SBC Medical Group Holdings Inc
SBC Nasdaq Services-Offices & Clinics Of Doctors Of Medicine Financials FY2023–FY2025
Last close · Oct 23, 2026
$5.28
7.2%
Revenue
Total sales reported in the income statement.
$174M
15.5%
vs prior year
Operating margin
Operating income as a share of revenue.
38.9%
4.6 pts
Net income
Profit after all expenses, interest and tax.
$51.0M
9.4%
Free cash flow
Cash from operations minus capital spending.
$23.3M
29.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
34.5%
24.9 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$542M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
11.0x
On $0.48 EPS (TTM)
What SBC Medical Group Holdings Inc does
No business description yet.
- Legal name
- SBC Medical Group Holdings Inc
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 27, 2026
- Accession · CIK
- 0001193125-26-127557
0001930313
Revenue and margins
SBC Medical Group Holdings Inc had $174M of revenue in fiscal 2025, down 15.5% on the year before.
FY23
Revenue $194M
FY24
Revenue $205M
FY25
Revenue $174M
Q3 '23
Revenue $47.3M
Q4 '23
Revenue $62.3M
Q1 '24
Revenue $54.8M
Q2 '24
Revenue $53.1M
Q3 '24
Revenue $53.1M
Q4 '24
Revenue $44.4M
Q1 '25
Revenue $47.3M
Q2 '25
Revenue $43.4M
Q3 '25
Revenue $43.4M
Q4 '25
Revenue $39.6M
Q1 '26
Revenue $43.1M
Q2 '26
Revenue $49.2M
FY23
Gross 70.9%
Operating 36.5%
Net 20.3%
FCF 21.8%
FY24
Gross 76.0%
Operating 34.2%
Net 22.7%
FCF 8.8%
FY25
Gross 73.3%
Operating 38.9%
Net 29.4%
FCF 13.4%
Gross
Operating
Net
FCF
Q3 '23
Gross 70.9%
Operating 42.4%
Net 17.7%
FCF —
Q4 '23
Gross 69.6%
Operating 38.5%
Net 23.0%
FCF 34.8%
Q1 '24
Gross 72.1%
Operating 44.6%
Net 34.2%
FCF 5.4%
Q2 '24
Gross 74.2%
Operating 51.4%
Net 34.8%
FCF 34.5%
Q3 '24
Gross 81.5%
Operating 26.1%
Net 5.3%
FCF 8.7%
Q4 '24
Gross 76.3%
Operating 10.6%
Net 14.7%
FCF −17.8%
Q1 '25
Gross 79.7%
Operating 51.1%
Net 45.4%
FCF 3.5%
Q2 '25
Gross 69.2%
Operating 33.6%
Net 5.7%
FCF −19.9%
Q3 '25
Gross 70.6%
Operating 36.6%
Net 29.6%
FCF −48.3%
Q4 '25
Gross 73.1%
Operating 32.5%
Net 35.9%
FCF 129.3%
Q1 '26
Gross 70.5%
Operating 41.2%
Net 26.3%
FCF 21.1%
Q2 '26
Gross 73.1%
Operating 38.5%
Net 21.7%
FCF 45.6%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2023 to 2025, diluted EPS grew 9.1% a year. Loss periods are shown in red.
FY23
Net income $39.4M
FY24
Net income $46.6M
FY25
Net income $51.0M
Q3 '23
Net income $8.4M
Q4 '23
Net income $14.3M
Q1 '24
Net income $18.8M
Q2 '24
Net income $18.5M
Q3 '24
Net income $2.8M
Q4 '24
Net income $6.5M
Q1 '25
Net income $21.5M
Q2 '25
Net income $2.5M
Q3 '25
Net income $12.8M
Q4 '25
Net income $14.2M
Q1 '26
Net income $11.3M
Q2 '26
Net income $10.7M
FY23
Diluted EPS $0.42
FY24
Diluted EPS $0.48
FY25
Diluted EPS $0.50
Q3 '23
Diluted EPS $0.09
Q4 '23
Diluted EPS —
Q1 '24
Diluted EPS $0.20
Q2 '24
Diluted EPS $0.20
Q3 '24
Diluted EPS $0.03
Q4 '24
Diluted EPS $0.05
Q1 '25
Diluted EPS $0.21
Q2 '25
Diluted EPS $0.02
Q3 '25
Diluted EPS $0.12
Q4 '25
Diluted EPS $0.15
Q1 '26
Diluted EPS $0.11
Q2 '26
Diluted EPS $0.10
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital 114.4%
Return on equity 27.7%
Return on assets 15.2%
FY24
Return on capital 59.4%
Return on equity 27.6%
Return on assets 17.8%
FY25
Return on capital 34.5%
Return on equity 23.0%
Return on assets 15.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $23.3M in fiscal 2025, 13.4% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow $42.1M
FY24
Free cash flow $18.0M
FY25
Free cash flow $23.3M
Q3 '23
Free cash flow —
Q4 '23
Free cash flow $21.7M
Q1 '24
Free cash flow $3.0M
Q2 '24
Free cash flow $18.3M
Q3 '24
Free cash flow $4.6M
Q4 '24
Free cash flow −$7.9M
Q1 '25
Free cash flow $1.7M
Q2 '25
Free cash flow −$8.6M
Q3 '25
Free cash flow −$20.9M
Q4 '25
Free cash flow $51.2M
Q1 '26
Free cash flow $9.1M
Q2 '26
Free cash flow $22.4M
FY23
Cash from operations $50.7M
Capital spending $8.5M
FY24
Cash from operations $20.6M
Capital spending $2.6M
FY25
Cash from operations $24.7M
Capital spending $1.4M
Cash from operations
Capital spending
Q3 '23
Cash from operations $24.1M
Capital spending —
Q4 '23
Cash from operations $27.9M
Capital spending $6.2M
Q1 '24
Cash from operations $3.7M
Capital spending $0.7M
Q2 '24
Cash from operations $19.2M
Capital spending $0.9M
Q3 '24
Cash from operations $5.0M
Capital spending $0.4M
Q4 '24
Cash from operations −$7.3M
Capital spending $0.6M
Q1 '25
Cash from operations $1.9M
Capital spending $0.3M
Q2 '25
Cash from operations −$8.3M
Capital spending $0.3M
Q3 '25
Cash from operations −$20.9M
Capital spending $0.0M
Q4 '25
Cash from operations $52.0M
Capital spending $0.8M
Q1 '26
Cash from operations $9.2M
Capital spending $0.1M
Q2 '26
Cash from operations $22.5M
Capital spending $0.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
SBC Medical Group Holdings Inc returned $5.0M to shareholders in fiscal 2025, 21% of free cash flow. The diluted share count rose 6.7%.
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $5.0M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks —
Q4 '23
Dividends —
Buybacks —
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends —
Buybacks $2.6M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Dividends
Buybacks
FY23
Diluted shares 0.09B
FY24
Diluted shares 0.10B
FY25
Diluted shares 0.10B
Balance sheet
Cash, debt and the ratios that show how comfortably SBC Medical Group Holdings Inc can carry it.
FY23
Cash $103M
Debt $1.0M
FY24
Cash $125M
Debt $6.9M
FY25
Cash $164M
Debt $43.3M
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $103M | $125M | $164M |
| Debt incl. finance leases | $1.0M | $6.9M | $43.3M |
| Net debt / EBITDA | −1.2x | −1.6x | −1.7x |
| Debt / equity | 0.0x | 0.0x | 0.2x |
| Interest coverage | 1,559.8x | 2,484.2x | 455.4x |
| Current ratio | 1.8x | 3.0x | 3.8x |
| Quick ratio | 1.8x | 3.0x | 3.7x |
| Total assets | $259M | $266M | $380M |
| Total liabilities | $115M | $71.1M | $117M |
| Shareholders' equity | $142M | $195M | $248M |
| Net debt (− = net cash) | −$102M | −$118M | −$121M |
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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✕ |
| Debt fell relative to assets | — | ✕ | ✕ |
| Current ratio rose | — | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✕ |
| F-score | — / 3 | 6 / 9 | 3 / 9 |
| Accruals ratio | −4.4% | 9.9% | 8.1% |
| Altman Z'' | 6.79 | 10.02 | 8.41 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $194M | $205M | $174M |
| Gross profit | $137M | $156M | $127M |
| Operating income | $70.7M | $70.3M | $67.5M |
| Interest expense | $0.0M | $0.0M | $0.1M |
| Pretax income | $73.6M | $73.5M | $82.1M |
| Income tax | $35.0M | $26.8M | $31.0M |
| Net income | $39.4M | $46.6M | $51.0M |
| Diluted EPS | $0.42 | $0.48 | $0.50 |
| Diluted shares | 0.09B | 0.10B | 0.10B |
| Cash flow | |||
| Cash from operations | $50.7M | $20.6M | $24.7M |
| Capital expenditure | $8.5M | $2.6M | $1.4M |
| Free cash flow | $42.1M | $18.0M | $23.3M |
| Depreciation and amortization | $12.2M | $3.8M | $2.7M |
| Stock-based compensation | — | $13.0M | $0.0M |
| Share buybacks | — | $0.0M | $5.0M |
| Dividends and buybacks | — | $0.0M | $5.0M |
| Balance sheet | |||
| Cash and short-term investments | $103M | $125M | $164M |
| Total debt | $1.0M | $6.9M | $43.1M |
| Finance lease liabilities | — | — | $0.2M |
| Current assets | $166M | $184M | $231M |
| Current liabilities | $92.5M | $61.2M | $61.1M |
| Inventory | $3.1M | $1.5M | $2.8M |
| Property and equipment, net | $13.6M | $8.8M | $7.5M |
| Goodwill | $3.6M | $4.6M | $15.4M |
| Intangible assets | $19.7M | $1.6M | $47.7M |
| Total assets | $259M | $266M | $380M |
| Total liabilities | $115M | $71.1M | $117M |
| Preferred stock | — | $0.0M | $0.0M |
| Shareholders' equity | $142M | $195M | $248M |
| Margins | |||
| Gross margin | 70.9% | 76.0% | 73.3% |
| Operating margin | 36.5% | 34.2% | 38.9% |
| EBITDA margin | 42.8% | 36.1% | 40.4% |
| Net margin | 20.3% | 22.7% | 29.4% |
| FCF margin | 21.8% | 8.8% | 13.4% |
| Returns | |||
| Return on capital | 114.4% | 59.4% | 34.5% |
| Return on capital employed | 42.5% | 34.3% | 21.1% |
| Return on equity | 27.7% | 27.6% | 23.0% |
| Return on assets | 15.2% | 17.8% | 15.8% |
| Return on tangible equity | 33.1% | 24.7% | 27.5% |
| Growth | |||
| Revenue growth | — | 6.1% | −15.5% |
| Net income growth | — | 18.4% | 9.4% |
| EPS growth | — | 14.3% | 4.2% |
| FCF growth | — | −57.2% | 29.1% |
| Share count change | — | 2.5% | 6.7% |
| Financial health | |||
| Net debt / EBITDA | −1.2x | −1.6x | −1.7x |
| Debt / equity | 0.0x | 0.0x | 0.2x |
| Interest coverage | 1,559.8x | 2,484.2x | 455.4x |
| Current ratio | 1.8x | 3.0x | 3.8x |
| Quick ratio | 1.8x | 3.0x | 3.7x |
| Capital allocation | |||
| Capex / revenue | 4.4% | 1.2% | 0.8% |
| Stock comp / revenue | — | 6.3% | 0.0% |
| Payouts / FCF | — | 0.0% | 21.5% |
| Quality scores | |||
| Piotroski F-score | — | 6.0 | 3.0 |
| Altman Z'' | 6.8 | 10.0 | 8.4 |
| Accruals ratio | −4.4% | 9.9% | 8.1% |
Source: SEC EDGAR XBRL filings (CIK 0001930313). 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.