Detailed financial statements for People Incorporated (PPLI): 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.
People Incorporated, together with its subsidiaries, operates as a media and internet company worldwide. The company publishes original and engaging digital content in the form of articles, illustrations, and videos and images; and magazines related to women and lifestyle under the media platforms and formats, such as People, Entertainment Weekly, People en Español, Allrecipes, Food & Wine, Simply Recipes, Serious Eats, EatingWell, The Spruce Eats, Liquor.com, MyRecipes, Feed...
Analysis Summary
People Incorporated reported revenue of $2.39B in the most recent fiscal year, growing at a 5-year CAGR of -2.8%.
Trailing-twelve-month margins: gross margin 65.7%, operating margin 0.9%, net margin 16.2%. Free cash flow grew at -14.8% CAGR over 5 years.
At $41.73 (closing price, October 6, 2026), PPLI trades at a P/E of 9.31 and an ROE of 7.08%. Market capitalisation stands at $3.1B.
Balance sheet quality for PPLI: current ratio of 2.8, net debt of $465.6M. 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 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $1.75B | $3.31B | $2.53B | $2.51B | $2.76B | $3.70B | $5.24B | $4.37B | $3.81B | $2.39B |
| Cost of Revenue | $383.6M | $651.0M | $501.2M | $547.7M | $745.4M | $1.30B | $1.93B | $1.34B | $1.06B | $809.8M |
| Gross Profit | $1.36B | $2.66B | $2.03B | $1.96B | $2.02B | $2.40B | $3.30B | $3.02B | $2.75B | $1.58B |
| Research & Development | $128.8M | $250.9M | $177.3M | $132.6M | $185.3M | $230.8M | $318.0M | $334.5M | $323.7M | $196.0M |
| Selling, General & Admin | $1.20B | $2.10B | $1.67B | $1.69B | $1.91B | $2.16B | $2.91B | $2.47B | $2.16B | $1.15B |
| Operating Expenses | $1.70B | $2.47B | $2.00B | $1.96B | $2.56B | $2.54B | $3.78B | $3.28B | $2.75B | $1.47B |
| Operating Income | -$333.2M | $188.5M | $35.8M | $5.7M | -$537.7M | -$137.1M | -$474.8M | -$260.8M | -$4.2M | $110.0M |
| EBITDA | $36.1M | $288.7M | $186.4M | $175.9M | $456.0M | $913.9M | -$977.4M | $1.10B | -$265.1M | $168.7M |
| Interest Expense | $109.1M | $105.3M | $13.1M | $11.9M | $16.2M | $34.3M | $110.2M | $157.6M | $155.9M | $120.0M |
| Pre-tax Income | -$277.0M | $67.0M | $305.6M | $34.3M | $244.2M | $729.8M | -$1.53B | $367.1M | -$692.4M | -$81.9M |
| Income Tax | -$89.5M | -$291.1M | $13.2M | -$47.3M | -$45.7M | $139.0M | -$331.1M | $108.8M | -$159.1M | $34.8M |
| Net Income | -$182.9M | $37.0M | $246.8M | $22.9M | $269.7M | $597.5M | -$1.17B | $265.9M | -$539.9M | -$104.0M |
| EPS | $-2.26 | $0.42 | $2.90 | $0.27 | $3.16 | $6.72 | $-13.55 | $2.97 | $-6.49 | $-1.30 |
| EPS (Diluted) | $-2.26 | $0.42 | $2.90 | $0.27 | $2.97 | $6.33 | $-13.55 | $2.97 | $-6.49 | $-1.30 |
| Shares Outstanding (Diluted) | $80.8M | $88.4M | $85.1M | $85.1M | $90.9M | $94.7M | $86.4M | $86.5M | $83.2M | $80.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $589.8M | $646.0M | $422.9M | $436.7M |
| Gross Profit | $382.3M | $450.9M | $263.1M | $279.9M |
| Operating Income | -$20.4M | $94.1M | -$40.1M | -$14.3M |
| EBITDA | $11.1M | $60.7M | $34.4M | -$720.0M |
| Net Income | -$21.9M | -$76.8M | -$71.9M | $509.5M |
| EPS | $-0.27 | $-0.99 | $-0.94 | $6.78 |
| EPS (Diluted) | $-0.27 | $-0.99 | $-0.94 | $6.68 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.33B | $757.2M | $2.13B | $839.8M | $3.37B | $2.12B | $1.42B | $1.30B | $1.80B | $960.2M |
| Short-term Investments | $89.3M | $5.0M | $123.7M | 0 | $225.0M | $19.8M | $239.4M | $149.0M | 0 | 0 |
| Receivables | $261.5M | $187.2M | $180.1M | $181.9M | $257.7M | $695.5M | $607.8M | $536.6M | $519.7M | $448.8M |
| Inventory | 0 | 0 | 0 | 0 | $317,000 | $30.7M | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.84B | $1.06B | $2.76B | $1.23B | $4.12B | $3.08B | $2.56B | $2.24B | $2.49B | $1.54B |
| Property, Plant & Equipment | $306.2M | $253.5M | $318.8M | $305.4M | $274.9M | $570.5M | $510.6M | $455.3M | $392.8M | $287.4M |
| Goodwill | $1.92B | $1.31B | $2.73B | $1.62B | $1.66B | $3.23B | $3.03B | $3.02B | $2.88B | $1.79B |
| Intangible Assets | $355.5M | $433.4M | $631.4M | $350.1M | $395.0M | $1.41B | $1.17B | $874.7M | $722.1M | $465.9M |
| Total Assets | $4.65B | $3.17B | $6.87B | $4.10B | $9.16B | $12.30B | $10.39B | $10.37B | $9.55B | $7.13B |
| Accounts Payable | $62.9M | $61.3M | $74.9M | $72.5M | $88.8M | $203.2M | $133.1M | $105.5M | $72.0M | $37.5M |
| Short-term Debt | $5.8M | $13.8M | $13.8M | $13.8M | 0 | $30.0M | $30.0M | $30.0M | $35.0M | $24.5M |
| Total Current Liabilities | $713.4M | $473.6M | $527.5M | $585.3M | $750.9M | $1.38B | $1.08B | $950.5M | $886.2M | $560.9M |
| Long-term Debt | $1.58B | $258.3M | $2.25B | $231.9M | $712.3M | $2.05B | $2.02B | $1.99B | $1.93B | $1.40B |
| Total Liabilities | $2.78B | $878.7M | $3.26B | $1.05B | $1.78B | $4.53B | $3.79B | $3.58B | $3.24B | $2.34B |
| Retained Earnings | $290.1M | $595.0M | $1.26B | 0 | $694.0M | $905.2M | -$265.0M | $923,000 | -$539.0M | -$643.0M |
| Total Equity | $1.87B | $2.00B | $2.84B | $2.54B | $6.60B | $7.18B | $5.93B | $6.08B | $5.58B | $4.73B |
| Total Debt | $1.60B | $272.1M | $261.2M | $245.7M | $712.3M | $2.08B | $2.05B | $2.02B | $1.97B | $1.43B |
| Net Debt | $184.0M | -$1.36B | -$1.99B | -$594.1M | -$2.88B | -$62.3M | $393.0M | $576.7M | $168.7M | $465.6M |
| Working Capital | $1.13B | $581.9M | $2.24B | $643.9M | $3.37B | $1.69B | $1.48B | $1.29B | $1.60B | $983.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $1.01B | $960.2M | $1.11B | $1.11B |
| Total Assets | $7.19B | $7.13B | $6.82B | $7.52B |
| Total Liabilities | $2.34B | $2.34B | $2.23B | $2.39B |
| Total Equity | $4.79B | $4.73B | $4.55B | $5.08B |
| Total Debt | $1.43B | $1.43B | $1.42B | $1.41B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$182.9M | $358.0M | $292.4M | $22.9M | $289.9M | $596.6M | -$1.20B | $258.3M | -$533.3M | -$116.8M |
| Depreciation & Amortization | $93.9M | $116.4M | $149.5M | $129.7M | $195.7M | $149.9M | $438.7M | $471.1M | $271.4M | $130.6M |
| Stock-based Compensation | $50.7M | $264.6M | $148.4M | $130.2M | $189.0M | $79.5M | $123.5M | $117.2M | $112.5M | $32.3M |
| Change in Working Capital | -$3.4M | -$95.0M | -$5.6M | -$101.3M | -$112.6M | -$111.4M | -$387.3M | -$226.9M | -$42.4M | -$141.1M |
| Operating Cash Flow | $120.8M | $416.7M | $369.4M | $251.8M | $154.6M | $137.0M | -$82.8M | $189.5M | $354.5M | $61.3M |
| Capital Expenditure | -$26.3M | -$75.5M | -$54.7M | -$95.1M | -$60.7M | -$90.2M | -$139.8M | -$141.4M | -$65.5M | -$19.2M |
| Acquisitions | -$16.7M | $39.2M | $70.7M | -$28.4M | -$1.68B | -$2.68B | $90.8M | $11.9M | $174.0M | $11.4M |
| Stock Repurchased | -$243.7M | -$56.4M | 0 | -$35.3M | -$63.7M | -$35.4M | -$93.5M | -$176.6M | -$28.6M | -$315.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $94.6M | $341.2M | $314.8M | $156.7M | $93.9M | $46.7M | -$222.5M | $48.2M | $289.0M | $42.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $30.1M | $36.6M | $15.4M | $29.6M |
| Capital Expenditure | -$4.9M | -$5.2M | -$8.0M | -$11.2M |
| Free Cash Flow | $25.3M | $31.4M | $7.4M | $18.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $17.0M | $16.2M | $16.4M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +89.5% | -23.4% | -0.9% | +10.1% | +33.8% | +41.5% | -16.6% | -12.8% | -37.1% |
| Net Income Growth (YoY) | | +120.2% | +566.8% | -90.7% | +1,078.1% | +121.5% | -295.8% | +122.7% | -303.0% | +80.7% |
| EPS Growth (YoY) | | +118.6% | +590.5% | -90.7% | +1,070.4% | +112.7% | -301.6% | +121.9% | -318.5% | +80.0% |
| Shares Change (YoY) | | +9.4% | -3.7% | +0.0% | +6.8% | +4.1% | -8.8% | +0.1% | -3.8% | -3.8% |
| FCF Growth (YoY) | | +260.7% | -7.7% | -50.2% | -40.1% | -50.2% | -576.1% | +121.6% | +500.1% | -85.4% |
| Gross Margin | 78.0% | 80.3% | 80.2% | 78.2% | 73.0% | 65.0% | 63.1% | 69.2% | 72.2% | 66.2% |
| Operating Margin | -19.1% | 5.7% | 1.4% | 0.2% | -19.4% | -3.7% | -9.1% | -6.0% | -0.1% | 4.6% |
| EBITDA Margin | 2.1% | 8.7% | 7.4% | 7.0% | 16.5% | 24.7% | -18.7% | 25.1% | -7.0% | 7.1% |
| Net Margin | -10.5% | 1.1% | 9.7% | 0.9% | 9.8% | 16.2% | -22.4% | 6.1% | -14.2% | -4.3% |
| FCF Margin | 5.4% | 10.3% | 12.4% | 6.2% | 3.4% | 1.3% | -4.3% | 1.1% | 7.6% | 1.8% |
| Effective Tax Rate | 32.3% | -434.7% | 4.3% | -138.0% | -18.7% | 19.0% | 21.7% | 29.6% | 23.0% | -42.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $1.17 | $3.86 | $3.70 | $1.84 | $1.03 | $0.49 | $-2.58 | $0.56 | $3.47 | $0.53 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $80.8M | $88.4M | $85.1M | $85.1M | $85.4M | $89.2M | $86.4M | $86.5M | $83.2M | $80.0M |
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 | 7.08% |
| Return on Invested Capital | 0.18% |
| Return on Assets | 4.51% |
| Gross Margin | 65.68% |
| Operating Margin | 0.92% |
| Net Margin | 16.18% |
Financial Health
| Debt / Equity | 0.28 |
| Current Ratio | 3.69 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.23 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -5.12 | 52.02 | 11.28 | 164.89 | 32.71 | 15.96 | -2.69 | 14.47 | -5.45 | -30.08 |
| P/B | 0.50 | 0.97 | 0.98 | 1.50 | 1.34 | 1.33 | 0.53 | 0.61 | 0.53 | 0.66 |
| P/S | 0.54 | 0.58 | 1.10 | 1.51 | 3.19 | 2.59 | 0.60 | 0.85 | 0.77 | 1.31 |
| Gross Margin | 78.0% | 80.3% | 80.2% | 78.2% | 73.0% | 65.0% | 63.1% | 69.2% | 72.2% | 66.2% |
| Operating Margin | -19.1% | 5.7% | 1.4% | 0.2% | -19.4% | -3.7% | -9.1% | -6.0% | -0.1% | 4.6% |
| Net Margin | -10.5% | 1.1% | 9.7% | 0.9% | 9.8% | 16.2% | -22.4% | 6.1% | -14.2% | -4.3% |