What is TPI Composites, Inc.'s earnings per share (EPS)?

TPI Composites, Inc. (TPIC) reported diluted earnings per share of -$7.02 for fiscal year 2025. This represents a -38.5% 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.

TPI Composites, Inc. (TPIC) Financials

TPIC

FY2025 annual

Revenue $918.5M +3.2% YoY

Net Income -$340.8M -41.6% YoY

EPS (Diluted) -$7.02 -38.5% YoY

Free Cash Flow -$140.9M -928.6% YoY

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 25, 2026 Currency USD FYE December

Newest figures come from the 10-K for FY2025, filed Mar 25, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TPIC SEC filings page.

TPI Composites, Inc. (TPIC) reported $918.5M in revenue for fiscal year 2025, up 3.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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 TPIC FY2025 2026-10-04

Revenue has recovered, but worsening production economics and a shrinking asset base leave the business increasingly financed by liabilities.

Cash weakness is operational rather than mainly investment-driven: in FY2025, operating cash flow was -$126M while free cash flow was -$141M, with capital spending accounting for only about $15M of the gap. The net loss of $341M was larger than the cash outflow, but both measures deteriorated together, indicating that noncash items did not change the underlying direction.

Revenue returned to FY2022's level in FY2025, yet gross margin worsened from -8.1% to -12.0%; volume recovery therefore did not restore production economics. Selling, general, and administrative expense fell to $28M, so the deterioration appears concentrated in the cost of producing revenue rather than overhead growth.

The balance sheet became materially tighter: total assets fell from $692M to $342M in FY2025 while liabilities remained above $1.0B. The current ratio dropped to 0.2x from 0.9x, and negative equity widened to -$679M, showing that short-term obligations and creditor claims now dominate the reported capital structure.

Financial Health Signals

Financial Health Score 23/100

Scored against operating companies 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 TPI Composites, 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.

Profitability

TPI Composites, Inc. has an operating margin of -19.5%, meaning the company loses $20 on every $100 of revenue. This results in a profitability score of 22/100. This is down from -15.1% the prior year.

Growth

TPI Composites, Inc.'s revenue grew a modest 3.2% year-over-year to $918.5M. This slow but positive growth earns a score of 42/100.

Leverage

Liquidity

TPI Composites, Inc.'s current ratio of 0.24 is below the typical benchmark, resulting in a score of 1/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

TPI Composites, Inc.'s operations used $126.4M of cash, and capex of $14.5M added to the outflow, for a free cash flow shortfall of $140.9M. This results in a cash flow score of 12/100.

Returns

Altman Z-Score Distress

-5.31

TPI Composites, Inc. scores -5.31, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($6.2M) relative to total liabilities ($1.0B). 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.

Piotroski F-Score Weak

3/9

TPI Composites, Inc. passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality No Cash Backing

N/A

TPI Composites, Inc. reported a net loss of $340.8M while operations used $126.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

TPI Composites, Inc. reported an operating loss of $179.4M against $89.0M 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

Export CSV

Earnings & Revenue

Revenue

$71.6M

YoY+165.7%

QoQ-69.4%

TPI Composites, Inc. generated $71.6M in revenue in Q4 2025. This represents an increase of 165.7% from the same quarter a year earlier. Against the prior quarter it is down 69.4%.

EBITDA

-$29.8M

YoY+7.7%

QoQ+60.1%

TPI Composites, Inc.'s EBITDA was -$29.8M in Q4 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.7% from the same quarter a year earlier. Against the prior quarter it is up 60.1%.

Net Income

-$96.1M

YoY-99.9%

QoQ+25.0%

TPI Composites, Inc. reported -$96.1M in net income in Q4 2025. This represents a decrease of 99.9% from the same quarter a year earlier. Against the prior quarter it is up 25.0%.

EPS (Diluted)

Not reported for Q4 2025.

Cash & Balance Sheet

Free Cash Flow

-$12.8M

YoY-115.4%

QoQ+86.7%

TPI Composites, Inc. recorded an outflow of $12.8M in free cash flow in Q4 2025, representing a cash shortfall after capex. This represents a decrease of 115.4% from the same quarter a year earlier. Against the prior quarter it is up 86.7%.

Cash & Debt

$13.9M

YoY-90.3%

QoQ-52.9%

5Y CAGR-30.0%

10Y CAGR-11.3%

TPI Composites, Inc. held $13.9M in cash against $0 in long-term debt as of Q4 2025, with $639.9M of liabilities due within a year.

Shares Outstanding

49M

YoY+2.4%

QoQ+0.1%

5Y CAGR+5.9%

TPI Composites, Inc. had 49M shares outstanding in Q4 2025. This represents an increase of 2.4% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

Gross Margin

-29.5%

YoY+45.7pp

QoQ-9.6pp

TPI Composites, Inc.'s gross margin was -29.5% in Q4 2025, indicating the percentage of revenue retained after direct costs. This is up 45.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 9.6 percentage points.

Operating Margin

-51.4%

QoQ-17.1pp

TPI Composites, Inc.'s operating margin was -51.4% in Q4 2025, reflecting core business profitability. Against the prior quarter it is down 17.1 percentage points. No change is given against Q4 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q4 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Return on Equity

Not reported for Q4 2025.

Capital Allocation

Share Buybacks

$1K

YoY-97.4%

5Y CAGR-77.4%

TPI Composites, Inc. spent $1K on share buybacks in Q4 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 97.4% from the same quarter a year earlier.

Capital Expenditures

$1.3M

YoY-69.5%

QoQ-58.8%

5Y CAGR-36.5%

10Y CAGR+0.5%

TPI Composites, Inc. invested $1.3M in capex in Q4 2025, funding long-term assets and infrastructure. This represents a decrease of 69.5% from the same quarter a year earlier. Against the prior quarter it is down 58.8%.

R&D Spending

Not reported for Q4 2025.

TPIC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TPIC quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
Revenue	$918.5M+3.2%	$890.0M+3.0%	$863.9M-5.9%	$918.5M-37.6%	$1.5B+28.8%	$1.1B-20.4%	$1.4B+39.5%	$1.0B+7.8%	$955.2M+24.2%	$769.0M+31.3%	$585.9M+82.7%	$320.7M
Cost of Revenue	$1.0B+9.2%	$920.4M-3.4%	$952.9M-31.8%	$1.4B-4.2%	$1.5B+30.6%	$1.1B-13.5%	$1.3B+46.3%	$882.1M+9.7%	$804.1M+21.1%	$664.0M+22.0%	$544.1M+77.8%	$306.1M
Gross Profit	-$110.6M-53.2%	-$72.2M+34.8%	-$110.7M+76.9%	-$479.1M-3720.8%	$13.2M-49.3%	$26.1M-66.5%	$77.8M+6.9%	$72.8M-34.1%	$110.5M+27.2%	$86.9M+108.1%	$41.7M+184.9%	$14.7M
SG&A Expenses	$28.4M-38.4%	$46.2M-1.8%	$47.0M+45.3%	$32.3M+10.6%	$29.2M-12.7%	$33.5M-16.1%	$39.9M-8.3%	$43.5M+7.8%	$40.4M+19.1%	$33.9M+139.9%	$14.1M+54.0%	$9.2M
Operating Income	-$179.4M-33.1%	-$134.8M+22.2%	-$173.2M-1391.7%	$13.4M+114.6%	-$91.8M-64.9%	-$55.7M-450.4%	$15.9M-35.7%	$24.7M-64.7%	$70.1M+32.3%	$53.0M+91.8%	$27.6M+404.3%	$5.5M
EBITDA	-$152.9M-46.6%	-$104.3M+22.3%	-$134.3M-328.0%	$58.9M+250.1%	-$39.2M-553.2%	-$6.0M-111.0%	$54.5M+6.5%	$51.1M-44.3%	$91.8M+38.7%	$66.2M+69.5%	$39.0M+202.2%	$12.9M
Interest Expense	$89.0M+5.0%	$84.7M+599.5%	$12.1M+140.8%	$5.0M-63.1%	$13.6M+31.5%	$10.4M+29.4%	$8.0M-23.0%	$10.4M-15.9%	$12.4M-29.7%	$17.6M+20.9%	$14.6M+101.3%	$7.2M
Income Tax	$3.7M-51.6%	$7.7M-30.6%	$11.1M-65.4%	$32.1M+7.7%	$29.8M+302.3%	$7.4M-67.9%	$23.1M+862.1%	-$3.0M-119.2%	$15.8M+332.3%	$3.7M-8.1%	$4.0M+329.9%	$925K
Net Income	-$340.8M-41.6%	-$240.7M-19.3%	-$201.8M-209.0%	-$65.3M+59.1%	-$159.5M-738.5%	-$19.0M-21.1%	-$15.7M-397.6%	$5.3M-86.4%	$38.7M+43.2%	$27.0M+252.0%	$7.7M+215.6%	-$6.6M
EPS (Basic)	-$7.02-38.5%	-$5.07-21.9%	-$4.16-40.5%	-$2.96+33.2%	-$4.43-720.4%	-$0.54-20.0%	-$0.45-400.0%	$0.15-86.8%	$1.14-7.3%	$1.23+400.0%	-$0.41+91.6%	-$4.86
EPS (Diluted)	-$7.02-38.5%	-$5.07-21.9%	-$4.16	-$2.96	-$4.43-720.4%	-$0.54-20.0%	-$0.45-400.0%	$0.15-86.5%	$1.11	$1.22	-$0.41+91.6%	-$4.86
Diluted Shares (Avg)	49M+2.3%	47M+11.2%	43M	42M	37M+5.3%	36M+1.3%	35M-2.6%	36M+3.3%	35M	18M	4M0.0%	4M

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'25	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'24
Revenue	$71.6M+165.7%	$234.4M-9.6%	$276.2M-10.8%	$336.2M+14.3%	$27.0M	$259.2M-30.0%	$309.8M-17.2%	$294.0M-27.2%
Cost of Revenue	$90.9M+62.5%	$275.7M+9.6%	$296.6M-5.4%	$341.7M+14.1%	$55.9M	$251.5M-31.6%	$313.6M-23.8%	$299.5M-25.0%
Gross Profit	-$21.1M-4.1%	-$46.5M-26844.8%	-$29.0M-18.8%	-$14.0M+49.6%	-$20.3M	$174K-92.5%	-$24.4M+40.2%	-$27.7M-1123.2%
SG&A Expenses	$10.9M-41.8%	$7.0M-28.2%	$4.6M-50.6%	$5.9M-29.6%	$18.7M	$9.8M+11.3%	$9.2M+36.1%	$8.4M+19.5%
Operating Income	-$36.8M+10.1%	-$80.4M-329.6%	-$39.4M-6.5%	-$22.8M+40.2%	-$41.0M	-$18.7M-8.9%	-$37.0M+33.5%	-$38.1M-376.4%
EBITDA	-$29.8M+7.7%	-$74.7M-471.1%	-$32.4M-9.2%	-$15.9M+45.5%	-$32.3M	-$13.1M	-$29.7M	-$29.2M-1792.6%
Interest Expense	$17.7M-8.5%	$22.5M+4.2%	$24.6M+9.8%	$24.2M+13.2%	$19.3M	$21.6M+1225.2%	$22.4M+1095.5%	$21.4M+745.9%
Income Tax	$2.9M+1020.1%	$1.1M-53.0%	-$680K-128.2%	$418K-87.1%	-$313K	$2.4M-70.4%	$2.4M+740.4%	$3.2M-16.0%
Net Income	-$96.1M-99.9%	-$128.2M-219.9%	-$68.2M+25.1%	-$48.3M+21.4%	-$48.1M	-$40.1M+29.5%	-$91.1M-39.6%	-$61.5M-177.8%
EPS (Basic)	N/A	-$2.63-213.1%	-$1.40+27.1%	-$1.01+22.3%	N/A	-$0.84+50.9%	-$1.92-1.1%	-$1.30-47.7%
EPS (Diluted)	N/A	-$2.63-213.1%	-$1.40+27.1%	-$1.01+22.3%	N/A	-$0.84+50.9%	-$1.92-1.1%	-$1.30
Diluted Shares (Avg)	N/A	49M+2.5%	49M+2.5%	48M+0.9%	N/A	48M+11.7%	48M+11.7%	47M

Not reported in any period shown, so not listed: R&D Expenses.

TPIC Balance Sheet

TPIC quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
Total Assets	$342.4M-50.5%	$692.5M-13.9%	$804.1M-16.4%	$962.2M-4.5%	$1.0B+5.4%	$956.3M+15.7%	$826.7M+36.7%	$604.9M+10.8%	$545.7M+24.8%	$437.2M+32.5%	$329.9M	N/A
Current Assets	$155.2M-63.8%	$429.1M-14.7%	$503.1M-22.0%	$645.2M-2.3%	$660.3M+20.5%	$548.2M+17.0%	$468.4M+13.1%	$414.2M+0.8%	$410.8M+26.3%	$325.2M+28.9%	$252.4M	N/A
Cash & Equivalents	$13.9M-90.3%	$143.3M+19.5%	$119.9M-8.2%	$130.6M-39.6%	$216.2M+162.2%	$82.5M+36.1%	$60.6M-29.0%	$85.3M-42.4%	$148.1M+24.4%	$119.1M+159.3%	$45.9M+5.3%	$43.6M
Short-Term Investments	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Inventory	$27.6M+637.5%	$3.7M-60.3%	$9.4M-11.6%	$10.7M+5.0%	$10.2M-6.3%	$10.8M+61.0%	$6.7M+17.4%	$5.7M+39.5%	$4.1M-92.3%	$53.1M+4.4%	$50.8M	N/A
Accounts Receivable	$51.5M+37.5%	$37.4M-72.9%	$138.0M-25.3%	$184.8M+20.8%	$153.0M+15.2%	$132.8M-27.8%	$184.0M+4.1%	$176.8M+45.4%	$121.6M+79.2%	$67.8M-7.0%	$72.9M	N/A
Long-Term Investments	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M	N/A
Total Liabilities	$1.0B-4.1%	$1.1B+15.0%	$926.4M+1.6%	$911.7M+2.9%	$885.7M+17.3%	$755.2M+21.5%	$621.6M+61.9%	$383.9M+18.1%	$325.2M-1.7%	$330.7M-29.6%	$469.4M	N/A
Current Liabilities	$639.9M+35.0%	$474.0M+22.7%	$386.4M-15.4%	$456.6M-2.7%	$469.1M+15.5%	$406.1M+8.6%	$373.9M+38.5%	$270.0M+14.5%	$235.9M-0.3%	$236.6M-1.9%	$241.2M	N/A
Non-Current Liabilities	$382.0M-35.4%	$591.7M+9.6%	$540.0M+18.6%	$455.1M+9.2%	$416.6M+19.3%	$349.1M+40.9%	$247.7M+117.6%	$113.9M+27.5%	$89.3M-5.1%	$94.1M-58.8%	$228.2M	N/A
Long-Term Debt	$0-100.0%	$485.2M+17.0%	$414.7M+34518.4%	$1.2M-85.4%	$8.2M-95.5%	$184.3M+44.1%	$127.9M+15.7%	$110.6M+28.7%	$85.9M-4.3%	$89.8M+16.1%	$77.3M	N/A
Total Equity	-$679.5M-82.0%	-$373.2M-205.2%	-$122.3M-342.2%	$50.5M-58.6%	$122.0M-39.3%	$201.0M-2.0%	$205.1M-7.2%	$221.0M+0.2%	$220.6M+28.7%	$171.4M+222.9%	-$139.5M+25.4%	-$187.1M
Retained Earnings	-$1.1B-43.9%	-$777.1M-44.9%	-$536.3M-60.3%	-$334.6M-24.3%	-$269.3M-145.4%	-$109.7M-21.0%	-$90.7M-20.9%	-$75.0M+6.6%	-$80.3M+56.1%	-$182.8M+4.4%	-$191.2M	N/A

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'25	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'24
Total Assets	$342.4M-50.5%	$380.9M-49.4%	$591.7M-17.3%	$666.5M-10.6%	$692.5M-13.9%	$752.6M-12.0%	$715.4M-24.3%	$745.9M-24.9%
Current Assets	$155.2M-63.8%	$183.6M-60.7%	$348.7M-17.5%	$423.7M-4.7%	$429.1M-14.7%	$467.5M-16.9%	$422.4M-34.3%	$444.4M-35.2%
Cash & Equivalents	$13.9M-90.3%	$29.5M-63.5%	$106.4M+4.5%	$171.9M+47.1%	$143.3M+19.5%	$80.9M-49.6%	$101.9M-40.1%	$116.8M-28.9%
Inventory	$27.6M+637.5%	$2.4M-47.0%	$4.1M-24.8%	$3.0M-78.1%	$3.7M-60.3%	$4.5M-21.8%	$5.5M-23.9%	$13.7M-5.9%
Accounts Receivable	$51.5M+37.5%	$43.7M-70.9%	$69.1M-52.7%	$109.9M-12.7%	$37.4M-72.9%	$150.2M+10.7%	$145.9M-7.9%	$125.9M-29.5%
Goodwill	$2.8M0.0%	N/A	N/A	N/A	$2.8M0.0%	N/A	N/A	N/A
Total Liabilities	$1.0B-4.1%	$963.7M-10.3%	$1.1B+8.8%	$1.1B+16.9%	$1.1B+15.0%	$1.1B+7.1%	$989.7M-3.4%	$929.9M-6.6%
Current Liabilities	$639.9M+35.0%	$584.2M+18.5%	$981.0M+132.6%	$480.7M+28.6%	$474.0M+22.7%	$493.1M+27.9%	$421.8M+1.0%	$373.8M-6.9%
Non-Current Liabilities	$382.0M-35.4%	$379.5M-34.8%	$96.1M-83.1%	$606.5M+9.0%	$591.7M+9.6%	$581.6M-5.9%	$567.9M-6.4%	$556.2M-6.5%
Long-Term Debt	$0-100.0%	$0-100.0%	$0-100.0%	$505.8M+17.4%	$485.2M+17.0%	$466.0M+261.7%	$448.3M+248.2%	$431.0M+234.9%
Total Equity	-$679.5M-82.0%	-$582.8M-81.0%	-$485.4M-77.0%	-$420.7M-128.6%	-$373.2M-205.2%	-$322.0M-117.8%	-$274.3M-246.8%	-$184.1M-5623.5%
Retained Earnings	-$1.1B-43.9%	-$1.0B-40.2%	-$893.6M-29.7%	-$825.4M-38.1%	-$777.1M-44.9%	-$729.0M-52.3%	-$688.9M-63.3%	-$597.8M-67.6%

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.

TPIC Cash Flow Statement

TPIC quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
Operating Cash Flow	-$126.4M-1111.5%	$12.5M+115.4%	-$81.0M-30.0%	-$62.3M-144.0%	-$25.5M-167.9%	$37.6M-34.2%	$57.1M+1852.1%	-$3.3M-104.4%	$74.6M+24.7%	$59.8M+91.2%	$31.3M+194.2%	-$33.2M
Depreciation & Amortization	$26.5M-13.2%	$30.5M-21.6%	$38.9M-14.5%	$45.5M-13.5%	$52.6M+5.9%	$49.7M+28.7%	$38.6M+46.0%	$26.4M+21.8%	$21.7M+64.6%	$13.2M+15.5%	$11.4M+53.4%	$7.4M
Stock-Based Compensation	$2.2M-67.4%	$6.7M-32.5%	$9.9M-34.5%	$15.1M+79.4%	$8.4M-18.8%	$10.4M+82.2%	$5.7M-27.1%	$7.8M+9.4%	$7.1M-28.1%	$9.9M	$0	$0
Capital Expenditures	$14.5M-44.5%	$26.2M-27.5%	$36.1M+91.9%	$18.8M-49.3%	$37.1M-43.5%	$65.7M-11.7%	$74.4M+41.2%	$52.7M+17.5%	$44.8M+46.9%	$30.5M+15.7%	$26.4M+39.3%	$18.9M
Free Cash Flow	-$140.9M-928.6%	-$13.7M+88.3%	-$117.1M-44.4%	-$81.1M-29.5%	-$62.6M-123.0%	-$28.1M-62.2%	-$17.3M+69.0%	-$55.9M-287.9%	$29.8M+1.5%	$29.3M+494.8%	$4.9M+109.5%	-$52.1M
Investing Cash Flow	-$15.8M+39.5%	-$26.2M-12.4%	-$23.3M-23.7%	-$18.8M+49.3%	-$37.1M+43.5%	-$65.7M+13.0%	-$75.5M-43.3%	-$52.7M-19.8%	-$44.0M-44.2%	-$30.5M	N/A	N/A
Financing Cash Flow	-$44.5M-187.2%	$51.0M-58.2%	$122.0M+935.7%	-$14.6M-107.3%	$198.9M+124.5%	$88.6M+9035.3%	$970K+112.5%	-$7.7M+7.8%	-$8.4M-116.2%	$51.8M	N/A	N/A
Share Buybacks	$696K-59.5%	$1.7M-33.5%	$2.6M+169.3%	$959K+94.5%	$493K-77.5%	$2.2M+3.3%	$2.1M-25.8%	$2.9M+126.2%	$1.3M	N/A	N/A	N/A

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'25	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'24
Operating Cash Flow	-$11.6M-113.3%	-$93.3M-8856.7%	-$26.2M+29.0%	$4.6M+111.9%	$87.3M+1669.5%	$1.1M+109.1%	-$36.9M-484.1%	-$39.0M+53.5%
Depreciation & Amortization	$7.0M-19.2%	$5.6M-0.1%	$7.0M-4.6%	$6.9M-22.6%	$8.6M	$5.6M	$7.3M	$8.9M-8.5%
Stock-Based Compensation	N/A	$432K-71.7%	$534K-54.0%	$1.2M-52.9%	N/A	$1.5M-38.2%	$1.2M-70.7%	$2.6M-3.0%
Capital Expenditures	$1.3M-69.5%	$3.1M-54.2%	$3.7M-48.0%	$6.5M-21.4%	$4.1M-79.7%	$6.7M-27.1%	$7.1M+108.2%	$8.3M+153.0%
Free Cash Flow	-$12.8M-115.4%	-$96.3M-1617.2%	-$29.9M+32.1%	-$1.9M+96.0%	$83.2M+642.0%	-$5.6M+73.0%	-$44.0M-811.4%	-$47.3M+45.7%
Investing Cash Flow	-$1.3M+69.5%	-$4.4M+34.5%	-$3.7M+48.0%	-$6.5M+21.4%	-$4.1M+79.7%	-$6.7M-281.2%	-$7.1M-108.2%	-$8.3M-153.0%
Financing Cash Flow	-$3.0M+69.8%	$14.7M-53.2%	-$34.5M-235.0%	-$21.7M-660.1%	-$9.8M-175.7%	$31.4M+3309.7%	$25.5M+6932.2%	$3.9M-96.4%
Share Buybacks	$1K-97.4%	$0-100.0%	$2K-75.0%	$693K-57.8%	$38K	$31K	$8K-76.5%	$1.6M-35.6%

Not reported in any period shown, so not listed: Dividends Paid.

TPIC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TPIC quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
Gross Margin	-12.0%-3.9pp	-8.1%+4.7pp	-12.8%+39.3pp	-52.2%-53.1pp	0.9%-1.4pp	2.3%-3.1pp	5.4%-1.7pp	7.1%-4.5pp	11.6%+0.3pp	11.3%+4.2pp	7.1%+2.6pp	4.6%
Operating Margin	-19.5%-4.4pp	-15.1%+4.9pp	-20.0%-21.5pp	1.5%+7.7pp	-6.2%-1.4pp	-4.9%-6.0pp	1.1%-1.3pp	2.4%-4.9pp	7.3%+0.5pp	6.9%+2.2pp	4.7%+3.0pp	1.7%
Net Margin	-37.1%-10.1pp	-27.1%-3.7pp	-23.4%-16.3pp	-7.1%+3.7pp	-10.8%-9.2pp	-1.7%-0.6pp	-1.1%-1.6pp	0.5%-3.5pp	4.1%+0.5pp	3.5%+2.2pp	1.3%+3.4pp	-2.1%
Return on Equity	N/A	N/A	N/A	-129.4%+1.5pp	-130.8%-121.4pp	-9.5%-1.8pp	-7.7%-10.1pp	2.4%-15.2pp	17.6%+1.8pp	15.8%	N/A	N/A
Return on Assets	-99.5%-64.8pp	-34.8%-9.7pp	-25.1%-18.3pp	-6.8%+9.0pp	-15.8%-13.8pp	-2.0%-0.1pp	-1.9%-2.8pp	0.9%-6.2pp	7.1%+0.9pp	6.2%+3.9pp	2.3%	N/A
Current Ratio	0.24-0.7x	0.91-0.4x	1.30-0.1x	1.410.0x	1.41+0.1x	1.35+0.1x	1.25-0.3x	1.53-0.2x	1.74+0.4x	1.37+0.3x	1.05	N/A
Debt-to-Equity	N/A	N/A	N/A	1.21+0.6x	0.61-0.5x	1.08+0.4x	0.69+0.1x	0.63+0.1x	0.56-0.2x	0.73	N/A	N/A
Asset Turnover	2.68+1.4x	1.29+0.2x	1.07+0.1x	0.95-0.5x	1.46+0.3x	1.20-0.5x	1.740.0x	1.700.0x	1.750.0x	1.760.0x	1.78	N/A
FCF Margin	-15.3%-13.8pp	-1.5%+12.0pp	-13.6%-4.7pp	-8.8%-4.6pp	-4.3%-1.8pp	-2.5%-1.3pp	-1.2%+4.2pp	-5.4%-8.5pp	3.1%-0.7pp	3.8%+3.0pp	0.8%+17.1pp	-16.3%

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'25	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'24
Gross Margin	-29.5%+45.7pp	-19.9%-19.9pp	-10.5%-2.6pp	-4.2%+5.3pp	-75.2%	0.1%-0.6pp	-7.9%+3.0pp	-9.4%-10.1pp
Operating Margin	-51.4%	-34.3%-27.1pp	-14.3%-2.3pp	-6.8%+6.2pp	-151.9%	-7.2%-2.6pp	-11.9%+2.9pp	-13.0%-11.0pp
Net Margin	-134.1%	-54.7%-39.2pp	-24.7%+4.7pp	-14.4%+6.5pp	-178.4%	-15.5%-0.1pp	-29.4%-12.0pp	-20.9%-15.4pp
Return on Assets	-28.1%-21.1pp	-33.7%-28.3pp	-11.5%+1.2pp	-7.2%+1.0pp	-6.9%	-5.3%+1.3pp	-12.7%-5.8pp	-8.2%-6.0pp
Current Ratio	0.24-0.7x	0.31-0.6x	0.36-0.6x	0.88-0.3x	0.91-0.4x	0.95-0.5x	1.00-0.5x	1.19-0.5x
Asset Turnover	0.21+0.2x	0.62+0.3x	0.470.0x	0.50+0.1x	0.04	0.34-0.1x	0.430.0x	0.390.0x
FCF Margin	-17.9%	-41.1%-38.9pp	-10.8%+3.4pp	-0.6%+15.5pp	308.7%	-2.2%+3.5pp	-14.2%-15.9pp	-16.1%+5.5pp

Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.

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, FCF Margin.

Note: Shareholder equity is negative (-$679.5M), 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 (0.24), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
TPI Composites, Inc. TPIC	FY2025	$918.5M	-$340.8M	-37.1%	$6.2M	23/100
JE Cleantech Holdings Limited JCSE	FY2025	$15.8M	$2.5M	16.0%	$7.3M	49/100
Clean Energy Technologies, Inc. CETY	FY2025	$2.2M	-$6.8M	N/A	$12.0M	9/100
SIMPPLE LTD. SPPL	FY2025	$4.6M	-$3.3M	-70.8%	$18.6M	32/100
Nuburu, Inc. BURU	FY2025	$0	-$79.1M	N/A	$8.6M	—
INLIF LIMITED INLF	FY2025	$18.4M	-$5.4M	-29.6%	$3.3M	42/100

Where TPI Composites, Inc. Ranks

Frequently Asked Questions

What is TPI Composites, Inc.'s annual revenue?

TPI Composites, Inc. (TPIC) reported $918.5M in total revenue for fiscal year 2025. This represents a 3.2% 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, Inc.'s revenue growing?

TPI Composites, Inc. (TPIC) revenue grew by 3.2% year-over-year, from $890.0M to $918.5M in fiscal year 2025.

Is TPI Composites, Inc. profitable?

No, TPI Composites, Inc. (TPIC) reported a net income of -$340.8M in fiscal year 2025, with a net profit margin of -37.1%.

What is TPI Composites, Inc.'s EBITDA?

TPI Composites, Inc. (TPIC) had EBITDA of -$152.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does TPI Composites, Inc. have?

As of fiscal year 2025, TPI Composites, Inc. (TPIC) had $13.9M in cash and equivalents against $0 in long-term debt.

What is TPI Composites, Inc.'s gross margin?

TPI Composites, Inc. (TPIC) had a gross margin of -12.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is TPI Composites, Inc.'s operating margin?

TPI Composites, Inc. (TPIC) had an operating margin of -19.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is TPI Composites, Inc.'s net profit margin?

TPI Composites, Inc. (TPIC) had a net profit margin of -37.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is TPI Composites, Inc.'s free cash flow?

TPI Composites, Inc. (TPIC) recorded an outflow of $140.9M in free cash flow during fiscal year 2025. This represents a -928.6% 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, Inc.'s operating cash flow?

TPI Composites, Inc. (TPIC) recorded an outflow of $126.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are TPI Composites, Inc.'s total assets?

TPI Composites, Inc. (TPIC) had $342.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are TPI Composites, Inc.'s capital expenditures?

TPI Composites, Inc. (TPIC) invested $14.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does TPI Composites, Inc. buy back shares?

Yes, TPI Composites, Inc. (TPIC) spent $696K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does TPI Composites, Inc. have outstanding?

TPI Composites, Inc. (TPIC) had 49M shares outstanding as of fiscal year 2025.

What is TPI Composites, Inc.'s current ratio?

TPI Composites, Inc. (TPIC) had a current ratio of 0.24 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is TPI Composites, Inc.'s return on assets (ROA)?

TPI Composites, Inc. (TPIC) had a return on assets of -99.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

How does TPI Composites, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, TPI Composites, Inc. (TPIC) held $13.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $126.4M over that year. Dividing the one by the other, the reported balance equals about 1 month of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

Why is TPI Composites, Inc.'s debt-to-equity ratio negative or not reported?

TPI Composites, Inc. (TPIC) has negative shareholder equity of -$679.5M 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 TPI Composites, Inc.'s Altman Z-Score?

TPI Composites, Inc. (TPIC) has an Altman Z-Score of -5.31, 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 TPI Composites, Inc.'s Piotroski F-Score?

TPI Composites, Inc. (TPIC) has a Piotroski F-Score of 3 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 TPI Composites, Inc.'s earnings high quality?

TPI Composites, Inc. (TPIC) reported a net loss of $340.8M while operations used $126.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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, Inc. cover its interest payments?

TPI Composites, Inc. (TPIC) reported an operating loss of $179.4M against $89.0M 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 TPI Composites, Inc.?

TPI Composites, Inc. (TPIC) scores 23 out of 100 on our Financial Health Score, indicating weak standing within its operating companies 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.