SKYT · Skywater Technology, Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Revenue | $442.14M | $342.27M | $286.68M | $212.94M | $140.44M |
| Cost of Revenue | $355.21M | $272.64M | $227.39M | $186.97M | $117.75M |
| Gross Profit | $86.93M | $69.63M | $59.29M | $25.97M | $22.69M |
| R&D | $14.62M | $15.04M | $10.17M | $9.43M | $4.21M |
| SG&A | $74.88M | $48.03M | $63.91M | $46.30M | $25.03M |
| Total Operating Expenses | - | - | - | - | - |
| D&A | $35.67M | $18.69M | $28.93M | $28.19M | $18.87M |
| Operating Income | ($2.58M) | $6.56M | ($14.79M) | ($29.77M) | ($8.64M) |
| Interest Expense | $13.71M | $5.19M | $10.83M | $5.19M | $5.50M |
| Income Tax | ($27.99M) | $240.0K | ($521.0K) | $809.0K | $4.92M |
| Net Income | $118.91M | ($6.79M) | ($30.76M) | ($39.59M) | ($20.62M) |
| EPS - Basic | $2.47 | ($0.14) | ($0.68) | ($1.15) | ($1.76) |
| EPS - Diluted | $2.44 | ($0.14) | ($0.68) | ($1.15) | ($1.76) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Cash & Equivalents | $23.22M | $18.84M | $18.38M | $30.02M | $12.92M |
| Accounts Receivable | $100.08M | $54.33M | $65.96M | $62.67M | $39.38M |
| Inventory | $24.60M | $14.54M | $15.34M | $13.40M | $17.50M |
| Accounts Payable | $34.87M | $29.59M | $19.61M | $21.10M | $7.64M |
| Current Assets | $193.20M | $132.08M | $146.38M | $116.55M | $74.40M |
| Total Assets | $733.91M | $313.77M | $316.76M | $305.76M | $263.60M |
| Current Liabilities | $324.02M | $154.33M | $144.20M | $132.17M | $47.77M |
| Long-term Debt | $32.94M | $34.70M | $36.10M | $35.18M | $58.43M |
| Total Liabilities | $538.10M | $250.28M | $256.06M | $251.79M | $203.67M |
| Stockholders' Equity | $187.82M | $57.61M | $53.74M | $53.67M | $61.13M |
| Retained Earnings | ($15.06M) | ($132.00M) | ($125.20M) | ($94.07M) | ($54.48M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Operating Cash Flow | ($28.97M) | $18.46M | $10.08M | ($14.30M) | $96.19M |
| Investing Cash Flow | ($113.04M) | ($11.21M) | ($10.49M) | ($17.45M) | ($88.18M) |
| Financing Cash Flow | $146.39M | ($6.79M) | ($11.23M) | $48.86M | ($5.19M) |
| CapEx | $24.34M | $7.94M | $8.62M | $17.05M | $85.77M |
| Free Cash Flow | ($53.30M) | $10.52M | $1.46M | ($31.35M) | $10.43M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Profitability | |||||
| Gross margin | 19.7% | 20.3% | 20.7% | 12.2% | 16.2% |
| Operating margin | -0.6% | 1.9% | -5.2% | -14.0% | -6.2% |
| EBITDA margin | 7.5% | 7.4% | 4.9% | -0.7% | 7.3% |
| Net margin | 26.9% | -2.0% | -10.7% | -18.6% | -14.7% |
| Free cash flow margin | -12.1% | 3.1% | 0.5% | -14.7% | 7.4% |
| FCF / Net income | -0.45 | -1.55 | -0.05 | 0.79 | -0.51 |
| R&D / Revenue | 3.3% | 4.4% | 3.5% | 4.4% | 3.0% |
| SG&A / Revenue | 16.9% | 14.0% | 22.3% | 21.7% | 17.8% |
| Effective tax rate | -30.8% | - | - | - | - |
| Return on assets | 16.2% | -2.2% | -9.7% | -12.9% | -7.8% |
| Return on equity | 63.3% | -11.8% | -57.2% | -73.8% | -33.7% |
| Return on invested capital | -1.2% | 5.6% | -13.0% | -26.5% | -5.7% |
| Liquidity | |||||
| Current ratio | 0.60 | 0.86 | 1.02 | 0.88 | 1.56 |
| Quick ratio | 0.52 | 0.76 | 0.91 | 0.78 | 1.19 |
| Cash ratio | 0.07 | 0.12 | 0.13 | 0.23 | 0.27 |
| Leverage | |||||
| Debt / Equity | 0.18 | 0.60 | 0.67 | 0.66 | 0.96 |
| Debt / Assets | 0.04 | 0.11 | 0.11 | 0.12 | 0.22 |
| Debt / EBITDA | 1.00 | 1.37 | 2.55 | - | 5.71 |
| Interest coverage | -0.2x | 1.3x | -1.4x | -5.7x | -1.6x |
| Equity multiplier | 3.91 | 5.45 | 5.89 | 5.70 | 4.31 |
| Liabilities / Assets | 0.73 | 0.80 | 0.81 | 0.82 | 0.77 |
| Efficiency | |||||
| Asset turnover | 0.60 | 1.09 | 0.91 | 0.70 | 0.53 |
| Inventory turnover | 14.44 | 18.76 | 14.82 | 13.96 | 6.73 |
| Days sales outstanding | 83d | 58d | 84d | 107d | 102d |
| Days inventory outstanding | 25d | 19d | 25d | 26d | 54d |
| Days payable outstanding | 36d | 40d | 31d | 41d | 24d |
| Cash conversion cycle | 72d | 38d | 77d | 92d | 133d |
| Valuation | |||||
| P / E | 7.4x | - | - | - | - |
| P / B | 4.7x | 11.4x | 8.1x | 0.0x | 7.7x |
| P / S | 2.0x | 1.9x | 1.5x | 0.0x | 3.4x |
| EV / EBITDA | 27.0x | 26.5x | 32.2x | - | 50.5x |
| Growth | |||||
| Revenue growth (YoY) | 29.2% | 19.4% | 34.6% | 51.6% | - |
| Revenue CAGR (3y) | 27.6% | 34.6% | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - |
| Gross profit growth (YoY) | 24.8% | 17.4% | 128.3% | 14.4% | - |
| Operating income growth (YoY) | - | - | 50.3% | -244.4% | - |
| Net income growth (YoY) | - | 77.9% | 22.3% | -92.0% | - |
| EPS growth (YoY) | - | 79.4% | 40.9% | 34.7% | - |
| EPS CAGR (3y) | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - |
| FCF growth (YoY) | - | 619.0% | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - |
| Book value growth (YoY) | 226.0% | 7.2% | 0.1% | -12.2% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-28.
Business segments
$442.14M totalLegacy Sky Water$266.85M · 60.4%
Sky Water Texas$175.29M · 39.6%
Product / service
$1.07B totalAdvanced Technology Service Development And Wafer Services$413.28M · 38.7%
Advanced Technology Services Development$212.50M · 19.9%
Wafer Services$200.78M · 18.8%
Advanced Technology Services Time And Materials And Cost Plus Fixed Fee Contracts$140.86M · 13.2%
Advanced Technology Services Fixed Price$69.69M · 6.5%
Tool$28.86M · 2.7%
Advanced Technology Services Other$1.94M · 0.2%
Geographic
$442.14M totalUS$420.97M · 95.2%
GB$13.14M · 3.0%
All Other Countries$6.18M · 1.4%
CA$1.16M · 0.3%
HK$675.0K · 0.2%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.59
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✓Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✗Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing SkyWater Technology against the 5 most active filers in the same SIC group.