GRANDSTAND Ltd
GRSD Nasdaq Services-Miscellaneous Amusement & Recreation Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$165M
30.1%
vs prior year
Operating margin
Operating income as a share of revenue.
−19.2%
47.3 pts
Net income
Profit after all expenses, interest and tax.
−$32.9M
207.3%
Free cash flow
Cash from operations minus capital spending.
$18.2M
49.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−11.9%
36.1 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 −$0.93 EPS (TTM)
What GRANDSTAND Ltd does
No business description yet.
- Legal name
- GRANDSTAND Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Mar 19, 2026
- Accession · CIK
- 0001839799-26-000048
0001839799
Revenue and margins
GRANDSTAND Ltd had $165M of revenue in fiscal 2025, up 30.1% on the year before.
FY19
Revenue $19.3M
FY20
Revenue $28.0M
FY21
Revenue $42.3M
FY22
Revenue $76.5M
FY23
Revenue $109M
FY24
Revenue $127M
FY25
Revenue $165M
Q1 '21
Revenue $11.5M
Q2 '21
Revenue $10.4M
Q1 '22
Revenue $19.6M
Q2 '22
Revenue $15.9M
Q2 '23
Revenue $26.0M
Q2 '24
Revenue $30.5M
Q2 '25
Revenue $39.6M
FY19
Gross —
Operating 7.3%
Net −9.9%
FCF 19.8%
FY20
Gross 100.0%
Operating 39.8%
Net 54.1%
FCF 38.8%
FY21
Gross 100.0%
Operating 26.9%
Net 29.4%
FCF 32.4%
FY22
Gross 96.1%
Operating 2.5%
Net 3.1%
FCF 24.1%
FY23
Gross 91.6%
Operating 20.0%
Net 16.8%
FCF 16.1%
FY24
Gross 94.1%
Operating 28.1%
Net 24.1%
FCF 28.6%
FY25
Gross 90.8%
Operating −19.2%
Net −19.9%
FCF 11.0%
Gross
Operating
Net
FCF
Q1 '21
Gross 100.0%
Operating 45.2%
Net 38.8%
FCF 58.3%
Q2 '21
Gross 100.0%
Operating 30.4%
Net 23.5%
FCF 43.8%
Q1 '22
Gross 93.7%
Operating 21.8%
Net 22.9%
FCF 17.6%
Q2 '22
Gross 96.9%
Operating −14.1%
Net 0.4%
FCF 20.5%
Q2 '23
Gross 96.6%
Operating 2.8%
Net 1.1%
FCF —
Q2 '24
Gross 95.3%
Operating 27.2%
Net 22.7%
FCF —
Q2 '25
Gross 93.1%
Operating −36.3%
Net −33.9%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$1.9M
FY20
Net income $15.2M
FY21
Net income $12.5M
FY22
Net income $2.4M
FY23
Net income $18.3M
FY24
Net income $30.7M
FY25
Net income −$32.9M
Q1 '21
Net income $4.5M
Q2 '21
Net income $2.4M
Q1 '22
Net income $4.5M
Q2 '22
Net income $0.1M
Q2 '23
Net income $0.3M
Q2 '24
Net income $6.9M
Q2 '25
Net income −$13.4M
FY19
Diluted EPS −$0.07
FY20
Diluted EPS $0.49
FY21
Diluted EPS $0.37
FY22
Diluted EPS $0.06
FY23
Diluted EPS $0.47
FY24
Diluted EPS $0.84
FY25
Diluted EPS −$0.93
Q1 '21
Diluted EPS $0.14
Q2 '21
Diluted EPS $0.08
Q1 '22
Diluted EPS $0.12
Q2 '22
Diluted EPS $0.00
Q2 '23
Diluted EPS $0.01
Q2 '24
Diluted EPS $0.19
Q2 '25
Diluted EPS −$0.38
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity −14.7%
Return on assets —
FY20
Return on capital 34.8%
Return on equity 64.3%
Return on assets 33.4%
FY21
Return on capital 32.7%
Return on equity 21.8%
Return on assets 18.3%
FY22
Return on capital 2.7%
Return on equity 2.9%
Return on assets 2.1%
FY23
Return on capital 21.1%
Return on equity 17.7%
Return on assets 12.4%
FY24
Return on capital 24.2%
Return on equity 25.3%
Return on assets 18.4%
FY25
Return on capital −11.9%
Return on equity −28.5%
Return on assets −13.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $18.2M in fiscal 2025, 11.0% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow $3.8M
FY20
Free cash flow $10.8M
FY21
Free cash flow $13.7M
FY22
Free cash flow $18.4M
FY23
Free cash flow $17.5M
FY24
Free cash flow $36.3M
FY25
Free cash flow $18.2M
Q1 '21
Free cash flow $6.7M
Q2 '21
Free cash flow $4.6M
Q1 '22
Free cash flow $3.4M
Q2 '22
Free cash flow $3.3M
Q2 '23
Free cash flow —
Q2 '24
Free cash flow —
Q2 '25
Free cash flow —
FY19
Cash from operations $4.0M
Capital spending $0.2M
FY20
Cash from operations $10.9M
Capital spending $0.0M
FY21
Cash from operations $14.0M
Capital spending $0.3M
FY22
Cash from operations $18.8M
Capital spending $0.3M
FY23
Cash from operations $17.9M
Capital spending $0.5M
FY24
Cash from operations $37.6M
Capital spending $1.3M
FY25
Cash from operations $19.1M
Capital spending $0.9M
Cash from operations
Capital spending
Q1 '21
Cash from operations $6.7M
Capital spending $0.0M
Q2 '21
Cash from operations $4.7M
Capital spending $0.2M
Q1 '22
Cash from operations $3.6M
Capital spending $0.1M
Q2 '22
Cash from operations $3.4M
Capital spending $0.1M
Q2 '23
Cash from operations —
Capital spending —
Q2 '24
Cash from operations —
Capital spending —
Q2 '25
Cash from operations —
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
GRANDSTAND Ltd returned $5.6M to shareholders in fiscal 2025, 31% of free cash flow. The diluted share count fell 2.4%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $0.3M
FY23
Dividends —
Buybacks $2.6M
FY24
Dividends —
Buybacks $27.1M
FY25
Dividends —
Buybacks $5.6M
Dividends
Buybacks
Q1 '21
Dividends —
Buybacks —
Q2 '21
Dividends —
Buybacks —
Q1 '22
Dividends —
Buybacks —
Q2 '22
Dividends —
Buybacks $0.8M
Q2 '23
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.03B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.04B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.04B
Balance sheet
Cash, debt and the ratios that show how comfortably GRANDSTAND Ltd can carry it.
FY19
Cash $7.0M
Debt —
FY20
Cash $8.2M
Debt $6.0M
FY21
Cash $51.0M
Debt $5.9M
FY22
Cash $29.7M
Debt $0.0M
FY23
Cash $25.4M
Debt $0.0M
FY24
Cash $13.7M
Debt $22.9M
FY25
Cash $15.8M
Debt $119M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $51.0M | $29.7M | $25.4M | $13.7M | $15.8M |
| Debt incl. finance leases | $5.9M | $0.0M | $0.0M | $22.9M | $119M |
| Net debt / EBITDA | −3.3x | −3.4x | −1.1x | 0.2x | — |
| Debt / equity | 0.1x | 0.0x | 0.0x | 0.2x | 1.1x |
| Interest coverage | 6.3x | 1.4x | 9.6x | 11.5x | −3.8x |
| Current ratio | 5.8x | 1.3x | 1.4x | 1.2x | 1.2x |
| Quick ratio | 5.8x | 1.3x | 1.4x | 1.2x | 1.2x |
| Total assets | $91.0M | $139M | $155M | $179M | $300M |
| Total liabilities | $11.1M | $51.8M | $35.9M | $55.4M | $192M |
| Shareholders' equity | $79.9M | $87.1M | $119M | $123M | $108M |
| Net debt (− = net cash) | −$45.1M | −$29.7M | −$25.4M | $9.2M | $103M |
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 | FY19 | FY20 | 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 | — / 4 | 5 / 9 | 5 / 9 | 5 / 9 | 7 / 9 | 4 / 9 |
| Accruals ratio | — | 9.4% | −2.3% | −14.2% | 0.2% | −4.2% | −21.8% |
| Altman Z'' | — | 7.13 | 12.61 | 2.96 | 5.98 | 5.24 | 0.50 |
7 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $19.3M | $28.0M | $42.3M | $76.5M | $109M | $127M | $165M |
| Gross profit | — | $28.0M | $42.3M | $73.5M | $99.5M | $120M | $150M |
| Operating income | $1.4M | $11.1M | $11.4M | $1.9M | $21.8M | $35.7M | −$31.8M |
| Interest expense | $2.5M | $2.1M | $1.8M | $1.3M | $2.3M | $3.1M | $8.4M |
| Pretax income | −$1.0M | $10.8M | $12.2M | $2.9M | $20.1M | $34.2M | −$32.4M |
| Income tax | $0.9M | −$4.4M | −$0.3M | $0.5M | $1.9M | $3.5M | $0.5M |
| Net income | −$1.9M | $15.2M | $12.5M | $2.4M | $18.3M | $30.7M | −$32.9M |
| Diluted EPS | −$0.07 | $0.49 | $0.37 | $0.06 | $0.47 | $0.84 | −$0.93 |
| Diluted shares | 0.03B | 0.03B | 0.03B | 0.04B | 0.04B | 0.04B | 0.04B |
| Cash flow | |||||||
| Cash from operations | $4.0M | $10.9M | $14.0M | $18.8M | $17.9M | $37.6M | $19.1M |
| Capital expenditure | $0.2M | $0.0M | $0.3M | $0.3M | $0.5M | $1.3M | $0.9M |
| Free cash flow | $3.8M | $10.8M | $13.7M | $18.4M | $17.5M | $36.3M | $18.2M |
| Depreciation and amortization | $2.2M | $2.2M | $2.4M | $7.0M | $2.1M | $5.8M | $14.4M |
| Acquisitions | — | $0.0M | $0.0M | $23.4M | $0.0M | $0.0M | $68.5M |
| Share buybacks | — | $0.0M | $0.0M | $0.3M | $2.6M | $27.1M | $5.6M |
| Dividends and buybacks | — | $0.0M | $0.0M | $0.3M | $2.6M | $27.1M | $5.6M |
| Balance sheet | |||||||
| Cash and short-term investments | $7.0M | $8.2M | $51.0M | $29.7M | $25.4M | $13.7M | $15.8M |
| Total debt | — | $6.0M | $5.9M | $0.0M | $0.0M | $22.9M | $119M |
| Current assets | — | $13.7M | $56.5M | $42.0M | $47.4M | $34.9M | $42.3M |
| Current liabilities | — | $3.7M | $9.8M | $31.7M | $32.7M | $29.7M | $35.0M |
| Inventory | — | — | $0.0M | $0.1M | — | — | — |
| Property and equipment, net | $0.6M | $0.5M | $0.6M | $0.7M | $0.9M | $1.8M | $2.2M |
| Goodwill | — | — | — | — | $10.8M | — | — |
| Intangible assets | — | $3.3M | $2.8M | $8.2M | $9.1M | $11.5M | — |
| Total assets | — | $45.4M | $91.0M | $139M | $155M | $179M | $300M |
| Total liabilities | — | $11.2M | $11.1M | $51.8M | $35.9M | $55.4M | $192M |
| Shareholders' equity | $12.9M | $34.2M | $79.9M | $87.1M | $119M | $123M | $108M |
| Margins | |||||||
| Gross margin | — | 100.0% | 100.0% | 96.1% | 91.6% | 94.1% | 90.8% |
| Operating margin | 7.3% | 39.8% | 26.9% | 2.5% | 20.0% | 28.1% | −19.2% |
| EBITDA margin | 18.8% | 47.7% | 32.6% | 11.5% | 22.0% | 32.6% | −10.5% |
| Net margin | −9.9% | 54.1% | 29.4% | 3.1% | 16.8% | 24.1% | −19.9% |
| FCF margin | 19.8% | 38.8% | 32.4% | 24.1% | 16.1% | 28.6% | 11.0% |
| Returns | |||||||
| Return on capital | — | 34.8% | 32.7% | 2.7% | 21.1% | 24.2% | −11.9% |
| Return on capital employed | — | 26.7% | 14.0% | 1.8% | 17.8% | 24.0% | −12.0% |
| Return on equity | −14.7% | 64.3% | 21.8% | 2.9% | 17.7% | 25.3% | −28.5% |
| Return on assets | — | 33.4% | 18.3% | 2.1% | 12.4% | 18.4% | −13.8% |
| Return on tangible equity | −14.7% | 49.0% | 16.1% | 3.0% | 18.4% | 27.5% | −30.5% |
| Growth | |||||||
| Revenue growth | — | 45.2% | 51.3% | 80.8% | 42.0% | 17.1% | 30.1% |
| Net income growth | — | — | −17.8% | −80.8% | 664.0% | 68.0% | −207.3% |
| EPS growth | — | — | −24.5% | −83.8% | 683.3% | 78.7% | −210.7% |
| FCF growth | — | 184.8% | 26.2% | 34.6% | −5.2% | 108.0% | −49.8% |
| Share count change | — | 21.2% | 9.3% | 13.2% | 0.9% | −5.7% | −2.4% |
| Financial health | |||||||
| Net debt / EBITDA | — | −0.2x | −3.3x | −3.4x | −1.1x | 0.2x | — |
| Debt / equity | — | 0.2x | 0.1x | 0.0x | 0.0x | 0.2x | 1.1x |
| Interest coverage | 0.6x | 5.3x | 6.3x | 1.4x | 9.6x | 11.5x | −3.8x |
| Current ratio | — | 3.7x | 5.8x | 1.3x | 1.4x | 1.2x | 1.2x |
| Quick ratio | — | 3.7x | 5.8x | 1.3x | 1.4x | 1.2x | 1.2x |
| Capital allocation | |||||||
| Capex / revenue | 1.0% | 0.2% | 0.7% | 0.4% | 0.4% | 1.0% | 0.5% |
| Payouts / FCF | — | 0.0% | 0.0% | 1.9% | 14.7% | 74.6% | 30.6% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 5.0 | 5.0 | 5.0 | 7.0 | 4.0 |
| Altman Z'' | — | 7.1 | 12.6 | 3.0 | 6.0 | 5.2 | 0.5 |
| Accruals ratio | — | 9.4% | −2.3% | −14.2% | 0.2% | −4.2% | −21.8% |
Source: SEC EDGAR XBRL filings (CIK 0001839799). 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.