Leatt Corp Financials
This page shows Leatt Corp (LEAT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Leatt’s results are driven less by gross margin stability than by volume swings that reshape operating leverage and cash flow.
From FY2023 to FY2025, gross margin stayed in a tight41.9% to44.0% band, yet operating margin swung from3.0% to-6.8% and back to6.5% ; that pattern points to fixed-cost absorption, where sales volume rather than product economics determines profit. The cash pattern says the same thing from another angle: FY2023 produced$6.7M of operating cash flow on only$803K of net income as working capital unwound, while FY2025 turned$3.3M of profit into just$726K of free cash flow as inventory and receivables rebuilt.
The balance sheet is self-funded: cash of
This is also a working-capital-heavy business, so a recovery consumes cash before it fully shows up in free cash flow. In FY2025, inventory climbed to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Leatt Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Leatt Corp has an operating margin of 6.5%, meaning the company retains $6 of operating profit per $100 of revenue. This below-average margin results in a low score of 26/100, suggesting thin profitability after operating expenses. This is up from -6.8% the prior year.
Leatt Corp's revenue surged 40.6% year-over-year to $61.9M, reflecting rapid business expansion. This strong growth earns a score of 57/100.
Leatt Corp carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.87, Leatt Corp holds $4.87 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 97/100.
Leatt Corp has a free cash flow margin of 1.2%, earning a moderate score of 34/100. The company generates positive cash flow after capital investments, but with room for improvement.
Leatt Corp generates a 7.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 17/100. This is up from -5.8% the prior year.
Leatt Corp scores 6.73, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($58.1M) relative to total liabilities ($9.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Leatt Corp passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Leatt Corp generates $0.55 in operating cash flow ($1.8M OCF vs $3.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Leatt Corp earns $10.1 in operating income for every $1 of interest expense ($4.0M vs $397K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Leatt Corp generated $61.9M in revenue in fiscal year 2025. This represents an increase of 40.6% from the prior year.
Leatt Corp's EBITDA was $5.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 405.1% from the prior year.
Leatt Corp reported $3.3M in net income in fiscal year 2025. This represents an increase of 248.0% from the prior year.
Leatt Corp earned $0.51 per diluted share (EPS) in fiscal year 2025. This represents an increase of 250.0% from the prior year.
Cash & Balance Sheet
Leatt Corp generated $726K in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 53.6% from the prior year.
Leatt Corp held $13.0M in cash against $2K in long-term debt as of fiscal year 2025.
Leatt Corp had 6M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Margins & Returns
Leatt Corp's gross margin was 44.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.7 percentage points from the prior year.
Leatt Corp's operating margin was 6.5% in fiscal year 2025, reflecting core business profitability. This is up 13.3 percentage points from the prior year.
Leatt Corp's net profit margin was 5.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.3 percentage points from the prior year.
Leatt Corp's ROE was 7.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 13.5 percentage points from the prior year.
Capital Allocation
Leatt Corp invested $2.7M in research and development in fiscal year 2025. This represents an increase of 7.1% from the prior year.
Leatt Corp spent $255K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Leatt Corp invested $1.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 12.0% from the prior year.
LEAT Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $16.0M+11.7% | $14.3M-11.3% | $16.2M+5.3% | $15.4M+37.3% | $11.2M-7.8% | $12.1M+20.4% | $10.1M-5.0% | $10.6M |
| Cost of Revenue | $8.7M+8.7% | $8.0M-13.6% | $9.3M+7.4% | $8.6M+31.3% | $6.6M-5.5% | $7.0M+13.2% | $6.2M-6.8% | $6.6M |
| Gross Profit | $7.3M+15.5% | $6.3M-8.3% | $6.9M+2.5% | $6.7M+45.7% | $4.6M-10.8% | $5.2M+31.8% | $3.9M-2.2% | $4.0M |
| R&D Expenses | $735K+6.7% | $688K+11.6% | $617K-7.2% | $664K-7.6% | $719K+16.0% | $620K-1.4% | $629K+13.1% | $556K |
| SG&A Expenses | $1.2M+19.3% | $1.0M-6.6% | $1.1M+8.8% | $1.0M+4.8% | $966K-2.7% | $993K+1.6% | $977K+3.6% | $943K |
| Operating Income | $550K-12.8% | $630K-55.0% | $1.4M-2.1% | $1.4M+231.9% | -$1.1M-4285.0% | $26K+102.3% | -$1.1M-43.0% | -$791K |
| Interest Expense | $96K-4.4% | $101K-14.4% | $118K+43.3% | $82K-14.8% | $96K-8.5% | $105K+7.6% | $98K+500.3% | -$24K |
| Income Tax | $181K-5.5% | $192K-49.4% | $379K-2.9% | $390K+172.2% | -$541K-3591.8% | $15K-38.0% | $25K+1424.9% | $2K |
| Net Income | $465K-13.8% | $539K-52.6% | $1.1M+1.6% | $1.1M+351.1% | -$446K-485.4% | $116K+111.0% | -$1.1M-29.5% | -$817K |
| EPS (Diluted) | N/A | $0.08-55.6% | $0.18+5.9% | $0.17 | N/A | $0.02+112.5% | $-0.16-23.1% | $-0.13 |
LEAT Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $52.0M+2.2% | $50.9M+8.8% | $46.8M+3.2% | $45.3M-2.5% | $46.5M+2.4% | $45.4M+6.0% | $42.8M-2.7% | $44.0M |
| Current Assets | $47.6M+3.7% | $45.9M+9.6% | $41.9M+4.1% | $40.2M-2.3% | $41.2M+1.8% | $40.5M+6.2% | $38.1M-2.7% | $39.1M |
| Cash & Equivalents | $13.0M+5.8% | $12.3M-21.9% | $15.7M+23.8% | $12.7M+2.7% | $12.4M-0.8% | $12.5M-6.5% | $13.3M-1.5% | $13.5M |
| Inventory | $20.9M+20.9% | $17.3M+34.0% | $12.9M-23.8% | $16.9M-5.9% | $18.0M+14.1% | $15.8M+7.0% | $14.7M-13.7% | $17.1M |
| Accounts Receivable | $7.9M-26.8% | $10.8M+30.6% | $8.3M+29.5% | $6.4M-0.5% | $6.4M-18.5% | $7.9M+37.1% | $5.7M+20.2% | $4.8M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $9.8M+5.4% | $9.3M+59.5% | $5.8M+1.1% | $5.8M-29.8% | $8.2M+25.0% | $6.6M+49.4% | $4.4M-5.9% | $4.7M |
| Current Liabilities | $9.8M+6.3% | $9.2M+61.9% | $5.7M+2.5% | $5.5M-30.0% | $7.9M+27.3% | $6.2M+56.6% | $4.0M-4.9% | $4.2M |
| Long-Term Debt | $2K | N/A | N/A | $18K-42.6% | $31K-48.5% | $59K-32.4% | $88K-24.3% | $116K |
| Total Equity | $42.2M+1.5% | $41.6M+1.6% | $41.0M+3.5% | $39.6M+3.4% | $38.3M-1.4% | $38.8M+1.0% | $38.4M-2.3% | $39.3M |
| Retained Earnings | $31.9M+1.5% | $31.4M+1.7% | $30.9M+3.8% | $29.7M+3.9% | $28.6M-1.5% | $29.0M+0.4% | $28.9M-3.5% | $30.0M |
LEAT Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $361K+113.5% | -$2.7M-179.7% | $3.3M+335.6% | $768K+519.3% | -$183K-943.7% | -$18K-110.6% | $166K-94.1% | $2.8M |
| Capital Expenditures | $310K-26.7% | $423K+176.0% | $153K-21.8% | $196K-46.8% | $368K-40.8% | $622K+227.8% | $190K+285.8% | $49K |
| Free Cash Flow | $51K+101.6% | -$3.1M-196.8% | $3.2M+457.9% | $572K+203.8% | -$552K+13.8% | -$640K-2533.1% | -$24K-100.9% | $2.8M |
| Investing Cash Flow | -$301K+28.7% | -$422K-183.0% | -$149K+17.4% | -$181K+50.8% | -$367K+41.0% | -$622K-227.8% | -$190K-285.8% | -$49K |
| Financing Cash Flow | $671K+308.6% | -$322K-21.3% | -$265K+12.1% | -$301K-143.1% | $699K+265.3% | -$423K-43.2% | -$295K+40.4% | -$496K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $118K | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
LEAT Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.5%+1.5pp | 44.0%+1.4pp | 42.6%-1.1pp | 43.7%+2.5pp | 41.2%-1.4pp | 42.6%+3.7pp | 38.9%+1.2pp | 37.8% |
| Operating Margin | 3.4%-1.0pp | 4.4%-4.3pp | 8.6%-0.7pp | 9.3%+19.0pp | -9.7%-9.9pp | 0.2%+11.4pp | -11.2%-3.8pp | -7.4% |
| Net Margin | 2.9%-0.9pp | 3.8%-3.3pp | 7.0%-0.3pp | 7.3%+11.3pp | -4.0%-4.9pp | 0.9%+11.4pp | -10.5%-2.8pp | -7.7% |
| Return on Equity | 1.1%-0.2pp | 1.3%-1.5pp | 2.8%-0.1pp | 2.8%+4.0pp | -1.2%-1.5pp | 0.3%+3.0pp | -2.8%-0.7pp | -2.1% |
| Return on Assets | 0.9%-0.2pp | 1.1%-1.4pp | 2.4%-0.0pp | 2.5%+3.4pp | -1.0%-1.2pp | 0.3%+2.7pp | -2.5%-0.6pp | -1.9% |
| Current Ratio | 4.87-0.1 | 4.99-2.4 | 7.37+0.1 | 7.26+2.1 | 5.20-1.3 | 6.50-3.1 | 9.59+0.2 | 9.37 |
| Debt-to-Equity | 0.00-0.2 | 0.22+0.1 | 0.14+0.1 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.00 |
| FCF Margin | 0.3%+21.9pp | -21.5%-41.3pp | 19.7%+16.0pp | 3.7%+8.6pp | -4.9%+0.3pp | -5.3%-5.0pp | -0.2%-26.4pp | 26.2% |
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Frequently Asked Questions
What is Leatt Corp's annual revenue?
Leatt Corp (LEAT) reported $61.9M in total revenue for fiscal year 2025. This represents a 40.6% 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 Leatt Corp's revenue growing?
Leatt Corp (LEAT) revenue grew by 40.6% year-over-year, from $44.0M to $61.9M in fiscal year 2025.
Is Leatt Corp profitable?
Yes, Leatt Corp (LEAT) reported a net income of $3.3M in fiscal year 2025, with a net profit margin of 5.3%.
What is Leatt Corp's EBITDA?
Leatt Corp (LEAT) had EBITDA of $5.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Leatt Corp have?
As of fiscal year 2025, Leatt Corp (LEAT) had $13.0M in cash and equivalents against $2K in long-term debt.
What is Leatt Corp's gross margin?
Leatt Corp (LEAT) had a gross margin of 44.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Leatt Corp's operating margin?
Leatt Corp (LEAT) had an operating margin of 6.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Leatt Corp's net profit margin?
Leatt Corp (LEAT) had a net profit margin of 5.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Leatt Corp's return on equity (ROE)?
Leatt Corp (LEAT) has a return on equity of 7.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Leatt Corp's free cash flow?
Leatt Corp (LEAT) generated $726K in free cash flow during fiscal year 2025. This represents a -53.6% 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 Leatt Corp's operating cash flow?
Leatt Corp (LEAT) generated $1.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Leatt Corp's total assets?
Leatt Corp (LEAT) had $52.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Leatt Corp's capital expenditures?
Leatt Corp (LEAT) invested $1.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Leatt Corp spend on research and development?
Leatt Corp (LEAT) invested $2.7M in research and development during fiscal year 2025.
What is Leatt Corp's current ratio?
Leatt Corp (LEAT) had a current ratio of 4.87 as of fiscal year 2025, which is generally considered healthy.
What is Leatt Corp's debt-to-equity ratio?
Leatt Corp (LEAT) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Leatt Corp's return on assets (ROA)?
Leatt Corp (LEAT) had a return on assets of 6.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Leatt Corp's Altman Z-Score?
Leatt Corp (LEAT) has an Altman Z-Score of 6.73, placing it in the Safe Zone (low 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 Leatt Corp's Piotroski F-Score?
Leatt Corp (LEAT) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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 Leatt Corp's earnings high quality?
Leatt Corp (LEAT) has an earnings quality ratio of 0.55x, considered mixed quality. 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 Leatt Corp cover its interest payments?
Leatt Corp (LEAT) has an interest coverage ratio of 10.1x, meaning it can comfortably 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.
How financially healthy is Leatt Corp?
Leatt Corp (LEAT) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.