Steel Partners Financials

SPLPP

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2024 Currency USD FYE December

This page shows Steel Partners (SPLPP) 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).

Rhea AI SPLPP FY2024 2026-04-22

A margin-expanding, cash-resetting business turned modest sales growth into much stronger profitability while steadily deleveraging its balance sheet.

For the prior two fiscal years, accounting profit outpaced cash, with free cash flow at -$258M and then -$30.2M despite positive net income in both periods. In FY2024, operating cash flow of $363M rose above net income of $262M; alongside falling interest expense, that points to a working-capital release and lower financing drag rather than an income-statement-only improvement.

The clearest operating shift is in gross margin: it moved from 34.4% in FY2020 to 43.2% in FY2024, but rising selling costs absorbed part of that benefit. That means the business became structurally more profitable at the gross level, while bottom-line improvement depended on keeping overhead from consuming the gain.

The balance sheet is far less financing-dependent than it was a few years ago, with long-term debt reduced to $120M while cash still stood at $404M. Equity expanded as liabilities came down, so more of the asset base is now funded internally rather than by creditors, and the company carries a much lighter interest burden.

Financial Health Signals

Financial health score pending refresh

We are recalculating Steel Partners's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

8/8

Steel Partners passes 8 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.39x

For every $1 of reported earnings, Steel Partners generates $1.39 in operating cash flow ($363.3M OCF vs $261.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.0B

YoY+6.4%

5Y CAGR+5.4%

10Y CAGR+9.1%

Steel Partners generated $2.0B in revenue in fiscal year 2024. This represents an increase of 6.4% from the prior year.

EBITDA

N/A

Net Income

$261.6M

YoY+73.4%

Steel Partners reported $261.6M in net income in fiscal year 2024. This represents an increase of 73.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$298.3M

YoY+1086.9%

5Y CAGR+33.5%

10Y CAGR+19.7%

Steel Partners generated $298.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 1086.9% from the prior year.

Cash & Debt

$404.4M

YoY-30.0%

5Y CAGR+24.0%

10Y CAGR+7.9%

Steel Partners held $404.4M in cash against $119.6M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

43.2%

YoY+1.1pp

5Y CAGR+4.1pp

10Y CAGR+12.6pp

Steel Partners's gross margin was 43.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.1 percentage points from the prior year.

Operating Margin

N/A

Net Margin

12.9%

YoY+5.0pp

5Y CAGR+13.0pp

10Y CAGR+13.8pp

Steel Partners's net profit margin was 12.9% in fiscal year 2024, showing the share of revenue converted to profit. This is up 5.0 percentage points from the prior year.

Return on Equity

22.3%

YoY+7.3pp

5Y CAGR+22.6pp

10Y CAGR+23.4pp

Steel Partners's ROE was 22.3% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 7.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$65.0M

YoY+26.3%

5Y CAGR+10.3%

10Y CAGR+8.5%

Steel Partners invested $65.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 26.3% from the prior year.

SPLPP Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$2.0B+6.4%	$1.9B+12.4%	$1.7B+11.2%	$1.5B+16.3%	$1.3B-16.1%	$1.6B
Cost of Revenue	$1.2B+4.5%	$1.1B+0.6%	$1.1B+9.2%	$1.0B+16.8%	$859.9M-9.7%	$952.1M
Gross Profit	$875.5M+9.1%	$802.4M+34.1%	$598.5M+14.9%	$520.8M+15.5%	$450.8M-26.1%	$609.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$547.1M+8.4%	$505.0M+31.7%	$383.4M+26.1%	$304.0M+4.5%	$290.8M-13.1%	$334.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$8.0M-56.4%	$18.4M-10.9%	$20.6M-7.2%	$22.3M-24.6%	$29.5M-24.0%	$38.8M
Income Tax	-$53.3M-3081.3%	-$1.7M-102.3%	$73.9M-12.1%	$84.1M+120.5%	$38.1M+161.9%	$14.6M
Net Income	$261.6M+73.4%	$150.8M-26.8%	$206.0M+56.7%	$131.4M+80.8%	$72.7M+4650.7%	-$1.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	$497.9M-4.3%	$520.4M-2.4%	$533.2M+11.9%	$476.3M+2.0%	$466.9M-5.1%	$492.3M-1.7%	$500.9M+12.5%	$445.4M
Cost of Revenue	$279.4M-5.5%	$295.6M-2.5%	$303.2M+10.6%	$274.2M+1.9%	$269.0M-5.0%	$283.3M-2.1%	$289.4M+10.8%	$261.3M
Gross Profit	$218.5M-2.8%	$224.8M-2.2%	$230.0M+13.7%	$202.2M+2.2%	$197.9M-5.3%	$209.0M-1.2%	$211.5M+14.9%	$184.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$134.8M-1.8%	$137.3M-1.7%	$139.7M+3.3%	$135.3M+5.1%	$128.7M+3.0%	$124.9M-8.4%	$136.4M+18.6%	$115.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$2.9M+47.6%	$2.0M+18.1%	$1.7M+21.0%	$1.4M-43.5%	$2.5M-40.1%	$4.1M-29.5%	$5.8M-2.6%	$6.0M
Income Tax	-$21.3M-231.6%	$16.2M+127.5%	-$59.0M-643.1%	$10.9M+32812.1%	$33K+103.4%	-$981K+93.6%	-$15.3M-205.0%	$14.6M
Net Income	$74.6M+104.8%	$36.4M-68.7%	$116.3M+239.9%	$34.2M-17.0%	$41.3M+61.4%	$25.6M-56.8%	$59.1M+138.1%	$24.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SPLPP Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$3.6B-10.3%	$4.0B+23.3%	$3.2B+21.0%	$2.7B-32.0%	$3.9B+68.7%	$2.3B
Current Assets	$2.4B-7.0%	$2.6B+45.5%	$1.8B+40.6%	$1.3B+59.9%	$803.3M-26.3%	$1.1B
Cash & Equivalents	$404.4M-30.0%	$577.9M+146.5%	$234.4M-27.9%	$325.4M+139.6%	$135.8M-1.6%	$137.9M
Inventory	$195.6M-3.3%	$202.3M-5.5%	$214.1M+16.2%	$184.3M+34.4%	$137.1M-7.7%	$148.5M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$145.7M-2.1%	$148.8M+18.3%	$125.8M-15.0%	$148.0M-1.9%	$150.9M+0.8%	$149.6M
Total Liabilities	$2.4B-19.4%	$3.0B+22.6%	$2.4B+21.3%	$2.0B-40.9%	$3.4B+82.0%	$1.9B
Current Liabilities	$1.8B-11.9%	$2.1B+25.2%	$1.6B+130.6%	$715.0M+38.3%	$517.0M-44.8%	$935.8M
Long-Term Debt	$119.6M-37.5%	$191.3M+6.5%	$179.6M-33.5%	$269.9M-16.6%	$323.4M+0.4%	$322.1M
Total Equity	$1.2B+16.7%	$1.0B+25.4%	$801.5M+19.8%	$669.0M+24.1%	$539.2M+15.6%	$466.6M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Total Assets	$3.6B-1.5%	$3.6B-1.1%	$3.7B+0.9%	$3.6B-8.8%	$4.0B+1.0%	$4.0B+4.9%	$3.8B+6.0%	$3.6B
Current Assets	$2.4B+5.4%	$2.3B+1.1%	$2.3B-0.9%	$2.3B-12.0%	$2.6B+5.2%	$2.5B+8.4%	$2.3B+10.7%	$2.1B
Cash & Equivalents	$404.4M+4.2%	$388.1M-9.5%	$428.8M-4.0%	$446.7M-22.7%	$577.9M+2.8%	$562.1M+59.2%	$353.2M+15.8%	$305.1M
Inventory	$195.6M-7.2%	$210.7M+2.6%	$205.4M+0.3%	$204.8M+1.3%	$202.3M-5.8%	$214.8M-4.1%	$224.1M+1.4%	$220.9M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$145.7M-0.2%	$146.0M-1.9%	$148.8M0.0%	$148.8M0.0%	$148.8M+0.1%	$148.6M+0.4%	$148.0M+17.6%	$125.9M
Total Liabilities	$2.4B-5.6%	$2.6B-0.4%	$2.6B-3.0%	$2.6B-11.6%	$3.0B-1.0%	$3.0B+5.8%	$2.9B+4.3%	$2.7B
Current Liabilities	$1.8B-0.1%	$1.8B0.0%	$1.8B-2.4%	$1.9B-9.7%	$2.1B-1.1%	$2.1B+5.7%	$2.0B+5.8%	$1.9B
Long-Term Debt	$119.6M-0.4%	$120.1M+52.8%	$78.6M-15.2%	$92.7M-51.5%	$191.3M+2.3%	$186.9M+1.2%	$184.8M+1.4%	$182.2M
Total Equity	$1.2B+8.3%	$1.1B-2.7%	$1.1B+11.2%	$1.0B-0.4%	$1.0B+7.5%	$935.0M+2.1%	$915.9M+11.7%	$819.8M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SPLPP Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$363.3M+1611.8%	$21.2M+110.1%	-$210.2M-370.3%	$77.8M-76.0%	$324.1M+194.0%	$110.2M
Capital Expenditures	$65.0M+26.3%	$51.5M+8.2%	$47.5M-9.1%	$52.3M+125.3%	$23.2M-41.7%	$39.8M
Free Cash Flow	$298.3M+1086.9%	-$30.2M+88.3%	-$257.8M-1113.1%	$25.4M-91.5%	$300.9M+327.3%	$70.4M
Investing Cash Flow	$111.2M+178.2%	-$142.2M+19.5%	-$176.6M-111.6%	$1.5B+179.9%	-$1.9B-590.6%	-$275.0M
Financing Cash Flow	-$646.3M-239.1%	$464.6M+56.3%	$297.2M+121.2%	-$1.4B-189.2%	$1.6B+4454.9%	-$36.1M
Dividends Paid	$9.5M-1.2%	$9.6M0.0%	$9.6M0.0%	$9.6M-75.9%	$40.0M	$0
Share Buybacks	N/A	N/A	$45.0M-0.1%	$45.0M+120.1%	$20.5M	N/A

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Operating Cash Flow	-$4.9M-104.8%	$101.8M+47.6%	$69.0M-65.1%	$197.5M+1968.3%	$9.5M-85.6%	$66.2M+1156.8%	-$6.3M+87.0%	-$48.2M
Capital Expenditures	$9.3M-75.2%	$37.3M+350.2%	$8.3M-17.6%	$10.1M-31.9%	$14.8M+12.7%	$13.1M+2.1%	$12.8M+19.9%	$10.7M
Free Cash Flow	-$14.1M-122.0%	$64.4M+6.2%	$60.7M-67.6%	$187.4M+3678.3%	-$5.2M-109.9%	$53.1M+377.8%	-$19.1M+67.6%	-$59.0M
Investing Cash Flow	$108.8M+302.8%	-$53.7M-418.7%	$16.8M-57.0%	$39.1M+47.8%	$26.5M+206.9%	-$24.8M-346.4%	$10.1M+106.5%	-$154.0M
Financing Cash Flow	-$85.9M+4.4%	-$89.8M+13.0%	-$103.3M+71.9%	-$367.3M-1580.4%	-$21.9M-113.0%	$168.2M+270.1%	$45.5M-83.3%	$272.7M
Dividends Paid	$2.4M0.0%	$2.4M0.0%	$2.4M0.0%	$2.4M-1.2%	$2.4M0.0%	$2.4M0.0%	$2.4M0.0%	$2.4M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SPLPP Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	43.2%+1.1pp	42.1%+6.8pp	35.3%+1.1pp	34.2%-0.2pp	34.4%-4.7pp	39.0%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	12.9%+5.0pp	7.9%-4.2pp	12.2%+3.5pp	8.6%+3.1pp	5.5%+5.7pp	-0.1%
Return on Equity	22.3%+7.3pp	15.0%-10.7pp	25.7%+6.1pp	19.6%+6.2pp	13.5%+13.8pp	-0.3%
Return on Assets	7.3%+3.5pp	3.8%-2.6pp	6.4%+1.5pp	4.9%+3.1pp	1.8%+1.9pp	-0.1%
Current Ratio	1.34+0.1	1.27+0.2	1.09-0.7	1.80+0.2	1.55+0.4	1.16
Debt-to-Equity	0.10-0.1	0.19-0.0	0.22-0.2	0.40-0.2	0.60-0.1	0.69
FCF Margin	14.7%+16.3pp	-1.6%+13.6pp	-15.2%-16.9pp	1.7%-21.3pp	23.0%+18.4pp	4.5%

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Gross Margin	43.9%+0.7pp	43.2%+0.1pp	43.1%+0.7pp	42.4%+0.1pp	42.4%-0.1pp	42.4%+0.2pp	42.2%+0.9pp	41.3%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	15.0%+8.0pp	7.0%-14.8pp	21.8%+14.6pp	7.2%-1.7pp	8.8%+3.7pp	5.2%-6.6pp	11.8%+6.2pp	5.6%
Return on Equity	6.4%+3.0pp	3.4%-7.1pp	10.4%+7.0pp	3.4%-0.7pp	4.1%+1.4pp	2.7%-3.7pp	6.5%+3.4pp	3.0%
Return on Assets	2.1%+1.1pp	1.0%-2.2pp	3.2%+2.2pp	0.9%-0.1pp	1.0%+0.4pp	0.7%-0.9pp	1.6%+0.9pp	0.7%
Current Ratio	1.34+0.1	1.27+0.0	1.26+0.0	1.24-0.0	1.27+0.1	1.20+0.0	1.17+0.1	1.11
Debt-to-Equity	0.100.0	0.11+0.0	0.07-0.0	0.09-0.1	0.190.0	0.200.0	0.20-0.0	0.22
FCF Margin	-2.8%-15.2pp	12.4%+1.0pp	11.4%-28.0pp	39.3%+40.5pp	-1.1%-11.9pp	10.8%+14.6pp	-3.8%+9.4pp	-13.2%

Frequently Asked Questions

What is Steel Partners's annual revenue?

Steel Partners (SPLPP) reported $2.0B in total revenue for fiscal year 2024. This represents a 6.4% 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 Steel Partners's revenue growing?

Steel Partners (SPLPP) revenue grew by 6.4% year-over-year, from $1.9B to $2.0B in fiscal year 2024.

Is Steel Partners profitable?

Yes, Steel Partners (SPLPP) reported a net income of $261.6M in fiscal year 2024, with a net profit margin of 12.9%.

How much debt does Steel Partners have?

As of fiscal year 2024, Steel Partners (SPLPP) had $404.4M in cash and equivalents against $119.6M in long-term debt.

What is Steel Partners's gross margin?

Steel Partners (SPLPP) had a gross margin of 43.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Steel Partners's net profit margin?

Steel Partners (SPLPP) had a net profit margin of 12.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Steel Partners's return on equity (ROE)?

Steel Partners (SPLPP) has a return on equity of 22.3% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Steel Partners's free cash flow?

Steel Partners (SPLPP) generated $298.3M in free cash flow during fiscal year 2024. This represents a 1086.9% 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 Steel Partners's operating cash flow?

Steel Partners (SPLPP) generated $363.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Steel Partners's total assets?

Steel Partners (SPLPP) had $3.6B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Steel Partners's capital expenditures?

Steel Partners (SPLPP) invested $65.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

What is Steel Partners's current ratio?

Steel Partners (SPLPP) had a current ratio of 1.34 as of fiscal year 2024, which is considered adequate.

What is Steel Partners's debt-to-equity ratio?

Steel Partners (SPLPP) had a debt-to-equity ratio of 0.10 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Steel Partners's return on assets (ROA)?

Steel Partners (SPLPP) had a return on assets of 7.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Steel Partners's Piotroski F-Score?

Steel Partners (SPLPP) has a Piotroski F-Score of 8 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.

Are Steel Partners's earnings high quality?

Steel Partners (SPLPP) has an earnings quality ratio of 1.39x, 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.