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Newegg Commerce Inc Financials

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

This page shows Newegg Commerce Inc (NEGG) 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).

Rhea AI NEGG FY2024

Shrinking sales volume is overwhelming cost cuts, leaving this thin-margin retail model dependent on working-capital discipline to preserve cash and balance-sheet flexibility.

Cash burn almost vanished, but that came mainly from capex dropping to $3.6M while operating cash flow remained slightly negative at -$821K; the cash improvement was driven by spending restraint, not a healthier core business. That fits a model where sales have fallen for three years and gross margin slid to 10.6%, leaving too little room for overhead even after cuts.

The clearest operating pattern is negative fixed-cost absorption: SG&A rose from 12.3% of revenue to 14.8% even though the company cut those expenses in dollars. In a low-margin resale business, that means lower volume is doing more damage than cost discipline can offset, because the gross profit pool is already narrow.

The balance sheet looks operationally financed rather than debt-financed, with interest expense of just $952K and no reported long-term debt. Liquidity is being protected by shrinkage—inventory fell from $136.2M to $98.5M—so stability is coming from carrying less working capital, not from restored profitability.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 29 / 100
Financial Health Score 29/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Newegg Commerce Inc'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.

Profitability
32

Newegg Commerce Inc has an operating margin of -0.7%, meaning the company retains $-1 of operating profit per $100 of revenue. This results in a moderate score of 32/100, indicating healthy but not exceptional operating efficiency. This is up from -4.2% the prior year.

Growth
26

Newegg Commerce Inc's revenue surged 16.9% year-over-year to $1.4B, reflecting rapid business expansion. This strong growth earns a score of 26/100.

Leverage
31

Newegg Commerce Inc has a moderate D/E ratio of 1.92. This balance of debt and equity financing earns a leverage score of 31/100.

Liquidity
37

Newegg Commerce Inc's current ratio of 1.41 indicates adequate short-term liquidity, earning a score of 37/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
25

While Newegg Commerce Inc generated -$27.0M in operating cash flow, capex of $2.7M consumed most of it, leaving -$29.7M in free cash flow. This results in a low score of 25/100, reflecting heavy capital investment rather than weak cash generation.

Returns
20

Newegg Commerce Inc generates a -3.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 20/100. This is up from -40.8% the prior year.

Altman Z-Score Safe
3.35

Newegg Commerce Inc scores 3.35, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

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

Newegg Commerce Inc passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality
5.53x

For every $1 of reported earnings, Newegg Commerce Inc generates $5.53 in operating cash flow (-$27.0M OCF vs -$4.9M 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
-9.5x

Newegg Commerce Inc earns $-9.5 in operating income for every $1 of interest expense (-$9.5M vs $1.0M). 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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Earnings & Revenue

Revenue
$1.4B
YoY+16.9%
5Y CAGR-7.3%
10Y CAGR+113.4%

Newegg Commerce Inc generated $1.4B in revenue in fiscal year 2025. This represents an increase of 16.9% from the prior year.

EBITDA
-$2.0M
YoY+95.2%

Newegg Commerce Inc's EBITDA was -$2.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 95.2% from the prior year.

Net Income
-$4.9M
YoY+88.7%

Newegg Commerce Inc reported -$4.9M in net income in fiscal year 2025. This represents an increase of 88.7% from the prior year.

EPS (Diluted)
$-0.24
YoY+89.3%

Newegg Commerce Inc earned $-0.24 per diluted share (EPS) in fiscal year 2025. This represents an increase of 89.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$29.7M
YoY-568.3%

Newegg Commerce Inc generated -$29.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 568.3% from the prior year.

Cash & Debt
$107.8M
YoY+12.0%
5Y CAGR+126.3%
10Y CAGR+67.4%

Newegg Commerce Inc held $107.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
21M
YoY+7.7%

Newegg Commerce Inc had 21M shares outstanding in fiscal year 2025. This represents an increase of 7.7% from the prior year.

Margins & Returns

Gross Margin
11.7%
YoY+1.0pp
5Y CAGR-1.3pp
10Y CAGR+59.9pp

Newegg Commerce Inc's gross margin was 11.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the prior year.

Operating Margin
-0.7%
YoY+3.5pp
5Y CAGR-1.8pp
10Y CAGR+934.4pp

Newegg Commerce Inc's operating margin was -0.7% in fiscal year 2025, reflecting core business profitability. This is up 3.5 percentage points from the prior year.

Net Margin
-0.3%
YoY+3.2pp
5Y CAGR+1.1pp
10Y CAGR+1384.3pp

Newegg Commerce Inc's net profit margin was -0.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.2 percentage points from the prior year.

Return on Equity
-3.0%
YoY+37.8pp
5Y CAGR+20.8pp
10Y CAGR+136.9pp

Newegg Commerce Inc's ROE was -3.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 37.8 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$3.5M
YoY+0.0%

Newegg Commerce Inc spent $3.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 0.0% from the prior year.

Capital Expenditures
$2.7M
YoY-25.6%
5Y CAGR-15.3%

Newegg Commerce Inc invested $2.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 25.6% from the prior year.

NEGG Income Statement

Metric Q4'25 Q4'24 Q4'23 Q4'22 Q4'21 Q4'20 Q2'20 Q4'19
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 N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income N/A N/A N/A N/A N/A N/A N/A N/A
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax N/A N/A N/A N/A N/A N/A N/A N/A
Net Income N/A N/A N/A N/A N/A N/A N/A N/A
EPS (Diluted) N/A N/A N/A N/A N/A N/A N/A N/A

NEGG Balance Sheet

Metric Q4'25 Q4'24 Q4'23 Q4'22 Q4'21 Q4'20 Q2'20 Q4'19
Total Assets $468.9M+15.1% $407.3M-18.4% $499.0M-7.9% $542.1M-13.5% $626.6M+12.4% $557.5M+6712.4% $8.2M+250.6% $2.3M
Current Assets $360.6M+27.1% $283.6M-17.7% $344.5M-11.9% $390.8M-11.0% $439.0M+2.4% $428.6M+5318.1% $7.9M+371.7% $1.7M
Cash & Equivalents $107.8M+12.0% $96.3M-6.1% $102.5M-16.4% $122.6M+22.6% $100.0M+5405.7% $1.8M-71.6% $6.4M+27913.0% $23K
Inventory $166.3M+68.7% $98.5M-27.6% $136.2M-12.7% $156.0M-36.3% $245.1M+34.6% $182.1M+22295.3% $813K-25.1% $1.1M
Accounts Receivable $62.4M-3.0% $64.4M-19.9% $80.4M-3.8% $83.5M+33.9% $62.4M-3.7% $64.8M+70153.5% $92K+49.3% $62K
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $308.2M+2.3% $301.2M-18.5% $369.7M-4.5% $386.9M-12.9% $444.3M+3.3% $430.0M+10760.0% $4.0M+104.4% -$89.7M
Current Liabilities $256.5M+5.3% $243.6M-17.9% $296.5M-4.3% $309.8M-13.1% $356.3M-8.2% $388.1M+11770.9% $3.3M+1.1% $3.2M
Long-Term Debt N/A N/A $1.1M-20.9% $1.4M-23.8% $1.8M-11.7% $2.1M N/A N/A
Total Equity $160.7M+51.5% $106.1M-18.0% $129.4M-16.6% $155.2M-14.8% $182.3M+43.0% $127.5M+2918.5% $4.2M-95.4% $92.0M
Retained Earnings -$178.9M-2.8% -$174.0M-33.2% -$130.7M-82.3% -$71.7M-402.2% -$14.3M+71.7% -$50.5M-9.2% -$46.3M-3.8% -$44.6M

NEGG Cash Flow Statement

Metric Q4'25 Q4'24 Q4'23 Q4'22 Q4'21 Q4'20 Q2'20 Q4'19
Operating Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Capital Expenditures N/A N/A N/A N/A N/A N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Investing Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Financing Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
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

NEGG Financial Ratios

Metric Q4'25 Q4'24 Q4'23 Q4'22 Q4'21 Q4'20 Q2'20 Q4'19
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 N/A N/A N/A N/A N/A N/A N/A N/A
Current Ratio 1.41+0.2 1.160.0 1.16-0.1 1.26+0.0 1.23+0.1 1.10-1.3 2.42+1.9 0.52
Debt-to-Equity 1.92-0.9 2.84+2.8 0.010.0 0.010.0 0.010.0 0.02-0.9 0.94+1.9 -0.97
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

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Frequently Asked Questions

Newegg Commerce Inc (NEGG) reported $1.4B in total revenue for fiscal year 2025. This represents a 16.9% 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.

Newegg Commerce Inc (NEGG) revenue grew by 16.9% year-over-year, from $1.2B to $1.4B in fiscal year 2025.

No, Newegg Commerce Inc (NEGG) reported a net income of -$4.9M in fiscal year 2025, with a net profit margin of -0.3%.

Newegg Commerce Inc (NEGG) reported diluted earnings per share of $-0.24 for fiscal year 2025. This represents a 89.3% 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.

Newegg Commerce Inc (NEGG) had EBITDA of -$2.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Newegg Commerce Inc (NEGG) had a gross margin of 11.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Newegg Commerce Inc (NEGG) had an operating margin of -0.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Newegg Commerce Inc (NEGG) had a net profit margin of -0.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Newegg Commerce Inc (NEGG) has a return on equity of -3.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Newegg Commerce Inc (NEGG) generated -$29.7M in free cash flow during fiscal year 2025. This represents a -568.3% 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.

Newegg Commerce Inc (NEGG) generated -$27.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Newegg Commerce Inc (NEGG) had $468.9M in total assets as of fiscal year 2025, including both current and long-term assets.

Newegg Commerce Inc (NEGG) invested $2.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Newegg Commerce Inc (NEGG) spent $3.5M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Newegg Commerce Inc (NEGG) had 21M shares outstanding as of fiscal year 2025.

Newegg Commerce Inc (NEGG) had a current ratio of 1.41 as of fiscal year 2025, which is considered adequate.

Newegg Commerce Inc (NEGG) had a debt-to-equity ratio of 1.92 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Newegg Commerce Inc (NEGG) had a return on assets of -1.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Newegg Commerce Inc (NEGG) had $107.8M in cash against an annual operating cash burn of $27.0M. This gives an estimated cash runway of approximately 48 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.

Newegg Commerce Inc (NEGG) has an Altman Z-Score of 3.35, 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.

Newegg Commerce Inc (NEGG) 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.

Newegg Commerce Inc (NEGG) has an earnings quality ratio of 5.53x, 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.

Newegg Commerce Inc (NEGG) has an interest coverage ratio of -9.5x, 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.

Newegg Commerce Inc (NEGG) scores 29 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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