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Chemicals · Basic Materials · Fiscal year ends Dec 31
Perimeter Solutions reported revenue of $653M in the fiscal year ended Dec 2025, up 16.4% from the year before. Operating income was −$201M, an operating margin of −30.8%, and net income was −$206M. Operating cash flow of $238M less capital expenditure of $30M left free cash flow of $209M. Net debt was $343M.
Ranks among the 18 chemicals companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 340 | 361 | 322 | 561 | 653 |
| Cost of revenue | 178 | 232 | 194 | 244 | 278 |
| Gross profit | 162 | 129 | 128 | 317 | 375 |
| Selling, general & admin | 37.7 | 60.3 | 46.5 | 66.9 | 77.6 |
| Operating income | 71.5 | 130 | 94.5 | −3.8 | −201 |
| Interest expense | 42.0 | 42.6 | 41.4 | 40.5 | 39.1 |
| Pre-tax income | 34.7 | 97.2 | 61.6 | −46.9 | −236 |
| Income tax | 10.5 | 5.5 | −5.9 | −41.0 | −29.9 |
| Net income | 24.2 | 91.8 | 67.5 | −5.9 | −206 |
| Diluted EPS | 0.46 | 0.52 | 0.41 | −0.04 | −1.37 |
| Diluted shares | 53.0 | 175 | 166 | 146 | 150 |
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 22.5 | 127 | 47.3 | 198 | 326 |
| Receivables | 28.9 | 26.6 | 39.6 | 56.0 | 64.4 |
| Inventory | 58.8 | 143 | 146 | 116 | 140 |
| Current assets | 133 | 309 | 251 | 394 | 564 |
| Net PP&E | 48.2 | 58.8 | 59.4 | 64.8 | 85.1 |
| Goodwill | 482 | 1,031 | 1,036 | 1,035 | 1,065 |
| Total assets | 1,138 | 2,457 | 2,315 | 2,416 | 2,653 |
| Payables | 9.9 | 36.8 | – | – | – |
| Deferred revenue | 0.3 | 0.0 | 0.0 | 1.8 | 1.9 |
| Current liabilities | 32.9 | 74.2 | 55.1 | 62.5 | 175 |
| Short-term debt | 6.7 | – | – | – | – |
| Long-term debt | 681 | 665 | 666 | 668 | 669 |
| Total liabilities | 847 | 1,318 | 1,163 | 1,259 | 1,520 |
| Shareholders' equity | 291 | 1,139 | 1,152 | 1,157 | 1,133 |
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 70.8 | −40.2 | 0.2 | 188 | 238 |
| Capital expenditure | 7.5 | 8.6 | 9.4 | 15.5 | 29.6 |
| Free cash flow | 63.3 | −48.8 | −9.2 | 173 | 209 |
| Depreciation & amortisation | 58.1 | 65.8 | 64.9 | 65.7 | 74.0 |
| Stock-based compensation | 0.0 | 14.6 | 1.6 | 12.8 | 16.6 |
| Acquisitions | 2.0 | – | – | – | – |
| Share buybacks | 0.0 | 49.3 | 64.1 | 14.4 | 40.4 |
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.2% | −10.7% | 74.2% | 16.4% |
| Operating income growth (YoY) | – | 82.0% | −27.4% | −104.0% | – |
| EPS growth (YoY) | – | 13.0% | −21.2% | −109.8% | – |
| Gross margin | 47.7% | 35.7% | 39.8% | 56.5% | 57.5% |
| Operating margin | 21.0% | 36.1% | 29.3% | −0.7% | −30.8% |
| Net margin | 7.1% | 25.5% | 21.0% | −1.1% | −31.6% |
| Return on equityBlank when equity is negative | 8.3% | 8.1% | 5.9% | −0.5% | −18.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.5% | 5.5% | 4.2% | −0.2% | −8.1% |
| Free cash flow margin | 18.6% | −13.5% | −2.9% | 30.8% | 31.9% |
| Cash conversion (CFO ÷ net income) | 2.92x | −0.44x | 0.00x | −31.9x | −1.15x |
| Receivable days | 31 | 27 | 45 | 36 | 36 |
| Inventory days | 121 | 225 | 274 | 174 | 184 |
| Payable days | 20 | 58 | – | – | – |
| Interest cover | 1.70x | 3.05x | 2.28x | −0.09x | −5.13x |
| Debt ÷ equity | 2.36x | 0.58x | 0.58x | 0.58x | 0.59x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 665 | 539 | 619 | 469 | 343 |
| Current ratio | 4.04x | 4.16x | 4.56x | 6.31x | 3.22x |
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.