OEC (OEC) financial statements
OEC reported revenue of $1.8B in fiscal 2025, up 5.3% a year over 9 years.
Net income was -$70M and the operating margin 1.5%, against 10.3% in 2016.
Free cash flow was $55M, and the company returned $5M in dividends and $25M in net buybacks.
The diluted share count fell 6% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from OEC's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.3B | $1.6B | $1.5B | $1.1B | $1.5B | $2.0B | $1.9B | $1.9B | $1.8B |
| Cost of revenue | $765M | $951M | $1.1B | $1.1B | $844M | $1.2B | $1.6B | $1.4B | $1.4B | $1.4B |
| Gross profit | $374M | $378M | $430M | $390M | $292M | $387M | $449M | $451M | $429M | $360M |
| Research and development | $16M | $18M | $20M | $20M | $20M | $22M | $22M | $24M | $27M | $28M |
| Selling, general and admin | $202M | $207M | $232M | $207M | $176M | $210M | $227M | $222M | $238M | $231M |
| Operating income | $117M | $138M | $196M | $147M | $74M | $228M | $197M | $205M | $103M | $28M |
| Interest expense | $43M | $44M | $29M | $28M | $39M | $38M | $40M | $51M | — | — |
| Pre-tax income | $74M | $84M | $168M | $120M | $26M | $186M | $157M | $163M | $53M | -$35M |
| Income tax | $24M | $20M | $47M | $33M | $8M | $52M | $52M | $60M | $10M | $36M |
| Net income | $50M | $65M | $121M | $87M | $18M | $135M | $106M | $104M | $44M | -$70M |
| EPS (diluted) | $0.82 | $1.07 | $1.99 | $1.42 | $0.30 | $2.21 | $1.73 | $1.73 | $0.76 | -$1.24 |
| Diluted shares | 60M | 61M | 61M | 61M | 61M | 61M | 61M | 60M | 58M | 56M |
| Gross margin | 32.9% | 28.4% | 27.2% | 26.4% | 25.7% | 25.0% | 22.1% | 23.8% | 22.8% | 19.9% |
| Operating margin | 10.3% | 10.4% | 12.4% | 10.0% | 6.5% | 14.8% | 9.7% | 10.8% | 5.5% | 1.5% |
| Net margin | 4.3% | 4.9% | 7.7% | 5.9% | 1.6% | 8.7% | 5.2% | 5.5% | 2.4% | -3.9% |
Balance sheet
Fiscal years, from OEC's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $78M | $72M | $57M | $64M | $65M | $66M | $61M | $38M | $44M | $61M |
| Receivables | — | $234M | $263M | $213M | $235M | $289M | $368M | $241M | $212M | $214M |
| Inventory | — | $159M | $184M | $165M | $142M | $230M | $278M | $287M | $290M | $277M |
| Total current assets | — | $522M | $575M | $508M | $500M | $665M | $778M | $646M | $613M | $644M |
| Property, plant and equipment | — | $462M | $484M | $534M | $610M | $708M | $818M | $900M | $965M | $1.1B |
| Goodwill | $51M | $58M | $56M | $77M | $84M | $78M | $73M | $76M | $72M | $0 |
| Total assets | $1.1B | $1.2B | $1.3B | $1.3B | $1.4B | $1.6B | $1.9B | $1.8B | $1.9B | $1.9B |
| Total current liabilities | — | $285M | $320M | $285M | $325M | $449M | $553M | $440M | $517M | $626M |
| Long-term debt | — | $681M | $644M | $630M | $656M | $631M | $657M | $677M | $647M | $674M |
| Total liabilities | — | $1.1B | $1.1B | $1.1B | $1.2B | $1.3B | $1.4B | $1.4B | $1.4B | $1.5B |
| Shareholders' equity | $55M | $95M | $159M | $186M | $181M | $320M | $459M | $478M | $475M | $385M |
| Net debt | -$78M | $615M | $628M | $603M | $674M | $717M | $854M | $777M | $862M | $919M |
Cash flow
Fiscal years, from OEC's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $177M | $148M | $122M | $232M | $125M | $145M | $81M | $346M | $125M | $216M |
| Capital spending | $66M | $90M | $116M | $156M | $145M | $215M | $233M | $173M | $207M | $161M |
| Free cash flow | $111M | $57M | $6M | $76M | -$20M | -$70M | -$152M | $173M | -$81M | $55M |
| Stock-based compensation | $4M | $9M | $14M | $9M | $4M | $5M | $8M | $15M | $15M | $14M |
| Dividends paid | $44M | $46M | $48M | $48M | $12M | $0 | $5M | $5M | $5M | $5M |
| Share buybacks (net) | -$4M | $0 | -$5M | $0 | $0 | $0 | -$4M | -$66M | -$27M | -$25M |
| Net borrowing | -$52M | -$17M | -$8M | -$8M | -$8M | $400,000 | $45M | $10M | -$4M | -$9M |
| Free cash flow margin | 9.8% | 4.3% | 0.4% | 5.1% | -1.7% | -4.5% | -7.5% | 9.1% | -4.3% | 3.0% |
| Dividends per share | $0.73 | $0.75 | $0.78 | $0.78 | $0.20 | — | $0.08 | $0.08 | $0.08 | $0.08 |
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Open OEC in InvestinglyQuestions
What was OEC's revenue in 2025?
$1.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does OEC generate?
$55M in fiscal 2025 (operating cash flow minus capital spending).
From OEC's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.