XELB Nasdaq Patent Owners & Lessors Financials FY2016βFY2025
XCel Brands, Inc. had $4.9M of revenue in fiscal 2025, down 40.2% on the year before. Over five years, revenue changed β30.0% a year on average.
Last close Β· Oct 23, 2026
$0.36
5.0%Hi! I read XCel Brands, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β40.2%
No. Sales fell 40.2% last year.
Does it make a profit?
β353.5%
No. It lost money last year.
Does profit turn into cash?
β142.4%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 9
Weak. It passes 3 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· XCel Brands, Inc. had $4.9M of revenue in fiscal 2025, down 40.2% on the year before. Over five years, revenue changed β30.0% a year on average. Its operating margin was β267.9%, down 8.7Β pts: of every 100 in sales, about β268 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· XCel Brands, Inc. lost $17.5M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$7.0M in fiscal 2025, β142.4% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· XCel Brands, Inc. returned $0.2M to shareholders in fiscal 2025. The diluted share count rose 51.0%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.2M of shares on the open market and sold none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.2M
2 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 28, 2026 | Loren Robert W DCEO and Chairman, Director, 10% owner | Bought | 3,500 | $0.96 | $0.0M | Form 4 |
| Aug 27, 2026 | Loren Robert W DCEO and Chairman, Director, 10% owner | Bought | 2,000 | $0.96 | $0.0M | Form 4 |
| Aug 26, 2026 | Loren Robert W DCEO and Chairman, Director, 10% owner | Bought | 10,000 | $0.96 | $0.0M | Form 4 |
| Aug 24, 2026 | Loren Robert W DCEO and Chairman, Director, 10% owner | Bought | 10,000 | $0.88 | $0.0M | Form 4 |
| Aug 21, 2026 | Loren Robert W DCEO and Chairman, Director, 10% owner | Bought | 12,000 | $0.87 | $0.0M | Form 4 |
| Dec 17, 2025 | Loren Robert W DCEO and Chairman, Director, 10% owner | Bought | 81,466 | $1.17 | $0.1M | Form 4 |
| Dec 5, 2025 | Loren Robert W DCEO and Chairman, Director, 10% owner | Bought | 50,000 | $0.35 | $0.0M | Form 4 |
| Dec 5, 2025 | Mark DiSantoDirector | Bought | 50,000 | $0.35 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· XCel Brands, Inc. owes $11.6M more than it holds in cash.
Cash, debt and the ratios that show how comfortably XCel Brands, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $4.5M | $4.6M | $3.0M | $1.3M | $1.2M |
| Debt incl. finance leases | $28.0M | β | $4.7M | $6.6M | $12.7M |
| Debt / equity | 0.4x | β | 0.1x | 0.2x | 0.7x |
| Interest coverage | β6.6x | β1.9x | β182.7x | β34.6x | β6.4x |
| Current ratio | 1.6x | 2.1x | 1.1x | 0.4x | 0.5x |
| Quick ratio | 1.3x | 1.7x | 1.1x | 0.4x | 0.5x |
| Total assets | $126M | $88.9M | $71.7M | $53.8M | $38.9M |
| Total liabilities | $50.8M | $18.8M | $23.5M | $25.4M | $23.1M |
| Shareholders' equity | $74.3M | $70.8M | $50.0M | $30.4M | $18.0M |
| Net debt (β = net cash) | $23.5M | β | $1.7M | $5.3M | $11.6M |
KIRA Β· Its return on capital was β35.4%: every 100 invested in the business earned about β35 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· XCel Brands, Inc. passes 3 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 7 / 9 | 7 / 9 | 5 / 9 | 3 / 9 | 4 / 9 | 2 / 8 | 2 / 8 | 2 / 9 | 3 / 9 |
| Accruals ratio | β3.4% | β10.3% | β4.0% | β4.9% | β12.1% | β4.5% | 9.5% | β18.1% | β28.2% | β22.5% |
| Altman Z'' | 3.39 | 2.75 | 3.30 | 2.45 | 1.42 | 0.46 | 3.13 | β2.07 | β6.82 | β9.95 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $32.7M | $31.7M | $35.5M | $41.7M | $29.4M | $37.9M | $25.8M | $17.8M | $8.3M | $4.9M |
| Net interest income | β | β | β | β | β | β$3.6M | β$3.5M | β$0.4M | β | β |
| Gross profit | $32.6M | $31.7M | $32.8M | $31.5M | $24.0M | $27.3M | $17.8M | $10.8M | $7.8M | $4.9M |
| Operating income | $4.9M | β$9.2M | $3.9M | β$2.6M | β$16.4M | β$12.6M | β$2.3M | β$20.6M | β$21.4M | β$13.2M |
| Interest expense | $1.3M | $1.2M | $0.9M | $1.3M | $1.2M | $1.9M | $1.2M | $0.1M | $0.6M | $2.1M |
| Pretax income | $3.0M | β$10.6M | $2.9M | β$4.1M | β$17.6M | β$16.1M | β$5.8M | β$21.0M | β$22.3M | β$17.5M |
| Income tax | $0.3M | β$0.4M | $1.8M | β$0.6M | β$4.5M | β$3.1M | β$0.4M | $1.2M | $0.2M | $0.1M |
| Net income | $2.7M | β$10.1M | $1.1M | β$3.4M | β$12.9M | β$12.2M | β$4.0M | β$21.1M | β$22.4M | β$17.5M |
| Diluted EPS | β | β$0.55 | $0.06 | β$0.18 | β$0.68 | β$0.63 | β$0.20 | β$10.68 | β$9.84 | β$5.08 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.00B | 0.00B | 0.00B |
| Cash flow | ||||||||||
| Cash from operations | $7.9M | $4.7M | $6.6M | $3.5M | $3.2M | β$6.6M | β$14.2M | β$6.5M | β$4.7M | β$7.0M |
| Capital expenditure | $2.2M | $0.2M | $1.5M | $1.1M | $0.7M | $1.1M | $0.3M | $0.1M | $0.1M | $0.0M |
| Free cash flow | $5.8M | $4.5M | $5.1M | $2.4M | $2.4M | β$7.7M | β$14.4M | β$6.6M | β$4.8M | β$7.0M |
| Depreciation and amortization | $1.6M | $1.6M | $1.8M | $3.9M | $5.5M | $6.8M | $7.3M | $7.0M | $4.9M | $3.6M |
| Stock-based compensation | $4.7M | $3.2M | $1.8M | $1.0M | $0.9M | $0.7M | $0.6M | $0.2M | $0.4M | $0.6M |
| Share buybacks | $1.4M | $1.2M | $1.0M | $0.2M | $0.2M | $0.0M | $0.4M | β | $0.1M | $0.2M |
| Dividends and buybacks | $1.4M | $1.2M | $1.0M | $0.2M | $0.2M | $0.0M | $0.4M | β | $0.1M | $0.2M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $14.1M | $10.2M | $8.8M | $4.6M | $5.0M | $4.5M | $4.6M | $3.0M | $1.3M | $1.2M |
| Total debt | $31.9M | $24.9M | $19.6M | $18.8M | $16.6M | $28.0M | β | $4.7M | $6.6M | $12.7M |
| Current assets | $21.9M | $19.3M | $23.9M | $17.6M | $16.1M | $17.2M | $14.0M | $7.3M | $4.0M | $3.7M |
| Current liabilities | $10.4M | $9.1M | $16.1M | $9.8M | $10.3M | $10.5M | $6.6M | $6.5M | $10.4M | $7.5M |
| Inventory | β | $0.0M | $2.0M | $0.9M | $1.2M | $3.4M | $2.8M | $0.5M | $0.0M | β |
| Property and equipment, net | $2.6M | $2.4M | $3.2M | $3.7M | $3.4M | $2.5M | $1.4M | $0.6M | $0.2M | $0.1M |
| Goodwill | $12.4M | $0.0M | β | β | β | β | β | β | β | β |
| Intangible assets | $111M | $110M | $109M | $111M | $93.5M | $98.3M | $47.7M | $41.5M | $34.8M | $31.2M |
| Total assets | $151M | $135M | $138M | $143M | $123M | $126M | $88.9M | $71.7M | $53.8M | $38.9M |
| Total liabilities | $44.9M | $37.3M | $38.2M | $44.7M | $36.8M | $50.8M | $18.8M | $23.5M | $25.4M | $23.1M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | β | β | β | β | β |
| Shareholders' equity | $106M | $97.7M | $99.9M | $98.1M | $85.7M | $74.3M | $70.8M | $50.0M | $30.4M | $18.0M |
| Margins | ||||||||||
| Gross margin | 99.6% | 100.0% | 92.4% | 75.4% | 81.5% | 71.9% | 69.0% | 61.0% | 94.6% | 100.0% |
| Operating margin | 14.9% | β29.1% | 11.1% | β6.3% | β55.7% | β33.1% | β8.8% | β116.3% | β259.2% | β267.9% |
| EBITDA margin | 19.7% | β24.2% | 16.1% | 3.1% | β37.1% | β15.1% | 19.4% | β77.1% | β199.3% | β195.1% |
| Net margin | 8.4% | β31.9% | 3.1% | β8.2% | β43.9% | β32.1% | β15.6% | β118.6% | β271.2% | β353.5% |
| FCF margin | 17.6% | 14.1% | 14.4% | 5.7% | 8.3% | β20.2% | β56.0% | β37.4% | β58.5% | β142.4% |
| Net interest share of revenue | β | β | β | β | β | β9.4% | β13.7% | β2.1% | β | β |
| Returns | ||||||||||
| Return on capital | 3.5% | β6.5% | 2.3% | β1.8% | β13.3% | β10.1% | β | β31.5% | β47.3% | β35.4% |
| Return on capital employed | 3.5% | β7.3% | 3.2% | β2.0% | β14.6% | β10.9% | β2.7% | β31.7% | β49.4% | β42.1% |
| Return on equity | 2.6% | β9.9% | 1.1% | β3.5% | β14.1% | β15.2% | β5.5% | β34.8% | β55.7% | β72.2% |
| Return on assets | 1.8% | β7.1% | 0.8% | β2.4% | β9.7% | β9.8% | β3.7% | β26.2% | β35.7% | β37.7% |
| Return on tangible equity | β | β | β | β | β | β | β17.4% | β247.3% | β | β |
| Growth | ||||||||||
| Revenue growth | β | β3.0% | 11.9% | 17.7% | β29.4% | 28.8% | β32.0% | β31.1% | β53.5% | β40.2% |
| Net income growth | β | β469.8% | β | β414.9% | β | β | β | β | β | β |
| EPS growth | β | β | β | β400.0% | β | β | β | β | β | β |
| FCF growth | β | β22.4% | 14.5% | β53.7% | 3.0% | β414.0% | β | β | β | β |
| Share count change | β | β2.8% | β1.2% | 3.2% | 1.4% | 1.8% | 0.9% | β90.0% | 15.4% | 51.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.8x | β | 1.9x | 11.0x | β | β | β | β | β | β |
| Debt / equity | 0.3x | 0.3x | 0.2x | 0.2x | 0.2x | 0.4x | β | 0.1x | 0.2x | 0.7x |
| Interest coverage | 3.7x | β7.9x | 4.3x | β2.0x | β13.8x | β6.6x | β1.9x | β182.7x | β34.6x | β6.4x |
| Current ratio | 2.1x | 2.1x | 1.5x | 1.8x | 1.6x | 1.6x | 2.1x | 1.1x | 0.4x | 0.5x |
| Quick ratio | 2.1x | 2.1x | 1.4x | 1.7x | 1.4x | 1.3x | 1.7x | 1.1x | 0.4x | 0.5x |
| Capital allocation | ||||||||||
| Capex / revenue | 6.6% | 0.7% | 4.2% | 2.7% | 2.5% | 2.9% | 1.0% | 0.6% | 1.4% | 0.2% |
| Stock comp / revenue | 14.5% | 10.0% | 5.0% | 2.3% | 2.9% | 1.9% | 2.4% | 1.4% | 4.9% | 11.5% |
| Payouts / FCF | 24.8% | 26.8% | 20.2% | 7.4% | 7.8% | β | β | β | β | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | 7.0 | 7.0 | 5.0 | 3.0 | 4.0 | 2.0 | 2.0 | 2.0 | 3.0 |
| Altman Z'' | 3.4 | 2.8 | 3.3 | 2.5 | 1.4 | 0.5 | 3.1 | β2.1 | β6.8 | β10.0 |
| Accruals ratio | β3.4% | β10.3% | β4.0% | β4.9% | β12.1% | β4.5% | 9.5% | β18.1% | β28.2% | β22.5% |
Source: SEC EDGAR XBRL filings (CIK 0001083220). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
