NC (NC) financial statements
NC reported revenue of $277M in fiscal 2025, up 10.7% a year over 9 years.
Net income was $18M and the operating margin 7.9%, against -1.5% in 2016.
Free cash flow was $2M, and the company returned $7M in dividends and $3M in net buybacks.
The diluted share count rose 9% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from NC's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $111M | $105M | $135M | $141M | $128M | $192M | $242M | $215M | $238M | $277M |
| Cost of revenue | $99M | $88M | $105M | $110M | $111M | $148M | $174M | $200M | $208M | $239M |
| Gross profit | $12M | $17M | $30M | $31M | $17M | $43M | $68M | $15M | $30M | $38M |
| Research and development | $10M | — | — | — | — | — | — | — | — | — |
| Selling, general and admin | $49M | $47M | $49M | $54M | $53M | $56M | $64M | $66M | $70M | $78M |
| Operating income | -$2M | $33M | $44M | $39M | $13M | $55M | $70M | -$70M | $36M | $22M |
| Interest expense | $4M | $3M | $2M | $872,000 | $1M | $2M | $2M | $2M | $6M | $6M |
| Pre-tax income | $34M | $29M | $42M | $43M | $14M | $57M | $88M | -$64M | $34M | $13M |
| Income tax | -$10M | $639,000 | $7M | $4M | -$535,000 | $9M | $14M | -$25M | -$95,000 | -$4M |
| Net income | $30M | $30M | $35M | $40M | $15M | $48M | $74M | -$40M | $34M | $18M |
| EPS (diluted) | $4.32 | $4.41 | $5.00 | $5.66 | $2.10 | $6.69 | $10.06 | -$5.29 | $4.55 | $2.35 |
| Diluted shares | 7M | 7M | 7M | 7M | 7M | 7M | 7M | 7M | 7M | 7M |
| Gross margin | 10.9% | 16.1% | 22.1% | 22.1% | 13.2% | 22.6% | 28.1% | 6.8% | 12.5% | 13.9% |
| Operating margin | -1.5% | 31.3% | 32.2% | 27.5% | 10.5% | 28.9% | 29.0% | -32.7% | 15.0% | 7.9% |
| Net margin | 26.7% | 29.0% | 25.7% | 28.1% | 11.5% | 25.1% | 30.7% | -18.4% | 14.2% | 6.3% |
Balance sheet
Fiscal years, from NC's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $69M | $102M | $85M | $123M | $88M | $86M | $111M | $85M | $73M | $50M |
| Receivables | — | — | — | — | $19M | $26M | $38M | — | — | — |
| Inventory | $29M | $30M | $31M | $40M | $48M | $54M | $71M | $77M | $95M | $64M |
| Total current assets | $382M | $177M | $164M | $201M | $188M | $203M | $260M | $232M | $265M | $215M |
| Property, plant and equipment | $115M | $120M | $125M | $138M | $172M | $193M | $218M | $224M | $259M | $288M |
| Goodwill | $6M | — | — | — | — | — | — | — | — | — |
| Total assets | $668M | $390M | $377M | $445M | $476M | $507M | $568M | $540M | $632M | $661M |
| Total current liabilities | $222M | $54M | $42M | $62M | $52M | $46M | $44M | $70M | $65M | $70M |
| Long-term debt | $94M | $42M | $6M | $17M | $24M | $18M | $16M | $22M | — | — |
| Total liabilities | $448M | $170M | $126M | $155M | $176M | $155M | $141M | $157M | $227M | $232M |
| Shareholders' equity | $220M | $219M | $251M | $289M | $301M | $352M | $427M | $382M | $405M | $429M |
| Net debt | $27M | -$58M | -$78M | -$105M | -$64M | -$68M | -$95M | -$63M | -$73M | -$50M |
Cash flow
Fiscal years, from NC's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $94M | $41M | $55M | $53M | -$2M | $75M | $68M | $54M | $22M | $51M |
| Capital spending | $10M | $16M | $21M | $25M | $30M | $39M | $43M | $45M | $55M | $49M |
| Free cash flow | $84M | $26M | $34M | $28M | -$33M | $36M | $25M | $9M | -$32M | $2M |
| Stock-based compensation | — | $5M | $4M | $5M | $3M | $6M | $8M | $5M | $6M | $8M |
| Dividends paid | $7M | $7M | $5M | $5M | $5M | $6M | $6M | $6M | $7M | $7M |
| Share buybacks (net) | -$6M | $0 | -$1M | -$3M | -$1M | $0 | $0 | -$3M | -$10M | -$3M |
| Net borrowing | -$3M | -$6M | -$729,000 | $1M | $6M | $199,000 | $172,000 | $1M | -$4M | -$5M |
| Free cash flow margin | 75.4% | 24.4% | 24.9% | 19.9% | -25.4% | 18.6% | 10.4% | 4.2% | -13.6% | 0.8% |
| Dividends per share | $1.06 | $0.97 | $0.66 | $0.73 | $0.76 | $0.78 | $0.82 | $0.86 | $0.89 | $0.98 |
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Open NC in InvestinglyQuestions
What was NC's revenue in 2025?
$277M in fiscal 2025, from its 10-K filing.
How much free cash flow does NC generate?
$2M in fiscal 2025 (operating cash flow minus capital spending).
From NC's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.