DESCARTES SYSTEMS GROUP INC DSGX
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS1.87
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $729.0M | $651.0M | $572.9M | $486.0M | $424.7M | $348.7M | $325.8M | $275.2M | $237.4M | $203.8M |
| Cost of revenue | $167.1M | $158.6M | $138.3M | $113.3M | $101.8M | $89.9M | $85.7M | $75.0M | $63.7M | $56.1M |
| Gross profit | $561.9M | $492.4M | $434.6M | $372.7M | $322.9M | $258.8M | $240.1M | $200.2M | $173.7M | $147.7M |
| R&D | $105.3M | $95.5M | $84.1M | $70.4M | $62.6M | $54.1M | $53.5M | $47.9M | $41.8M | $35.6M |
| SG&A | $72.5M | $65.2M | $57.4M | $49.7M | $44.5M | $36.3M | $34.6M | $30.0M | $25.4M | $23.1M |
| Total operating expenses | $351.9M | $311.3M | $291.8M | $242.3M | $219.4M | $187.4M | $187.8M | $158.7M | $137.9M | $117.0M |
| Operating income | $210.0M | $181.1M | $142.8M | $130.4M | $103.4M | $71.4M | $52.3M | $41.4M | $35.9M | $30.7M |
| Interest expense | $967.0K | $1.0M | $1.4M | $1.2M | $1.1M | $1.2M | $4.4M | $2.1M | $1.3M | $611.0K |
| Pre-tax income | $217.1M | $191.6M | $151.2M | $133.7M | $102.6M | $70.4M | $48.0M | $39.5M | $34.7M | $31.5M |
| Income tax | $53.3M | $48.4M | $35.2M | $31.5M | $16.3M | $18.3M | $11.0M | $8.2M | $7.9M | $7.7M |
| Net income | $163.8M | $143.3M | $115.9M | $102.2M | $86.3M | $52.1M | $37.0M | $31.3M | $26.9M | $23.8M |
| EPS, basic | 1.91 | 1.68 | 1.36 | 1.21 | 1.02 | 0.62 | 0.45 | 0.41 | 0.35 | 0.31 |
| EPS, diluted | 1.87 | 1.64 | 1.34 | 1.18 | 1.00 | 0.61 | 0.45 | 0.40 | 0.35 | 0.31 |
| Shares, diluted (wtd. avg.) | $87.6M | $87.3M | $86.8M | $86.5M | $86.2M | $85.8M | $82.9M | $77.8M | $77.1M | $76.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $356.5M | $236.1M | $321.0M | $276.4M | $213.4M | $133.7M | $44.4M | $27.3M | $35.1M | $38.1M |
| Receivables | $64.8M | $54.0M | $51.6M | $45.2M | $41.7M | $37.2M | $35.1M | $31.5M | $28.8M | $25.4M |
| Inventory | $101.0K | $715.0K | $353.0K | $759.0K | $868.0K | $429.0K | $411.0K | $95.0K | $123.0K | $167.0K |
| Total current assets | $482.1M | $352.6M | $418.2M | $358.7M | $292.1M | $203.1M | $100.2M | $72.2M | $74.9M | $72.6M |
| Property, plant and equipment | $13.5M | $12.5M | $11.6M | $11.4M | $10.8M | $12.1M | $13.7M | $12.6M | $12.8M | $10.4M |
| Goodwill | $1.03B | $924.8M | $760.4M | $675.6M | $608.8M | $565.2M | $523.7M | $378.2M | $350.1M | $263.1M |
| Other intangibles | $332.1M | $321.3M | $251.0M | $229.8M | $229.6M | $240.0M | $257.0M | $176.2M | $178.0M | $145.4M |
| Total assets | $1.90B | $1.65B | $1.47B | $1.32B | $1.19B | $1.06B | $942.6M | $653.3M | $624.9M | $500.5M |
| Accounts payable | $20.9M | $20.6M | $17.5M | $10.6M | $10.6M | $8.0M | $7.7M | $5.1M | $7.9M | $4.7M |
| Total current liabilities | $223.2M | $217.0M | $203.6M | $169.6M | $133.4M | $104.3M | $88.9M | $70.4M | $67.7M | $53.8M |
| Long-term debt | — | — | — | — | — | — | — | $25.5M | $37.0M | — |
| Total liabilities | $276.8M | $262.4M | $236.3M | $216.7M | $185.6M | $152.2M | $120.9M | $119.8M | $126.1M | $69.9M |
| Retained earnings | $527.0M | $364.0M | $220.8M | $104.8M | $2.6M | -$83.7M | -$135.8M | -$172.8M | -$211.6M | -$238.5M |
| Total equity | $1.62B | $1.39B | $1.24B | $1.10B | $999.8M | $911.1M | $821.7M | $533.5M | $498.8M | $430.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $266.2M | $219.3M | $207.7M | $192.4M | $176.1M | $131.2M | $104.3M | $78.1M | $72.1M | $72.6M |
| Depreciation and amortisation | $5.9M | $5.6M | $5.5M | $5.2M | $5.1M | $5.8M | $6.0M | $4.5M | $4.1M | $3.6M |
| Stock-based compensation | $20.9M | $20.0M | $16.5M | $13.7M | $11.0M | $6.3M | $4.9M | $3.7M | $2.8M | $2.0M |
| Capital expenditure | $5.7M | $6.7M | $5.6M | $6.1M | $4.8M | $3.8M | $4.9M | $5.2M | $5.1M | $4.9M |
| Investing cash flow | -$157.3M | -$296.9M | -$148.3M | -$121.6M | -$95.1M | -$52.2M | -$297.0M | -$73.2M | -$117.0M | -$70.4M |
| Financing cash flow | $5.0M | -$3.6M | -$14.7M | -$4.6M | $1.5M | $5.6M | $210.2M | -$11.4M | $38.0M | -$211.0K |
| Buybacks | $892.0K | — | — | — | — | — | — | — | — | — |
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 0001104659-26-026450.
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