Revenue growth remains inconsistent with a 9.5% year-over-year increase in 2026Q1, yet structural margin compression persists as gross margins fluctuate between 24.7% and 32.5% over the trailing ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 175.12M | 170.97M | 160.13M | 145.07M | 153.12M | 178.45M | 365.55M | 648.65M | 838.2M | 942.21M | 997.3M | 1.05B | 1.08B | 768.36M | 568.36M | 423.69M | 301.38M | 202.81M | 160.36M |
| Revenue Growth % | 6.71% | 6.77% | 10.39% | -5.26% | -14.2% | -51.18% | -43.65% | -22.61% | -11.04% | -5.52% | -5.15% | -2.54% | 40.42% | 35.19% | 34.15% | 40.58% | 48.6% | 26.47% | - |
| Cost of Goods Sold | 126.42M | 122.06M | 110.61M | 115.41M | 131.31M | 171.37M | 305.19M | 493.26M | 622.16M | 699.87M | 690.04M | 687.33M | 707.18M | 492.48M | 366.2M | 275.85M | 189.06M | 126.8M | 115.05M |
| COGS % of Revenue | - | 71.39% | 69.07% | 79.56% | 85.75% | 96.03% | 83.49% | 76.04% | 74.23% | 74.28% | 69.19% | 65.37% | 65.55% | 64.1% | 64.43% | 65.11% | 62.73% | 62.52% | 71.74% |
| Gross Profit | 48.7M | 48.91M | 49.53M | 29.65M | 21.82M | 7.09M | 60.35M | 155.4M | 216.04M | 242.35M | 307.26M | 364.14M | 371.74M | 275.88M | 202.16M | 147.84M | 112.32M | 76.02M | 45.31M |
| Gross Margin % | 27.81% | 28.61% | 30.93% | 20.44% | 14.25% | 3.97% | 16.51% | 23.96% | 25.77% | 25.72% | 30.81% | 34.63% | 34.45% | 35.9% | 35.57% | 34.89% | 37.27% | 37.48% | 28.26% |
| Gross Profit Growth % | - | -1.25% | 67.03% | 35.92% | 207.82% | -88.26% | -61.16% | -28.07% | -10.86% | -21.13% | -15.62% | -2.04% | 34.75% | 36.47% | 36.74% | 31.62% | 47.76% | 67.75% | - |
| Operating Expenses | 42.28M | 40.98M | 46.3M | 46.42M | 55M | -21.88M | 104.71M | 137.34M | 175.67M | 192.64M | 214.16M | 220.87M | 201.73M | 113.81M | 74.71M | 62.13M | 57.35M | 39.47M | 28.09M |
| OpEx % of Revenue | - | 23.97% | 28.92% | 32% | 35.92% | -12.26% | 28.64% | 21.17% | 20.96% | 20.45% | 21.47% | 21.01% | 18.7% | 14.81% | 13.15% | 14.66% | 19.03% | 19.46% | 17.52% |
| Selling, General & Admin | 37.01M | 35.66M | 40.15M | 40.54M | 48.47M | 56.15M | 75.44M | 117.27M | 140.47M | 148.1M | 156.58M | 169.95M | 156.5M | 81M | 67.07M | 62.13M | 57.35M | 39.47M | 0 |
| SG&A % of Revenue | - | 20.85% | 25.07% | 27.94% | 31.66% | 31.47% | 20.64% | 18.08% | 16.76% | 15.72% | 15.7% | 16.16% | 14.51% | 10.54% | 11.8% | 14.66% | 19.03% | 19.46% | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 6.41M | 7.93M | 3.22M | -16.77M | -33.18M | 28.97M | -44.35M | 18.05M | 42.49M | 49.71M | 65.1M | 79.08M | 170.45M | 162.07M | 127.45M | 85.71M | 54.97M | 36.54M | 17.23M |
| Operating Margin % | 3.66% | 4.64% | 2.01% | -11.56% | -21.67% | 16.23% | -12.13% | 2.78% | 5.07% | 5.28% | 6.53% | 7.52% | 15.8% | 21.09% | 22.42% | 20.23% | 18.24% | 18.02% | 10.74% |
| Operating Income Growth % | - | 146.09% | 119.23% | 49.47% | -214.55% | 165.31% | -345.69% | -57.52% | -14.51% | -23.65% | -17.67% | -53.61% | 5.17% | 27.16% | 48.7% | 55.92% | 50.42% | 112.12% | - |
| EBITDA | 13.62M | 14.92M | 10.84M | -7.42M | -21.88M | 50.96M | -4.5M | 67.35M | 879.56M | 964.47M | 997.07M | 156.68M | 237.18M | 209.3M | 145.25M | 99.35M | 67.02M | 44.65M | 27.62M |
| EBITDA Margin % | 7.78% | 8.73% | 6.77% | -5.12% | -14.29% | 28.56% | -1.23% | 10.38% | 104.93% | 102.36% | 99.98% | 14.9% | 21.98% | 27.24% | 25.56% | 23.45% | 22.24% | 22.01% | 17.22% |
| EBITDA Growth % | -7.06% | 37.69% | 246.01% | 66.08% | -142.94% | 1232.49% | -106.68% | -92.34% | -8.8% | -3.27% | 536.37% | -33.94% | 13.32% | 44.09% | 46.2% | 48.25% | 50.11% | 61.66% | - |
| D&A (Non-Cash Add-back) | 7.21M | 6.99M | 7.61M | 9.35M | 11.3M | 21.99M | 39.85M | 49.3M | 837.06M | 914.76M | 931.97M | 77.61M | 66.73M | 47.23M | 17.81M | 13.64M | 12.05M | 8.1M | 10.39M |
| EBIT | 83K | -1.97M | 6.01M | -16.25M | -30.93M | 29.83M | -39.98M | 33.83M | 27.65M | 57.63M | 68.73M | 81.27M | 170.63M | 162.62M | 125.86M | 86M | 55.89M | 36.54M | 17.21M |
| Net Interest Income | -4.87M | -10.77M | -37.85M | -34.79M | -15.97M | -14.54M | -17.62M | -21.05M | -25.51M | -21.98M | -24.32M | -28.07M | -23.26M | -19.39M | -988K | -53K | -88K | -1.64M | -2.59M |
| Interest Income | 1.86M | 1.4M | 1.03M | 1.31M | 665K | 4K | 114K | 342K | 740K | 270K | 91K | 133K | 103K | 899K | 222K | 32K | 31K | 16K | 16K |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -11.14M | -14.15M | -32.87M | -52.35M | -47.57M | 15.29M | -57.71M | 12.44M | 1.4M | 35.38M | 44.32M | 53.06M | 147.26M | 142.33M | 124.65M | 85.91M | 55.77M | 37.58M | 14.6M |
| Pretax Margin % | -6.36% | -8.27% | -20.52% | -36.09% | -31.07% | 8.57% | -15.79% | 1.92% | 0.17% | 3.75% | 4.44% | 5.05% | 13.65% | 18.52% | 21.93% | 20.28% | 18.51% | 18.53% | 9.11% |
| Income Tax | -17.7M | -16.07M | 2.58M | 3.71M | 5.27M | 3.23M | 8.61M | 318.3M | 4.1M | -276.26M | 12.94M | 8.26M | 10.18M | 8.54M | 8.74M | 7.94M | -403K | 11.61M | 5.38M |
| Effective Tax Rate % | 158.93% | 113.63% | -7.85% | -7.09% | -11.07% | 21.14% | -14.92% | 2558.86% | 292.92% | -780.94% | 29.18% | 15.57% | 6.91% | 6% | 7.01% | 9.25% | -0.72% | 30.88% | 36.86% |
| Net Income | 6.32M | 1.61M | -35.64M | -56.29M | -53.42M | 11.81M | -67.16M | -307.97M | -5.38M | 308.89M | 28.69M | 41.6M | 134.48M | 129.97M | 110.63M | 71.11M | 49.27M | 25.97M | 9.22M |
| Net Margin % | 3.61% | 0.94% | -22.25% | -38.8% | -34.89% | 6.62% | -18.37% | -47.48% | -0.64% | 32.78% | 2.88% | 3.96% | 12.46% | 16.92% | 19.46% | 16.78% | 16.35% | 12.81% | 5.75% |
| Net Income Growth % | 119.9% | 104.53% | 36.69% | -5.38% | -552.24% | 117.59% | 78.19% | -5622.2% | -101.74% | 976.54% | -31.02% | -69.07% | 3.47% | 17.49% | 55.57% | 44.33% | 89.72% | 181.71% | - |
| Net Income (Continuing) | 6.56M | 1.93M | -35.45M | -56.06M | -52.83M | 12.05M | -66.31M | -305.86M | -2.7M | 311.63M | 31.39M | 44.8M | 137.09M | 133.79M | 115.91M | 77.97M | 56.17M | 25.97M | 9.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 817K | 751K | 665K | 615K | 775K | 1.27M | 1.21M | 1.47M | 1.24M | 1.37M | 1.41M | 1.29M | 1.05M | 1.04M | 1.37M | 3.19M | 3.06M | 0 | 0 |
| EPS (Diluted) | 0.57 | 0.15 | -1.25 | -2.51 | -3.29 | 0.74 | -4.25 | -19.13 | -0.32 | 16.53 | 1.46 | 2.02 | 5.69 | 5.19 | 4.43 | 2.77 | 1.88 | 1.07 | 0.38 |
| EPS Growth % | 117.02% | 112% | 50.2% | 23.71% | -544.59% | 117.41% | 77.78% | -5878.13% | -101.94% | 1032.19% | -27.72% | -64.5% | 9.63% | 17.16% | 59.93% | 47.34% | 75.7% | 181.58% | - |
| EPS (Basic) | - | 0.16 | -1.25 | -2.51 | -3.29 | 0.75 | -4.25 | -19.13 | -0.32 | 16.99 | 1.53 | 2.13 | 6.22 | 5.63 | 4.74 | 2.92 | 1.96 | 1.08 | 0.38 |
| Diluted Shares Outstanding | 11.11M | 11.07M | 28.53M | 22.42M | 16.07M | 16.06M | 15.6M | 15.99M | 17.07M | 18.69M | 19.61M | 20.62M | 23.63M | 25.05M | 24.96M | 25.68M | 26.26M | 24.26M | 24.05M |
| Basic Shares Outstanding | 11.11M | 10.07M | 28.53M | 22.42M | 16.07M | 15.84M | 15.6M | 15.99M | 16.82M | 18.18M | 18.7M | 19.5M | 21.63M | 23.07M | 23.36M | 24.37M | 25.08M | 24.06M | 24.05M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 228.77% |
Thin operating margin buffer
According to recent financial disclosures, ASPS achieved a 9.5% year-over-year revenue increase in 2026Q1, reflecting a modest recovery in transaction volumes, though growth remains inconsistent across the trailing ten-quarter period as the firm navigates a challenging transition away from its historical reliance on captive servicing volumes.
The revenue trajectory appears highly sensitive to the U.S. foreclosure start rate, which remains the primary engine for the company's marketplace and field services segments. While the recent uptick in growth suggests some success in diversifying the client base, investors should monitor whether this momentum is sustainable or merely a reflection of temporary volatility in distressed asset inventory.
As reported in quarterly filings, the company's gross margin has fluctuated between 24.7% and 32.5% over the last ten quarters, indicating that the firm struggles to maintain pricing power while managing the variable costs associated with its labor-intensive property preservation and inspection services.
The inability to consistently expand gross margins suggests that the company's cost structure is heavily burdened by third-party vendor payments. This lack of scalability implies that the firm may be more of a logistics provider than a high-margin software entity, limiting its ability to capture significant operating leverage during periods of increased activity.
Based on the provided income statement data, operating margins have remained thin, peaking at only 7.5% in 2025Q2, which highlights the difficulty of scaling the business without incurring significant SG&A expenses that frequently offset gains in gross profit.
The company's operating income often hovers near break-even levels, suggesting that fixed overhead costs related to platform maintenance and regulatory compliance are substantial. This operational profile warrants caution, as even minor fluctuations in revenue can lead to significant swings in operating profitability, leaving little room for execution errors.
Financial statements reveal that net income has been characterized by extreme volatility, including a notable $16.6 million gain in 2025Q2 followed by subsequent losses, suggesting that non-operating items and tax adjustments frequently distort the company's reported bottom-line results.
The frequent divergence between operating income and net income indicates that investors should focus on core operational metrics rather than headline EPS. The recent introduction of stock-based compensation, reaching $1.2 million in 2026Q1, further complicates the assessment of true economic profitability and may signal potential dilution risks for shareholders.
Analysis of the income statement suggests that the company's 0.94% net margin profile leaves it exceptionally vulnerable to external shocks, as evidenced by the recurring net losses observed in seven of the last ten quarters despite consistent revenue generation.
Short-term observers might focus on the company's ability to maintain revenue, but the underlying data suggests a business model that struggles to achieve sustainable profitability. The reliance on distressed asset cycles creates a precarious situation where any regulatory or market-driven decline in foreclosure activity could rapidly erode the company's limited cash reserves.
Quick answers to the most common questions about buying ASPS stock.
For fiscal year 2025, Altisource Portfolio Solutions S.A. (ASPS) reported total revenue of $171.0M. This represents a 6.6% increase compared to $160.4M in 2008.
Altisource Portfolio Solutions S.A. (ASPS) is profitable, generating $1.6M in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
Altisource Portfolio Solutions S.A. (ASPS) reported an operating income of $7.9M, resulting in an operating profit margin of 4.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Altisource Portfolio Solutions S.A. (ASPS) generated $48.9M in gross profit for the year, representing a gross profit margin of 28.6%. This demonstrates the company's core pricing power and production efficiency.