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Residential construction · Consumer Cyclical · Fiscal year ends Dec 31
GEO reported revenue of $2.6B in the fiscal year ended Dec 2025, up 8.6% from the year before. Operating income was $257M, an operating margin of 9.8%, and net income was $254M. Operating cash flow of $73M less capital expenditure of $198M left free cash flow of −$125M. Net debt was $1.6B.
Ranks among the 13 residential construction companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,257 | 2,377 | 2,413 | 2,424 | 2,632 |
| Operating income | 288 | 384 | 352 | 310 | 257 |
| Net interest incomeBanks | −105 | −149 | −211 | −182 | −151 |
| Interest expense | 129 | 165 | 218 | 191 | 161 |
| Pre-tax income | 193 | 230 | 138 | 38.6 | 335 |
| Income tax | 123 | 62.9 | 35.4 | 9.4 | 85.7 |
| Net income | 77.4 | 172 | 107 | 32.0 | 254 |
| Diluted EPS | 0.58 | 1.17 | 0.72 | 0.22 | 1.82 |
| Diluted shares | 121 | 122 | 124 | 134 | 140 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 506 | 95.1 | 94.0 | 76.9 | 69.0 |
| Receivables | 366 | 416 | 390 | 376 | 593 |
| Inventory | 9.0 | 20.7 | 25.1 | 35.9 | 41.0 |
| Current assets | 944 | 555 | 529 | 500 | 719 |
| Net PP&E | 2,038 | 2,002 | 1,944 | 1,900 | 1,884 |
| Goodwill | 755 | 755 | 755 | 756 | 756 |
| Total assets | 4,537 | 3,760 | 3,696 | 3,632 | 3,844 |
| Payables | 64.1 | 79.3 | 64.4 | 67.5 | 58.7 |
| Current liabilities | 379 | 437 | 437 | 340 | 357 |
| Short-term debt | 18.6 | 44.7 | 55.9 | 1.6 | 1.4 |
| Long-term debt | 2,626 | 1,933 | 1,726 | 1,711 | 1,649 |
| Total liabilities | 3,562 | 2,595 | 2,406 | 2,299 | 2,339 |
| Shareholders' equity | 976 | 1,166 | 1,292 | 1,335 | 1,506 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 283 | 288 | 278 | 242 | 72.6 |
| Capital expenditure | 69.4 | 90.0 | 73.0 | 78.7 | 198 |
| Free cash flow | 213 | 198 | 205 | 164 | −125 |
| Depreciation & amortisation | 135 | 133 | 126 | 126 | 132 |
| Stock-based compensation | 19.2 | 16.2 | 15.1 | 18.1 | 23.6 |
| Share buybacks | – | – | – | – | 91.0 |
| Dividends paid | 30.5 | – | – | – | – |
| Dividend per share | 0.25 | 0.00 | 0.00 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.3% | 1.5% | 0.4% | 8.6% |
| Operating income growth (YoY) | – | 33.3% | −8.2% | −12.0% | −16.9% |
| EPS growth (YoY) | – | 101.7% | −38.5% | −69.4% | 727.3% |
| Operating margin | 12.8% | 16.2% | 14.6% | 12.8% | 9.8% |
| Net margin | 3.4% | 7.2% | 4.4% | 1.3% | 9.7% |
| Return on equityBlank when equity is negative | 7.9% | 14.7% | 8.3% | 2.4% | 16.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.9% | 11.6% | 10.8% | 9.4% | 7.4% |
| Free cash flow margin | 9.4% | 8.3% | 8.5% | 6.7% | −4.7% |
| Cash conversion (CFO ÷ net income) | 3.65x | 1.68x | 2.59x | 7.58x | 0.29x |
| Receivable days | 59 | 64 | 59 | 57 | 82 |
| Interest cover | 2.23x | 2.33x | 1.61x | 1.63x | 1.60x |
| Debt ÷ equity | 2.71x | 1.70x | 1.38x | 1.28x | 1.10x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,138 | 1,883 | 1,687 | 1,636 | 1,582 |
| Current ratio | 2.49x | 1.27x | 1.21x | 1.47x | 2.01x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.