Detailed financial statements for Agilysys, Inc. (AGYS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Agilysys, Inc. operates as a developer and marketer of software-enabled solutions and services to the hospitality industry in North America, Europe, the Asia-Pacific, and India. The company offers software solutions fully integrated with third party hardware and operating systems; cloud applications, support, and maintenance; subscription and maintenance; and professional services.
Analysis Summary
Agilysys, Inc. reported revenue of $319.3M in the most recent fiscal year, growing at a 5-year CAGR of 18.4%.
Trailing-twelve-month margins: gross margin 63.1%, operating margin 13.5%, net margin 12.9%. Free cash flow grew at 20.3% CAGR over 5 years.
At $117.98 (closing price, November 2, 2026), AGYS trades at a P/E of 75.63 and an ROE of 13.28%. Market capitalisation stands at $3.3B.
Balance sheet quality for AGYS: debt-to-equity ratio of 0.05, current ratio of 1.91 over the last 12 months, net cash position of $97.8M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $68.1M represents 176% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $127.7M | $127.4M | $140.8M | $160.8M | $137.2M | $162.6M | $198.1M | $237.5M | $275.6M | $319.3M |
| Cost of Revenue | $63.9M | $62.9M | $67.0M | $79.8M | $47.8M | $61.1M | $77.2M | $93.2M | $103.6M | $121.8M |
| Gross Profit | $63.8M | $64.4M | $73.9M | $81.0M | $89.4M | $101.5M | $120.8M | $144.3M | $172.0M | $197.5M |
| Research & Development | $29.0M | $27.9M | $37.8M | $41.5M | $55.3M | $46.3M | $50.3M | $56.7M | $62.4M | $72.7M |
| Selling, General & Admin | $40.7M | $42.1M | $42.8M | $44.2M | $47.5M | $42.5M | $53.4M | $64.7M | $74.0M | $82.0M |
| Operating Expenses | $75.2M | $76.5M | $87.0M | $115.0M | $110.3M | $95.2M | $107.9M | $128.5M | $149.4M | $157.2M |
| Operating Income | -$11.4M | -$12.1M | -$13.1M | -$34.1M | -$21.0M | $6.3M | $12.9M | $15.8M | $22.6M | $40.1M |
| EBITDA | $343,000 | $2.9M | $4.7M | -$16.2M | -$16.4M | $10.4M | $19.4M | $25.9M | $35.2M | $59.2M |
| Interest Expense | $15,000 | $10,000 | $10,000 | $9,000 | $20,000 | $12,000 | 0 | 0 | $1.5M | $493,000 |
| Pre-tax Income | -$11.5M | -$11.6M | -$12.9M | -$33.9M | -$21.2M | $6.5M | $15.8M | $20.7M | $25.6M | $48.4M |
| Income Tax | $236,000 | -$3.3M | $221,000 | $201,000 | -$208,000 | $33,000 | $1.2M | -$65.5M | $2.4M | $9.6M |
| Net Income | -$11.7M | -$8.3M | -$13.2M | -$34.1M | -$21.0M | $6.5M | $14.6M | $86.2M | $23.2M | $38.8M |
| EPS | -$0.52 | -$0.37 | -$0.57 | -$1.47 | -$1.01 | $0.19 | $0.52 | $3.31 | $0.84 | $1.39 |
| EPS (Diluted) | -$0.52 | -$0.37 | -$0.57 | -$1.47 | -$1.01 | $0.18 | $0.49 | $3.17 | $0.82 | $1.36 |
| Shares Outstanding (Diluted) | 22.6 M | 22.8 M | 23.0 M | 23.2 M | 23.5 M | 25.5 M | 25.9 M | 26.8 M | 28.3 M | 28.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $80.4M | $82.9M | $87.7M | $93.4M |
| Gross Profit | $47.8M | $53.4M | $55.7M | $60.3M |
| Operating Income | $8.9M | $12.7M | $9.7M | $15.2M |
| EBITDA | $15.5M | $17.8M | $13.3M | $15.2M |
| Net Income | $9.9M | $12.3M | $9.0M | $13.2M |
| EPS | $0.35 | $0.44 | $0.32 | $0.47 |
| EPS (Diluted) | $0.35 | $0.43 | $0.32 | $0.46 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $49.3M | $39.9M | $40.8M | $46.7M | $99.2M | $97.0M | $112.8M | $144.9M | $73.0M | $116.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $15.6M | $16.4M | $29.9M | $38.0M | $28.1M | $26.8M | $24.6M | $31.7M | $36.1M | $50.5M |
| Inventory | $2.2M | $2.0M | $2.0M | $3.9M | $1.2M | $6.9M | $9.8M | $4.6M | $5.2M | $7.5M |
| Total Current Assets | $73.5M | $63.9M | $79.0M | $93.4M | $133.2M | $136.2M | $154.7M | $188.9M | $123.5M | $184.1M |
| Property, Plant & Equipment | $16.0M | $17.5M | $15.8M | $26.1M | $21.0M | $16.2M | $27.3M | $36.3M | $33.8M | $27.8M |
| Goodwill | $19.6M | $19.6M | $19.6M | $19.6M | $19.6M | $32.8M | $32.6M | $32.8M | $130.6M | $133.9M |
| Intangible Assets | $55.5M | $53.7M | $43.0M | $8.4M | $8.4M | $20.2M | $18.1M | $17.0M | $70.8M | $66.4M |
| Total Assets | $167.3M | $157.2M | $163.6M | $154.6M | $189.9M | $214.2M | $243.0M | $350.4M | $434.4M | $481.5M |
| Accounts Payable | $8.7M | $8.4M | $4.7M | $13.4M | $6.3M | $9.8M | $9.4M | $9.4M | $12.4M | $12.4M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $46.3M | $44.6M | $58.3M | $69.4M | $61.0M | $71.5M | $78.5M | $89.4M | $111.0M | $125.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $24.0M | 0 |
| Total Liabilities | $53.6M | $48.8M | $63.0M | $82.8M | $74.5M | $81.4M | $98.3M | $114.0M | $168.5M | $154.7M |
| Retained Earnings | $112.7M | $103.6M | $93.1M | $59.0M | $35.4M | $40.0M | $52.8M | $137.8M | $161.0M | $199.8M |
| Total Equity | $113.7M | $108.4M | $100.6M | $71.8M | $115.3M | $132.8M | $144.8M | $236.5M | $265.9M | $326.8M |
| Total Debt | $237,000 | $177,000 | $57,000 | $15.4M | $13.6M | $10.7M | $16.7M | $23.9M | $47.0M | $19.0M |
| Net Debt | -$49.0M | -$39.8M | -$40.7M | -$31.3M | -$85.5M | -$86.3M | -$96.1M | -$121.0M | -$26.1M | -$97.8M |
| Working Capital | $27.2M | $19.3M | $20.7M | $24.0M | $72.2M | $64.7M | $76.1M | $99.6M | $12.5M | $59.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $81.5M | $116.9M | $123.7M | $137.6M |
| Total Assets | $475.2M | $481.5M | $472.8M | $495.5M |
| Total Liabilities | $162.1M | $154.7M | $134.5M | $137.7M |
| Total Equity | $313.1M | $326.8M | $338.3M | $357.7M |
| Total Debt | $35.2M | $19.0M | $18.4M | $17.2M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$11.7M | -$8.3M | -$13.2M | -$34.1M | -$21.0M | $6.5M | $14.6M | $86.2M | $23.2M | $38.8M |
| Depreciation & Amortization | $11.8M | $14.5M | $17.7M | $17.7M | $4.8M | $3.9M | $3.7M | $5.3M | $8.0M | $10.2M |
| Stock-based Compensation | $2.4M | $4.7M | $4.4M | $5.2M | $40.1M | $14.5M | $13.0M | $14.1M | $17.8M | $21.8M |
| Change in Working Capital | $1.0M | -$1.4M | -$1.8M | -$1.6M | $5.4M | $4.3M | $3.5M | $10.1M | $5.7M | -$7.8M |
| Operating Cash Flow | $3.4M | $6.9M | $7.2M | $10.6M | $28.4M | $28.5M | $34.5M | $48.2M | $55.1M | $70.0M |
| Capital Expenditure | -$16.0M | -$15.1M | -$5.5M | -$3.4M | -$1.4M | -$1.2M | -$7.2M | -$8.1M | -$2.8M | -$1.8M |
| Acquisitions | -$197,000 | 0 | 0 | 0 | 0 | -$24.5M | $395,000 | 0 | -$145.8M | 0 |
| Stock Repurchased | -$533,000 | -$1.2M | -$647,000 | -$1.1M | -$7.5M | -$3.0M | -$9.3M | -$6.9M | -$2.7M | -$1.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | -$1.1M | -$1.8M | -$1.8M | -$1.7M | 0 | 0 |
| Free Cash Flow | -$12.6M | -$8.2M | $1.7M | $7.2M | $27.0M | $27.3M | $27.2M | $40.1M | $52.3M | $68.1M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $23.3M | $35.8M | $7.8M | $15.2M |
| Capital Expenditure | -$574,000 | -$424,000 | -$520,000 | -$356,000 |
| Free Cash Flow | $22.7M | $35.4M | $7.3M | $14.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $5.8M | $6.0M | $6.0M | $6.3M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -0.2% | +10.6% | +14.1% | -14.7% | +18.6% | +21.8% | +19.9% | +16.1% | +15.8% | |
| Net Income Growth (YoY) | +28.8% | -57.7% | -158.8% | +38.4% | +130.8% | +125.1% | +491.1% | -73.1% | +67.0% | |
| EPS Growth (YoY) | +28.8% | -54.1% | -157.9% | +31.3% | +118.8% | +173.7% | +536.5% | -74.6% | +65.5% | |
| Shares Change (YoY) | +0.8% | +1.0% | +0.9% | +1.0% | +8.6% | +1.8% | +3.5% | +5.3% | +0.6% | |
| FCF Growth (YoY) | +35.1% | +121.2% | +312.6% | +277.6% | +1.0% | -0.2% | +47.1% | +30.7% | +30.2% | |
| Gross Margin | 50.0% | 50.6% | 52.5% | 50.4% | 65.2% | 62.4% | 61.0% | 60.7% | 62.4% | 61.9% |
| Operating Margin | -8.9% | -9.5% | -9.3% | -21.2% | -15.3% | 3.9% | 6.5% | 6.6% | 8.2% | 12.6% |
| EBITDA Margin | 0.3% | 2.3% | 3.4% | -10.1% | -12.0% | 6.4% | 9.8% | 10.9% | 12.8% | 18.5% |
| Net Margin | -9.2% | -6.6% | -9.3% | -21.2% | -15.3% | 4.0% | 7.4% | 36.3% | 8.4% | 12.1% |
| FCF Margin | -9.9% | -6.4% | 1.2% | 4.5% | 19.7% | 16.8% | 13.7% | 16.9% | 19.0% | 21.3% |
| Effective Tax Rate | -2.1% | 28.0% | -1.7% | -0.6% | 1.0% | 0.5% | 7.5% | -316.7% | 9.4% | 19.9% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$0.56 | -$0.36 | $0.08 | $0.31 | $1.15 | $1.07 | $1.05 | $1.49 | $1.85 | $2.40 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.05 | $0.07 | $0.07 | $0.06 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 22.6 M | 22.8 M | 23.0 M | 23.2 M | 23.5 M | 24.4 M | 24.7 M | 25.7 M | 27.5 M | 28.0 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 13.28% |
| Return on Invested Capital | 9.50% |
| Return on Assets | 8.95% |
| Gross Margin | 63.07% |
| Operating Margin | 13.52% |
| Net Margin | 12.88% |
Financial Health
| Debt / Equity | 0.05 |
| Current Ratio | 1.91 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 9.40 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -18.17 | -32.22 | -36.67 | -11.36 | -47.49 | 209.89 | 158.67 | 25.63 | 86.36 | 51.18 |
| P/B | 1.88 | 2.51 | 4.78 | 5.41 | 9.75 | 7.31 | 14.07 | 9.21 | 7.51 | 6.11 |
| P/S | 1.67 | 2.13 | 3.42 | 2.41 | 8.20 | 5.97 | 10.29 | 9.17 | 7.24 | 6.25 |
| Gross Margin | 50.0% | 50.6% | 52.5% | 50.4% | 65.2% | 62.4% | 61.0% | 60.7% | 62.4% | 61.9% |
| Operating Margin | -8.9% | -9.5% | -9.3% | -21.2% | -15.3% | 3.9% | 6.5% | 6.6% | 8.2% | 12.6% |
| Net Margin | -9.2% | -6.6% | -9.3% | -21.2% | -15.3% | 4.0% | 7.4% | 36.3% | 8.4% | 12.1% |
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Explore sector: Technology · Software - Application
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