Tpi Composites Financials
Tpi Composites (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).
Negative gross margins and a liquidity squeeze show this business is selling volume without covering its production and financing load in cash.
Between FY2024 and FY2025, long-term debt went to$0 but total liabilities still stayed above$1B . With the current ratio down to 0.2x and cash at just$13.9M , that looks less like deleveraging and more like balance-sheet pressure being pulled closer to the due date.
Revenue stayed near
FY2024 briefly produced positive operating cash flow of
Financial Health Signals
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'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.
Tpi Composites has an operating margin of -19.5%, meaning the company loses $20 on every $100 of revenue. This results in a profitability score of 26/100. This is down from -15.1% the prior year.
Tpi Composites's revenue grew a modest 3.2% year-over-year to $918.5M. This slow but positive growth earns a score of 43/100.
Tpi Composites'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.
Tpi Composites'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 15/100.
Tpi Composites 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.
Tpi Composites 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.
Tpi Composites 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.
Tpi Composites 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
Earnings & Revenue
Tpi Composites generated $918.5M in revenue in fiscal year 2025. This represents an increase of 3.2% from the prior year.
Tpi Composites's EBITDA was -$152.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 46.6% from the prior year.
Tpi Composites reported -$340.8M in net income in fiscal year 2025. This represents a decrease of 41.6% from the prior year.
Tpi Composites earned -$7.02 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 38.5% from the prior year.
Cash & Balance Sheet
Tpi Composites recorded an outflow of $140.9M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 928.6% from the prior year.
Tpi Composites held $13.9M in cash against $0 in long-term debt as of fiscal year 2025, with $639.9M of liabilities due within a year.
Not reported for fiscal year 2025.
Margins & Returns
Tpi Composites's gross margin was -12.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.9 percentage points from the prior year.
Tpi Composites's operating margin was -19.5% in fiscal year 2025, reflecting core business profitability. This is down 4.4 percentage points from the prior year.
Tpi Composites's net profit margin was -37.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 10.1 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Tpi Composites spent $696K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 59.5% from the prior year.
Tpi Composites invested $14.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 44.5% from the prior year.
Not reported for fiscal year 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.
| Metric | FY25 | FY24 | FY23 | FY22 | 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 |
| 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 (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 |
Not reported in any period shown, so not listed: R&D Expenses.
TPIC 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 | 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 |
| 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 |
| 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 |
| 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 |
TPIC 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 | FY25 | FY24 | FY23 | FY22 | 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 |
| 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 |
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.
| Metric | FY25 | FY24 | FY23 | FY22 | 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 |
| 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% |
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.
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Where Tpi Composites Ranks
Frequently Asked Questions
What is Tpi Composites's annual revenue?
Tpi Composites (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's revenue growing?
Tpi Composites (TPIC) revenue grew by 3.2% year-over-year, from $890.0M to $918.5M in fiscal year 2025.
Is Tpi Composites profitable?
No, Tpi Composites (TPIC) reported a net income of -$340.8M in fiscal year 2025, with a net profit margin of -37.1%.
What is Tpi Composites's EBITDA?
Tpi Composites (TPIC) had EBITDA of -$152.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Tpi Composites have?
As of fiscal year 2025, Tpi Composites (TPIC) had $13.9M in cash and equivalents against $0 in long-term debt.
What is Tpi Composites's gross margin?
Tpi Composites (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's operating margin?
Tpi Composites (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's net profit margin?
Tpi Composites (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's free cash flow?
Tpi Composites (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's operating cash flow?
Tpi Composites (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's total assets?
Tpi Composites (TPIC) had $342.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Tpi Composites's capital expenditures?
Tpi Composites (TPIC) invested $14.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Tpi Composites's current ratio?
Tpi Composites (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's return on assets (ROA)?
Tpi Composites (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's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Tpi Composites (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's debt-to-equity ratio negative or not reported?
Tpi Composites (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's Altman Z-Score?
Tpi Composites (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's Piotroski F-Score?
Tpi Composites (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's earnings high quality?
Tpi Composites (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 cover its interest payments?
Tpi Composites (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?
Tpi Composites (TPIC) scores 24 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.