Detailed financial statements for Simulations Plus, Inc. (SLP): 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.
Simulations Plus, Inc. (SLP) is a worldwide developer of sophisticated software and services aimed at enhancing drug discovery and development processes. The company employs artificial intelligence and machine learning technologies to create tools for modeling, simulation, and predicting molecular characteristics. Its operations are divided into four main business units: Simulations Plus, Cognigen, DILIsym, and Lixoft.
Analysis Summary
Simulations Plus, Inc. reported revenue of $79.2M in the most recent fiscal year, growing at a 5-year CAGR of 13.7%.
Trailing-twelve-month margins: gross margin 63.4%, operating margin 14.0%, net margin 9.9%. Free cash flow grew at 15.9% CAGR over 5 years.
At the current price of $18.43, SLP trades at a P/E of 44.95 and an ROE of -51.86%. Market capitalisation stands at $373M.
Balance sheet quality for SLP: current ratio of 7.7, net cash position of $31.7M. 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 | $20.0M | $24.1M | $29.7M | $34.0M | $41.6M | $46.5M | $53.9M | $59.6M | $70.0M | $79.2M |
| Cost of Revenue | $4.6M | $6.3M | $8.0M | $9.0M | $10.6M | $10.6M | $10.8M | $11.6M | $26.9M | $33.0M |
| Gross Profit | $15.4M | $17.8M | $21.7M | $24.9M | $30.9M | $35.9M | $43.1M | $47.9M | $43.2M | $46.2M |
| Research & Development | $1.4M | $1.4M | $1.8M | $2.5M | $3.0M | $4.0M | $3.2M | $4.5M | $5.8M | $6.9M |
| Selling, General & Admin | $6.7M | $8.2M | $9.6M | $11.8M | $16.4M | $20.6M | $25.0M | $34.7M | $31.3M | $32.8M |
| Operating Expenses | $8.1M | $9.6M | $11.4M | $14.3M | $19.3M | $24.6M | $28.2M | $39.2M | $37.0M | $117.0M |
| Operating Income | $7.2M | $8.3M | $10.3M | $10.6M | $11.6M | $11.3M | $14.9M | $8.7M | $6.1M | -$70.7M |
| EBITDA | $9.2M | $10.4M | $13.0M | $13.3M | $14.3M | $14.7M | $18.7M | $13.1M | $18.1M | $14.7M |
| Interest Expense | 0 | $38188 | 0 | 0 | 0 | $22000 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $7.2M | $8.2M | $10.1M | $10.6M | $11.4M | $11.1M | $15.1M | $11.7M | $12.4M | -$69.4M |
| Income Tax | $2.3M | $2.5M | $1.2M | $2.0M | $2.1M | $1.3M | $2.6M | $1.7M | $2.5M | -$4.7M |
| Net Income | $5.0M | $5.8M | $8.9M | $8.6M | $9.3M | $9.8M | $12.5M | $10.0M | $10.0M | -$64.7M |
| EPS | $0.29 | $0.34 | $0.52 | $0.49 | $0.52 | $0.49 | $0.62 | $0.50 | $0.50 | $-3.22 |
| EPS (Diluted) | $0.29 | $0.33 | $0.50 | $0.48 | $0.50 | $0.47 | $0.60 | $0.49 | $0.49 | $-3.22 |
| Shares Outstanding (Diluted) | $17.2M | $17.5M | $17.9M | $18.1M | $18.5M | $20.7M | $20.7M | $20.5M | $20.3M | $20.1M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.0M | $6.2M | $9.4M | $11.4M | $49.2M | $37.0M | $51.6M | $57.5M | $10.3M | $30.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | $66.8M | $86.6M | $76.7M | $57.9M | $9.9M | $1.5M |
| Receivables | $3.7M | $5.5M | $7.5M | $8.3M | $10.5M | $13.1M | $13.8M | $10.2M | $9.1M | $14.6M |
| Inventory | $784199 | $462443 | $312593 | $765110 | $969688 | $1.0M | $1.4M | $804000 | 0 | 0 |
| Total Current Assets | $12.9M | $12.7M | $17.8M | $21.2M | $129.1M | $139.3M | $146.8M | $130.4M | $39.3M | $51.5M |
| Property, Plant & Equipment | $256381 | $291134 | $335224 | $341145 | $1.4M | $3.1M | $2.1M | $1.9M | $1.8M | $1.3M |
| Goodwill | $4.8M | $10.4M | $10.4M | $10.4M | $12.9M | $12.9M | $12.9M | $19.1M | $96.1M | $43.7M |
| Intangible Assets | $10.0M | $15.1M | $14.7M | $13.3M | $25.0M | $24.6M | $26.2M | $32.8M | $58.8M | $29.2M |
| Total Assets | $27.8M | $38.5M | $44.1M | $46.1M | $169.8M | $181.6M | $190.5M | $192.6M | $207.6M | $131.9M |
| Accounts Payable | $108111 | $240892 | $351605 | $204075 | $351000 | $387000 | $225000 | $144000 | $602000 | $470000 |
| Short-term Debt | 0 | 0 | 0 | 0 | $463465 | 0 | $461000 | $442000 | $475000 | $206000 |
| Total Current Liabilities | $2.1M | $2.0M | $4.8M | $4.8M | $5.5M | $11.6M | $7.7M | $12.0M | $12.1M | $6.7M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $5.1M | $12.7M | $12.2M | $8.4M | $13.8M | $15.8M | $12.3M | $22.6M | $25.2M | $7.1M |
| Retained Earnings | $11.3M | $13.7M | $18.5M | $22.4M | $27.4M | $32.4M | $40.0M | $25.2M | $30.4M | -$34.4M |
| Total Equity | $22.7M | $25.8M | $31.9M | $37.7M | $156.0M | $165.8M | $178.2M | $170.0M | $182.4M | $124.8M |
| Total Debt | 0 | 0 | 0 | 0 | $926777 | $1.3M | $1.4M | $1.2M | $1.0M | $616000 |
| Net Debt | -$8.0M | -$6.2M | -$9.4M | -$11.4M | -$115.1M | -$122.3M | -$126.8M | -$114.3M | -$19.2M | -$31.7M |
| Working Capital | $10.8M | $10.6M | $13.0M | $16.4M | $123.6M | $127.7M | $139.1M | $118.4M | $27.3M | $44.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $5.0M | $5.8M | $8.9M | $8.6M | $9.3M | $9.8M | $12.5M | $10.0M | $10.0M | -$64.7M |
| Depreciation & Amortization | $1.9M | $2.1M | $2.7M | $2.8M | $3.0M | $3.6M | $3.6M | $3.8M | $5.7M | $8.2M |
| Stock-based Compensation | $347077 | $585018 | $709083 | $1.1M | $1.6M | $2.8M | $3.0M | $4.8M | $6.5M | $6.4M |
| Change in Working Capital | -$1.8M | -$1.5M | -$1.5M | -$582955 | -$2.8M | $974000 | -$2.6M | $5.1M | -$4.2M | -$2.6M |
| Operating Cash Flow | $5.4M | $6.9M | $9.3M | $11.6M | $10.9M | $19.2M | $17.9M | $21.9M | $13.3M | $18.1M |
| Capital Expenditure | -$1.2M | -$1.6M | -$2.3M | -$2.0M | -$2.6M | -$4.6M | -$4.0M | -$4.3M | -$566000 | -$713000 |
| Acquisitions | -$720000 | -$2.8M | 0 | 0 | -$5.7M | $2.9M | $3.2M | -$8.2M | -$98.8M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$20.0M | 0 | 0 |
| Dividends Paid | -$3.4M | -$3.4M | -$4.2M | -$4.2M | -$4.3M | -$4.8M | -$4.8M | -$4.8M | -$4.8M | 0 |
| Free Cash Flow | $4.2M | $5.3M | $7.0M | $9.7M | $8.3M | $14.6M | $13.9M | $17.6M | $12.8M | $17.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +20.9% | +22.9% | +14.5% | +22.4% | +11.7% | +16.0% | +10.5% | +17.5% | +13.1% | |
| Net Income Growth (YoY) | +16.9% | +54.4% | -3.9% | +8.7% | +4.8% | +27.6% | -20.2% | -0.1% | -750.2% | |
| EPS Growth (YoY) | +17.2% | +52.9% | -5.8% | +6.1% | -5.8% | +26.5% | -19.4% | +0.0% | -744.0% | |
| Shares Change (YoY) | +1.8% | +2.0% | +1.1% | +2.7% | +11.9% | +0.0% | -1.4% | -0.8% | -1.0% | |
| FCF Growth (YoY) | +27.2% | +30.8% | +39.1% | -14.0% | +75.6% | -4.8% | +26.2% | -27.5% | +36.5% | |
| Gross Margin | 77.0% | 73.9% | 73.1% | 73.4% | 74.4% | 77.2% | 79.9% | 80.5% | 61.6% | 58.4% |
| Operating Margin | 36.2% | 34.2% | 34.7% | 31.3% | 27.9% | 24.2% | 27.7% | 14.6% | 8.8% | -89.3% |
| EBITDA Margin | 45.9% | 43.1% | 43.9% | 39.2% | 34.5% | 31.6% | 34.7% | 21.9% | 25.8% | 18.6% |
| Net Margin | 24.8% | 24.0% | 30.1% | 25.3% | 22.4% | 21.1% | 23.2% | 16.7% | 14.2% | -81.7% |
| FCF Margin | 20.9% | 22.0% | 23.5% | 28.5% | 20.0% | 31.5% | 25.8% | 29.5% | 18.2% | 22.0% |
| Effective Tax Rate | 31.6% | 29.8% | 11.9% | 18.7% | 18.0% | 11.8% | 17.4% | 14.8% | 19.8% | 6.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.24 | $0.30 | $0.39 | $0.54 | $0.45 | $0.71 | $0.67 | $0.86 | $0.63 | $0.87 |
| Dividends Per Share | $0.20 | $0.20 | $0.23 | $0.23 | $0.23 | $0.23 | $0.23 | $0.23 | $0.24 | $0.00 |
| Shares Outstanding (Basic) | $17.0M | $17.2M | $17.3M | $17.5M | $17.8M | $20.0M | $20.2M | $20.1M | $20.0M | $20.1M |
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 | -51.86% |
| Return on Invested Capital | -52.61% |
| Return on Assets | -49.05% |
| Gross Margin | 63.38% |
| Operating Margin | 14.02% |
| Net Margin | 9.88% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 5.54 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 30.41 | 42.65 | 40.10 | 73.69 | 114.58 | 90.41 | 96.85 | 88.98 | 72.50 | -4.40 |
| P/B | 6.61 | 9.69 | 11.32 | 16.76 | 6.80 | 5.36 | 6.80 | 5.25 | 3.97 | 2.28 |
| P/S | 7.52 | 10.36 | 12.18 | 18.59 | 25.53 | 19.11 | 22.50 | 14.99 | 10.35 | 3.60 |
| Gross Margin | 77.0% | 73.9% | 73.1% | 73.4% | 74.4% | 77.2% | 79.9% | 80.5% | 61.6% | 58.4% |
| Operating Margin | 36.2% | 34.2% | 34.7% | 31.3% | 27.9% | 24.2% | 27.7% | 14.6% | 8.8% | -89.3% |
| Net Margin | 24.8% | 24.0% | 30.1% | 25.3% | 22.4% | 21.1% | 23.2% | 16.7% | 14.2% | -81.7% |
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