GEO Group
GEO NYSE Environmental & Facilities Services Financials FY2016–FY2025
GEO Group's revenue rose 8.6% to $2.6 billion in fiscal 2025. Its operating margin was 9.8%, down from 12.8% a year earlier. Free cash flow was −$125 million, against $164 million a year earlier. It paid out $91 million in dividends and buybacks. The diluted share count rose 4.2%.
What GEO Group does
The GEO Group owns, leases and manages secure facilities, processing centers and reentry centers, and provides community-based services, in the United States, Australia and South Africa. Its customers are government agencies. It also provides electronic monitoring and supervision, using radio frequency, GPS and alcohol monitoring devices, and secure transportation through a joint venture in the United Kingdom.
It reports four segments: U.S. Secure Services, Electronic Monitoring and Supervision Services, Reentry Services, and International Services. In its secure facilities it provides security, administration, rehabilitation, education and food services for the agencies it works for. In reentry programs it supervises people in the community and offers temporary housing, programming and employment help. Some facilities it owns or leases, and others belong to its government partners.
GEO also builds new facilities when it wins contracts, and it designs, builds and finances them itself. It says it faces competition for contracts, and that it can spend heavily on start-up and operating costs before a new contract brings in revenue.
- Legal name
- The GEO Group, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001193125-26-071747
0000923796
Revenue and margins
GEO Group had $2.6B of revenue in fiscal 2025, up 8.6% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 3.5% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was −$125M in fiscal 2025, −4.8% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
GEO Group returned $91.0M to shareholders in fiscal 2025. The diluted share count rose 4.2%.
Value GEO Group yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$1.6B and divides by 139.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 12.8x · peers 29.4x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably GEO Group can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $507M | $95.1M | $94.0M | $76.9M | $69.0M |
| Debt incl. finance leases | $3.0B | $2.0B | $1.8B | $1.7B | $1.7B |
| Net debt / EBITDA | 5.8x | 3.8x | 3.7x | 3.8x | 4.1x |
| Debt / equity | 3.0x | 1.8x | 1.4x | 1.3x | 1.1x |
| Interest coverage | 2.2x | 2.3x | 1.6x | 1.6x | 1.6x |
| Current ratio | 2.5x | 1.3x | 1.2x | 1.5x | 2.0x |
| Quick ratio | 2.5x | 1.2x | 1.2x | 1.4x | 1.9x |
| Total assets | $4.5B | $3.8B | $3.7B | $3.6B | $3.8B |
| Total liabilities | $3.6B | $2.6B | $2.4B | $2.3B | $2.3B |
| Shareholders' equity | $976M | $1.2B | $1.3B | $1.3B | $1.5B |
| Net debt (− = net cash) | $2.5B | $2.0B | $1.7B | $1.7B | $1.6B |
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
$1.1M
4 insiders
Of sales under plans
9%
$0.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | Matthew AlbenceSenior VP, Client Relations | Sold | 11,797 | $31.46 | $0.4M | Form 4 |
| Aug 21, 2026 | Ronald A. BrackSee Remarks | Sold | 7,000 | $32.00 | $0.2M | Form 4 |
| Aug 20, 2026 | Matthew AlbenceSenior VP, Client Relations | Sold | 10,000 | $31.69 | $0.3M | Form 4 |
| Aug 13, 2026 | Lindsay L. KorenDirector | Sold | 3,500 | $31.31 | $0.1M | Form 4 |
| Mar 4, 2026 | Scott Michael KernanDirector | Sold plan | 6,633 | $15.24 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 5 / 8 | 6 / 8 | 6 / 8 |
| Accruals ratio | −4.6% | −5.7% | 4.9% |
| Altman Z'' | 1.46 | 1.51 | 1.99 |
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10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $2.2B | $2.3B | $2.3B | $2.5B | $2.4B | $2.3B | $2.4B | $2.4B | $2.4B | $2.6B |
| Operating income | $266M | $248M | $265M | $303M | $229M | $288M | $384M | $352M | $310M | $258M |
| Interest expense | $129M | $148M | $150M | $151M | $127M | $130M | $165M | $218M | $191M | $161M |
| Pretax income | $150M | $152M | $149M | $174M | $124M | $193M | $230M | $138M | $38.6M | $336M |
| Income tax | $7.9M | $18.0M | $14.1M | $16.6M | $20.5M | $123M | $62.9M | $35.4M | $9.4M | $85.7M |
| Net income | $149M | $146M | $145M | $167M | $113M | $77.4M | $172M | $107M | $32.0M | $254M |
| Diluted EPS | $1.33 | $1.21 | $1.20 | $1.40 | $0.94 | $0.58 | $1.17 | $0.72 | $0.22 | $1.82 |
| Diluted shares | 0.11B | 0.12B | 0.12B | 0.12B | 0.12B | 0.12B | 0.12B | 0.12B | 0.13B | 0.14B |
| Cash flow | ||||||||||
| Cash from operations | −$28.0M | $381M | $275M | $338M | $442M | $283M | $288M | $278M | $242M | $72.6M |
| Capital expenditure | $81.6M | $148M | $196M | $117M | $109M | $69.4M | $90.0M | $73.0M | $78.7M | $198M |
| Free cash flow | −$110M | $233M | $78.8M | $221M | $333M | $213M | $198M | $205M | $164M | −$125M |
| Depreciation and amortization | $115M | $124M | $126M | $131M | $135M | $135M | $133M | $126M | $126M | $132M |
| Stock-based compensation | $12.8M | $19.8M | $22.0M | $22.3M | $23.9M | $19.2M | $16.2M | $15.1M | $18.1M | $23.6M |
| Acquisitions | $0.0M | $354M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $95.2M | $0.0M | $9.0M | $0.0M | $0.0M | $0.0M | $0.0M | $91.0M |
| Dividends paid | $195M | $228M | $230M | $233M | $216M | $30.5M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $195M | $227M | $325M | $233M | $225M | $30.5M | $0.0M | $0.0M | $0.0M | $91.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $68.0M | $81.4M | $31.3M | $32.5M | $284M | $507M | $95.1M | $94.0M | $76.9M | $69.0M |
| Total debt | $2.5B | $2.6B | $2.8B | $2.8B | $2.9B | $3.0B | $2.0B | $1.8B | $1.7B | $1.7B |
| Finance lease liabilities | $0.0M | $0.0M | $6.1M | $4.6M | $2.0M | $3.8M | $2.0M | $1.3M | $0.6M | $0.0M |
| Current assets | $698M | $580M | $602M | $542M | $711M | $944M | $555M | $529M | $500M | $719M |
| Current liabilities | $504M | $370M | $705M | $396M | $411M | $379M | $437M | $438M | $340M | $357M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $9.0M | $20.7M | $25.1M | $35.9M | $41.0M |
| Property and equipment, net | $1.9B | $2.1B | $2.2B | $2.1B | $2.1B | $2.0B | $2.0B | $1.9B | $1.9B | $1.9B |
| Total assets | $3.7B | $4.2B | $4.3B | $4.3B | $4.5B | $4.5B | $3.8B | $3.7B | $3.6B | $3.8B |
| Total liabilities | $2.8B | $3.0B | $3.2B | $3.3B | $3.5B | $3.6B | $2.6B | $2.4B | $2.3B | $2.3B |
| Shareholders' equity | $975M | $1.2B | $1.0B | $997M | $913M | $976M | $1.2B | $1.3B | $1.3B | $1.5B |
| Margins | ||||||||||
| Operating margin | 12.2% | 11.0% | 11.4% | 12.2% | 9.8% | 12.8% | 16.2% | 14.6% | 12.8% | 9.8% |
| EBITDA margin | 17.5% | 16.5% | 16.8% | 17.5% | 15.5% | 18.8% | 21.8% | 19.8% | 18.0% | 14.8% |
| Net margin | 6.8% | 6.5% | 6.2% | 6.7% | 4.8% | 3.4% | 7.2% | 4.5% | 1.3% | 9.7% |
| FCF margin | −5.0% | 10.3% | 3.4% | 8.9% | 14.2% | 9.5% | 8.3% | 8.5% | 6.8% | −4.8% |
| Returns | ||||||||||
| Return on capital | 7.8% | 6.2% | 6.4% | 7.3% | 5.3% | 4.1% | 8.5% | 8.5% | 7.8% | 6.3% |
| Return on capital employed | 8.3% | 7.0% | 7.1% | 8.1% | 5.8% | 7.0% | 10.3% | 10.7% | 9.5% | 7.6% |
| Return on equity | 15.0% | 13.5% | 13.0% | 16.4% | 11.8% | 8.2% | 16.0% | 8.7% | 2.4% | 17.9% |
| Return on assets | 4.1% | 3.7% | 3.4% | 3.9% | 2.6% | 1.7% | 4.1% | 2.9% | 0.9% | 6.8% |
| Growth | ||||||||||
| Revenue growth | 18.2% | 3.9% | 3.0% | 6.3% | −5.2% | −4.0% | 5.3% | 1.5% | 0.4% | 8.6% |
| Net income growth | 6.7% | −1.7% | −0.8% | 14.8% | −32.2% | −31.5% | 121.9% | −37.5% | −70.2% | 695.8% |
| EPS growth | 6.4% | −9.0% | −0.8% | 16.7% | −32.9% | −38.3% | 101.7% | −38.5% | −69.4% | 727.3% |
| FCF growth | −545.9% | — | −66.1% | 180.3% | 50.7% | −36.0% | −7.2% | 3.5% | −20.1% | −176.4% |
| Share count change | 0.4% | 8.4% | −0.1% | −1.2% | 0.6% | 0.6% | 1.3% | 1.2% | 8.4% | 4.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 6.3x | 6.8x | 7.0x | 6.3x | 7.3x | 5.8x | 3.8x | 3.7x | 3.8x | 4.1x |
| Debt / equity | 2.5x | 2.2x | 2.7x | 2.8x | 3.2x | 3.0x | 1.8x | 1.4x | 1.3x | 1.1x |
| Interest coverage | 2.1x | 1.7x | 1.8x | 2.0x | 1.8x | 2.2x | 2.3x | 1.6x | 1.6x | 1.6x |
| Current ratio | 1.4x | 1.6x | 0.9x | 1.4x | 1.7x | 2.5x | 1.3x | 1.2x | 1.5x | 2.0x |
| Quick ratio | 1.4x | 1.6x | 0.9x | 1.4x | 1.7x | 2.5x | 1.2x | 1.2x | 1.4x | 1.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.7% | 6.6% | 8.4% | 4.7% | 4.6% | 3.1% | 3.8% | 3.0% | 3.3% | 7.5% |
| Stock comp / revenue | 0.6% | 0.9% | 1.0% | 0.9% | 1.0% | 0.9% | 0.7% | 0.6% | 0.8% | 0.9% |
| Payouts / FCF | — | 97.8% | 412.0% | 105.3% | 67.6% | 14.3% | 0.0% | 0.0% | 0.0% | — |
| Quality scores | ||||||||||
| Piotroski F-score | 2.0 | 5.0 | 5.0 | 8.0 | 4.0 | 5.0 | 6.0 | 5.0 | 6.0 | 6.0 |
| Altman Z'' | 1.3 | 1.2 | 0.6 | 0.9 | 0.9 | 1.4 | 1.4 | 1.5 | 1.5 | 2.0 |
| Accruals ratio | 4.9% | −5.9% | −3.1% | −4.0% | −7.5% | −4.6% | −2.8% | −4.6% | −5.7% | 4.9% |
Source: SEC EDGAR XBRL filings (CIK 0000923796). Data updated October 10, 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.