What is Southland's operating income?

Southland's total operating income in 2025 was -$216.88 million, based on the following breakdown: Total Gross Profit: -$155.26 million Total Operating Expenses: $61.62 million

Southland (SLND) Financials

$1.04 -0.10 (-8.77%)

Closing price 07/20/2026 04:00 PM Eastern

Extended Trading

$0.98 -0.06 (-5.77%)

As of 04:04 AM Eastern

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Annual Income Statements for Southland

This table shows Southland'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	39	61	-19	-105	-307
Consolidated Net Income / (Loss)	42	63	-19	-106	-308
Net Income / (Loss) Continuing Operations	42	63	-19	-106	-308
Total Pre-Tax Income	52	76	-27	-152	-252
Total Operating Income	56	83	-31	-126	-217
Total Gross Profit	114	141	36	-63	-155
Total Revenue	1,279	1,161	1,160	980	772
Operating Revenue	1,279	1,161	1,160	980	772
Total Cost of Revenue	1,165	1,020	1,125	1,043	927
Operating Cost of Revenue	1,165	1,020	1,125	1,043	927
Total Operating Expenses	58	58	67	63	62
Selling, General & Admin Expense	58	58	67	63	62
Total Other Income / (Expense), net	-3.58	-6.76	4.14	-26	-35
Interest Expense	7.26	8.89	19	30	37
Interest & Investment Income	0.90	-0.08	0.03	-0.23	0.29
Other Income / (Expense), net	2.78	2.20	24	3.63	1.74
Income Tax Expense	11	13	-8.53	-47	56
Net Income / (Loss) Attributable to Noncontrolling Interest	2.81	2.11	0.54	-0.16	-1.82
Basic Earnings per Share	$0.00	$0.00	($0.41)	($2.19)	($5.67)
Weighted Average Basic Shares Outstanding	0.00	0.00	47.09M	48.07M	54.05M
Diluted Earnings per Share	$0.00	$0.00	($0.41)	($2.19)	($5.67)
Weighted Average Diluted Shares Outstanding	0.00	0.00	47.09M	48.07M	54.05M
Weighted Average Basic & Diluted Shares Outstanding	-	7.14M	47.94M	53.99M	54.11M

This table shows Southland'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	3.80	-5.56	-0.41	-46	-55	-4.16	-4.55	-10	-75	-216	-28
Consolidated Net Income / (Loss)	4.79	-7.34	0.53	-45	-58	-2.57	-2.79	-9.89	-77	-219	-28
Net Income / (Loss) Continuing Operations	4.79	-7.34	0.53	-45	-58	-2.57	-2.79	-9.89	-77	-219	-28
Total Pre-Tax Income	10	-4.42	0.83	-61	-75	-17	-3.10	-9.95	-20	-219	-28
Total Operating Income	14	1.21	6.03	-56	-69	-8.04	5.02	-0.21	-11	-210	-20
Total Gross Profit	30	21	20	-40	-51	7.67	21	13	3.28	-193	-4.76
Total Revenue	312	316	288	252	173	267	239	215	213	104	172
Operating Revenue	312	316	288	252	173	267	239	215	213	104	172
Total Cost of Revenue	283	295	268	292	224	260	218	202	210	297	177
Operating Cost of Revenue	283	295	268	292	224	260	218	202	210	297	177
Total Operating Expenses	15	20	14	16	17	16	16	14	15	17	15
Selling, General & Admin Expense	15	20	14	16	17	16	16	14	15	17	15
Total Other Income / (Expense), net	-4.10	-5.63	-5.20	-5.61	-6.67	-8.62	-8.11	-9.74	-8.48	-8.65	-8.46
Interest Expense	6.23	5.68	5.66	6.72	7.52	9.62	8.87	9.98	9.17	9.00	8.68
Interest & Investment Income	-0.02	0.03	-0.08	0.05	0.01	-0.21	0.02	0.06	0.05	0.17	0.15
Other Income / (Expense), net	2.15	0.02	0.54	1.05	0.84	1.20	0.74	0.18	0.64	0.18	0.07
Income Tax Expense	5.39	2.92	0.31	-16	-17	-14	-0.31	-0.06	57	-0.32	0.02
Net Income / (Loss) Attributable to Noncontrolling Interest	0.99	-1.78	0.93	0.72	-3.40	1.59	1.77	0.42	-1.71	-2.29	0.17
Basic Earnings per Share	$0.08	($0.11)	($0.01)	($0.96)	($1.14)	($0.08)	($0.08)	($0.19)	($1.39)	($4.01)	($0.52)
Weighted Average Basic Shares Outstanding	47.86M	47.09M	47.93M	48.03M	48.11M	48.07M	53.96M	54.01M	54.11M	54.05M	54.12M
Diluted Earnings per Share	$0.08	($0.11)	($0.01)	($0.96)	($1.14)	($0.08)	($0.08)	($0.19)	($1.39)	($4.01)	($0.52)
Weighted Average Diluted Shares Outstanding	47.87M	47.09M	47.93M	48.03M	48.11M	48.07M	53.96M	54.01M	54.11M	54.05M	54.12M
Weighted Average Basic & Diluted Shares Outstanding	47.89M	47.94M	48.03M	48.11M	48.11M	53.99M	54.00M	54.11M	54.11M	54.11M	54.22M

This table details how cash moves in and out of Southland'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	-69	-39	-8.17	24	-20
Net Cash From Operating Activities	-91	-66	-10	1.93	17
Net Cash From Continuing Operating Activities	-91	-66	-10	1.93	17
Net Income / (Loss) Continuing Operations	42	63	-19	-106	-308
Consolidated Net Income / (Loss)	42	63	-19	-106	-308
Depreciation Expense	47	46	31	23	23
Amortization Expense	-2.27	-2.36	-2.45	-3.37	1.86
Non-Cash Adjustments To Reconcile Net Income	-16	-132	-71	68	124
Changes in Operating Assets and Liabilities, net	-162	-40	52	20	176
Net Cash From Investing Activities	-8.50	5.56	4.49	3.23	3.39
Net Cash From Continuing Investing Activities	-8.50	5.56	4.49	3.23	3.39
Purchase of Property, Plant & Equipment	-19	-4.77	-11	-7.42	-3.85
Acquisitions	-0.15	0.00	-0.54	-0.25	-0.92
Purchase of Investments	-1.23	-1.00	0.00	-0.09	0.00
Sale of Property, Plant & Equipment	11	10	8.81	6.51	6.55
Sale and/or Maturity of Investments	0.18	0.93	0.06	4.47	1.34
Other Investing Activities, net	0.25	0.34	7.00	0.00	0.27
Net Cash From Financing Activities	31	20	-2.59	19	-40
Net Cash From Continuing Financing Activities	31	20	-2.59	19	-40
Repayment of Debt	-236	-43	-138	-193	-51
Payment of Dividends	-2.62	-2.46	-0.11	0.00	-1.81
Issuance of Debt	273	75	123	173	0.00
Other Financing Activities, net	-4.10	-9.76	12	39	13
Effect of Exchange Rate Changes	-0.69	1.25	0.20	-0.20	0.09
Cash Interest Paid	7.52	9.04	18	28	35
Cash Income Taxes Paid	14	10	7.59	1.56	1.16

This table details how cash moves in and out of Southland'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	-7.36	17	-17	23	38	-19	-6.45	-18	-5.95	10	-36
Net Cash From Operating Activities	-26	26	-9.90	27	-5.29	-10	6.43	-5.43	5.90	9.69	-134
Net Cash From Continuing Operating Activities	-26	26	-9.90	27	-5.29	-10	6.43	-5.43	5.90	9.69	-134
Net Income / (Loss) Continuing Operations	4.79	-7.34	0.53	-45	-58	-2.57	-2.79	-9.89	-77	-219	-28
Consolidated Net Income / (Loss)	4.79	-7.34	0.53	-45	-58	-2.57	-2.79	-9.89	-77	-219	-28
Depreciation Expense	7.97	5.83	5.58	5.57	5.78	6.37	6.53	5.38	5.63	5.68	5.64
Amortization Expense	-0.62	-0.62	-0.63	-1.61	-1.13	-	0.00	0.92	0.47	0.47	0.47
Non-Cash Adjustments To Reconcile Net Income	-6.07	-45	-18	42	73	25	-14	-3.43	24	114	-1.43
Changes in Operating Assets and Liabilities, net	-32	74	2.28	26	-25	-39	17	1.59	53	108	-110
Net Cash From Investing Activities	-2.75	5.00	-0.43	3.41	-0.68	0.93	1.12	-0.36	2.33	0.30	1.32
Net Cash From Continuing Investing Activities	-2.75	5.00	-0.43	3.41	-0.68	0.93	1.12	-0.36	2.33	0.30	1.32
Purchase of Property, Plant & Equipment	-2.52	-3.37	-3.13	-1.10	-1.98	-1.21	-1.80	-1.09	-0.56	-0.40	-0.03
Sale of Property, Plant & Equipment	0.25	1.35	2.66	0.55	1.25	2.06	2.88	0.57	2.82	0.29	0.96
Other Investing Activities, net	0.05	6.95	0.05	0.06	0.07	-0.18	0.03	0.16	0.08	-0.00	0.39
Net Cash From Financing Activities	21	-14	-6.94	-8.16	44	-9.66	-14	-12	-14	0.11	97
Net Cash From Continuing Financing Activities	21	-14	-6.94	-8.16	44	-9.66	-14	-12	-14	0.11	97
Repayment of Debt	-93	-34	-11	-31	-139	-12	-14	-12	-14	-12	-27
Payment of Dividends	-	-	-	-	-	-	0.00	-	-	-	-0.22
Issuance of Debt	115	4.91	5.22	24	143	0.34	0.02	-0.02	-	-	0.00
Other Financing Activities, net	-0.94	15	-1.44	-1.28	40	1.68	-0.37	-0.28	-0.30	14	125
Effect of Exchange Rate Changes	-0.04	0.07	-0.03	-0.04	0.02	-0.15	-0.00	0.08	-0.02	0.02	0.04
Cash Interest Paid	5.16	5.57	5.53	6.44	6.92	9.16	8.93	9.11	8.73	8.50	8.46
Cash Income Taxes Paid	-	4.55	0.45	-0.25	0.88	0.48	0.41	0.17	0.16	0.43	0.03

This table presents Southland's assets and liabilities at the end of each period, using annual balance sheet 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
Total Assets	282	1,125	1,201	1,204	989
Total Current Assets	1.52	867	943	882	734
Cash & Equivalents	1.10	58	49	72	53
Restricted Cash	-	14	15	15	15
Accounts Receivable	-	136	195	179	168
Other Current Assets	-	660	684	615	499
Plant, Property, & Equipment, net	0.00	114	102	116	107
Total Noncurrent Assets	280	144	156	206	148
Long-Term Investments	-	120	127	132	135
Goodwill	-	1.53	1.53	1.53	1.53
Intangible Assets	-	2.22	1.68	1.18	1.18
Noncurrent Deferred & Refundable Income Taxes	-	0.00	11	55	0.00
Other Noncurrent Operating Assets	280	21	14	16	11
Total Liabilities & Shareholders' Equity	282	1,125	1,201	1,204	989
Total Liabilities	9.74	765	941	1,028	1,122
Total Current Liabilities	0.08	476	584	621	655
Short-Term Debt	-	46	48	45	54
Accounts Payable	0.01	126	162	192	225
Accrued Expenses	-	122	125	92	80
Other Current Liabilities	-	182	55	44	296
Total Noncurrent Liabilities	9.66	289	357	407	467
Long-Term Debt	-	227	252	256	204
Noncurrent Deferred & Payable Income Tax Liabilities	-	3.39	2.55	0.29	3.03
Other Noncurrent Operating Liabilities	9.66	59	102	151	260
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-8.20	360	261	175	-133
Total Preferred & Common Equity	-8.20	349	250	164	-141
Preferred Stock	0.00	24	0.00	0.00	0.00
Total Common Equity	-8.20	325	250	164	-141
Common Stock	0.00	328	270	292	293
Retained Earnings	-8.20	0.00	-19	-125	-431
Accumulated Other Comprehensive Income / (Loss)	-	-2.58	-1.46	-3.90	-3.02
Noncontrolling Interest	-	10	11	12	8.43

This table presents Southland'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	1,180	1,227	1,263	1,187	1,203	1,185	1,136	928
Total Current Assets	909	967	981	884	885	867	870	679
Cash & Equivalents	32	31	52	91	65	47	40	21
Restricted Cash	15	15	17	15	16	17	17	11
Accounts Receivable	199	217	244	193	172	158	195	152
Other Current Assets	663	703	667	584	632	646	617	494
Plant, Property, & Equipment, net	101	103	111	114	111	108	112	101
Total Noncurrent Assets	170	158	172	189	207	210	154	148
Long-Term Investments	129	130	130	131	134	138	140	135
Goodwill	1.53	1.53	1.53	1.53	1.53	1.53	1.53	1.53
Intangible Assets	1.82	1.62	1.51	1.42	1.18	1.18	1.18	1.18
Noncurrent Deferred & Refundable Income Taxes	22	12	27	39	56	57	0.14	0.01
Other Noncurrent Operating Assets	16	12	12	15	14	12	12	10
Total Liabilities & Shareholders' Equity	1,180	1,227	1,263	1,187	1,203	1,185	1,136	928
Total Liabilities	914	966	1,048	1,029	1,030	1,020	1,049	1,089
Total Current Liabilities	548	606	770	598	638	637	672	527
Short-Term Debt	48	46	135	43	47	49	51	56
Accounts Payable	137	202	249	165	207	222	234	129
Accrued Expenses	125	118	110	102	87	75	77	78
Other Current Liabilities	53	55	52	288	41	40	42	265
Total Noncurrent Liabilities	366	360	278	431	392	383	377	561
Long-Term Debt	261	256	173	275	241	230	216	175
Noncurrent Deferred & Payable Income Tax Liabilities	2.88	2.25	2.02	1.95	0.29	3.14	3.07	2.98
Other Noncurrent Operating Liabilities	102	102	102	153	150	150	157	384
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	266	261	216	158	173	165	87	-161
Total Preferred & Common Equity	254	249	203	149	159	151	75	-169
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	254	249	203	149	159	151	75	-169
Common Stock	270	271	271	272	293	293	293	294
Retained Earnings	-14	-20	-66	-120	-129	-139	-215	-460
Accumulated Other Comprehensive Income / (Loss)	-2.55	-1.83	-2.42	-2.28	-4.23	-2.16	-3.16	-3.17
Noncontrolling Interest	12	12	12	8.97	14	14	12	8.30

This table displays calculated financial ratios and metrics derived from Southland'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	35,911,000.00	35,911,000.00	47,891,984.00	-	54,113,036.00
DEI Adjusted Shares Outstanding	35,911,000.00	35,911,000.00	47,891,984.00	-	54,113,036.00
DEI Earnings Per Adjusted Shares Outstanding	1.08	1.69	-0.40	-	-5.66
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	-9.21%	-0.09%	-15.53%	-21.22%
EBITDA Growth	0.00%	23.27%	-84.19%	-606.69%	-84.98%
EBIT Growth	0.00%	44.32%	-109.19%	-1,472.66%	-75.36%
NOPAT Growth	0.00%	53.81%	-132.20%	-302.52%	-71.70%
Net Income Growth	0.00%	50.85%	-129.87%	-463.87%	-192.21%
EPS Growth	0.00%	0.00%	0.00%	-434.15%	-158.90%
Operating Cash Flow Growth	0.00%	26.91%	84.50%	118.77%	760.46%
Free Cash Flow Firm Growth	0.00%	0.00%	148.93%	-49.91%	618.31%
Invested Capital Growth	0.00%	63.17%	-16.36%	-30.74%	-130.03%
Revenue Q/Q Growth	0.00%	0.00%	1.88%	-4.76%	-17.46%
EBITDA Q/Q Growth	0.00%	0.00%	-55.98%	-7.20%	-1,507.17%
EBIT Q/Q Growth	0.00%	0.00%	-158.84%	-7.04%	-1,725.83%
NOPAT Q/Q Growth	0.00%	0.00%	-171.27%	-7.90%	-1,390.80%
Net Income Q/Q Growth	0.00%	0.00%	-312.77%	4.32%	-234.35%
EPS Q/Q Growth	0.00%	0.00%	-36.67%	1.35%	-225.86%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	67.78%	-95.00%	584.54%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-67.99%	158.68%
Invested Capital Q/Q Growth	0.00%	0.00%	-7.36%	7.42%	-148.61%
Profitability Metrics	-	-	-	-	-
Gross Margin	8.93%	12.13%	3.09%	-6.43%	-20.11%
EBITDA Margin	8.13%	11.04%	1.75%	-10.48%	-24.61%
Operating Margin	4.38%	7.12%	-2.70%	-12.89%	-28.09%
EBIT Margin	4.60%	7.31%	-0.67%	-12.52%	-27.86%
Profit (Net Income) Margin	3.25%	5.39%	-1.61%	-10.77%	-39.93%
Tax Burden Percent	79.14%	82.50%	68.70%	69.24%	122.43%
Interest Burden Percent	89.19%	89.44%	349.21%	124.24%	117.07%
Effective Tax Rate	20.86%	17.50%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	16.38%	19.15%	-5.41%	-28.27%	-169.51%
ROIC Less NNEP Spread (ROIC-NNEP)	273.73%	5.36%	-2.01%	-46.31%	-399.35%
Return on Net Nonoperating Assets (RNNOA)	-1.11%	0.69%	-0.62%	-20.14%	-1,267.98%
Return on Equity (ROE)	15.27%	19.83%	-6.03%	-48.41%	-1,437.49%
Cash Return on Invested Capital (CROIC)	0.00%	-28.86%	12.40%	8.06%	0.00%
Operating Return on Assets (OROA)	20.89%	12.07%	-0.67%	-10.20%	-19.62%
Return on Assets (ROA)	14.74%	8.91%	-1.61%	-8.78%	-28.12%
Return on Common Equity (ROCE)	-0.46%	9.94%	-5.59%	-45.89%	-761.38%
Return on Equity Simple (ROE_SIMPLE)	-506.27%	17.93%	0.00%	-64.48%	0.00%
Net Operating Profit after Tax (NOPAT)	44	68	-22	-88	-152
NOPAT Margin	3.47%	5.87%	-1.89%	-9.02%	-19.66%
Net Nonoperating Expense Percent (NNEP)	-257.35%	13.79%	-3.40%	18.04%	229.84%
Return On Investment Capital (ROIC_SIMPLE)	-	10.77%	-3.92%	-18.59%	-121.26%
Cost of Revenue to Revenue	91.07%	87.87%	96.91%	106.43%	120.11%
SG&A Expenses to Revenue	4.54%	5.01%	5.79%	6.46%	7.98%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	4.54%	5.01%	5.79%	6.46%	7.98%
Earnings before Interest and Taxes (EBIT)	59	85	-7.80	-123	-215
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	104	128	20	-103	-190
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.13	0.99	0.96	0.00
Price to Tangible Book Value (P/TBV)	0.00	1.14	1.00	0.97	0.00
Price to Revenue (P/Rev)	0.28	0.32	0.21	0.16	0.23
Price to Earnings (P/E)	9.21	6.06	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	10.86%	16.50%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.35	1.10	0.99	0.97	0.00
Enterprise Value to Revenue (EV/Rev)	0.50	0.42	0.32	0.25	0.32
Enterprise Value to EBITDA (EV/EBITDA)	6.11	3.77	18.10	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	10.80	5.70	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	14.33	7.09	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	129.06	14.70
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	7.30	9.87	1.35
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.76	1.15	1.71	-1.94
Long-Term Debt to Equity	0.00	0.63	0.97	1.46	-1.54
Financial Leverage	0.00	0.13	0.31	0.44	3.18
Leverage Ratio	1.04	2.23	3.75	5.52	51.11
Compound Leverage Factor	0.92	1.99	13.09	6.85	59.84
Debt to Total Capital	0.00%	43.19%	53.55%	63.12%	205.84%
Short-Term Debt to Total Capital	0.00%	7.31%	8.64%	9.36%	42.92%
Long-Term Debt to Total Capital	0.00%	35.88%	44.91%	53.75%	162.92%
Preferred Equity to Total Capital	0.00%	3.85%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	103.02%	1.65%	1.95%	2.47%	6.73%
Common Equity to Total Capital	-3.02%	51.31%	44.50%	34.41%	-112.57%
Debt to EBITDA	0.00	2.13	14.81	-2.92	-1.36
Net Debt to EBITDA	0.00	0.64	5.38	-0.78	-0.29
Long-Term Debt to EBITDA	0.00	1.77	12.42	-2.49	-1.07
Debt to NOPAT	0.00	4.01	-13.67	-3.39	-1.70
Net Debt to NOPAT	0.00	1.20	-4.97	-0.91	-0.37
Long-Term Debt to NOPAT	0.00	3.33	-11.47	-2.89	-1.34
Altman Z-Score	27.16	1.99	1.44	0.68	-0.36
Noncontrolling Interest Sharing Ratio	103.02%	49.85%	7.38%	5.21%	47.03%
Liquidity Ratios	-	-	-	-	-
Current Ratio	18.20	1.82	1.61	1.42	1.12
Quick Ratio	13.21	0.41	0.42	0.40	0.34
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-103	50	25	181
Operating Cash Flow to CapEx	-1,200.28%	0.00%	-504.87%	213.40%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	-11.57	2.58	0.85	4.89
Operating Cash Flow to Interest Expense	-12.48	-7.45	-0.53	0.07	0.45
Operating Cash Flow Less CapEx to Interest Expense	-13.52	-6.85	-0.63	0.03	0.52
Efficiency Ratios	-	-	-	-	-
Asset Turnover	4.54	1.65	1.00	0.82	0.70
Accounts Receivable Turnover	0.00	0.00	7.02	5.24	4.45
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	10.73	8.97	6.91
Accounts Payable Turnover	203,706.59	16.15	7.79	5.89	4.45
Days Sales Outstanding (DSO)	0.00	0.00	51.99	69.67	82.04
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	22.60	46.87	61.95	81.98
Cash Conversion Cycle (CCC)	0.00	-22.60	5.11	7.72	0.06
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	271	442	370	256	-77
Invested Capital Turnover	4.72	3.26	2.86	3.13	8.62
Increase / (Decrease) in Invested Capital	0.00	171	-72	-114	-333
Enterprise Value (EV)	636	484	367	249	244
Market Capitalization	357	367	247	156	180
Book Value per Share	($0.23)	$9.05	$5.21	$3.40	($2.60)
Tangible Book Value per Share	($0.23)	$8.95	$5.15	$3.35	($2.65)
Total Capital	272	633	561	476	125
Total Debt	0.00	274	300	300	258
Total Long-Term Debt	0.00	227	252	256	204
Net Debt	-1.10	82	109	81	56
Capital Expenditures (CapEx)	7.55	-5.30	2.03	0.90	-2.70
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.33	366	343	217	65
Debt-free Net Working Capital (DFNWC)	1.43	438	407	305	133
Net Working Capital (NWC)	1.43	391	359	261	79
Net Nonoperating Expense (NNE)	2.83	5.58	-3.25	17	157
Net Nonoperating Obligations (NNO)	-1.10	82	109	81	56
Total Depreciation and Amortization (D&A)	45	43	28	20	25
Debt-free, Cash-free Net Working Capital to Revenue	0.03%	31.47%	29.58%	22.19%	8.45%
Debt-free Net Working Capital to Revenue	0.11%	37.67%	35.08%	31.12%	17.19%
Net Working Capital to Revenue	0.11%	33.68%	30.90%	26.58%	10.23%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.41)	($2.19)	($5.67)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	47.09M	48.07M	54.05M
Adjusted Diluted Earnings per Share	$0.00	$0.10	($0.41)	($2.19)	($5.67)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	44.41M	47.09M	48.07M	54.05M
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	71.82M	47.94M	53.99M	54.11M
Normalized Net Operating Profit after Tax (NOPAT)	44	68	-22	-88	-152
Normalized NOPAT Margin	3.47%	5.87%	-1.89%	-9.02%	-19.66%
Pre Tax Income Margin	4.10%	6.54%	-2.35%	-15.55%	-32.62%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	8.11	9.55	-0.40	-4.16	-5.81
NOPAT to Interest Expense	6.11	7.67	-1.13	-3.00	-4.10
EBIT Less CapEx to Interest Expense	7.07	10.15	-0.51	-4.19	-5.74
NOPAT Less CapEx to Interest Expense	5.07	8.27	-1.23	-3.03	-4.03
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	6.31%	3.92%	-0.59%	0.00%	-0.59%
Augmented Payout Ratio	6.31%	3.92%	-0.59%	0.00%	-0.59%

This table displays calculated financial ratios and metrics derived from Southland'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	47,856,114.00	47,891,984.00	47,943,861.00	48,025,688.00	48,105,512.00	-	53,987,069.00	53,996,404.00	54,113,036.00	54,113,036.00	54,113,036.00
DEI Adjusted Shares Outstanding	47,856,114.00	47,891,984.00	47,943,861.00	48,025,688.00	48,105,512.00	-	53,987,069.00	53,996,404.00	54,113,036.00	54,113,036.00	54,113,036.00
DEI Earnings Per Adjusted Shares Outstanding	0.08	-0.12	-0.01	-0.96	-1.14	-	-0.08	-0.19	-1.39	-4.00	-0.52
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.76%	7.25%	4.83%	-2.11%	-44.53%	-15.48%	-16.87%	-14.37%	23.09%	-61.10%	-28.01%
EBITDA Growth	-60.37%	-80.04%	31.88%	-171.49%	-365.34%	-107.28%	6.69%	112.36%	92.75%	-43,498.72%	-209.99%
EBIT Growth	-66.53%	-94.49%	749.03%	-108.31%	-512.32%	-657.08%	-12.27%	99.95%	84.25%	-2,972.59%	-440.83%
NOPAT Growth	-81.43%	-96.07%	61.12%	-10.87%	-814.46%	-766.28%	-7.69%	99.62%	83.51%	-2,515.97%	-492.80%
Net Income Growth	-86.74%	-136.38%	112.31%	-281.10%	-1,313.30%	65.00%	-630.67%	78.19%	-32.43%	-8,413.20%	-911.41%
EPS Growth	0.00%	0.00%	90.91%	-255.56%	-1,525.00%	27.27%	-700.00%	80.21%	-21.93%	-4,912.50%	-550.00%
Operating Cash Flow Growth	-336.38%	456.06%	71.54%	13.62%	79.61%	-139.18%	164.96%	-119.81%	211.43%	193.92%	-2,182.21%
Free Cash Flow Firm Growth	48.92%	0.00%	115.55%	103.66%	193.61%	47.68%	619.03%	1,573.71%	-35.86%	71.87%	127.48%
Invested Capital Growth	46.73%	-16.36%	-4.05%	-11.90%	-40.27%	-30.74%	-36.50%	-25.10%	-33.64%	-130.03%	-139.65%
Revenue Q/Q Growth	21.62%	1.19%	-8.88%	-12.70%	-31.09%	54.19%	-10.39%	-10.06%	-0.95%	-51.27%	65.84%
EBITDA Q/Q Growth	227.41%	-72.96%	79.00%	-540.23%	-24.52%	99.26%	2,724.57%	-48.99%	-172.99%	-4,361.89%	93.38%
EBIT Q/Q Growth	162.64%	-92.53%	434.45%	-932.68%	-23.98%	89.90%	184.17%	-100.47%	-39,429.63%	-1,869.42%	90.66%
NOPAT Q/Q Growth	119.11%	-87.43%	350.12%	-1,125.25%	-23.15%	88.28%	162.36%	-104.17%	-5,312.44%	-1,759.76%	90.64%
Net Income Q/Q Growth	140.26%	-253.18%	107.15%	-8,739.05%	-28.16%	95.58%	-8.45%	-254.99%	-678.39%	-184.09%	87.12%
EPS Q/Q Growth	129.63%	-237.50%	90.91%	-9,500.00%	-18.75%	92.98%	0.00%	-137.50%	-631.58%	-188.49%	87.03%
Operating Cash Flow Q/Q Growth	-207.49%	201.43%	-137.60%	377.16%	-119.29%	-94.92%	162.33%	-184.51%	208.54%	64.29%	-1,481.76%
Free Cash Flow Firm Q/Q Growth	9.24%	160.77%	-72.53%	-75.81%	2,218.36%	-4.14%	33.76%	-43.70%	-11.16%	156.88%	77.04%
Invested Capital Q/Q Growth	8.30%	-7.36%	4.47%	-15.95%	-26.57%	7.42%	-4.22%	-0.86%	-34.94%	-148.61%	-26.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	9.45%	6.68%	7.09%	-15.91%	-29.49%	2.87%	8.97%	6.20%	1.54%	-186.02%	-2.76%
EBITDA Margin	7.61%	2.03%	4.00%	-20.15%	-36.41%	-0.18%	5.13%	2.91%	-2.14%	-196.28%	-7.84%
Operating Margin	4.57%	0.38%	2.09%	-22.15%	-39.58%	-3.01%	2.09%	-0.10%	-5.30%	-202.37%	-11.43%
EBIT Margin	5.26%	0.39%	2.28%	-21.73%	-39.09%	-2.56%	2.40%	-0.01%	-5.00%	-202.20%	-11.38%
Profit (Net Income) Margin	1.53%	-2.32%	0.18%	-18.03%	-33.54%	-0.96%	-1.16%	-4.59%	-36.08%	-210.38%	-16.34%
Tax Burden Percent	47.06%	166.04%	63.10%	73.97%	77.23%	15.42%	89.90%	99.39%	389.02%	99.85%	100.07%
Interest Burden Percent	61.95%	-359.93%	12.68%	112.20%	111.09%	243.60%	-53.82%	36,855.56%	185.41%	104.20%	143.49%
Effective Tax Rate	52.94%	0.00%	36.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	7.30%	0.76%	3.93%	-52.27%	-89.47%	-6.60%	4.33%	-0.21%	-17.52%	-1,221.31%	-76.22%
ROIC Less NNEP Spread (ROIC-NNEP)	4.39%	-7.80%	1.35%	-58.20%	-98.96%	-3.37%	-2.04%	-10.66%	-109.00%	-1,326.20%	-97.39%
Return on Net Nonoperating Assets (RNNOA)	1.08%	-2.40%	0.64%	-26.10%	-49.72%	-1.47%	-0.93%	-5.22%	-67.04%	-4,210.84%	-1,101.63%
Return on Equity (ROE)	8.38%	-1.64%	4.57%	-78.37%	-139.19%	-8.07%	3.39%	-5.43%	-84.56%	-5,432.15%	-1,177.85%
Cash Return on Invested Capital (CROIC)	0.00%	12.40%	-0.97%	5.75%	24.71%	8.06%	16.42%	10.99%	35.31%	0.00%	0.00%
Operating Return on Assets (OROA)	8.19%	0.39%	2.23%	-20.85%	-34.00%	-2.09%	1.84%	-0.01%	-4.03%	-142.39%	-7.53%
Return on Assets (ROA)	2.39%	-2.32%	0.18%	-17.30%	-29.17%	-0.78%	-0.89%	-3.36%	-29.06%	-148.16%	-10.82%
Return on Common Equity (ROCE)	3.81%	-1.52%	4.38%	-74.42%	-132.15%	-7.65%	3.20%	-5.05%	-77.18%	-2,877.19%	961.57%
Return on Equity Simple (ROE_SIMPLE)	3.47%	0.00%	-5.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	6.72	0.84	3.80	-39	-48	-5.63	3.51	-0.15	-7.92	-147	-14
NOPAT Margin	2.15%	0.27%	1.32%	-15.50%	-27.70%	-2.11%	1.47%	-0.07%	-3.71%	-141.66%	-8.00%
Net Nonoperating Expense Percent (NNEP)	2.91%	8.57%	2.58%	5.93%	9.49%	-3.23%	6.37%	10.44%	91.48%	104.89%	21.17%
Return On Investment Capital (ROIC_SIMPLE)	-	0.15%	0.68%	-7.45%	-10.08%	-1.18%	0.76%	-0.03%	-2.23%	-117.63%	-19.66%
Cost of Revenue to Revenue	90.55%	93.32%	92.91%	115.91%	129.49%	97.13%	91.03%	93.80%	98.46%	286.02%	102.76%
SG&A Expenses to Revenue	4.88%	6.30%	5.00%	6.23%	10.09%	5.88%	6.88%	6.30%	6.84%	16.35%	8.67%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	4.88%	6.30%	5.00%	6.23%	10.09%	5.88%	6.88%	6.30%	6.84%	16.35%	8.67%
Earnings before Interest and Taxes (EBIT)	16	1.23	6.56	-55	-68	-6.84	5.76	-0.03	-11	-210	-20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	24	6.43	12	-51	-63	-0.47	12	6.27	-4.57	-204	-14
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.15	0.99	0.99	1.08	1.19	0.96	1.01	1.49	3.10	0.00	0.00
Price to Tangible Book Value (P/TBV)	1.16	1.00	1.00	1.10	1.22	0.97	1.03	1.52	3.21	0.00	0.00
Price to Revenue (P/Rev)	0.26	0.21	0.21	0.19	0.17	0.16	0.17	0.25	0.25	0.23	0.10
Price to Earnings (P/E)	49.67	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	2.01%	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)	1.09	0.99	0.99	1.05	1.12	0.97	1.01	1.31	1.99	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.38	0.32	0.33	0.29	0.26	0.25	0.27	0.35	0.34	0.32	0.20
Enterprise Value to EBITDA (EV/EBITDA)	9.46	18.10	16.64	0.00	0.00	0.00	0.00	0.00	23.34	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	32.87	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	26.25	19.06	6.93	129.06	13.56	0.00	0.00	14.70	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	7.30	0.00	17.13	3.39	9.87	4.78	10.18	4.50	1.35	0.82
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.16	1.15	1.16	1.43	2.01	1.71	1.67	1.68	3.06	-1.94	-1.44
Long-Term Debt to Equity	0.98	0.97	0.98	0.80	1.74	1.46	1.40	1.39	2.48	-1.54	-1.09
Financial Leverage	0.25	0.31	0.48	0.45	0.50	0.44	0.46	0.49	0.62	3.18	11.31
Leverage Ratio	2.72	3.75	4.49	5.09	5.58	5.52	5.60	6.43	9.46	51.11	177.30
Compound Leverage Factor	1.68	-13.50	0.57	5.71	6.20	13.44	-3.02	2,368.58	17.55	53.26	254.40
Debt to Total Capital	53.73%	53.55%	53.64%	58.81%	66.82%	63.12%	62.53%	62.74%	75.39%	205.84%	328.99%
Short-Term Debt to Total Capital	8.31%	8.64%	8.25%	25.71%	9.04%	9.36%	10.15%	11.01%	14.46%	42.92%	79.96%
Long-Term Debt to Total Capital	45.41%	44.91%	45.40%	33.10%	57.78%	53.75%	52.37%	51.73%	60.93%	162.92%	249.03%
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	2.17%	1.95%	2.07%	2.35%	1.88%	2.47%	2.94%	3.23%	3.51%	6.73%	11.84%
Common Equity to Total Capital	44.10%	44.50%	44.28%	38.84%	31.29%	34.41%	34.54%	34.03%	21.11%	-112.57%	-240.82%
Debt to EBITDA	6.71	14.81	13.10	-34.38	-3.32	-2.92	-2.83	-6.19	19.83	-1.36	-1.07
Net Debt to EBITDA	2.88	5.38	5.43	-12.18	-0.84	-0.78	-0.71	-1.72	5.23	-0.29	-0.29
Long-Term Debt to EBITDA	5.67	12.42	11.08	-19.35	-2.87	-2.49	-2.37	-5.10	16.02	-1.07	-0.81
Debt to NOPAT	-38.17	-13.67	-15.02	-12.86	-3.88	-3.39	-3.23	-5.54	-26.30	-1.70	-1.36
Net Debt to NOPAT	-16.40	-4.97	-6.22	-4.56	-0.98	-0.91	-0.81	-1.54	-6.94	-0.37	-0.38
Long-Term Debt to NOPAT	-32.26	-11.47	-12.71	-7.24	-3.36	-2.89	-2.71	-4.57	-21.25	-1.34	-1.03
Altman Z-Score	1.55	1.46	1.46	1.03	0.93	1.00	0.98	0.96	0.87	-0.34	0.23
Noncontrolling Interest Sharing Ratio	54.57%	7.38%	4.19%	5.04%	5.06%	5.21%	5.81%	6.99%	8.73%	47.03%	181.64%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.66	1.61	1.60	1.27	1.48	1.42	1.39	1.36	1.29	1.12	1.29
Quick Ratio	0.42	0.42	0.41	0.39	0.48	0.40	0.37	0.32	0.35	0.34	0.33
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-120	73	20	4.86	113	108	144	81	72	186	329
Operating Cash Flow to CapEx	-1,140.75%	1,303.81%	-2,101.27%	4,942.52%	-723.94%	0.00%	0.00%	-1,038.81%	0.00%	8,424.35%	0.00%
Free Cash Flow to Firm to Interest Expense	-19.31	12.87	3.55	0.72	14.98	11.23	16.28	8.15	7.88	20.63	37.85
Operating Cash Flow to Interest Expense	-4.17	4.63	-1.75	4.08	-0.70	-1.07	0.72	-0.54	0.64	1.08	-15.42
Operating Cash Flow Less CapEx to Interest Expense	-4.53	4.28	-1.83	4.00	-0.80	-0.98	0.85	-0.60	0.89	1.06	-15.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.56	1.00	0.98	0.96	0.87	0.82	0.77	0.73	0.81	0.70	0.66
Accounts Receivable Turnover	0.00	7.02	5.93	5.46	5.25	5.24	4.79	4.45	4.82	4.45	4.35
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	0.00	10.73	11.09	10.95	9.59	8.97	8.71	8.16	8.27	6.91	6.64
Accounts Payable Turnover	15.85	7.79	6.17	5.95	7.14	5.89	4.86	3.84	4.46	4.45	5.29
Days Sales Outstanding (DSO)	0.00	51.99	61.57	66.80	69.53	69.67	76.24	81.99	75.73	82.04	83.95
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)	23.03	46.87	59.20	61.37	51.14	61.95	75.13	94.98	81.80	81.98	69.00
Cash Conversion Cycle (CCC)	-23.03	5.11	2.37	5.43	18.40	7.72	1.11	-12.98	-6.07	0.06	14.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	399	370	386	325	238	256	245	243	158	-77	-97
Invested Capital Turnover	3.40	2.86	2.98	3.37	3.23	3.13	2.95	3.15	4.72	8.62	9.53
Increase / (Decrease) in Invested Capital	127	-72	-16	-44	-161	-114	-141	-81	-80	-333	-342
Enterprise Value (EV)	436	367	384	341	267	249	247	318	315	244	142
Market Capitalization	290	247	247	220	178	156	161	226	232	180	70
Book Value per Share	$5.30	$5.21	$5.20	$4.23	$3.10	$3.40	$2.95	$2.80	$1.39	($2.60)	($3.12)
Tangible Book Value per Share	$5.23	$5.15	$5.13	$4.17	$3.04	$3.35	$2.90	$2.75	$1.34	($2.65)	($3.17)
Total Capital	575	561	563	523	476	476	461	444	355	125	70
Total Debt	309	300	302	308	318	300	288	279	268	258	231
Total Long-Term Debt	261	252	256	173	275	256	241	230	216	204	175
Net Debt	133	109	125	109	80	81	73	78	71	56	63
Capital Expenditures (CapEx)	2.28	2.02	0.47	0.56	0.73	-0.85	-1.09	0.52	-2.26	0.12	-0.93
Debt-free, Cash-free Net Working Capital (DFCFNWC)	362	343	361	276	222	217	212	216	192	65	175
Debt-free Net Working Capital (DFNWC)	409	407	407	345	329	305	293	279	249	133	207
Net Working Capital (NWC)	361	359	361	210	286	261	247	231	198	79	151
Net Nonoperating Expense (NNE)	1.93	8.18	3.28	6.36	10	-3.06	6.30	9.74	69	71	14
Net Nonoperating Obligations (NNO)	133	109	125	109	80	81	73	78	71	56	63
Total Depreciation and Amortization (D&A)	7.35	5.20	4.95	3.97	4.64	6.37	6.53	6.29	6.10	6.15	6.12
Debt-free, Cash-free Net Working Capital to Revenue	31.78%	29.58%	30.73%	23.60%	21.58%	22.19%	22.79%	24.14%	20.50%	8.45%	24.86%
Debt-free Net Working Capital to Revenue	35.88%	35.08%	34.69%	29.52%	31.95%	31.12%	31.50%	31.20%	26.63%	17.19%	29.39%
Net Working Capital to Revenue	31.68%	30.90%	30.74%	18.00%	27.76%	26.58%	26.48%	25.74%	21.14%	10.23%	21.43%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.08	($0.11)	($0.01)	($0.96)	($1.14)	($0.08)	($0.08)	($0.19)	($1.39)	($4.01)	($0.52)
Adjusted Weighted Average Basic Shares Outstanding	47.86M	47.09M	47.93M	48.03M	48.11M	48.07M	53.96M	54.01M	54.11M	54.05M	54.12M
Adjusted Diluted Earnings per Share	$0.08	($0.11)	($0.01)	($0.96)	($1.14)	($0.08)	($0.08)	($0.19)	($1.39)	($4.01)	($0.52)
Adjusted Weighted Average Diluted Shares Outstanding	47.87M	47.09M	47.93M	48.03M	48.11M	48.07M	53.96M	54.01M	54.11M	54.05M	54.12M
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	47.89M	47.94M	48.03M	48.11M	48.11M	53.99M	54.00M	54.11M	54.11M	54.11M	54.22M
Normalized Net Operating Profit after Tax (NOPAT)	10.00	0.84	3.80	-39	-48	-5.63	3.51	-0.15	-7.92	-147	-14
Normalized NOPAT Margin	3.20%	0.27%	1.32%	-15.50%	-27.70%	-2.11%	1.47%	-0.07%	-3.71%	-141.66%	-8.00%
Pre Tax Income Margin	3.26%	-1.40%	0.29%	-24.38%	-43.43%	-6.24%	-1.29%	-4.62%	-9.28%	-210.69%	-16.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.64	0.22	1.16	-8.13	-9.01	-0.71	0.65	0.00	-1.16	-23.37	-2.26
NOPAT to Interest Expense	1.08	0.15	0.67	-5.80	-6.39	-0.59	0.40	-0.01	-0.86	-16.37	-1.59
EBIT Less CapEx to Interest Expense	2.27	-0.14	1.08	-8.21	-9.11	-0.62	0.77	-0.06	-0.92	-23.38	-2.15
NOPAT Less CapEx to Interest Expense	0.71	-0.21	0.59	-5.88	-6.48	-0.50	0.52	-0.07	-0.62	-16.38	-1.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	11.49%	-0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.59%	-0.61%
Augmented Payout Ratio	11.49%	-0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.59%	-0.61%

Financials Breakdown Chart

Key Financial Trends

Southland Holdings, Inc. (NASDAQ:SLND) is showing a tough turnaround story. Over the last several quarters, revenue has been volatile, profitability has deteriorated sharply, and the balance sheet remains heavily leveraged. The one encouraging development is that the company generated positive operating cash flow in several periods last year, but that strength faded in Q1 2026 as working capital movements and losses drove a significant cash burn.

Southland has maintained a sizeable revenue base, with Q1 2026 revenue of $172.4 million, showing the company still has meaningful operating scale.
The company reduced total debt from Q3 2025 to Q1 2026, with long-term debt falling from $216.4 million to $174.7 million and short-term debt edging up only modestly.
Q4 2025 operating cash flow was positive at $9.7 million, and Q3 2025 also produced positive operating cash flow of $5.9 million, showing the business can still convert some operations into cash.
Selling, general and administrative expense remained relatively controlled in Q1 2026 at $14.9 million, down from $17.0 million in Q4 2025.
The company continues to carry a meaningful asset base, including $101.3 million of net property and equipment and $135.4 million of long-term investments at the end of Q1 2026.
Revenue has been inconsistent quarter to quarter, ranging from $103.9 million in Q4 2025 to $239.5 million in Q1 2025, which makes earnings visibility difficult.
Depreciation and amortization remain material, which supports reported EBITDA-like earnings power but also reflects a capital-intensive business model.
The company reported noncontrolling interest in multiple quarters, suggesting results are influenced by minority-owned operations or joint ventures.
Q1 2026 showed a net loss of $28.2 million, with loss per share of $0.52, continuing a pattern of losses across recent quarters.
Gross margin turned negative in Q1 2026, as cost of revenue of $177.2 million exceeded revenue of $172.4 million.
Operating cash flow swung sharply negative in Q1 2026 to $(133.9) million, driven by a $(110.4) million change in operating assets and liabilities.
The balance sheet is highly leveraged, with total liabilities of $1.09 billion versus total equity of $(160.6) million in Q1 2026, leaving common equity negative.
Current liabilities of $527.4 million materially exceed current assets of $678.5 million only because of large asset balances tied up in working capital; liquidity still looks tight given the negative operating cash flow and heavy debt load.
Interest expense remains a major burden, at $8.7 million in Q1 2026, which limits the path back to profitability.

Bottom line: Southland is still operating at meaningful scale, but the recent trend is concerning. Profitability remains weak, cash flow has become erratic, and leverage is high enough to keep pressure on the equity story. Investors will likely want to see sustained margin improvement and a return to positive operating cash flow before confidence in the turnaround improves.

07/21/26 02:18 AM ETAI Generated. May Contain Errors.

Southland Financials - Frequently Asked Questions

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

Southland's net income appears to be on an upward trend, with a most recent value of -$308.36 million in 2025, falling from $41.53 million in 2021. The previous period was -$105.53 million in 2024. Check out Southland's forecast to explore projected trends and price targets.

Southland's total operating income in 2025 was -$216.88 million, based on the following breakdown:

Total Gross Profit: -$155.26 million
Total Operating Expenses: $61.62 million

Over the last 4 years, Southland's total revenue changed from $1.28 billion in 2021 to $772.17 million in 2025, a change of -39.6%.

Southland's total liabilities were at $1.12 billion at the end of 2025, a 9.1% increase from 2024, and a 11,413.4% increase since 2021.

In the past 4 years, Southland's cash and equivalents has ranged from $1.10 million in 2021 to $72.19 million in 2024, and is currently $52.71 million as of their latest financial filing in 2025.

Over the last 4 years, Southland's book value per share changed from -0.23 in 2021 to -2.60 in 2025, a change of 1,040.3%.

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

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Southland (SLND) Financials

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Southland (SLND) Financials

Annual Income Statements for Southland

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Quarterly Cash Flow Statements for Southland

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Quarterly Metrics And Ratios for Southland

Financials Breakdown Chart

Key Financial Trends

Southland Financials - Frequently Asked Questions

When does Southland's financial year end?

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

What is Southland's operating income?

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

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

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