Coda Octopus Group, Inc. CODA
Octopus Group, Inc. ("Coda" "the Company" or "we"), through its wholly owned subsidiaries, operates
Marine Technology Business (also referred to in this Form 10-K as "Products Business", or "Products Segment"
Defense Engineering Services Business (also referred to in this Form 10-K as "Engineering Business", or
"Engineering Segment" or "Services Business").
Last close
10.17
2026-09-04
Market cap
$114.7M
2026-04-30 share count
52-week range
7.61 - 17.28
Valuation FY2025 figures against the last close
P/S4.3x
P/E27.5x
P/FCF19.0x
EV/EBITDA21.3x
Dividend yield—
Diluted EPS0.37
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.6M | $20.3M | $19.4M | $22.2M | $21.3M | $20.0M | $25.1M | $18.0M | $18.0M | $21.1M |
| Cost of revenue | $8.9M | $6.1M | $6.3M | $7.0M | $6.6M | $7.3M | $8.6M | $5.4M | $6.1M | $8.5M |
| Gross profit | $17.7M | $14.2M | $13.0M | $15.2M | $14.8M | $12.7M | $16.4M | $12.7M | $12.0M | $12.7M |
| R&D | $2.4M | $2.2M | $2.1M | $2.2M | $3.0M | $3.2M | $2.8M | $2.6M | $1.4M | $1.0M |
| SG&A | $10.7M | $8.3M | $8.2M | $7.9M | $7.9M | $6.7M | $7.4M | $6.8M | $6.8M | $6.1M |
| Total operating expenses | $13.1M | $10.6M | $10.3M | $10.2M | $10.9M | $9.9M | $10.2M | $9.4M | $8.1M | $7.1M |
| Operating income | $4.5M | $3.6M | $2.7M | $5.0M | $3.8M | $2.8M | $6.3M | $3.3M | $3.8M | $5.5M |
| Interest expense | — | — | — | $9.7K | $19.7K | — | — | $249.1K | $597.0K | $856.4K |
| Pre-tax income | $5.5M | $4.6M | $3.4M | $5.1M | $5.3M | $3.4M | $6.2M | $3.1M | $3.3M | $4.9M |
| Income tax | $1.4M | $965.3K | $297.1K | $831.1K | $305.5K | $58.2K | $1.0M | $1.9M | $2.6K | $76.2K |
| Net income | $4.1M | $3.6M | $3.1M | $4.3M | $4.9M | $3.3M | $5.2M | $5.0M | $3.3M | $4.9M |
| EPS, basic | 0.37 | 0.33 | 0.28 | 0.40 | 0.46 | 0.31 | 0.49 | 0.49 | 0.37 | 0.60 |
| EPS, diluted | 0.37 | 0.32 | 0.28 | 0.38 | 0.44 | 0.30 | 0.49 | 0.49 | 0.36 | 0.58 |
| Shares, diluted (wtd. avg.) | $11.3M | $11.3M | $11.3M | $11.3M | $11.3M | $11.3M | $10.7M | $10.1M | $9.3M | $8.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $28.7M | $22.5M | $24.4M | $22.9M | $17.7M | $15.1M | $11.7M | $7.5M | $6.9M | $5.6M |
| Receivables | $3.7M | $3.5M | $2.6M | $2.9M | $4.2M | $2.0M | $4.4M | $3.3M | $1.4M | $3.3M |
| Inventory | $13.6M | $14.0M | $11.7M | $10.0M | $10.7M | $9.1M | $5.4M | $3.8M | $3.7M | $2.6M |
| Total current assets | $50.0M | $43.0M | $40.9M | $37.0M | $35.6M | $27.7M | $24.3M | $18.1M | $15.3M | $15.1M |
| Property, plant and equipment | $7.7M | $7.2M | $6.9M | $5.8M | $6.0M | $6.1M | $6.0M | $5.2M | $5.2M | $3.8M |
| Goodwill | $3.6M | $3.6M | $3.4M | $3.4M | $3.4M | $3.4M | $3.4M | $3.4M | $3.4M | $3.4M |
| Other intangibles | $3.2M | $3.7M | $486.6K | $442.3K | $412.3K | $349.3K | $230.8K | $231.8K | $207.2K | $367.4K |
| Total assets | $64.5M | $57.5M | $51.8M | $46.9M | $45.5M | $38.0M | $34.5M | $28.7M | $24.1M | $22.8M |
| Accounts payable | $1.4M | $1.0M | $1.3M | $793.2K | $1.5M | $1.3M | $1.3M | $988.1K | $982.0K | $1.4M |
| Total current liabilities | $5.6M | $3.9M | $3.3M | $3.5M | $4.3M | $3.4M | $3.2M | $3.2M | $4.1M | $3.5M |
| Long-term debt | — | — | — | — | — | $573.1K | $1.1M | $1.5M | $7.3M | — |
| Total liabilities | $6.4M | $4.4M | $3.4M | $3.5M | $4.4M | $3.6M | $3.9M | $4.3M | $10.2M | $12.7M |
| Retained earnings | -$3.3M | -$7.4M | -$11.1M | -$14.2M | -$18.5M | -$23.4M | -$26.8M | -$32.0M | -$37.0M | -$40.3M |
| Total equity | $58.1M | $53.1M | $48.4M | $43.4M | $41.0M | $34.4M | $30.6M | $24.4M | $13.8M | $10.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7.2M | $2.5M | $2.4M | $6.7M | $3.3M | $4.4M | $6.4M | $2.4M | $4.8M | $4.4M |
| Depreciation and amortisation | $861.3K | $710.1K | $603.5K | $678.7K | $873.7K | $806.7K | $833.8K | $774.7K | $953.6K | $809.4K |
| Stock-based compensation | $224.8K | $137.7K | $645.2K | $1.1M | $1.1M | $610.8K | $650.4K | $448.5K | $134.2K | $119.7K |
| Capital expenditure | $1.2M | $502.5K | $2.0M | $466.5K | $850.9K | $835.1K | $2.3M | $565.3K | $2.6M | $614.2K |
| Investing cash flow | -$1.2M | -$4.4M | -$1.5M | -$556.6K | -$964.2K | -$998.3K | -$1.6M | -$637.2K | -$2.0M | -$614.0K |
| Financing cash flow | — | -$15.6K | -$18.0K | -$91.9K | $139.3K | $162.4K | -$692.7K | -$942.4K | -$1.8M | -$1.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-008174.
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