POWER SOLUTIONS INTERNATIONAL, INC. PSIX
Power Solutions International, Inc., incorporated under the laws of the state of Delaware in 2011, designs, engineers, manufactures, markets and sells a broad range of advanced, emission-certified engines and power systems that are powered by a wide variety of clean, alternative fuels, including natural gas, propane, and biofuels, as well as gasoline and diesel options, within the power systems, industrial and transportation end markets. The Company manages the business as a single reportable segment.
The Company's products are primarily used by global original equipment manufacturers ("OEMs") and end-user customers across a wide range of applications and equipment that includes standby and prime power generation, demand response, microgrid, combined heat and power, arbor equipment, material handling (including forklifts), agricultural and turf, construction, pumps and irrigation, compressors and utility vehicles.
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 | $722.4M | $476.0M | $459.0M | $481.3M | $456.3M | $417.6M | $546.1M | $496.0M | $416.6M | $339.5M |
| Cost of revenue | $537.5M | $335.4M | $353.1M | $392.8M | $415.0M | $359.2M | $446.2M | $437.3M | $365.6M | $310.3M |
| Gross profit | $184.9M | $140.5M | $105.9M | $88.6M | $41.3M | $58.4M | $99.9M | $58.8M | $51.0M | $29.2M |
| R&D | $18.2M | $20.1M | $19.5M | $18.9M | $22.4M | $25.4M | $24.9M | $28.6M | $19.9M | $19.0M |
| Total operating expenses | $75.2M | $58.9M | $61.6M | $64.0M | $82.8M | $80.2M | $82.7M | $95.5M | $69.0M | $54.5M |
| Operating income | $109.7M | $81.6M | $44.3M | $24.6M | -$41.6M | -$21.7M | $17.2M | -$36.7M | -$18.0M | -$25.3M |
| Interest expense | $6.7M | $11.4M | $17.1M | $13.0M | $7.3M | $5.7M | $7.9M | $7.6M | $10.8M | $11.2M |
| Pre-tax income | $103.4M | $70.2M | $27.2M | $11.6M | -$48.9M | -$26.7M | $8.7M | -$54.6M | -$47.2M | -$35.9M |
| Income tax | $10.6M | $922.0K | $900.0K | $304.0K | $406.0K | $3.7M | $409.0K | $169.0K | $443.0K | $11.6M |
| Net income | $114.0M | $69.3M | $26.3M | $11.3M | -$48.5M | -$23.0M | $8.2M | -$54.7M | -$47.6M | -$47.5M |
| EPS, basic | 4.95 | 3.01 | 1.15 | 0.49 | -2.12 | -1.00 | 0.38 | -2.94 | -6.20 | -4.34 |
| EPS, diluted | 4.94 | 3.01 | 1.15 | 0.49 | -2.12 | -1.00 | 0.38 | -2.94 | -6.20 | -4.47 |
| Shares, diluted (wtd. avg.) | $23.1M | $23.0M | $23.0M | $22.9M | $22.9M | $22.9M | $21.5M | $18.6M | $13.8M | $10.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $41.2M | $55.3M | $26.6M | $27.9M | $9.7M | $24.3M | $3.0K | $54.0K | $0 | $342.0K |
| Receivables | $90.4M | $69.0M | $67.0M | $89.9M | $65.1M | $60.1M | $104.5M | $86.5M | $56.7M | $64.3M |
| Inventory | $127.4M | $93.9M | $84.9M | $120.6M | $142.2M | $108.2M | $108.8M | $105.6M | $103.3M | $97.3M |
| Total current assets | $290.9M | $254.3M | $205.4M | $255.3M | $230.2M | $202.7M | $222.5M | $216.0M | $174.5M | $184.1M |
| Property, plant and equipment | — | — | — | — | — | — | $23.2M | $24.3M | $19.1M | $19.2M |
| Goodwill | $29.8M | $29.8M | $29.8M | $29.8M | $29.8M | $29.8M | $29.8M | $29.8M | $29.8M | $29.8M |
| Other intangibles | $1.2M | $2.5M | $3.9M | $5.7M | $7.8M | $10.3M | $13.4M | $17.0M | $23.6M | $24.8M |
| Total assets | $424.7M | $328.2M | $284.3M | $319.9M | $300.5M | $284.0M | $313.7M | $289.9M | $251.5M | $263.0M |
| Accounts payable | $48.2M | $58.2M | $67.4M | $76.4M | $93.3M | $31.5M | $75.8M | $85.2M | $55.6M | $67.2M |
| Short-term debt | $28.0K | $52.0K | $139.0K | $130.0K | $107.0K | $310.0K | $195.0K | $80.0K | $0 | $0 |
| Total current liabilities | $92.3M | $227.6M | $248.3M | $319.3M | $283.3M | $239.5M | $181.6M | $220.7M | $111.0M | $112.9M |
| Long-term debt | $10.0K | $38.0K | $90.0K | $5.0M | $25.4M | $781.0K | $55.7M | $55.1M | $54.2M | $54.0M |
| Total liabilities | $246.1M | $262.9M | $288.2M | $350.3M | $342.6M | $277.9M | $285.2M | $308.5M | $205.5M | $208.3M |
| Retained earnings | $22.5M | -$91.5M | -$160.8M | -$187.1M | -$198.4M | -$149.9M | -$126.9M | -$135.2M | -$66.8M | -$59.1M |
| Total equity | $178.6M | $65.2M | -$3.9M | -$30.4M | -$42.0M | $6.1M | $28.5M | -$18.6M | $32.2M | $40.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $24.1M | $62.4M | $70.5M | -$8.8M | -$61.5M | -$7.6M | $18.2M | -$6.2M | -$7.7M | $32.3M |
| Depreciation and amortisation | $4.2M | $3.7M | $3.9M | $4.6M | $4.9M | $5.1M | $5.2M | $5.2M | $4.6M | $4.6M |
| Stock-based compensation | $427.0K | $89.0K | $151.0K | $385.0K | $394.0K | $607.0K | $1.2M | $2.7M | $473.0K | $1.6M |
| Capital expenditure | $10.0M | $4.6M | $5.0M | $1.4M | $2.0M | $2.4M | $3.7M | $3.6M | $5.1M | $3.9M |
| Investing cash flow | -$10.0M | -$4.6M | -$5.0M | -$1.4M | $398.0K | -$1.4M | -$3.7M | -$10.2M | -$5.2M | -$1.7M |
| Financing cash flow | -$27.7M | -$25.9M | -$66.8M | $28.4M | $46.5M | $33.3M | -$14.6M | $16.5M | $10.6M | -$36.8M |
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 0001193125-26-263149.
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