MLR (MLR) financial statements
MLR reported revenue of $790M in fiscal 2025, up 3.1% a year over 9 years.
Net income was $23M.
Free cash flow was $85M, and the company returned $9M in dividends and $6M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MLR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $601M | $615M | $712M | $818M | $651M | $717M | $848M | $1.2B | $1.3B | $790M |
| Cost of revenue | $537M | $548M | $628M | $722M | $573M | $648M | $766M | $1.0B | $1.1B | $670M |
| Gross profit | $64M | $67M | $83M | $96M | $78M | $70M | $82M | $152M | $171M | $120M |
| Research and development | $2M | $2M | $3M | $4M | $5M | $4M | $4M | $6M | $6M | $8M |
| Selling, general and admin | $32M | $36M | $40M | $43M | $40M | $46M | $53M | $73M | $86M | $89M |
| Operating income | $32M | $32M | — | — | — | — | — | — | — | — |
| Interest expense | $1M | $2M | $2M | $2M | $1M | $1M | $3M | $6M | $4M | $660,000 |
| Pre-tax income | $31M | $30M | $42M | $50M | $38M | $22M | $26M | $74M | $80M | $31M |
| Income tax | $11M | $7M | $8M | $11M | $8M | $6M | $5M | $15M | $17M | $8M |
| Net income | $20M | $23M | $34M | $39M | $30M | $16M | $20M | $58M | $63M | $23M |
| EPS (diluted) | $1.75 | $2.02 | $2.96 | $3.43 | $2.62 | $1.42 | $1.78 | $5.07 | $5.47 | $1.98 |
| Diluted shares | 11M | 11M | 11M | 11M | 11M | 11M | 11M | 12M | 12M | 12M |
| Gross margin | 10.7% | 10.9% | 11.7% | 11.8% | 12.0% | 9.7% | 9.7% | 13.2% | 13.6% | 15.2% |
| Operating margin | 5.3% | 5.1% | — | — | — | — | — | — | — | — |
| Net margin | 3.3% | 3.7% | 4.7% | 4.8% | 4.6% | 2.3% | 2.4% | 5.1% | 5.0% | 2.9% |
Balance sheet
Fiscal years, from MLR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $31M | $22M | $27M | $26M | $58M | $54M | $40M | $30M | $24M | $45M |
| Inventory | $64M | $69M | $94M | $88M | $84M | $115M | $154M | $190M | $186M | $184M |
| Total current assets | $226M | $227M | $273M | $287M | $286M | $329M | $376M | $510M | $530M | $440M |
| Property, plant and equipment | $60M | $78M | $83M | $90M | $97M | $95M | $112M | $115M | $116M | $124M |
| Goodwill | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $20M | $20M | $20M |
| Total assets | $297M | $317M | $368M | $392M | $398M | $438M | $501M | $647M | $667M | $590M |
| Total current liabilities | $106M | $102M | $123M | $124M | $111M | $147M | $156M | $235M | $198M | $137M |
| Long-term debt | — | — | $15M | $5M | — | — | $45M | $60M | $65M | $31M |
| Total liabilities | $113M | $114M | $141M | $134M | $116M | $153M | $208M | $299M | $266M | $169M |
| Shareholders' equity | $185M | $203M | $228M | $258M | $279M | $285M | $293M | $348M | $401M | $421M |
| Net debt | -$31M | -$22M | -$11M | -$21M | -$58M | -$54M | $5M | $30M | $41M | -$11M |
Cash flow
Fiscal years, from MLR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $21M | $14M | $22M | $35M | $61M | $15M | -$19M | $11M | $17M | $99M |
| Capital spending | $25M | $25M | $13M | $17M | $18M | $9M | $29M | $12M | $15M | $14M |
| Free cash flow | -$4M | -$11M | $9M | $18M | $43M | $6M | -$48M | -$1M | $2M | $85M |
| Stock-based compensation | $0 | $150,000 | $150,000 | $150,000 | $194,000 | $200,000 | $743,000 | $1M | $3M | $5M |
| Dividends paid | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $9M | $9M |
| Share buybacks (net) | — | — | — | — | — | — | — | — | -$3M | -$6M |
| Net borrowing | — | — | — | — | — | — | — | — | — | -$609,000 |
| Free cash flow margin | -0.7% | -1.7% | 1.2% | 2.2% | 6.6% | 0.9% | -5.7% | -0.1% | 0.1% | 10.8% |
| Dividends per share | $0.68 | $0.72 | $0.72 | $0.72 | $0.72 | $0.72 | $0.72 | $0.72 | $0.75 | $0.79 |
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Open MLR in InvestinglyQuestions
What was MLR's revenue in 2025?
$790M in fiscal 2025, from its 10-K filing.
How much free cash flow does MLR generate?
$85M in fiscal 2025 (operating cash flow minus capital spending).
From MLR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.