Detailed financial statements for LiveRamp Holdings, Inc. (RAMP): 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.
LiveRamp Holdings, Inc. operates as a technology enterprise, delivering sophisticated enterprise data connectivity solutions throughout the United States, Europe, and the Asia-Pacific region. Its product portfolio includes: RampID: A fundamental identifier focused on individuals. Safe Haven: A robust platform designed to empower businesses with data utilization.
Analysis Summary
LiveRamp Holdings, Inc. reported revenue of $812.9M in the most recent fiscal year, growing at a 5-year CAGR of 12.9%.
Trailing-twelve-month margins: gross margin 70.8%, operating margin 12.0%, net margin 18.7%.
At $38.50 (closing price, October 30, 2026), RAMP trades at a P/E of 15.98 and an ROE of 16.16%. Market capitalisation stands at $2.3B.
Balance sheet quality for RAMP: debt-to-equity ratio of 0.03, current ratio of 2.66 over the last 12 months, net cash position of $357.5M 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 $167.6M represents 115% 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 | $880.2M | $917.4M | $285.6M | $380.6M | $443.0M | $528.7M | $596.6M | $659.7M | $745.6M | $812.9M |
| Cost of Revenue | $477.7M | $466.4M | $120.7M | $152.7M | $144.0M | $147.4M | $170.1M | $179.5M | $215.9M | $238.1M |
| Gross Profit | $402.6M | $451.0M | $164.9M | $227.9M | $299.0M | $381.2M | $426.5M | $480.2M | $529.7M | $574.8M |
| Research & Development | $82.1M | $94.9M | $85.7M | $106.0M | $135.1M | $157.9M | $189.2M | $151.2M | $176.7M | $148.1M |
| Selling, General & Admin | $296.4M | $339.1M | $257.4M | $297.8M | $281.7M | $287.4M | $327.8M | $305.9M | $339.6M | $338.2M |
| Operating Expenses | $378.5M | $434.0M | $343.1M | $408.8M | $419.6M | $446.8M | $552.3M | $468.8M | $524.3M | $486.4M |
| Operating Income | $15.7M | $10.6M | -$198.1M | -$180.9M | -$120.5M | -$65.5M | -$125.8M | $11.4M | $5.4M | $88.5M |
| EBITDA | -$108.5M | -$93.2M | -$144.4M | -$140.0M | -$90.1M | -$39.8M | -$97.7M | $46.3M | $40.2M | $111.5M |
| Interest Expense | $7.4M | $10.1M | 0 | 0 | 0 | 0 | $366,000 | $436,000 | $169,000 | 0 |
| Pre-tax Income | $8.6M | $709,000 | -$179.4M | -$165.5M | -$120.8M | -$35.1M | -$118.9M | $34.4M | $22.8M | $98.1M |
| Income Tax | $4.5M | -$22.8M | -$45.4M | -$40.3M | -$30.5M | -$1.2M | $5.3M | $24.3M | $25.3M | -$46.7M |
| Net Income | $4.1M | $23.5M | $1.03B | -$124.5M | -$90.3M | -$33.8M | -$118.7M | $11.9M | -$814,000 | $146.0M |
| EPS | $0.05 | $0.30 | $13.74 | -$1.85 | -$1.36 | -$0.50 | -$1.79 | $0.18 | -$0.01 | $2.30 |
| EPS (Diluted) | $0.05 | $0.29 | $13.71 | -$1.85 | -$1.36 | -$0.50 | -$1.79 | $0.17 | -$0.01 | $2.25 |
| Shares Outstanding (Diluted) | 79.8 M | 81.5 M | 75.0 M | 67.8 M | 66.3 M | 68.2 M | 66.4 M | 67.9 M | 67.3 M | 63.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $199.8M | $212.2M | $206.1M | $214.0M |
| Gross Profit | $140.2M | $152.5M | $145.5M | $150.9M |
| Operating Income | $21.4M | $39.5M | $18.6M | $20.2M |
| EBITDA | $28.3M | $46.2M | $22.6M | $20.4M |
| Net Income | $27.4M | $39.9M | $70.9M | $17.5M |
| EPS | $0.42 | $0.62 | $1.13 | $0.29 |
| EPS (Diluted) | $0.42 | $0.62 | $1.09 | $0.28 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $170.3M | $142.3M | $1.06B | $717.8M | $572.8M | $600.2M | $464.4M | $336.9M | $413.3M | $379.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | $7.5M | $7.5M | $32.8M | $32.0M | $7.5M | $7.5M |
| Receivables | $153.9M | $62.0M | $106.6M | $138.8M | $189.0M | $178.7M | $186.3M | $198.8M | $195.9M | $223.2M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $368.5M | $360.3M | $1.19B | $896.4M | $825.7M | $815.8M | $714.6M | $602.0M | $656.2M | $653.1M |
| Property, Plant & Equipment | $156.0M | $156.5M | $26.0M | $37.2M | $23.7M | $71.0M | $7.1M | $32.7M | $25.5M | $23.4M |
| Goodwill | $592.7M | $596.0M | $204.7M | $297.8M | $357.4M | $363.8M | $363.1M | $501.8M | $501.8M | $502.1M |
| Intangible Assets | $55.6M | $42.7M | $6.9M | $45.2M | $39.7M | $26.7M | $9.9M | $34.6M | $20.2M | $9.2M |
| Total Assets | $1.23B | $1.21B | $1.47B | $1.30B | $1.29B | $1.33B | $1.17B | $1.23B | $1.26B | $1.29B |
| Accounts Payable | $40.2M | $18.8M | $31.2M | $42.2M | $40.0M | $83.2M | $86.6M | $81.2M | $112.3M | $129.7M |
| Short-term Debt | $39.8M | $1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $230.2M | $178.4M | $95.1M | $161.4M | $165.2M | $184.6M | $174.8M | $216.6M | $247.5M | $264.8M |
| Long-term Debt | $189.2M | $227.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $495.6M | $460.2M | $142.1M | $214.4M | $207.6M | $270.7M | $246.6M | $282.3M | $310.5M | $322.2M |
| Retained Earnings | $602.6M | $628.3M | $1.67B | $1.55B | $1.45B | $1.42B | $1.30B | $1.31B | $1.31B | $1.46B |
| Total Equity | $739.0M | $749.1M | $1.33B | $1.09B | $1.08B | $1.06B | $926.1M | $949.1M | $948.9M | $972.0M |
| Total Debt | $229.1M | $229.4M | 0 | $21.1M | $13.8M | $61.2M | $47.2M | $42.2M | $36.3M | $29.6M |
| Net Debt | $58.7M | $87.1M | -$1.06B | -$696.7M | -$566.5M | -$546.4M | -$450.1M | -$326.7M | -$384.5M | -$357.5M |
| Working Capital | $138.3M | $182.0M | $1.10B | $735.0M | $660.5M | $631.3M | $539.7M | $385.5M | $408.7M | $388.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $369.4M | $395.9M | $379.5M | $363.5M |
| Total Assets | $1.24B | $1.27B | $1.29B | $1.28B |
| Total Liabilities | $296.6M | $306.9M | $322.2M | $301.4M |
| Total Equity | $943.8M | $962.3M | $972.0M | $977.4M |
| Total Debt | $33.3M | $53.1M | $29.6M | $33.1M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $4.1M | $23.5M | -$133.9M | -$124.5M | -$90.3M | -$33.8M | -$124.1M | $10.1M | -$2.5M | $144.8M |
| Depreciation & Amortization | $82.7M | $37.6M | $33.8M | $35.9M | $27.7M | $24.2M | $20.8M | $11.5M | $17.2M | $13.4M |
| Stock-based Compensation | $49.1M | $63.2M | $102.7M | $89.4M | $111.7M | $87.3M | $125.8M | $71.3M | $108.0M | $83.0M |
| Change in Working Capital | -$14.3M | -$44.9M | -$21.0M | -$30.6M | -$71.6M | $27.8M | -$21.4M | $5.1M | $31.2M | -$20.0M |
| Operating Cash Flow | $115.8M | $112.2M | -$460.5M | -$28.8M | -$20.6M | $78.1M | $39.8M | $107.4M | $155.7M | $168.9M |
| Capital Expenditure | -$62.5M | -$57.9M | -$8.6M | -$11.7M | -$2.2M | -$4.5M | -$4.7M | -$4.3M | -$1.0M | -$1.4M |
| Acquisitions | -$121.4M | -$1.5M | -$2.5M | -$105.4M | -$76.0M | -$19.1M | 0 | -$170.3M | -$2.0M | -$595,000 |
| Stock Repurchased | -$30.5M | -$88.9M | -$577.8M | -$182.2M | -$42.3M | -$58.6M | -$150.0M | -$60.5M | -$101.2M | -$194.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $53.4M | $54.2M | -$469.1M | -$40.5M | -$22.7M | $73.6M | $35.1M | $103.2M | $154.6M | $167.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $57.4M | $67.3M | $60.1M | $17.0M |
| Capital Expenditure | -$589,000 | -$162,000 | $44,000 | -$703,000 |
| Free Cash Flow | $56.8M | $67.1M | $60.1M | $16.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $20.5M | $18.1M | $18.9M | $20.9M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4.2% | -68.9% | +33.2% | +16.4% | +19.3% | +12.8% | +10.6% | +13.0% | +9.0% | |
| Net Income Growth (YoY) | +471.6% | +4,280.5% | -112.1% | +27.5% | +62.5% | -250.8% | +110.0% | -106.9% | +18,030.2% | |
| EPS Growth (YoY) | +500.0% | +4,480.0% | -113.5% | +26.5% | +63.2% | -258.0% | +110.1% | -106.8% | +18,799.2% | |
| Shares Change (YoY) | +2.1% | -8.0% | -9.7% | -2.1% | +2.9% | -2.7% | +2.4% | -0.9% | -5.8% | |
| FCF Growth (YoY) | +1.6% | -965.3% | +91.4% | +43.8% | +423.5% | -52.2% | +193.6% | +49.8% | +8.4% | |
| Gross Margin | 45.7% | 49.2% | 57.7% | 59.9% | 67.5% | 72.1% | 71.5% | 72.8% | 71.0% | 70.7% |
| Operating Margin | 1.8% | 1.2% | -69.4% | -47.5% | -27.2% | -12.4% | -21.1% | 1.7% | 0.7% | 10.9% |
| EBITDA Margin | -12.3% | -10.2% | -50.6% | -36.8% | -20.3% | -7.5% | -16.4% | 7.0% | 5.4% | 13.7% |
| Net Margin | 0.5% | 2.6% | 360.1% | -32.7% | -20.4% | -6.4% | -19.9% | 1.8% | -0.1% | 18.0% |
| FCF Margin | 6.1% | 5.9% | -164.3% | -10.6% | -5.1% | 13.9% | 5.9% | 15.6% | 20.7% | 20.6% |
| Effective Tax Rate | 52.5% | -3,211.7% | 25.3% | 24.3% | 25.3% | 3.5% | -4.4% | 70.6% | 111.0% | -47.6% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.67 | $0.67 | -$6.25 | -$0.60 | -$0.34 | $1.08 | $0.53 | $1.52 | $2.30 | $2.64 |
| 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) | 77.6 M | 78.9 M | 74.8 M | 67.8 M | 66.3 M | 68.2 M | 66.4 M | 66.3 M | 66.3 M | 62.4 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 | 16.16% |
| Return on Invested Capital | 9.49% |
| Return on Assets | 12.18% |
| Gross Margin | 70.82% |
| Operating Margin | 11.98% |
| Net Margin | 18.71% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 2.66 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 5.87 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 569.40 | 75.70 | 3.99 | -17.79 | -38.15 | -74.78 | -12.25 | 189.00 | -2,125.20 | 11.53 |
| P/B | 2.99 | 2.39 | 3.08 | 2.05 | 3.18 | 2.40 | 1.57 | 2.38 | 1.83 | 1.70 |
| P/S | 2.51 | 1.95 | 14.35 | 5.86 | 7.76 | 4.82 | 2.44 | 3.42 | 2.32 | 2.04 |
| Gross Margin | 45.7% | 49.2% | 57.7% | 59.9% | 67.5% | 72.1% | 71.5% | 72.8% | 71.0% | 70.7% |
| Operating Margin | 1.8% | 1.2% | -69.4% | -47.5% | -27.2% | -12.4% | -21.1% | 1.7% | 0.7% | 10.9% |
| Net Margin | 0.5% | 2.6% | 360.1% | -32.7% | -20.4% | -6.4% | -19.9% | 1.8% | -0.1% | 18.0% |
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