What is Tantech Holdings's earnings per share (EPS)?

Tantech Holdings (TANH) reported diluted earnings per share of $-13.64 for fiscal year 2025. This represents a -78.1% 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.

Tantech Holdings Financials

TANH

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

This page shows Tantech Holdings (TANH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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 TANH FY2025 2026-05-14

A stable-but-thin gross margin could not absorb a surge in overhead, even though the balance sheet still carries ample liquidity.

FY2025's gross margin of 18.6% was only modestly below FY2023's 21.8%, so the collapse in reported profitability did not start at the gross-profit line. Net loss reached -$31.0M while operating cash flow was only -$5.8M, showing the reported damage was much heavier in accounting earnings than in immediate cash use.

The real operating break was below gross profit: SG&A climbed to $19.3M from $4.9M in FY2024, overwhelming a business whose gross profit base is only single-digit millions. That pattern looks like a cost-structure mismatch, where overhead moved faster than the revenue base could support.

The company still looks liquid rather than balance-sheet constrained: cash of $33.0M exceeds total liabilities of $13.6M, so FY2025's strain was not driven by an overleveraged balance sheet. But receivables remain large relative to annual sales, which can keep cash conversion uneven even when headline liquidity appears comfortable; that makes this a cash-conversion issue as much as a liquidity one.

Financial Health Signals

Financial Profile 40/100

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 Tantech Holdings'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

Tantech Holdings has an operating margin of -31.8%, meaning the company retains $-32 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 9.3% the prior year.

Growth

Tantech Holdings's revenue declined 10.7% year-over-year, from $42.9M to $38.4M. This contraction results in a growth score of 21/100.

Leverage

100

Tantech Holdings carries a low D/E ratio of 0.12, meaning only $0.12 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.

Liquidity

100

With a current ratio of 6.59, Tantech Holdings holds $6.59 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Tantech Holdings generated -$5.8M in operating cash flow, capex of $0 consumed most of it, leaving -$5.8M in free cash flow. This results in a low score of 21/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Tantech Holdings generates a -28.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -2.5% the prior year.

Piotroski F-Score Weak

2/9

Tantech Holdings passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.19x

For every $1 of reported earnings, Tantech Holdings generates $0.19 in operating cash flow (-$5.8M OCF vs -$31.0M 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

-43.7x

Tantech Holdings earns $-43.7 in operating income for every $1 of interest expense (-$12.2M vs $280K). 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

$38.4M

YoY-10.7%

5Y CAGR-1.9%

10Y CAGR-2.0%

Tantech Holdings generated $38.4M in revenue in fiscal year 2025. This represents a decrease of 10.7% from the prior year.

EBITDA

-$12.2M

YoY-403.2%

Tantech Holdings's EBITDA was -$12.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 403.2% from the prior year.

Net Income

-$31.0M

YoY-857.0%

Tantech Holdings reported -$31.0M in net income in fiscal year 2025. This represents a decrease of 857.0% from the prior year.

EPS (Diluted)

$-13.64

YoY-78.1%

Tantech Holdings earned $-13.64 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 78.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$5.8M

YoY-210.1%

Tantech Holdings generated -$5.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 210.1% from the prior year.

Cash & Debt

$33.0M

YoY-6.2%

5Y CAGR-2.3%

10Y CAGR+18.1%

Tantech Holdings held $33.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

18.6%

YoY-2.2pp

5Y CAGR+8.0pp

10Y CAGR-12.8pp

Tantech Holdings's gross margin was 18.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.2 percentage points from the prior year.

Operating Margin

-31.8%

YoY-41.1pp

5Y CAGR-7.3pp

10Y CAGR-49.0pp

Tantech Holdings's operating margin was -31.8% in fiscal year 2025, reflecting core business profitability. This is down 41.1 percentage points from the prior year.

Net Margin

-80.9%

YoY-73.3pp

5Y CAGR-65.5pp

10Y CAGR-98.9pp

Tantech Holdings's net profit margin was -80.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 73.3 percentage points from the prior year.

Return on Equity

-28.1%

YoY-25.6pp

5Y CAGR-21.5pp

10Y CAGR-40.2pp

Tantech Holdings's ROE was -28.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 25.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$79K

YoY+102.5%

5Y CAGR-38.5%

10Y CAGR-23.1%

Tantech Holdings invested $79K in research and development in fiscal year 2025. This represents an increase of 102.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

YoY-100.0%

Tantech Holdings invested $0 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.

TANH Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$38.4M-10.7%	$42.9M-3.8%	$44.6M-15.7%	$53.0M-4.2%	$55.3M+30.7%	$42.3M
Cost of Revenue	$31.2M-8.2%	$34.0M-2.6%	$34.9M-18.5%	$42.9M-4.4%	$44.8M+18.6%	$37.8M
Gross Profit	$7.1M-20.1%	$8.9M-8.0%	$9.7M-3.9%	$10.1M-3.1%	$10.4M+133.0%	$4.5M
R&D Expenses	$79K+102.5%	$39K+62.1%	$24K+3.4%	$23K-99.7%	$8.1M+804.6%	$890K
SG&A Expenses	$19.3M+295.6%	$4.9M-16.3%	$5.8M+48.9%	$3.9M-55.8%	$8.8M+824.6%	$955K
Operating Income	-$12.2M-406.3%	$4.0M+8.9%	$3.7M-38.3%	$5.9M+169.7%	-$8.5M+17.7%	-$10.3M
Interest Expense	$280K-3.7%	$290K-3.7%	$301K-36.7%	$476K-35.7%	$740K+146.7%	$300K
Income Tax	-$2.5M-181.1%	$3.1M+31.6%	$2.4M-24.7%	$3.1M+29.3%	$2.4M+497.2%	-$612K
Net Income	-$31.0M-857.0%	-$3.2M-158.1%	$5.6M+115.9%	$2.6M+130.9%	-$8.4M-28.2%	-$6.5M
EPS (Diluted)	$-13.64-78.1%	$-7.66	$80.69	$120.10	$-48.35	$-52.93

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
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

TANH Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$124.0M-13.3%	$143.0M+0.9%	$141.7M+5.6%	$134.1M-0.3%	$134.5M+15.7%	$116.3M
Current Assets	$74.0M-37.2%	$117.8M+1.8%	$115.7M+8.3%	$106.8M+0.9%	$105.8M+29.2%	$81.9M
Cash & Equivalents	$33.0M-6.2%	$35.2M+21.1%	$29.1M+53.1%	$19.0M-56.0%	$43.1M+16.2%	$37.1M
Inventory	$152K-20.3%	$191K-19.1%	$236K-73.7%	$899K-16.0%	$1.1M+59.4%	$671K
Accounts Receivable	$27.8M-14.8%	$32.6M-22.0%	$41.8M+4.0%	$40.2M-10.7%	$45.0M+30.7%	$34.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$13.6M-7.2%	$14.7M-21.4%	$18.7M+2.7%	$18.2M-17.3%	$22.0M+30.9%	$16.8M
Current Liabilities	$11.2M-4.5%	$11.8M-33.2%	$17.6M+30.0%	$13.5M-37.8%	$21.8M+29.5%	$16.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$110.3M-16.0%	$131.3M+4.4%	$125.7M+6.5%	$118.1M+3.3%	$114.3M+15.6%	$98.9M
Retained Earnings	$17.4M-64.4%	$48.8M+9.3%	$44.7M+14.3%	$39.1M+6.6%	$36.7M-19.3%	$45.5M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$124.0M-31.3%	$180.5M+26.3%	$143.0M+0.6%	$142.2M+0.3%	$141.7M+2.6%	$138.1M+2.9%	$134.1M-1.5%	$136.2M
Current Assets	$74.0M-2.4%	$75.8M-35.6%	$117.8M-0.1%	$118.0M+2.0%	$115.7M+3.2%	$112.0M+5.0%	$106.8M-0.9%	$107.7M
Cash & Equivalents	$33.0M+2.0%	$32.4M-8.0%	$35.2M+2.9%	$34.2M+17.7%	$29.1M+17.6%	$24.7M+30.3%	$19.0M+75.7%	$10.8M
Inventory	$152K-36.3%	$239K+25.1%	$191K-79.5%	$934K+295.2%	$236K-81.6%	$1.3M+42.8%	$899K-8.2%	$979K
Accounts Receivable	$27.8M-31.7%	$40.7M+24.8%	$32.6M-18.0%	$39.8M-4.9%	$41.8M+1.5%	$41.2M+2.5%	$40.2M-14.5%	$47.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$13.6M-51.1%	$27.9M+90.1%	$14.7M-23.1%	$19.1M+2.2%	$18.7M-5.8%	$19.8M+9.0%	$18.2M+3.1%	$17.6M
Current Liabilities	$11.2M-57.8%	$26.6M+126.4%	$11.8M-30.3%	$16.9M-4.1%	$17.6M+15.2%	$15.3M+12.8%	$13.5M-16.7%	$16.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$110.3M-21.5%	$140.6M+7.1%	$131.3M+4.2%	$126.0M+0.2%	$125.7M+4.3%	$120.5M+2.0%	$118.1M-2.0%	$120.5M
Retained Earnings	$17.4M-70.0%	$57.9M+18.7%	$48.8M-8.5%	$53.4M+19.5%	$44.7M+8.9%	$41.0M+4.9%	$39.1M+1.6%	$38.5M

TANH Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$5.8M-208.5%	$5.4M+2.0%	$5.3M-36.6%	$8.3M+202.5%	-$8.1M-157.1%	$14.2M
Capital Expenditures	$0-100.0%	$81K+18583.3%	$431-72.6%	$2K-99.3%	$220K+52.1%	$145K
Free Cash Flow	-$5.8M-210.1%	$5.3M+0.4%	$5.3M-36.6%	$8.3M+199.8%	-$8.3M-159.2%	$14.0M
Investing Cash Flow	-$1.1M+67.4%	-$3.3M-28.1%	-$2.6M+94.3%	-$45.0M-8686.3%	$524K+526.2%	-$123K
Financing Cash Flow	$3.4M-1.3%	$3.5M-53.3%	$7.4M-51.4%	$15.3M+19.4%	$12.8M+43.2%	$8.9M
Dividends Paid	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

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
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

TANH Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	18.6%-2.2pp	20.8%-0.9pp	21.8%+2.7pp	19.1%+0.2pp	18.9%+8.3pp	10.6%
Operating Margin	-31.8%-41.1pp	9.3%+1.1pp	8.2%-3.0pp	11.2%+26.6pp	-15.4%+9.1pp	-24.5%
Net Margin	-80.9%-73.3pp	-7.5%-20.1pp	12.5%+7.6pp	4.9%+20.0pp	-15.1%+0.3pp	-15.4%
Return on Equity	-28.1%-25.6pp	-2.5%-6.9pp	4.4%+2.3pp	2.2%+9.5pp	-7.3%-0.7pp	-6.6%
Return on Assets	-25.0%-22.7pp	-2.3%-6.2pp	3.9%+2.0pp	1.9%+8.1pp	-6.2%-0.6pp	-5.6%
Current Ratio	6.59-3.4	10.02+3.5	6.57-1.3	7.88+3.0	4.86-0.0	4.87
Debt-to-Equity	0.12+0.0	0.11-0.0	0.150.0	0.15-0.0	0.19+0.0	0.17
FCF Margin	-15.2%-27.5pp	12.3%+0.5pp	11.8%-3.9pp	15.7%+30.7pp	-15.0%-48.2pp	33.2%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
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	6.59+3.7	2.85-7.2	10.02+3.0	6.99+0.4	6.57-0.8	7.33-0.6	7.88+1.3	6.62
Debt-to-Equity	0.12-0.1	0.20+0.1	0.11-0.0	0.150.0	0.15-0.0	0.16+0.0	0.150.0	0.15
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

What is Tantech Holdings's annual revenue?

Tantech Holdings (TANH) reported $38.4M in total revenue for fiscal year 2025. This represents a -10.7% 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 Tantech Holdings's revenue growing?

Tantech Holdings (TANH) revenue declined by 10.7% year-over-year, from $42.9M to $38.4M in fiscal year 2025.

Is Tantech Holdings profitable?

No, Tantech Holdings (TANH) reported a net income of -$31.0M in fiscal year 2025, with a net profit margin of -80.9%.

What is Tantech Holdings's EBITDA?

Tantech Holdings (TANH) had EBITDA of -$12.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Tantech Holdings's gross margin?

Tantech Holdings (TANH) had a gross margin of 18.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Tantech Holdings's operating margin?

Tantech Holdings (TANH) had an operating margin of -31.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Tantech Holdings's net profit margin?

Tantech Holdings (TANH) had a net profit margin of -80.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Tantech Holdings's return on equity (ROE)?

Tantech Holdings (TANH) has a return on equity of -28.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Tantech Holdings's free cash flow?

Tantech Holdings (TANH) generated -$5.8M in free cash flow during fiscal year 2025. This represents a -210.1% 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 Tantech Holdings's operating cash flow?

Tantech Holdings (TANH) generated -$5.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Tantech Holdings's total assets?

Tantech Holdings (TANH) had $124.0M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Tantech Holdings's capital expenditures?

Tantech Holdings (TANH) invested $0 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Tantech Holdings spend on research and development?

Tantech Holdings (TANH) invested $79K in research and development during fiscal year 2025.

What is Tantech Holdings's current ratio?

Tantech Holdings (TANH) had a current ratio of 6.59 as of fiscal year 2025, which is generally considered healthy.

What is Tantech Holdings's debt-to-equity ratio?

Tantech Holdings (TANH) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Tantech Holdings's return on assets (ROA)?

Tantech Holdings (TANH) had a return on assets of -25.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Tantech Holdings's cash runway?

Based on fiscal year 2025 data, Tantech Holdings (TANH) had $33.0M in cash against an annual operating cash burn of $5.8M. This gives an estimated cash runway of approximately 68 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.

What is Tantech Holdings's Piotroski F-Score?

Tantech Holdings (TANH) 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 Tantech Holdings's earnings high quality?

Tantech Holdings (TANH) has an earnings quality ratio of 0.19x, 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 Tantech Holdings cover its interest payments?

Tantech Holdings (TANH) has an interest coverage ratio of -43.7x, 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.

How financially healthy is Tantech Holdings?

Tantech Holdings (TANH) scores 40 out of 100 on our Financial Profile, indicating moderate 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.