Abacus Global Management, Inc.
ABX NYSE Investment Advice Financials FY2021–FY2025
Revenue
Total sales reported in the income statement.
$235M
110.2%
vs prior year
Operating margin
Operating income as a share of revenue.
37.7%
38.5 pts
Net income
Profit after all expenses, interest and tax.
$36.5M
Free cash flow
Cash from operations minus capital spending.
−$26.6M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.9%
9.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.27 EPS (TTM)
What Abacus Global Management, Inc. does
No business description yet.
- Legal name
- Abacus Global Management, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 13, 2026
- Accession · CIK
- 0001628280-26-017775
0001814287
Revenue and margins
Abacus Global Management, Inc. had $235M of revenue in fiscal 2025, up 110.2% on the year before.
FY21
Revenue —
FY22
Revenue $44.7M
FY23
Revenue $66.4M
FY24
Revenue $112M
FY25
Revenue $235M
Q3 '23
Revenue $21.1M
Q4 '23
Revenue $23.7M
Q1 '24
Revenue $21.5M
Q2 '24
Revenue $29.1M
Q3 '24
Revenue $28.1M
Q4 '24
Revenue $33.2M
Q1 '25
Revenue $44.1M
Q2 '25
Revenue $56.2M
Q3 '25
Revenue $63.0M
Q4 '25
Revenue $71.9M
Q1 '26
Revenue $59.4M
Q2 '26
Revenue $73.0M
FY21
Gross —
Operating —
Net —
FCF —
FY22
Gross 86.8%
Operating 75.3%
Net 70.9%
FCF 23.9%
FY23
Gross 90.2%
Operating 36.3%
Net 14.3%
FCF −96.7%
FY24
Gross 89.8%
Operating −0.8%
Net −21.4%
FCF −187.3%
FY25
Gross 87.7%
Operating 37.7%
Net 15.5%
FCF −11.3%
Gross
Operating
Net
FCF
Q3 '23
Gross 84.1%
Operating 29.8%
Net 4.3%
FCF −56.7%
Q4 '23
Gross 93.0%
Operating 8.4%
Net −26.3%
FCF −58.7%
Q1 '24
Gross 87.3%
Operating 10.5%
Net −6.3%
FCF 10.9%
Q2 '24
Gross 90.6%
Operating 23.3%
Net 2.6%
FCF −231.3%
Q3 '24
Gross 92.2%
Operating 24.3%
Net −18.2%
FCF −186.6%
Q4 '24
Gross 88.8%
Operating −50.5%
Net −55.0%
FCF −277.5%
Q1 '25
Gross 83.9%
Operating 47.6%
Net 10.5%
FCF −140.0%
Q2 '25
Gross 89.2%
Operating 40.1%
Net 31.3%
FCF 134.6%
Q3 '25
Gross 87.8%
Operating 35.6%
Net 11.2%
FCF −52.3%
Q4 '25
Gross 88.8%
Operating 31.7%
Net 10.1%
FCF −10.5%
Q1 '26
Gross 89.4%
Operating 30.9%
Net 12.2%
FCF 154.2%
Q2 '26
Gross 87.6%
Operating 29.4%
Net 9.1%
FCF 52.6%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income $15.8M
FY22
Net income $31.7M
FY23
Net income $9.5M
FY24
Net income −$24.0M
FY25
Net income $36.5M
Q3 '23
Net income $0.9M
Q4 '23
Net income −$6.2M
Q1 '24
Net income −$1.3M
Q2 '24
Net income $0.8M
Q3 '24
Net income −$5.1M
Q4 '24
Net income −$18.3M
Q1 '25
Net income $4.6M
Q2 '25
Net income $17.6M
Q3 '25
Net income $7.1M
Q4 '25
Net income $7.2M
Q1 '26
Net income $7.3M
Q2 '26
Net income $6.6M
FY21
Diluted EPS —
FY22
Diluted EPS $0.63
FY23
Diluted EPS $0.16
FY24
Diluted EPS −$0.34
FY25
Diluted EPS $0.36
Q3 '23
Diluted EPS $0.01
Q4 '23
Diluted EPS −$0.14
Q1 '24
Diluted EPS −$0.02
Q2 '24
Diluted EPS $0.01
Q3 '24
Diluted EPS −$0.07
Q4 '24
Diluted EPS −$0.26
Q1 '25
Diluted EPS $0.05
Q2 '25
Diluted EPS $0.18
Q3 '25
Diluted EPS $0.07
Q4 '25
Diluted EPS $0.06
Q1 '26
Diluted EPS $0.07
Q2 '26
Diluted EPS $0.07
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity —
Return on assets 4.6%
FY22
Return on capital —
Return on equity —
Return on assets 15.6%
FY23
Return on capital 13.8%
Return on equity 13.1%
Return on assets 4.9%
FY24
Return on capital −0.1%
Return on equity −8.2%
Return on assets −4.0%
FY25
Return on capital 8.9%
Return on equity 8.7%
Return on assets 4.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$26.6M in fiscal 2025, −11.3% of revenue. Cash from operations minus capital spending.
FY21
Free cash flow —
FY22
Free cash flow $10.7M
FY23
Free cash flow −$64.2M
FY24
Free cash flow −$210M
FY25
Free cash flow −$26.6M
Q3 '23
Free cash flow −$12.0M
Q4 '23
Free cash flow −$13.9M
Q1 '24
Free cash flow $2.4M
Q2 '24
Free cash flow −$67.2M
Q3 '24
Free cash flow −$52.5M
Q4 '24
Free cash flow −$92.2M
Q1 '25
Free cash flow −$61.8M
Q2 '25
Free cash flow $75.7M
Q3 '25
Free cash flow −$32.9M
Q4 '25
Free cash flow −$7.6M
Q1 '26
Free cash flow $91.6M
Q2 '26
Free cash flow $38.4M
FY21
Cash from operations −$1.2M
Capital spending —
FY22
Cash from operations $10.7M
Capital spending $0.0M
FY23
Cash from operations −$64.0M
Capital spending $0.2M
FY24
Cash from operations −$209M
Capital spending $0.8M
FY25
Cash from operations −$25.7M
Capital spending $0.9M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$11.9M
Capital spending $0.1M
Q4 '23
Cash from operations −$13.8M
Capital spending $0.1M
Q1 '24
Cash from operations $2.5M
Capital spending $0.2M
Q2 '24
Cash from operations −$67.1M
Capital spending $0.2M
Q3 '24
Cash from operations −$52.3M
Capital spending $0.2M
Q4 '24
Cash from operations −$92.0M
Capital spending $0.2M
Q1 '25
Cash from operations −$61.6M
Capital spending $0.2M
Q2 '25
Cash from operations $76.1M
Capital spending $0.4M
Q3 '25
Cash from operations −$32.8M
Capital spending $0.2M
Q4 '25
Cash from operations −$7.4M
Capital spending $0.1M
Q1 '26
Cash from operations $91.7M
Capital spending $0.1M
Q2 '26
Cash from operations $39.3M
Capital spending $0.9M
Cash from operations
Capital spending
Dividends, buybacks and share count
Abacus Global Management, Inc. returned $63.3M to shareholders in fiscal 2025. The diluted share count rose 40.2%.
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks $0.0M
FY23
Dividends —
Buybacks $1.3M
FY24
Dividends $0.0M
Buybacks $10.7M
FY25
Dividends $19.6M
Buybacks $43.8M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $1.3M
Q1 '24
Dividends —
Buybacks $7.5M
Q2 '24
Dividends —
Buybacks $3.2M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $0.0M
Q2 '25
Dividends —
Buybacks $35.1M
Q3 '25
Dividends —
Buybacks $3.2M
Q4 '25
Dividends —
Buybacks $5.5M
Q1 '26
Dividends —
Buybacks $14.5M
Q2 '26
Dividends —
Buybacks $9.9M
Dividends
Buybacks
FY21
Diluted shares —
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.06B
FY24
Diluted shares 0.07B
FY25
Diluted shares 0.10B
Balance sheet
Cash, debt and the ratios that show how comfortably Abacus Global Management, Inc. can carry it.
FY21
Cash $0.1M
Debt —
FY22
Cash $30.1M
Debt $0.0M
FY23
Cash $25.6M
Debt $0.0M
FY24
Cash $132M
Debt $381M
FY25
Cash $38.1M
Debt $406M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $0.1M | $30.1M | $25.6M | $132M | $38.1M |
| Debt incl. finance leases | — | $0.0M | $0.0M | $381M | $406M |
| Net debt / EBITDA | — | −0.9x | −0.9x | 35.4x | 3.4x |
| Debt / equity | — | — | 0.0x | 0.9x | 1.0x |
| Interest coverage | — | 786.6x | 2.4x | −0.0x | 2.3x |
| Current ratio | 0.6x | 25.6x | 1.4x | 2.6x | 0.5x |
| Quick ratio | 0.6x | 25.6x | 1.4x | 2.6x | 0.5x |
| Total assets | $346M | $59.1M | $332M | $874M | $902M |
| Total liabilities | $29.2M | $30.9M | $168M | $451M | $479M |
| Shareholders' equity | −$28.2M | −$18.4M | $164M | $423M | $419M |
| Net debt (− = net cash) | — | −$30.1M | −$25.6M | $249M | $368M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✕ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | — | ✕ | ✕ | ✕ |
| Current ratio rose | — | ✓ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | — | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✓ |
| F-score | — / 3 | — / 5 | 2 / 9 | 1 / 9 | 3 / 9 |
| Accruals ratio | 4.9% | 10.4% | 37.6% | 30.7% | 7.0% |
| Altman Z'' | — | 8.16 | 1.34 | 1.49 | 0.85 |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | — | $44.7M | $66.4M | $112M | $235M |
| Gross profit | — | $38.8M | $59.9M | $101M | $206M |
| Operating income | — | $33.7M | $24.1M | −$0.9M | $88.8M |
| Interest expense | — | $0.0M | $9.9M | $18.3M | $38.8M |
| Pretax income | $15.8M | −$0.6M | — | — | — |
| Income tax | — | $0.9M | $1.5M | $5.5M | $15.4M |
| Net income | $15.8M | $31.7M | $9.5M | −$24.0M | $36.5M |
| Net income to common | $2.0M | $31.7M | $9.5M | −$24.0M | $36.1M |
| Diluted EPS | — | $0.63 | $0.16 | −$0.34 | $0.36 |
| Diluted shares | — | 0.05B | 0.06B | 0.07B | 0.10B |
| Cash flow | |||||
| Cash from operations | −$1.2M | $10.7M | −$64.0M | −$209M | −$25.7M |
| Capital expenditure | — | $0.0M | $0.2M | $0.8M | $0.9M |
| Free cash flow | — | $10.7M | −$64.2M | −$210M | −$26.6M |
| Depreciation and amortization | — | $0.0M | $3.4M | $7.9M | $18.6M |
| Stock-based compensation | $0.0M | $0.0M | $10.8M | $43.4M | $15.5M |
| Acquisitions | — | — | $0.0M | $2.4M | $1.6M |
| Share buybacks | — | $0.0M | $1.3M | $10.7M | $43.8M |
| Dividends paid | — | — | — | $0.0M | $19.6M |
| Dividends and buybacks | — | $0.0M | $1.3M | $10.7M | $63.3M |
| Balance sheet | |||||
| Cash and short-term investments | $0.1M | $30.1M | $25.6M | $132M | $38.1M |
| Total debt | — | $0.0M | $0.0M | $381M | $406M |
| Current assets | $0.9M | $33.3M | $31.8M | $160M | $69.6M |
| Current liabilities | $1.6M | $1.3M | $23.3M | $62.5M | $149M |
| Property and equipment, net | — | $0.0M | $0.4M | $1.0M | $1.6M |
| Goodwill | — | $0.0M | $140M | $238M | $253M |
| Intangible assets | — | $0.0M | $29.6M | $79.8M | $66.4M |
| Total assets | $346M | $59.1M | $332M | $874M | $902M |
| Total liabilities | $29.2M | $30.9M | $168M | $451M | $479M |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | −$28.2M | −$18.4M | $164M | $423M | $419M |
| Margins | |||||
| Gross margin | — | 86.8% | 90.2% | 89.8% | 87.7% |
| Operating margin | — | 75.3% | 36.3% | −0.8% | 37.7% |
| EBITDA margin | — | 75.3% | 41.5% | 6.3% | 45.6% |
| Net margin | — | 70.9% | 14.3% | −21.4% | 15.5% |
| FCF margin | — | 23.9% | −96.7% | −187.3% | −11.3% |
| Returns | |||||
| Return on capital | — | — | 13.8% | −0.1% | 8.9% |
| Return on capital employed | — | 58.3% | 7.8% | −0.1% | 11.8% |
| Return on equity | — | — | 13.1% | −8.2% | 8.7% |
| Return on assets | 4.6% | 15.6% | 4.9% | −4.0% | 4.1% |
| Return on tangible equity | — | — | — | −22.8% | 36.4% |
| Growth | |||||
| Revenue growth | — | — | 48.5% | 68.6% | 110.2% |
| Net income growth | — | 100.0% | −70.0% | −351.8% | — |
| EPS growth | — | — | −74.6% | −312.5% | — |
| FCF growth | — | — | −700.7% | — | — |
| Share count change | — | — | 14.7% | 22.5% | 40.2% |
| Financial health | |||||
| Net debt / EBITDA | — | −0.9x | −0.9x | 35.4x | 3.4x |
| Debt / equity | — | — | 0.0x | 0.9x | 1.0x |
| Interest coverage | — | 786.6x | 2.4x | −0.0x | 2.3x |
| Current ratio | 0.6x | 25.6x | 1.4x | 2.6x | 0.5x |
| Quick ratio | 0.6x | 25.6x | 1.4x | 2.6x | 0.5x |
| Capital allocation | |||||
| Capex / revenue | — | 0.0% | 0.3% | 0.7% | 0.4% |
| Stock comp / revenue | — | 0.0% | 16.2% | 38.8% | 6.6% |
| Payouts / FCF | — | 0.0% | — | — | — |
| Quality scores | |||||
| Piotroski F-score | — | — | 2.0 | 1.0 | 3.0 |
| Altman Z'' | — | 8.2 | 1.3 | 1.5 | 0.9 |
| Accruals ratio | 4.9% | 10.4% | 37.6% | 30.7% | 7.0% |
Source: SEC EDGAR XBRL filings (CIK 0001814287). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.