Detailed financial statements for Versant Media Group, Inc. Class A (VSNT): 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.
Versant Media Group, Inc. (Class A) functions as a leading entity within the media and entertainment sector. The company primarily focuses its operations across four distinct market categories: political news and commentary, financial reporting and personal wealth management, participation in golf and other athletic activities, and a range of sports and genre-specific entertainment.
Analysis Summary
Balance sheet quality for VSNT: current ratio of 4.0, net debt of $928.0M. 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 $1.85B represents 199% 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 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $7.83B | $7.44B | $7.06B | $6.69B |
| Cost of Revenue | $3.16B | $3.15B | $3.06B | $2.94B |
| Gross Profit | $4.67B | $4.29B | $4.00B | $3.75B |
| Research & Development | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.27B | $1.23B | $1.17B | $1.47B |
| Operating Expenses | $2.26B | $2.22B | $2.16B | $2.48B |
| Operating Income | $2.41B | $2.07B | $1.84B | $1.27B |
| EBITDA | $3.40B | $3.06B | $2.83B | $2.25B |
| Interest Expense | 0 | 0 | 0 | $13.0M |
| Pre-tax Income | $2.35B | $2.07B | $1.84B | $1.23B |
| Income Tax | $591.0M | $530.0M | $478.0M | $297.0M |
| Net Income | $1.76B | $1.54B | $1.36B | $930.0M |
| EPS | $12.21 | $10.65 | $9.43 | $6.43 |
| EPS (Diluted) | $12.21 | $10.65 | $9.43 | $6.43 |
| Shares Outstanding (Diluted) | $144.5M | $144.5M | $144.5M | $144.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $1.66B | $1.61B | $1.69B | $1.64B |
| Gross Profit | $535.0M | $634.0M | $1.05B | $994.0M |
| Operating Income | $190.0M | $270.0M | $442.0M | $367.0M |
| EBITDA | $379.0M | $474.0M | $706.0M | $633.0M |
| Net Income | $80.0M | $180.0M | $286.0M | $211.0M |
| EPS | $0.55 | $1.25 | $1.99 | $1.50 |
| EPS (Diluted) | $0.55 | $1.25 | $1.99 | $1.49 |
Balance Sheet (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $23.0M | $8.0M | $55.0M |
| Short-term Investments | 0 | 0 | 0 |
| Receivables | $1.35B | $1.25B | $1.15B |
| Inventory | 0 | 0 | 0 |
| Total Current Assets | $1.42B | $1.32B | $2.50B |
| Property, Plant & Equipment | $161.0M | $143.0M | $423.0M |
| Goodwill | $7.73B | $7.73B | $7.61B |
| Intangible Assets | $2.80B | $1.87B | $924.0M |
| Total Assets | $13.10B | $12.05B | $12.33B |
| Accounts Payable | $105.0M | $102.0M | $151.0M |
| Short-term Debt | 0 | 0 | 0 |
| Total Current Liabilities | $614.0M | $590.0M | $622.0M |
| Long-term Debt | 0 | 0 | $983.0M |
| Total Liabilities | $1.42B | $1.13B | $1.93B |
| Retained Earnings | 0 | 0 | 0 |
| Total Equity | $11.56B | $10.80B | $10.29B |
| Total Debt | 0 | 0 | $983.0M |
| Net Debt | -$23.0M | -$8.0M | $928.0M |
| Working Capital | $808.0M | $728.0M | $1.88B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $56.0M | $55.0M | $1.19B | $1.48B |
| Total Assets | $11.31B | $12.33B | $12.51B | $12.74B |
| Total Liabilities | $1.02B | $1.93B | $4.36B | $4.52B |
| Total Equity | $10.17B | $10.29B | $8.03B | $8.11B |
| Total Debt | 0 | $983.0M | $2.95B | $2.95B |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $1.76B | $1.54B | $1.36B | $931.0M |
| Depreciation & Amortization | $992.0M | $991.0M | $989.0M | $1.01B |
| Stock-based Compensation | $17.0M | $15.0M | $16.0M | $29.0M |
| Change in Working Capital | -$167.0M | $17.0M | -$14.0M | $150.0M |
| Operating Cash Flow | $2.51B | $2.43B | $2.21B | $2.02B |
| Capital Expenditure | -$65.0M | -$56.0M | -$54.0M | -$167.0M |
| Acquisitions | 0 | 0 | 0 | -$24.0M |
| Stock Repurchased | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | $2.44B | $2.37B | $2.16B | $1.85B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $433.0M | $476.0M | $585.0M | $967.0M |
| Capital Expenditure | -$58.0M | -$46.0M | -$27.0M | -$59.0M |
| Free Cash Flow | $375.0M | $430.0M | $558.0M | $908.0M |
| Dividends Paid | 0 | 0 | 0 | -$53.0M |
| Stock-based Compensation | 0 | 0 | 0 | $33.0M |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -5.0% | -5.1% | -5.3% |
| Net Income Growth (YoY) | | -12.8% | -11.4% | -31.8% |
| EPS Growth (YoY) | | -12.8% | -11.5% | -31.8% |
| Shares Change (YoY) | | +0.0% | +0.0% | +0.0% |
| FCF Growth (YoY) | | -2.9% | -9.1% | -14.0% |
| Gross Margin | 59.7% | 57.6% | 56.6% | 56.1% |
| Operating Margin | 30.8% | 27.8% | 26.1% | 19.0% |
| EBITDA Margin | 43.4% | 41.1% | 40.1% | 33.7% |
| Net Margin | 22.5% | 20.7% | 19.3% | 13.9% |
| FCF Margin | 31.2% | 31.9% | 30.5% | 27.7% |
| Effective Tax Rate | 25.2% | 25.6% | 25.9% | 24.2% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $16.91 | $16.41 | $14.92 | $12.83 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $144.5M | $144.5M | $144.5M | $144.5M |
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.
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 3.74 | 4.29 | 4.84 | 7.00 |
| P/B | 0.00 | 0.57 | 0.61 | 0.63 |
| P/S | 0.84 | 0.89 | 0.93 | 0.97 |
| Gross Margin | 59.7% | 57.6% | 56.6% | 56.1% |
| Operating Margin | 30.8% | 27.8% | 26.1% | 19.0% |
| Net Margin | 22.5% | 20.7% | 19.3% | 13.9% |