Invesco DB US Dollar Index Bearish Fund Financials

UDN

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Invesco DB US Dollar Index Bearish Fund (UDN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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 UDN FY2025 2026-05-07

An almost entirely equity-funded balance sheet makes results hinge on asset-value swings and investor flows, not debt.

In FY2025, earnings and cash moved in opposite directions: net income was $9.0M while operating cash flow was -$78.5M. The offsetting financing inflow indicates the deficit was met by investor capital, reinforcing that this vehicle's cash movement is dominated by capital flows and portfolio repositioning rather than ordinary operating collection.

The balance sheet is structurally unlevered, with only $77.6K of liabilities against $138.7M of assets. Because leverage is negligible, ROA and ROE moved together at about 6.5% in FY2025, meaning asset performance passes through to shareholders with very little balance-sheet amplification or creditor constraint.

The asset base expanded to $138.7M from $51.3M after the FY2024 contraction, which looks more like a scale reset than a smooth upward march. Shares outstanding also rose to 7.4M from 2.8M, implying balance-sheet growth was funded by new units rather than borrowing and that investor creations or redemptions can reshape size quickly.

Financial Health Signals

Financial Profile 45/100

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 Invesco DB US Dollar Index Bearish Fund'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

100

Invesco DB US Dollar Index Bearish Fund has an operating margin of 83.5%, meaning the company retains $84 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 85.8% the prior year.

Growth

Invesco DB US Dollar Index Bearish Fund's revenue surged 61.5% year-over-year to $4.9M, reflecting rapid business expansion. This strong growth earns a score of 56/100.

Leverage

100

Invesco DB US Dollar Index Bearish Fund carries a low D/E ratio of 0.00, meaning only $0.00 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.

Returns

Invesco DB US Dollar Index Bearish Fund generates a 6.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 15/100. This is up from -6.8% the prior year.

Piotroski F-Score Weak

2/9

Invesco DB US Dollar Index Bearish Fund passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

-8.72x

For every $1 of reported earnings, Invesco DB US Dollar Index Bearish Fund generates $-8.72 in operating cash flow (-$78.5M OCF vs $9.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage Safe

2922.9x

Invesco DB US Dollar Index Bearish Fund earns $2922.9 in operating income for every $1 of interest expense ($4.1M vs $1K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$4.9M

YoY+61.5%

5Y CAGR+91.2%

10Y CAGR+81.7%

Invesco DB US Dollar Index Bearish Fund generated $4.9M in revenue in fiscal year 2025. This represents an increase of 61.5% from the prior year.

EBITDA

$4.0M

YoY+243.8%

Invesco DB US Dollar Index Bearish Fund's EBITDA was $4.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 243.8% from the prior year.

Net Income

$9.0M

YoY+360.8%

5Y CAGR+16.9%

Invesco DB US Dollar Index Bearish Fund reported $9.0M in net income in fiscal year 2025. This represents an increase of 360.8% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

Invesco DB US Dollar Index Bearish Fund held $0 in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+162.5%

5Y CAGR+10.3%

10Y CAGR+12.8%

Invesco DB US Dollar Index Bearish Fund had 7M shares outstanding in fiscal year 2025. This represents an increase of 162.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

83.5%

YoY-2.2pp

5Y CAGR+188.6pp

10Y CAGR+2570.5pp

Invesco DB US Dollar Index Bearish Fund's operating margin was 83.5% in fiscal year 2025, reflecting core business profitability. This is down 2.2 percentage points from the prior year.

Net Margin

182.4%

YoY+295.3pp

5Y CAGR-1953.1pp

10Y CAGR+30921.6pp

Invesco DB US Dollar Index Bearish Fund's net profit margin was 182.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 295.3 percentage points from the prior year.

Return on Equity

6.5%

YoY+13.3pp

5Y CAGR+2.1pp

10Y CAGR+16.5pp

Invesco DB US Dollar Index Bearish Fund's ROE was 6.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 13.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$29.1M

YoY-4.9%

5Y CAGR+3.3%

10Y CAGR-0.6%

Invesco DB US Dollar Index Bearish Fund spent $29.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 4.9% from the prior year.

Capital Expenditures

N/A

UDN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$4.9M+61.5%	$3.1M-20.5%	$3.8M+245.7%	$1.1M+2908.1%	$37K-80.9%	$193K
Cost of Revenue	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
R&D Expenses	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
Operating Income	$4.1M+57.4%	$2.6M-19.9%	$3.3M+384.9%	$674K+225.0%	-$540K-166.3%	-$203K
Interest Expense	$1K-77.4%	$6K-21.1%	$8K+227.3%	$2K+342.6%	$547+6.0%	$516
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$9.0M+360.8%	-$3.4M-243.8%	$2.4M+219.1%	-$2.0M+63.7%	-$5.5M-234.6%	$4.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$1.3M-13.3%	$1.4M-8.4%	$1.6M+18.1%	$1.3M+135.9%	$567K-21.9%	$727K+0.3%	$725K-2.8%	$746K
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	$1.0M-15.3%	$1.2M-9.2%	$1.3M+18.2%	$1.1M+137.4%	$472K-23.1%	$614K-1.3%	$622K-3.0%	$642K
Interest Expense	$0	$0	$0-100.0%	$89-93.3%	$1K-33.3%	$2K+69.7%	$1K-21.9%	$1K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$2.3M-351.5%	-$516K+30.7%	-$746K-109.4%	$7.9M+241.4%	$2.3M+150.0%	-$4.6M-255.0%	$3.0M+1254.9%	-$260K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

UDN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$138.7M+170.2%	$51.3M-21.7%	$65.5M-34.4%	$99.9M+105.3%	$48.7M-48.2%	$93.9M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0	$0	$0-100.0%	$564K	$0-100.0%	$274K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$78K-72.3%	$280K+140.9%	$116K+89.0%	$62K+54.9%	$40K-86.9%	$304K
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$138.6M+171.5%	$51.0M-22.0%	$65.4M-34.5%	$99.9M+105.4%	$48.6M-48.1%	$93.6M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$143.2M+3.3%	$138.7M-11.2%	$156.2M+5.2%	$148.5M+114.3%	$69.3M+35.0%	$51.3M-30.2%	$73.5M+39.0%	$52.8M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$80K+2.6%	$78K-9.8%	$86K-37.3%	$137K+227.7%	$42K-85.1%	$280K-97.2%	$10.1M+27216.5%	$37K
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$143.1M+3.3%	$138.6M-11.2%	$156.1M+5.2%	$148.3M+114.3%	$69.2M+35.7%	$51.0M-19.5%	$63.4M+20.0%	$52.8M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

UDN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$78.5M-822.9%	$10.9M-70.1%	$36.3M+168.9%	-$52.7M-234.5%	$39.2M+181.1%	-$48.3M
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	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$78.5M+822.9%	-$10.9M+70.6%	-$36.9M-169.2%	$53.3M+235.0%	-$39.4M-181.3%	$48.5M
Dividends Paid	$4.1M+49.9%	$2.7M-16.9%	$3.3M+365.7%	$701K	N/A	N/A
Share Buybacks	$29.1M-4.9%	$30.6M-62.1%	$80.6M+86.5%	$43.2M-31.5%	$63.1M+155.4%	$24.7M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$6.8M-140.3%	$17.0M+300.1%	-$8.5M+88.1%	-$71.2M-350.4%	-$15.8M-307.0%	$7.6M+200.6%	-$7.6M-184.3%	$9.0M
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	$6.8M+140.3%	-$17.0M-300.1%	$8.5M-88.1%	$71.2M+350.4%	$15.8M+307.0%	-$7.6M-200.6%	$7.6M+184.3%	-$9.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$17.2M+3.1%	$16.7M+155.8%	$6.5M+611.2%	$915K-81.7%	$5.0M-65.1%	$14.3M+424.8%	$2.7M-74.7%	$10.8M

UDN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	83.5%-2.2pp	85.8%+0.6pp	85.2%+24.4pp	60.7%+1522.5pp	-1461.8%-1356.8pp	-105.0%
Net Margin	182.4%+295.3pp	-113.0%-175.4pp	62.5%+243.9pp	-181.4%+14844.5pp	-15025.9%-17161.4pp	2135.5%
Return on Equity	6.5%+13.3pp	-6.8%-10.4pp	3.7%+5.7pp	-2.0%+9.4pp	-11.4%-15.8pp	4.4%
Return on Assets	6.5%+13.2pp	-6.7%-10.4pp	3.7%+5.7pp	-2.0%+9.4pp	-11.4%-15.8pp	4.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.010.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	81.2%-1.9pp	83.1%-0.7pp	83.8%+0.1pp	83.8%+0.5pp	83.3%-1.3pp	84.6%-1.3pp	85.9%-0.1pp	86.0%
Net Margin	-185.9%-150.2pp	-35.7%+11.5pp	-47.2%-640.1pp	592.9%+183.3pp	409.6%+1049.3pp	-639.7%-1053.4pp	413.7%+448.6pp	-34.8%
Return on Equity	-1.6%-1.3pp	-0.4%+0.1pp	-0.5%-5.8pp	5.3%+2.0pp	3.4%+12.5pp	-9.1%-13.8pp	4.7%+5.2pp	-0.5%
Return on Assets	-1.6%-1.3pp	-0.4%+0.1pp	-0.5%-5.8pp	5.3%+2.0pp	3.4%+12.4pp	-9.1%-13.1pp	4.1%+4.6pp	-0.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.01-0.2	0.16+0.2	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Invesco DB US Dollar Index Bearish Fund's annual revenue?

Invesco DB US Dollar Index Bearish Fund (UDN) reported $4.9M in total revenue for fiscal year 2025. This represents a 61.5% 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 Invesco DB US Dollar Index Bearish Fund's revenue growing?

Invesco DB US Dollar Index Bearish Fund (UDN) revenue grew by 61.5% year-over-year, from $3.1M to $4.9M in fiscal year 2025.

Is Invesco DB US Dollar Index Bearish Fund profitable?

Yes, Invesco DB US Dollar Index Bearish Fund (UDN) reported a net income of $9.0M in fiscal year 2025, with a net profit margin of 182.4%.

What is Invesco DB US Dollar Index Bearish Fund's EBITDA?

Invesco DB US Dollar Index Bearish Fund (UDN) had EBITDA of $4.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Invesco DB US Dollar Index Bearish Fund's operating margin?

Invesco DB US Dollar Index Bearish Fund (UDN) had an operating margin of 83.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Invesco DB US Dollar Index Bearish Fund's net profit margin?

Invesco DB US Dollar Index Bearish Fund (UDN) had a net profit margin of 182.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Invesco DB US Dollar Index Bearish Fund's return on equity (ROE)?

Invesco DB US Dollar Index Bearish Fund (UDN) has a return on equity of 6.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Invesco DB US Dollar Index Bearish Fund's operating cash flow?

Invesco DB US Dollar Index Bearish Fund (UDN) generated -$78.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Invesco DB US Dollar Index Bearish Fund's total assets?

Invesco DB US Dollar Index Bearish Fund (UDN) had $138.7M in total assets as of fiscal year 2025, including both current and long-term assets.

Does Invesco DB US Dollar Index Bearish Fund buy back shares?

Yes, Invesco DB US Dollar Index Bearish Fund (UDN) spent $29.1M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Invesco DB US Dollar Index Bearish Fund have outstanding?

Invesco DB US Dollar Index Bearish Fund (UDN) had 7M shares outstanding as of fiscal year 2025.

What is Invesco DB US Dollar Index Bearish Fund's debt-to-equity ratio?

Invesco DB US Dollar Index Bearish Fund (UDN) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Invesco DB US Dollar Index Bearish Fund's return on assets (ROA)?

Invesco DB US Dollar Index Bearish Fund (UDN) had a return on assets of 6.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Invesco DB US Dollar Index Bearish Fund's cash runway?

Based on fiscal year 2025 data, Invesco DB US Dollar Index Bearish Fund (UDN) had $0 in cash against an annual operating cash burn of $78.5M. This gives an estimated cash runway of approximately 0 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 Invesco DB US Dollar Index Bearish Fund's Piotroski F-Score?

Invesco DB US Dollar Index Bearish Fund (UDN) 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 Invesco DB US Dollar Index Bearish Fund's earnings high quality?

Invesco DB US Dollar Index Bearish Fund (UDN) has an earnings quality ratio of -8.72x, 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 Invesco DB US Dollar Index Bearish Fund cover its interest payments?

Invesco DB US Dollar Index Bearish Fund (UDN) has an interest coverage ratio of 2922.9x, meaning it can comfortably 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 Invesco DB US Dollar Index Bearish Fund?

Invesco DB US Dollar Index Bearish Fund (UDN) scores 45 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.