CPI Card Group Inc. PMTS
CPI is a payments technology company providing a comprehensive range of physical and digital payment solutions for U.S. financial institutions, processors, fintechs, prepaid program managers, and more. We are a leader in several areas of the U.S. payment card solutions market, including debit and credit card production, personalization, and Software-as-a-Service-based ("SaaS-based") instant issuance solutions. We are also a market leader in the production of "Prepaid Debit Cards," defined as debit cards issued on the networks of the "Payment Card Brands" (Visa, Mastercard®, American Express® and Discover®) but not linked to a traditional bank account, and related secure packaging solutions. We serve thousands of customers through direct and indirect sales channels and have maintained long-standing relationships with our top customers.
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 | $543.5M | $480.6M | $444.5M | $475.7M | $375.1M | $312.2M | $278.1M | $255.8M | $223.7M | $308.7M |
| Cost of revenue | $373.4M | $309.4M | $289.1M | $300.0M | $233.7M | $201.9M | $187.0M | $177.2M | $155.5M | $206.8M |
| Gross profit | $170.1M | $171.2M | $155.5M | $175.8M | $141.4M | $110.3M | $91.1M | $78.6M | $68.2M | $101.9M |
| SG&A | — | $103.4M | $88.3M | $90.8M | $75.7M | $65.8M | $66.3M | $68.0M | $62.2M | $64.0M |
| Total operating expenses | $115.3M | $108.4M | $93.9M | $96.6M | $82.0M | $71.9M | $66.4M | $74.0M | $87.5M | $72.9M |
| Operating income | $54.8M | $62.8M | $61.6M | $79.1M | $59.5M | $38.4M | $24.7M | $4.6M | -$19.3M | $29.0M |
| Interest expense | — | — | — | — | — | $25.4M | $24.9M | $23.4M | $20.9M | $20.0M |
| Pre-tax income | $21.7M | $25.0M | $34.5M | $49.1M | $23.8M | $12.9M | -$1.5M | -$19.1M | -$39.6M | $8.5M |
| Income tax | $6.7M | $5.5M | $10.5M | $12.6M | $7.9M | $3.3M | $3.5M | $4.3M | $16.5M | $3.1M |
| Net income | $14.9M | $19.5M | $24.0M | $36.5M | $15.9M | $16.1M | -$5.1M | -$37.5M | -$22.0M | $5.4M |
| EPS, basic | 1.32 | 1.75 | 2.10 | 3.24 | 1.42 | 1.44 | -0.46 | — | — | — |
| EPS, diluted | 1.25 | 1.64 | 2.01 | 3.11 | 1.36 | 1.44 | -0.46 | -3.36 | -1.98 | 0.48 |
| Shares, diluted (wtd. avg.) | $11.9M | $11.9M | $11.9M | $11.7M | $11.8M | $11.2M | $11.2M | — | $11.1M | $11.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $21.7M | $33.5M | $12.4M | $11.0M | $20.7M | $57.6M | $18.7M | $20.3M | $23.2M | $37.0M |
| Receivables | $95.4M | $85.5M | $73.7M | $80.6M | $61.0M | $54.6M | $42.8M | $43.8M | $32.5M | $31.5M |
| Inventory | $72.2M | $72.7M | $70.6M | $68.4M | $58.0M | $24.8M | $20.2M | $9.8M | $13.8M | $19.4M |
| Total current assets | $204.9M | $203.0M | $165.4M | $167.6M | $145.7M | $152.5M | $92.2M | $84.5M | $102.1M | $92.4M |
| Property, plant and equipment | — | — | — | $57.2M | $47.3M | $39.4M | $41.6M | $39.1M | $44.4M | $53.4M |
| Goodwill | $48.8M | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M | $66.1M |
| Other intangibles | $18.5M | $10.5M | $14.1M | $18.0M | $21.9M | $26.2M | $30.8M | $35.4M | $40.1M | $46.3M |
| Total assets | $403.2M | $349.7M | $293.7M | $296.7M | $268.1M | $266.2M | $213.0M | $207.2M | $234.0M | $264.4M |
| Accounts payable | $27.8M | $16.1M | $12.8M | $24.4M | $26.4M | $18.9M | $16.5M | $16.5M | $13.2M | $11.0M |
| Short-term debt | — | — | — | — | — | $8.0M | — | — | — | — |
| Total current liabilities | $84.1M | $75.6M | $49.4M | $68.0M | $64.8M | $56.9M | $41.7M | $41.3M | $35.0M | $35.3M |
| Long-term debt | $286.7M | $280.4M | $265.0M | $285.5M | $303.6M | $328.7M | $307.8M | $305.8M | $303.9M | $301.9M |
| Total liabilities | $420.5M | $385.3M | $345.6M | $378.7M | $389.2M | $404.2M | $367.3M | $356.8M | $353.6M | $359.7M |
| Retained earnings | $84.7M | $69.8M | $50.3M | $26.3M | -$10.2M | -$26.2M | -$42.3M | -$36.0M | -$1.4M | $26.0M |
| Total equity | -$17.3M | -$35.6M | -$51.9M | -$82.1M | -$121.0M | -$138.0M | -$154.3M | -$150.8M | -$119.6M | -$95.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $59.5M | $43.3M | $34.0M | $31.3M | $20.2M | $22.1M | $3.0M | $7.1M | $3.5M | $60.0M |
| Depreciation and amortisation | $22.5M | $16.4M | $15.9M | $14.9M | $15.1M | $16.8M | $17.3M | $18.4M | $16.9M | $16.9M |
| Stock-based compensation | $7.0M | $8.5M | $7.5M | $3.5M | $1.2M | $136.0K | $250.0K | $961.0K | $2.0M | $3.6M |
| Capital expenditure | $18.2M | $9.3M | $6.4M | $17.9M | $10.1M | $7.1M | $4.2M | $5.6M | $7.3M | $14.3M |
| Investing cash flow | -$65.1M | -$9.2M | -$6.2M | -$17.8M | -$9.9M | -$7.1M | -$2.6M | -$5.6M | -$7.3M | -$14.3M |
| Financing cash flow | -$6.2M | -$13.0M | -$26.4M | -$23.2M | -$47.2M | $24.0M | -$1.9M | -$519.0K | -$7.9M | -$21.9M |
| Dividends paid | — | — | — | — | — | — | — | — | $7.5M | $7.5M |
| Buybacks | — | $8.7M | $250.0K | — | — | — | — | — | — | $6.0M |
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 0001104659-26-040936.
Others in SIC 2750
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CMPR | CIMPRESS plc | $2.13B | 23.1x | 9.8% |
| QUAD | Quad/Graphics, Inc. | $510.4M | 19.8x | -9.4% |
| MGIH | Millennium Group International Holdings Ltd | — | — | -34.2% |
| SFHG | SAMFINE CREATION HOLDINGS GROUP Ltd | — | — | — |
| CRE | Cre8 Enterprise Ltd | — | — | 25.9% |