance Sheets for PDF Solutions

Quarterly Balance Sheets for PDF Solutions

Annual Metrics And Ratios for PDF Solutions

Quarterly Metrics And Ratios for PDF Solutions

Financials Breakdown Chart

Key Financial Trends

PDF Solutions Financials - Frequently Asked Questions

When does PDF Solutions' financial year end?

How has PDF Solutions' net income changed over the last 10 years?

What is PDF Solutions' operating income?

How has PDF Solutions' revenue changed over the last 10 years?

How much debt does PDF Solutions have?

How much cash does PDF Solutions have?

How has PDF Solutions' book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools