Tpi Composites Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Tpi Composites has an operating margin of -8.2%, meaning the company retains $-8 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 up from -8.2% the prior year.
Tpi Composites's revenue declined 7.1% year-over-year, from $1.4B to $1.3B. This contraction results in a growth score of 8/100.
Tpi Composites's current ratio of 0.91 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 16/100, which could limit financial flexibility.
While Tpi Composites generated $12.5M in operating cash flow, capex of $26.2M consumed most of it, leaving -$13.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Tpi Composites passes 4 of 9 financial strength tests. 2 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, Tpi Composites generates $-0.05 in operating cash flow ($12.5M OCF vs -$240.7M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Tpi Composites earns $-1.2 in operating income for every $1 of interest expense (-$108.7M vs $92.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Tpi Composites (TPIC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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).
Key Financial Metrics
Tpi Composites generated $1.3B in revenue in fiscal year 2024. This represents a decrease of 7.1% from the prior year.
Tpi Composites's EBITDA was -$78.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 0.2% from the prior year.
Tpi Composites generated -$13.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 88.3% from the prior year.
Tpi Composites reported -$240.7M in net income in fiscal year 2024. This represents a decrease of 19.3% from the prior year.
Tpi Composites earned $-5.07 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 21.9% from the prior year.
Tpi Composites held $143.3M in cash against $705.2M in long-term debt as of fiscal year 2024.
Tpi Composites had 48M shares outstanding in fiscal year 2024. This represents an increase of 0.8% from the prior year.
Tpi Composites's gross margin was -4.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.5 percentage points from the prior year.
Tpi Composites's operating margin was -8.2% in fiscal year 2024, reflecting core business profitability. This is up 0.0 percentage points from the prior year.
Tpi Composites's net profit margin was -18.1% in fiscal year 2024, showing the share of revenue converted to profit. This is down 4.0 percentage points from the prior year.
Tpi Composites spent $1.7M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 33.5% from the prior year.
Tpi Composites invested $26.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 27.5% from the prior year.
TPIC Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $234.4M-15.1% | $276.2M-17.8% | $336.2M-28.2% | $468.1M+51.1% | $309.8M+5.4% | $294.0M+3.5% | $284.1M-23.3% | $370.2M |
| Cost of Revenue | $275.7M-7.0% | $296.6M-13.2% | $341.7M-26.8% | $466.7M+48.8% | $313.6M+4.7% | $299.5M+1.3% | $295.6M-19.7% | $367.9M |
| Gross Profit | -$46.5M-60.4% | -$29.0M-107.9% | -$14.0M-1201.5% | -$1.1M+95.6% | -$24.4M+11.8% | -$27.7M-19.8% | -$23.1M-827.8% | -$2.5M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $7.0M+54.8% | $4.6M-23.1% | $5.9M+5431.8% | $107K-98.8% | $9.2M+9.6% | $8.4M+50.4% | $5.6M-36.6% | $8.8M |
| Operating Income | -$80.4M-103.9% | -$39.4M-72.9% | -$22.8M-53.0% | -$14.9M+59.7% | -$37.0M+2.8% | -$38.1M-5.4% | -$36.1M-110.4% | -$17.2M |
| Interest Expense | $22.5M-8.7% | $24.6M+1.7% | $24.2M-10.5% | $27.0M+20.5% | $22.4M+4.9% | $21.4M+251.7% | $6.1M+273.5% | $1.6M |
| Income Tax | $1.1M+263.7% | -$680K-262.7% | $418K-90.8% | $4.5M+87.6% | $2.4M-25.6% | $3.2M-56.8% | $7.5M-6.2% | $8.0M |
| Net Income | -$128.2M-87.8% | -$68.2M-41.2% | -$48.3M-0.5% | -$48.1M+47.2% | -$91.1M-48.2% | -$61.5M-6.7% | -$57.6M-1.4% | -$56.8M |
| EPS (Diluted) | $-2.63-87.9% | $-1.40-38.6% | $-1.010.0% | $-1.01+47.4% | $-1.92-47.7% | $-1.30-493.9% | $0.33+119.3% | $-1.71 |
TPIC Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $380.9M-35.6% | $591.7M-11.2% | $666.5M-3.8% | $692.5M-3.2% | $715.4M-4.1% | $745.9M-7.2% | $804.1M-6.0% | $855.5M |
| Current Assets | $183.6M-47.3% | $348.7M-17.7% | $423.7M-1.3% | $429.1M+1.6% | $422.4M-4.9% | $444.4M-11.7% | $503.1M-10.6% | $562.4M |
| Cash & Equivalents | $29.5M-72.3% | $106.4M-38.1% | $171.9M+19.9% | $143.3M+40.7% | $101.9M-12.8% | $116.8M-2.5% | $119.9M-25.4% | $160.6M |
| Inventory | $2.4M-41.6% | $4.1M+37.0% | $3.0M-20.0% | $3.7M-31.4% | $5.5M-60.1% | $13.7M+45.2% | $9.4M+63.0% | $5.8M |
| Accounts Receivable | $43.7M-36.7% | $69.1M-37.2% | $109.9M+193.7% | $37.4M-74.4% | $145.9M+15.9% | $125.9M-8.8% | $138.0M+1.7% | $135.7M |
| Goodwill | N/A | N/A | N/A | $2.8M | N/A | N/A | $2.8M | N/A |
| Total Liabilities | $963.7M-10.5% | $1.1B-0.9% | $1.1B+2.0% | $1.1B+7.7% | $989.7M+6.4% | $929.9M+0.4% | $926.4M-7.7% | $1.0B |
| Current Liabilities | $584.2M-40.4% | $981.0M+104.1% | $480.7M+1.4% | $474.0M+12.4% | $421.8M+12.8% | $373.8M-3.3% | $386.4M+0.2% | $385.5M |
| Long-Term Debt | $0 | $0-100.0% | $505.8M-28.3% | $705.2M+57.3% | $448.3M+4.0% | $431.0M-28.9% | $606.1M+215.5% | $192.1M |
| Total Equity | -$582.8M-20.1% | -$485.4M-15.4% | -$420.7M-12.7% | -$373.2M-36.1% | -$274.3M-49.0% | -$184.1M-50.5% | -$122.3M+17.3% | -$147.8M |
| Retained Earnings | -$1.0B-14.3% | -$893.6M-8.3% | -$825.4M-6.2% | -$777.1M-12.8% | -$688.9M-15.2% | -$597.8M-11.5% | -$536.3M-12.0% | -$478.7M |
TPIC Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$93.3M-256.0% | -$26.2M-666.4% | $4.6M-94.7% | $87.3M+336.7% | -$36.9M+5.4% | -$39.0M-890.2% | $4.9M+142.4% | -$11.7M |
| Capital Expenditures | $3.1M-17.5% | $3.7M-43.1% | $6.5M+58.0% | $4.1M-42.1% | $7.1M-14.1% | $8.3M-59.2% | $20.3M+121.7% | $9.2M |
| Free Cash Flow | -$96.3M-222.1% | -$29.9M-1484.4% | -$1.9M-102.3% | $83.2M+289.0% | -$44.0M+6.9% | -$47.3M-208.0% | -$15.4M+26.2% | -$20.8M |
| Investing Cash Flow | -$4.4M-18.0% | -$3.7M+43.1% | -$6.5M-58.0% | -$4.1M+42.1% | -$7.1M+14.1% | -$8.3M+59.2% | -$20.3M-650.8% | $3.7M |
| Financing Cash Flow | $14.7M+142.6% | -$34.5M-58.5% | -$21.7M-121.5% | -$9.8M-138.4% | $25.5M+557.9% | $3.9M-70.1% | $13.0M+1309.2% | $920K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0-100.0% | $2K-99.7% | $693K+1723.7% | $38K+375.0% | $8K-99.5% | $1.6M | $0 | $0 |
TPIC Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -19.9%-9.4pp | -10.5%-6.3pp | -4.2%-3.9pp | -0.2%+7.6pp | -7.9%+1.5pp | -9.4%-1.3pp | -8.1%-7.5pp | -0.7% |
| Operating Margin | -34.3%-20.0pp | -14.3%-7.5pp | -6.8%-3.6pp | -3.2%+8.8pp | -11.9%+1.0pp | -13.0%-0.2pp | -12.7%-8.1pp | -4.6% |
| Net Margin | -54.7%-30.0pp | -24.7%-10.3pp | -14.4%-4.1pp | -10.3%+19.1pp | -29.4%-8.5pp | -20.9%-0.6pp | -20.3%-4.9pp | -15.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -33.7%-22.1pp | -11.5%-4.3pp | -7.2%-0.3pp | -6.9%+5.8pp | -12.7%-4.5pp | -8.2%-1.1pp | -7.2%-0.5pp | -6.6% |
| Current Ratio | 0.31-0.0 | 0.36-0.5 | 0.88-0.0 | 0.91-0.1 | 1.00-0.2 | 1.19-0.1 | 1.30-0.2 | 1.46 |
| Debt-to-Equity | 0.000.0 | 0.00+1.2 | -1.20+0.7 | -1.89-0.3 | -1.63+0.7 | -2.34+2.6 | -4.96-3.7 | -1.30 |
| FCF Margin | -41.1%-30.3pp | -10.8%-10.3pp | -0.6%-18.3pp | 17.8%+32.0pp | -14.2%+1.9pp | -16.1%-10.7pp | -5.4%+0.2pp | -5.6% |
Note: Shareholder equity is negative (-$373.2M), 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.
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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Frequently Asked Questions
What is Tpi Composites's annual revenue?
Tpi Composites (TPIC) reported $1.3B in total revenue for fiscal year 2024. This represents a -7.1% 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 Tpi Composites's revenue growing?
Tpi Composites (TPIC) revenue declined by 7.1% year-over-year, from $1.4B to $1.3B in fiscal year 2024.
Is Tpi Composites profitable?
No, Tpi Composites (TPIC) reported a net income of -$240.7M in fiscal year 2024, with a net profit margin of -18.1%.
What is Tpi Composites's earnings per share (EPS)?
Tpi Composites (TPIC) reported diluted earnings per share of $-5.07 for fiscal year 2024. This represents a -21.9% 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.
What is Tpi Composites's EBITDA?
Tpi Composites (TPIC) had EBITDA of -$78.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Tpi Composites have?
As of fiscal year 2024, Tpi Composites (TPIC) had $143.3M in cash and equivalents against $705.2M in long-term debt.
What is Tpi Composites's gross margin?
Tpi Composites (TPIC) had a gross margin of -4.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Tpi Composites's operating margin?
Tpi Composites (TPIC) had an operating margin of -8.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Tpi Composites's net profit margin?
Tpi Composites (TPIC) had a net profit margin of -18.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Tpi Composites's free cash flow?
Tpi Composites (TPIC) generated -$13.7M in free cash flow during fiscal year 2024. This represents a 88.3% 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 Tpi Composites's operating cash flow?
Tpi Composites (TPIC) generated $12.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Tpi Composites's total assets?
Tpi Composites (TPIC) had $692.5M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Tpi Composites's capital expenditures?
Tpi Composites (TPIC) invested $26.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Tpi Composites buy back shares?
Yes, Tpi Composites (TPIC) spent $1.7M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Tpi Composites have outstanding?
Tpi Composites (TPIC) had 48M shares outstanding as of fiscal year 2024.
What is Tpi Composites's current ratio?
Tpi Composites (TPIC) had a current ratio of 0.91 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Tpi Composites's debt-to-equity ratio?
Tpi Composites (TPIC) had a debt-to-equity ratio of -1.89 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tpi Composites's return on assets (ROA)?
Tpi Composites (TPIC) had a return on assets of -34.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Why is Tpi Composites's debt-to-equity ratio negative or unusual?
Tpi Composites (TPIC) has negative shareholder equity of -$373.2M as of fiscal year 2024, 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 Tpi Composites's Piotroski F-Score?
Tpi Composites (TPIC) has a Piotroski F-Score of 4 out of 9, indicating neutral 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 Tpi Composites's earnings high quality?
Tpi Composites (TPIC) has an earnings quality ratio of -0.05x, 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.
Can Tpi Composites cover its interest payments?
Tpi Composites (TPIC) has an interest coverage ratio of -1.2x, 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 Tpi Composites?
Tpi Composites (TPIC) scores 6 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.