New England Financials

NEN

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

This page shows New England (NEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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

3/9

New England passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

4.59x

For every $1 of reported earnings, New England generates $4.59 in operating cash flow ($27.7M OCF vs $6.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.1x

New England earns $1.1 in operating income for every $1 of interest expense ($21.3M vs $18.6M). 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

$89.2M

YoY+10.8%

5Y CAGR+7.5%

10Y CAGR+7.0%

New England generated $89.2M in revenue in fiscal year 2025. This represents an increase of 10.8% from the prior year.

EBITDA

$44.6M

YoY+5.3%

5Y CAGR+6.0%

10Y CAGR+6.6%

New England's EBITDA was $44.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.3% from the prior year.

Net Income

$6.0M

YoY-61.5%

5Y CAGR+33.5%

10Y CAGR+4.8%

New England reported $6.0M in net income in fiscal year 2025. This represents a decrease of 61.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$26.7M

YoY+51.4%

5Y CAGR+7.4%

10Y CAGR+10.0%

New England held $26.7M in cash against $531.0M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

23.9%

YoY-7.6pp

5Y CAGR-0.2pp

10Y CAGR-4.4pp

New England's operating margin was 23.9% in fiscal year 2025, reflecting core business profitability. This is down 7.6 percentage points from the prior year.

Net Margin

6.8%

YoY-12.7pp

5Y CAGR+4.5pp

10Y CAGR-1.5pp

New England's net profit margin was 6.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 12.7 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

$821K

YoY-50.8%

5Y CAGR+15.8%

10Y CAGR-13.3%

New England spent $821K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 50.8% from the prior year.

Capital Expenditures

N/A

NEN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$89.2M+10.8%	$80.5M+8.1%	$74.5M+9.1%	$68.3M+9.0%	$62.6M+0.9%	$62.1M
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.1M+6.3%	$2.9M+1.2%	$2.9M+6.2%	$2.7M+10.3%	$2.5M+12.1%	$2.2M
Operating Income	$21.3M-15.9%	$25.4M+34.8%	$18.8M+4.0%	$18.1M+27.0%	$14.2M-4.9%	$15.0M
Interest Expense	$18.6M+20.2%	$15.5M-1.7%	$15.7M+4.5%	$15.0M+10.4%	$13.6M-0.6%	$13.7M
Income Tax	N/A	$0	$0	$0	$0	$0
Net Income	$6.0M-61.5%	$15.7M+85.3%	$8.5M+127.1%	$3.7M+237.9%	-$2.7M-289.5%	$1.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$23.6M-0.4%	$23.7M+11.5%	$21.2M+2.7%	$20.7M+1.5%	$20.4M+0.8%	$20.2M+0.8%	$20.1M+0.8%	$19.9M
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	$871K+30.4%	$668K+7.5%	$621K	N/A	$680K+4.2%	$652K-14.4%	$762K
Operating Income	$3.3M-30.3%	$4.7M-32.8%	$7.1M+13.3%	$6.2M-5.7%	$6.6M+2.2%	$6.5M-1.0%	$6.5M+13.7%	$5.8M
Interest Expense	N/A	$5.4M+31.8%	$4.1M+9.1%	$3.8M	N/A	$3.8M-1.8%	$3.9M-0.2%	$3.9M
Income Tax	N/A	N/A	N/A	$0	N/A	N/A	N/A	$0
Net Income	-$1.4M-166.9%	-$522K-112.6%	$4.1M+9.3%	$3.8M-10.0%	$4.2M+7.8%	$3.9M-4.0%	$4.1M+17.6%	$3.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NEN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$505.3M+28.4%	$393.5M+2.0%	$385.7M-1.6%	$391.8M+9.8%	$356.9M+22.4%	$291.7M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$26.7M+51.4%	$17.6M-3.4%	$18.2M-63.2%	$49.6M-48.4%	$96.1M+415.3%	$18.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.4M+17.0%	$1.2M+28.0%	$954K+45.4%	$656K-29.9%	$935K-33.8%	$1.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$579.5M+27.1%	$455.9M+1.1%	$451.1M-0.1%	$451.7M+11.2%	$406.2M+21.9%	$333.1M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$531.0M+30.0%	$408.6M-0.7%	$411.4M-0.6%	$414.1M	N/A	N/A
Total Equity	-$74.2M-18.9%	-$62.4M+4.5%	-$65.4M-9.2%	-$59.9M-21.5%	-$49.3M-18.9%	-$41.5M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$505.3M+2.5%	$492.9M-0.4%	$494.8M+28.4%	$385.2M-2.1%	$393.5M+1.6%	$387.4M+1.0%	$383.7M+0.7%	$381.2M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$26.7M+99.4%	$13.4M-19.8%	$16.7M-46.0%	$30.9M+75.2%	$17.6M+16.9%	$15.1M+11.9%	$13.5M-53.3%	$28.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.4M+2.7%	$1.4M+7.3%	$1.3M+18.3%	$1.1M-10.3%	$1.2M+27.9%	$954K-7.2%	$1.0M+18.8%	$866K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$579.5M+2.8%	$563.9M0.0%	$563.7M+23.5%	$456.6M+0.1%	$455.9M+0.7%	$452.8M+0.5%	$450.7M+0.1%	$450.2M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$531.0M+3.3%	$514.2M0.0%	$514.3M+26.1%	$407.8M-0.2%	$408.6M-0.2%	$409.3M-0.2%	$410.0M-0.2%	$410.7M
Total Equity	-$74.2M-4.5%	-$71.0M-3.0%	-$69.0M+3.4%	-$71.4M-14.3%	-$62.4M+4.6%	-$65.5M+2.3%	-$67.0M+3.0%	-$69.0M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NEN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$27.7M-13.4%	$31.9M+32.1%	$24.2M+12.3%	$21.5M+36.5%	$15.8M-9.6%	$17.5M
Capital Expenditures	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
Investing Cash Flow	-$54.3M-227.7%	-$16.6M+57.4%	-$38.9M+58.2%	-$93.1M-3890.4%	-$2.3M-36.0%	-$1.7M
Financing Cash Flow	$35.7M+323.6%	-$16.0M+3.6%	-$16.6M-166.2%	$25.0M-60.9%	$64.0M+1480.1%	-$4.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$821K-50.8%	$1.7M-57.5%	$3.9M-26.3%	$5.3M+1083.1%	$450K+14.3%	$394K

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$7.3M+211.0%	$2.3M-81.3%	$12.5M+128.8%	$5.5M-54.2%	$12.0M+41.2%	$8.5M+58.1%	$5.4M-12.4%	$6.1M
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	-$9.4M-133.1%	-$4.0M+93.5%	-$62.1M-393.1%	$21.2M+402.6%	-$7.0M-72.8%	-$4.1M+77.4%	-$18.0M-244.4%	$12.4M
Financing Cash Flow	$15.4M+1043.4%	-$1.6M-104.6%	$35.4M+363.7%	-$13.4M-455.5%	-$2.4M+14.3%	-$2.8M-2.5%	-$2.7M+65.6%	-$8.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$423K+294.1%	$107K-62.0%	$282K+3016.8%	$9K-83.6%	$55K-92.2%	$713K+10.0%	$648K+155.6%	$253K

NEN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	23.9%-7.6pp	31.5%+6.2pp	25.3%-1.2pp	26.5%+3.8pp	22.7%-1.4pp	24.1%
Net Margin	6.8%-12.7pp	19.4%+8.1pp	11.3%+5.9pp	5.5%+9.8pp	-4.3%-6.6pp	2.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	1.2%-2.8pp	4.0%+1.8pp	2.2%+1.2pp	0.9%+1.7pp	-0.8%-1.3pp	0.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	-7.16-0.6	-6.54-0.2	-6.30+0.6	-6.92+1.3	-8.24-0.2	-8.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	14.0%-6.0pp	20.0%-13.2pp	33.3%+3.1pp	30.1%-2.3pp	32.4%+0.4pp	32.0%-0.6pp	32.6%+3.7pp	28.9%
Net Margin	-5.9%-3.7pp	-2.2%-21.7pp	19.5%+1.2pp	18.4%-2.3pp	20.7%+1.4pp	19.3%-1.0pp	20.3%+2.9pp	17.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-0.3%-0.2pp	-0.1%-0.9pp	0.8%-0.2pp	1.0%-0.1pp	1.1%+0.1pp	1.0%-0.1pp	1.1%+0.1pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	-7.16+0.1	-7.24+0.2	-7.46-1.7	-5.71+0.8	-6.54-0.3	-6.25-0.1	-6.12-0.2	-5.95
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$74.2M), 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.

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Frequently Asked Questions

What is New England's annual revenue?

New England (NEN) reported $89.2M in total revenue for fiscal year 2025. This represents a 10.8% 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 New England's revenue growing?

New England (NEN) revenue grew by 10.8% year-over-year, from $80.5M to $89.2M in fiscal year 2025.

Is New England profitable?

Yes, New England (NEN) reported a net income of $6.0M in fiscal year 2025, with a net profit margin of 6.8%.

What is New England's EBITDA?

New England (NEN) had EBITDA of $44.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does New England have?

As of fiscal year 2025, New England (NEN) had $26.7M in cash and equivalents against $531.0M in long-term debt.

What is New England's operating margin?

New England (NEN) had an operating margin of 23.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is New England's net profit margin?

New England (NEN) had a net profit margin of 6.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is New England's operating cash flow?

New England (NEN) generated $27.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are New England's total assets?

New England (NEN) had $505.3M in total assets as of fiscal year 2025, including both current and long-term assets.

Does New England buy back shares?

Yes, New England (NEN) spent $821K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is New England's debt-to-equity ratio?

New England (NEN) had a debt-to-equity ratio of -7.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is New England's return on assets (ROA)?

New England (NEN) had a return on assets of 1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is New England's debt-to-equity ratio negative or unusual?

New England (NEN) has negative shareholder equity of -$74.2M 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 New England's Piotroski F-Score?

New England (NEN) has a Piotroski F-Score of 3 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 New England's earnings high quality?

New England (NEN) has an earnings quality ratio of 4.59x, considered cash-backed (high 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 New England cover its interest payments?

New England (NEN) has an interest coverage ratio of 1.1x, 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.