MSP Recovery Financials

MSPR

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows MSP Recovery (MSPR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).

Financial Health Signals

Piotroski F-Score Weak

1/9

MSP Recovery passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.04x

For every $1 of reported earnings, MSP Recovery generates $0.04 in operating cash flow (-$16.1M OCF vs -$360.5M 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

-3.0x

MSP Recovery earns $-3.0 in operating income for every $1 of interest expense (-$1.3B vs $420.0M). 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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Revenue

N/A

EBITDA

-$1.3B

YoY-127.7%

MSP Recovery's EBITDA was -$1.3B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 127.7% from the prior year.

Free Cash Flow

-$16.6M

YoY+60.1%

MSP Recovery generated -$16.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 60.1% from the prior year.

Net Income

-$360.5M

YoY-539.8%

MSP Recovery reported -$360.5M in net income in fiscal year 2024. This represents a decrease of 539.8% from the prior year.

EPS (Diluted)

$-359.95

YoY-127.8%

MSP Recovery earned $-359.95 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 127.8% from the prior year.

Cash & Debt

$12.3M

YoY+6.0%

MSP Recovery held $12.3M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$525K

YoY-69.9%

MSP Recovery invested $525K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 69.9% from the prior year.

MSPR Income Statement

Metric	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$22.2M-16.1%	$26.5M+10.6%	$24.0M+89.7%	$12.6M-10.6%	$14.1M
Operating Income	-$1.3B-127.6%	-$559.9M-68.9%	-$331.5M-4523.1%	-$7.2M-115.4%	-$3.3M
Interest Expense	$420.0M+45.3%	$289.2M+139.0%	$121.0M+347.4%	$27.0M+29.5%	$20.9M
Income Tax	$0	$0	$0	$0	$0
Net Income	-$360.5M-539.8%	-$56.3M-659.7%	-$7.4M+77.6%	-$33.1M-36.5%	-$24.2M
EPS (Diluted)	$-359.95-127.8%	$-158.02	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$4.0M-9.8%	$4.4M-17.5%	$5.3M	N/A	$5.3M-14.7%	$6.3M+12.3%	$5.6M	N/A
Operating Income	-$123.8M+0.8%	-$124.8M+1.8%	-$127.0M	N/A	-$129.9M+3.7%	-$134.9M-3.6%	-$130.2M	N/A
Interest Expense	$130.5M+4.6%	$124.7M+5.0%	$118.8M	N/A	$106.7M+4.6%	$102.0M+4.1%	$98.0M	N/A
Income Tax	$0	N/A	N/A	N/A	$0	N/A	N/A	N/A
Net Income	-$167.8M-17.2%	-$143.2M-17.7%	-$121.6M	N/A	-$29.8M-18.7%	-$25.1M-33.1%	-$18.9M	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MSPR Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.9B-39.3%	$3.2B-7.5%	$3.4B+3186.3%	$104.0M-55.0%	$231.2M
Current Assets	$15.5M-29.5%	$21.9M-57.3%	$51.4M+169.8%	$19.0M+1567.2%	$1.1M
Cash & Equivalents	$12.3M+6.0%	$11.6M-22.9%	$15.1M+8401.8%	$177K-82.6%	$1.0M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$295K+35.9%	$217K-96.5%	$6.2M	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.0B-29.1%	$2.9B-12.8%	$3.3B+1196.0%	$255.4M+1.1%	$252.6M
Current Liabilities	$1.3B+2620.8%	$46.5M-59.8%	$115.7M+114.0%	$54.1M+4524.8%	$1.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$100.6M-63.1%	$272.4M+152.5%	$107.9M+169.3%	-$155.8M-626.8%	-$21.4M
Retained Earnings	-$446.1M-421.4%	-$85.6M-193.0%	-$29.2M-60.2%	-$18.2M+15.0%	-$21.4M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$1.6B-7.3%	$1.7B-6.9%	$1.8B-6.3%	$1.9B-31.2%	$2.8B-4.2%	$2.9B-4.2%	$3.0B-3.9%	$3.2B
Current Assets	$4.7M-38.9%	$7.7M-39.0%	$12.7M-18.1%	$15.5M+43.8%	$10.8M-17.8%	$13.1M-31.9%	$19.2M-12.4%	$21.9M
Cash & Equivalents	$1.8M-54.4%	$4.0M-56.0%	$9.1M-26.4%	$12.3M+159.8%	$4.7M-33.3%	$7.1M-40.6%	$12.0M+2.9%	$11.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$295K0.0%	$295K0.0%	$295K0.0%	$295K-90.5%	$3.1M	N/A	N/A	$217K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.4B+5.2%	$2.3B+5.5%	$2.2B+5.5%	$2.0B+5.5%	$1.9B-26.7%	$2.6B-4.5%	$2.8B-3.9%	$2.9B
Current Liabilities	$712.2M+26.5%	$562.9M+7.9%	$521.8M-58.8%	$1.3B+4.9%	$1.2B+1232.8%	$90.5M+9.3%	$82.8M+78.0%	$46.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$563.8M-172.2%	-$207.2M-240.6%	-$60.8M-160.5%	$100.6M-66.5%	$300.3M+15.0%	$261.2M-0.6%	$262.7M-3.6%	$272.4M
Retained Earnings	-$878.6M-23.6%	-$710.8M-25.2%	-$567.7M-27.3%	-$446.1M-179.8%	-$159.4M-23.0%	-$129.6M-24.1%	-$104.4M-22.1%	-$85.6M

MSPR Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$16.1M+59.7%	-$40.0M+50.4%	-$80.6M-3685.3%	$2.2M+16164.3%	-$14K
Capital Expenditures	$525K-69.9%	$1.7M-41.6%	$3.0M+520.4%	$481K+45.8%	$330K
Free Cash Flow	-$16.6M+60.1%	-$41.8M+50.1%	-$83.6M-4829.5%	$1.8M+614.0%	-$344K
Investing Cash Flow	-$2.7M-136.1%	$7.6M+233.0%	-$5.7M-183.2%	-$2.0M-303.5%	$986K
Financing Cash Flow	$19.5M-32.7%	$29.0M-70.9%	$99.7M+1053.8%	-$10.5M-208.8%	$9.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$3.4M+59.8%	-$8.5M-17.7%	-$7.2M-515.7%	$1.7M+125.9%	-$6.7M+25.9%	-$9.0M-320.5%	-$2.1M+74.7%	-$8.5M
Capital Expenditures	$0	$0-100.0%	$163K-55.2%	$364K+1922.2%	$18K-82.0%	$100K+132.6%	$43K-57.4%	$101K
Free Cash Flow	-$3.4M+59.8%	-$8.5M-15.1%	-$7.4M-638.4%	$1.4M+120.4%	-$6.7M+26.5%	-$9.1M-316.8%	-$2.2M+74.5%	-$8.6M
Investing Cash Flow	$0	$0+100.0%	-$163K+55.2%	-$364K+82.0%	-$2.0M-909.0%	-$200K-39.9%	-$143K+28.9%	-$201K
Financing Cash Flow	$1.2M-63.4%	$3.4M-17.6%	$4.1M-34.0%	$6.2M-1.9%	$6.3M+45.4%	$4.4M+65.9%	$2.6M-80.8%	$13.7M
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

MSPR Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	-18.8%-17.0pp	-1.8%-1.6pp	-0.2%+31.6pp	-31.8%-21.3pp	-10.5%
Current Ratio	0.01-0.5	0.47+0.0	0.44+0.1	0.35-0.6	0.98
Debt-to-Equity	20.36+9.8	10.60-20.1	30.68+32.3	-1.64+10.1	-11.79
FCF Margin	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-10.8%-2.3pp	-8.6%-1.8pp	-6.8%	N/A	-1.1%-0.2pp	-0.9%-0.2pp	-0.6%	N/A
Current Ratio	0.010.0	0.01-0.0	0.02+0.0	0.010.0	0.01-0.1	0.14-0.1	0.23-0.2	0.47
Debt-to-Equity	-4.25+6.7	-11.00+24.5	-35.52-55.9	20.36+13.9	6.46-3.7	10.14-0.4	10.56-0.0	10.60
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.01), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Is MSP Recovery profitable?

No, MSP Recovery (MSPR) reported a net income of -$360.5M in fiscal year 2024.

What is MSP Recovery's earnings per share (EPS)?

MSP Recovery (MSPR) reported diluted earnings per share of $-359.95 for fiscal year 2024. This represents a -127.8% change compared to the previous fiscal year. 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.

What is MSP Recovery's EBITDA?

MSP Recovery (MSPR) had EBITDA of -$1.3B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is MSP Recovery's free cash flow?

MSP Recovery (MSPR) generated -$16.6M in free cash flow during fiscal year 2024. This represents a 60.1% 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 MSP Recovery's operating cash flow?

MSP Recovery (MSPR) generated -$16.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are MSP Recovery's total assets?

MSP Recovery (MSPR) had $1.9B in total assets as of fiscal year 2024, including both current and long-term assets.

What are MSP Recovery's capital expenditures?

MSP Recovery (MSPR) invested $525K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

What is MSP Recovery's current ratio?

MSP Recovery (MSPR) had a current ratio of 0.01 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is MSP Recovery's debt-to-equity ratio?

MSP Recovery (MSPR) had a debt-to-equity ratio of 20.36 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is MSP Recovery's return on assets (ROA)?

MSP Recovery (MSPR) had a return on assets of -18.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is MSP Recovery's cash runway?

Based on fiscal year 2024 data, MSP Recovery (MSPR) had $12.3M in cash against an annual operating cash burn of $16.1M. This gives an estimated cash runway of approximately 9 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 MSP Recovery's Piotroski F-Score?

MSP Recovery (MSPR) has a Piotroski F-Score of 1 out of 9, indicating weak 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are MSP Recovery's earnings high quality?

MSP Recovery (MSPR) has an earnings quality ratio of 0.04x, 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 MSP Recovery cover its interest payments?

MSP Recovery (MSPR) has an interest coverage ratio of -3.0x, 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.