What is Rand Capital's earnings per share (EPS)?

Rand Capital (RAND) reported diluted earnings per share of $-2.73 for fiscal year 2025. This represents a -179.8% 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.

Rand Capital Financials

RAND

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Rand Capital (RAND) 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).

Rhea AI RAND FY2025 2026-05-06

FY2025 shows a cash-harvesting balance sheet, with deleveraging and distributions driving the story more than reported earnings.

Between FY2023 and FY2025, net income and operating cash flow moved on different tracks: FY2023 showed $6.5M of profit with -$8.3M of operating cash flow. By FY2025, cash from operations was still $11.3M even as net income fell to -$8.0M, so annual earnings act more like a valuation snapshot than a cash-yield measure.

The balance sheet became materially less levered in two years: liabilities dropped from $20.2M in FY2023 to $1.0M in FY2025. Because total assets also shrank over that span, the company appears to be running a smaller, cleaner capital structure rather than adding borrowings to preserve scale.

FY2025 paired a large cash distribution with a shrinking equity base: dividends paid were $7.3M and ending equity was $52.2M. Shares outstanding rose to 3.0M from 2.6M, which means each share now represents a smaller slice of book value even though ending cash improved.

Financial Health Signals

Financial Profile 18/100

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 Rand Capital'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.

Leverage

100

Rand Capital carries a low D/E ratio of 0.02, meaning only $0.02 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.

Returns

Rand Capital generates a -15.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 8/100. This is down from 13.5% the prior year.

Piotroski F-Score Weak

2/9

Rand Capital passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Mixed

-1.40x

For every $1 of reported earnings, Rand Capital generates $-1.40 in operating cash flow ($11.3M OCF vs -$8.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$8.0M

YoY-191.1%

Rand Capital reported -$8.0M in net income in fiscal year 2025. This represents a decrease of 191.1% from the prior year.

EPS (Diluted)

$-2.73

YoY-179.8%

Rand Capital earned $-2.73 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 179.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$4.2M

YoY+404.2%

Rand Capital held $4.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+15.1%

Rand Capital had 3M shares outstanding in fiscal year 2025. This represents an increase of 15.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-15.4%

YoY-28.9pp

Rand Capital's ROE was -15.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 28.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

RAND Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
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	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	$113K-89.7%	$1.1M+4.3%	$1.0M+1393.5%	$70K-88.7%	$617K
Income Tax	N/A	N/A	$192K-10.9%	$216K+1878.2%	$11K
Net Income	-$8.0M-191.1%	$8.8M+35.3%	$6.5M+840.1%	-$882K-105.6%	$15.8M
EPS (Diluted)	$-2.73-179.8%	$3.42+35.2%	$2.53+844.1%	$-0.34-105.6%	$6.12

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	$30K	N/A	$25K0.0%	$25K-30.3%	$36K	N/A	$245K-37.7%	$393K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	-$3K-546.8%	$562
Net Income	-$367K-133.8%	$1.1M+148.7%	-$2.2M+71.2%	-$7.7M-1019.4%	$841K+128.6%	-$2.9M-211.7%	$2.6M-65.9%	$7.7M
EPS (Diluted)	$-0.12-132.4%	$0.37+149.3%	$-0.75+71.2%	$-2.60-996.6%	$0.29+125.4%	$-1.14-211.8%	$1.02-66.0%	$3.00

RAND Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$53.2M-26.6%	$72.5M-10.6%	$81.0M+27.6%	$63.5M	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$4.2M+404.2%	$835K-74.7%	$3.3M+140.7%	$1.4M+64.2%	$834K
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$0-100.0%	$23K	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.0M-85.8%	$7.1M-64.7%	$20.2M+250.8%	$5.8M	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$52.2M-20.1%	$65.3M+7.4%	$60.8M+5.4%	$57.7M-5.0%	$60.7M
Retained Earnings	-$10.6M-517.6%	$2.5M-59.7%	$6.3M-16.4%	$7.6M	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$52.5M-1.3%	$53.2M-2.5%	$54.6M-5.3%	$57.6M-15.0%	$67.8M-6.4%	$72.5M-9.2%	$79.8M-12.1%	$90.8M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$331K-92.1%	$4.2M-55.7%	$9.5M+114.7%	$4.4M-10.4%	$4.9M+490.9%	$835K-75.1%	$3.4M+46.2%	$2.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	$0-100.0%	$21K+4.8%	$20K0.0%	$20K-12.8%	$23K	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.6M+54.1%	$1.0M+5.6%	$958K+3.5%	$926K-63.1%	$2.5M-64.8%	$7.1M-23.8%	$9.4M-57.9%	$22.2M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$51.0M-2.4%	$52.2M-2.7%	$53.6M-5.5%	$56.7M-13.2%	$65.3M0.0%	$65.3M-7.3%	$70.4M+2.8%	$68.6M
Retained Earnings	-$11.8M-11.6%	-$10.6M-15.8%	-$9.2M-50.9%	-$6.1M-340.8%	$2.5M-0.8%	$2.5M-84.1%	$15.9M+13.4%	$14.1M

RAND Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$11.3M-26.6%	$15.3M+283.8%	-$8.3M-3405.1%	$252K+106.4%	-$3.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$7.9M+55.7%	-$17.8M-273.3%	$10.3M+3531.2%	$283K+101.8%	-$15.6M
Dividends Paid	$7.3M+239.7%	$2.1M-37.6%	$3.4M+60.2%	$2.1M-53.1%	$4.6M
Share Buybacks	N/A	N/A	N/A	N/A	$21K

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$3.5M-27.6%	-$2.8M-146.5%	$5.9M+1606.2%	$348K-95.5%	$7.7M+888.3%	$782K-94.8%	$15.1M+252.8%	$4.3M
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	-$361K+85.7%	-$2.5M-193.1%	-$861K0.0%	-$861K+76.3%	-$3.6M-10.0%	-$3.3M+76.5%	-$14.0M-411.1%	-$2.7M
Dividends Paid	$861K-65.9%	$2.5M+193.1%	$861K0.0%	$861K-71.6%	$3.0M	$0-100.0%	$748K0.0%	$748K
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RAND Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
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	-15.4%-28.9pp	13.5%+2.8pp	10.7%+12.3pp	-1.5%-27.5pp	26.0%
Return on Assets	-15.1%-27.3pp	12.2%+4.1pp	8.1%+9.4pp	-1.4%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.02-0.1	0.11-0.2	0.33+0.2	0.10	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	-0.7%-2.8pp	2.1%+6.2pp	-4.2%+9.5pp	-13.6%-14.9pp	1.3%+5.8pp	-4.5%-8.3pp	3.7%-7.5pp	11.3%
Return on Assets	-0.7%-2.7pp	2.0%+6.1pp	-4.1%+9.3pp	-13.4%-14.7pp	1.2%+5.3pp	-4.1%-7.4pp	3.3%-5.2pp	8.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.03+0.0	0.020.0	0.020.0	0.02-0.0	0.04-0.1	0.11-0.0	0.13-0.2	0.32
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

Is Rand Capital profitable?

No, Rand Capital (RAND) reported a net income of -$8.0M in fiscal year 2025.

What is Rand Capital's return on equity (ROE)?

Rand Capital (RAND) has a return on equity of -15.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Rand Capital's operating cash flow?

Rand Capital (RAND) generated $11.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Rand Capital's total assets?

Rand Capital (RAND) had $53.2M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Rand Capital have outstanding?

Rand Capital (RAND) had 3M shares outstanding as of fiscal year 2025.

What is Rand Capital's debt-to-equity ratio?

Rand Capital (RAND) had a debt-to-equity ratio of 0.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Rand Capital's return on assets (ROA)?

Rand Capital (RAND) had a return on assets of -15.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Rand Capital's Piotroski F-Score?

Rand Capital (RAND) has a Piotroski F-Score of 2 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Rand Capital's earnings high quality?

Rand Capital (RAND) has an earnings quality ratio of -1.40x, 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.

How financially healthy is Rand Capital?

Rand Capital (RAND) scores 18 out of 100 on our Financial Profile, indicating weak 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.