Digimarc Corporation (DMRC) 10-Year Financial Performance & Capital Metrics

DMRC • • Industrial / General

TechnologyIT ServicesEnterprise Software & AI PlatformsEnterprise AI Platforms

AboutDigimarc Corporation provides automatic identification solutions to commercial and government customers in the United States and internationally. The company offers Digimarc watermarks, a data carrier that provides a digital identity to media objects; Digimarc Discover, a software for computing devices and network interfaces that recognize and decode indicia of the identity of media; and Digimarc Verify, a suite of software tools used to inspect and verify that the identification and discovery of media. Its solutions are used in various application solutions, such as product authentication of physical products; sorting of consumer-packaged goods in recycling streams; track and trace of products within the supply chain; quality control in manufacturing processes; inventory management and planogram compliance; retail point of sale transaction processing; piracy deterrence of digital media objects; content identification and media management; and enhanced services in support of mobile commerce. The company offers its solutions through its sales personnel and business partners. Digimarc Corporation was incorporated in 2008 and is based in Beaverton, Oregon.Show more

Revenue $38M +10.2%
EBITDA -$34M +15.9%
Net Income -$39M +15.1%
EPS (Diluted) -1.83 +19.0%
Gross Margin 63.09% +9.0%
EBITDA Margin -87.75% +23.7%
Operating Margin -107.52% +22.3%
Net Margin -101.54% +23.0%
ROE -63.28% -9.8%
ROIC -61.07% +1.7%
Debt/Equity 0.10 +0.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y sales CAGR of 10.8%

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 10 (bottom 10%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.12%

5Y10.82%

3Y13.15%

TTM-13.78%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM10.22%

EPS CAGR

10Y-

5Y-

3Y-

TTM12.31%

ROCE

10Y Avg-50.91%

5Y Avg-59.35%

3Y Avg-64.8%

Latest-61.35%

Peer Comparison

Enterprise AI Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
INODInnodata Inc.	1.84B	57.61	64.73	96.44%	14.11%	34.6%	1.49%	0.07
NABLN-able, Inc.	1.32B	7.06	44.13	10.49%	-1.31%	-0.8%	4.23%	0.49
MGICMagic Software Enterprises Ltd.	1.35B	27.45	36.60	3.26%	6.64%	13.31%	5.44%	0.29
DLBDolby Laboratories, Inc.	3.84B	63.36	24.18	5.92%	18.9%	9.69%	11.21%	0.01
JDZGJIADE Limited	27.67M	1.24	4.96	20.36%	38.77%	7.41%		0.07
GMMGlobal Mofy Metaverse Limited	69.68M	1.52	3.62	53.82%	28.24%	47.24%		0.13
DVLTDatavault AI Inc.	424.49M	0.74	-0.05	28.37%	-13.94%	-86.44%		0.11
DMRCDigimarc Corporation	139.03M	6.39	-3.49	10.23%	-109.17%	-88.8%		0.10

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	22.19M	21.79M	25.21M	21.19M	22.99M	23.99M	26.52M	30.2M	34.85M	38.42M
Revenue Growth %	-0.14%	-0.02%	0.16%	-0.16%	0.08%	0.04%	0.11%	0.14%	0.15%	0.1%
Cost of Goods Sold+	8.95M	8.5M	8.56M	8.43M	8.04M	7.93M	8.78M	14.87M	14.69M	14.18M
COGS % of Revenue	0.4%	0.39%	0.34%	0.4%	0.35%	0.33%	0.33%	0.49%	0.42%	0.37%
Gross Profit+	13.24M	13.3M	16.66M	12.77M	14.95M	16.06M	17.74M	15.32M	20.16M	24.24M
Gross Margin %	0.6%	0.61%	0.66%	0.6%	0.65%	0.67%	0.67%	0.51%	0.58%	0.63%
Gross Profit Growth %	-0.23%	0%	0.25%	-0.23%	0.17%	0.07%	0.11%	-0.14%	0.32%	0.2%
Operating Expenses+	31.22M	35.22M	43.22M	46.29M	48.68M	48.87M	57.61M	77.13M	68.37M	65.55M
OpEx % of Revenue	1.41%	1.62%	1.71%	2.18%	2.12%	2.04%	2.17%	2.55%	1.96%	1.71%
Selling, General & Admin	17.23M	20.19M	26.32M	29.04M	30.72M	31.55M	32.57M	48.66M	40.48M	38.24M
SG&A % of Revenue	0.78%	0.93%	1.04%	1.37%	1.34%	1.32%	1.23%	1.61%	1.16%	1%
Research & Development	13.99M	15.03M	16.9M	17.25M	17.96M	17.31M	17.54M	26.49M	26.58M	26.21M
R&D % of Revenue	0.63%	0.69%	0.67%	0.81%	0.78%	0.72%	0.66%	0.88%	0.76%	0.68%
Other Operating Expenses	109K	258K	0	0	0	0	7.5M	1.98M	1.31M	1.1M
Operating Income+	-17.98M	-21.92M	-26.57M	-33.52M	-33.73M	-32.81M	-39.87M	-61.81M	-48.21M	-41.31M
Operating Margin %	-0.81%	-1.01%	-1.05%	-1.58%	-1.47%	-1.37%	-1.5%	-2.05%	-1.38%	-1.08%
Operating Income Growth %	-0.18%	-0.22%	-0.21%	-0.26%	-0.01%	0.03%	-0.21%	-0.55%	0.22%	0.14%
EBITDA+	-15.54M	-19.46M	-24.14M	-31.38M	-31.52M	-30.04M	-37.82M	-53.23M	-40.08M	-33.71M
EBITDA Margin %	-0.7%	-0.89%	-0.96%	-1.48%	-1.37%	-1.25%	-1.43%	-1.76%	-1.15%	-0.88%
EBITDA Growth %	-0.2%	-0.25%	-0.24%	-0.3%	-0%	0.05%	-0.26%	-0.41%	0.25%	0.16%
D&A (Non-Cash Add-back)	2.43M	2.46M	2.43M	2.14M	2.21M	2.77M	2.05M	8.58M	8.13M	7.59M
EBIT	-17.98M	-21.92M	-26.57M	-33.52M	-33.73M	-32.81M	-32.37M	-59.63M	-47.27M	-40.76M
Net Interest Income+	0	0	0	0	0	0	0	744K	1.68M	1.82M
Interest Income	0	0	0	0	0	0	0	744K	1.68M	1.82M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	109K	258K	588K	1.06M	912K	277K	5.12M	2.11M	2.45M	2.34M
Pretax Income+	-17.87M	-21.66M	-25.98M	-32.47M	-32.82M	-32.54M	-34.74M	-59.7M	-45.76M	-38.97M
Pretax Margin %	-0.81%	-0.99%	-1.03%	-1.53%	-1.43%	-1.36%	-1.31%	-1.98%	-1.31%	-1.01%
Income Tax+	66K	10K	-206K	39K	21K	1K	16K	97K	204K	44K
Effective Tax Rate %	1%	1%	0.99%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-17.93M	-21.67M	-25.77M	-32.51M	-32.84M	-32.54M	-34.76M	-59.8M	-45.96M	-39.01M
Net Margin %	-0.81%	-0.99%	-1.02%	-1.53%	-1.43%	-1.36%	-1.31%	-1.98%	-1.32%	-1.02%
Net Income Growth %	-0.13%	-0.21%	-0.19%	-0.26%	-0.01%	0.01%	-0.07%	-0.72%	0.23%	0.15%
Net Income (Continuing)	-17.93M	-21.67M	-25.77M	-32.51M	-32.84M	-32.54M	-34.76M	-59.8M	-45.96M	-39.01M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-2.19	-2.36	-2.44	-2.86	-2.79	-3.41	-2.11	-3.12	-2.26	-1.83
EPS Growth %	0%	-0.08%	-0.03%	-0.17%	0.02%	-0.22%	0.38%	-0.48%	0.28%	0.19%
EPS (Basic)	-2.19	-2.36	-2.44	-2.86	-2.79	-3.41	-2.11	-3.12	-2.26	-1.83
Diluted Shares Outstanding	8.2M	9.19M	10.57M	11.36M	11.76M	12.91M	16.46M	19.14M	20.32M	21.26M
Basic Shares Outstanding	8.19M	9.18M	10.56M	11.36M	11.76M	12.91M	16.46M	19.14M	20.32M	21.26M
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+	42.29M	62.91M	76.31M	49.64M	43.29M	83.83M	44.01M	64.14M	37.08M	39.33M
Cash & Short-Term Investments	36.19M	56.13M	67.74M	43.66M	36.82M	77.73M	33.33M	52.54M	27.18M	28.73M
Cash Only	3.16M	11.64M	40.82M	27.28M	11.21M	19.7M	13.79M	33.6M	21.46M	12.37M
Short-Term Investments	33.03M	44.5M	26.91M	16.38M	25.6M	58.03M	19.54M	18.94M	5.73M	16.36M
Accounts Receivable	4.62M	5.08M	6.4M	3.89M	4.02M	3.91M	8.37M	5.43M	5.81M	6.41M
Days Sales Outstanding	75.93	85.05	92.71	66.96	63.85	59.44	115.18	65.6	60.88	60.92
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	1.49M	1.7M	2.17M	2.1M	2.46M	2.2M	2.32M	6.17M	4.08M	4.19M
Total Non-Current Assets+	14.07M	15.83M	12.06M	12.14M	14.09M	13.2M	20.86M	49.64M	43.47M	36.44M
Property, Plant & Equipment	3.01M	3.57M	4.24M	3.96M	3.65M	3.27M	4.17M	7.11M	5.59M	4.7M
Fixed Asset Turnover	7.37x	6.10x	5.95x	5.36x	6.30x	7.33x	6.35x	4.25x	6.24x	8.18x
Goodwill	1.11M	1.11M	1.11M	1.11M	1.11M	1.11M	1.11M	8.23M	8.64M	8.53M
Intangible Assets	6.61M	6.42M	6.38M	6.65M	6.67M	6.61M	6.61M	33.17M	28.46M	22.19M
Long-Term Investments	3M	4.39M	0	0	0	0	8.29M	0	0	0
Other Non-Current Assets	338K	331K	326K	425K	2.66M	2.2M	673K	1.13M	786K	1.01M
Total Assets+	56.36M	78.74M	88.37M	61.79M	57.39M	97.03M	64.88M	113.78M	80.55M	75.77M
Asset Turnover	0.39x	0.28x	0.29x	0.34x	0.40x	0.25x	0.41x	0.27x	0.43x	0.51x
Asset Growth %	-0.02%	0.4%	0.12%	-0.3%	-0.07%	0.69%	-0.33%	0.75%	-0.29%	-0.06%
Total Current Liabilities+	4.68M	4.45M	5.04M	4.32M	5.44M	9.78M	7.72M	10.13M	12.53M	9.14M
Accounts Payable	1.66M	1.52M	1.91M	1.09M	1.61M	2.16M	3.98M	5.05M	6.09M	4.34M
Days Payables Outstanding	67.6	65.42	81.63	47.3	73.08	99.55	165.6	123.92	151.36	111.64
Short-Term Debt	0	0	0	0	0	3.95M	0	0	0	781K
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	663K	663K	745K	939K	582K	0
Current Ratio	9.04x	14.15x	15.15x	11.50x	7.95x	8.58x	5.70x	6.33x	2.96x	4.30x
Quick Ratio	9.04x	14.15x	15.15x	11.50x	7.95x	8.58x	5.70x	6.33x	2.96x	4.30x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	226K	956K	985K	854K	2.49M	3.41M	1.78M	6.05M	6.1M	5.27M
Long-Term Debt	0	0	0	0	0	1.12M	0	0	0	0
Capital Lease Obligations	0	0	0	0	2.49M	1.77M	1.03M	5.98M	5.99M	5.21M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	226K	956K	985K	854K	0	523K	752K	76K	106K	56K
Total Liabilities	4.91M	5.4M	6.02M	5.17M	7.94M	13.19M	9.5M	16.19M	18.63M	14.41M
Total Debt+	0	0	0	0	2.49M	6.84M	1.03M	5.98M	5.99M	5.99M
Net Debt	-3.16M	-11.64M	-40.82M	-27.28M	-8.72M	-12.86M	-12.76M	-27.62M	-15.46M	-6.37M
Debt / Equity	-	-	-	-	0.05x	0.08x	0.02x	0.06x	0.10x	0.10x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	51.46M	73.33M	82.35M	56.62M	49.45M	83.84M	55.38M	97.59M	61.93M	61.36M
Equity Growth %	-0.01%	0.43%	0.12%	-0.31%	-0.13%	0.7%	-0.34%	0.76%	-0.37%	-0.01%
Book Value per Share	6.28	7.98	7.79	4.98	4.20	6.50	3.36	5.10	3.05	2.89
Total Shareholders' Equity	51.46M	73.33M	82.35M	56.62M	49.45M	83.84M	55.38M	97.59M	61.93M	61.36M
Common Stock	9K	11K	12K	12K	12K	17K	17K	20K	20K	21K
Retained Earnings	-26.04M	-47.71M	-73.51M	-105.88M	-138.72M	-171.25M	-206.01M	-265.81M	-311.77M	-350.78M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-4.5M	-5.43M	-6.49M	-7.89M	0	0	0	-4.36M	-2.56M	-2.98M
Minority Interest	0	0	0	0	0	0	0	0	0	0

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+	-9.74M	-13.86M	-17.61M	-21.21M	-22.41M	-19.94M	-26.12M	-44.41M	-22M	-26.57M
Operating CF Margin %	-0.44%	-0.64%	-0.7%	-1%	-0.97%	-0.83%	-0.98%	-1.47%	-0.63%	-0.69%
Operating CF Growth %	-0.45%	-0.42%	-0.27%	-0.2%	-0.06%	0.11%	-0.31%	-0.7%	0.5%	-0.21%
Net Income	-17.93M	-21.67M	-25.77M	-32.51M	-32.84M	-32.54M	-34.76M	-59.8M	-45.96M	-39.01M
Depreciation & Amortization	2.43M	2.46M	2.43M	2.14M	2.21M	2.77M	2.54M	8.58M	8.13M	7.59M
Stock-Based Compensation	5.08M	5.55M	6.76M	7.3M	8.21M	9.12M	11.94M	11.29M	11.16M	10.03M
Deferred Taxes	-5.08M	-5.55M	0	0	-12.06M	0	0	0	0	0
Other Non-Cash Items	5.08M	5.55M	12.35M	9.95M	12.06M	204K	-4.38M	1M	270K	17K
Working Capital Changes	691K	-202K	-1.02M	1.85M	7K	508K	-1.45M	-5.48M	4.41M	-5.2M
Change in Receivables	-64K	-462K	-1.33M	2.52M	-133K	114K	-2.65M	2.23M	-335K	-687K
Change in Inventory	0	0	-471K	35K	-702K	0	-2.08M	0	2.46M	0
Change in Payables	125K	637K	585K	-878K	702K	0	2.08M	0	660K	-1.61M
Cash from Investing+	-5.19M	-15.49M	18.97M	8.5M	-10.94M	-34.26M	25.98M	3.76M	12.56M	-11.28M
Capital Expenditures	-2.11M	-2.63M	-3.01M	-2.04M	-1.71M	-1.02M	-1.57M	-934K	-314K	-212K
CapEx % of Revenue	0.1%	0.12%	0.12%	0.1%	0.07%	0.04%	0.06%	0.03%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-895K	-790K	-819K	-747K	-659K	-612K	-2M	-533K	-426K	-431K
Cash from Financing+	11.97M	37.83M	27.83M	-833K	17.29M	62.69M	-5.77M	60.5M	-2.76M	28.77M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.51M	668K	1.18M	1.26M	1.18M	5.92M	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-11.85M	-16.49M	-20.62M	-23.25M	-24.13M	-21.57M	-27.69M	-45.88M	-22.73M	-26.78M
FCF Margin %	-0.53%	-0.76%	-0.82%	-1.1%	-1.05%	-0.9%	-1.04%	-1.52%	-0.65%	-0.7%
FCF Growth %	-0.27%	-0.39%	-0.25%	-0.13%	-0.04%	0.11%	-0.28%	-0.66%	0.5%	-0.18%
FCF per Share	-1.45	-1.79	-1.95	-2.05	-2.05	-1.67	-1.68	-2.40	-1.12	-1.26
FCF Conversion (FCF/Net Income)	0.54x	0.64x	0.68x	0.65x	0.68x	0.61x	0.75x	0.74x	0.48x	0.68x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	1.23M	38K	37K	88K	0	0	40K	61K	233K	63K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-34.61%	-34.73%	-33.11%	-46.78%	-61.92%	-48.82%	-49.93%	-78.18%	-57.62%	-63.28%
Return on Invested Capital (ROIC)	-28.58%	-29.89%	-38.6%	-70.96%	-72.21%	-44.06%	-52.64%	-82.35%	-62.1%	-61.07%
Gross Margin	59.68%	61.01%	66.06%	60.24%	65.04%	66.93%	66.9%	50.74%	57.86%	63.09%
Net Margin	-80.82%	-99.44%	-102.21%	-153.39%	-142.86%	-135.63%	-131.07%	-198.03%	-131.87%	-101.54%
Debt / Equity	-	-	-	-	0.05x	0.08x	0.02x	0.06x	0.10x	0.10x
FCF Conversion	0.54x	0.64x	0.68x	0.65x	0.68x	0.61x	0.75x	0.74x	0.48x	0.68x
Revenue Growth	-13.52%	-1.78%	15.69%	-15.95%	8.47%	4.36%	10.55%	13.87%	15.41%	10.23%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Subscription	-	-	-	-	-	10.11M	11.51M	15.22M	18.97M	22.42M
Subscription Growth	-	-	-	-	-	-	13.90%	32.18%	24.67%	18.16%
Service	-	-	-	12.77M	12.79M	13.88M	15.01M	14.98M	15.88M	16M
Service Growth	-	-	-	-	0.15%	8.50%	8.10%	-0.19%	6.01%	0.77%
Subscription Digimarc Discover And Digimarc Barcode	-	-	-	2.38M	4.88M	-	-	-	-	-
Subscription Digimarc Discover And Digimarc Barcode Growth	-	-	-	-	105.08%	-	-	-	-	-
Subscription Digimarc Guardian	-	-	-	3.66M	3.24M	-	-	-	-	-
Subscription Digimarc Guardian Growth	-	-	-	-	-11.42%	-	-	-	-	-
License	-	-	-	2.38M	2.07M	-	-	-	-	-
License Growth	-	-	-	-	-12.96%	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Non-US	-	-	-	-	-	-	-	20.17M	23.47M	28.22M
Non-US Growth	-	-	-	-	-	-	-	-	16.38%	20.25%
UNITED STATES	6.3M	4.78M	5.12M	5.57M	7.19M	7.42M	6.67M	10.03M	11.38M	10.2M
UNITED STATES Growth	-	-24.24%	7.12%	8.93%	28.96%	3.23%	-10.03%	50.25%	13.47%	-10.41%
Non Us	-	17.02M	20.1M	15.62M	15.8M	16.57M	19.84M	-	-	-
Non Us Growth	-	-	18.10%	-22.28%	1.16%	4.88%	19.76%	-	-	-
International	15.88M	-	-	-	-	-	-	-	-	-
International Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Digimarc Corporation (DMRC) reported $33.7M in revenue for fiscal year 2024. This represents a 7% decrease from $36.0M in 2011.

Digimarc Corporation (DMRC) grew revenue by 10.2% over the past year. This is steady growth.

Digimarc Corporation (DMRC) reported a net loss of $36.8M for fiscal year 2024.

Dividend & Returns

Digimarc Corporation (DMRC) has a return on equity (ROE) of -63.3%. Negative ROE indicates the company is unprofitable.

Digimarc Corporation (DMRC) had negative free cash flow of $17.7M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Digimarc Corporation (DMRC) 10-Year Financial Performance & Capital Metrics

DMRC • • Industrial / General

TechnologyIT ServicesEnterprise Software & AI PlatformsEnterprise AI Platforms

Revenue $38M +10.2%
EBITDA -$34M +15.9%
Net Income -$39M +15.1%
EPS (Diluted) -1.83 +19.0%
Gross Margin 63.09% +9.0%
EBITDA Margin -87.75% +23.7%
Operating Margin -107.52% +22.3%
Net Margin -101.54% +23.0%
ROE -63.28% -9.8%
ROIC -61.07% +1.7%
Debt/Equity 0.10 +0.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y sales CAGR of 10.8%

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 10 (bottom 10%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y4.12%

5Y10.82%

3Y13.15%

TTM-13.78%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM10.22%

EPS CAGR

10Y-

5Y-

3Y-

TTM12.31%

ROCE

10Y Avg-50.91%

5Y Avg-59.35%

3Y Avg-64.8%

Latest-61.35%

Peer Comparison

Enterprise AI Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
INODInnodata Inc.	1.84B	57.61	64.73	96.44%	14.11%	34.6%	1.49%	0.07
NABLN-able, Inc.	1.32B	7.06	44.13	10.49%	-1.31%	-0.8%	4.23%	0.49
MGICMagic Software Enterprises Ltd.	1.35B	27.45	36.60	3.26%	6.64%	13.31%	5.44%	0.29
DLBDolby Laboratories, Inc.	3.84B	63.36	24.18	5.92%	18.9%	9.69%	11.21%	0.01
JDZGJIADE Limited	27.67M	1.24	4.96	20.36%	38.77%	7.41%		0.07
GMMGlobal Mofy Metaverse Limited	69.68M	1.52	3.62	53.82%	28.24%	47.24%		0.13
DVLTDatavault AI Inc.	424.49M	0.74	-0.05	28.37%	-13.94%	-86.44%		0.11
DMRCDigimarc Corporation	139.03M	6.39	-3.49	10.23%	-109.17%	-88.8%		0.10

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	22.19M	21.79M	25.21M	21.19M	22.99M	23.99M	26.52M	30.2M	34.85M	38.42M
Revenue Growth %	-0.14%	-0.02%	0.16%	-0.16%	0.08%	0.04%	0.11%	0.14%	0.15%	0.1%
Cost of Goods Sold+	8.95M	8.5M	8.56M	8.43M	8.04M	7.93M	8.78M	14.87M	14.69M	14.18M
COGS % of Revenue	0.4%	0.39%	0.34%	0.4%	0.35%	0.33%	0.33%	0.49%	0.42%	0.37%
Gross Profit+	13.24M	13.3M	16.66M	12.77M	14.95M	16.06M	17.74M	15.32M	20.16M	24.24M
Gross Margin %	0.6%	0.61%	0.66%	0.6%	0.65%	0.67%	0.67%	0.51%	0.58%	0.63%
Gross Profit Growth %	-0.23%	0%	0.25%	-0.23%	0.17%	0.07%	0.11%	-0.14%	0.32%	0.2%
Operating Expenses+	31.22M	35.22M	43.22M	46.29M	48.68M	48.87M	57.61M	77.13M	68.37M	65.55M
OpEx % of Revenue	1.41%	1.62%	1.71%	2.18%	2.12%	2.04%	2.17%	2.55%	1.96%	1.71%
Selling, General & Admin	17.23M	20.19M	26.32M	29.04M	30.72M	31.55M	32.57M	48.66M	40.48M	38.24M
SG&A % of Revenue	0.78%	0.93%	1.04%	1.37%	1.34%	1.32%	1.23%	1.61%	1.16%	1%
Research & Development	13.99M	15.03M	16.9M	17.25M	17.96M	17.31M	17.54M	26.49M	26.58M	26.21M
R&D % of Revenue	0.63%	0.69%	0.67%	0.81%	0.78%	0.72%	0.66%	0.88%	0.76%	0.68%
Other Operating Expenses	109K	258K	0	0	0	0	7.5M	1.98M	1.31M	1.1M
Operating Income+	-17.98M	-21.92M	-26.57M	-33.52M	-33.73M	-32.81M	-39.87M	-61.81M	-48.21M	-41.31M
Operating Margin %	-0.81%	-1.01%	-1.05%	-1.58%	-1.47%	-1.37%	-1.5%	-2.05%	-1.38%	-1.08%
Operating Income Growth %	-0.18%	-0.22%	-0.21%	-0.26%	-0.01%	0.03%	-0.21%	-0.55%	0.22%	0.14%
EBITDA+	-15.54M	-19.46M	-24.14M	-31.38M	-31.52M	-30.04M	-37.82M	-53.23M	-40.08M	-33.71M
EBITDA Margin %	-0.7%	-0.89%	-0.96%	-1.48%	-1.37%	-1.25%	-1.43%	-1.76%	-1.15%	-0.88%
EBITDA Growth %	-0.2%	-0.25%	-0.24%	-0.3%	-0%	0.05%	-0.26%	-0.41%	0.25%	0.16%
D&A (Non-Cash Add-back)	2.43M	2.46M	2.43M	2.14M	2.21M	2.77M	2.05M	8.58M	8.13M	7.59M
EBIT	-17.98M	-21.92M	-26.57M	-33.52M	-33.73M	-32.81M	-32.37M	-59.63M	-47.27M	-40.76M
Net Interest Income+	0	0	0	0	0	0	0	744K	1.68M	1.82M
Interest Income	0	0	0	0	0	0	0	744K	1.68M	1.82M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	109K	258K	588K	1.06M	912K	277K	5.12M	2.11M	2.45M	2.34M
Pretax Income+	-17.87M	-21.66M	-25.98M	-32.47M	-32.82M	-32.54M	-34.74M	-59.7M	-45.76M	-38.97M
Pretax Margin %	-0.81%	-0.99%	-1.03%	-1.53%	-1.43%	-1.36%	-1.31%	-1.98%	-1.31%	-1.01%
Income Tax+	66K	10K	-206K	39K	21K	1K	16K	97K	204K	44K
Effective Tax Rate %	1%	1%	0.99%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-17.93M	-21.67M	-25.77M	-32.51M	-32.84M	-32.54M	-34.76M	-59.8M	-45.96M	-39.01M
Net Margin %	-0.81%	-0.99%	-1.02%	-1.53%	-1.43%	-1.36%	-1.31%	-1.98%	-1.32%	-1.02%
Net Income Growth %	-0.13%	-0.21%	-0.19%	-0.26%	-0.01%	0.01%	-0.07%	-0.72%	0.23%	0.15%
Net Income (Continuing)	-17.93M	-21.67M	-25.77M	-32.51M	-32.84M	-32.54M	-34.76M	-59.8M	-45.96M	-39.01M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-2.19	-2.36	-2.44	-2.86	-2.79	-3.41	-2.11	-3.12	-2.26	-1.83
EPS Growth %	0%	-0.08%	-0.03%	-0.17%	0.02%	-0.22%	0.38%	-0.48%	0.28%	0.19%
EPS (Basic)	-2.19	-2.36	-2.44	-2.86	-2.79	-3.41	-2.11	-3.12	-2.26	-1.83
Diluted Shares Outstanding	8.2M	9.19M	10.57M	11.36M	11.76M	12.91M	16.46M	19.14M	20.32M	21.26M
Basic Shares Outstanding	8.19M	9.18M	10.56M	11.36M	11.76M	12.91M	16.46M	19.14M	20.32M	21.26M
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+	42.29M	62.91M	76.31M	49.64M	43.29M	83.83M	44.01M	64.14M	37.08M	39.33M
Cash & Short-Term Investments	36.19M	56.13M	67.74M	43.66M	36.82M	77.73M	33.33M	52.54M	27.18M	28.73M
Cash Only	3.16M	11.64M	40.82M	27.28M	11.21M	19.7M	13.79M	33.6M	21.46M	12.37M
Short-Term Investments	33.03M	44.5M	26.91M	16.38M	25.6M	58.03M	19.54M	18.94M	5.73M	16.36M
Accounts Receivable	4.62M	5.08M	6.4M	3.89M	4.02M	3.91M	8.37M	5.43M	5.81M	6.41M
Days Sales Outstanding	75.93	85.05	92.71	66.96	63.85	59.44	115.18	65.6	60.88	60.92
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	1.49M	1.7M	2.17M	2.1M	2.46M	2.2M	2.32M	6.17M	4.08M	4.19M
Total Non-Current Assets+	14.07M	15.83M	12.06M	12.14M	14.09M	13.2M	20.86M	49.64M	43.47M	36.44M
Property, Plant & Equipment	3.01M	3.57M	4.24M	3.96M	3.65M	3.27M	4.17M	7.11M	5.59M	4.7M
Fixed Asset Turnover	7.37x	6.10x	5.95x	5.36x	6.30x	7.33x	6.35x	4.25x	6.24x	8.18x
Goodwill	1.11M	1.11M	1.11M	1.11M	1.11M	1.11M	1.11M	8.23M	8.64M	8.53M
Intangible Assets	6.61M	6.42M	6.38M	6.65M	6.67M	6.61M	6.61M	33.17M	28.46M	22.19M
Long-Term Investments	3M	4.39M	0	0	0	0	8.29M	0	0	0
Other Non-Current Assets	338K	331K	326K	425K	2.66M	2.2M	673K	1.13M	786K	1.01M
Total Assets+	56.36M	78.74M	88.37M	61.79M	57.39M	97.03M	64.88M	113.78M	80.55M	75.77M
Asset Turnover	0.39x	0.28x	0.29x	0.34x	0.40x	0.25x	0.41x	0.27x	0.43x	0.51x
Asset Growth %	-0.02%	0.4%	0.12%	-0.3%	-0.07%	0.69%	-0.33%	0.75%	-0.29%	-0.06%
Total Current Liabilities+	4.68M	4.45M	5.04M	4.32M	5.44M	9.78M	7.72M	10.13M	12.53M	9.14M
Accounts Payable	1.66M	1.52M	1.91M	1.09M	1.61M	2.16M	3.98M	5.05M	6.09M	4.34M
Days Payables Outstanding	67.6	65.42	81.63	47.3	73.08	99.55	165.6	123.92	151.36	111.64
Short-Term Debt	0	0	0	0	0	3.95M	0	0	0	781K
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	663K	663K	745K	939K	582K	0
Current Ratio	9.04x	14.15x	15.15x	11.50x	7.95x	8.58x	5.70x	6.33x	2.96x	4.30x
Quick Ratio	9.04x	14.15x	15.15x	11.50x	7.95x	8.58x	5.70x	6.33x	2.96x	4.30x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	226K	956K	985K	854K	2.49M	3.41M	1.78M	6.05M	6.1M	5.27M
Long-Term Debt	0	0	0	0	0	1.12M	0	0	0	0
Capital Lease Obligations	0	0	0	0	2.49M	1.77M	1.03M	5.98M	5.99M	5.21M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	226K	956K	985K	854K	0	523K	752K	76K	106K	56K
Total Liabilities	4.91M	5.4M	6.02M	5.17M	7.94M	13.19M	9.5M	16.19M	18.63M	14.41M
Total Debt+	0	0	0	0	2.49M	6.84M	1.03M	5.98M	5.99M	5.99M
Net Debt	-3.16M	-11.64M	-40.82M	-27.28M	-8.72M	-12.86M	-12.76M	-27.62M	-15.46M	-6.37M
Debt / Equity	-	-	-	-	0.05x	0.08x	0.02x	0.06x	0.10x	0.10x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	51.46M	73.33M	82.35M	56.62M	49.45M	83.84M	55.38M	97.59M	61.93M	61.36M
Equity Growth %	-0.01%	0.43%	0.12%	-0.31%	-0.13%	0.7%	-0.34%	0.76%	-0.37%	-0.01%
Book Value per Share	6.28	7.98	7.79	4.98	4.20	6.50	3.36	5.10	3.05	2.89
Total Shareholders' Equity	51.46M	73.33M	82.35M	56.62M	49.45M	83.84M	55.38M	97.59M	61.93M	61.36M
Common Stock	9K	11K	12K	12K	12K	17K	17K	20K	20K	21K
Retained Earnings	-26.04M	-47.71M	-73.51M	-105.88M	-138.72M	-171.25M	-206.01M	-265.81M	-311.77M	-350.78M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-4.5M	-5.43M	-6.49M	-7.89M	0	0	0	-4.36M	-2.56M	-2.98M
Minority Interest	0	0	0	0	0	0	0	0	0	0

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+	-9.74M	-13.86M	-17.61M	-21.21M	-22.41M	-19.94M	-26.12M	-44.41M	-22M	-26.57M
Operating CF Margin %	-0.44%	-0.64%	-0.7%	-1%	-0.97%	-0.83%	-0.98%	-1.47%	-0.63%	-0.69%
Operating CF Growth %	-0.45%	-0.42%	-0.27%	-0.2%	-0.06%	0.11%	-0.31%	-0.7%	0.5%	-0.21%
Net Income	-17.93M	-21.67M	-25.77M	-32.51M	-32.84M	-32.54M	-34.76M	-59.8M	-45.96M	-39.01M
Depreciation & Amortization	2.43M	2.46M	2.43M	2.14M	2.21M	2.77M	2.54M	8.58M	8.13M	7.59M
Stock-Based Compensation	5.08M	5.55M	6.76M	7.3M	8.21M	9.12M	11.94M	11.29M	11.16M	10.03M
Deferred Taxes	-5.08M	-5.55M	0	0	-12.06M	0	0	0	0	0
Other Non-Cash Items	5.08M	5.55M	12.35M	9.95M	12.06M	204K	-4.38M	1M	270K	17K
Working Capital Changes	691K	-202K	-1.02M	1.85M	7K	508K	-1.45M	-5.48M	4.41M	-5.2M
Change in Receivables	-64K	-462K	-1.33M	2.52M	-133K	114K	-2.65M	2.23M	-335K	-687K
Change in Inventory	0	0	-471K	35K	-702K	0	-2.08M	0	2.46M	0
Change in Payables	125K	637K	585K	-878K	702K	0	2.08M	0	660K	-1.61M
Cash from Investing+	-5.19M	-15.49M	18.97M	8.5M	-10.94M	-34.26M	25.98M	3.76M	12.56M	-11.28M
Capital Expenditures	-2.11M	-2.63M	-3.01M	-2.04M	-1.71M	-1.02M	-1.57M	-934K	-314K	-212K
CapEx % of Revenue	0.1%	0.12%	0.12%	0.1%	0.07%	0.04%	0.06%	0.03%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-895K	-790K	-819K	-747K	-659K	-612K	-2M	-533K	-426K	-431K
Cash from Financing+	11.97M	37.83M	27.83M	-833K	17.29M	62.69M	-5.77M	60.5M	-2.76M	28.77M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.51M	668K	1.18M	1.26M	1.18M	5.92M	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-11.85M	-16.49M	-20.62M	-23.25M	-24.13M	-21.57M	-27.69M	-45.88M	-22.73M	-26.78M
FCF Margin %	-0.53%	-0.76%	-0.82%	-1.1%	-1.05%	-0.9%	-1.04%	-1.52%	-0.65%	-0.7%
FCF Growth %	-0.27%	-0.39%	-0.25%	-0.13%	-0.04%	0.11%	-0.28%	-0.66%	0.5%	-0.18%
FCF per Share	-1.45	-1.79	-1.95	-2.05	-2.05	-1.67	-1.68	-2.40	-1.12	-1.26
FCF Conversion (FCF/Net Income)	0.54x	0.64x	0.68x	0.65x	0.68x	0.61x	0.75x	0.74x	0.48x	0.68x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	1.23M	38K	37K	88K	0	0	40K	61K	233K	63K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-34.61%	-34.73%	-33.11%	-46.78%	-61.92%	-48.82%	-49.93%	-78.18%	-57.62%	-63.28%
Return on Invested Capital (ROIC)	-28.58%	-29.89%	-38.6%	-70.96%	-72.21%	-44.06%	-52.64%	-82.35%	-62.1%	-61.07%
Gross Margin	59.68%	61.01%	66.06%	60.24%	65.04%	66.93%	66.9%	50.74%	57.86%	63.09%
Net Margin	-80.82%	-99.44%	-102.21%	-153.39%	-142.86%	-135.63%	-131.07%	-198.03%	-131.87%	-101.54%
Debt / Equity	-	-	-	-	0.05x	0.08x	0.02x	0.06x	0.10x	0.10x
FCF Conversion	0.54x	0.64x	0.68x	0.65x	0.68x	0.61x	0.75x	0.74x	0.48x	0.68x
Revenue Growth	-13.52%	-1.78%	15.69%	-15.95%	8.47%	4.36%	10.55%	13.87%	15.41%	10.23%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Subscription	-	-	-	-	-	10.11M	11.51M	15.22M	18.97M	22.42M
Subscription Growth	-	-	-	-	-	-	13.90%	32.18%	24.67%	18.16%
Service	-	-	-	12.77M	12.79M	13.88M	15.01M	14.98M	15.88M	16M
Service Growth	-	-	-	-	0.15%	8.50%	8.10%	-0.19%	6.01%	0.77%
Subscription Digimarc Discover And Digimarc Barcode	-	-	-	2.38M	4.88M	-	-	-	-	-
Subscription Digimarc Discover And Digimarc Barcode Growth	-	-	-	-	105.08%	-	-	-	-	-
Subscription Digimarc Guardian	-	-	-	3.66M	3.24M	-	-	-	-	-
Subscription Digimarc Guardian Growth	-	-	-	-	-11.42%	-	-	-	-	-
License	-	-	-	2.38M	2.07M	-	-	-	-	-
License Growth	-	-	-	-	-12.96%	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Non-US	-	-	-	-	-	-	-	20.17M	23.47M	28.22M
Non-US Growth	-	-	-	-	-	-	-	-	16.38%	20.25%
UNITED STATES	6.3M	4.78M	5.12M	5.57M	7.19M	7.42M	6.67M	10.03M	11.38M	10.2M
UNITED STATES Growth	-	-24.24%	7.12%	8.93%	28.96%	3.23%	-10.03%	50.25%	13.47%	-10.41%
Non Us	-	17.02M	20.1M	15.62M	15.8M	16.57M	19.84M	-	-	-
Non Us Growth	-	-	18.10%	-22.28%	1.16%	4.88%	19.76%	-	-	-
International	15.88M	-	-	-	-	-	-	-	-	-
International Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Digimarc Corporation (DMRC) reported $33.7M in revenue for fiscal year 2024. This represents a 7% decrease from $36.0M in 2011.

Digimarc Corporation (DMRC) grew revenue by 10.2% over the past year. This is steady growth.

Digimarc Corporation (DMRC) reported a net loss of $36.8M for fiscal year 2024.

Dividend & Returns

Digimarc Corporation (DMRC) has a return on equity (ROE) of -63.3%. Negative ROE indicates the company is unprofitable.

Digimarc Corporation (DMRC) had negative free cash flow of $17.7M in fiscal year 2024, likely due to heavy capital investments.