Track Group Inc Financials

TRCK

Source SEC Filings (10-K/10-Q) Updated Feb 13, 2026 Currency USD FYE September

Financial Health Signals

Altman Z-Score Distress

-9.85

Track Group Inc scores -9.85, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.2M) relative to total liabilities ($51.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

6/9

Track Group Inc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-2.29x

For every $1 of reported earnings, Track Group Inc generates $-2.29 in operating cash flow ($4.3M OCF vs -$1.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.5x

Track Group Inc earns $0.5 in operating income for every $1 of interest expense ($1.2M vs $2.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Track Group Inc (TRCK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).

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Key Financial Metrics

Revenue

$35.2M

YoY-4.5%

5Y CAGR+0.8%

10Y CAGR+5.4%

Track Group Inc generated $35.2M in revenue in fiscal year 2025. This represents a decrease of 4.5% from the prior year.

EBITDA

$5.1M

YoY+141.0%

5Y CAGR-5.4%

Track Group Inc's EBITDA was $5.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 141.0% from the prior year.

Free Cash Flow

N/A

Net Income

-$1.9M

YoY+38.9%

Track Group Inc reported -$1.9M in net income in fiscal year 2025. This represents an increase of 38.9% from the prior year.

EPS (Diluted)

$-0.16

YoY+38.5%

Track Group Inc earned $-0.16 per diluted share (EPS) in fiscal year 2025. This represents an increase of 38.5% from the prior year.

Cash & Debt

$4.1M

YoY+14.7%

5Y CAGR-9.5%

10Y CAGR-1.8%

Track Group Inc held $4.1M in cash against $42.7M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

12M

YoY+0.0%

5Y CAGR+0.8%

10Y CAGR+1.5%

Track Group Inc had 12M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Gross Margin

49.7%

YoY+3.0pp

5Y CAGR-5.3pp

10Y CAGR-10.5pp

Track Group Inc's gross margin was 49.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.0 percentage points from the prior year.

Operating Margin

3.5%

YoY+8.6pp

5Y CAGR-4.6pp

10Y CAGR+43.1pp

Track Group Inc's operating margin was 3.5% in fiscal year 2025, reflecting core business profitability. This is up 8.6 percentage points from the prior year.

Net Margin

-5.3%

YoY+3.0pp

5Y CAGR-5.0pp

10Y CAGR+21.9pp

Track Group Inc's net profit margin was -5.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.0 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$2.8M

YoY+1.8%

5Y CAGR+18.8%

10Y CAGR+6.0%

Track Group Inc invested $2.8M in research and development in fiscal year 2025. This represents an increase of 1.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

TRCK Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$35.2M-4.5%	$36.9M+7.0%	$34.5M-6.7%	$37.0M-6.8%	$39.7M+17.1%	$33.9M
Cost of Revenue	$17.7M-10.0%	$19.7M+2.6%	$19.2M-2.2%	$19.6M+5.7%	$18.6M+39.4%	$13.3M
Gross Profit	$17.5M+1.7%	$17.2M+12.5%	$15.3M-11.8%	$17.4M-17.8%	$21.1M+13.2%	$18.6M
R&D Expenses	$2.8M+1.8%	$2.7M+0.5%	$2.7M+12.4%	$2.4M+57.1%	$1.5M+30.9%	$1.2M
SG&A Expenses	$8.8M-23.8%	$11.5M+12.1%	$10.3M-17.5%	$12.5M+21.8%	$10.2M-1.4%	$10.4M
Operating Income	$1.2M+166.0%	-$1.9M-22.1%	-$1.5M+26.5%	-$2.1M-144.5%	$4.7M+70.8%	$2.8M
Interest Expense	$2.3M+15.5%	$2.0M+3.3%	$2.0M-1.5%	$2.0M-9.2%	$2.2M-12.4%	$2.5M
Income Tax	$104K+117.7%	-$589K-193.9%	$628K-28.9%	$883K+23.2%	$717K-9.6%	$793K
Net Income	-$1.9M+38.9%	-$3.1M+9.1%	-$3.4M+54.1%	-$7.4M-2320.5%	-$305K-157.3%	-$119K
EPS (Diluted)	$-0.16+38.5%	$-0.26+13.3%	$-0.30-146.9%	$0.64+120.7%	$0.29+3000.0%	$-0.01

Metric	Q1'26	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23
Revenue	$8.7M-4.5%	$9.1M+0.3%	$9.1M+8.8%	$8.4M-3.6%	$8.7M-5.6%	$9.2M+2.2%	$9.0M+0.3%	$9.0M
Cost of Revenue	$4.8M0.0%	$4.8M+7.8%	$4.5M+6.2%	$4.2M-0.1%	$4.2M-13.7%	$4.9M-2.2%	$5.0M+5.5%	$4.8M
Gross Profit	$4.3M0.0%	$4.3M-7.1%	$4.6M+11.6%	$4.1M-7.0%	$4.4M+3.6%	$4.3M+7.6%	$4.0M-5.6%	$4.2M
R&D Expenses	$694K0.0%	$694K+2.7%	$676K-10.0%	$751K+12.1%	$669K-4.4%	$700K-0.1%	$701K+2.7%	$682K
SG&A Expenses	$2.2M0.0%	$2.2M+7.3%	$2.1M-2.3%	$2.1M-12.5%	$2.4M-21.4%	$3.1M-2.6%	$3.2M+15.1%	$2.8M
Operating Income	$787K0.0%	$787K+4.8%	$751K+1604.7%	$44K-65.8%	$129K+124.8%	-$518K+45.7%	-$955K-421.6%	-$183K
Interest Expense	$629K0.0%	$629K	N/A	N/A	$572K+30.1%	$440K+2.5%	$429K-11.8%	$486K
Income Tax	$68K0.0%	$68K+3851.9%	$2K-94.3%	$30K-57.7%	$71K+126.7%	-$267K-6040.0%	-$4K+94.7%	-$83K
Net Income	$515K0.0%	$515K-64.1%	$1.4M+377.4%	-$517K+74.3%	-$2.0M-131.1%	-$870K+54.3%	-$1.9M-412914.5%	$461
EPS (Diluted)	$0.04+200.0%	$-0.04+66.7%	$-0.12-400.0%	$0.04-76.5%	$0.17+142.9%	$0.07-56.3%	$0.16	$0.00

TRCK Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$40.3M+7.0%	$37.7M-6.4%	$40.2M-9.9%	$44.7M-16.5%	$53.5M+12.1%	$47.7M
Current Assets	$11.4M+11.7%	$10.2M-2.8%	$10.5M-23.2%	$13.7M-19.2%	$16.9M+27.0%	$13.3M
Cash & Equivalents	$4.1M+14.7%	$3.6M-11.9%	$4.1M-23.6%	$5.3M-36.9%	$8.4M+24.5%	$6.8M
Inventory	$473K-18.7%	$582K-54.7%	$1.3M+22.1%	$1.1M+245.1%	$305K+144.9%	$125K
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$8.3M+4.5%	$7.9M+1.1%	$7.9M-2.6%	$8.1M0.0%	$8.1M-5.4%	$8.5M
Total Liabilities	$51.8M+5.2%	$49.3M+1.1%	$48.7M-2.0%	$49.7M-2.8%	$51.2M+5.1%	$48.7M
Current Liabilities	$8.6M+33.2%	$6.5M+13.7%	$5.7M-10.7%	$6.4M-17.4%	$7.7M-84.0%	$48.1M
Long-Term Debt	$42.7M0.0%	$42.7M-0.2%	$42.8M-0.4%	$43.0M-1.1%	$43.5M+10281.0%	$419K
Total Equity	-$11.5M+0.6%	-$11.6M-36.7%	-$8.5M-68.0%	-$5.1M-313.3%	$2.4M+357.4%	-$921K
Retained Earnings	-$315.1M-0.8%	-$312.7M-1.0%	-$309.6M-1.1%	-$306.2M-2.5%	-$298.8M+1.1%	-$302.3M

Metric	Q1'26	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23
Total Assets	$39.7M0.0%	$39.7M-0.7%	$40.0M+8.1%	$37.0M-2.1%	$37.8M+0.2%	$37.7M-5.3%	$39.8M-2.1%	$40.6M
Current Assets	$10.5M0.0%	$10.5M-12.1%	$11.9M+21.0%	$9.8M-4.3%	$10.3M+1.0%	$10.2M-14.3%	$11.9M+9.5%	$10.9M
Cash & Equivalents	$3.6M0.0%	$3.6M-27.5%	$4.9M+43.8%	$3.4M-8.7%	$3.7M+4.6%	$3.6M-2.0%	$3.6M-2.3%	$3.7M
Inventory	$479K0.0%	$479K-60.3%	$1.2M+31.6%	$916K+12.8%	$812K+39.4%	$582K-40.1%	$973K+0.3%	$970K
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$8.4M0.0%	$8.4M+1.3%	$8.2M+5.0%	$7.9M-0.7%	$7.9M-0.4%	$7.9M-0.1%	$8.0M-1.4%	$8.1M
Total Liabilities	$27.8M-46.1%	$51.5M+0.8%	$51.1M+4.2%	$49.0M-0.4%	$49.2M-0.1%	$49.3M-2.0%	$50.3M+2.2%	$49.2M
Current Liabilities	$8.3M0.0%	$8.3M+6.2%	$7.8M+37.0%	$5.7M-2.8%	$5.9M-8.9%	$6.5M-11.6%	$7.3M+18.3%	$6.2M
Long-Term Debt	$42.7M0.0%	$42.7M0.0%	$42.7M+0.1%	$42.7M0.0%	$42.7M-0.1%	$42.7M-0.1%	$42.8M-0.1%	$42.8M
Total Equity	$11.9M+200.0%	-$11.9M-6.4%	-$11.2M+7.5%	-$12.1M-5.3%	-$11.5M+1.3%	-$11.6M-10.2%	-$10.5M-22.6%	-$8.6M
Retained Earnings	$314.6M+200.0%	-$314.6M-0.1%	-$314.4M+0.5%	-$315.8M-0.2%	-$315.3M-0.8%	-$312.7M-0.4%	-$311.5M-0.6%	-$309.6M

TRCK Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$4.3M-12.1%	$4.9M+26.7%	$3.9M+382.8%	$803K-83.3%	$4.8M+2.0%	$4.7M
Capital Expenditures	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
Investing Cash Flow	-$4.4M-14.1%	-$3.8M+15.8%	-$4.6M-49.1%	-$3.1M+32.1%	-$4.5M-53.2%	-$2.9M
Financing Cash Flow	-$64K+82.5%	-$365K+28.6%	-$511K+0.8%	-$516K-137.4%	$1.4M+176.8%	-$1.8M
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	Q1'26	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23
Operating Cash Flow	$1.0M0.0%	$1.0M-62.8%	$2.8M+470.2%	$488K+324.8%	-$217K-106.5%	$3.4M+140.0%	$1.4M+118.3%	$642K
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	$1.5M+200.0%	-$1.5M-15.7%	-$1.3M-62.3%	-$809K-296.0%	-$204K+70.0%	-$681K+35.4%	-$1.1M-23.1%	-$857K
Financing Cash Flow	$59K+200.0%	-$59K	$0	$0+100.0%	-$64K-20.0%	-$53K+57.9%	-$126K-1.7%	-$124K
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

TRCK Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	49.7%+3.0pp	46.7%+2.3pp	44.4%-2.6pp	46.9%-6.3pp	53.2%-1.8pp	55.0%
Operating Margin	3.5%+8.6pp	-5.1%-0.6pp	-4.5%+1.2pp	-5.7%-17.6pp	11.9%+3.7pp	8.2%
Net Margin	-5.3%+3.0pp	-8.3%+1.5pp	-9.8%+10.1pp	-20.0%-19.2pp	-0.8%-0.4pp	-0.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-4.7%+3.5pp	-8.2%+0.3pp	-8.4%+8.1pp	-16.5%-16.0pp	-0.6%-0.3pp	-0.3%
Current Ratio	1.32-0.3	1.58-0.3	1.85-0.3	2.15-0.0	2.19+1.9	0.28
Debt-to-Equity	-3.70-0.0	-3.68+1.4	-5.04+3.5	-8.50-26.8	18.34+18.8	-0.45
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23
Gross Margin	49.0%+2.2pp	46.8%-3.7pp	50.5%+1.2pp	49.3%-1.8pp	51.0%+4.6pp	46.5%+2.4pp	44.1%-2.8pp	46.9%
Operating Margin	9.0%+0.4pp	8.6%+0.4pp	8.3%+7.7pp	0.5%-1.0pp	1.5%+7.1pp	-5.6%+5.0pp	-10.6%-8.6pp	-2.0%
Net Margin	5.9%+0.3pp	5.6%-10.1pp	15.8%+22.0pp	-6.2%+17.0pp	-23.2%-13.7pp	-9.5%+11.7pp	-21.2%-21.2pp	0.0%
Return on Equity	4.3%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	1.3%0.0pp	1.3%-2.3pp	3.6%+5.0pp	-1.4%+3.9pp	-5.3%-3.0pp	-2.3%+2.5pp	-4.8%-4.8pp	0.0%
Current Ratio	1.260.0	1.26-0.3	1.52-0.2	1.72-0.0	1.75+0.2	1.58-0.0	1.63-0.1	1.76
Debt-to-Equity	3.60+7.2	-3.60+0.2	-3.83-0.3	-3.54+0.2	-3.72-0.0	-3.68+0.4	-4.06+0.9	-4.98
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$11.5M), 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.

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Frequently Asked Questions

What is Track Group Inc's annual revenue?

Track Group Inc (TRCK) reported $35.2M in total revenue for fiscal year 2025. This represents a -4.5% 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 Track Group Inc's revenue growing?

Track Group Inc (TRCK) revenue declined by 4.5% year-over-year, from $36.9M to $35.2M in fiscal year 2025.

Is Track Group Inc profitable?

No, Track Group Inc (TRCK) reported a net income of -$1.9M in fiscal year 2025, with a net profit margin of -5.3%.

What is Track Group Inc's earnings per share (EPS)?

Track Group Inc (TRCK) reported diluted earnings per share of $-0.16 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.

What is Track Group Inc's EBITDA?

Track Group Inc (TRCK) had EBITDA of $5.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Track Group Inc have?

As of fiscal year 2025, Track Group Inc (TRCK) had $4.1M in cash and equivalents against $42.7M in long-term debt.

What is Track Group Inc's gross margin?

Track Group Inc (TRCK) had a gross margin of 49.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Track Group Inc's operating margin?

Track Group Inc (TRCK) had an operating margin of 3.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Track Group Inc's net profit margin?

Track Group Inc (TRCK) had a net profit margin of -5.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Track Group Inc's operating cash flow?

Track Group Inc (TRCK) generated $4.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Track Group Inc's total assets?

Track Group Inc (TRCK) had $40.3M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Track Group Inc spend on research and development?

Track Group Inc (TRCK) invested $2.8M in research and development during fiscal year 2025.

How many shares does Track Group Inc have outstanding?

Track Group Inc (TRCK) had 12M shares outstanding as of fiscal year 2025.

What is Track Group Inc's current ratio?

Track Group Inc (TRCK) had a current ratio of 1.32 as of fiscal year 2025, which is considered adequate.

What is Track Group Inc's debt-to-equity ratio?

Track Group Inc (TRCK) had a debt-to-equity ratio of -3.70 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Track Group Inc's return on assets (ROA)?

Track Group Inc (TRCK) had a return on assets of -4.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Track Group Inc's debt-to-equity ratio negative or unusual?

Track Group Inc (TRCK) has negative shareholder equity of -$11.5M as of fiscal year 2025, 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 Track Group Inc's Altman Z-Score?

Track Group Inc (TRCK) has an Altman Z-Score of -9.85, 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 Track Group Inc's Piotroski F-Score?

Track Group Inc (TRCK) has a Piotroski F-Score of 6 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 Track Group Inc's earnings high quality?

Track Group Inc (TRCK) has an earnings quality ratio of -2.29x, 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 Track Group Inc cover its interest payments?

Track Group Inc (TRCK) has an interest coverage ratio of 0.5x, 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.