Playboy, Inc.
PLBY Nasdaq Retail-Miscellaneous Retail Financials FY2020–FY2025
Revenue
Total sales reported in the income statement.
$121M
4.1%
vs prior year
Operating margin
Operating income as a share of revenue.
−6.6%
37.1 pts
Net income
Profit after all expenses, interest and tax.
−$12.7M
Free cash flow
Cash from operations minus capital spending.
−$1.0M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−4.1%
25.0 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 $0.02 EPS (TTM)
What Playboy, Inc. does
No business description yet.
- Legal name
- Playboy, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 16, 2026
- Accession · CIK
- 0001628280-26-018238
0001803914
Revenue and margins
Playboy, Inc. had $121M of revenue in fiscal 2025, up 4.1% on the year before.
FY20
Revenue $148M
FY21
Revenue $247M
FY22
Revenue $186M
FY23
Revenue $143M
FY24
Revenue $116M
FY25
Revenue $121M
Q3 '23
Revenue $16.3M
Q4 '23
Revenue $91.9M
Q1 '24
Revenue $28.3M
Q2 '24
Revenue $24.9M
Q3 '24
Revenue $29.4M
Q4 '24
Revenue $33.5M
Q1 '25
Revenue $28.9M
Q2 '25
Revenue $28.1M
Q3 '25
Revenue $29.0M
Q4 '25
Revenue $34.9M
Q1 '26
Revenue $30.2M
Q2 '26
Revenue $31.2M
FY20
Gross 49.6%
Operating 9.2%
Net −3.6%
FCF −0.0%
FY21
Gross 52.7%
Operating −27.9%
Net −31.5%
FCF −22.0%
FY22
Gross 55.3%
Operating −159.6%
Net −149.7%
FCF −36.0%
FY23
Gross 61.7%
Operating −133.2%
Net −126.2%
FCF −32.8%
FY24
Gross 64.0%
Operating −43.8%
Net −68.4%
FCF −18.4%
FY25
Gross 71.0%
Operating −6.6%
Net −10.5%
FCF −0.8%
Gross
Operating
Net
FCF
Q3 '23
Gross 92.1%
Operating −9.8%
Net −44.0%
FCF −94.8%
Q4 '23
Gross 55.8%
Operating −96.4%
Net −4.1%
FCF −4.4%
Q1 '24
Gross 55.8%
Operating −31.5%
Net −58.1%
FCF −36.5%
Q2 '24
Gross 67.8%
Operating −37.0%
Net −66.9%
FCF −14.8%
Q3 '24
Gross 61.0%
Operating −96.0%
Net −114.7%
FCF −23.7%
Q4 '24
Gross 70.8%
Operating −13.3%
Net −37.4%
FCF −1.2%
Q1 '25
Gross 68.6%
Operating −21.7%
Net −31.3%
FCF −26.5%
Q2 '25
Gross 65.4%
Operating −20.9%
Net −27.3%
FCF −15.2%
Q3 '25
Gross 76.0%
Operating 4.7%
Net 1.6%
FCF 33.8%
Q4 '25
Gross 73.3%
Operating 7.9%
Net 10.3%
FCF 3.2%
Q1 '26
Gross 68.4%
Operating −5.4%
Net −13.1%
FCF −28.7%
Q2 '26
Gross 73.1%
Operating 9.5%
Net 0.6%
FCF −1.8%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income −$5.3M
FY21
Net income −$77.7M
FY22
Net income −$278M
FY23
Net income −$180M
FY24
Net income −$79.4M
FY25
Net income −$12.7M
Q3 '23
Net income −$7.2M
Q4 '23
Net income −$3.8M
Q1 '24
Net income −$16.4M
Q2 '24
Net income −$16.7M
Q3 '24
Net income −$33.8M
Q4 '24
Net income −$12.5M
Q1 '25
Net income −$9.0M
Q2 '25
Net income −$7.7M
Q3 '25
Net income $0.5M
Q4 '25
Net income $3.6M
Q1 '26
Net income −$4.0M
Q2 '26
Net income $0.2M
FY20
Diluted EPS −$0.24
FY21
Diluted EPS −$2.04
FY22
Diluted EPS −$5.86
FY23
Diluted EPS −$2.53
FY24
Diluted EPS −$1.04
FY25
Diluted EPS −$0.13
Q3 '23
Diluted EPS −$0.10
Q4 '23
Diluted EPS −$0.09
Q1 '24
Diluted EPS −$0.23
Q2 '24
Diluted EPS −$0.23
Q3 '24
Diluted EPS −$0.45
Q4 '24
Diluted EPS −$0.13
Q1 '25
Diluted EPS −$0.10
Q2 '25
Diluted EPS −$0.08
Q3 '25
Diluted EPS $0.00
Q4 '25
Diluted EPS $0.05
Q1 '26
Diluted EPS −$0.03
Q2 '26
Diluted EPS $0.00
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital 3.8%
Return on equity −6.3%
Return on assets −1.3%
FY21
Return on capital −9.3%
Return on equity −30.7%
Return on assets −11.5%
FY22
Return on capital −73.9%
Return on equity −96.1%
Return on assets −37.3%
FY23
Return on capital −72.2%
Return on equity −179.4%
Return on assets −40.6%
FY24
Return on capital −29.1%
Return on equity −416.1%
Return on assets −25.7%
FY25
Return on capital −4.1%
Return on equity −238.1%
Return on assets −4.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$1.0M in fiscal 2025, −0.8% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow −$0.1M
FY21
Free cash flow −$54.2M
FY22
Free cash flow −$66.9M
FY23
Free cash flow −$46.8M
FY24
Free cash flow −$21.4M
FY25
Free cash flow −$1.0M
Q3 '23
Free cash flow −$15.4M
Q4 '23
Free cash flow −$4.0M
Q1 '24
Free cash flow −$10.3M
Q2 '24
Free cash flow −$3.7M
Q3 '24
Free cash flow −$7.0M
Q4 '24
Free cash flow −$0.4M
Q1 '25
Free cash flow −$7.7M
Q2 '25
Free cash flow −$4.3M
Q3 '25
Free cash flow $9.8M
Q4 '25
Free cash flow $1.1M
Q1 '26
Free cash flow −$8.7M
Q2 '26
Free cash flow −$0.6M
FY20
Cash from operations $0.8M
Capital spending $0.9M
FY21
Cash from operations −$36.7M
Capital spending $17.5M
FY22
Cash from operations −$59.4M
Capital spending $7.4M
FY23
Cash from operations −$43.3M
Capital spending $3.5M
FY24
Cash from operations −$19.1M
Capital spending $2.3M
FY25
Cash from operations $0.0M
Capital spending $1.0M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$14.7M
Capital spending $0.7M
Q4 '23
Cash from operations −$1.9M
Capital spending $2.1M
Q1 '24
Cash from operations −$9.8M
Capital spending $0.6M
Q2 '24
Cash from operations −$3.0M
Capital spending $0.7M
Q3 '24
Cash from operations −$6.5M
Capital spending $0.5M
Q4 '24
Cash from operations $0.2M
Capital spending $0.6M
Q1 '25
Cash from operations −$7.6M
Capital spending $0.0M
Q2 '25
Cash from operations −$3.9M
Capital spending $0.4M
Q3 '25
Cash from operations $10.1M
Capital spending $0.3M
Q4 '25
Cash from operations $1.4M
Capital spending $0.3M
Q1 '26
Cash from operations −$8.1M
Capital spending $0.6M
Q2 '26
Cash from operations −$0.4M
Capital spending $0.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
Playboy, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 31.8%.
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks $0.0M
FY23
Dividends —
Buybacks $1.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.04B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.08B
FY25
Diluted shares 0.10B
Balance sheet
Cash, debt and the ratios that show how comfortably Playboy, Inc. can carry it.
FY20
Cash $13.4M
Debt $165M
FY21
Cash $69.2M
Debt $229M
FY22
Cash $31.8M
Debt $193M
FY23
Cash $28.1M
Debt $190M
FY24
Cash $30.9M
Debt $177M
FY25
Cash $37.8M
Debt $174M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $69.2M | $31.8M | $28.1M | $30.9M | $37.8M |
| Debt incl. finance leases | $229M | $193M | $190M | $177M | $174M |
| Debt / equity | 0.5x | 1.2x | 4.1x | — | 9.5x |
| Interest coverage | −5.2x | −16.7x | −8.2x | −2.1x | −1.0x |
| Current ratio | 1.2x | 1.3x | 1.2x | 1.0x | 1.0x |
| Quick ratio | 0.8x | 1.1x | 1.0x | 0.9x | 0.8x |
| Total assets | $935M | $555M | $334M | $285M | $292M |
| Total liabilities | $513M | $400M | $289M | $269M | $274M |
| Shareholders' equity | $422M | $155M | $45.9M | −$7.7M | $18.4M |
| Net debt (− = net cash) | $160M | $161M | $162M | $146M | $136M |
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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Return on assets rose | — | ✕ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✕ | ✕ | ✕ | ✓ |
| Current ratio rose | — | ✓ | ✓ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✓ | ✕ | ✓ |
| F-score | — / 3 | 4 / 9 | 4 / 9 | 3 / 9 | 3 / 9 | 6 / 9 |
| Accruals ratio | −1.5% | −6.1% | −29.3% | −30.9% | −19.5% | −4.4% |
| Altman Z'' | −0.24 | −0.02 | −5.40 | −9.44 | −9.13 | −7.96 |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $148M | $247M | $186M | $143M | $116M | $121M |
| Gross profit | $73.3M | $130M | $103M | $88.2M | $74.4M | $85.9M |
| Operating income | $13.6M | −$68.9M | −$296M | −$190M | −$50.8M | −$8.0M |
| Interest expense | $13.5M | $13.3M | $17.7M | $23.3M | $23.7M | $8.2M |
| Pretax income | $1.8M | −$80.5M | −$306M | −$200M | −$76.2M | −$13.9M |
| Income tax | $7.1M | −$2.8M | −$55.7M | −$13.8M | $3.1M | −$1.2M |
| Net income | −$5.3M | −$77.7M | −$278M | −$180M | −$79.4M | −$12.7M |
| Diluted EPS | −$0.24 | −$2.04 | −$5.86 | −$2.53 | −$1.04 | −$0.13 |
| Diluted shares | 0.02B | 0.04B | 0.05B | 0.07B | 0.08B | 0.10B |
| Cash flow | ||||||
| Cash from operations | $0.8M | −$36.7M | −$59.4M | −$43.3M | −$19.1M | $0.0M |
| Capital expenditure | $0.9M | $17.5M | $7.4M | $3.5M | $2.3M | $1.0M |
| Free cash flow | −$0.1M | −$54.2M | −$66.9M | −$46.8M | −$21.4M | −$1.0M |
| Depreciation and amortization | $2.3M | $7.3M | $12.7M | $7.2M | $7.0M | $3.0M |
| Stock-based compensation | $3.0M | $58.4M | $20.5M | $9.6M | $7.3M | $4.7M |
| Acquisitions | $0.0M | $256M | $0.0M | — | — | — |
| Share buybacks | — | — | $0.0M | $1.0M | $0.0M | — |
| Dividends and buybacks | — | — | $0.0M | $1.0M | $0.0M | — |
| Balance sheet | ||||||
| Cash and short-term investments | $13.4M | $69.2M | $31.8M | $28.1M | $30.9M | $37.8M |
| Total debt | $165M | $229M | $193M | $190M | $177M | $174M |
| Current assets | $47.2M | $139M | $121M | $69.7M | $57.5M | $65.5M |
| Current liabilities | $54.0M | $118M | $92.9M | $58.9M | $55.8M | $63.8M |
| Inventory | $11.8M | $39.9M | $20.6M | $13.0M | $8.9M | $12.9M |
| Property and equipment, net | $5.2M | $26.4M | $13.8M | $13.5M | $4.9M | $4.2M |
| Goodwill | $0.5M | $254M | $123M | $54.9M | $36.0M | $37.5M |
| Intangible assets | $339M | $425M | $236M | $158M | $156M | $156M |
| Total assets | $412M | $935M | $555M | $334M | $285M | $292M |
| Total liabilities | $329M | $513M | $400M | $289M | $269M | $274M |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | — |
| Shareholders' equity | $83.0M | $422M | $155M | $45.9M | −$7.7M | $18.4M |
| Margins | ||||||
| Gross margin | 49.6% | 52.7% | 55.3% | 61.7% | 64.0% | 71.0% |
| Operating margin | 9.2% | −27.9% | −159.6% | −133.2% | −43.8% | −6.6% |
| EBITDA margin | 10.7% | −25.0% | −152.7% | −128.1% | −37.7% | −4.1% |
| Net margin | −3.6% | −31.5% | −149.7% | −126.2% | −68.4% | −10.5% |
| FCF margin | −0.0% | −22.0% | −36.0% | −32.8% | −18.4% | −0.8% |
| Returns | ||||||
| Return on capital | 3.8% | −9.3% | −73.9% | −72.2% | −29.1% | −4.1% |
| Return on capital employed | 3.8% | −8.4% | −64.1% | −69.1% | −22.2% | −3.5% |
| Return on equity | −6.3% | −30.7% | −96.1% | −179.4% | −416.1% | −238.1% |
| Return on assets | −1.3% | −11.5% | −37.3% | −40.6% | −25.7% | −4.4% |
| Growth | ||||||
| Revenue growth | — | 67.0% | −24.8% | −23.0% | −18.8% | 4.1% |
| Share count change | — | 71.7% | 24.4% | 50.4% | 6.6% | 31.8% |
| Financial health | ||||||
| Net debt / EBITDA | 9.5x | — | — | — | — | — |
| Debt / equity | 2.0x | 0.5x | 1.2x | 4.1x | — | 9.5x |
| Interest coverage | 1.0x | −5.2x | −16.7x | −8.2x | −2.1x | −1.0x |
| Current ratio | 0.9x | 1.2x | 1.3x | 1.2x | 1.0x | 1.0x |
| Quick ratio | 0.7x | 0.8x | 1.1x | 1.0x | 0.9x | 0.8x |
| Capital allocation | ||||||
| Capex / revenue | 0.6% | 7.1% | 4.0% | 2.5% | 1.9% | 0.8% |
| Stock comp / revenue | 2.0% | 23.7% | 11.1% | 6.7% | 6.3% | 3.9% |
| Quality scores | ||||||
| Piotroski F-score | — | 4.0 | 4.0 | 3.0 | 3.0 | 6.0 |
| Altman Z'' | −0.2 | −0.0 | −5.4 | −9.4 | −9.1 | −8.0 |
| Accruals ratio | −1.5% | −6.1% | −29.3% | −30.9% | −19.5% | −4.4% |
Source: SEC EDGAR XBRL filings (CIK 0001803914). 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.