Stem Inc Financials
Stem Inc (STEM) reported $156.3M in revenue for fiscal year 2025, up 8.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
Stem’s reported FY2025 profit masks a still-lossmaking operating core being rebuilt through a sharp margin reset.
FY2025’s reported profit of$137.8M did not come from a fully repaired operating engine, because operating income was still-$55.7M . The stronger cash conversion and slight positive operating cash flow of$6.9M show the business stopped consuming cash the way it had a year earlier, but they still do not reconcile with a net margin of88.2% .
FY2025 revenue was
The balance sheet is still compressed: total assets are down to
Financial Health Signals
Scored against utilities 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 Stem 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.
Not available for Stem Inc, and counted as zero in the overall score.
Stem Inc scores -6.82, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($54.5M) relative to total liabilities ($557.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Stem Inc passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Stem Inc generates $0.05 in operating cash flow ($6.9M OCF vs $137.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Stem Inc reported an operating loss of $55.7M against $23.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Stem Inc generated $156.3M in revenue in fiscal year 2025. This represents an increase of 8.1% from the prior year.
Stem Inc's EBITDA was -$10.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 98.6% from the prior year.
Stem Inc reported $137.8M in net income in fiscal year 2025. This represents an increase of 116.1% from the prior year.
Stem Inc earned -$9.18 per diluted share (EPS) in fiscal year 2025. This represents an increase of 91.3% from the prior year.
Cash & Balance Sheet
Stem Inc held $48.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Stem Inc's gross margin was 38.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 46.0 percentage points from the prior year.
Stem Inc's operating margin was -35.6% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Stem Inc's net profit margin was 88.2% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
Stem Inc invested $35.3M in research and development in fiscal year 2025. This represents a decrease of 31.2% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
STEM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $148.0M | $156.3M+8.1% | $144.6M-68.7% | $461.5M+27.1% | $363.0M+185.0% | $127.4M+250.8% | $36.3M+106.9% | $17.6M |
| Cost of Revenue | $86.7M | $96.3M-38.1% | $155.6M-66.0% | $457.9M+38.8% | $329.9M+161.6% | $126.1M+213.6% | $40.2M+93.2% | $20.8M |
| Gross Profit | $61.4M | $60.0M+642.2% | -$11.1M-401.7% | $3.7M-88.9% | $33.1M+2553.7% | $1.2M+131.9% | -$3.9M-20.0% | -$3.3M |
| R&D Expenses | $27.0M | $35.3M-31.2% | $51.3M-9.2% | $56.5M+47.5% | $38.3M+68.6% | $22.7M+42.5% | $15.9M+8.4% | $14.7M |
| SG&A Expenses | $46.0M | $51.6M-41.4% | $88.1M+17.6% | $74.9M-2.7% | $77.0M+85.0% | $41.6M+183.2% | $14.7M+18.4% | $12.4M |
| Operating Income | -$43.1M | -$55.7M+93.4% | -$839.5M-368.1% | -$179.3M-36.8% | -$131.1M-57.8% | -$83.1M-68.2% | -$49.4M-3.2% | -$47.9M |
| Interest Expense | $30.4M | $23.9M+30.8% | $18.3M+22.1% | $15.0M+43.1% | $10.5M-39.8% | $17.4M-16.4% | $20.8M+65.8% | $12.5M |
| Income Tax | $128K | $536K+61.4% | $332K-23.3% | $433K+102.9% | -$15.2M | $0-100.0% | $5K-16.7% | $6K |
| Net Income | -$73.0M | $137.8M+116.1% | -$854.0M-508.3% | -$140.4M-13.2% | -$124.1M-22.6% | -$101.2M+35.2% | -$156.1M-162.8% | -$59.4M |
| EPS (Diluted) | — | -$9.18+91.3% | -$105.80-486.1% | -$18.05 | -$0.81+15.6% | -$0.96 | -$4.13-173.5% | -$1.51 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
STEM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $308.9M-29.4% | $437.4M-67.8% | $1.4B-4.6% | $1.4B+19.3% | $1.2B+479.0% | $205.8M+9.5% | $188.0M |
| Current Assets | $100.1M-26.7% | $136.6M-71.1% | $473.0M-11.2% | $532.8M-48.0% | $1.0B+1977.7% | $49.3M+71.1% | $28.8M |
| Cash & Equivalents | $48.9M-13.1% | $56.3M-46.6% | $105.4M+19.9% | $87.9M-88.2% | $747.8M+10671.8% | $6.9M-46.1% | $12.9M |
| Inventory | $658K+56.3% | $421K-98.4% | $26.7M+218.4% | $8.4M-63.1% | $22.7M+9.0% | $20.8M+482.2% | $3.6M |
| Accounts Receivable | $38.4M-35.3% | $59.3M-80.4% | $302.8M+35.7% | $223.2M+261.8% | $61.7M+354.6% | $13.6M+105.0% | $6.6M |
| Goodwill | $0 | $0-100.0% | $547.2M+0.1% | $546.6M+31298.6% | $1.7M+0.1% | $1.7M+2.6% | $1.7M |
| Total Liabilities | $557.9M-33.2% | $835.2M-10.2% | $930.3M+7.0% | $869.7M+66.0% | $524.0M+36.7% | $383.3M+80.3% | $212.6M |
| Current Liabilities | $110.6M-14.2% | $128.8M-48.7% | $251.1M-6.0% | $267.0M+203.5% | $88.0M-53.8% | $190.5M+74.2% | $109.3M |
| Total Equity | -$249.4M+37.4% | -$398.4M-193.5% | $426.2M-22.7% | $551.6M-17.4% | $667.8M+476.4% | -$177.4M-623.2% | -$24.5M |
| Retained Earnings | -$1.5B+8.5% | -$1.6B-110.6% | -$772.5M-22.2% | -$632.1M-24.2% | -$509.1M-24.8% | -$407.8M-57.4% | -$259.1M |
Not reported in any period shown, so not listed: Long-Term Debt.
STEM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $11.6M | $6.9M+118.7% | -$36.6M+82.3% | -$207.4M-95.6% | -$106.0M-4.7% | -$101.3M-200.8% | -$33.7M-13.5% | -$29.7M |
| Investing Cash Flow | -$4.5M | -$6.6M-87.7% | -$3.5M-102.6% | $135.7M+124.9% | -$544.4M-193.9% | -$185.2M-1439.0% | -$12.0M+74.0% | -$46.4M |
| Financing Cash Flow | -$9.1M | -$7.6M+10.4% | -$8.4M-109.4% | $90.2M+1073.2% | -$9.3M-100.9% | $1.0B+2449.0% | $40.3M-40.0% | $67.2M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
STEM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 38.4%+46.0pp | -7.6%-8.4pp | 0.8%-8.3pp | 9.1%+8.1pp | 1.0%+11.8pp | -10.8%+7.8pp | -18.6% |
| Operating Margin | -35.6% | -580.6% | -38.9%-2.7pp | -36.1%+29.1pp | -65.2% | -136.0% | -272.6% |
| Net Margin | 88.2% | -590.7% | -30.4%+3.8pp | -34.2%+45.3pp | -79.5% | -430.0% | -338.5% |
| Return on Equity | N/A | N/A | -32.9%-10.5pp | -22.5%-7.3pp | -15.2% | N/A | N/A |
| Return on Assets | 44.6%+239.9pp | -195.3%-184.9pp | -10.3%-1.6pp | -8.7%-0.2pp | -8.5%+67.3pp | -75.8%-44.2pp | -31.6% |
| Current Ratio | 0.91-0.2x | 1.06-0.8x | 1.88-0.1x | 2.00-9.6x | 11.64+11.4x | 0.260.0x | 0.26 |
| Debt-to-Equity | N/A | N/A | 2.18+0.6x | 1.58+0.8x | 0.78 | N/A | N/A |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: Shareholder equity is negative (-$249.4M), 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.
Note: The current ratio is below 1.0 (0.91), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Stem Inc Ranks
Frequently Asked Questions
What is Stem Inc's annual revenue?
Stem Inc (STEM) reported $156.3M in total revenue for fiscal year 2025. This represents a 8.1% 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 Stem Inc's revenue growing?
Stem Inc (STEM) revenue grew by 8.1% year-over-year, from $144.6M to $156.3M in fiscal year 2025.
Is Stem Inc profitable?
Yes, Stem Inc (STEM) reported a net income of $137.8M in fiscal year 2025, with a net profit margin of 88.2%.
What is Stem Inc's EBITDA?
Stem Inc (STEM) had EBITDA of -$10.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Stem Inc's gross margin?
Stem Inc (STEM) had a gross margin of 38.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Stem Inc's operating margin?
Stem Inc (STEM) had an operating margin of -35.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Stem Inc's net profit margin?
Stem Inc (STEM) had a net profit margin of 88.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Stem Inc's operating cash flow?
Stem Inc (STEM) generated $6.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Stem Inc's total assets?
Stem Inc (STEM) had $308.9M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Stem Inc spend on research and development?
Stem Inc (STEM) invested $35.3M in research and development during fiscal year 2025.
What is Stem Inc's current ratio?
Stem Inc (STEM) had a current ratio of 0.91 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Stem Inc's return on assets (ROA)?
Stem Inc (STEM) had a return on assets of 44.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Stem Inc's debt-to-equity ratio negative or not reported?
Stem Inc (STEM) has negative shareholder equity of -$249.4M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Stem Inc's Altman Z-Score?
Stem Inc (STEM) has an Altman Z-Score of -6.82, placing it in the Distress Zone (elevated 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.
What is Stem Inc's Piotroski F-Score?
Stem Inc (STEM) has a Piotroski F-Score of 5 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 Stem Inc's earnings high quality?
Stem Inc (STEM) has an earnings quality ratio of 0.05x, 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 Stem Inc cover its interest payments?
Stem Inc (STEM) reported an operating loss of $55.7M against $23.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.
How financially healthy is Stem Inc?
Stem Inc (STEM) scores 25 out of 100 on our Financial Health Score, indicating weak standing within its utilities 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.