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Aldel Financial (ADF) Financials

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Annual Income Statements for Aldel Financial

Annual Income Statements for Aldel Financial

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 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		 10 -61 32 17 9.59 41
Consolidated Net Income / (Loss)		 10 -61 2.40 28 78 149
Net Income / (Loss) Continuing Operations		 10 -61 2.40 28 78 149
Total Pre-Tax Income 		15 -55 11 45 94 139
Total Operating Income		 16 -10 -68 53 99 180
Total Gross Profit		 362 447 588 810 1,020 1,193
Total Revenue		 500 619 788 1,027 1,242 1,456
Operating Revenue		 500 619 788 1,027 1,242 1,456
Total Cost of Revenue		 138 172 200 217 221 264
Operating Cost of Revenue		 138 172 200 217 221 264
Total Operating Expenses		 346 457 656 757 921 1,013
Selling, General & Admin Expense		 51 65 89 85 83 95
Marketing Expense		 86 107 141 156 191 258
Depreciation Expense		 12 22 34 46 39 38
Other Operating Expenses / (Income)		 197 263 374 461 609 622
Restructuring Charge		 - 0.00 18 8.81 0.00 0.00
Total Other Income / (Expense), net		 -0.99 -45 79 -8.10 -5.58 -41
Other Income / (Expense), net		 -0.99 -45 79 -8.10 -5.58 -41
Income Tax Expense		 4.82 6.75 7.02 17 15 -10
Preferred Stock Dividends Declared		 - 0.00 0.00 3.68 7.43 7.56
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.13 -0.40 -30 7.95 61 100
Basic Earnings per Share		 $101.66 ($0.56) $0.39 $0.19 $0.10 $0.41
Weighted Average Basic Shares Outstanding		 100K 82.33M 82.73M 84.18M 87.53M 94.40M
Diluted Earnings per Share		 $101.66 ($0.56) ($0.07) $0.09 $0.10 $0.37
Weighted Average Diluted Shares Outstanding		 100K 82.33M 336.15M 340.32M 88.50M 346.97M
Weighted Average Basic & Diluted Shares Outstanding		 - 333.49M 334.25M 335.69M 341.07M 342.62M

Quarterly Income Statements for Aldel Financial

This table shows Aldel Financial'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		 13 -3.19 8.54 3.01 1.23 6.50 9.10 19 6.92 -6.52 -1.67
Consolidated Net Income / (Loss)		 9.04 8.20 43 19 8.44 27 47 46 29 -13 8.04
Net Income / (Loss) Continuing Operations		 9.04 8.20 43 19 8.44 27 47 46 29 -13 8.04
Total Pre-Tax Income 		14 13 48 18 14 33 53 13 40 -21 2.23
Total Operating Income		 -6.47 12 38 10 6.04 34 58 34 72 -20 2.26
Total Gross Profit		 188 216 256 276 231 328 379 312 316 312 355
Total Revenue		 245 272 313 323 292 328 379 380 388 312 355
Operating Revenue		 245 272 313 323 292 328 379 380 388 312 355
Total Cost of Revenue		 57 56 58 47 60 0.00 0.00 68 72 0.00 0.00
Total Operating Expenses		 195 203 218 266 225 294 321 278 243 332 353
Selling, General & Admin Expense		 21 20 21 21 20 144 162 24 25 72 95
Other Operating Expenses / (Income)		 132 133 138 177 152 150 159 166 150 259 257
Total Other Income / (Expense), net		 20 1.10 10 7.90 7.86 -1.69 -4.95 -21 -33 -0.92 -0.03
Other Income / (Expense), net		 20 1.10 10 7.90 7.86 -1.69 -4.95 -21 -33 -0.92 -0.03
Income Tax Expense		 4.59 5.13 5.81 -1.02 5.46 5.49 6.16 -33 11 -8.19 -5.81
Preferred Stock Dividends Declared		 1.84 1.84 1.84 1.88 1.88 1.88 1.88 1.90 1.90 2.03 1.95
Net Income / (Loss) Attributable to Noncontrolling Interest		 -5.53 9.55 32 14 5.34 19 36 25 20 -8.25 7.76
Basic Earnings per Share		 $0.15 ($0.04) $0.09 $0.03 $0.02 $0.07 $0.09 $0.18 $0.07 ($0.06) ($0.02)
Weighted Average Basic Shares Outstanding		 84.18M 84.66M 85.69M 89.69M 87.53M 90.05M 90.70M 96.17M 94.40M 101.03M 101.80M
Diluted Earnings per Share		 $0.05 ($0.04) $0.09 $0.03 $0.02 $0.07 $0.09 $0.11 $0.10 ($0.06) ($0.02)
Weighted Average Diluted Shares Outstanding		 340.32M 84.66M 85.69M 89.69M 88.50M 346.31M 90.70M 347.24M 346.97M 101.03M 101.80M
Weighted Average Basic & Diluted Shares Outstanding		 335.69M 336.74M 340.84M 341.07M 341.07M 341.75M 341.98M 342.06M 342.62M 343.35M 343.62M

Annual Cash Flow Statements for Aldel Financial

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 78 305 -65 185 -491 66
Net Cash From Operating Activities		 85 42 55 134 177 219
Net Cash From Continuing Operating Activities		 85 42 55 134 175 219
Net Income / (Loss) Continuing Operations		 10 -61 2.40 28 78 149
Consolidated Net Income / (Loss)		 10 -61 2.40 28 78 149
Depreciation Expense		 12 22 34 46 39 38
Amortization Expense		 - - 0.20 0.03 -3.39 -4.15
Non-Cash Adjustments To Reconcile Net Income		 87 154 54 78 104 33
Changes in Operating Assets and Liabilities, net		 -24 -72 -35 -19 -43 3.38
Net Cash From Investing Activities		 -47 -69 -92 -53 -619 -185
Net Cash From Continuing Investing Activities		 -47 -69 -92 -53 -619 -185
Purchase of Property, Plant & Equipment		 -38 -43 -44 -26 -21 -25
Acquisitions		 -8.88 -15 -31 -8.68 -25 -1.62
Purchase of Investments		 0.00 -12 -4.23 -11 -680 -355
Sale and/or Maturity of Investments		 0.00 1.18 1.59 18 173 268
Other Investing Activities, net		 -0.26 0.05 -14 -25 -65 -72
Net Cash From Financing Activities		 40 332 -28 103 -47 30
Net Cash From Continuing Financing Activities		 40 332 -28 103 -47 30
Repayment of Debt		 -29 -43 -122 -138 -91 -187
Payment of Dividends		 -4.00 -35 0.00 0.00 -12 -36
Issuance of Debt		 73 108 94 162 62 257
Issuance of Preferred Equity		 - 0.00 0.00 79 0.00 0.00
Other Financing Activities, net		 0.00 300 0.00 0.00 -5.84 -4.08
Effect of Exchange Rate Changes		 0.89 -0.46 -0.50 0.87 -2.97 2.44

Quarterly Cash Flow Statements for Aldel Financial

This table details how cash moves in and out of Aldel Financial'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		 39 2.53 -411 7.91 -91 53 44 2.06 -34 68 101
Net Cash From Operating Activities		 1.49 58 64 67 -13 44 54 92 29 16 170
Net Cash From Continuing Operating Activities		 1.49 58 64 67 -13 44 54 92 29 16 170
Net Income / (Loss) Continuing Operations		 9.04 8.20 43 19 8.44 27 47 46 29 -13 8.04
Consolidated Net Income / (Loss)		 9.04 8.20 43 19 8.44 27 47 46 29 -13 8.04
Depreciation Expense		 11 11 10 9.18 9.15 9.49 8.83 9.41 9.79 9.71 9.72
Amortization Expense		 - 0.00 - - - -1.18 -1.13 -1.17 -0.66 -2.67 -1.65
Non-Cash Adjustments To Reconcile Net Income		 -18 55 139 6.28 -5.56 -22 28 89 -82 46 106
Changes in Operating Assets and Liabilities, net		 -0.37 -16 -128 33 -21 30 -29 -52 73 -24 48
Net Cash From Investing Activities		 -18 -18 -462 -83 -56 -4.48 -27 -91 -62 -40 -43
Net Cash From Continuing Investing Activities		 -18 -18 -462 -83 -56 -4.48 -27 -91 -62 -40 -43
Purchase of Property, Plant & Equipment		 -4.85 -4.54 -7.40 -5.34 -4.07 -5.39 -6.16 -6.95 -6.04 -7.71 -8.24
Purchase of Investments		 -3.29 -2.96 -462 -111 -104 -39 -59 -135 -121 -201 -78
Sale and/or Maturity of Investments		 3.45 12 20 77 64 50 55 74 89 217 89
Other Investing Activities, net		 -13 -19 -12 -23 -11 -10 -17 -21 -24 -48 -45
Net Cash From Financing Activities		 55 -37 -14 24 -20 14 15 0.93 -0.48 91 -26
Net Cash From Continuing Financing Activities		 55 -37 -14 24 -20 14 15 0.93 -0.48 91 -26
Repayment of Debt		 -4.70 -45 -15 -2.45 -28 -121 -3.32 -46 -17 -6.16 -55
Payment of Dividends		 - 0.00 - - -1.36 -25 -11 -0.17 0.29 -0.36 -6.08
Issuance of Debt		 61 8.10 17 27 9.25 160 32 48 16 58 43
Other Financing Activities, net		 - 0.00 - -1.13 -0.12 -0.27 -2.41 -1.08 -0.32 40 -7.20
Effect of Exchange Rate Changes		 0.58 -0.19 -0.10 -0.59 -2.09 -0.13 2.52 -0.07 0.13 0.37 -0.52

Annual Balance Sheets for Aldel Financial

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 611 1,042 1,313 1,588 1,709 2,094
Total Current Assets		 513 895 937 1,250 318 1,454
Cash & Equivalents		 38 275 95 108 105 160
Restricted Cash		 261 329 444 616 128 139
Short-Term Investments		 - - - 11 - 696
Accounts Receivable		 34 47 58 72 85 99
Other Current Assets		 166 214 254 408 - 360
Plant, Property, & Equipment, net		 26 28 25 21 0.00 0.00
Total Noncurrent Assets		 72 118 350 317 1,392 640
Long-Term Investments		 - - - 5.53 590 35
Noncurrent Note & Lease Receivables		 - 0.00 12 17 211 114
Goodwill		 4.75 11 115 114 114 114
Intangible Assets		 47 76 104 92 90 89
Noncurrent Deferred & Refundable Income Taxes		 - - - - 0.00 43
Other Noncurrent Operating Assets		 20 31 119 89 387 245
Total Liabilities & Shareholders' Equity		 611 1,042 1,313 1,588 1,709 2,094
Total Liabilities		 493 771 945 1,095 1,101 1,347
Total Current Liabilities		 385 496 667 842 326 788
Accounts Payable		 12 9.08 77 87 59 112
Other Current Liabilities		 329 439 590 755 267 676
Total Noncurrent Liabilities		 109 275 278 253 775 559
Long-Term Debt		 69 136 108 131 106 178
Noncurrent Deferred & Payable Income Tax Liabilities		 0.00 11 13 16 18 23
Other Noncurrent Operating Liabilities		 40 129 157 106 652 357
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 0.00 593 0.00 83 85 87
Total Equity & Noncontrolling Interests		 117 -322 367 411 524 660
Total Preferred & Common Equity		 0.00 -324 59 93 150 221
Total Common Equity		 117 -324 59 93 150 221
Common Stock		 62 160 549 562 604 623
Retained Earnings		 57 -482 -490 -469 -452 -403
Accumulated Other Comprehensive Income / (Loss)		 -1.95 -1.73 -0.21 -0.09 -1.51 1.23
Noncontrolling Interest		 0.12 1.31 308 318 373 439

Quarterly Balance Sheets for Aldel Financial

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

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Total Assets		 1,302 1,553 1,584 1,570 1,730 1,818 1,816 2,041 2,152 2,025 2,148
Total Current Assets		 926 1,180 1,249 1,245 1,013 1,009 998 1,213 1,214 1,068 1,417
Cash & Equivalents		 63 114 91 131 121 147 128 140 160 212 298
Restricted Cash		 444 518 595 596 195 176 159 190 172 154 169
Short-Term Investments		 - - - - 65 62 105 119 130 673 702
Accounts Receivable		 63 77 82 72 88 93 98 108 107 28 27
Other Current Assets		 322 440 454 390 483 468 447 572 550 - 221
Plant, Property, & Equipment, net		 25 23 22 20 20 19 18 17 0.00 0.00 0.00
Total Noncurrent Assets		 351 349 313 305 697 790 800 810 938 957 731
Long-Term Investments		 - - - - 405 472 481 482 544 48 55
Noncurrent Note & Lease Receivables		 13 12 13 4.44 1.29 12 11 18 18 241 153
Goodwill		 115 115 114 114 114 114 114 114 114 114 114
Intangible Assets		 103 104 96 88 83 92 87 87 88 89 89
Noncurrent Deferred & Refundable Income Taxes		 - - - - - - - - 45 40 48
Other Noncurrent Operating Assets		 120 119 90 98 94 101 107 109 128 424 272
Total Liabilities & Shareholders' Equity		 1,302 1,553 1,584 1,570 1,730 1,818 1,816 2,041 2,152 2,025 2,148
Total Liabilities		 945 1,095 1,105 1,065 1,194 1,210 1,197 1,380 1,437 1,291 1,414
Total Current Liabilities		 695 849 891 849 970 1,001 987 1,146 1,216 290 930
Accounts Payable		 75 79 76 95 77 75 117 138 148 86 90
Other Current Liabilities		 620 770 815 754 894 926 870 1,008 995 204 840
Total Noncurrent Liabilities		 250 246 214 216 224 209 210 234 221 1,001 484
Long-Term Debt		 89 81 76 91 98 123 133 153 104 229 216
Noncurrent Deferred & Payable Income Tax Liabilities		 14 17 18 15 18 21 18 22 62 5.70 0.24
Other Noncurrent Operating Liabilities		 147 149 121 109 108 65 59 59 55 766 268
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - 79 81 85 81 83 87 83 85 89 85
Total Equity & Noncontrolling Interests		 357 379 398 421 454 525 533 578 630 645 650
Total Preferred & Common Equity		 62 67 74 94 94 148 163 172 212 219 215
Total Common Equity		 62 67 74 94 94 148 163 172 212 219 215
Common Stock		 554 557 558 564 555 602 607 605 622 626 624
Retained Earnings		 -492 -489 -484 -470 -460 -455 -444 -433 -412 -407 -407
Accumulated Other Comprehensive Income / (Loss)		 -0.27 0.08 -0.18 -0.24 -0.67 1.45 -0.46 0.26 1.00 -0.07 -1.07
Noncontrolling Interest		 295 311 323 327 360 377 370 406 418 427 434

Annual Metrics And Ratios for Aldel Financial

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 23.93% 27.22% 27.00% 19.98% 17.31%
EBITDA Growth		 0.00% -221.76% 239.19% 91.69% 49.29% 33.56%
EBIT Growth		 0.00% -467.47% 120.32% 267.33% 130.06% 48.57%
NOPAT Growth		 0.00% -165.84% -252.36% 126.37% 747.46% 132.72%
Net Income Growth		 0.00% -711.16% 103.92% 1,072.66% 177.88% 90.57%
EPS Growth		 0.00% -100.55% 87.50% 228.57% 11.11% 270.00%
Operating Cash Flow Growth		 0.00% -50.01% 30.86% 141.66% 32.40% 23.70%
Free Cash Flow Firm Growth		 0.00% 0.00% -226.91% 99.58% 11,553.47% 154.19%
Invested Capital Growth		 0.00% -75.31% 37.42% 5.63% 6.42% 2.98%
Revenue Q/Q Growth		 0.00% 0.00% 5.72% 5.05% 4.05% 7.09%
EBITDA Q/Q Growth		 0.00% 0.00% 263.43% 105.33% -3.71% 18.89%
EBIT Q/Q Growth		 0.00% 0.00% 118.86% 1,898.72% 0.18% 22.75%
NOPAT Q/Q Growth		 0.00% 0.00% 32.86% -95.10% 21.92% 49.02%
Net Income Q/Q Growth		 0.00% 0.00% 107.55% 315.17% -0.76% 15.58%
EPS Q/Q Growth		 0.00% 0.00% 99.87% 550.00% -23.08% 27.59%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 9.59% 42.26% -7.38% 23.53%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -100.24% 18.75% 61.29%
Invested Capital Q/Q Growth		 0.00% 0.00% -36.57% 11.05% 13.40% 7.93%
Profitability Metrics		 - - - - - -
Gross Margin		 72.47% 72.23% 74.66% 78.32% 81.55% 81.90%
EBITDA Margin		 5.34% -5.24% 5.74% 8.66% 10.77% 11.85%
Operating Margin		 3.17% -1.63% -8.58% 1.04% 5.53% 12.36%
EBIT Margin		 2.97% -8.82% 1.41% 4.08% 7.81% 9.56%
Profit (Net Income) Margin		 2.01% -9.91% 0.31% 2.82% 6.53% 10.25%
Tax Burden Percent		 67.56% 112.36% 21.66% 62.94% 83.58% 107.22%
Interest Burden Percent		 100.00% 100.00% 100.00% 109.85% 99.91% 100.00%
Effective Tax Rate		 32.44% 0.00% 63.24% 37.06% 16.42% -7.22%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 8.56% -31.62% 0.75% 6.55% 14.22% 22.02%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 2.43% -6.61% 0.94% 2.81% 5.69% 7.32%
Return on Assets (ROA)		 1.64% -7.43% 0.20% 1.94% 4.75% 7.85%
Return on Common Equity (ROCE)		 8.55% 16.83% -0.31% 1.16% 3.14% 6.04%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 18.95% 4.06% 30.40% 52.09% 0.00%
Net Operating Profit after Tax (NOPAT)		 11 -7.05 -25 6.55 56 193
NOPAT Margin		 2.14% -1.14% -3.15% 0.65% 4.63% 13.26%
Net Nonoperating Expense Percent (NNEP)		 -0.29% -15.55% 5.68% 3.93% 3.43% -5.59%
Return On Investment Capital (ROIC_SIMPLE)		 - - -5.22% 1.21% 8.83% 23.03%
Cost of Revenue to Revenue		 27.53% 27.77% 25.34% 21.69% 18.45% 18.10%
SG&A Expenses to Revenue		 10.25% 10.43% 11.31% 8.54% 6.88% 6.49%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 69.30% 73.86% 83.24% 76.87% 76.02% 69.54%
Earnings before Interest and Taxes (EBIT)		 15 -55 11 41 94 139
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 27 -32 45 87 129 173
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.85 0.00 47.44 28.24 21.89 20.77
Price to Tangible Book Value (P/TBV)		 1.52 0.00 0.00 0.00 0.00 252.09
Price to Revenue (P/Rev)		 0.20 0.34 3.57 2.62 2.74 3.16
Price to Earnings (P/E)		 9.84 0.00 87.63 158.14 343.20 110.88
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 10.17% 0.00% 1.14% 0.63% 0.29% 0.90%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.55 3.41 2.41 2.53 2.93
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 59.50 27.81 23.45 24.75
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 242.26 59.09 32.33 30.69
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 367.66 54.61 22.12
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 8.00 48.59 18.01 17.13 19.50
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 4.34 0.00 0.00 63.13 22.50
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.59 0.50 0.29 0.26 0.17 0.24
Long-Term Debt to Equity		 0.59 0.50 0.29 0.26 0.17 0.24
Financial Leverage		 -1.96 -1.80 -1.50 -1.28 -1.21 -1.16
Leverage Ratio		 5.21 4.26 3.69 3.37 2.99 2.81
Compound Leverage Factor		 5.21 4.26 3.69 3.70 2.99 2.81
Debt to Total Capital		 37.03% 33.35% 22.76% 20.94% 14.72% 19.23%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 37.03% 33.35% 22.76% 20.94% 14.72% 19.23%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.07% 146.34% 64.78% 64.20% 64.20% 56.84%
Common Equity to Total Capital		 62.90% -79.69% 12.46% 14.86% 21.08% 23.93%
Debt to EBITDA		 2.59 -4.17 2.40 1.51 0.81 1.03
Net Debt to EBITDA		 -8.63 14.43 -9.54 -7.04 -5.55 -4.94
Long-Term Debt to EBITDA		 2.59 -4.17 2.40 1.51 0.81 1.03
Debt to NOPAT		 6.45 -19.22 -4.36 19.95 1.89 0.92
Net Debt to NOPAT		 -21.49 66.46 17.35 -93.13 -12.92 -4.41
Long-Term Debt to NOPAT		 6.45 -19.22 -4.36 19.95 1.89 0.92
Altman Z-Score		 1.40 0.40 2.14 2.04 2.27 2.70
Noncontrolling Interest Sharing Ratio		 0.10% 153.23% 141.45% 82.35% 77.94% 72.58%
Liquidity Ratios		 - - - - - -
Current Ratio		 1.33 1.81 1.40 1.48 0.94 1.05
Quick Ratio		 0.19 0.65 0.27 0.27 0.34 0.68
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 78 -99 -0.42 48 190
Operating Cash Flow to CapEx		 221.06% 97.49% 124.68% 506.40% 829.39% 892.55%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.82 0.75 0.67 0.69 0.73 0.77
Accounts Receivable Turnover		 14.74 15.36 15.00 15.41 15.36 16.10
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 19.35 22.85 29.38 43.47 61.59 0.00
Accounts Payable Turnover		 11.91 16.67 4.63 2.64 2.76 3.09
Days Sales Outstanding (DSO)		 24.76 23.76 24.33 23.68 23.77 22.68
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 30.64 21.90 78.78 138.18 132.31 118.28
Cash Conversion Cycle (CCC)		 -5.89 1.86 -54.45 -114.50 -108.54 -95.61
Capital & Investment Metrics		 - - - - - -
Invested Capital		 -113 -198 -124 -117 -109 -105
Invested Capital Turnover		 -4.43 -3.99 -4.90 -8.32 -10.62 -13.63
Increase / (Decrease) in Invested Capital		 0.00 -85 74 6.97 7.49 3.23
Enterprise Value (EV)		 -130 338 2,688 2,408 3,032 4,271
Market Capitalization		 100 212 2,811 2,618 3,291 4,597
Book Value per Share		 $1,171.98 ($21.66) $0.18 $0.28 $0.44 $0.65
Tangible Book Value per Share		 $658.36 ($27.53) ($0.48) ($0.34) ($0.16) $0.05
Total Capital		 186 406 476 624 713 925
Total Debt		 69 136 108 131 105 178
Total Long-Term Debt		 69 136 108 131 105 178
Net Debt		 -230 -468 -431 -610 -717 -852
Capital Expenditures (CapEx)		 38 43 44 26 21 25
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -170 -205 -270 -327 -364 -280
Debt-free Net Working Capital (DFNWC)		 129 399 269 408 -57 19
Net Working Capital (NWC)		 129 399 269 408 -57 19
Net Nonoperating Expense (NNE)		 0.67 54 -27 -22 -23 44
Net Nonoperating Obligations (NNO)		 -230 -468 -491 -610 -717 -852
Total Depreciation and Amortization (D&A)		 12 22 34 46 36 33
Debt-free, Cash-free Net Working Capital to Revenue		 -34.13% -33.03% -34.25% -32.72% -30.32% -19.22%
Debt-free Net Working Capital to Revenue		 25.74% 64.53% 34.21% 40.78% -4.75% 1.31%
Net Working Capital to Revenue		 25.74% 64.53% 34.21% 40.78% -4.75% 1.31%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.56) $0.39 $0.19 $0.10 $0.41
Adjusted Weighted Average Basic Shares Outstanding		 0.00 82.33M 82.73M 84.18M 87.53M 94.40M
Adjusted Diluted Earnings per Share		 $0.00 ($0.56) ($0.07) $0.09 $0.10 $0.37
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 82.33M 336.15M 340.32M 88.50M 346.97M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 333.49M 334.25M 335.69M 341.07M 342.62M
Normalized Net Operating Profit after Tax (NOPAT)		 11 -7.05 -34 12 56 126
Normalized NOPAT Margin		 2.14% -1.14% -4.38% 1.21% 4.63% 8.66%
Pre Tax Income Margin		 2.97% -8.82% 1.41% 4.48% 7.81% 9.56%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 39.84% -57.12% 0.00% 0.00% 15.69% 24.03%
Augmented Payout Ratio		 39.84% -57.12% 0.00% 0.00% 15.69% 24.03%

Quarterly Metrics And Ratios for Aldel Financial

This table displays calculated financial ratios and metrics derived from Aldel Financial'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		 - - - - - - - - - 342,618,689.00 343,354,402.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 342,618,689.00 343,354,402.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.02 0.00
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 24.39% 24.44% 19.90% 17.35% 19.05% 17.62% 17.71% 17.51% 16.48% -5.03% -6.46%
EBITDA Growth		 64.41% 901.17% 97.43% -9.04% -6.49% 71.99% 5.65% -17.59% 128.94% -133.82% -83.14%
EBIT Growth		 152.33% 217.35% 151.99% -5.91% 1.23% 145.96% 9.90% -25.84% 187.39% -163.87% -95.82%
NOPAT Growth		 82.83% 165.15% 140.80% -17.49% 185.39% 184.85% 25.93% 1,014.22% 120.44% -148.82% -84.21%
Net Income Growth		 128.05% 154.57% 174.52% 2.06% -6.66% 232.88% 10.65% 142.92% 238.38% -146.70% -82.96%
EPS Growth		 183.33% -33.33% 200.00% -25.00% -60.00% 275.00% 0.00% 266.67% 400.00% -185.71% -122.22%
Operating Cash Flow Growth		 103.88% 396.57% 8.82% 9.28% -949.70% -24.74% -15.83% 36.78% 330.63% -62.92% 215.31%
Free Cash Flow Firm Growth		 88.62% 163.44% 199.79% -89.60% 66.07% -83.89% -91.68% 1,819.82% 218.43% -149.53% 858.24%
Invested Capital Growth		 5.63% -110.63% -62.94% 3.88% 6.42% 7.10% 22.64% 9.40% 2.98% -3.62% -131.83%
Revenue Q/Q Growth		 -11.08% 10.88% 15.28% 3.24% -9.79% 9.55% 15.37% 3.06% 2.13% -19.65% 13.79%
EBITDA Q/Q Growth		 -17.48% -3.08% 145.18% -53.61% -15.17% 78.26% 48.62% -64.66% 126.32% -128.46% 174.10%
EBIT Q/Q Growth		 -28.16% -2.94% 264.31% -62.96% -22.71% 135.82% 62.78% -75.01% 197.67% -152.74% 110.66%
NOPAT Q/Q Growth		 -133.22% 275.16% 345.53% -68.18% -65.62% 484.30% 96.97% 181.57% -56.20% -126.93% 158.11%
Net Income Q/Q Growth		 -51.45% -9.32% 420.27% -55.44% -55.60% 223.38% 72.95% -2.18% -38.15% -144.63% 163.09%
EPS Q/Q Growth		 25.00% -180.00% 325.00% -66.67% -33.33% 250.00% 28.57% 22.22% -9.09% -160.00% 66.67%
Operating Cash Flow Q/Q Growth		 -97.59% 3,821.75% 9.92% 5.26% -118.72% 447.36% 22.94% 71.05% -68.43% -44.15% 945.37%
Free Cash Flow Firm Q/Q Growth		 -121.02% 772.28% 22.01% -93.97% -168.61% 419.15% -36.97% 1,291.01% -54.37% -119.77% 1,795.77%
Invested Capital Q/Q Growth		 11.05% -11.24% -17.39% 17.25% 13.40% -10.43% 2.24% 3.10% 7.93% -18.80% -118.73%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 76.83% 79.35% 81.58% 85.41% 79.27% 81.51% 82.62% 82.08% 81.37% 100.00% 100.00%
EBITDA Margin		 10.06% 8.79% 18.70% 8.40% 7.90% 12.86% 16.56% 5.68% 12.58% -4.46% 2.90%
Operating Margin		 -2.64% 4.50% 12.15% 3.12% 2.07% 8.05% 12.94% 9.03% 18.64% -6.42% 0.64%
EBIT Margin		 5.60% 4.91% 15.50% 5.56% 4.77% 10.26% 14.47% 3.51% 10.23% -6.71% 0.63%
Profit (Net Income) Margin		 3.69% 3.02% 13.62% 5.88% 2.89% 8.54% 12.80% 12.15% 7.36% -4.09% 2.27%
Tax Burden Percent		 66.32% 61.52% 88.01% 105.68% 60.72% 83.26% 88.45% 346.19% 71.94% 60.87% 360.26%
Interest Burden Percent		 99.28% 100.00% 99.82% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 33.68% 38.48% 11.99% -5.68% 39.28% 16.74% 11.55% -246.19% 28.06% 0.00% -260.26%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 6.55% 11.92% 15.81% 14.52% 14.22% 17.32% 17.04% 19.52% 22.02% 16.14% 10.03%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 3.86% 3.60% 10.44% 3.77% 3.47% 7.56% 10.01% 2.40% 7.83% -5.03% 0.43%
Return on Assets (ROA)		 2.54% 2.21% 9.17% 3.99% 2.11% 6.29% 8.85% 8.32% 5.64% -3.06% 1.53%
Return on Common Equity (ROCE)		 1.16% 2.15% 2.58% 2.97% 3.14% 3.95% 3.80% 5.31% 6.04% 4.55% 2.79%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 54.96% 83.15% 53.22% 0.00% 59.77% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -4.29 7.52 34 11 3.67 21 42 119 52 -14 8.14
NOPAT Margin		 -1.75% 2.77% 10.70% 3.30% 1.26% 6.70% 11.44% 31.26% 13.41% -4.49% 2.29%
Net Nonoperating Expense Percent (NNEP)		 2.42% 0.13% 1.48% 1.24% 0.72% 0.85% 0.68% -9.29% -2.99% 0.16% -0.01%
Return On Investment Capital (ROIC_SIMPLE)		 -0.79% - - - 0.58% 3.22% 5.77% 14.71% 6.21% -1.60% 0.94%
Cost of Revenue to Revenue		 23.17% 20.65% 18.42% 14.59% 20.73% 18.49% 17.38% 17.92% 18.63% 0.00% 0.00%
SG&A Expenses to Revenue		 8.39% 7.31% 6.82% 6.44% 7.00% 6.94% 6.12% 6.43% 6.52% 23.22% 26.85%
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		 79.51% 74.85% 69.46% 82.29% 77.21% 73.46% 69.69% 73.05% 62.73% 106.42% 99.36%
Earnings before Interest and Taxes (EBIT)		 14 13 49 18 14 33 53 13 40 -21 2.23
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 25 24 59 27 23 41 61 22 49 -14 10
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 28.24 32.84 37.08 23.38 21.89 18.90 20.05 19.45 20.77 16.50 19.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 455.01 252.09 234.15 340.78
Price to Revenue (P/Rev)		 2.62 2.92 3.17 3.01 2.74 2.47 2.65 3.03 3.16 2.51 2.89
Price to Earnings (P/E)		 158.14 198.63 162.15 164.35 343.20 159.96 174.20 115.11 110.88 126.83 231.49
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		 0.63% 0.50% 0.62% 0.61% 0.29% 0.63% 0.57% 0.87% 0.90% 0.79% 0.43%
Enterprise Value to Invested Capital (EV/IC)		 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 Revenue (EV/Rev)		 2.41 2.70 2.94 2.77 2.53 2.24 2.43 2.79 2.93 2.27 2.55
Enterprise Value to EBITDA (EV/EBITDA)		 27.81 26.36 23.77 23.77 23.45 19.11 21.13 26.12 24.75 27.76 53.94
Enterprise Value to EBIT (EV/EBIT)		 59.09 43.52 34.36 34.10 32.33 24.73 26.81 33.44 30.69 38.19 104.97
Enterprise Value to NOPAT (EV/NOPAT)		 367.66 98.38 68.24 70.10 54.61 40.69 40.92 29.26 22.12 20.34 25.41
Enterprise Value to Operating Cash Flow (EV/OCF)		 18.01 15.80 17.56 16.70 17.13 17.22 20.76 21.39 19.50 17.05 11.72
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 29.32 30.54 78.93 63.13 46.99 73.87 32.21 22.50 19.80 12.12
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.26 0.18 0.18 0.20 0.17 0.21 0.23 0.25 0.24 0.31 0.29
Long-Term Debt to Equity		 0.26 0.18 0.18 0.20 0.17 0.21 0.23 0.15 0.24 0.31 0.29
Financial Leverage		 -1.28 -1.22 -1.25 -1.24 -1.21 -1.22 -1.23 -1.18 -1.16 -1.18 -1.28
Leverage Ratio		 3.37 3.33 3.30 3.13 2.99 3.01 3.15 3.00 2.81 2.84 3.00
Compound Leverage Factor		 3.35 3.33 3.30 3.13 2.99 3.01 3.15 3.00 2.81 2.84 3.00
Debt to Total Capital		 20.94% 15.32% 15.48% 16.81% 14.72% 17.64% 18.84% 19.89% 19.23% 23.75% 22.71%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 8.19% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 20.94% 15.32% 15.48% 16.81% 14.72% 17.64% 18.84% 11.70% 19.23% 23.75% 22.71%
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		 64.20% 69.01% 69.61% 62.91% 64.20% 60.69% 60.00% 56.39% 56.84% 53.54% 54.62%
Common Equity to Total Capital		 14.86% 15.67% 14.91% 20.28% 21.08% 21.70% 21.16% 23.72% 23.93% 22.72% 22.66%
Debt to EBITDA		 1.51 0.85 0.72 0.92 0.81 0.91 1.02 1.22 1.03 1.94 3.23
Net Debt to EBITDA		 -7.04 -5.88 -5.02 -5.47 -5.55 -5.05 -5.20 -5.71 -4.94 -7.31 -15.09
Long-Term Debt to EBITDA		 1.51 0.85 0.72 0.92 0.81 0.91 1.02 0.72 1.03 1.94 3.23
Debt to NOPAT		 19.95 3.16 2.06 2.70 1.89 1.93 1.98 1.37 0.92 1.42 1.52
Net Debt to NOPAT		 -93.13 -21.94 -14.42 -16.13 -12.92 -10.75 -10.07 -6.40 -4.41 -5.35 -7.11
Long-Term Debt to NOPAT		 19.95 3.16 2.06 2.70 1.89 1.93 1.98 0.81 0.92 1.42 1.52
Altman Z-Score		 1.99 2.31 2.15 2.04 2.11 1.96 1.97 2.10 2.55 2.53 2.41
Noncontrolling Interest Sharing Ratio		 82.35% 81.95% 83.71% 79.53% 77.94% 77.18% 77.70% 72.80% 72.58% 71.78% 72.22%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.48 1.47 1.04 1.01 0.94 1.01 1.06 1.00 1.05 3.68 1.52
Quick Ratio		 0.27 0.31 0.35 0.36 0.34 0.40 0.39 0.40 0.68 3.15 1.10
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -11 76 92 5.57 -3.82 12 7.69 107 49 -9.65 164
Operating Cash Flow to CapEx		 30.64% 1,283.34% 865.33% 1,261.46% -310.33% 813.32% 874.74% 1,326.20% 482.12% 210.75% 2,061.44%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.69 0.73 0.67 0.68 0.73 0.74 0.69 0.69 0.77 0.75 0.68
Accounts Receivable Turnover		 15.41 15.64 13.39 13.15 15.36 14.73 13.28 13.53 16.10 22.93 20.93
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		 43.47 47.42 51.07 57.39 61.59 66.13 70.15 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 2.64 2.56 2.86 2.89 2.76 2.12 2.15 2.26 3.09 2.60 2.31
Days Sales Outstanding (DSO)		 23.68 23.34 27.26 27.76 23.77 24.79 27.48 26.97 22.68 15.92 17.44
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)		 138.18 142.53 127.64 126.13 132.31 172.19 169.88 161.24 118.28 140.36 157.98
Cash Conversion Cycle (CCC)		 -114.50 -119.19 -100.37 -98.37 -108.54 -147.40 -142.40 -134.28 -95.61 -124.44 -140.55
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -117 -130 -152 -126 -109 -121 -118 -114 -105 -125 -273
Invested Capital Turnover		 -8.32 -11.00 -8.99 -8.96 -10.62 -9.96 -9.64 -11.31 -13.63 -11.73 -7.23
Increase / (Decrease) in Invested Capital		 6.97 -68 -59 5.09 7.49 9.22 35 12 3.23 -4.36 -155
Enterprise Value (EV)		 2,408 2,848 3,255 3,192 3,032 2,800 3,165 3,791 4,271 3,264 3,604
Market Capitalization		 2,618 3,072 3,502 3,466 3,291 3,083 3,455 4,117 4,597 3,608 4,093
Book Value per Share		 $0.28 $0.28 $0.28 $0.44 $0.44 $0.48 $0.50 $0.62 $0.65 $0.64 $0.63
Tangible Book Value per Share		 ($0.34) ($0.32) ($0.30) ($0.17) ($0.16) ($0.11) ($0.08) $0.03 $0.05 $0.05 $0.04
Total Capital		 624 597 633 731 713 752 814 892 925 963 951
Total Debt		 131 91 98 123 105 133 153 178 178 229 216
Total Long-Term Debt		 131 91 98 123 105 133 153 104 178 229 216
Net Debt		 -610 -635 -688 -734 -717 -740 -779 -829 -852 -859 -1,008
Capital Expenditures (CapEx)		 4.85 4.54 7.40 5.34 4.07 5.39 6.16 6.95 6.04 7.71 8.24
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -327 -331 -338 -377 -364 -380 -383 -392 -280 -262 -682
Debt-free Net Working Capital (DFNWC)		 408 396 43 7.85 -57 11 67 71 19 778 487
Net Working Capital (NWC)		 408 396 43 7.85 -57 11 67 -1.83 19 778 487
Net Nonoperating Expense (NNE)		 -13 -0.68 -9.15 -8.34 -4.77 -5.87 -5.01 73 23 -1.27 0.10
Net Nonoperating Obligations (NNO)		 -610 -635 -688 -734 -717 -740 -779 -829 -852 -859 -1,008
Total Depreciation and Amortization (D&A)		 11 11 10 9.18 9.15 8.30 7.70 8.24 9.13 7.04 8.07
Debt-free, Cash-free Net Working Capital to Revenue		 -32.72% -31.42% -30.61% -32.72% -30.32% -30.48% -29.38% -28.79% -19.22% -18.18% -48.17%
Debt-free Net Working Capital to Revenue		 40.78% 37.57% 3.85% 0.68% -4.75% 0.87% 5.14% 5.24% 1.31% 54.03% 34.43%
Net Working Capital to Revenue		 40.78% 37.57% 3.85% 0.68% -4.75% 0.87% 5.14% -0.13% 1.31% 54.03% 34.43%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.15 ($0.04) $0.09 $0.03 $0.02 $0.07 $0.09 $0.18 $0.07 ($0.06) ($0.02)
Adjusted Weighted Average Basic Shares Outstanding		 84.18M 84.66M 85.69M 89.69M 87.53M 90.05M 90.70M 96.17M 94.40M 101.03M 101.80M
Adjusted Diluted Earnings per Share		 $0.05 ($0.04) $0.09 $0.03 $0.02 $0.07 $0.09 $0.11 $0.10 ($0.06) ($0.02)
Adjusted Weighted Average Diluted Shares Outstanding		 340.32M 84.66M 85.69M 89.69M 88.50M 346.31M 90.70M 347.24M 346.97M 101.03M 101.80M
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		 335.69M 336.74M 340.84M 341.07M 341.07M 341.75M 341.98M 342.06M 342.62M 343.35M 343.62M
Normalized Net Operating Profit after Tax (NOPAT)		 -4.32 7.52 34 7.06 3.67 21 42 24 52 -14 1.58
Normalized NOPAT Margin		 -1.76% 2.77% 10.70% 2.18% 1.26% 6.70% 11.44% 6.32% 13.41% -4.49% 0.45%
Pre Tax Income Margin		 5.56% 4.91% 15.47% 5.56% 4.77% 10.26% 14.47% 3.51% 10.23% -6.71% 0.63%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 13.91% 13.84% 15.69% 37.95% 36.63% 29.05% 24.03% 10.57% 9.02%
Augmented Payout Ratio		 0.00% 0.00% 13.91% 13.84% 15.69% 37.95% 36.63% 29.05% 24.03% 10.57% 9.02%

Financials Breakdown Chart

Key Financial Trends

Hagerty’s latest quarter shows a sharp rebound in profitability and cash generation, but the balance sheet still carries meaningful leverage and a heavy liability load. In Q1 2026, revenue rose to $311.8 million, and the company generated $16.3 million of operating cash flow despite posting a net loss. That’s a notable improvement versus the prior quarter and a clear step up from the weaker periods seen in early 2025.

  • Q1 2026 operating cash flow was strong at $16.3 million, reversing the volatility seen in earlier periods and showing the business can still produce cash even when reported earnings are negative.
  • Revenue in Q1 2026 reached $311.8 million, up from $271.7 million in Q1 2024, indicating the top line has expanded over the last two years.
  • The company posted $72.3 million of operating income in Q4 2025, a big improvement from losses in late 2024 and a sign that operating performance can improve quickly.
  • Gross profit has remained robust across the period, supported by a high-margin business model and relatively low direct cost of revenue in several quarters.
  • Cash, restricted cash, and short-term investments remained sizable in Q1 2026, giving Hagerty a sizable liquidity cushion.
  • Total common equity improved modestly in Q1 2026 to $218.7 million from $211.7 million in Q3 2025, reflecting some balance sheet stabilization.
  • Quarterly results have been highly volatile, with net income swinging from a profit in Q4 2025 to a loss in Q1 2026, so the earnings trend is not yet consistent.
  • The company relies heavily on non-operating items, including investment gains/losses and other income, which can make reported earnings less predictable.
  • Hagerty has a large noncontrolling interest and redeemable noncontrolling interest on the balance sheet, which complicates the equity story for common shareholders.
  • Q1 2026 net income attributable to common shareholders was a loss of $6.5 million, and diluted EPS was -$0.06, showing the company is still not consistently profitable for common equity holders.
  • Total liabilities were $1.29 billion in Q1 2026 versus $218.7 million of common equity, indicating a highly leveraged capital structure.
  • Long-term debt remained significant at $228.6 million in Q1 2026, while current liabilities were also elevated at $289.8 million.
  • Other operating expenses were very large in multiple quarters, including $259.4 million in Q1 2026, which pressured operating income back into the red.
  • The company’s retained earnings remain deeply negative, reflecting a long history of cumulative losses despite recent improvements.

Bottom line: Hagerty’s business appears to be growing and generating cash better than it did a year ago, and the improvement in Q4 2025 shows real operating leverage is possible. Still, investors should weigh that progress against the company’s thin common equity base, meaningful debt, and earnings volatility. The next few quarters will be important in determining whether the recent improvement is sustainable or just a short-term rebound.

08/10/26 10:47 AM ETAI Generated. May Contain Errors.

Aldel Financial Financials - Frequently Asked Questions

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

Aldel Financial's net income appears to be on an upward trend, with a most recent value of $149.23 million in 2025, rising from $10.04 million in 2020. The previous period was $78.30 million in 2024.

Aldel Financial's total operating income in 2025 was $180.08 million, based on the following breakdown:
  • Total Gross Profit: $1.19 billion
  • Total Operating Expenses: $1.01 billion

Over the last 5 years, Aldel Financial's total revenue changed from $499.55 million in 2020 to $1.46 billion in 2025, a change of 191.5%.

Aldel Financial's total liabilities were at $1.35 billion at the end of 2025, a 22.3% increase from 2024, and a 173.0% increase since 2020.

In the past 5 years, Aldel Financial's cash and equivalents has ranged from $38.11 million in 2020 to $275.33 million in 2021, and is currently $160.18 million as of their latest financial filing in 2025.

Over the last 5 years, Aldel Financial's book value per share changed from 1,171.98 in 2020 to 0.65 in 2025, a change of -99.9%.


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Financial statements for NYSE:ADF last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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