3D Systems Corporation (DDD) 10-Year Financial Performance & Capital Metrics

DDD • • Industrial / General

TechnologyComputer Hardware3D Printing & Additive ManufacturingIndustrial 3D Printing

About3D Systems Corporation, through its subsidiaries, provides 3D printing and digital manufacturing solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers 3D printers, such as stereolithography, selective laser sintering, direct metal printing, multi jet printing, color jet printing, and extrusion and SLA based bioprinting that transform digital data input generated by 3D design software, computer aided design (CAD) software, or other 3D design tools into printed parts. It also develops, blends, and markets various print materials, such as plastic, nylon, metal, composite, elastomeric, wax, polymeric dental, and bio-compatible materials. In addition, the company provides digital design tools, including software, scanners, and haptic devices, as well as solutions for product design, simulation, mold and die design, 3D scan-to-print, reverse engineering, production machining, metrology, and inspection and manufacturing workflows under the Geomagic brand. Further, it offers 3D Sprint and 3DXpert, a proprietary software to prepare and optimize CAD data and manage the additive manufacturing processes, which provides automated support building and placement, build platform management, print simulation, and print queue management; and Bioprint Pro, a software solution that allows researchers to design and bioprint repeatable experiments. Additionally, the company provides maintenance and training services; manufacturing services; and software and precision healthcare services. It primarily serves companies and small and midsize businesses in medical, dental, automotive, aerospace, durable good, government, defense, technology, jewelry, electronic, education, consumer good, energy, biotechnology, and other industries through direct sales force, channel partners, and appointed distributors. 3D Systems Corporation was founded in 1986 and is headquartered in Rock Hill, South Carolina.Show more

Revenue $440M -9.8%
EBITDA -$244M +34.5%
Net Income -$256M +29.5%
EPS (Diluted) -1.94 +31.9%
Gross Margin 37.3% -7.3%
EBITDA Margin -55.46% +27.4%
Operating Margin -63.03% +24.2%
Net Margin -58.07% +21.9%
ROE -84.23% -37.1%
ROIC -52.71% -17.7%
Debt/Equity 1.61 +72.4%
Interest Coverage -108.19 +12.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 7.1% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-3.88%

5Y-7.11%

3Y-10.58%

TTM-11.78%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM103.05%

EPS CAGR

10Y-

5Y-

3Y-

TTM97.38%

ROCE

10Y Avg-20.07%

5Y Avg-22.45%

3Y Avg-29.67%

Latest-42.25%

Peer Comparison

Industrial 3D Printing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
DDD3D Systems Corporation	385.59M	2.64	-1.36	-9.82%	4.01%	7.03%	1.61
NNDMNano Dimension Ltd.	362.83M	1.73	-3.92	2.59%	-326.38%	-44.23%	0.01
SSYSStratasys Ltd.	992.77M	11.62	-6.84	-8.79%	-17.42%	-10.9%	0.04

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	666.16M	632.97M	646.07M	687.66M	636.35M	557.24M	615.64M	538.03M	488.07M	440.12M
Revenue Growth %	0.02%	-0.05%	0.02%	0.06%	-0.07%	-0.12%	0.1%	-0.13%	-0.09%	-0.1%
Cost of Goods Sold+	374.35M	323.21M	341.23M	363.27M	355.81M	333.87M	351.86M	323.8M	291.65M	275.94M
COGS % of Revenue	0.56%	0.51%	0.53%	0.53%	0.56%	0.6%	0.57%	0.6%	0.6%	0.63%
Gross Profit+	291.81M	309.75M	304.84M	324.39M	280.54M	223.38M	263.78M	214.23M	196.42M	164.18M
Gross Margin %	0.44%	0.49%	0.47%	0.47%	0.44%	0.4%	0.43%	0.4%	0.4%	0.37%
Gross Profit Growth %	-0.08%	0.06%	-0.02%	0.06%	-0.14%	-0.2%	0.18%	-0.19%	-0.08%	-0.16%
Operating Expenses+	396.55M	348.17M	358.81M	367.58M	337.64M	342.34M	296.85M	331.25M	602.42M	441.58M
OpEx % of Revenue	0.6%	0.55%	0.56%	0.53%	0.53%	0.61%	0.48%	0.62%	1.23%	1%
Selling, General & Admin	303.78M	259.78M	264.19M	272.29M	254.35M	219.9M	227.7M	244.18M	210.17M	210.13M
SG&A % of Revenue	0.46%	0.41%	0.41%	0.4%	0.4%	0.39%	0.37%	0.45%	0.43%	0.48%
Research & Development	92.77M	88.39M	94.63M	95.3M	83.29M	74.14M	69.15M	87.07M	89.47M	86.48M
R&D % of Revenue	0.14%	0.14%	0.15%	0.14%	0.13%	0.13%	0.11%	0.16%	0.18%	0.2%
Other Operating Expenses	0	-1.01M	-2.5M	0	0	48.3M	0	0	302.79M	144.97M
Operating Income+	-641.92M	-38.42M	-53.97M	-43.19M	-57.1M	-118.96M	-33.07M	-117.02M	-406M	-277.4M
Operating Margin %	-0.96%	-0.06%	-0.08%	-0.06%	-0.09%	-0.21%	-0.05%	-0.22%	-0.83%	-0.63%
Operating Income Growth %	-25.39%	0.94%	-0.4%	0.2%	-0.32%	-1.08%	0.72%	-2.54%	-2.47%	0.32%
EBITDA+	-558.86M	22.11M	8.07M	16.1M	-6.71M	-74.37M	1.55M	-80.98M	-372.59M	-244.09M
EBITDA Margin %	-0.84%	0.03%	0.01%	0.02%	-0.01%	-0.13%	0%	-0.15%	-0.76%	-0.55%
EBITDA Growth %	-7.86%	1.04%	-0.64%	1%	-1.42%	-10.09%	1.02%	-53.11%	-3.6%	0.34%
D&A (Non-Cash Add-back)	83.07M	60.53M	62.04M	59.29M	50.4M	44.59M	34.62M	36.03M	33.41M	33.31M
EBIT	-652.94M	-38.53M	-53.97M	-43.19M	-57.1M	-139.42M	321.88M	-118M	-359.01M	-247.43M
Net Interest Income+	-1.49M	-475K	-135K	-37K	-3.23M	-3.99M	-1.9M	6.54M	16.21M	4.74M
Interest Income	521K	807K	784K	0	1.21M	0	438K	9.35M	19.51M	7.3M
Interest Expense	2.01M	1.28M	919K	37K	4.44M	3.99M	2.34M	2.81M	3.3M	2.56M
Other Income/Expense	-13.03M	-1.39M	-3.55M	-37K	-8M	-24.45M	352.61M	-3.79M	42.41M	24M
Pretax Income+	-654.95M	-39.81M	-57.52M	-43.23M	-65.1M	-143.41M	319.54M	-120.81M	-363.59M	-253.4M
Pretax Margin %	-0.98%	-0.06%	-0.09%	-0.06%	-0.1%	-0.26%	0.52%	-0.22%	-0.74%	-0.58%
Income Tax+	8.97M	-547K	7.8M	2.04M	4.53M	6.18M	-2.51M	2.14M	-641K	2.19M
Effective Tax Rate %	1%	0.97%	1.15%	1.05%	1.07%	1.04%	1.01%	1.02%	1%	1.01%
Net Income+	-655.49M	-38.42M	-66.19M	-45.51M	-69.88M	-149.59M	322.05M	-122.71M	-362.69M	-255.59M
Net Margin %	-0.98%	-0.06%	-0.1%	-0.07%	-0.11%	-0.27%	0.52%	-0.23%	-0.74%	-0.58%
Net Income Growth %	-57.33%	0.94%	-0.72%	0.31%	-0.54%	-1.14%	3.15%	-1.38%	-1.96%	0.3%
Net Income (Continuing)	-663.92M	-39.27M	-65.32M	-45.26M	-69.63M	-149.59M	322.05M	-122.95M	-362.95M	-255.59M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	7.61M	5.7M	5.97M	6.49M	-8.26M	0	0	1.76M	2.01M	1.96M
EPS (Diluted)+	-5.85	-0.35	-0.59	-0.41	-0.61	-1.27	2.55	-0.96	-2.85	-1.94
EPS Growth %	-54.18%	0.94%	-0.69%	0.31%	-0.49%	-1.08%	3.01%	-1.38%	-1.97%	0.32%
EPS (Basic)	-5.85	-0.35	-0.59	-0.41	-0.61	-1.27	2.62	-0.96	-2.85	-1.94
Diluted Shares Outstanding	111.97M	111.19M	111.55M	112.33M	113.81M	117.58M	126.33M	127.82M	129.94M	131.86M
Basic Shares Outstanding	111.97M	111.19M	111.55M	112.33M	113.81M	117.58M	122.87M	127.82M	129.94M	131.86M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	432.47M	432.95M	438.42M	397.47M	373.17M	357.51M	1.03B	834.25M	627.82M	428.83M
Cash & Short-Term Investments	155.64M	184.95M	136.34M	110M	133.66M	75.01M	789.66M	568.74M	331.52M	171.32M
Cash Only	155.64M	184.95M	136.34M	110M	133.66M	75.01M	789.66M	388.13M	331.52M	171.32M
Short-Term Investments	0	0	0	0	0	0	0	180.6M	0	0
Accounts Receivable	157.41M	127.11M	179.88M	126.62M	109.41M	114.25M	106.54M	93.89M	101.5M	101.47M
Days Sales Outstanding	86.24	73.3	101.62	67.21	62.75	74.84	63.17	63.69	75.9	84.15
Inventory	105.88M	103.33M	103.9M	133.16M	111.11M	116.67M	92.89M	137.83M	152.19M	118.53M
Days Inventory Outstanding	103.23	116.69	111.14	133.8	113.97	127.55	96.36	155.37	190.46	156.78
Other Current Assets	13.54M	17.56M	0	27.7M	0	18.44M	0	33.79M	42.61M	37.51M
Total Non-Current Assets+	460.81M	416.2M	458.34M	428.36M	434.14M	375.54M	517.36M	612.37M	362.84M	180.02M
Property, Plant & Equipment	86M	79.98M	97.52M	107.72M	129.83M	123.98M	103.61M	100.82M	135.04M	110.48M
Fixed Asset Turnover	7.75x	7.91x	6.62x	6.38x	4.90x	4.49x	5.94x	5.34x	3.61x	3.98x
Goodwill	187.88M	181.23M	230.88M	221.33M	223.18M	161.76M	345.59M	385.31M	116.08M	14.88M
Intangible Assets	157.47M	121.5M	98.78M	68.28M	48.34M	28.08M	45.84M	90.23M	62.72M	18.02M
Long-Term Investments	10.69M	9.12M	8.26M	8.48M	0	0	0	0	0	0
Other Non-Current Assets	15.57M	16.25M	18.87M	18.33M	27.39M	55.47M	17.27M	28.97M	44.76M	34.57M
Total Assets+	893.27M	849.15M	896.76M	825.83M	807.31M	733.05M	1.55B	1.45B	990.66M	608.85M
Asset Turnover	0.75x	0.75x	0.72x	0.83x	0.79x	0.76x	0.40x	0.37x	0.49x	0.72x
Asset Growth %	-0.41%	-0.05%	0.06%	-0.08%	-0.02%	-0.09%	1.11%	-0.07%	-0.32%	-0.39%
Total Current Liabilities+	145.47M	130.41M	207.13M	164.06M	162.96M	175.73M	178.01M	151.81M	147.19M	139.1M
Accounts Payable	46.87M	40.51M	55.61M	66.72M	49.85M	45.17M	57.37M	53.83M	49.76M	41.83M
Days Payables Outstanding	45.7	45.75	59.48	67.04	51.14	49.39	59.51	60.68	62.27	55.33
Short-Term Debt	529K	572K	644K	654K	2.51M	2.05M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	71.52M	62.4M	112.05M	76.48M	23.39M	35.74M	39.85M	19.81M	13.2M	22.9M
Current Ratio	2.97x	3.32x	2.12x	2.42x	2.29x	2.03x	5.80x	5.50x	4.27x	3.08x
Quick Ratio	2.25x	2.53x	1.62x	1.61x	1.61x	1.37x	5.27x	4.59x	3.23x	2.23x
Cash Conversion Cycle	143.78	144.24	153.28	133.96	125.59	153	100.01	158.39	204.1	185.6
Total Non-Current Liabilities+	84.29M	83.18M	64.81M	76.91M	130.45M	126.6M	528.71M	543.1M	414.71M	291.6M
Long-Term Debt	0	0	0	25M	45.22M	19.22M	446.86M	449.51M	319.36M	212M
Capital Lease Obligations	8.19M	7.59M	7.08M	6.39M	35.4M	48.47M	47.42M	41.78M	68.25M	63.07M
Deferred Tax Liabilities	17.94M	17.6M	8.98M	6.19M	4.03M	4.72M	2.17M	7.63M	5.16M	2.08M
Other Non-Current Liabilities	48.88M	50.52M	41.46M	31.21M	38.44M	48.04M	22.01M	39.21M	19.91M	12.2M
Total Liabilities	229.76M	213.58M	271.94M	240.97M	293.42M	302.33M	706.72M	694.91M	561.9M	430.69M
Total Debt+	8.72M	8.16M	7.72M	32.05M	92.69M	79.27M	502.62M	500.32M	399.3M	286.06M
Net Debt	-146.93M	-176.79M	-128.62M	-77.95M	-40.97M	4.26M	-287.03M	112.19M	67.78M	114.74M
Debt / Equity	0.01x	0.01x	0.01x	0.05x	0.18x	0.18x	0.60x	0.67x	0.93x	1.61x
Debt / EBITDA	-	0.37x	0.96x	1.99x	-	-	323.44x	-	-	-
Net Debt / EBITDA	-	-7.99x	-15.94x	-4.84x	-	-	-184.71x	-	-	-
Interest Coverage	-319.21x	-29.97x	-58.73x	-1167.32x	-12.86x	-29.81x	-14.13x	-41.63x	-122.99x	-108.19x
Total Equity+	663.52M	635.57M	624.82M	584.86M	513.9M	430.72M	842.38M	751.7M	428.76M	178.15M
Equity Growth %	-0.49%	-0.04%	-0.02%	-0.06%	-0.12%	-0.16%	0.96%	-0.11%	-0.43%	-0.58%
Book Value per Share	5.93	5.72	5.60	5.21	4.52	3.66	6.67	5.88	3.30	1.35
Total Shareholders' Equity	655.91M	629.87M	618.85M	578.37M	522.16M	430.72M	842.38M	749.94M	426.75M	176.19M
Common Stock	113K	115K	115K	117K	120K	128K	128K	131K	134K	136K
Retained Earnings	-583.37M	-621.79M	-677.77M	-722.7M	-793.71M	-943.3M	-621.25M	-743.96M	-1.11B	-1.36B
Treasury Stock	-1.03M	-2.66M	-8.2M	-15.57M	-18.77M	-22.59M	0	0	0	0
Accumulated OCI	-39.55M	-53.23M	-21.54M	-38.98M	-37.05M	-8.48M	-37.71M	-53.82M	-44.25M	-55.07M
Minority Interest	7.61M	5.7M	5.97M	6.49M	-8.26M	0	0	1.76M	2.01M	1.96M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-3.13M	56.9M	25.94M	4.8M	31.58M	-20.12M	48.15M	-70.02M	-80.69M	-44.89M
Operating CF Margin %	-0%	0.09%	0.04%	0.01%	0.05%	-0.04%	0.08%	-0.13%	-0.17%	-0.1%
Operating CF Growth %	-1.06%	19.19%	-0.54%	-0.82%	5.58%	-1.64%	3.39%	-2.45%	-0.15%	0.44%
Net Income	-663.92M	-39.27M	-65.32M	-45.26M	-69.63M	-149.59M	322.05M	-122.95M	-363.17M	-255.59M
Depreciation & Amortization	83.07M	60.53M	62.04M	59.29M	50.4M	44.59M	34.62M	36.03M	36.05M	33.31M
Stock-Based Compensation	34.73M	31.3M	27.26M	29.25M	23.59M	17.73M	55.15M	42.41M	23.5M	18.46M
Deferred Taxes	-2.88M	-6.57M	-5.57M	-2.99M	-3.35M	-1.21M	-11.68M	-2.52M	-2.41M	-952K
Other Non-Cash Items	581.17M	22.85M	8.44M	-4.31M	3.13M	75.67M	-351.3M	11.74M	277.24M	153.76M
Working Capital Changes	-35.3M	-11.95M	-906K	-31.19M	27.46M	-7.31M	-707K	-34.74M	-51.92M	6.13M
Change in Receivables	20.89M	27.13M	3.99M	599K	15.07M	-6.05M	-11.91M	8.14M	-6.19M	-6.38M
Change in Inventory	-31.24M	-22.18M	-17.72M	-34.03M	18.45M	-9.9M	7.87M	-51.08M	-20.55M	15.77M
Change in Payables	-18.9M	-5.88M	12.45M	11.56M	-16.85M	-6.65M	27.16M	-3.79M	-5.53M	-5.81M
Cash from Investing+	-120.86M	-21.88M	-70.66M	-41.83M	-26.87M	-11.73M	260.56M	-308.36M	124.78M	-19.02M
Capital Expenditures	-23.31M	-17.7M	-32.04M	-41.66M	-23.98M	-13.64M	-18.79M	-20.91M	-27.18M	-16.12M
CapEx % of Revenue	0.03%	0.03%	0.05%	0.06%	0.04%	0.02%	0.03%	0.04%	0.06%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-5.75M	-650K	-2.08M	-163K	-387K	1.91M	419.03M	325K	194K	96K
Cash from Financing+	-2.16M	-3.93M	-9.19M	14.26M	18.7M	-19.48M	405.8M	-13.81M	-106.47M	-91.27M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.11M	-1.24M	-9.19M	-3.37M	21.89M	-17.34M	-20.19M	-13.81M	-644K	-1.39M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-26.43M	39.2M	-6.1M	-36.87M	7.6M	-33.76M	29.36M	-90.93M	-107.88M	-61.01M
FCF Margin %	-0.04%	0.06%	-0.01%	-0.05%	0.01%	-0.06%	0.05%	-0.17%	-0.22%	-0.14%
FCF Growth %	-1.96%	2.48%	-1.16%	-5.04%	1.21%	-5.44%	1.87%	-4.1%	-0.19%	0.43%
FCF per Share	-0.24	0.35	-0.05	-0.33	0.07	-0.29	0.23	-0.71	-0.83	-0.46
FCF Conversion (FCF/Net Income)	0.00x	-1.48x	-0.39x	-0.11x	-0.45x	0.13x	0.15x	0.57x	0.22x	0.18x
Interest Paid	707K	839K	503K	542K	0	2.11M	1.14M	196K	478K	1.02M
Taxes Paid	12.51M	11.04M	6.34M	8.96M	0	3.71M	4.71M	5.33M	3.9M	5.54M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-66.67%	-5.91%	-10.5%	-7.52%	-12.72%	-31.67%	50.59%	-15.4%	-61.45%	-84.23%
Return on Invested Capital (ROIC)	-62.35%	-5.91%	-8.48%	-6.46%	-8.74%	-19.65%	-5.01%	-12.37%	-44.77%	-52.71%
Gross Margin	43.8%	48.94%	47.18%	47.17%	44.09%	40.09%	42.85%	39.82%	40.24%	37.3%
Net Margin	-98.4%	-6.07%	-10.25%	-6.62%	-10.98%	-26.85%	52.31%	-22.81%	-74.31%	-58.07%
Debt / Equity	0.01x	0.01x	0.01x	0.05x	0.18x	0.18x	0.60x	0.67x	0.93x	1.61x
Interest Coverage	-319.21x	-29.97x	-58.73x	-1167.32x	-12.86x	-29.81x	-14.13x	-41.63x	-122.99x	-108.19x
FCF Conversion	0.00x	-1.48x	-0.39x	-0.11x	-0.45x	0.13x	0.15x	0.57x	0.22x	0.18x
Revenue Growth	1.91%	-4.98%	2.07%	6.44%	-7.46%	-12.43%	10.48%	-12.61%	-9.29%	-9.82%

Revenue by Segment

	2011	2012	2013	2018	2019	2020	2021	2022	2023	2024
Product	-	-	-	-	-	332.8M	428.74M	395.4M	328.73M	279.18M
Product Growth	-	-	-	-	-	-	28.83%	-7.78%	-16.86%	-15.07%
Service	-	-	-	-	244.52M	224.44M	186.9M	142.63M	159.34M	160.94M
Service Growth	-	-	-	-	-	-8.21%	-16.73%	-23.68%	11.71%	1.01%
Products	-	-	-	259.12M	215.52M	-	-	-	-	-
Products Growth	-	-	-	-	-16.83%	-	-	-	-	-
Materials	70.64M	103.18M	128.41M	170.09M	169.06M	-	-	-	-	-
Materials Growth	-	46.07%	24.45%	32.46%	-0.61%	-	-	-	-	-
Services	93.12M	123.65M	157.37M	258.44M	-	-	-	-	-	-
Services Growth	-	32.79%	27.27%	64.23%	-	-	-	-	-	-
Printers And Other Products	66.67M	126.8M	227.63M	-	-	-	-	-	-	-
Printers And Other Products Growth	-	90.20%	79.52%	-	-	-	-	-	-	-

Revenue by Geography

	2011	2012	2013	2018	2019	2020	2021	2022	2023	2024
Americas	-	-	-	-	73.74M	280.03M	344.62M	308.52M	282.74M	253.47M
Americas Growth	-	-	-	-	-	279.74%	23.07%	-10.48%	-8.35%	-10.35%
UNITED STATES	-	-	-	332.61M	-	275.14M	341.12M	304.5M	278.27M	248.35M
UNITED STATES Growth	-	-	-	-	-	-	23.98%	-10.74%	-8.62%	-10.75%
EMEA	-	-	-	237.46M	90.23M	213.57M	201.68M	167.11M	164.67M	149.73M
EMEA Growth	-	-	-	-	-62.00%	136.70%	-5.57%	-17.14%	-1.46%	-9.07%
GERMANY	-	-	-	-	-	-	-	-	77M	69.1M
GERMANY Growth	-	-	-	-	-	-	-	-	-	-10.25%
Asia Pacific	29.36M	56.53M	94.87M	109.43M	24.55M	63.64M	69.34M	62.4M	40.65M	36.92M
Asia Pacific Growth	-	92.55%	67.81%	15.35%	-77.57%	159.26%	8.96%	-10.00%	-34.85%	-9.19%
Americas, Excluding United States	-	-	-	8.15M	-	-	-	-	-	-
Americas, Excluding United States Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

3D Systems Corporation (DDD) reported $391.7M in revenue for fiscal year 2024. This represents a 70% increase from $230.4M in 2011.

3D Systems Corporation (DDD) saw revenue decline by 9.8% over the past year.

Yes, 3D Systems Corporation (DDD) is profitable, generating $15.7M in net income for fiscal year 2024 (-58.1% net margin).

Dividend & Returns

3D Systems Corporation (DDD) has a return on equity (ROE) of -84.2%. Negative ROE indicates the company is unprofitable.

3D Systems Corporation (DDD) had negative free cash flow of $94.2M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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3D Systems Corporation (DDD) 10-Year Financial Performance & Capital Metrics

DDD • • Industrial / General

TechnologyComputer Hardware3D Printing & Additive ManufacturingIndustrial 3D Printing

Revenue $440M -9.8%
EBITDA -$244M +34.5%
Net Income -$256M +29.5%
EPS (Diluted) -1.94 +31.9%
Gross Margin 37.3% -7.3%
EBITDA Margin -55.46% +27.4%
Operating Margin -63.03% +24.2%
Net Margin -58.07% +21.9%
ROE -84.23% -37.1%
ROIC -52.71% -17.7%
Debt/Equity 1.61 +72.4%
Interest Coverage -108.19 +12.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 7.1% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-3.88%

5Y-7.11%

3Y-10.58%

TTM-11.78%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM103.05%

EPS CAGR

10Y-

5Y-

3Y-

TTM97.38%

ROCE

10Y Avg-20.07%

5Y Avg-22.45%

3Y Avg-29.67%

Latest-42.25%

Peer Comparison

Industrial 3D Printing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
DDD3D Systems Corporation	385.59M	2.64	-1.36	-9.82%	4.01%	7.03%	1.61
NNDMNano Dimension Ltd.	362.83M	1.73	-3.92	2.59%	-326.38%	-44.23%	0.01
SSYSStratasys Ltd.	992.77M	11.62	-6.84	-8.79%	-17.42%	-10.9%	0.04

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	666.16M	632.97M	646.07M	687.66M	636.35M	557.24M	615.64M	538.03M	488.07M	440.12M
Revenue Growth %	0.02%	-0.05%	0.02%	0.06%	-0.07%	-0.12%	0.1%	-0.13%	-0.09%	-0.1%
Cost of Goods Sold+	374.35M	323.21M	341.23M	363.27M	355.81M	333.87M	351.86M	323.8M	291.65M	275.94M
COGS % of Revenue	0.56%	0.51%	0.53%	0.53%	0.56%	0.6%	0.57%	0.6%	0.6%	0.63%
Gross Profit+	291.81M	309.75M	304.84M	324.39M	280.54M	223.38M	263.78M	214.23M	196.42M	164.18M
Gross Margin %	0.44%	0.49%	0.47%	0.47%	0.44%	0.4%	0.43%	0.4%	0.4%	0.37%
Gross Profit Growth %	-0.08%	0.06%	-0.02%	0.06%	-0.14%	-0.2%	0.18%	-0.19%	-0.08%	-0.16%
Operating Expenses+	396.55M	348.17M	358.81M	367.58M	337.64M	342.34M	296.85M	331.25M	602.42M	441.58M
OpEx % of Revenue	0.6%	0.55%	0.56%	0.53%	0.53%	0.61%	0.48%	0.62%	1.23%	1%
Selling, General & Admin	303.78M	259.78M	264.19M	272.29M	254.35M	219.9M	227.7M	244.18M	210.17M	210.13M
SG&A % of Revenue	0.46%	0.41%	0.41%	0.4%	0.4%	0.39%	0.37%	0.45%	0.43%	0.48%
Research & Development	92.77M	88.39M	94.63M	95.3M	83.29M	74.14M	69.15M	87.07M	89.47M	86.48M
R&D % of Revenue	0.14%	0.14%	0.15%	0.14%	0.13%	0.13%	0.11%	0.16%	0.18%	0.2%
Other Operating Expenses	0	-1.01M	-2.5M	0	0	48.3M	0	0	302.79M	144.97M
Operating Income+	-641.92M	-38.42M	-53.97M	-43.19M	-57.1M	-118.96M	-33.07M	-117.02M	-406M	-277.4M
Operating Margin %	-0.96%	-0.06%	-0.08%	-0.06%	-0.09%	-0.21%	-0.05%	-0.22%	-0.83%	-0.63%
Operating Income Growth %	-25.39%	0.94%	-0.4%	0.2%	-0.32%	-1.08%	0.72%	-2.54%	-2.47%	0.32%
EBITDA+	-558.86M	22.11M	8.07M	16.1M	-6.71M	-74.37M	1.55M	-80.98M	-372.59M	-244.09M
EBITDA Margin %	-0.84%	0.03%	0.01%	0.02%	-0.01%	-0.13%	0%	-0.15%	-0.76%	-0.55%
EBITDA Growth %	-7.86%	1.04%	-0.64%	1%	-1.42%	-10.09%	1.02%	-53.11%	-3.6%	0.34%
D&A (Non-Cash Add-back)	83.07M	60.53M	62.04M	59.29M	50.4M	44.59M	34.62M	36.03M	33.41M	33.31M
EBIT	-652.94M	-38.53M	-53.97M	-43.19M	-57.1M	-139.42M	321.88M	-118M	-359.01M	-247.43M
Net Interest Income+	-1.49M	-475K	-135K	-37K	-3.23M	-3.99M	-1.9M	6.54M	16.21M	4.74M
Interest Income	521K	807K	784K	0	1.21M	0	438K	9.35M	19.51M	7.3M
Interest Expense	2.01M	1.28M	919K	37K	4.44M	3.99M	2.34M	2.81M	3.3M	2.56M
Other Income/Expense	-13.03M	-1.39M	-3.55M	-37K	-8M	-24.45M	352.61M	-3.79M	42.41M	24M
Pretax Income+	-654.95M	-39.81M	-57.52M	-43.23M	-65.1M	-143.41M	319.54M	-120.81M	-363.59M	-253.4M
Pretax Margin %	-0.98%	-0.06%	-0.09%	-0.06%	-0.1%	-0.26%	0.52%	-0.22%	-0.74%	-0.58%
Income Tax+	8.97M	-547K	7.8M	2.04M	4.53M	6.18M	-2.51M	2.14M	-641K	2.19M
Effective Tax Rate %	1%	0.97%	1.15%	1.05%	1.07%	1.04%	1.01%	1.02%	1%	1.01%
Net Income+	-655.49M	-38.42M	-66.19M	-45.51M	-69.88M	-149.59M	322.05M	-122.71M	-362.69M	-255.59M
Net Margin %	-0.98%	-0.06%	-0.1%	-0.07%	-0.11%	-0.27%	0.52%	-0.23%	-0.74%	-0.58%
Net Income Growth %	-57.33%	0.94%	-0.72%	0.31%	-0.54%	-1.14%	3.15%	-1.38%	-1.96%	0.3%
Net Income (Continuing)	-663.92M	-39.27M	-65.32M	-45.26M	-69.63M	-149.59M	322.05M	-122.95M	-362.95M	-255.59M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	7.61M	5.7M	5.97M	6.49M	-8.26M	0	0	1.76M	2.01M	1.96M
EPS (Diluted)+	-5.85	-0.35	-0.59	-0.41	-0.61	-1.27	2.55	-0.96	-2.85	-1.94
EPS Growth %	-54.18%	0.94%	-0.69%	0.31%	-0.49%	-1.08%	3.01%	-1.38%	-1.97%	0.32%
EPS (Basic)	-5.85	-0.35	-0.59	-0.41	-0.61	-1.27	2.62	-0.96	-2.85	-1.94
Diluted Shares Outstanding	111.97M	111.19M	111.55M	112.33M	113.81M	117.58M	126.33M	127.82M	129.94M	131.86M
Basic Shares Outstanding	111.97M	111.19M	111.55M	112.33M	113.81M	117.58M	122.87M	127.82M	129.94M	131.86M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	432.47M	432.95M	438.42M	397.47M	373.17M	357.51M	1.03B	834.25M	627.82M	428.83M
Cash & Short-Term Investments	155.64M	184.95M	136.34M	110M	133.66M	75.01M	789.66M	568.74M	331.52M	171.32M
Cash Only	155.64M	184.95M	136.34M	110M	133.66M	75.01M	789.66M	388.13M	331.52M	171.32M
Short-Term Investments	0	0	0	0	0	0	0	180.6M	0	0
Accounts Receivable	157.41M	127.11M	179.88M	126.62M	109.41M	114.25M	106.54M	93.89M	101.5M	101.47M
Days Sales Outstanding	86.24	73.3	101.62	67.21	62.75	74.84	63.17	63.69	75.9	84.15
Inventory	105.88M	103.33M	103.9M	133.16M	111.11M	116.67M	92.89M	137.83M	152.19M	118.53M
Days Inventory Outstanding	103.23	116.69	111.14	133.8	113.97	127.55	96.36	155.37	190.46	156.78
Other Current Assets	13.54M	17.56M	0	27.7M	0	18.44M	0	33.79M	42.61M	37.51M
Total Non-Current Assets+	460.81M	416.2M	458.34M	428.36M	434.14M	375.54M	517.36M	612.37M	362.84M	180.02M
Property, Plant & Equipment	86M	79.98M	97.52M	107.72M	129.83M	123.98M	103.61M	100.82M	135.04M	110.48M
Fixed Asset Turnover	7.75x	7.91x	6.62x	6.38x	4.90x	4.49x	5.94x	5.34x	3.61x	3.98x
Goodwill	187.88M	181.23M	230.88M	221.33M	223.18M	161.76M	345.59M	385.31M	116.08M	14.88M
Intangible Assets	157.47M	121.5M	98.78M	68.28M	48.34M	28.08M	45.84M	90.23M	62.72M	18.02M
Long-Term Investments	10.69M	9.12M	8.26M	8.48M	0	0	0	0	0	0
Other Non-Current Assets	15.57M	16.25M	18.87M	18.33M	27.39M	55.47M	17.27M	28.97M	44.76M	34.57M
Total Assets+	893.27M	849.15M	896.76M	825.83M	807.31M	733.05M	1.55B	1.45B	990.66M	608.85M
Asset Turnover	0.75x	0.75x	0.72x	0.83x	0.79x	0.76x	0.40x	0.37x	0.49x	0.72x
Asset Growth %	-0.41%	-0.05%	0.06%	-0.08%	-0.02%	-0.09%	1.11%	-0.07%	-0.32%	-0.39%
Total Current Liabilities+	145.47M	130.41M	207.13M	164.06M	162.96M	175.73M	178.01M	151.81M	147.19M	139.1M
Accounts Payable	46.87M	40.51M	55.61M	66.72M	49.85M	45.17M	57.37M	53.83M	49.76M	41.83M
Days Payables Outstanding	45.7	45.75	59.48	67.04	51.14	49.39	59.51	60.68	62.27	55.33
Short-Term Debt	529K	572K	644K	654K	2.51M	2.05M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	71.52M	62.4M	112.05M	76.48M	23.39M	35.74M	39.85M	19.81M	13.2M	22.9M
Current Ratio	2.97x	3.32x	2.12x	2.42x	2.29x	2.03x	5.80x	5.50x	4.27x	3.08x
Quick Ratio	2.25x	2.53x	1.62x	1.61x	1.61x	1.37x	5.27x	4.59x	3.23x	2.23x
Cash Conversion Cycle	143.78	144.24	153.28	133.96	125.59	153	100.01	158.39	204.1	185.6
Total Non-Current Liabilities+	84.29M	83.18M	64.81M	76.91M	130.45M	126.6M	528.71M	543.1M	414.71M	291.6M
Long-Term Debt	0	0	0	25M	45.22M	19.22M	446.86M	449.51M	319.36M	212M
Capital Lease Obligations	8.19M	7.59M	7.08M	6.39M	35.4M	48.47M	47.42M	41.78M	68.25M	63.07M
Deferred Tax Liabilities	17.94M	17.6M	8.98M	6.19M	4.03M	4.72M	2.17M	7.63M	5.16M	2.08M
Other Non-Current Liabilities	48.88M	50.52M	41.46M	31.21M	38.44M	48.04M	22.01M	39.21M	19.91M	12.2M
Total Liabilities	229.76M	213.58M	271.94M	240.97M	293.42M	302.33M	706.72M	694.91M	561.9M	430.69M
Total Debt+	8.72M	8.16M	7.72M	32.05M	92.69M	79.27M	502.62M	500.32M	399.3M	286.06M
Net Debt	-146.93M	-176.79M	-128.62M	-77.95M	-40.97M	4.26M	-287.03M	112.19M	67.78M	114.74M
Debt / Equity	0.01x	0.01x	0.01x	0.05x	0.18x	0.18x	0.60x	0.67x	0.93x	1.61x
Debt / EBITDA	-	0.37x	0.96x	1.99x	-	-	323.44x	-	-	-
Net Debt / EBITDA	-	-7.99x	-15.94x	-4.84x	-	-	-184.71x	-	-	-
Interest Coverage	-319.21x	-29.97x	-58.73x	-1167.32x	-12.86x	-29.81x	-14.13x	-41.63x	-122.99x	-108.19x
Total Equity+	663.52M	635.57M	624.82M	584.86M	513.9M	430.72M	842.38M	751.7M	428.76M	178.15M
Equity Growth %	-0.49%	-0.04%	-0.02%	-0.06%	-0.12%	-0.16%	0.96%	-0.11%	-0.43%	-0.58%
Book Value per Share	5.93	5.72	5.60	5.21	4.52	3.66	6.67	5.88	3.30	1.35
Total Shareholders' Equity	655.91M	629.87M	618.85M	578.37M	522.16M	430.72M	842.38M	749.94M	426.75M	176.19M
Common Stock	113K	115K	115K	117K	120K	128K	128K	131K	134K	136K
Retained Earnings	-583.37M	-621.79M	-677.77M	-722.7M	-793.71M	-943.3M	-621.25M	-743.96M	-1.11B	-1.36B
Treasury Stock	-1.03M	-2.66M	-8.2M	-15.57M	-18.77M	-22.59M	0	0	0	0
Accumulated OCI	-39.55M	-53.23M	-21.54M	-38.98M	-37.05M	-8.48M	-37.71M	-53.82M	-44.25M	-55.07M
Minority Interest	7.61M	5.7M	5.97M	6.49M	-8.26M	0	0	1.76M	2.01M	1.96M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-3.13M	56.9M	25.94M	4.8M	31.58M	-20.12M	48.15M	-70.02M	-80.69M	-44.89M
Operating CF Margin %	-0%	0.09%	0.04%	0.01%	0.05%	-0.04%	0.08%	-0.13%	-0.17%	-0.1%
Operating CF Growth %	-1.06%	19.19%	-0.54%	-0.82%	5.58%	-1.64%	3.39%	-2.45%	-0.15%	0.44%
Net Income	-663.92M	-39.27M	-65.32M	-45.26M	-69.63M	-149.59M	322.05M	-122.95M	-363.17M	-255.59M
Depreciation & Amortization	83.07M	60.53M	62.04M	59.29M	50.4M	44.59M	34.62M	36.03M	36.05M	33.31M
Stock-Based Compensation	34.73M	31.3M	27.26M	29.25M	23.59M	17.73M	55.15M	42.41M	23.5M	18.46M
Deferred Taxes	-2.88M	-6.57M	-5.57M	-2.99M	-3.35M	-1.21M	-11.68M	-2.52M	-2.41M	-952K
Other Non-Cash Items	581.17M	22.85M	8.44M	-4.31M	3.13M	75.67M	-351.3M	11.74M	277.24M	153.76M
Working Capital Changes	-35.3M	-11.95M	-906K	-31.19M	27.46M	-7.31M	-707K	-34.74M	-51.92M	6.13M
Change in Receivables	20.89M	27.13M	3.99M	599K	15.07M	-6.05M	-11.91M	8.14M	-6.19M	-6.38M
Change in Inventory	-31.24M	-22.18M	-17.72M	-34.03M	18.45M	-9.9M	7.87M	-51.08M	-20.55M	15.77M
Change in Payables	-18.9M	-5.88M	12.45M	11.56M	-16.85M	-6.65M	27.16M	-3.79M	-5.53M	-5.81M
Cash from Investing+	-120.86M	-21.88M	-70.66M	-41.83M	-26.87M	-11.73M	260.56M	-308.36M	124.78M	-19.02M
Capital Expenditures	-23.31M	-17.7M	-32.04M	-41.66M	-23.98M	-13.64M	-18.79M	-20.91M	-27.18M	-16.12M
CapEx % of Revenue	0.03%	0.03%	0.05%	0.06%	0.04%	0.02%	0.03%	0.04%	0.06%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-5.75M	-650K	-2.08M	-163K	-387K	1.91M	419.03M	325K	194K	96K
Cash from Financing+	-2.16M	-3.93M	-9.19M	14.26M	18.7M	-19.48M	405.8M	-13.81M	-106.47M	-91.27M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.11M	-1.24M	-9.19M	-3.37M	21.89M	-17.34M	-20.19M	-13.81M	-644K	-1.39M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-26.43M	39.2M	-6.1M	-36.87M	7.6M	-33.76M	29.36M	-90.93M	-107.88M	-61.01M
FCF Margin %	-0.04%	0.06%	-0.01%	-0.05%	0.01%	-0.06%	0.05%	-0.17%	-0.22%	-0.14%
FCF Growth %	-1.96%	2.48%	-1.16%	-5.04%	1.21%	-5.44%	1.87%	-4.1%	-0.19%	0.43%
FCF per Share	-0.24	0.35	-0.05	-0.33	0.07	-0.29	0.23	-0.71	-0.83	-0.46
FCF Conversion (FCF/Net Income)	0.00x	-1.48x	-0.39x	-0.11x	-0.45x	0.13x	0.15x	0.57x	0.22x	0.18x
Interest Paid	707K	839K	503K	542K	0	2.11M	1.14M	196K	478K	1.02M
Taxes Paid	12.51M	11.04M	6.34M	8.96M	0	3.71M	4.71M	5.33M	3.9M	5.54M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-66.67%	-5.91%	-10.5%	-7.52%	-12.72%	-31.67%	50.59%	-15.4%	-61.45%	-84.23%
Return on Invested Capital (ROIC)	-62.35%	-5.91%	-8.48%	-6.46%	-8.74%	-19.65%	-5.01%	-12.37%	-44.77%	-52.71%
Gross Margin	43.8%	48.94%	47.18%	47.17%	44.09%	40.09%	42.85%	39.82%	40.24%	37.3%
Net Margin	-98.4%	-6.07%	-10.25%	-6.62%	-10.98%	-26.85%	52.31%	-22.81%	-74.31%	-58.07%
Debt / Equity	0.01x	0.01x	0.01x	0.05x	0.18x	0.18x	0.60x	0.67x	0.93x	1.61x
Interest Coverage	-319.21x	-29.97x	-58.73x	-1167.32x	-12.86x	-29.81x	-14.13x	-41.63x	-122.99x	-108.19x
FCF Conversion	0.00x	-1.48x	-0.39x	-0.11x	-0.45x	0.13x	0.15x	0.57x	0.22x	0.18x
Revenue Growth	1.91%	-4.98%	2.07%	6.44%	-7.46%	-12.43%	10.48%	-12.61%	-9.29%	-9.82%

Revenue by Segment

	2011	2012	2013	2018	2019	2020	2021	2022	2023	2024
Product	-	-	-	-	-	332.8M	428.74M	395.4M	328.73M	279.18M
Product Growth	-	-	-	-	-	-	28.83%	-7.78%	-16.86%	-15.07%
Service	-	-	-	-	244.52M	224.44M	186.9M	142.63M	159.34M	160.94M
Service Growth	-	-	-	-	-	-8.21%	-16.73%	-23.68%	11.71%	1.01%
Products	-	-	-	259.12M	215.52M	-	-	-	-	-
Products Growth	-	-	-	-	-16.83%	-	-	-	-	-
Materials	70.64M	103.18M	128.41M	170.09M	169.06M	-	-	-	-	-
Materials Growth	-	46.07%	24.45%	32.46%	-0.61%	-	-	-	-	-
Services	93.12M	123.65M	157.37M	258.44M	-	-	-	-	-	-
Services Growth	-	32.79%	27.27%	64.23%	-	-	-	-	-	-
Printers And Other Products	66.67M	126.8M	227.63M	-	-	-	-	-	-	-
Printers And Other Products Growth	-	90.20%	79.52%	-	-	-	-	-	-	-

Revenue by Geography

	2011	2012	2013	2018	2019	2020	2021	2022	2023	2024
Americas	-	-	-	-	73.74M	280.03M	344.62M	308.52M	282.74M	253.47M
Americas Growth	-	-	-	-	-	279.74%	23.07%	-10.48%	-8.35%	-10.35%
UNITED STATES	-	-	-	332.61M	-	275.14M	341.12M	304.5M	278.27M	248.35M
UNITED STATES Growth	-	-	-	-	-	-	23.98%	-10.74%	-8.62%	-10.75%
EMEA	-	-	-	237.46M	90.23M	213.57M	201.68M	167.11M	164.67M	149.73M
EMEA Growth	-	-	-	-	-62.00%	136.70%	-5.57%	-17.14%	-1.46%	-9.07%
GERMANY	-	-	-	-	-	-	-	-	77M	69.1M
GERMANY Growth	-	-	-	-	-	-	-	-	-	-10.25%
Asia Pacific	29.36M	56.53M	94.87M	109.43M	24.55M	63.64M	69.34M	62.4M	40.65M	36.92M
Asia Pacific Growth	-	92.55%	67.81%	15.35%	-77.57%	159.26%	8.96%	-10.00%	-34.85%	-9.19%
Americas, Excluding United States	-	-	-	8.15M	-	-	-	-	-	-
Americas, Excluding United States Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

3D Systems Corporation (DDD) reported $391.7M in revenue for fiscal year 2024. This represents a 70% increase from $230.4M in 2011.

3D Systems Corporation (DDD) saw revenue decline by 9.8% over the past year.

Yes, 3D Systems Corporation (DDD) is profitable, generating $15.7M in net income for fiscal year 2024 (-58.1% net margin).

Dividend & Returns

3D Systems Corporation (DDD) has a return on equity (ROE) of -84.2%. Negative ROE indicates the company is unprofitable.

3D Systems Corporation (DDD) had negative free cash flow of $94.2M in fiscal year 2024, likely due to heavy capital investments.