XTNT NYSE Surgical & Medical Instruments & Apparatus Financials FY2016βFY2025
Xtant Medical Holdings, Inc. had $134M of revenue in fiscal 2025, up 14.2% on the year before. Over five years, revenue changed +20.2% a year on average.
Last close Β· Oct 23, 2026
$0.28
9.5%Hi! I read Xtant Medical Holdings, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+14.2%
Yes. Sales grew 14.2% last year.
Does it make a profit?
3.7%
A little. It keeps 3.7% of every sale as profit.
Does profit turn into cash?
7.6%
Partly. 7.6% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
8 / 9
Solid. It passes 8 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?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Xtant Medical Holdings, Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 9, 2026
Monday Β· in 14 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 11, 2026 | Q2 '26 | Before the market opens | 8-K β |
| May 13, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Mar 31, 2026 | Q4 '25 | Before the market opens | 8-K β |
| Nov 10, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 12, 2025 | Q2 '25 | Before the market opens | 8-K β |
| Apr 15, 2025 | Q1 '25 | Time not announced | 8-K β |
| Mar 6, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 12, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Xtant Medical Holdings, Inc. had $134M of revenue in fiscal 2025, up 14.2% on the year before. Over five years, revenue changed +20.2% a year on average. Its operating margin was 5.4%, up 15.7Β pts: of every 100 in sales, about 5 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· Xtant Medical Holdings, Inc. made $5.0M of net profit 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 $10.2M in fiscal 2025, 7.6% 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
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
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
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
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Xtant Medical Holdings, Inc. has $6.0M more cash than debt.
Cash, debt and the ratios that show how comfortably Xtant Medical Holdings, 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 | $18.2M | $20.3M | $5.7M | $6.2M | $17.1M |
| Debt incl. finance leases | $11.8M | $9.7M | $17.2M | $22.0M | $11.0M |
| Net debt / EBITDA | β | β | β | β | β0.5x |
| Debt / equity | 0.4x | 0.3x | 0.3x | 0.5x | 0.2x |
| Interest coverage | β3.9x | β4.0x | β3.5x | β2.9x | 2.0x |
| Current ratio | 4.0x | 3.2x | 2.8x | 2.3x | 2.7x |
| Quick ratio | 2.4x | 2.1x | 1.2x | 1.0x | 1.6x |
| Total assets | $54.7M | $60.2M | $92.6M | $93.8M | $94.1M |
| Total liabilities | $23.8M | $26.1M | $41.3M | $50.9M | $43.2M |
| Shareholders' equity | $30.9M | $34.2M | $51.3M | $43.0M | $51.0M |
| Net debt (β = net cash) | β$6.5M | β$10.6M | $11.5M | $15.8M | β$6.0M |
KIRA Β· Its return on capital was 11.5%: every 100 invested in the business earned about 12 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· Xtant Medical Holdings, Inc. passes 8 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 | 2 / 9 | 4 / 9 | 4 / 9 | 3 / 9 | 5 / 9 | 2 / 9 | 4 / 9 | 2 / 9 | 8 / 9 |
| Accruals ratio | β3.5% | β41.5% | β93.8% | β17.4% | β14.9% | β11.0% | β5.5% | 13.3% | β4.9% | β8.1% |
| Altman Z'' | β1.68 | β6.39 | β21.11 | β14.27 | β16.76 | β9.14 | β8.85 | β5.02 | β6.30 | β3.66 |
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 | $90.0M | $82.6M | $72.2M | $64.7M | $53.3M | $55.3M | $58.0M | $91.3M | $117M | $134M |
| Gross profit | $62.3M | $50.1M | $43.5M | $42.5M | $34.4M | $32.5M | $32.1M | $55.5M | $68.2M | $84.3M |
| Research and development | $3.4M | $2.4M | $1.7M | $0.9M | $0.7M | $0.9M | $0.9M | $1.3M | $2.4M | $2.1M |
| Operating income | β$7.5M | β$37.8M | β$60.1M | β$2.3M | β$0.8M | β$3.9M | β$6.8M | β$10.2M | β$12.1M | $7.3M |
| Interest expense | $12.3M | $14.7M | $10.1M | $5.8M | $6.0M | $1.0M | $1.7M | $2.9M | $4.2M | $3.7M |
| Pretax income | β$19.4M | β$52.4M | β$70.1M | β$8.1M | β$6.7M | β$4.8M | β$8.4M | β$1.0M | β$16.3M | $7.0M |
| Income tax | $0.1M | $0.0M | β | $0.1M | $0.3M | β | $0.1M | β$1.7M | $0.2M | $2.0M |
| Net income | β$19.5M | β$52.4M | β$70.1M | β$8.2M | β$7.0M | β$4.8M | β$8.5M | $0.7M | β$16.4M | $5.0M |
| Diluted EPS | β$18.46 | β$34.76 | β$5.97 | β$0.63 | β$0.25 | β$0.06 | β$0.09 | $0.01 | β$0.12 | $0.03 |
| Diluted shares | 0.00B | 0.00B | 0.01B | 0.01B | 0.03B | 0.09B | 0.09B | 0.13B | 0.13B | 0.15B |
| Cash flow | ||||||||||
| Cash from operations | β$14.4M | β$0.5M | $1.2M | β$0.4M | β$0.7M | $0.4M | β$5.3M | β$9.5M | β$11.9M | $12.5M |
| Capital expenditure | $5.8M | $1.6M | $0.6M | $0.9M | $1.5M | $2.1M | $1.8M | $1.5M | $4.1M | $2.4M |
| Free cash flow | β$20.2M | β$2.2M | $0.6M | β$1.3M | β$2.3M | β$1.7M | β$7.1M | β$11.0M | β$16.0M | $10.2M |
| Depreciation and amortization | $7.2M | $8.4M | $6.6M | $3.1M | $2.1M | $1.3M | $1.3M | $3.2M | $4.2M | $5.2M |
| Stock-based compensation | $0.5M | $0.2M | $0.7M | $0.5M | $1.1M | $2.2M | $2.5M | $2.7M | $4.1M | $2.9M |
| Acquisitions | β | β | β | β | β | β | β | $4.5M | β | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $2.6M | $2.9M | $6.8M | $5.2M | $2.3M | $18.2M | $20.3M | $5.7M | $6.2M | $17.1M |
| Total debt | $119M | $138M | $77.9M | $76.2M | $16.8M | $11.8M | $9.7M | $17.2M | $22.0M | $11.0M |
| Finance lease liabilities | β | β | β | $0.2M | β | β | β | β | β | β |
| Current assets | $49.0M | $39.7M | $34.7M | $32.2M | $31.4M | $44.3M | $49.3M | $64.9M | $67.1M | $78.2M |
| Current liabilities | $31.1M | $25.8M | $12.1M | $9.4M | $25.6M | $11.1M | $15.2M | $23.0M | $28.6M | $29.5M |
| Inventory | $26.3M | $22.4M | $17.3M | $16.1M | $21.4M | $17.9M | $17.3M | $36.9M | $38.6M | $30.3M |
| Property and equipment, net | $15.8M | $9.9M | $7.2M | $4.7M | $4.3M | $5.2M | $5.8M | $8.7M | $10.1M | $6.2M |
| Goodwill | $41.5M | $41.5M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $7.3M | $7.3M | $6.1M |
| Intangible assets | $35.9M | $13.8M | $0.6M | $0.5M | $0.5M | $0.4M | $0.3M | $10.1M | $8.4M | $0.3M |
| Total assets | $144M | $106M | $46.4M | $43.2M | $41.5M | $54.7M | $60.2M | $92.6M | $93.8M | $94.1M |
| Total liabilities | $151M | $164M | $90.2M | $87.4M | $27.0M | $23.8M | $26.1M | $41.3M | $50.9M | $43.2M |
| Preferred stock | $0.0M | $0.0M | β | β | $0.0M | β | β | β | β | β |
| Shareholders' equity | β$7.1M | β$58.7M | β$43.8M | β$44.2M | $14.5M | $30.9M | $34.2M | $51.3M | $43.0M | $51.0M |
| Margins | ||||||||||
| Gross margin | 69.2% | 60.6% | 60.2% | 65.7% | 64.5% | 58.8% | 55.4% | 60.8% | 58.2% | 62.9% |
| Operating margin | β8.4% | β45.8% | β83.2% | β3.5% | β1.4% | β7.0% | β11.7% | β11.1% | β10.3% | 5.4% |
| EBITDA margin | β0.3% | β35.6% | β74.1% | 1.4% | 2.5% | β4.6% | β9.4% | β7.6% | β6.7% | 9.3% |
| Net margin | β21.7% | β63.4% | β97.1% | β12.7% | β13.2% | β8.8% | β14.6% | 0.7% | β14.0% | 3.7% |
| FCF margin | β22.5% | β2.6% | 0.8% | β2.0% | β4.3% | β3.0% | β12.3% | β12.0% | β13.7% | 7.6% |
| Returns | ||||||||||
| Return on capital | β5.4% | β39.1% | β173.4% | β6.6% | β2.0% | β12.5% | β22.7% | β12.8% | β16.2% | 11.5% |
| Return on capital employed | β6.7% | β47.4% | β174.8% | β6.7% | β4.7% | β8.8% | β15.0% | β14.6% | β18.5% | 11.3% |
| Return on equity | β | β | β | β | β | β21.4% | β26.1% | 1.5% | β34.9% | 10.6% |
| Return on assets | β13.5% | β42.0% | β92.2% | β18.4% | β16.6% | β10.1% | β14.8% | 0.9% | β17.6% | 5.3% |
| Return on tangible equity | β | β | β | β | β64.7% | β17.8% | β27.7% | 1.9% | β60.2% | 11.2% |
| Growth | ||||||||||
| Revenue growth | β | β8.2% | β12.6% | β10.4% | β17.5% | 3.6% | 4.9% | 57.5% | 28.4% | 14.2% |
| Net income growth | β | β | β | β | β | β | β | β | β2,592.3% | β |
| EPS growth | β | β | β | β | β | β | β | β | β1,300.0% | β |
| FCF growth | β | β | β | β319.7% | β | β | β | β | β | β |
| Share count change | β | 42.8% | 678.7% | 12.1% | 116.5% | 199.8% | 10.1% | 34.8% | 5.4% | 12.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | 80.0x | 10.9x | β | β | β | β | β0.5x |
| Debt / equity | β | β | β | β | 1.2x | 0.4x | 0.3x | 0.3x | 0.5x | 0.2x |
| Interest coverage | β0.6x | β2.6x | β5.9x | β0.4x | β0.1x | β3.9x | β4.0x | β3.5x | β2.9x | 2.0x |
| Current ratio | 1.6x | 1.5x | 2.9x | 3.4x | 1.2x | 4.0x | 3.2x | 2.8x | 2.3x | 2.7x |
| Quick ratio | 0.7x | 0.7x | 1.4x | 1.7x | 0.4x | 2.4x | 2.1x | 1.2x | 1.0x | 1.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 6.5% | 2.0% | 0.9% | 1.4% | 2.9% | 3.8% | 3.0% | 1.6% | 3.5% | 1.8% |
| Stock comp / revenue | 0.6% | 0.3% | 1.0% | 0.8% | 2.0% | 4.0% | 4.3% | 3.0% | 3.5% | 2.2% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 2.0 | 4.0 | 4.0 | 3.0 | 5.0 | 2.0 | 4.0 | 2.0 | 8.0 |
| Altman Z'' | β1.7 | β6.4 | β21.1 | β14.3 | β16.8 | β9.1 | β8.9 | β5.0 | β6.3 | β3.7 |
| Accruals ratio | β3.5% | β41.5% | β93.8% | β17.4% | β14.9% | β11.0% | β5.5% | 13.3% | β4.9% | β8.1% |
Source: SEC EDGAR XBRL filings (CIK 0001453593). 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.
