What is Blue Star Foods's earnings per share (EPS)?

Blue Star Foods (BSFC) reported diluted earnings per share of $-0.10 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Blue Star Foods Financials

BSFC

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Blue Star Foods (BSFC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).

Rhea AI BSFC FY2024 2026-05-22

Shrinking revenue and increasingly loss-making sales have turned this business into a financing-dependent operation instead of a self-funding one.

The latest year pushed gross margin to -35.9%, after the prior year was only barely positive. That deterioration lined up with operating cash burn of -$6.2M on just $3.6M of revenue, showing the strain is no longer just overhead but loss-making sales combined with smaller scale.

The balance-sheet posture is tight, with equity back below zero at -$192K and liquid resources still trailing near-term obligations. Financing inflows of $6.4M effectively replaced the cash the business consumed, so day-to-day liquidity depended on outside capital rather than on operations.

Capital intensity is not the main drain: capital spending was only $102K while free cash flow was -$6.3M. That means the cash shortfall came chiefly from running the business at a loss, not from building out long-lived assets, which is a very different operating problem.

Financial Health Signals

Financial health score pending refresh

We are recalculating Blue Star Foods'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.

Altman Z-Score Distress

-55.88

Blue Star Foods scores -55.88, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($992K) relative to total liabilities ($3.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/8

Blue Star Foods passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.19x

For every $1 of reported earnings, Blue Star Foods generates $0.19 in operating cash flow (-$675K OCF vs -$3.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-5.2x

Blue Star Foods earns $-5.2 in operating income for every $1 of interest expense (-$2.3M vs $447K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.9M

YoY-19.5%

5Y CAGR-27.2%

Blue Star Foods generated $2.9M in revenue in fiscal year 2025. This represents a decrease of 19.5% from the prior year.

EBITDA

-$2.3M

YoY+77.1%

Blue Star Foods's EBITDA was -$2.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 77.1% from the prior year.

Net Income

-$3.6M

YoY+71.3%

Blue Star Foods reported -$3.6M in net income in fiscal year 2025. This represents an increase of 71.3% from the prior year.

EPS (Diluted)

$-0.10

Blue Star Foods earned $-0.10 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$684K

YoY+89.1%

Blue Star Foods generated -$684K in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 89.1% from the prior year.

Cash & Debt

$14K

YoY-95.6%

5Y CAGR-23.7%

Blue Star Foods held $14K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

92M

Blue Star Foods had 92M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

40.5%

YoY+76.4pp

5Y CAGR+29.9pp

Blue Star Foods's gross margin was 40.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 76.4 percentage points from the prior year.

Operating Margin

-80.9%

YoY+200.6pp

5Y CAGR-68.1pp

Blue Star Foods's operating margin was -80.9% in fiscal year 2025, reflecting core business profitability. This is up 200.6 percentage points from the prior year.

Net Margin

-123.9%

YoY+223.3pp

5Y CAGR-92.4pp

Blue Star Foods's net profit margin was -123.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 223.3 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$10K

YoY-90.3%

5Y CAGR-29.2%

Blue Star Foods invested $10K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 90.3% from the prior year.

BSFC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.9M-19.5%	$3.6M-41.3%	$6.1M-52.0%	$12.8M+28.0%	$10.0M-29.3%	$14.1M
Cost of Revenue	$1.7M-64.8%	$4.9M-18.2%	$6.0M-55.5%	$13.4M+68.2%	$8.0M-36.8%	$12.6M
Gross Profit	$1.2M+190.8%	-$1.3M-915.4%	$158K+124.2%	-$652K-132.7%	$2.0M+34.0%	$1.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$552K+2.9%	$536K	N/A	N/A	N/A	N/A
Operating Income	-$2.3M+76.9%	-$10.1M-139.0%	-$4.2M+63.6%	-$11.6M-317.2%	-$2.8M-54.3%	-$1.8M
Interest Expense	$447K-78.3%	$2.1M+16.3%	$1.8M+5.6%	$1.7M+423.5%	$321K-63.2%	$870K
Income Tax	N/A	N/A	N/A	N/A	$2K+87.2%	$1K
Net Income	-$3.6M+71.3%	-$12.5M-179.1%	-$4.5M+66.1%	-$13.2M-406.5%	-$2.6M+41.4%	-$4.4M
EPS (Diluted)	$-0.10	$-4.15+90.6%	$-43.99	$-0.52	N/A	$-0.25

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$296K-36.0%	$462K-60.6%	$1.2M+22.0%	$961K-41.4%	$1.6M+531.2%	$260K-59.1%	$635K-40.1%	$1.1M
Cost of Revenue	-$102K-397.5%	$34K-96.3%	$920K+5.8%	$869K-67.1%	$2.6M+380.0%	$551K-6.2%	$588K-46.5%	$1.1M
Gross Profit	$399K-6.8%	$428K+69.3%	$253K+175.7%	$92K+109.1%	-$1.0M-245.1%	-$291K-713.3%	$48K+219.9%	-$40K
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$138K0.0%	$138K	N/A	N/A	$3K-28.6%	$4K	N/A
Operating Income	-$460K-11.5%	-$413K+16.4%	-$494K+49.2%	-$972K+82.5%	-$5.6M-110.5%	-$2.6M-199.1%	-$884K+14.1%	-$1.0M
Interest Expense	-$37K-135.4%	$104K-39.4%	$172K-17.4%	$208K-49.9%	$415K-5.5%	$439K-49.6%	$871K+160.0%	$335K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$1.2M-159.9%	-$481K+26.2%	-$652K+45.7%	-$1.2M+80.4%	-$6.1M-100.7%	-$3.0M-49.8%	-$2.0M-59.0%	-$1.3M
EPS (Diluted)	N/A	$-0.03+25.0%	$-0.04+50.0%	$-0.08	N/A	$1.11	$-1.68	$-2.42

BSFC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.4M-45.7%	$2.6M-59.8%	$6.4M-26.7%	$8.7M-45.6%	$15.9M+103.9%	$7.8M
Current Assets	$1.2M-48.0%	$2.2M-45.5%	$4.1M-37.2%	$6.5M-32.3%	$9.6M+103.6%	$4.7M
Cash & Equivalents	$14K-95.6%	$327K+1252.7%	$24K+160.9%	$9K-99.2%	$1.2M+1976.6%	$56K
Inventory	$405K-9.6%	$448K-82.8%	$2.6M-45.7%	$4.8M+126.9%	$2.1M+15.6%	$1.8M
Accounts Receivable	$55K-84.2%	$350K-34.5%	$534K-34.3%	$813K-33.9%	$1.2M+13.7%	$1.1M
Goodwill	N/A	N/A	N/A	N/A	$445K0.0%	$445K
Total Liabilities	$3.7M+36.3%	$2.7M-27.1%	$3.8M-62.0%	$9.9M+41.0%	$7.0M-10.2%	$7.8M
Current Liabilities	$3.7M+39.5%	$2.6M-17.3%	$3.2M-66.5%	$9.5M+40.4%	$6.8M-6.4%	$7.3M
Long-Term Debt	N/A	$53K-89.0%	$481K	N/A	$31K	N/A
Total Equity	-$2.4M-1129.3%	-$192K-107.4%	$2.6M+308.3%	-$1.2M-114.0%	$8.9M+45260.3%	-$20K
Retained Earnings	-$49.9M-7.7%	-$46.3M-36.9%	-$33.8M-15.2%	-$29.3M-81.7%	-$16.1M-19.5%	-$13.5M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.4M+8.8%	$1.3M-13.4%	$1.5M-28.2%	$2.1M-19.7%	$2.6M-53.8%	$5.5M-25.7%	$7.4M+20.2%	$6.2M
Current Assets	$1.2M+12.6%	$1.0M-14.4%	$1.2M-31.3%	$1.8M-21.5%	$2.2M-28.9%	$3.1M-38.4%	$5.1M+31.8%	$3.9M
Cash & Equivalents	$14K-82.6%	$83K+80.0%	$46K+99.5%	$23K-92.9%	$327K+349.6%	$73K-0.6%	$73K+227.9%	$22K
Inventory	$405K+245.4%	$117K-52.9%	$249K-27.4%	$343K-23.4%	$448K-71.1%	$1.6M-5.7%	$1.6M-6.3%	$1.8M
Accounts Receivable	$55K-43.3%	$97K-71.8%	$344K-24.4%	$456K+30.3%	$350K+8.8%	$321K+61.0%	$200K-52.5%	$420K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.7M+25.8%	$3.0M+4.8%	$2.8M+5.5%	$2.7M-2.1%	$2.7M-5.3%	$2.9M-9.3%	$3.2M-15.7%	$3.8M
Current Liabilities	$3.7M+36.9%	$2.7M-2.3%	$2.8M+13.0%	$2.4M-7.7%	$2.6M-2.5%	$2.7M-7.7%	$2.9M-7.6%	$3.2M
Long-Term Debt	N/A	$258K+432.5%	$49K-76.7%	$208K+293.6%	$53K-58.4%	$127K-32.5%	$189K-64.6%	$533K
Total Equity	-$2.4M-38.6%	-$1.7M-24.5%	-$1.4M-114.1%	-$638K-232.6%	-$192K-107.3%	$2.6M-38.0%	$4.2M+77.3%	$2.4M
Retained Earnings	-$49.9M-2.6%	-$48.6M-1.0%	-$48.1M-1.4%	-$47.5M-2.6%	-$46.3M-15.2%	-$40.2M-8.2%	-$37.1M-5.8%	-$35.1M

BSFC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$675K+89.1%	-$6.2M-75.5%	-$3.5M+2.4%	-$3.6M+25.1%	-$4.8M-205.6%	$4.6M
Capital Expenditures	$10K-90.3%	$102K-36.3%	$160K-46.2%	$297K	N/A	$56K
Free Cash Flow	-$684K+89.1%	-$6.3M-70.7%	-$3.7M+5.8%	-$3.9M	N/A	$4.5M
Investing Cash Flow	-$10K+90.3%	-$102K+36.3%	-$160K+77.0%	-$695K+10.1%	-$773K-325.3%	$343K
Financing Cash Flow	$443K-93.1%	$6.4M+74.6%	$3.7M+19.5%	$3.1M-52.5%	$6.5M+235.0%	-$4.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$76K	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$302K-64.5%	-$184K-190.0%	$204K+152.0%	-$393K+79.5%	-$1.9M-16.0%	-$1.6M+16.0%	-$2.0M-188.1%	-$680K
Capital Expenditures	$0	$0	$0-100.0%	$10K+30.7%	$8K-79.1%	$36K+4.9%	$35K+49.7%	$23K
Free Cash Flow	-$302K-64.5%	-$184K-190.0%	$204K+150.8%	-$402K+79.0%	-$1.9M-14.0%	-$1.7M+15.6%	-$2.0M-183.6%	-$703K
Investing Cash Flow	$0	$0	$0+100.0%	-$10K-30.7%	-$8K+79.1%	-$36K-4.9%	-$35K-49.7%	-$23K
Financing Cash Flow	$240K+24.0%	$194K+373.0%	-$71K-188.6%	$80K-96.1%	$2.1M+21.6%	$1.7M-16.2%	$2.0M+225.6%	$623K
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

BSFC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	40.5%+76.4pp	-35.9%-38.5pp	2.6%+7.7pp	-5.1%-25.1pp	20.0%+9.4pp	10.5%
Operating Margin	-80.9%+200.6pp	-281.5%-212.4pp	-69.1%+21.9pp	-91.0%-63.1pp	-27.9%-15.1pp	-12.8%
Net Margin	-123.9%+223.3pp	-347.2%-274.2pp	-73.0%+30.3pp	-103.4%-77.2pp	-26.1%+5.4pp	-31.5%
Return on Equity	N/A	N/A	-172.3%	N/A	-29.3%	N/A
Return on Assets	-258.4%+230.0pp	-488.5%-418.2pp	-70.3%+81.8pp	-152.0%-135.7pp	-16.3%+40.5pp	-56.8%
Current Ratio	0.31-0.5	0.84-0.4	1.28+0.6	0.68-0.7	1.42+0.8	0.65
Debt-to-Equity	-1.59-1.3	-0.28-0.5	0.19+8.2	-7.97-8.0	0.00+397.6	-397.59
FCF Margin	-23.7%+151.6pp	-175.2%-115.0pp	-60.3%-29.6pp	-30.7%	N/A	32.0%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	134.6%+42.1pp	92.5%+71.0pp	21.6%+12.0pp	9.5%+70.9pp	-61.3%+50.8pp	-112.1%-119.6pp	7.5%+11.2pp	-3.7%
Operating Margin	-155.5%-66.2pp	-89.3%-47.2pp	-42.1%+59.0pp	-101.1%+238.0pp	-339.2%+677.9pp	-1017.1%-878.0pp	-139.1%-42.0pp	-97.1%
Net Margin	-422.1%-318.1pp	-104.0%-48.4pp	-55.6%+69.3pp	-124.9%+248.2pp	-373.1%+800.1pp	-1173.1%-852.9pp	-320.3%-199.5pp	-120.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	-116.1%-68.1pp	-48.0%+5.5pp	-53.5%
Return on Assets	-90.2%-52.4pp	-37.7%+6.6pp	-44.3%+14.2pp	-58.5%+181.0pp	-239.5%-184.3pp	-55.1%-27.8pp	-27.4%-6.7pp	-20.7%
Current Ratio	0.31-0.1	0.38-0.1	0.44-0.3	0.72-0.1	0.84-0.3	1.16-0.6	1.73+0.5	1.21
Debt-to-Equity	-1.59-1.4	-0.15-0.1	-0.04+0.3	-0.33-0.1	-0.28-0.3	0.050.0	0.04-0.2	0.22
FCF Margin	-102.2%-62.4pp	-39.8%-57.2pp	17.4%+59.3pp	-41.9%+75.1pp	-117.0%+530.9pp	-647.8%-333.8pp	-314.0%-247.6pp	-66.4%

Note: Shareholder equity is negative (-$2.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.31), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Blue Star Foods's annual revenue?

Blue Star Foods (BSFC) reported $2.9M in total revenue for fiscal year 2025. This represents a -19.5% 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 Star Foods's revenue growing?

Blue Star Foods (BSFC) revenue declined by 19.5% year-over-year, from $3.6M to $2.9M in fiscal year 2025.

Is Blue Star Foods profitable?

No, Blue Star Foods (BSFC) reported a net income of -$3.6M in fiscal year 2025, with a net profit margin of -123.9%.

What is Blue Star Foods's EBITDA?

Blue Star Foods (BSFC) had EBITDA of -$2.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Blue Star Foods's gross margin?

Blue Star Foods (BSFC) had a gross margin of 40.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Blue Star Foods's operating margin?

Blue Star Foods (BSFC) had an operating margin of -80.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Blue Star Foods's net profit margin?

Blue Star Foods (BSFC) had a net profit margin of -123.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Blue Star Foods's free cash flow?

Blue Star Foods (BSFC) generated -$684K in free cash flow during fiscal year 2025. This represents a 89.1% 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 Star Foods's operating cash flow?

Blue Star Foods (BSFC) generated -$675K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Blue Star Foods's total assets?

Blue Star Foods (BSFC) had $1.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Blue Star Foods's capital expenditures?

Blue Star Foods (BSFC) invested $10K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Blue Star Foods have outstanding?

Blue Star Foods (BSFC) had 92M shares outstanding as of fiscal year 2025.

What is Blue Star Foods's current ratio?

Blue Star Foods (BSFC) had a current ratio of 0.31 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Blue Star Foods's debt-to-equity ratio?

Blue Star Foods (BSFC) had a debt-to-equity ratio of -1.59 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Blue Star Foods's return on assets (ROA)?

Blue Star Foods (BSFC) had a return on assets of -258.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Blue Star Foods's cash runway?

Based on fiscal year 2025 data, Blue Star Foods (BSFC) had $14K in cash against an annual operating cash burn of $675K. This gives an estimated cash runway of approximately 0 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.

Why is Blue Star Foods's debt-to-equity ratio negative or unusual?

Blue Star Foods (BSFC) has negative shareholder equity of -$2.4M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Blue Star Foods's Altman Z-Score?

Blue Star Foods (BSFC) has an Altman Z-Score of -55.88, placing it in the Distress Zone (elevated bankruptcy 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 Star Foods's Piotroski F-Score?

Blue Star Foods (BSFC) has a Piotroski F-Score of 4 out of 8 computable signals; 1 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.

Are Blue Star Foods's earnings high quality?

Blue Star Foods (BSFC) has an earnings quality ratio of 0.19x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Blue Star Foods cover its interest payments?

Blue Star Foods (BSFC) has an interest coverage ratio of -5.2x, 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.