PDF Solutions (PDFS) financial statements
PDF Solutions reported revenue of $219M in fiscal 2025, up 8.2% a year over 9 years.
Net income was -$640,000 and the operating margin 2.7%, against 12.1% in 2016.
Free cash flow was -$9M, and the company returned $244,000 in net buybacks.
The diluted share count rose 21% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from PDF Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $107M | $102M | $86M | $86M | $88M | $111M | $149M | $166M | $179M | $219M |
| Cost of revenue | $44M | $48M | $43M | $33M | $37M | $44M | $48M | $52M | $54M | $61M |
| Gross profit | $63M | $54M | $43M | $52M | $51M | $67M | $101M | $114M | $125M | $158M |
| Research and development | $28M | $30M | $28M | $33M | $35M | $44M | $56M | $51M | $54M | $64M |
| Selling, general and admin | $22M | $24M | $24M | $26M | $33M | $38M | $45M | $62M | $70M | $85M |
| Operating income | $13M | $190,000 | -$10M | — | — | — | — | -$151,000 | $935,000 | $6M |
| Interest expense | — | — | — | — | — | — | — | $0 | $0 | $4M |
| Pre-tax income | $13M | -$74,000 | -$9M | -$7M | -$18M | -$18M | $470,000 | $5M | $7M | $3M |
| Income tax | $4M | $1M | -$2M | -$2M | $22M | $3M | $4M | $2M | $3M | $4M |
| Net income | $9M | -$1M | -$8M | -$5M | -$40M | -$21M | -$3M | $3M | $4M | -$640,000 |
| EPS (diluted) | $0.28 | -$0.04 | -$0.24 | -$0.17 | -$1.17 | -$0.58 | -$0.09 | $0.08 | $0.10 | -$0.02 |
| Diluted shares | 32M | 32M | 32M | 32M | 34M | 37M | 37M | 39M | 39M | 39M |
| Gross margin | 58.6% | 53.4% | 50.1% | 60.9% | 58.2% | 60.2% | 67.8% | 68.8% | 69.8% | 72.3% |
| Operating margin | 12.1% | 0.2% | -11.6% | — | — | — | — | -0.1% | 0.5% | 2.7% |
| Net margin | 8.5% | -1.3% | -9.0% | -6.3% | -45.8% | -19.3% | -2.3% | 1.9% | 2.3% | -0.3% |
Balance sheet
Fiscal years, from PDF Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $117M | $101M | $96M | $98M | $145M | $140M | $139M | $136M | $115M | $42M |
| Receivables | $48M | $58M | $52M | $41M | $34M | $40M | $42M | $45M | $74M | $83M |
| Total current assets | $170M | $164M | $157M | $148M | $193M | $189M | $193M | $198M | $206M | $164M |
| Property, plant and equipment | $19M | $25M | $36M | $41M | $39M | $35M | $40M | $37M | $48M | $82M |
| Goodwill | $215,000 | $2M | $2M | $2M | $16M | $14M | $14M | $15M | $15M | $95M |
| Total assets | $222M | $224M | $226M | $240M | $288M | $274M | $279M | $290M | $315M | $419M |
| Total current liabilities | $19M | $20M | $20M | $28M | $42M | $44M | $58M | $51M | $61M | $72M |
| Long-term debt | — | — | — | — | — | — | — | — | $0 | $65M |
| Total liabilities | $24M | $26M | $26M | $43M | $53M | $54M | $69M | $61M | $69M | $148M |
| Shareholders' equity | $199M | $198M | $200M | $196M | $235M | $220M | $210M | $229M | $246M | $271M |
| Net debt | -$117M | -$101M | -$96M | -$98M | -$30M | -$28M | -$120M | -$99M | -$91M | $25M |
Cash flow
Fiscal years, from PDF Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2M | $11M | $13M | $25M | $22M | $4M | $32M | $15M | $10M | $24M |
| Capital spending | $11M | $10M | $13M | $11M | $6M | $4M | $8M | $11M | $17M | $33M |
| Free cash flow | -$9M | $290,000 | $222,000 | $14M | $16M | $571,000 | $24M | $3M | -$7M | -$9M |
| Stock-based compensation | $11M | $12M | $10M | $11M | $12M | $13M | $20M | $21M | $25M | $26M |
| Share buybacks (net) | -$2M | -$13M | -$5M | -$10M | $0 | -$5M | -$22M | -$743,000 | -$7M | -$244,000 |
| Net borrowing | — | — | — | — | — | — | — | $0 | $0 | $68M |
| Free cash flow margin | -8.6% | 0.3% | 0.3% | 16.4% | 17.9% | 0.5% | 16.1% | 2.0% | -4.2% | -3.9% |
Questions
What was PDF Solutions's revenue in 2025?
$219M in fiscal 2025, from its 10-K filing.
How much free cash flow does PDF Solutions generate?
-$9M in fiscal 2025 (operating cash flow minus capital spending).
From PDF Solutions's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.