METC (METC) financial statements
METC reported revenue of $537M in fiscal 2025, up 67.3% a year over 9 years.
Net income was -$51M and the operating margin -10.4%, against -144.4% in 2016.
Free cash flow was -$61M, and the company returned $4M in dividends.
The diluted share count rose 19% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from METC's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5M | $61M | $228M | $169M | $169M | $283M | $566M | $694M | $666M | $537M |
| Cost of revenue | $2M | $61M | $177M | $162M | $146M | $195M | $333M | $494M | $533M | $453M |
| Gross profit | $3M | $515,000 | $51M | $6M | $23M | $88M | $233M | $200M | $133M | $83M |
| Selling, general and admin | $7M | $13M | $14M | $18M | $21M | $22M | $40M | $49M | $49M | $69M |
| Operating income | -$8M | -$16M | $24M | $30M | -$19M | $40M | $150M | $95M | $17M | -$56M |
| Interest expense | $124,000 | $23,000 | $1M | $1M | $1M | $3M | — | -$9M | -$6M | -$8M |
| Pre-tax income | -$8M | -$15M | $25M | $30M | -$8M | $44M | $146M | $105M | $15M | -$62M |
| Income tax | $0 | $0 | $113,000 | $5M | -$3M | $5M | $30M | $22M | $4M | -$11M |
| Net income | -$8M | -$15M | $25M | $25M | -$5M | $40M | $116M | $82M | $11M | -$51M |
| EPS (diluted) | — | -$0.41 | $0.62 | $0.61 | -$0.12 | $0.90 | $2.60 | $1.73 | $0.11 | -$0.99 |
| Diluted shares | — | 38M | 40M | 41M | 42M | 44M | 45M | — | — | — |
| Gross margin | 65.6% | 0.8% | 22.4% | 3.8% | 13.9% | 31.0% | 41.1% | 28.8% | 20.0% | 15.5% |
| Operating margin | -144.4% | -26.0% | 10.6% | 17.5% | -11.3% | 13.9% | 26.6% | 13.7% | 2.5% | -10.4% |
| Net margin | -144.1% | -25.3% | 11.0% | 14.8% | -2.9% | 14.0% | 20.5% | 11.9% | 1.7% | -9.6% |
Balance sheet
Fiscal years, from METC's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $60M | $11M | $7M | $6M | $5M | $22M | $36M | $42M | $33M | $440M |
| Receivables | $914,741 | $7M | $11M | $19M | $20M | $44M | $41M | $97M | $74M | $54M |
| Inventory | $2M | $10M | $14M | $15M | $12M | $16M | $45M | $37M | $43M | $87M |
| Total current assets | $63M | $29M | $35M | $44M | $42M | $87M | $147M | $190M | $168M | $598M |
| Property, plant and equipment | $46M | $115M | $149M | $178M | $181M | $227M | $430M | $459M | $482M | $512M |
| Total assets | $119M | $148M | $188M | $227M | $229M | $329M | $596M | $666M | $675M | $1.1B |
| Total current liabilities | $15M | $22M | $30M | $26M | $29M | $47M | $163M | $170M | $122M | $110M |
| Long-term debt | — | — | $4M | $10M | $13M | $3M | $19M | $349,000 | $57,000 | — |
| Total liabilities | $35M | $35M | $47M | $57M | $60M | $118M | $287M | $296M | $312M | $657M |
| Shareholders' equity | -$5M | $113M | $141M | $170M | $169M | $211M | $309M | $370M | $363M | $484M |
| Net debt | -$5M | -$6M | $3M | $7M | $12M | -$11M | $19M | $15M | -$33M | -$440M |
Cash flow
Fiscal years, from METC's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4M | -$8M | $36M | $42M | $13M | $53M | $188M | $161M | $113M | $2M |
| Capital spending | $17M | $75M | $48M | $46M | $25M | $29M | $123M | $83M | $55M | $63M |
| Free cash flow | -$21M | -$84M | -$12M | -$3M | -$11M | $24M | $65M | $78M | $57M | -$61M |
| Stock-based compensation | $299,000 | $3M | $3M | $4M | $4M | $5M | $8M | $13M | $17M | $18M |
| Dividends paid | — | — | — | — | — | $20M | $20M | $26M | $25M | $4M |
| Net borrowing | — | -$11M | $9M | $3M | $4M | $28M | $16M | $2M | -$56M | -$369,000 |
| Free cash flow margin | -394.6% | -136.8% | -5.3% | -2.0% | -6.8% | 8.4% | 11.5% | 11.3% | 8.6% | -11.3% |
| Dividends per share | — | — | — | — | — | $0.45 | $0.45 | — | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for METC.
Open METC in InvestinglyQuestions
What was METC's revenue in 2025?
$537M in fiscal 2025, from its 10-K filing.
How much free cash flow does METC generate?
-$61M in fiscal 2025 (operating cash flow minus capital spending).
From METC's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.