Blue Dolphin Financials
This page shows Blue Dolphin (BDCO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Working-capital strain has replaced FY2022-FY2023 profitability, leaving the business near breakeven on paper but still cash-tight and balance-sheet constrained.
Between FY2023 and FY2025, operating margin went from9.2% to-0.5% even as the current ratio stayed below 1.0x. That pairing suggests the earnings decline also removed the liquidity cushion, so weak conditions are no longer being buffered by cash generated inside the business itself.
In FY2025, inventory and receivables totaled about
The rise in debt-to-equity by FY2025 reflects a shrinking equity base more than a clearly expanding long-term debt load. Equity fell from
Financial Health Signals
We are recalculating Blue Dolphin's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Blue Dolphin scores 2.82, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Blue Dolphin passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Blue Dolphin earns $-0.3 in operating income for every $1 of interest expense (-$1.5M vs $5.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Blue Dolphin generated $279.4M in revenue in fiscal year 2025. This represents a decrease of 12.0% from the prior year.
Blue Dolphin's EBITDA was $1.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 189.8% from the prior year.
Blue Dolphin reported $0 in net income in fiscal year 2025.
Blue Dolphin earned $-0.38 per diluted share (EPS) in fiscal year 2025. This represents an increase of 34.5% from the prior year.
Cash & Balance Sheet
Blue Dolphin generated -$779K in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 95.0% from the prior year.
Blue Dolphin held $1.0M in cash against $0 in long-term debt as of fiscal year 2025.
Blue Dolphin had 15M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
Blue Dolphin's operating margin was -0.5% in fiscal year 2025, reflecting core business profitability. This is up 0.8 percentage points from the prior year.
Blue Dolphin's net profit margin was 0.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.0 percentage points from the prior year.
Blue Dolphin's ROE was 0.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.0 percentage points from the prior year.
Capital Allocation
Blue Dolphin invested $13K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 71.7% from the prior year.
BDCO Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $81.5M+18.5% | $68.8M-2.3% | $70.4M+24.3% | $56.6M-32.4% | $83.7M+12.0% | $74.7M-9.0% | $82.1M+17.9% | $69.7M |
| Cost of Revenue | $60.9M-8.7% | $66.7M-5.1% | $70.3M+25.5% | $56.0M-27.8% | $77.6M+4.9% | $74.0M-13.4% | $85.4M+14.9% | $74.4M |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$4.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.2M-26.7% | $1.6M-2.1% | $1.6M+132.0% | $704K-48.0% | $1.4M-54.0% | $2.9M+183.2% | $1.0M-29.2% | $1.5M |
| Operating Income | $19.9M+14656.9% | -$137K+97.3% | -$5.1M-710.3% | -$629K-114.5% | $4.3M+260.1% | -$2.7M+43.5% | -$4.8M+27.6% | -$6.6M |
| Interest Expense | $1.4M-9.3% | $1.5M+79.3% | $850K-45.3% | $1.6M+6.1% | $1.5M-2.8% | $1.5M-3.5% | $1.6M+5.3% | $1.5M |
| Income Tax | $3.8M+1898.6% | -$213K+83.2% | -$1.3M-176.7% | -$459K-172.3% | $635K+306.2% | -$308K+77.1% | -$1.3M+21.6% | -$1.7M |
| Net Income | $14.7M+254.6% | $4.2M+188.8% | -$4.7M-171.5% | -$1.7M-176.7% | $2.2M-52.5% | $4.7M+194.5% | -$5.0M+21.3% | -$6.3M |
| EPS (Diluted) | $0.99 | N/A | $-0.31-158.3% | $-0.12-180.0% | $0.15 | N/A | $-0.34+20.9% | $-0.43 |
BDCO Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $119.0M+20.1% | $99.1M-5.7% | $105.1M-5.1% | $110.8M+5.0% | $105.6M+3.6% | $101.9M-0.4% | $102.3M-3.5% | $105.9M |
| Current Assets | $68.0M+54.0% | $44.2M-10.6% | $49.4M-11.7% | $55.9M+10.8% | $50.5M+12.7% | $44.8M-1.2% | $45.3M-8.7% | $49.6M |
| Cash & Equivalents | $401K-60.3% | $1.0M-56.5% | $2.3M+183.8% | $819K-36.6% | $1.3M+1493.8% | $81K-88.1% | $683K+596.9% | $98K |
| Inventory | $37.7M+22.1% | $30.9M-8.9% | $33.9M-17.8% | $41.2M+9.1% | $37.8M+5.9% | $35.7M+4.9% | $34.0M-14.7% | $39.9M |
| Accounts Receivable | $27.0M+223.2% | $8.3M-9.4% | $9.2M+2.3% | $9.0M+6.0% | $8.5M+42.6% | $6.0M-18.3% | $7.3M+13.8% | $6.4M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $76.9M+7.2% | $71.7M-6.0% | $76.3M-1.3% | $77.3M+9.9% | $70.4M+2.1% | $68.9M+5.4% | $65.4M+2.1% | $64.1M |
| Current Liabilities | $74.5M+8.6% | $68.6M-5.4% | $72.4M-0.4% | $72.7M+11.9% | $65.0M+1.7% | $63.9M+80.5% | $35.4M+10.7% | $32.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $42.1M+53.8% | $27.4M-5.0% | $28.8M-14.0% | $33.5M-4.9% | $35.2M+6.8% | $33.0M-10.6% | $36.9M-11.9% | $41.9M |
| Retained Earnings | $2.2M+117.4% | -$12.5M-13.0% | -$11.1M-72.8% | -$6.4M-36.6% | -$4.7M+32.3% | -$6.9M-128.9% | -$3.0M-254.3% | $2.0M |
BDCO Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $831K-52.9% | $1.8M+115.8% | $818K+150.4% | -$1.6M+6.1% | -$1.7M-309.1% | $826K+806.0% | -$117K+98.8% | -$10.1M |
| Capital Expenditures | $11K+103.4% | -$323K-205.2% | $307K+958.6% | $29K | $0-100.0% | $46K | $0 | N/A |
| Free Cash Flow | $820K-43.1% | $1.4M+182.2% | $511K+131.0% | -$1.7M+4.4% | -$1.7M-321.4% | $780K+766.7% | -$117K | N/A |
| Investing Cash Flow | -$11K-103.4% | $323K+205.2% | -$307K-958.6% | -$29K | $0+100.0% | -$46K | $0 | $0 |
| Financing Cash Flow | -$1.4M+57.6% | -$3.4M-439.1% | $994K-15.7% | $1.2M-59.9% | $2.9M+312.5% | -$1.4M-296.9% | $702K+178.7% | -$892K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BDCO Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -5.8% |
| Operating Margin | 24.5%+24.7pp | -0.2%+7.0pp | -7.2%-6.1pp | -1.1%-6.3pp | 5.2%+8.8pp | -3.6%+2.2pp | -5.8%+3.7pp | -9.5% |
| Net Margin | 18.1%+12.0pp | 6.0%+12.7pp | -6.7%-3.6pp | -3.0%-5.7pp | 2.7%-3.6pp | 6.3%+12.4pp | -6.1%+3.0pp | -9.1% |
| Return on Equity | 35.0%+19.8pp | 15.2%+31.4pp | -16.2%-11.1pp | -5.1%-11.5pp | 6.4%-8.0pp | 14.3%+27.9pp | -13.6%+1.6pp | -15.2% |
| Return on Assets | 12.4%+8.2pp | 4.2%+8.6pp | -4.5%-2.9pp | -1.6%-3.7pp | 2.1%-2.5pp | 4.6%+9.5pp | -4.9%+1.1pp | -6.0% |
| Current Ratio | 0.91+0.3 | 0.64-0.0 | 0.68-0.1 | 0.770.0 | 0.78+0.1 | 0.70-0.6 | 1.28-0.3 | 1.55 |
| Debt-to-Equity | 1.83-0.8 | 2.62-0.0 | 2.65+0.3 | 2.31+0.3 | 2.00-0.1 | 2.09+0.3 | 1.77+0.2 | 1.53 |
| FCF Margin | 1.0%-1.1pp | 2.1%+1.4pp | 0.7%+3.6pp | -2.9%-0.9pp | -2.1%-3.1pp | 1.0%+1.2pp | -0.1% | N/A |
Note: The current ratio is below 1.0 (0.64), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Blue Dolphin's annual revenue?
Blue Dolphin (BDCO) reported $279.4M in total revenue for fiscal year 2025. This represents a -12.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Blue Dolphin's revenue growing?
Blue Dolphin (BDCO) revenue declined by 12% year-over-year, from $317.5M to $279.4M in fiscal year 2025.
Is Blue Dolphin profitable?
No, Blue Dolphin (BDCO) reported a net income of $0 in fiscal year 2025, with a net profit margin of 0.0%.
What is Blue Dolphin's EBITDA?
Blue Dolphin (BDCO) had EBITDA of $1.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Blue Dolphin's operating margin?
Blue Dolphin (BDCO) had an operating margin of -0.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Blue Dolphin's net profit margin?
Blue Dolphin (BDCO) had a net profit margin of 0.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Blue Dolphin's return on equity (ROE)?
Blue Dolphin (BDCO) has a return on equity of 0.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Blue Dolphin's free cash flow?
Blue Dolphin (BDCO) generated -$779K in free cash flow during fiscal year 2025. This represents a 95.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Blue Dolphin's operating cash flow?
Blue Dolphin (BDCO) generated -$766K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Blue Dolphin's total assets?
Blue Dolphin (BDCO) had $99.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Blue Dolphin's capital expenditures?
Blue Dolphin (BDCO) invested $13K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Blue Dolphin's current ratio?
Blue Dolphin (BDCO) had a current ratio of 0.64 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Blue Dolphin's debt-to-equity ratio?
Blue Dolphin (BDCO) had a debt-to-equity ratio of 2.62 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Blue Dolphin's return on assets (ROA)?
Blue Dolphin (BDCO) had a return on assets of 0.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Blue Dolphin's cash runway?
Based on fiscal year 2025 data, Blue Dolphin (BDCO) had $1.0M in cash against an annual operating cash burn of $766K. This gives an estimated cash runway of approximately 16 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Blue Dolphin's Altman Z-Score?
Blue Dolphin (BDCO) has an Altman Z-Score of 2.82, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Blue Dolphin's Piotroski F-Score?
Blue Dolphin (BDCO) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Can Blue Dolphin cover its interest payments?
Blue Dolphin (BDCO) has an interest coverage ratio of -0.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.