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Rand Capital (RAND) Financials

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$10.10 -0.20 (-1.90%)
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Annual Income Statements for Rand Capital

Annual Income Statements for Rand Capital

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

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 14 -1.89 6.53 8.83 16
Consolidated Net Income / (Loss)		 14 -0.88 6.39 7.49 16
Net Income / (Loss) Continuing Operations		 14 -1.89 6.39 7.49 16
Total Pre-Tax Income 		14 -1.79 7.05 7.44 16
Total Revenue		 14 -0.67 10 9.47 17
Net Interest Income / (Expense)		 5.45 0.00 5.97 6.94 12
Total Interest Income		 6.06 0.00 7.02 8.03 12
Investment Securities Interest Income		 6.06 0.00 7.02 8.03 12
Total Interest Expense		 0.62 0.00 1.04 1.09 0.11
Long-Term Debt Interest Expense		 0.62 - 1.04 1.09 0.11
Total Non-Interest Income		 9.05 -0.67 4.21 2.53 5.29
Net Realized & Unrealized Capital Gains on Investments		 9.05 -0.67 4.21 3.72 5.29
Provision for Credit Losses		 - - - 0.00 0.06
Total Non-Interest Expense		 0.59 1.12 3.13 2.02 0.74
Other Operating Expenses		 0.58 0.84 2.87 1.74 0.74
Basic Earnings per Share		 $6.12 ($0.34) $2.53 $3.42 ($2.73)
Weighted Average Basic Shares Outstanding		 2.58M 2.58M 2.58M 2.58M 2.95M
Diluted Earnings per Share		 $6.12 ($0.34) $2.53 $3.42 ($2.73)
Weighted Average Diluted Shares Outstanding		 2.58M 2.58M 2.58M 2.58M 2.95M
Weighted Average Basic & Diluted Shares Outstanding		 - - 2.58M 2.97M 2.97M

Quarterly Income Statements for Rand Capital

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -7.87 1.40 7.74 12 -12 4.32 5.39 0.89 21 2.74 2.90
Consolidated Net Income / (Loss)		 -8.00 3.08 7.74 12 -15 4.32 5.39 0.89 21 2.74 2.90
Net Income / (Loss) Continuing Operations		 -8.00 2.24 7.70 12 -14 4.32 5.39 0.89 20 2.74 2.90
Total Pre-Tax Income 		-7.79 2.24 7.65 12 -14 4.32 5.39 0.89 20 2.74 2.90
Total Revenue		 -5.48 3.08 10 12 -16 4.56 5.54 1.03 21 2.96 3.02
Net Interest Income / (Expense)		 -0.84 1.58 2.07 3.65 -0.36 3.34 3.08 2.97 6.91 2.36 2.28
Total Interest Income		 -0.21 1.97 2.07 3.89 0.10 3.38 3.10 3.00 6.96 2.39 2.35
Investment Securities Interest Income		 -0.21 1.97 2.07 3.89 0.10 3.38 3.10 3.00 6.96 2.39 2.35
Total Interest Expense		 0.63 0.39 0.00 0.25 0.45 0.04 0.03 0.03 0.05 0.03 0.07
Long-Term Debt Interest Expense		 - 0.39 - 0.25 - 0.04 0.03 0.03 - 0.03 0.07
Total Non-Interest Income		 -4.64 1.50 8.17 8.11 -15 1.22 2.47 -1.94 14 0.60 0.75
Net Realized & Unrealized Capital Gains on Investments		 -4.64 1.40 8.17 8.11 -14 1.22 2.47 -1.94 14 0.60 0.75
Provision for Credit Losses		 - - - 0.00 - 0.03 0.01 0.00 - 0.00 0.00
Total Non-Interest Expense		 2.05 0.84 2.58 0.11 -1.51 0.21 0.14 0.13 0.73 0.22 0.12
Other Operating Expenses		 2.05 0.76 2.11 0.11 -1.24 0.21 0.14 0.13 1.10 0.22 0.12
Basic Earnings per Share		 $0.42 $0.54 $3.00 $1.02 ($1.14) $0.29 ($2.60) ($0.75) $0.33 ($0.12) $0.46
Weighted Average Basic Shares Outstanding		 2.58M 2.58M 2.58M 2.58M 2.58M 2.87M 2.97M 2.97M 2.95M 2.97M 2.97M
Diluted Earnings per Share		 $0.42 $0.54 $3.00 $1.02 ($1.14) $0.29 ($2.60) ($0.75) $0.33 ($0.12) $0.46
Weighted Average Diluted Shares Outstanding		 2.58M 2.58M 2.58M 2.58M 2.58M 2.87M 2.97M 2.97M 2.95M 2.97M 2.97M
Weighted Average Basic & Diluted Shares Outstanding		 2.58M 2.58M 2.58M 2.58M 2.97M 2.97M 2.97M 2.97M 2.97M 2.97M 2.97M

Annual Cash Flow Statements for Rand Capital

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

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -20 0.54 1.93 -2.46 3.37
Net Cash From Operating Activities		 -3.94 0.25 -8.34 15 11
Net Cash From Continuing Operating Activities		 -3.94 0.25 -8.34 15 11
Net Income / (Loss) Continuing Operations		 16 -0.88 6.53 8.83 -8.04
Consolidated Net Income / (Loss)		 16 -0.88 6.53 8.83 -8.04
Depreciation Expense		 0.18 0.01 -2.95 6.09 11
Amortization Expense		 -0.11 -0.03 -0.02 -0.03 -0.04
Non-Cash Adjustments to Reconcile Net Income		 -24 2.74 -13 0.31 11
Changes in Operating Assets and Liabilities, net		 4.41 -1.60 0.73 0.13 -3.07
Net Cash From Investing Activities		 0.00 0.00 0.00 0.00 0.00
Net Cash From Continuing Investing Activities		 0.00 0.00 0.00 0.00 0.00
Net Cash From Financing Activities		 -16 0.28 10 -18 -7.88
Net Cash From Continuing Financing Activities		 -16 0.28 10 -18 -7.88
Issuance of Debt		 0.00 2.55 14 -16 -0.60
Repayment of Debt		 -11 -0.13 0.00 0.00 0.00
Payment of Dividends		 -4.57 -2.14 -3.43 -2.14 -7.28

Quarterly Cash Flow Statements for Rand Capital

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 -0.18 -2.54 1.53 1.06 -2.52 4.10 -0.51 5.07 -5.28 -3.88 0.10
Net Cash From Operating Activities		 -1.06 -4.84 4.28 15 0.78 7.73 0.35 5.93 -2.76 -3.52 -3.64
Net Cash From Continuing Operating Activities		 -1.06 -4.84 4.28 15 0.78 7.73 0.35 5.93 -2.76 -3.52 -3.64
Net Income / (Loss) Continuing Operations		 1.09 1.40 7.74 2.64 -2.95 0.84 -7.74 -2.23 1.09 -0.37 1.37
Consolidated Net Income / (Loss)		 1.09 1.40 7.74 2.64 -2.95 0.84 -7.74 -2.23 1.09 -0.37 1.37
Depreciation Expense		 -2.97 0.01 0.01 0.01 6.07 0.01 0.01 0.01 11 2.05 -2.03
Amortization Expense		 -0.00 -0.01 -0.01 -0.01 -0.01 -0.02 -0.01 -0.01 -0.00 -0.00 -0.00
Non-Cash Adjustments to Reconcile Net Income		 0.63 -5.67 -4.40 14 -3.54 8.68 9.69 8.04 -15 -5.10 -2.92
Changes in Operating Assets and Liabilities, net		 0.19 -0.57 0.94 -1.44 1.21 -1.78 -1.61 0.13 0.18 -0.09 -0.05
Net Cash From Financing Activities		 0.87 2.30 -2.75 -14 -3.30 -3.63 -0.86 -0.86 -2.52 -0.36 3.74
Net Cash From Continuing Financing Activities		 0.87 2.30 -2.75 -14 -3.30 -3.63 -0.86 -0.86 -2.52 -0.36 3.74
Payment of Dividends		 -1.63 -0.65 -0.75 -0.75 - -3.03 -0.86 -0.86 -2.52 -0.86 -0.86

Annual Balance Sheets for Rand Capital

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

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 63 81 72 53
Cash and Due from Banks		 1.37 3.30 0.83 4.21
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00
Other Assets		 62 78 2.45 50
Total Liabilities & Shareholders' Equity		 63 81 72 53
Total Liabilities		 5.76 20 7.12 1.01
Short-Term Debt		 2.55 16 0.60 0.00
Other Long-Term Liabilities		 3.21 3.96 4.96 1.01
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 58 61 65 52
Total Preferred & Common Equity		 58 61 65 52
Total Common Equity		 58 61 65 52
Common Stock		 52 56 56 64
Retained Earnings		 7.56 6.32 2.54 -11
Treasury Stock		 -1.57 -1.57 -1.57 -1.57

Quarterly Balance Sheets for Rand Capital

This table presents Rand Capital'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		 79 84 91 80 68 58 55 53 58
Cash and Due from Banks		 3.48 0.76 2.29 3.35 4.93 4.42 9.49 0.33 0.43
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Assets		 76 84 88 76 63 0.86 48 55 60
Total Liabilities & Shareholders' Equity		 79 84 91 80 68 58 55 53 58
Total Liabilities		 18 23 22 9.35 2.51 0.93 0.96 1.56 6.20
Short-Term Debt		 14 19 17 3.90 0.00 0.00 0.00 0.50 5.10
Other Long-Term Liabilities		 3.94 3.59 5.03 5.45 2.51 0.93 0.96 1.06 1.10
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 61 62 69 70 65 57 54 51 51
Total Preferred & Common Equity		 61 62 69 70 65 57 54 51 51
Total Common Equity		 61 62 69 70 65 57 54 51 51
Common Stock		 52 56 56 56 64 64 64 64 64
Retained Earnings		 11 7.07 14 16 2.52 -6.07 -9.17 -12 -11
Treasury Stock		 -1.57 -1.57 -1.57 -1.57 -1.57 -1.57 -1.57 -1.57 -1.57

Annual Metrics And Ratios for Rand Capital

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

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 2,581,021.00 2,581,021.00 2,969,814.00
DEI Adjusted Shares Outstanding		 0.00 0.00 2,581,021.00 2,581,021.00 2,969,814.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 2.48 2.90 5.42
Growth Metrics		 - - - - -
Revenue Growth		 0.00% -104.60% 1,628.95% -7.03% 78.57%
EBITDA Growth		 0.00% -112.88% 327.05% 230.81% 102.68%
EBIT Growth		 0.00% -112.85% 494.90% 5.59% 116.35%
NOPAT Growth		 0.00% -109.00% 611.62% 17.10% 115.11%
Net Income Growth		 0.00% -106.35% 825.03% 17.10% 115.11%
EPS Growth		 0.00% -105.56% 844.12% 35.18% -179.82%
Operating Cash Flow Growth		 0.00% 106.40% -3,405.06% 283.81% -26.61%
Free Cash Flow Firm Growth		 0.00% 0.00% 83.09% 263.98% 84.23%
Invested Capital Growth		 0.00% 0.00% 27.86% -12.42% -22.69%
Revenue Q/Q Growth		 0.00% 0.00% -58.26% -49.60% 232.46%
EBITDA Q/Q Growth		 0.00% 0.00% -82.37% -5.78% 305.63%
EBIT Q/Q Growth		 0.00% 0.00% -69.54% -48.06% 221.18%
NOPAT Q/Q Growth		 0.00% 0.00% -72.40% -46.82% 272.95%
Net Income Q/Q Growth		 0.00% 0.00% -72.20% -49.36% 241.49%
EPS Q/Q Growth		 0.00% 0.00% 13.45% -31.33% 35.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 2.08% 13.64% -23.93%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 14.97% 175.29%
Invested Capital Q/Q Growth		 0.00% 0.00% 2.61% -9.21% -2.68%
Profitability Metrics		 - - - - -
EBITDA Margin		 96.34% 0.00% 40.08% 142.63% 161.89%
EBIT Margin		 95.90% 0.00% 69.23% 78.63% 95.26%
Profit (Net Income) Margin		 95.82% 0.00% 62.78% 79.08% 95.26%
Tax Burden Percent		 99.92% 49.40% 90.69% 100.58% 100.00%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.08% 0.00% 9.31% -0.58% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 9.31% 10.36% 26.91%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 9.31% 10.36% 26.91%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 1.48% 1.51% 0.50%
Return on Equity (ROE)		 0.00% -1.53% 10.79% 11.87% 27.41%
Cash Return on Invested Capital (CROIC)		 0.00% -204.15% -15.15% 23.59% 52.50%
Operating Return on Assets (OROA)		 0.00% 0.00% 9.76% 9.70% 25.63%
Return on Assets (ROA)		 0.00% 0.00% 8.85% 9.76% 25.63%
Return on Common Equity (ROCE)		 0.00% -1.53% 10.79% 11.87% 27.41%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -1.53% 10.51% 11.46% 30.86%
Net Operating Profit after Tax (NOPAT)		 14 -1.25 6.39 7.49 16
NOPAT Margin		 95.82% 0.00% 62.78% 79.08% 95.26%
Net Nonoperating Expense Percent (NNEP)		 0.00% -28.85% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.10% 0.00% 2.63% 2.94% 0.00%
Operating Expenses to Revenue		 4.10% 0.00% 30.77% 21.37% 4.39%
Earnings before Interest and Taxes (EBIT)		 14 -1.79 7.05 7.44 16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 14 -1.80 4.08 14 27
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.46 0.67 0.63
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.46 0.67 0.63
Price to Revenue (P/Rev)		 0.00 0.00 2.76 4.64 1.95
Price to Earnings (P/E)		 0.00 0.00 4.31 4.98 2.04
Dividend Yield		 12.07% 5.66% 8.71% 6.34% 15.51%
Earnings Yield		 0.00% 0.00% 23.19% 20.08% 48.92%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.53 0.67 0.55
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 4.04 4.78 1.70
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 10.07 3.35 1.05
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 5.83 6.08 1.78
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 6.43 6.05 1.78
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 2.95 2.55
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 2.66 0.91
Leverage & Solvency		 - - - - -
Debt to Equity		 0.00 0.04 0.27 0.03 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.02 0.00
Financial Leverage		 0.00 0.04 0.16 0.15 0.02
Leverage Ratio		 0.00 1.10 1.22 1.22 1.07
Compound Leverage Factor		 0.00 1.10 1.22 1.22 1.07
Debt to Total Capital		 0.00% 4.23% 21.09% 3.21% 0.00%
Short-Term Debt to Total Capital		 0.00% 4.23% 21.09% 0.89% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 2.32% 0.00%
Preferred Equity to Total Capital		 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%
Common Equity to Total Capital		 0.00% 95.77% 78.91% 96.79% 100.00%
Debt to EBITDA		 0.00 -1.42 3.98 0.16 0.00
Net Debt to EBITDA		 0.00 -0.66 3.17 0.10 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.12 0.00
Debt to NOPAT		 0.00 -2.04 2.54 0.29 0.00
Net Debt to NOPAT		 0.00 -0.95 2.03 0.18 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.21 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - -
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -62 -10 17 31
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -9.95 15.65 279.21
Operating Cash Flow to Interest Expense		 -6.38 0.00 -7.98 14.07 99.99
Operating Cash Flow Less CapEx to Interest Expense		 -6.38 0.00 -7.98 14.07 99.99
Efficiency Ratios		 - - - - -
Asset Turnover		 0.00 0.00 0.14 0.12 0.27
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - -
Invested Capital		 0.00 60 77 67 52
Invested Capital Turnover		 0.00 0.00 0.15 0.13 0.28
Increase / (Decrease) in Invested Capital		 0.00 60 17 -9.57 -15
Enterprise Value (EV)		 0.00 0.00 41 45 29
Market Capitalization		 0.00 0.00 28 44 33
Book Value per Share		 $0.00 $22.36 $23.56 $25.31 $17.57
Tangible Book Value per Share		 $0.00 $22.36 $23.56 $25.31 $17.57
Total Capital		 0.00 60 77 67 52
Total Debt		 0.00 2.55 16 2.17 0.00
Total Long-Term Debt		 0.00 0.00 0.00 1.57 0.00
Net Debt		 0.00 1.18 13 1.33 -4.21
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 -0.37 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 0.00 2.55 16 2.17 0.00
Total Depreciation and Amortization (D&A)		 0.06 -0.01 -2.97 6.06 11
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $2.53 $3.42 ($2.73)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 2.58M 2.58M 2.95M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $2.53 $3.42 ($2.73)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 2.58M 2.58M 2.95M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 2.58M 2.97M 2.97M
Normalized Net Operating Profit after Tax (NOPAT)		 14 -1.20 6.39 5.21 11
Normalized NOPAT Margin		 95.82% 0.00% 62.78% 55.04% 66.68%
Pre Tax Income Margin		 95.90% 0.00% 69.23% 78.63% 95.26%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 22.52 0.00 6.75 6.83 143.12
NOPAT to Interest Expense		 22.50 0.00 6.12 6.87 143.12
EBIT Less CapEx to Interest Expense		 22.52 0.00 6.75 6.83 143.12
NOPAT Less CapEx to Interest Expense		 22.50 0.00 6.12 6.87 143.12
Payout Ratios		 - - - - -
Dividend Payout Ratio		 32.91% -242.93% 53.69% 28.61% 45.19%
Augmented Payout Ratio		 33.06% -242.93% 53.69% 28.61% 45.19%

Quarterly Metrics And Ratios for Rand Capital

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 2,581,021.00 2,581,021.00 2,581,021.00 2,581,021.00 2,581,021.00 2,969,814.00 2,969,814.00 2,969,814.00 2,969,814.00 5,939,628.00 2,969,814.00
DEI Adjusted Shares Outstanding		 2,581,021.00 2,581,021.00 2,581,021.00 2,581,021.00 2,581,021.00 2,969,814.00 2,969,814.00 2,969,814.00 2,969,814.00 5,939,628.00 2,969,814.00
DEI Earnings Per Adjusted Shares Outstanding		 -3.10 1.19 3.00 4.51 -5.80 1.46 -2.60 0.30 7.00 0.46 0.98
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 11.97% -8.03% -5.53% 690.67% -184.59% 48.03% -174.99% -91.26% 232.36% -34.99% -45.48%
EBITDA Growth		 -54.93% -29.34% -28.70% 1,613.36% 23.47% 92.16% -189.01% -92.34% 488.32% 11.07% -83.98%
EBIT Growth		 -11.12% -29.35% -28.68% 1,619.15% -87.19% 92.87% -189.01% -92.32% 241.34% -36.64% -46.22%
NOPAT Growth		 -14.86% -27.34% -28.13% 1,150.87% -81.09% 92.94% -161.92% -92.32% 301.46% -36.64% -46.22%
Net Income Growth		 -42.40% -0.11% -27.80% 1,855.96% -87.20% 40.33% -199.98% -92.32% 238.89% -36.64% -46.22%
EPS Growth		 250.00% -35.71% 188.46% 343.48% -371.43% -46.30% -186.67% -173.53% 128.95% -141.38% 117.69%
Operating Cash Flow Growth		 14.35% -9.73% -3.99% 306.07% 173.89% 259.67% -91.88% -60.73% -452.58% -145.51% -1,146.82%
Free Cash Flow Firm Growth		 0.00% 82.56% 90.21% 116.72% 98.65% 276.54% 504.28% 74.30% 11,783.14% -16.10% -91.14%
Invested Capital Growth		 27.86% 19.97% 19.02% -1.01% -12.42% -19.14% -33.87% -27.88% -22.69% -21.22% -0.27%
Revenue Q/Q Growth		 -468.65% 148.94% 232.59% 14.91% -232.69% 129.19% -364.95% 113.39% 1,909.52% -85.66% 2.05%
EBITDA Q/Q Growth		 -1,644.83% 131.07% 241.70% 52.18% -169.00% 153.55% -420.60% 113.09% 3,398.98% -84.68% -81.94%
EBIT Q/Q Growth		 -1,211.62% 131.07% 241.62% 52.18% -221.04% 130.65% -418.05% 113.13% 2,127.71% -86.26% 5.85%
NOPAT Q/Q Growth		 -685.25% 142.86% 243.88% 51.23% -184.73% 143.79% -322.50% 118.76% 2,122.64% -86.23% 5.85%
Net Income Q/Q Growth		 -1,443.59% 140.09% 151.28% 50.53% -228.59% 128.85% -460.92% 111.56% 2,225.69% -86.84% 5.85%
EPS Q/Q Growth		 82.61% 28.57% 455.56% -66.00% -211.76% 125.44% -996.55% 71.15% 144.00% -136.36% 483.33%
Operating Cash Flow Q/Q Growth		 85.56% -357.37% 188.47% 252.78% -94.82% 888.30% -95.50% 1,606.17% -146.48% -27.55% -3.48%
Free Cash Flow Firm Q/Q Growth		 70.01% 49.12% 46.41% 306.57% -102.43% 6,665.72% 37.92% -10.94% 62.80% -52.85% -81.61%
Invested Capital Q/Q Growth		 2.61% 4.81% 6.18% -13.31% -9.21% -3.24% -13.16% -5.45% -2.68% -1.40% 9.92%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 0.00% 72.78% 74.78% 99.03% 0.00% 94.48% 0.00% 86.77% 151.09% 161.43% 28.57%
EBIT Margin		 0.00% 72.81% 74.78% 99.04% 0.00% 94.86% 0.00% 87.02% 96.47% 92.45% 95.89%
Profit (Net Income) Margin		 0.00% 100.06% 75.60% 99.04% 0.00% 94.86% 0.00% 87.02% 100.71% 92.45% 95.89%
Tax Burden Percent		 102.77% 137.44% 101.09% 100.00% 106.24% 100.00% 113.55% 100.00% 104.64% 100.00% 100.00%
Interest Burden Percent		 103.37% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 99.77% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.03% -0.62% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 8.95% 8.12% 24.90% 0.00% 14.22% 0.00% 0.00% 27.19% 24.25% 21.66%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 15.14% 8.37% 24.90% 0.00% 14.22% 0.00% 0.00% 112.34% 24.25% 21.66%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 3.40% 1.79% 3.33% 0.00% 2.15% 0.00% 0.00% 2.07% 0.10% 1.02%
Return on Equity (ROE)		 0.00% 12.35% 9.91% 28.23% 0.00% 16.37% -1.00% -18.35% 29.26% 24.35% 22.68%
Cash Return on Invested Capital (CROIC)		 -15.15% -10.23% -13.75% 19.85% 23.59% 34.20% 38.27% 17.84% 52.50% 48.61% 21.52%
Operating Return on Assets (OROA)		 0.00% 8.56% 7.63% 23.43% 0.00% 13.65% 0.00% 0.00% 25.96% 23.53% 21.28%
Return on Assets (ROA)		 0.00% 11.77% 7.71% 23.43% 0.00% 13.65% 0.00% 0.00% 27.10% 23.53% 21.28%
Return on Common Equity (ROCE)		 0.00% 12.35% 9.91% 28.23% 0.00% 16.37% -1.00% -18.35% 29.26% 24.35% 22.68%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 10.90% 5.44% 20.99% 0.00% 13.37% -1.11% -21.23% 0.00% 28.50% 23.38%
Net Operating Profit after Tax (NOPAT)		 -5.45 2.24 7.70 12 -9.87 4.32 -4.77 0.89 20 2.74 2.90
NOPAT Margin		 0.00% 72.78% 75.25% 99.04% 0.00% 94.86% 0.00% 87.02% 96.25% 92.45% 95.89%
Net Nonoperating Expense Percent (NNEP)		 27.14% -6.18% -0.26% 0.00% 55.49% 0.00% 34.50% 0.00% -85.15% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 2.42% 0.81% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 27.19% 25.22% 0.96% 0.00% 4.58% 0.00% 12.98% 3.53% 7.55% 4.11%
Earnings before Interest and Taxes (EBIT)		 -7.53 2.24 7.65 12 -14 4.32 -6.81 0.89 20 2.74 2.90
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -11 2.24 7.65 12 -8.04 4.30 -6.81 0.89 31 4.78 0.86
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.46 0.56 0.55 0.59 0.67 0.76 0.84 0.80 0.63 0.68 0.59
Price to Tangible Book Value (P/TBV)		 0.46 0.56 0.55 0.59 0.67 0.76 0.84 0.80 0.63 0.68 0.59
Price to Revenue (P/Rev)		 2.76 3.78 4.41 2.20 4.64 4.56 0.00 0.00 1.95 2.28 2.37
Price to Earnings (P/E)		 4.31 7.11 20.14 3.20 4.98 4.25 0.00 0.00 2.04 2.40 2.52
Dividend Yield		 8.71% 7.50% 7.15% 6.74% 6.34% 5.18% 5.40% 6.00% 15.51% 14.64% 11.37%
Earnings Yield		 23.19% 14.07% 4.96% 31.25% 20.08% 23.54% 0.00% 0.00% 48.92% 41.62% 39.72%
Enterprise Value to Invested Capital (EV/IC)		 0.53 0.65 0.61 0.56 0.67 0.69 0.77 0.63 0.55 0.68 0.62
Enterprise Value to Revenue (EV/Rev)		 4.04 5.80 6.16 2.23 4.78 4.11 0.00 0.00 1.70 2.29 2.73
Enterprise Value to EBITDA (EV/EBITDA)		 10.07 8.20 15.59 2.92 3.35 2.88 0.00 0.00 1.05 1.26 1.50
Enterprise Value to EBIT (EV/EBIT)		 5.83 8.21 15.61 2.92 6.08 4.71 0.00 0.00 1.78 2.41 2.91
Enterprise Value to NOPAT (EV/NOPAT)		 6.43 9.00 18.36 2.97 6.05 4.72 0.00 0.00 1.78 2.41 2.91
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 3.10 2.95 1.61 1.81 2.27 2.55 6,817.96 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 2.82 2.66 1.80 1.59 2.94 0.91 1.24 2.87
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.27 0.31 0.25 0.06 0.03 0.00 0.00 0.00 0.00 0.01 0.10
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.16 0.22 0.21 0.13 0.15 0.15 0.14 0.03 0.02 0.00 0.05
Leverage Ratio		 1.22 1.28 1.28 1.21 1.22 1.20 1.18 1.08 1.07 1.04 1.07
Compound Leverage Factor		 1.26 1.28 1.28 1.21 1.22 1.20 1.18 1.08 1.07 1.04 1.07
Debt to Total Capital		 21.09% 23.77% 20.06% 5.25% 3.21% 0.00% 0.00% 0.00% 0.00% 0.97% 9.02%
Short-Term Debt to Total Capital		 21.09% 23.77% 20.06% 5.25% 0.89% 0.00% 0.00% 0.00% 0.00% 0.97% 9.02%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 2.32% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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		 78.91% 76.23% 79.94% 94.75% 96.79% 100.00% 100.00% 100.00% 100.00% 99.03% 90.98%
Debt to EBITDA		 3.98 2.98 5.11 0.27 0.16 0.00 0.00 0.00 0.00 0.02 0.22
Net Debt to EBITDA		 3.17 2.86 4.43 0.04 0.10 0.00 0.00 0.00 0.00 0.01 0.20
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.12 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 2.54 3.27 6.02 0.28 0.29 0.00 0.00 0.00 0.00 0.03 0.42
Net Debt to NOPAT		 2.03 3.14 5.22 0.04 0.18 0.00 0.00 0.00 0.00 0.01 0.39
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.21 0.00 0.00 0.00 0.00 0.00 0.00
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		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -22 -11 -6.00 12 -0.30 20 24 22 35 17 3.05
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -35.45 -28.73 0.00 50.63 -0.66 542.11 0.00 850.63 695.21 560.43 42.11
Operating Cash Flow to Interest Expense		 -1.69 -12.41 0.00 61.66 1.72 211.84 0.00 233.40 -54.47 -118.79 -50.22
Operating Cash Flow Less CapEx to Interest Expense		 -1.69 -12.41 0.00 61.66 1.72 211.84 0.00 233.40 -54.47 -118.79 -50.22
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.14 0.12 0.10 0.24 0.12 0.14 0.00 0.00 0.27 0.25 0.22
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 77 81 86 74 67 65 57 54 52 51 57
Invested Capital Turnover		 0.15 0.12 0.11 0.25 0.13 0.15 0.00 0.00 0.28 0.26 0.23
Increase / (Decrease) in Invested Capital		 17 13 14 -0.76 -9.57 -15 -29 -21 -15 -14 -0.15
Enterprise Value (EV)		 41 53 52 42 45 45 43 34 29 35 35
Market Capitalization		 28 34 38 41 44 50 48 43 33 35 30
Book Value per Share		 $23.56 $23.85 $26.56 $27.29 $25.31 $21.99 $19.10 $18.06 $17.57 $17.16 $17.33
Tangible Book Value per Share		 $23.56 $23.85 $26.56 $27.29 $25.31 $21.99 $19.10 $18.06 $17.57 $17.16 $17.33
Total Capital		 77 81 86 74 67 65 57 54 52 51 57
Total Debt		 16 19 17 3.90 2.17 0.00 0.00 0.00 0.00 0.50 5.10
Total Long-Term Debt		 0.00 0.00 0.00 0.00 1.57 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 13 18 15 0.55 1.33 -4.93 -4.42 -9.49 -4.21 0.17 4.67
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 2.55 -0.84 -0.04 0.00 5.11 0.00 2.97 0.00 -0.92 0.00 0.00
Net Nonoperating Obligations (NNO)		 16 19 17 3.90 2.17 0.00 0.00 0.00 0.00 0.50 5.10
Total Depreciation and Amortization (D&A)		 -2.97 -0.00 -0.00 -0.00 6.06 -0.02 0.00 -0.00 11 2.04 -2.03
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.42 $0.54 $3.00 $1.02 ($1.14) $0.29 ($2.60) ($0.75) $0.33 ($0.12) $0.46
Adjusted Weighted Average Basic Shares Outstanding		 2.58M 2.58M 2.58M 2.58M 2.58M 2.87M 2.97M 2.97M 2.95M 2.97M 2.97M
Adjusted Diluted Earnings per Share		 $0.42 $0.54 $3.00 $1.02 ($1.14) $0.29 ($2.60) ($0.75) $0.33 ($0.12) $0.46
Adjusted Weighted Average Diluted Shares Outstanding		 2.58M 2.58M 2.58M 2.58M 2.58M 2.87M 2.97M 2.97M 2.95M 2.97M 2.97M
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		 2.58M 2.58M 2.58M 2.58M 2.97M 2.97M 2.97M 2.97M 2.97M 2.97M 2.97M
Normalized Net Operating Profit after Tax (NOPAT)		 -5.45 2.24 5.63 8.15 -9.87 3.02 -4.75 0.63 14 1.92 2.03
Normalized NOPAT Margin		 0.00% 72.78% 55.04% 69.33% 0.00% 66.40% 0.00% 60.91% 67.38% 64.71% 67.12%
Pre Tax Income Margin		 0.00% 72.81% 74.78% 99.04% 0.00% 94.86% 0.00% 87.02% 96.25% 92.45% 95.89%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -12.00 5.74 0.00 47.54 -31.01 118.44 0.00 35.19 393.61 92.46 39.98
NOPAT to Interest Expense		 -8.68 5.74 0.00 47.54 -21.71 118.44 0.00 35.19 392.72 92.46 39.98
EBIT Less CapEx to Interest Expense		 -12.00 5.74 0.00 47.54 -31.01 118.44 0.00 35.19 393.61 92.46 39.98
NOPAT Less CapEx to Interest Expense		 -8.68 5.74 0.00 47.54 -21.71 118.44 0.00 35.19 392.72 92.46 39.98
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 53.69% 53.07% 98.20% 25.49% 28.61% 51.87% -737.90% -41.76% 45.19% 35.17% 42.46%
Augmented Payout Ratio		 53.69% 53.07% 98.20% 25.49% 28.61% 51.87% -737.90% -41.76% 45.19% 35.17% 42.46%

Financials Breakdown Chart

Key Financial Trends

Rand Capital’s latest quarter shows a sharp profit rebound, but the cash flow picture remains weak. In Q1 2026, the company reported net income of $2.7 million and total revenue of $3.0 million, driven mainly by $2.4 million of investment securities interest income and $597,932 of realized/unrealized gains. However, cash from operations was negative $3.5 million, and cash on the balance sheet fell to just $330,550 from $9.5 million at the end of Q3 2025.

Over the last four years, Rand Capital has been highly volatile. Revenue and earnings swing significantly from quarter to quarter because results depend heavily on investment gains and losses. That makes the business hard to model and suggests investors should expect uneven quarterly performance rather than a steady growth pattern.

  • Q1 2026 returned to profitability: net income was $2.7 million after the company posted a loss in the prior quarter.
  • Revenue improved sequentially: total revenue rose to $3.0 million from $20.7 million in Q4 2025, but the prior quarter was boosted by unusually large gains, so the year-over-year comparison is more meaningful than the quarter-to-quarter one.
  • Interest income remains meaningful: investment securities interest income was $2.4 million in Q1 2026, showing the portfolio still generates cash yield.
  • Balance sheet debt is modest in the latest quarter: short-term debt was $500,000 and total liabilities were only $1.6 million at March 31, 2026.
  • Equity remains large relative to liabilities: total equity was $51.0 million versus $1.6 million of liabilities, giving the company a strong book-capital base.
  • Operating results are inconsistent: Q1 2026 cash from operations was negative $3.5 million, while Q4 2025 and Q3 2025 were also negative or volatile, showing earnings do not reliably convert into operating cash every quarter.
  • The portfolio value drivers are market-sensitive: realized and unrealized gains have a major impact on profits, which can make reported earnings very unpredictable.
  • Dividend payments are a recurring cash use: dividends consumed $861,129 in Q1 2026, adding pressure to liquidity when operating cash flow is negative.
  • Cash position deteriorated sharply: cash fell from $9.5 million at Q3 2025 to just $330,550 in Q1 2026.
  • Operating cash burn is a concern: Q1 2026 operating activities used $3.5 million, and the company also used $361,129 in financing cash flow.

Looking at the longer trend, 2024 and 2025 show just how swingy Rand Capital can be. In 2024, quarterly income ranged from a profit of $7.7 million in Q2 to a loss of $8.0 million in Q4. In 2025, the company moved from a Q1 profit of $4.3 million to a Q2 loss of $6.7 million, then back to a Q4 profit of $19.8 million before the latest Q1 2026 moderation. This pattern suggests results are driven less by stable recurring operations and more by portfolio valuation changes and investment income.

Bottom line: Rand Capital’s latest quarter was profitable and the balance sheet still looks solvent, but the shrinking cash balance and negative operating cash flow are important risks. For retail investors, RAND looks like a high-volatility investment company where earnings can improve quickly, but liquidity and cash generation deserve close attention.

08/10/26 05:51 PM ETAI Generated. May Contain Errors.

Rand Capital Financials - Frequently Asked Questions

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

Rand Capital's net income appears to be on an upward trend, with a most recent value of $16.11 million in 2025, rising from $13.89 million in 2021. The previous period was $7.49 million in 2024. See where experts think Rand Capital is headed by visiting Rand Capital's forecast page.

Over the last 4 years, Rand Capital's total revenue changed from $14.49 million in 2021 to $16.91 million in 2025, a change of 16.7%.

Rand Capital's total liabilities were at $1.01 million at the end of 2025, a 85.8% decrease from 2024, and a 82.4% decrease since 2022.

In the past 3 years, Rand Capital's cash and equivalents has ranged from $834.81 thousand in 2024 to $4.21 million in 2025, and is currently $4.21 million as of their latest financial filing in 2025.

Over the last 4 years, Rand Capital's book value per share changed from 0.00 in 2021 to 17.57 in 2025, a change of 1,757.1%.


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