Detailed financial statements for Ryvyl Inc. (RVYL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Ryvyl Inc., a financial technology company, develops software platforms and tools that focuses on providing payment acceptance and disbursement capabilities in North America, Europe, and Asia. It offers dual-sided platform that enables businesses to accept payments from customers while distributing funds to vendors, employees, and partners; treasury management services; and payment solutions, including automated clearing house and wire transfer services.
Analysis Summary
Ryvyl Inc. reported revenue of $11.1M in the most recent fiscal year, growing at a 5-year CAGR of 5.5%.
Trailing-twelve-month margins: gross margin 45.1%, operating margin -153.0%, net margin -184.2%.
At the current price of $3.81, RVYL has negative trailing earnings (P/E not meaningful) and an ROE of -287.01%. Market capitalisation stands at $2M.
Balance sheet quality for RVYL: current ratio of 1.1, net cash position of $5.8M. 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 | $1.7M | $2.1M | $910808 | $10.0M | $8.5M | $26.3M | $32.9M | $65.9M | $56.0M | $11.1M |
| Cost of Revenue | $817297 | $1.1M | $677147 | $11.1M | $4.8M | $10.1M | $16.8M | $40.2M | $33.6M | $5.8M |
| Gross Profit | $898225 | $1.1M | $233661 | -$1.1M | $3.7M | $16.2M | $16.1M | $25.7M | $22.4M | $5.3M |
| Research & Development | 0 | $110950 | $376871 | $1.3M | $1.4M | $3.9M | $6.3M | $5.8M | $3.8M | $559000 |
| Selling, General & Admin | $784778 | $867722 | $1.6M | $3.3M | $7.4M | $40.7M | $26.8M | $29.7M | $25.9M | $13.8M |
| Operating Expenses | $784778 | $867722 | $6275 | $4.5M | $8.8M | $45.4M | $54.0M | $38.0M | $43.3M | $14.7M |
| Operating Income | $113447 | $195746 | $6275 | -$5.6M | -$5.1M | -$29.2M | -$37.8M | -$12.3M | -$20.9M | -$9.4M |
| EBITDA | $127483 | -$333861 | -$1.8M | -$4.5M | -$3.5M | -$29.4M | -$6.1M | -$33.8M | -$20.3M | -$13.3M |
| Interest Expense | $22128 | $33578 | $59573 | $799705 | $1.5M | $4.9M | $22.1M | $16.5M | $3.1M | $1.9M |
| Pre-tax Income | $94881 | $167445 | -$53298 | -$4.7M | -$5.0M | -$35.3M | -$49.2M | -$52.8M | -$25.7M | -$15.7M |
| Income Tax | $37023 | $77974 | -$19112 | 0 | 0 | $4906 | -$8703 | $289000 | $1.1M | $318000 |
| Net Income | $57858 | $89471 | -$34186 | -$4.7M | -$5.0M | -$35.3M | -$49.2M | -$53.1M | -$26.8M | -$17.5M |
| EPS | $0.84 | $1.24 | $-0.44 | $-61.25 | $-72.10 | $-227.50 | $-378.00 | $-353.85 | $-140.35 | $-29.33 |
| EPS (Diluted) | $0.84 | $1.24 | $-0.44 | $-61.25 | $-72.10 | $-227.50 | $-378.00 | $-353.85 | $-140.35 | $-29.33 |
| Shares Outstanding (Diluted) | $68788 | $72225 | $77448 | $79913 | $85340 | $116309 | $130206 | $150053 | $191262 | $597473 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $32761 | $90282 | $284978 | 0 | 0 | $89.0M | $14.0M | $12.2M | $2.6M | $7.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.5M |
| Receivables | $29608 | 0 | $49998 | $70257 | $10.1M | $6.7M | $8.6M | $13.7M | $1.2M | $1.1M |
| Inventory | 0 | -$3339 | -$952909 | 0 | 0 | $286360 | $302037 | 0 | 0 | 0 |
| Total Current Assets | $62369 | $111163 | $749775 | $12.1M | $12.0M | $96.6M | $59.2M | $89.9M | $95.4M | $11.1M |
| Property, Plant & Equipment | $60675 | $78763 | $30715 | $296130 | $175059 | $3.1M | $3.2M | $4.6M | $3.6M | $1.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | $6.5M | $26.8M | $26.8M | $18.9M | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $7.6M | $6.7M | $5.1M | $1.8M | $255000 |
| Total Assets | $123044 | $189926 | $749775 | $12.4M | $12.3M | $114.0M | $97.7M | $128.7M | $122.3M | $13.1M |
| Accounts Payable | $69957 | $31980 | $127029 | $504505 | $10.4M | $2.8M | $30.5M | $1.8M | $3.5M | $2.7M |
| Short-term Debt | $610952 | 0 | $846500 | $1.5M | $1.1M | $18.7M | $14446 | 0 | 0 | 0 |
| Total Current Liabilities | $111196 | $685751 | $659342 | $17.6M | $11.7M | $24.2M | $36.7M | $85.5M | $103.5M | $10.0M |
| Long-term Debt | $610952 | $28560 | $75000 | 0 | $149900 | $59.3M | $61.7M | $15.9M | $17.4M | $613000 |
| Total Liabilities | $736900 | $714311 | $919059 | $17.7M | $11.9M | $84.6M | $99.6M | $105.2M | $123.8M | $12.4M |
| Retained Earnings | $273971 | $363442 | $329256 | -$6.7M | -$11.7M | -$50.5M | -$99.8M | -$152.6M | -$179.4M | -$196.9M |
| Total Equity | -$613856 | -$524385 | -$169284 | -$5.4M | $385236 | $29.5M | -$1.9M | $23.5M | -$1.5M | $668000 |
| Total Debt | $630609 | $244703 | $644150 | $1.8M | $1.4M | $79.6M | $63.4M | $20.3M | $21.1M | $3.1M |
| Net Debt | $597848 | $154421 | $359172 | $1.8M | $1.4M | -$9.5M | $49.4M | $8.1M | $18.5M | -$5.8M |
| Working Capital | -$48827 | -$574588 | $90433 | -$5.5M | $278441 | $72.3M | $22.5M | $4.3M | -$8.2M | $1.1M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $57858 | $89471 | -$53298 | -$4.7M | -$5.0M | -$35.3M | -$49.2M | -$53.1M | -$26.8M | -$17.5M |
| Depreciation & Amortization | $10474 | $11086 | $6608 | $14019 | $15876 | $951232 | $21.0M | $2.6M | $2.3M | $493000 |
| Stock-based Compensation | 0 | 0 | 0 | $86500 | $3.0M | $3.7M | $3.0M | $1.9M | $624000 | $889000 |
| Change in Working Capital | -$126107 | $372044 | $8917 | $3.2M | -$3.5M | -$21.6M | $10.7M | $51.0M | $30.6M | -$18.0M |
| Operating Cash Flow | -$57775 | $467324 | $92464 | -$156744 | -$4.2M | -$27.2M | -$9.3M | $33.2M | $21.2M | -$23.0M |
| Capital Expenditure | -$3655 | -$7239 | -$31253 | -$49795 | -$6649 | -$158855 | -$162341 | -$108000 | -$47000 | -$79000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -$2.5M | -$47.5M | -$225000 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$10.6M | -$4.1M | 0 | -$229000 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$61430 | $460085 | $61211 | -$206539 | -$4.2M | -$27.3M | -$9.5M | $33.1M | $21.1M | -$23.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +24.4% | -57.3% | +998.2% | -14.8% | +208.6% | +25.1% | +100.2% | -15.0% | -80.1% | |
| Net Income Growth (YoY) | +54.6% | -138.2% | -13603.2% | -6.9% | -604.5% | -39.6% | -7.9% | +49.5% | +34.7% | |
| EPS Growth (YoY) | +47.5% | -135.6% | -13788.9% | -17.7% | -215.5% | -66.2% | +6.4% | +60.3% | +79.1% | |
| Shares Change (YoY) | +5.0% | +7.2% | +3.2% | +6.8% | +36.3% | +11.9% | +15.2% | +27.5% | +212.4% | |
| FCF Growth (YoY) | +849.0% | -86.7% | -437.4% | -1917.7% | -555.7% | +65.2% | +447.7% | -36.0% | -209.3% | |
| Gross Margin | 52.4% | 49.8% | 25.7% | -10.9% | 43.4% | 61.7% | 49.0% | 39.0% | 40.0% | 47.7% |
| Operating Margin | 6.6% | 9.2% | 0.7% | -56.1% | -59.9% | -111.0% | -115.0% | -18.7% | -37.3% | -84.6% |
| EBITDA Margin | 7.4% | -15.6% | -195.4% | -44.7% | -40.8% | -111.9% | -18.6% | -51.3% | -36.3% | -119.5% |
| Net Margin | 3.4% | 4.2% | -3.8% | -46.8% | -58.7% | -134.1% | -149.6% | -80.6% | -47.9% | -157.5% |
| FCF Margin | -3.6% | 21.6% | 6.7% | -2.1% | -48.9% | -103.9% | -28.9% | 50.2% | 37.8% | -207.7% |
| Effective Tax Rate | 39.0% | 46.6% | 35.9% | -0.0% | -0.0% | -0.0% | 0.0% | -0.5% | -4.4% | -2.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.89 | $6.37 | $0.79 | $-2.58 | $-48.83 | $-234.93 | $-73.01 | $220.28 | $110.55 | $-38.70 |
| 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) | $68788 | $72225 | $77448 | $79913 | $85340 | $116309 | $130206 | $150053 | $191262 | $597473 |
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 | -287.01% |
| Return on Invested Capital | -47.35% |
| Return on Assets | -43.64% |
| Gross Margin | 45.12% |
| Operating Margin | -153.03% |
| Net Margin | -184.17% |
Financial Health
| Debt / Equity | 0.06 |
| Current Ratio | 1.37 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 50.00 | 50.85 | -1619.05 | -3.43 | -31.75 | -6.46 | -0.43 | -0.41 | -0.32 | -0.19 |
| P/B | -4.71 | -8.68 | -326.66 | -3.13 | 507.07 | 5.80 | -10.90 | 0.93 | -5.83 | 5.07 |
| P/S | 1.68 | 2.13 | 60.71 | 1.68 | 22.91 | 6.50 | 0.64 | 0.33 | 0.16 | 0.30 |
| Gross Margin | 52.4% | 49.8% | 25.7% | -10.9% | 43.4% | 61.7% | 49.0% | 39.0% | 40.0% | 47.7% |
| Operating Margin | 6.6% | 9.2% | 0.7% | -56.1% | -59.9% | -111.0% | -115.0% | -18.7% | -37.3% | -84.6% |
| Net Margin | 3.4% | 4.2% | -3.8% | -46.8% | -58.7% | -134.1% | -149.6% | -80.6% | -47.9% | -157.5% |
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Explore sector: Technology · Software - Infrastructure
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