Saturday 17 October 2026 Export TPICQ’s income statement to Excel — free account

TPI Composites, Inc.

TPICQ Industrials Specialty Industrial Machinery

In the quarter to December 2025, revenue grew 165.8%, EPS fell 95.5%, free cash flow fell 115.4% and total debt fell 13.7%, each against the same quarter a year earlier.

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Market cap: $2.2M
P/E: 0.0×
Fwd P/E: 0.0×
Dividend yield: —
F-score: 3/9
Altman Z: −5.31
Beneish M: n/a
Dividend safety: n/a

Overview Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 30.13%

Capital & Financial Ratios $m

Market Cap 2.19

Revenue 918.46

Net Income (340.80)

Free Cash Flow (140.94)

Net Debt 408.08

Current Ratio 0.24

Debt/Equity (0.64)

P/E ratio 0.00

Fwd P/E 0.03

P/S ratio 0.00

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth 63.21%

Next Y EPS Growth 11.80%

Next Y revenue growth 74.97%

Next 5Y EPS Growth 59.20%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2022	2023	2024	2025
Cash	143	172	153	24
Receivables	185	138	37	51
Inventory	11	9	4	28
Other	242	147	40	28
	645	503	429	155

	2022	2023	2024	2025
Payables	280	228	141	151
ST’ Debt	60	70	16	432
Other	17	24	30	24
	457	386	474	640

Compound Annual Growth %

	10y	5y	3y
Sales	4.60%	(4.28%)	(14.68%)
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	0.00%	0.00%	0.00%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	336	276	234	72	918
’24	294	310	259	27	890
’23	404	374	370	—	864
’22	344	393	384	358	1,479
’21	405	459	480	129	1,472
’20	357	374	474	(62)	1,143

Fiscal quarters ending in the months shown.

value withheld pending a data check

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	5	(26)	(93)	(12)	(126)
’24	(39)	(37)	1	87	12
’23	(84)	10	(12)	5	(81)
’22	(81)	22	(26)	23	(62)
’21	7	(10)	(25)	3	(26)
’20	3	(30)	61	4	38

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	(2)	(30)	(96)	(13)	(141)
’24	(47)	(44)	(6)	83	(14)
’23	(87)	6	(21)	(15)	(117)
’22	(87)	19	(29)	15	(81)
’21	(12)	(18)	(28)	(4)	(63)
’20	(24)	(45)	49	(9)	(28)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	(1.01)	(1.40)	(2.63)	(1.97)	(7.02)
’24	(1.30)	(1.92)	(0.84)	(1.01)	(5.07)
’23	(0.88)	(1.90)	(1.71)	0.31	(4.16)
’22	(0.71)	(0.48)	(0.39)	(1.38)	(2.96)
’21	(0.05)	(1.08)	(0.83)	(2.39)	(4.43)
’20	(0.01)	(1.87)	1.13	0.14	(0.54)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	11.31	15.26	17.79	15.34	9.19	14.05	8.46	1.63	1.10	0.01	Analyst estimates 2026–2028 Powerpack
	High	23.30	26.00	32.22	32.74	58.87	81.36	25.05	14.80	5.75	2.08
People
People	Employees	6,700	7,700	10,600	13,300	14,900	14,000	13,500	12,300	11,700	9,600
	Revenue/emp, $m	0.11	0.12	0.10	0.11	0.08	0.11	0.11	0.07	0.08	0.10
Income, $m
Income, $m	Revenue	769	955	1,030	1,437	1,143	1,472	1,479	864	890	918
	Gross margin, %	11.30	11.57	7.07	5.42	(1.42)	(2.55)	3.76	(12.82)	(8.11)	(12.04)
	EBT	31	55	2	7	(78)	(126)	15	(178)	(215)	(321)
	EBT margin, %	3.99	5.71	0.22	0.52	(6.82)	(8.56)	1.02	(20.63)	(24.16)	(34.91)
	Net income	27	39	5	(16)	(19)	(160)	(65)	(202)	(241)	(341)
	Depreciation	18	22	27	39	50	54	45	41	63	62
Per share, $
Per share, $	Revenue	43.87	28.22	30.01	40.97	32.17	39.35	35.24	20.25	18.75	18.92
	Earnings	0.48	1.29	0.15	(0.45)	(0.54)	(4.43)	(2.96)	(4.16)	(5.07)	(7.02)
	Cash flow	3.41	2.20	(0.09)	1.63	1.06	(0.68)	(1.48)	(1.90)	0.26	(2.60)
	Capex	(1.74)	(1.32)	(1.54)	(2.12)	(1.85)	(0.99)	(0.45)	(0.85)	(0.55)	(0.30)
	Free cash flow	1.67	0.88	(1.63)	(0.49)	(0.79)	(1.67)	(1.93)	(2.74)	(0.29)	(2.90)
	Book value	6.08	6.52	6.44	5.85	5.66	3.26	1.20	(2.87)	(7.86)	(14.00)
	Shares, m	18	34	34	35	36	37	42	43	47	49
Valuation, ×
Valuation, ×	P/E	17.89	18.91	163.87	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	0.35	0.74	0.82	0.45	1.64	0.38	0.28	0.21	0.10	0.00
	P/B	2.54	3.20	3.82	3.17	9.33	4.59	8.14	0.00	0.00	0.00
	EV/Sales	0.35	0.71	0.87	0.50	1.72	0.28	0.22	0.57	0.49	1.00
	EV/FCF	9.28	22.69	(15.95)	(41.51)	(69.83)	(6.51)	(4.06)	(4.19)	(31.95)	(6.49)
Cash, $m
Cash, $m	Operating cash flow	60	75	(3)	57	38	(26)	(62)	(81)	12	(126)
	Capex	(31)	(45)	(53)	(74)	(66)	(37)	(19)	(36)	(26)	(15)
	Free cash flow	29	30	(56)	(17)	(28)	(63)	(81)	(117)	(14)	(141)
Balance, $m
Balance, $m	Working capital	89	175	144	95	142	191	189	117	(45)	(485)
	Total debt	123	121	138	141	217	75	61	485	501	432
	Net debt	2	(31)	49	70	87	(152)	(82)	313	348	408
	Shareholders’ equity	107	221	221	205	201	122	50	(122)	(373)	(679)
Returns, %
Returns, %	ROA	5.62	7.88	0.92	(2.19)	(2.13)	(16.86)	(12.61)	(20.11)	(32.17)	(65.86)
	ROIC	30.56	23.06	5.73	3.61	(12.09)	0.00	0.00	(56.66)	0.00	0.00
	ROE	(50.95)	23.69	2.39	(7.37)	(9.37)	(102.54)	(144.06)	494.62	97.15	64.75

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Dec 2025

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
XCH XCHG Limited	$7.6M	—	—	—	n/m	—	46.15%	(10.26%)	Compare
JCSE JE Cleantech Holdings Limited	$7.4M	36.5×	—	−1.34% (below 0%: shrinking)	−66.67% (below 0%: shrinking)	+714.03% (above 0%: growing)	21.73%	0.00%	Compare
WFF WF Holding Limited	$6.7M	—	—	—	—	—	—	—	Compare
OPTT Ocean Power Technologies, Inc.	$6.3M	— (loss-making)	— (loss-making)	+44.08% (above 0%: growing)	n/m	−46.84% (below 0%: shrinking)	(166.24%)	(885.32%)	Compare
INLF INLIF Limited	$2.9M	—	—	—	—	−269.78% (below 0%: shrinking)	—	—	Compare
TPICQ TPI Composites, Inc.	$2.2M	— (loss-making)	0.0×	+165.75% (above 0%: growing)	n/m	−115.43% (below 0%: shrinking)	(29.46%)	(51.40%)
SHPWQ Shapeways Holdings, Inc.	$2.0M	— (loss-making)	—	+8.56% (above 0%: growing)	n/m	+18.49% (above 0%: growing)	46.21%	(117.21%)	Compare
LBGJ Li Bang International Corporation Inc.	$1.2M	—	—	—	—	−670.82% (below 0%: shrinking)	—	—	Compare
NMHI Nature's Miracle Holding Inc.	$1.1M	— (loss-making)	—	−96.24% (below 0%: shrinking)	n/m	−338.51% (below 0%: shrinking)	6.97%	(2,615.14%)	Compare
Median of peers	$4.6M	—	—	+3.61%	—	−158.31%	21.73%	(117.21%)

All 76 Specialty Industrial Machinery stocks →

TPI Composites, Inc. (TPICQ) key facts

TPI Composites, Inc. (TPICQ) is a Specialty Industrial Machinery company in the Industrials sector.
As of July 17, 2026, TPICQ traded at $0.01, a market capitalization of $2.2 million.
Return on equity was 64.8% and debt-to-equity -0.64.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is −5.31 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.