NASDAQ : SKYT
SkyWater Technology, Inc. — Financial statements
Technology · Semiconductors · United States
Last price 32.36 USD (Jul 30, 2026, 7:49 PM EDT) · Market cap 1.59B
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Financial statements
SkyWater Technology, Inc. (SKYT) reported revenue of 638.84M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 638.84M | 442.14M | 342.27M | 286.68M | 212.94M | 162.85M |
| Cost of Revenue | 509.71M | 355.21M | 272.64M | 227.39M | 186.97M | 170.32M |
| Gross Profit | 129.13M | 86.93M | 69.63M | 59.29M | 25.97M | -7.47M |
| Selling, General & Admin | 109.36M | 74.88M | 48.03M | 63.91M | 46.30M | 43.59M |
| Research & Development | 18.66M | 14.62M | 15.04M | 10.17M | 9.43M | 8.75M |
| Operating Expenses | 128.01M | 89.50M | 63.07M | 74.08M | 55.73M | 52.34M |
| Operating Income | 1.12M | -2.58M | 6.56M | -14.79M | -29.77M | -59.81M |
| Interest Expense | -23.47M | -13.71M | -8.84M | -10.83M | -5.19M | -3.54M |
| EBT Excluding Unusual Items | -22.35M | -16.29M | -2.28M | -25.61M | -34.96M | -63.36M |
| Other Unusual Items | 111.75M | 111.75M | -1.10M | 9.16M | ||
| Pretax Income | 92.83M | 95.46M | -2.28M | -25.61M | -36.06M | -54.19M |
| Income Tax Expense | -29.38M | -27.99M | 240.00K | -521.00K | 809.00K | -6.79M |
| Earnings From Continuing Operations | 122.21M | 123.45M | -2.52M | -25.09M | -36.87M | -47.40M |
| Minority Interest in Earnings | -4.66M | -4.54M | -4.28M | -5.66M | -2.72M | -3.29M |
| Net Income | 117.55M | 118.91M | -6.79M | -30.76M | -39.59M | -50.70M |
| Preferred Dividends & Other Adjustments | 398.00K | |||||
| Net Income to Common | 117.55M | 118.91M | -6.79M | -30.76M | -39.59M | -51.09M |
| Shares Outstanding (Basic) | 48.72M | 48.18M | 47.40M | 45.51M | 40.84M | 29.04M |
| Shares Outstanding (Diluted) | 49.24M | 48.71M | 47.40M | 45.51M | 40.84M | 29.04M |
| EPS (Basic) | 2.41 | 2.47 | -0.14 | -0.68 | -0.97 | -1.76 |
| EPS (Diluted) | 2.39 | 2.44 | -0.14 | -0.68 | -0.97 | -1.76 |
| Free Cash Flow | -95.14M | -53.30M | 10.52M | 1.46M | -31.35M | -86.44M |
| Free Cash Flow Per Share | -1.93 | -1.09 | 0.22 | 0.03 | -0.77 | -2.98 |
| Gross Margin | 20.21% | 19.66% | 20.34% | 20.68% | 12.19% | -4.59% |
| Operating Margin | 0.18% | -0.58% | 1.92% | -5.16% | -13.98% | -36.73% |
| Profit Margin | 18.40% | 26.89% | -1.98% | -10.73% | -18.59% | -31.37% |
| Free Cash Flow Margin | -14.89% | -12.05% | 3.07% | 0.51% | -14.72% | -53.08% |
| EBITDA | 55.91M | 31.77M | 23.78M | 12.34M | -3.41M | -33.98M |
| EBITDA Margin | 8.75% | 7.18% | 6.95% | 4.30% | -1.60% | -20.87% |
| D&A For EBITDA | 54.78M | 34.34M | 17.22M | 27.12M | 26.35M | 25.83M |
| EBIT | 1.12M | -2.58M | 6.56M | -14.79M | -29.77M | -59.81M |
| EBIT Margin | 0.18% | -0.58% | 1.92% | -5.16% | -13.98% | -36.73% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 12.58M | 23.22M | 18.84M | 18.38M | 30.02M | 12.92M |
| Cash & Short-Term Investments | 12.58M | 23.22M | 18.84M | 18.38M | 30.02M | 12.92M |
| Accounts Receivable | 123.44M | 118.10M | 73.25M | 95.63M | 62.67M | 39.33M |
| Other Receivables | 1.62M | 1.32M | 172.00K | 169.00K | 801.00K | |
| Receivables | 125.06M | 118.10M | 74.57M | 95.80M | 62.84M | 40.13M |
| Inventory | 26.23M | 24.60M | 14.54M | 15.34M | 13.53M | 18.02M |
| Prepaid Expenses | 6.19M | 5.31M | 3.98M | 2.66M | 2.40M | 1.76M |
| Other Current Assets | 9.65M | 21.96M | 18.18M | 14.19M | 7.77M | 1.58M |
| Total Current Assets | 179.72M | 193.20M | 130.11M | 146.38M | 116.55M | 74.40M |
| Property, Plant & Equipment | 498.35M | 511.72M | 165.48M | 159.46M | 180.06M | 180.47M |
| Other Intangible Assets | 13.67M | 9.17M | 7.78M | 5.67M | 5.61M | 3.89M |
| Long-Term Deferred Charges | 1.76M | |||||
| Other Long-Term Assets | 30.73M | 19.82M | 8.44M | 5.25M | 3.55M | 3.08M |
| Total Assets | 722.47M | 733.91M | 311.81M | 316.76M | 305.76M | 263.60M |
| Accounts Payable | 36.28M | 34.87M | 29.59M | 24.35M | 21.10M | 7.64M |
| Accrued Expenses | 49.64M | 38.24M | 29.42M | 40.07M | 22.86M | 15.43M |
| Short-Term Debt | 182.50M | 184.40M | 27.67M | 22.77M | 55.82M | |
| Current Portion of Long-Term Debt | 9.78M | 688.00K | 5.07M | 3.98M | 1.85M | 1.02M |
| Current Portion of Leases | 2.32M | 7.46M | 660.00K | 693.00K | 830.00K | 1.19M |
| Current Income Taxes Payable | 176.00K | |||||
| Current Unearned Revenue | 24.87M | 42.20M | 55.17M | 49.55M | 28.19M | 20.81M |
| Other Current Liabilities | 12.49M | 16.17M | 6.75M | 2.79M | 1.52M | 1.68M |
| Total Current Liabilities | 318.05M | 324.02M | 154.33M | 144.20M | 132.17M | 47.77M |
| Long-Term Debt | 61.07M | 10.12M | 34.70M | 36.10M | 35.18M | 58.43M |
| Long-Term Leases | 25.92M | 47.67M | 8.65M | 9.33M | 9.36M | |
| Long-Term Unearned Revenue | 124.95M | 149.47M | 51.90M | 65.75M | 67.97M | 88.09M |
| Long-Term Deferred Tax Liabilities | 5.66M | 6.37M | 632.00K | 679.00K | 1.24M | 995.00K |
| Other Long-Term Liabilities | 1.04M | 438.00K | 69.00K | 5.87M | 8.39M | |
| Total Liabilities | 536.67M | 538.10M | 250.28M | 256.06M | 251.79M | 203.67M |
| Common Stock | 497.00K | 489.00K | 478.00K | 470.00K | 437.00K | 398.00K |
| Additional Paid-In Capital | 210.59M | 202.39M | 189.13M | 178.47M | 147.30M | 115.21M |
| Retained Earnings | -33.74M | -15.06M | -133.97M | -125.20M | -94.07M | -54.48M |
| Total Common Equity | 177.35M | 187.82M | 55.64M | 53.74M | 53.67M | 61.13M |
| Minority Interest | 8.45M | 7.99M | 5.88M | 6.96M | 308.00K | -1.20M |
| Shareholders' Equity | 185.79M | 195.81M | 61.52M | 60.70M | 53.98M | 59.93M |
| Total Liabilities & Equity | 722.47M | 733.91M | 311.81M | 316.76M | 305.76M | 263.60M |
| Total Debt | 281.58M | 250.34M | 76.76M | 72.86M | 103.04M | 60.64M |
| Net Cash (Debt) | -269.00M | -227.12M | -57.91M | -54.48M | -73.02M | -47.72M |
| Net Cash Per Share | -5.46 | -4.66 | -1.22 | -1.20 | -1.79 | -1.64 |
| Filing Date Shares Outstanding | 49.42M | 48.00M | 48.00M | 47.28M | 43.91M | 39.90M |
| Total Common Shares Outstanding | 48.18M | 48.61M | 47.70M | 47.03M | 43.70M | 39.84M |
| Working Capital | -138.33M | -130.82M | -24.22M | 2.18M | -15.62M | 26.63M |
| Book Value Per Share | 3.68 | 3.86 | 1.17 | 1.14 | 1.23 | 1.53 |
| Tangible Book Value | 163.68M | 178.65M | 47.87M | 48.07M | 48.06M | 57.24M |
| Tangible Book Value Per Share | 3.40 | 3.68 | 1.00 | 1.02 | 1.10 | 1.44 |
| Land | 36.60M | 36.60M | 5.40M | 5.40M | 5.40M | 5.40M |
| Buildings | 163.79M | 164.75M | 89.44M | 88.78M | 88.14M | 87.16M |
| Machinery | 479.82M | 456.09M | 202.67M | 193.98M | 187.28M | 143.10M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 117.55M | 118.91M | -6.79M | -30.76M | -39.59M | -50.70M |
| Depreciation & Amortization | 54.78M | 34.34M | 17.22M | 27.12M | 26.35M | 25.83M |
| Other Amortization | 4.22M | 3.21M | 3.15M | 3.56M | 2.75M | 2.16M |
| Loss (Gain) From Sale of Assets | -388.00K | -388.00K | -55.00K | -3.00K | -2.01M | |
| Asset Writedown & Restructuring Costs | 1.26M | |||||
| Stock-Based Compensation | 10.88M | 9.42M | 8.17M | 6.86M | 8.61M | 12.53M |
| Provision & Write-off of Bad Debts | -68.00K | 447.00K | 203.00K | 38.00K | 1.64M | |
| Other Operating Activities | -174.11M | -153.97M | 3.78M | 5.10M | 3.25M | -9.35M |
| Change in Accounts Receivable | -49.24M | -20.48M | 20.20M | -33.37M | -11.60M | -9.39M |
| Change in Inventory | -1.74M | 1.05M | 805.00K | -1.94M | -9.22M | -3.77M |
| Change in Accounts Payable | 48.84M | 7.17M | -10.39M | 21.27M | 20.98M | -6.48M |
| Change in Unearned Revenue | -86.73M | -17.49M | -8.24M | 19.15M | -12.75M | -17.15M |
| Change in Income Taxes | 176.00K | -2.46M | ||||
| Change in Other Net Operating Assets | 6.12M | -11.18M | -9.60M | -8.22M | -4.71M | 5.10M |
| Operating Cash Flow | -69.71M | -28.97M | 18.46M | 10.08M | -14.30M | -55.68M |
| Capital Expenditures | -25.44M | -24.34M | -7.94M | -8.62M | -17.05M | -30.76M |
| Sale of Property, Plant & Equipment | 628.00K | 628.00K | 55.00K | 2.16M | ||
| Cash Acquisitions | -86.47M | -86.47M | ||||
| Sale (Purchase) of Intangibles | -6.80M | -2.87M | -3.32M | -1.87M | -400.00K | -1.22M |
| Investing Cash Flow | -118.08M | -113.04M | -11.21M | -10.49M | -17.45M | -29.82M |
| Long-Term Debt Issued | 593.25M | 347.80M | 268.36M | 63.01M | ||
| Total Debt Issued | 700.62M | 593.25M | 347.80M | 268.36M | 63.01M | |
| Long-Term Debt Repaid | -438.19M | -348.73M | -300.94M | -29.05M | -8.19M | |
| Total Debt Repaid | -542.23M | -438.19M | -348.73M | -300.94M | -29.05M | -8.19M |
| Net Debt Issued (Repaid) | 158.39M | 155.06M | -931.00K | -32.58M | 33.96M | -8.19M |
| Issuance of Common Stock | 5.65M | 3.84M | 2.50M | 22.70M | 21.89M | 104.21M |
| Other Financing Activities | -13.04M | -12.52M | -8.36M | -1.36M | -6.99M | -5.04M |
| Financing Cash Flow | 151.00M | 146.39M | -6.79M | -11.23M | 48.86M | 90.98M |
| Miscellaneous Cash Flow Adjustments | 1.00K | |||||
| Net Cash Flow | -36.79M | 4.38M | 462.00K | -11.64M | 17.11M | 5.48M |
| Free Cash Flow | -95.14M | -53.30M | 10.52M | 1.46M | -31.35M | -86.44M |
| Free Cash Flow Margin | -14.89% | -12.05% | 3.07% | 0.51% | -14.72% | -53.08% |
| Free Cash Flow Per Share | -1.93 | -1.09 | 0.22 | 0.03 | -0.77 | -2.98 |
| Levered Free Cash Flow | -30.01M | -38.57M | 36.75M | 12.67M | 1.48M | -61.40M |
| Unlevered Free Cash Flow | -18.14M | -31.88M | 40.59M | 17.68M | 3.82M | -59.81M |
| Cash Interest Paid | 16.83M | 10.19M | 6.55M | 8.76M | 4.44M | 2.74M |
| Cash Income Tax Paid | 27.00K | 112.00K | 6.00K | 3.00K | 2.92M | |
| Change in Working Capital | -82.58M | -40.94M | -7.21M | -3.11M | -17.30M | -34.15M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.59B | 881.88M | 710.55M | 452.38M | 307.76M | 633.55M |
| Enterprise Value | 1.81B | 1.07B | 772.53M | 537.35M | 382.27M | 660.86M |
| Last Close Price | 32.46 | 18.18 | 14.91 | 9.62 | 7.11 | 16.22 |
| PE Ratio | 13.91 | 7.42 | ||||
| Forward PE | 77.13 | 176.88 | 276.13 | 276.13 | 276.13 | |
| PS Ratio | 2.95 | 2.00 | 2.08 | 1.58 | 1.45 | 3.89 |
| PB Ratio | 8.85 | 4.50 | 11.55 | 7.45 | 5.70 | 10.57 |
| P/TBV Ratio | 9.38 | 4.94 | 14.85 | 9.41 | 6.40 | 11.07 |
| P/FCF Ratio | 67.55 | 309.21 | ||||
| P/OCF Ratio | 38.49 | 44.87 | ||||
| EV/Sales Ratio | 3.35 | 2.42 | 2.26 | 1.87 | 1.79 | 4.06 |
| EV/EBITDA Ratio | 43.66 | 33.67 | 32.49 | 43.56 | ||
| EV/EBIT Ratio | 117.76 | |||||
| EV/FCF Ratio | 73.44 | 367.30 | ||||
| Debt / Equity Ratio | 1.52 | 1.28 | 1.25 | 1.20 | 1.91 | 1.01 |
| Debt / EBITDA Ratio | 5.03 | 7.88 | 3.22 | 5.88 | ||
| Debt / FCF Ratio | 7.30 | 49.80 | ||||
| Net Debt / Equity Ratio | 1.45 | 1.16 | 0.94 | 0.90 | 1.35 | 0.80 |
| Net Debt / EBITDA Ratio | 4.81 | 7.15 | 2.44 | 4.42 | -21.39 | -1.40 |
| Net Debt / FCF Ratio | -2.83 | -4.26 | 5.51 | 37.24 | -2.33 | -0.55 |
| Asset Turnover | 1.21 | 0.85 | 1.09 | 0.92 | 0.75 | 0.62 |
| Inventory Turnover | 25.73 | 18.15 | 18.25 | 15.75 | 11.86 | 7.54 |
| Quick Ratio | 0.43 | 0.44 | 0.60 | 0.79 | 0.70 | 1.11 |
| Current Ratio | 0.56 | 0.60 | 0.84 | 1.01 | 0.88 | 1.56 |
| Return on Equity (ROE) | 102.80% | 95.94% | -4.12% | -43.76% | -64.74% | -162.50% |
| Return on Assets (ROA) | 0.13% | -0.31% | 1.31% | -2.97% | -6.54% | -14.19% |
| Return on Capital Employed (ROCE) | 0.30% | -0.60% | 4.20% | -8.60% | -17.10% | -27.70% |
| Earnings Yield | 7.13% | 13.48% | -0.96% | -6.80% | -12.86% | -8.00% |
| FCF Yield | -4.74% | -6.04% | 1.48% | 0.32% | -10.19% | -13.64% |
| Buyback Yield / Dilution | -2.91% | -2.77% | -4.15% | -11.44% | -40.62% | -1,277.88% |