Detailed financial statements for Coty Inc. (COTY): 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.
Coty Inc., together with its subsidiaries, manufactures, markets, distributes, and sells branded beauty products worldwide. It operates through two segments: the Prestige and Consumer Beauty. The company provides fragrance, color cosmetics, and skin and body care products.
Analysis Summary
Coty Inc. reported revenue of $5.81B in the most recent fiscal year, growing at a 5-year CAGR of 4.6%.
Trailing-twelve-month margins: gross margin 59.1%, operating margin 5.0%, net margin -10.4%. Free cash flow grew at 19.2% CAGR over 5 years.
At the current price of $2.72, COTY has negative trailing earnings (P/E not meaningful) and an ROE of -18.06%. Market capitalisation stands at $2.4B.
Balance sheet quality for COTY: current ratio of 0.8, net debt of $3.26B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | $7.65B | $9.40B | $8.65B | $4.72B | $4.63B | $5.30B | $5.55B | $6.12B | $5.89B | $5.81B |
| Cost of Revenue | $3.03B | $3.61B | $3.31B | $1.98B | $1.85B | $1.92B | $2.01B | $2.18B | $2.07B | $2.15B |
| Gross Profit | $4.62B | $5.79B | $5.34B | $2.74B | $2.78B | $3.38B | $3.55B | $3.94B | $3.82B | $3.65B |
| Research & Development | $139.2M | $174.6M | $98.5M | $93.4M | $96.5M | $97.3M | $105.2M | $126.8M | $123.0M | 0 |
| Selling, General & Admin | $4.06B | $5.01B | $4.56B | $2.91B | $2.37B | $2.83B | $2.82B | $3.16B | $3.10B | $3.11B |
| Operating Expenses | $4.34B | $5.36B | $4.92B | $3.98B | $2.83B | $3.14B | $3.00B | $3.39B | $3.58B | $3.73B |
| Operating Income | -$437.8M | $161.2M | $393.7M | -$1.24B | -$48.6M | $240.9M | $543.7M | $546.7M | $241.1M | -$81.5M |
| EBITDA | $101.6M | $1.13B | -$2.94B | $183.9M | $744.5M | $856.3M | $964.9M | $1.00B | $949.9M | $27.2M |
| Interest Expense | $218.6M | $222.7M | $252.0M | $233.3M | $231.8M | $241.2M | $261.1M | $251.6M | $227.0M | $155.2M |
| Pre-tax Income | -$658.0M | -$152.5M | -$3.78B | -$712.2M | -$239.8M | $426.8M | $704.8M | $204.5M | -$344.8M | -$610.2M |
| Income Tax | -$259.5M | -$24.7M | -$8.5M | $377.7M | -$172.0M | $164.8M | $181.6M | $95.1M | $5.4M | -$20.0M |
| Net Income | -$422.2M | -$168.8M | -$3.77B | -$1.01B | -$201.3M | $259.5M | $508.2M | $89.4M | -$367.9M | -$604.8M |
| EPS | $-0.66 | $-0.23 | $-5.02 | $-1.44 | $-0.09 | $0.32 | $0.58 | $0.09 | $-0.44 | $-0.70 |
| EPS (Diluted) | $-0.66 | $-0.23 | $-5.02 | $-1.44 | $-0.09 | $0.31 | $0.56 | $0.09 | $-0.44 | $-0.70 |
| Shares Outstanding (Diluted) | $642.8M | $749.7M | $751.2M | $759.1M | $764.8M | $834.1M | $886.5M | $883.4M | $872.1M | $877.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $1.58B | $1.68B | $1.28B | $1.27B |
| Gross Profit | $1.02B | $997.4M | $718.1M | $698.8M |
| Operating Income | $185.0M | $155.3M | -$8.7M | -$41.0M |
| EBITDA | $253.6M | $16.7M | -$275.4M | $87.2M |
| Net Income | $67.9M | -$123.6M | -$408.1M | -$141.0M |
| EPS | $0.07 | $-0.14 | $-0.47 | $-0.16 |
| EPS (Diluted) | $0.07 | $-0.14 | $-0.47 | $-0.16 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $535.4M | $331.6M | $340.4M | $352.0M | $253.5M | $233.3M | $246.9M | $300.8M | $257.1M | $176.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.47B | $1.57B | $872.1M | $440.1M | $690.5M | $625.8M | $612.5M | $642.4M | $663.8M | $529.7M |
| Inventory | $1.05B | $1.15B | $1.15B | $678.2M | $650.8M | $661.5M | $853.4M | $764.1M | $794.5M | $838.7M |
| Total Current Assets | $3.58B | $3.65B | $3.27B | $6.50B | $1.78B | $1.68B | $2.05B | $1.96B | $1.95B | $1.92B |
| Property, Plant & Equipment | $1.63B | $1.68B | $1.60B | $1.45B | $1.24B | $1.04B | $999.6M | $974.2M | $974.9M | $876.9M |
| Goodwill | $8.56B | $8.61B | $5.07B | $3.97B | $4.12B | $3.91B | $3.99B | $3.91B | $4.06B | $3.81B |
| Intangible Assets | $8.43B | $8.28B | $7.42B | $4.37B | $4.46B | $3.90B | $3.80B | $3.57B | $3.21B | $2.78B |
| Total Assets | $22.55B | $22.63B | $17.67B | $16.73B | $13.69B | $12.12B | $12.66B | $12.08B | $11.91B | $10.20B |
| Accounts Payable | $1.73B | $1.93B | $1.58B | $1.19B | $1.17B | $1.27B | $1.44B | $2.00B | $1.89B | $1.88B |
| Short-term Debt | $209.1M | $218.9M | $193.8M | $188.3M | $50.0M | $23.0M | $57.9M | $3.0M | $3.5M | $14.4M |
| Total Current Liabilities | $3.80B | $4.04B | $3.48B | $3.59B | $2.42B | $2.57B | $2.74B | $2.60B | $2.54B | $2.54B |
| Long-term Debt | $6.93B | $7.31B | $7.47B | $8.61B | $5.40B | $4.41B | $4.18B | $3.84B | $3.96B | $3.18B |
| Total Liabilities | $12.68B | $13.11B | $12.62B | $13.42B | $9.51B | $8.56B | $8.43B | $7.83B | $7.95B | $6.82B |
| Retained Earnings | -$459.2M | -$626.2M | -$4.54B | -$5.55B | -$5.76B | -$5.50B | -$4.99B | -$4.90B | -$5.27B | -$5.88B |
| Total Equity | $9.31B | $8.85B | $4.59B | $3.00B | $3.90B | $3.30B | $3.95B | $3.97B | $3.69B | $3.13B |
| Total Debt | $7.14B | $7.52B | $7.66B | $9.22B | $5.80B | $4.78B | $4.55B | $4.12B | $4.25B | $3.44B |
| Net Debt | $6.60B | $7.19B | $7.32B | $8.87B | $5.54B | $4.55B | $4.30B | $3.82B | $3.99B | $3.26B |
| Working Capital | -$222.1M | -$393.0M | -$204.4M | $2.91B | -$632.3M | -$883.7M | -$685.1M | -$638.3M | -$585.0M | -$622.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $264.6M | $448.0M | $270.2M | $188.9M |
| Total Assets | $12.06B | $11.08B | $10.23B | $10.20B |
| Total Liabilities | $8.00B | $7.27B | $6.87B | $6.96B |
| Total Equity | $3.79B | $3.53B | $3.09B | $2.99B |
| Total Debt | $4.30B | $3.62B | $3.57B | $3.44B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | -$398.5M | -$127.8M | -$3.77B | -$1.00B | -$205.1M | $267.7M | $523.2M | $109.4M | -$350.2M | -$590.2M |
| Depreciation & Amortization | $555.1M | $737.0M | $736.0M | $716.5M | $585.3M | $516.4M | $426.7M | $421.1M | $420.0M | $482.2M |
| Stock-based Compensation | $24.6M | $30.6M | $14.8M | $29.8M | $29.9M | $195.5M | $135.9M | $88.8M | $50.0M | $46.3M |
| Change in Working Capital | $866.5M | -$218.8M | -$129.8M | -$44.8M | -$231.9M | $125.6M | -$85.5M | -$187.6M | -$312.8M | -$73.3M |
| Operating Cash Flow | $757.5M | $413.7M | $639.6M | -$50.9M | $318.7M | $726.6M | $625.7M | $614.6M | $492.6M | $537.8M |
| Capital Expenditure | -$432.3M | -$446.4M | -$426.6M | -$267.4M | -$173.9M | -$174.1M | -$222.8M | -$245.2M | -$215.0M | -$189.6M |
| Acquisitions | -$742.6M | -$278.0M | -$40.8M | $25.6M | $2.65B | $230.6M | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$36.3M | 0 | 0 | -$4.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$372.6M | -$375.8M | -$346.2M | -$196.9M | -$25.7M | -$57.2M | -$13.7M | -$13.4M | -$13.3M | -$13.2M |
| Free Cash Flow | $325.2M | -$32.7M | $213.0M | -$318.3M | $144.8M | $552.5M | $402.9M | $369.4M | $277.6M | $348.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $65.2M | $559.7M | -$203.1M | $116.0M |
| Capital Expenditure | -$54.0M | -$46.6M | -$45.6M | -$43.4M |
| Free Cash Flow | $11.2M | $513.1M | -$248.7M | $72.6M |
| Dividends Paid | -$3.3M | -$3.3M | -$3.3M | -$3.3M |
| Stock-based Compensation | $14.5M | 0 | $24.7M | -$10.8M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | +22.8% | -8.0% | -45.4% | -1.9% | +14.6% | +4.7% | +10.2% | -3.7% | -1.5% |
| Net Income Growth (YoY) | | +60.0% | -2,133.2% | +73.3% | +80.0% | +228.9% | +95.8% | -82.4% | -511.5% | -64.4% |
| EPS Growth (YoY) | | +65.2% | -2,082.6% | +71.3% | +93.8% | +460.8% | +81.2% | -85.0% | -605.2% | -59.1% |
| Shares Change (YoY) | | +16.6% | +0.2% | +1.1% | +0.8% | +9.1% | +6.3% | -0.3% | -1.3% | +0.6% |
| FCF Growth (YoY) | | -110.1% | +751.4% | -249.4% | +145.5% | +281.6% | -27.1% | -8.3% | -24.9% | +25.4% |
| Gross Margin | 60.4% | 61.6% | 61.8% | 58.1% | 60.0% | 63.7% | 63.9% | 64.4% | 64.8% | 62.9% |
| Operating Margin | -5.7% | 1.7% | 4.6% | -26.2% | -1.0% | 4.5% | 9.8% | 8.9% | 4.1% | -1.4% |
| EBITDA Margin | 1.3% | 12.0% | -34.1% | 3.9% | 16.1% | 16.1% | 17.4% | 16.4% | 16.1% | 0.5% |
| Net Margin | -5.5% | -1.8% | -43.6% | -21.3% | -4.3% | 4.9% | 9.1% | 1.5% | -6.2% | -10.4% |
| FCF Margin | 4.3% | -0.3% | 2.5% | -6.7% | 3.1% | 10.4% | 7.3% | 6.0% | 4.7% | 6.0% |
| Effective Tax Rate | 39.4% | 16.2% | 0.2% | -53.0% | 71.7% | 38.6% | 25.8% | 46.5% | -1.6% | 3.3% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | $0.51 | $-0.04 | $0.28 | $-0.42 | $0.19 | $0.66 | $0.45 | $0.42 | $0.32 | $0.40 |
| Dividends Per Share | $0.58 | $0.50 | $0.46 | $0.26 | $0.03 | $0.07 | $0.02 | $0.02 | $0.02 | $0.02 |
| Shares Outstanding (Basic) | $639.7M | $746.9M | $751.2M | $759.1M | $764.8M | $820.6M | $849.0M | $874.4M | $872.1M | $877.4M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | -18.06% |
| Return on Invested Capital | 3.63% |
| Return on Assets | -5.93% |
| Gross Margin | 59.09% |
| Operating Margin | 5.00% |
| Net Margin | -10.42% |
Financial Health
| Debt / Equity | 1.15 |
| Current Ratio | 0.75 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -0.17 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | -28.42 | -61.30 | -2.31 | -3.10 | -105.30 | 25.03 | 21.19 | 112.06 | -10.57 | -3.09 |
| P/B | 1.29 | 1.19 | 1.90 | 1.13 | 1.83 | 1.99 | 2.64 | 2.15 | 1.10 | 0.61 |
| P/S | 1.57 | 1.12 | 1.01 | 0.72 | 1.54 | 1.24 | 1.88 | 1.39 | 0.69 | 0.33 |
| Gross Margin | 60.4% | 61.6% | 61.8% | 58.1% | 60.0% | 63.7% | 63.9% | 64.4% | 64.8% | 62.9% |
| Operating Margin | -5.7% | 1.7% | 4.6% | -26.2% | -1.0% | 4.5% | 9.8% | 8.9% | 4.1% | -1.4% |
| Net Margin | -5.5% | -1.8% | -43.6% | -21.3% | -4.3% | 4.9% | 9.1% | 1.5% | -6.2% | -10.4% |