Southland Holdings, Inc.
SLND NYSE Heavy Construction Other Than Bldg Const - Contractors Financials FY2021–FY2025
Revenue
Total sales reported in the income statement.
$772M
21.2%
vs prior year
Operating margin
Operating income as a share of revenue.
−28.1%
15.2 pts
Net income
Profit after all expenses, interest and tax.
−$307M
Free cash flow
Cash from operations minus capital spending.
$12.7M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−267.5%
242.0 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 −$7.47 EPS (TTM)
What Southland Holdings, Inc. does
No business description yet.
- Legal name
- Southland Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 26, 2026
- Accession · CIK
- 0001104659-26-035302
0001883814
Revenue and margins
Southland Holdings, Inc. had $772M of revenue in fiscal 2025, down 21.2% on the year before.
FY21
Revenue $1.3B
FY22
Revenue $1.2B
FY23
Revenue $1.2B
FY24
Revenue $980M
FY25
Revenue $772M
Q3 '23
Revenue $312M
Q4 '23
Revenue $316M
Q1 '24
Revenue $288M
Q2 '24
Revenue $252M
Q3 '24
Revenue $173M
Q4 '24
Revenue $267M
Q1 '25
Revenue $239M
Q2 '25
Revenue $215M
Q3 '25
Revenue $213M
Q4 '25
Revenue $104M
Q1 '26
Revenue $172M
Q2 '26
Revenue $113M
FY21
Gross 8.9%
Operating 4.4%
Net 3.0%
FCF −8.6%
FY22
Gross 12.1%
Operating 7.1%
Net 5.2%
FCF −6.1%
FY23
Gross 3.1%
Operating −2.7%
Net −1.7%
FCF −1.8%
FY24
Gross −6.4%
Operating −12.9%
Net −10.7%
FCF −0.6%
FY25
Gross −20.1%
Operating −28.1%
Net −39.7%
FCF 1.6%
Gross
Operating
Net
FCF
Q3 '23
Gross 9.5%
Operating 4.6%
Net 1.2%
FCF −9.1%
Q4 '23
Gross 6.7%
Operating 0.4%
Net −1.8%
FCF 7.3%
Q1 '24
Gross 7.1%
Operating 2.1%
Net −0.1%
FCF −4.5%
Q2 '24
Gross −15.9%
Operating −22.1%
Net −18.3%
FCF 10.5%
Q3 '24
Gross −29.5%
Operating −39.6%
Net −31.6%
FCF −4.2%
Q4 '24
Gross 2.9%
Operating −3.0%
Net −1.6%
FCF −4.3%
Q1 '25
Gross 9.0%
Operating 2.1%
Net −1.9%
FCF 1.9%
Q2 '25
Gross 6.0%
Operating −0.3%
Net −4.8%
FCF −3.0%
Q3 '25
Gross 1.5%
Operating −5.3%
Net −35.3%
FCF 2.5%
Q4 '25
Gross −186.0%
Operating −202.4%
Net −208.2%
FCF 8.9%
Q1 '26
Gross −2.8%
Operating −11.4%
Net −16.4%
FCF −77.7%
Q2 '26
Gross −62.9%
Operating −77.6%
Net −74.4%
FCF −33.9%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income $38.7M
FY22
Net income $60.5M
FY23
Net income −$19.3M
FY24
Net income −$105M
FY25
Net income −$307M
Q3 '23
Net income $3.8M
Q4 '23
Net income −$5.6M
Q1 '24
Net income −$0.4M
Q2 '24
Net income −$46.1M
Q3 '24
Net income −$54.7M
Q4 '24
Net income −$4.2M
Q1 '25
Net income −$4.6M
Q2 '25
Net income −$10.3M
Q3 '25
Net income −$75.3M
Q4 '25
Net income −$216M
Q1 '26
Net income −$28.4M
Q2 '26
Net income −$84.3M
FY21
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS −$0.41
FY24
Diluted EPS −$2.19
FY25
Diluted EPS −$5.67
Q3 '23
Diluted EPS $0.08
Q4 '23
Diluted EPS −$0.11
Q1 '24
Diluted EPS −$0.01
Q2 '24
Diluted EPS −$0.96
Q3 '24
Diluted EPS −$1.14
Q4 '24
Diluted EPS −$0.08
Q1 '25
Diluted EPS −$0.08
Q2 '25
Diluted EPS −$0.19
Q3 '25
Diluted EPS −$1.39
Q4 '25
Diluted EPS −$4.01
Q1 '26
Diluted EPS −$0.52
Q2 '26
Diluted EPS −$1.55
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 13.7%
FY22
Return on capital 9.5%
Return on equity 35.5%
Return on assets 8.6%
FY23
Return on capital −5.0%
Return on equity −6.4%
Return on assets −1.7%
FY24
Return on capital −25.5%
Return on equity −51.0%
Return on assets −8.8%
FY25
Return on capital −267.5%
Return on equity −2,697.9%
Return on assets −28.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $12.7M in fiscal 2025, 1.6% of revenue. Cash from operations minus capital spending.
FY21
Free cash flow −$109M
FY22
Free cash flow −$71.0M
FY23
Free cash flow −$21.1M
FY24
Free cash flow −$5.5M
FY25
Free cash flow $12.7M
Q3 '23
Free cash flow −$28.5M
Q4 '23
Free cash flow $23.0M
Q1 '24
Free cash flow −$13.0M
Q2 '24
Free cash flow $26.3M
Q3 '24
Free cash flow −$7.3M
Q4 '24
Free cash flow −$11.5M
Q1 '25
Free cash flow $4.6M
Q2 '25
Free cash flow −$6.5M
Q3 '25
Free cash flow $5.3M
Q4 '25
Free cash flow $9.3M
Q1 '26
Free cash flow −$134M
Q2 '26
Free cash flow −$38.4M
FY21
Cash from operations −$90.6M
Capital spending $18.8M
FY22
Cash from operations −$66.2M
Capital spending $4.8M
FY23
Cash from operations −$10.3M
Capital spending $10.8M
FY24
Cash from operations $1.9M
Capital spending $7.4M
FY25
Cash from operations $16.6M
Capital spending $3.8M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$26.0M
Capital spending $2.5M
Q4 '23
Cash from operations $26.3M
Capital spending $3.4M
Q1 '24
Cash from operations −$9.9M
Capital spending $3.1M
Q2 '24
Cash from operations $27.4M
Capital spending $1.1M
Q3 '24
Cash from operations −$5.3M
Capital spending $2.0M
Q4 '24
Cash from operations −$10.3M
Capital spending $1.2M
Q1 '25
Cash from operations $6.4M
Capital spending $1.8M
Q2 '25
Cash from operations −$5.4M
Capital spending $1.1M
Q3 '25
Cash from operations $5.9M
Capital spending $0.6M
Q4 '25
Cash from operations $9.7M
Capital spending $0.4M
Q1 '26
Cash from operations −$134M
Capital spending $0.0M
Q2 '26
Cash from operations −$38.0M
Capital spending $0.4M
Cash from operations
Capital spending
Dividends, buybacks and share count
Southland Holdings, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 12.4%.
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.05B
FY25
Diluted shares 0.05B
Balance sheet
Cash, debt and the ratios that show how comfortably Southland Holdings, Inc. can carry it.
FY21
Cash $63.3M
Debt —
FY22
Cash $57.9M
Debt $284M
FY23
Cash $49.2M
Debt $307M
FY24
Cash $72.2M
Debt $306M
FY25
Cash $52.7M
Debt $270M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $63.3M | $57.9M | $49.2M | $72.2M | $52.7M |
| Debt incl. finance leases | — | $284M | $307M | $306M | $270M |
| Net debt / EBITDA | — | 1.8x | — | — | — |
| Debt / equity | — | 0.8x | 1.2x | 1.8x | — |
| Interest coverage | 7.7x | 9.3x | −1.6x | −4.3x | −5.9x |
| Current ratio | 18.2x | 1.8x | 1.6x | 1.4x | 1.1x |
| Quick ratio | 18.2x | 1.8x | 1.6x | 1.4x | 1.1x |
| Total assets | $282M | $1.1B | $1.2B | $1.2B | $989M |
| Total liabilities | $9.7M | $765M | $941M | $1.0B | $1.1B |
| Shareholders' equity | −$8.2M | $349M | $250M | $164M | −$141M |
| Net debt (− = net cash) | — | $226M | $258M | $234M | $218M |
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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✓ | ✕ |
| Current ratio rose | — | ✕ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | — | — | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✕ | ✕ | ✕ |
| F-score | — / 3 | 2 / 7 | 1 / 8 | 3 / 9 | 2 / 9 |
| Accruals ratio | 45.9% | 18.0% | −0.8% | −8.9% | −29.5% |
| Altman Z'' | 0.39 | 3.23 | 2.01 | 0.54 | −2.50 |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $1.3B | $1.2B | $1.2B | $980M | $772M |
| Gross profit | $114M | $141M | $35.8M | −$63.0M | −$155M |
| Operating income | $56.1M | $82.7M | −$31.4M | −$126M | −$217M |
| Interest expense | $7.3M | $8.9M | $19.5M | $29.5M | $37.0M |
| Pretax income | $52.5M | $2.7M | −$27.2M | −$152M | −$252M |
| Income tax | $10.9M | $13.3M | −$8.5M | −$46.9M | $56.5M |
| Net income | $38.7M | $60.5M | −$19.3M | −$105M | −$307M |
| Net income to common | — | — | −$19.3M | −$105M | −$307M |
| Diluted EPS | — | — | −$0.41 | −$2.19 | −$5.67 |
| Diluted shares | — | — | 0.05B | 0.05B | 0.05B |
| Cash flow | |||||
| Cash from operations | −$90.6M | −$66.2M | −$10.3M | $1.9M | $16.6M |
| Capital expenditure | $18.8M | $4.8M | $10.8M | $7.4M | $3.8M |
| Free cash flow | −$109M | −$71.0M | −$21.1M | −$5.5M | $12.7M |
| Depreciation and amortization | $47.5M | $45.7M | $30.5M | $23.3M | $23.2M |
| Balance sheet | |||||
| Cash and short-term investments | $63.3M | $57.9M | $49.2M | $72.2M | $52.7M |
| Total debt | — | $274M | $300M | $300M | $258M |
| Finance lease liabilities | — | $10.1M | $6.9M | $6.1M | $12.8M |
| Current assets | $1.5M | $867M | $943M | $882M | $734M |
| Current liabilities | $0.1M | $476M | $584M | $621M | $655M |
| Inventory | — | $9.8M | $5.5M | $4.5M | $2.6M |
| Property and equipment, net | — | $114M | $102M | $116M | $107M |
| Goodwill | — | $1.5M | $1.5M | $1.5M | $1.5M |
| Intangible assets | — | $2.2M | $1.7M | $1.2M | $1.2M |
| Total assets | $282M | $1.1B | $1.2B | $1.2B | $989M |
| Total liabilities | $9.7M | $765M | $941M | $1.0B | $1.1B |
| Preferred stock | — | $24.4M | — | — | — |
| Shareholders' equity | −$8.2M | $349M | $250M | $164M | −$141M |
| Margins | |||||
| Gross margin | 8.9% | 12.1% | 3.1% | −6.4% | −20.1% |
| Operating margin | 4.4% | 7.1% | −2.7% | −12.9% | −28.1% |
| EBITDA margin | 8.1% | 11.1% | −0.1% | −10.5% | −25.1% |
| Net margin | 3.0% | 5.2% | −1.7% | −10.7% | −39.7% |
| FCF margin | −8.6% | −6.1% | −1.8% | −0.6% | 1.6% |
| Returns | |||||
| Return on capital | — | 9.5% | −5.0% | −25.5% | −267.5% |
| Return on capital employed | 19.9% | 12.7% | −5.1% | −21.7% | −64.9% |
| Return on equity | — | 35.5% | −6.4% | −51.0% | −2,697.9% |
| Return on assets | 13.7% | 8.6% | −1.7% | −8.8% | −28.0% |
| Return on tangible equity | — | 17.5% | −7.8% | −65.5% | — |
| Growth | |||||
| Revenue growth | — | −9.2% | −0.1% | −15.5% | −21.2% |
| Net income growth | — | 56.4% | −131.8% | — | — |
| Share count change | — | — | — | 2.1% | 12.4% |
| Financial health | |||||
| Net debt / EBITDA | — | 1.8x | — | — | — |
| Debt / equity | — | 0.8x | 1.2x | 1.8x | — |
| Interest coverage | 7.7x | 9.3x | −1.6x | −4.3x | −5.9x |
| Current ratio | 18.2x | 1.8x | 1.6x | 1.4x | 1.1x |
| Quick ratio | 18.2x | 1.8x | 1.6x | 1.4x | 1.1x |
| Capital allocation | |||||
| Capex / revenue | 1.5% | 0.4% | 0.9% | 0.8% | 0.5% |
| Quality scores | |||||
| Piotroski F-score | — | 2.0 | 1.0 | 3.0 | 2.0 |
| Altman Z'' | 0.4 | 3.2 | 2.0 | 0.5 | −2.5 |
| Accruals ratio | 45.9% | 18.0% | −0.8% | −8.9% | −29.5% |
Source: SEC EDGAR XBRL filings (CIK 0001883814). 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.