CULP INC CULP
Culp is one of the largest marketers of mattress fabrics for bedding and upholstery fabrics for residential, commercial, and hospitality furniture and other applications in North America. The company markets a variety of fabrics to its global customer base of leading bedding and furniture companies, including fabrics produced at Culp's manufacturing facilities and fabrics sourced through other suppliers. The company competes in a business driven by fashion and product performance, and we strive to differentiate ourselves by placing a sustained focus on creativity and product innovation. In addition, we place great emphasis on providing excellent and dependable service to our customers as well as a supply chain that provides customers with sourcing optionality across a variety of jurisdictions. Our focused efforts to protect our financial strength and manufacturing flexibility have allowed us to maintain our position as a stable and trusted supplier of innovative fabrics to bedding and furniture manufacturers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $203.5M | $213.2M | $225.3M | $234.9M | $294.8M | $299.7M | $256.2M | $281.3M | $323.7M | $309.5M |
| Cost of revenue | $178.3M | $188.2M | $197.4M | $224.0M | $258.7M | $249.9M | $215.7M | $235.6M | $259.1M | $240.3M |
| Gross profit | $25.2M | $25.1M | $27.9M | $10.9M | $36.1M | $49.8M | $40.5M | $45.8M | $64.6M | $69.2M |
| SG&A | $34.7M | $35.7M | $38.6M | $38.0M | $35.4M | $37.8M | $34.4M | $33.2M | $37.2M | $39.2M |
| Operating income | -$7.2M | -$18.4M | -$11.3M | -$28.5M | $678.0K | $12.1M | -$7.6M | $13.4M | $27.5M | $30.1M |
| Interest expense | $759.0K | $231.0K | $11.0K | — | $17.0K | $51.0K | $106.0K | $35.0K | $94.0K | $0 |
| Pre-tax income | -$8.3M | -$18.7M | -$10.8M | -$28.4M | -$325.0K | $10.9M | -$7.7M | $12.7M | $26.9M | $29.7M |
| Income tax | $1.9M | $392.0K | $3.0M | $3.1M | $2.9M | $7.7M | $3.4M | $6.5M | $5.7M | $7.3M |
| Net income | -$10.2K | -$19.1K | -$13.8K | -$31.5M | -$3.2M | $3.2M | -$28.7M | $5.5M | $20.9M | $22.3M |
| EPS, basic | -0.81 | -1.53 | -1.11 | -2.57 | -0.26 | 0.26 | -2.32 | 0.44 | 1.68 | 1.81 |
| EPS, diluted | -0.81 | -1.53 | -1.11 | -2.57 | -0.26 | 0.26 | -2.32 | 0.43 | 1.65 | 1.78 |
| Shares, diluted (wtd. avg.) | $12.6M | $12.5M | $12.4M | $12.3M | $12.2M | $12.3M | $12.4M | $12.5M | $12.6M | $12.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.3M | $5.6M | $10.0M | $21.0M | $14.6M | $37.0M | $69.8M | $40.0M | $21.2M | $20.8M |
| Short-term investments | — | — | — | — | — | $5.5M | $923.0K | $0 | $2.5M | $2.4M |
| Receivables | $20.4M | $21.8M | $21.1M | $24.8M | $22.2M | $37.7M | $25.1M | $23.4M | $26.3M | $24.6M |
| Inventory | $47.5M | $49.3M | $44.8M | $45.1M | $66.6M | $55.9M | $47.9M | $47.6M | $53.5M | $51.5M |
| Total current assets | $80.7M | $83.5M | $80.9M | $95.5M | $107.2M | $143.2M | $151.7M | $123.2M | $132.1M | $102.2M |
| Property, plant and equipment | $21.0M | $24.8M | $33.2M | $36.1M | $41.7M | $44.0M | $43.1M | $51.0M | $52.9M | $41.7M |
| Goodwill | — | — | — | — | $0 | $0 | $0 | $13.6M | $13.6M | $11.5M |
| Other intangibles | $355.0K | $960.0K | $1.9M | $2.3M | $2.6M | $3.0M | $3.4M | $3.9M | $4.3M | — |
| Total assets | $112.0M | $123.4M | $132.1M | $152.2M | $177.6M | $214.1M | $215.1M | $227.1M | $207.9M | $183.4M |
| Short-term debt | — | — | — | — | — | — | $7.6M | — | — | — |
| Total current liabilities | $45.0M | $47.0M | $38.1M | $44.0M | $32.6M | $61.2M | $40.1M | $35.2M | $40.6M | $46.1M |
| Total liabilities | $63.8M | $65.7M | $55.9M | $63.1M | $58.1M | $85.1M | $85.4M | $56.3M | $54.6M | $57.0M |
| Retained earnings | $1.1M | $11.3M | $30.4M | $44.2M | $75.7M | $84.4M | $86.5M | $115.6M | $114.6M | $100.6M |
| Total equity | $48.1M | $57.6M | $76.1M | $89.1M | $119.5M | $129.0M | $129.7M | $164.2M | $163.4M | $148.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$9.4M | -$17.6M | -$8.2M | $7.8M | -$17.4M | $21.5M | $5.0M | $13.9M | $27.5M | $34.1M |
| Depreciation and amortisation | $4.1M | $5.4M | $6.5M | $6.8M | $7.0M | $6.8M | $7.8M | $8.1M | $7.7M | $7.1M |
| Stock-based compensation | $625.0K | $650.0K | $915.0K | $1.1M | $1.1M | $1.3M | $614.0K | $130.0K | $2.2M | $3.4M |
| Capital expenditure | $596.0K | $2.9M | $3.7M | $2.1M | $5.7M | $6.7M | $4.6M | $3.3M | $8.0M | $11.9M |
| Investing cash flow | $6.4M | $598.0K | -$2.4M | -$752.0K | $2.5M | -$10.7M | -$5.7M | $15.2M | -$15.1M | -$43.3M |
| Financing cash flow | $5.5M | $12.7M | -$126.0K | -$436.0K | -$7.4M | -$43.7M | $30.6M | -$10.2M | -$12.0M | -$7.7M |
| Dividends paid | — | — | — | — | $5.5M | $5.3M | $5.1M | $4.7M | $6.8M | $6.3M |
| Buybacks | — | — | — | — | $1.8M | — | $1.7M | $3.3M | — | — |
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 0001193125-26-348933.
Others in SIC 2211
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CRWS | CROWN CRAFTS INC | $29.3M | 16.0x | -5.7% |