Revenue growth remains highly unstable, fluctuating from a 58.8% expansion in 2025Q2 to a 33.7% contraction in 2026Q2, while operating margins frequently dip into negative territory.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 |
|---|
| Sales/Revenue | 69.69M | 76.49M | 66.86M | 59.37M | 50.27M | 43.13M | 43.52M | 39.27M | 89.94M | 120.63M | 93.7M | 56.89M | 47.65M | 13.67M | 12.16M | 13.73M | 3.3M | 6.97M | 6.67M | 5.85M |
| Revenue Growth % | -5.59% | 14.39% | 12.63% | 18.09% | 16.56% | -0.89% | 10.83% | -56.34% | -25.44% | 28.73% | 64.72% | 19.38% | 248.51% | 12.43% | -11.43% | 315.62% | -52.58% | 4.47% | 14.06% | - |
| Cost of Goods Sold | 44.16M | 45.56M | 39.39M | 33.68M | 31.22M | 26.16M | 24.15M | 23.7M | 58.55M | 80.71M | 64.49M | 40.56M | 32.06M | 12.53M | 10.73M | 11.6M | 1.91M | 4.07M | 4.04M | 3.95M |
| COGS % of Revenue | - | 59.56% | 58.9% | 56.73% | 62.1% | 60.66% | 55.5% | 60.37% | 65.1% | 66.91% | 68.82% | 71.31% | 67.27% | 91.63% | 88.24% | 84.48% | 57.88% | 58.38% | 60.57% | 67.62% |
| Gross Profit | 25.53M | 30.93M | 27.48M | 25.69M | 19.06M | 16.97M | 19.36M | 15.56M | 31.39M | 39.91M | 29.21M | 16.32M | 15.6M | 1.14M | 1.43M | 2.13M | 1.39M | 2.9M | 2.63M | 1.89M |
| Gross Margin % | 36.64% | 40.44% | 41.1% | 43.27% | 37.9% | 39.34% | 44.5% | 39.63% | 34.9% | 33.09% | 31.18% | 28.69% | 32.73% | 8.37% | 11.76% | 15.52% | 42.12% | 41.62% | 39.43% | 32.38% |
| Gross Profit Growth % | - | 12.57% | 6.98% | 34.79% | 12.3% | -12.37% | 24.43% | -50.41% | -21.37% | 36.63% | 78.98% | 4.66% | 1262.05% | -19.94% | -32.9% | 53.14% | -52.01% | 10.27% | 38.9% | - |
| Operating Expenses | 32.34M | 30.42M | 32.75M | 27.2M | 32.61M | 25.71M | 23.4M | 23.01M | 42.29M | 34.8M | 24.15M | 13.82M | 12.58M | 798.13K | 683.37K | 1.03M | 2.39M | 2.63M | 2.38M | 2.01M |
| OpEx % of Revenue | - | 39.77% | 48.98% | 45.81% | 64.86% | 59.61% | 53.77% | 58.6% | 47.02% | 28.85% | 25.77% | 24.3% | 26.4% | 5.84% | 5.62% | 7.48% | 72.44% | 37.8% | 35.75% | 34.37% |
| Selling, General & Admin | 31.96M | 29.43M | 28.86M | 23.93M | 27.76M | 22.54M | 21.57M | 21.53M | 36.73M | 34.8M | 24.15M | 13.82M | 12.58M | 798.13K | 683.37K | 1.03M | 2.39M | 2.63M | 0 | 0 |
| SG&A % of Revenue | - | 38.47% | 43.16% | 40.31% | 55.21% | 52.26% | 49.57% | 54.83% | 40.84% | 28.85% | 25.77% | 24.3% | 26.4% | 5.84% | 5.62% | 7.48% | 72.44% | 37.72% | - | - |
| Research & Development | 1.73M | 2.35M | 3.36M | 3.27M | 4.85M | 3.17M | 1.83M | 1.48M | 5.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.54K | 0 | 0 |
| R&D % of Revenue | - | 3.08% | 5.02% | 5.5% | 9.65% | 7.35% | 4.2% | 3.77% | 6.18% | - | - | - | - | - | - | - | - | 0.08% | - | - |
| Other Operating Expenses | -1000K | -1.36M | 530.48K | 0 | 0 | 0 | 0 | -62.7K | 0 | 313.84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.38M | 2.01M |
| Operating Income | -6.8M | 509.83K | -5.27M | -1.51M | -13.55M | 3.69M | -2.21M | -7.45M | -10.9M | 5.12M | 5.06M | 2.5M | 3.01M | 346.85K | 746.76K | 1.1M | -1M | 266.24K | 245.4K | -116.23K |
| Operating Margin % | -9.76% | 0.67% | -7.88% | -2.55% | -26.96% | 8.56% | -5.08% | -18.97% | -12.12% | 4.24% | 5.4% | 4.4% | 6.32% | 2.54% | 6.14% | 8.04% | -30.32% | 3.82% | 3.68% | -1.99% |
| Operating Income Growth % | - | 109.67% | -248.64% | 88.85% | -467.22% | 266.81% | 70.29% | 31.68% | -313.08% | 1.02% | 102.47% | -17% | 768.74% | -53.55% | -32.36% | 210.21% | -476.24% | 8.49% | 311.13% | - |
| EBITDA | -5.22M | 1.98M | -3.94M | -485.43K | -11.8M | 5.9M | 469.8K | -4.43M | -8.58M | 8.26M | 7.36M | 3.27M | 3.51M | 357.99K | 765.62K | 1.13M | -978.46K | 299.54K | 278.54K | -103.52K |
| EBITDA Margin % | -7.5% | 2.59% | -5.89% | -0.82% | -23.47% | 13.67% | 1.08% | -11.29% | -9.54% | 6.85% | 7.85% | 5.75% | 7.36% | 2.62% | 6.3% | 8.21% | -29.61% | 4.3% | 4.18% | -1.77% |
| EBITDA Growth % | -3839.26% | 150.34% | -711.85% | 95.89% | -300.12% | 1155.13% | 110.6% | 48.34% | -203.92% | 12.19% | 124.84% | -6.68% | 879.87% | -53.24% | -32.06% | 215.18% | -426.65% | 7.54% | 369.07% | - |
| D&A (Non-Cash Add-back) | 1.58M | 1.47M | 1.33M | 1.03M | 1.75M | 2.21M | 2.68M | 3.01M | 2.32M | 3.14M | 2.3M | 772.43K | 494.65K | 11.14K | 18.86K | 22.94K | 23.25K | 33.3K | 33.14K | 12.71K |
| EBIT | -16.68M | -25.2M | -5.31M | -1.03M | -6.95M | 3.69M | -2.75M | -7.85M | -13.09M | 5.43M | 6.76M | 2.5M | 3.17M | 346.85K | 692.76K | 1.1M | -1M | 266.24K | 245.44K | -79.78K |
| Net Interest Income | -13.86M | -2.11M | -2.17M | -4.97M | -3.88M | -2.92M | -4.61M | -4.79M | -800.4K | -923.95K | -673.61K | -496.28K | -436.86K | -45.85K | -42.08K | -93.12K | -26.97K | -107.79K | -127.36K | -43.78K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 13.86M | 2.11M | 2.17M | 4.97M | 3.88M | 2.92M | 4.61M | 4.79M | 800.4K | 923.95K | 673.61K | 496.28K | 436.86K | 45.85K | 42.08K | 93.12K | 26.97K | 107.79K | 127.36K | 43.78K |
| Other Income/Expense | -19.71M | -27.82M | -2.21M | -4.49M | 2.47M | 9.51M | -2.79M | -5.19M | -1.34M | -610.12K | 1.02M | 338.01K | -283.35K | -45.85K | -42.08K | -93.12K | -26.97K | -107.79K | -127.32K | -7.34K |
| Pretax Income | -26.51M | -27.31M | -7.48M | -6M | -13.5M | 769.21K | -6.82M | -12.64M | -10.63M | 4.51M | 6.08M | 2.84M | 2.73M | 301K | 704.68K | 1.01M | -1.03M | 158.46K | 118.08K | -123.56K |
| Pretax Margin % | -38.05% | -35.71% | -11.18% | -10.11% | -26.85% | 1.78% | -15.67% | -32.19% | -11.81% | 3.74% | 6.49% | 4.99% | 5.73% | 2.2% | 5.79% | 7.36% | -31.13% | 2.27% | 1.77% | -2.11% |
| Income Tax | 844K | 734.88K | 202.28K | 394.27K | -208.54K | 375.43K | 2.07M | -1.34M | -2.6M | 115.65K | 1.09M | 917 | 60.96K | 12.5K | 2.48K | 0 | 0 | 3.44K | 0 | 0 |
| Effective Tax Rate % | -3.18% | -2.69% | -2.71% | -6.57% | 1.54% | 48.81% | -30.41% | 10.57% | 24.47% | 2.57% | 17.92% | 0.03% | 2.23% | 4.15% | 0.35% | 0% | 0% | 2.17% | 0% | 0% |
| Net Income | -27.15M | -27.87M | -7.23M | -9.2M | -13.29M | 393.78K | -8.89M | -11.3M | -9.24M | 4.39M | 4.99M | 2.84M | 2.67M | 288.5K | 702.2K | 1.01M | -1.03M | 155.01K | 118.08K | -123.56K |
| Net Margin % | -38.95% | -36.44% | -10.81% | -15.49% | -26.44% | 0.91% | -20.44% | -28.79% | -10.27% | 3.64% | 5.33% | 4.99% | 5.6% | 2.11% | 5.77% | 7.36% | -31.13% | 2.22% | 1.77% | -2.11% |
| Net Income Growth % | -8.93% | -285.49% | 21.39% | 30.81% | -3475.57% | 104.43% | 21.31% | -22.32% | -310.49% | -12.1% | 75.96% | 6.34% | 825.1% | -58.92% | -30.54% | 198.27% | -763.62% | 31.28% | 195.56% | - |
| Net Income (Continuing) | -27.36M | -28.05M | -7.68M | -6.4M | -10.62M | 393.78K | -9.43M | -11.3M | -11.03M | 4.39M | 4.99M | 2.84M | 2.67M | 288.5K | 648.2K | 1.01M | -1.03M | 155.01K | 118.08K | -123.56K |
| Discontinued Operations | -42.46K | -243.55K | 43.12K | -2.84M | -2.67M | -8.28M | -812.89K | -4.19M | 1.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 250.16K | 656.18K | 692.74K | 964.03K | 1.08M | 885.87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -26.52 | -2108.80 | -765.00 | -951.30 | -1686.10 | -4.40 | -2914.80 | -15701.90 | -20724.10 | 10771.00 | 14643.40 | 10252.90 | 9847.50 | 1022.00 | 2536.00 | 3650.90 | -3719.90 | 596.10 | 560.30 | -586.30 |
| EPS Growth % | 82.89% | -175.66% | 19.58% | 43.58% | -38220.45% | 99.85% | 81.44% | 24.23% | -292.41% | -26.44% | 42.82% | 4.12% | 863.55% | -59.7% | -30.54% | 198.15% | -724.04% | 6.39% | 195.57% | - |
| EPS (Basic) | - | -2108.80 | -765.00 | -1120.70 | -1362.60 | -4.40 | -2914.80 | -15701.90 | -20724.10 | 10945.60 | 14770.40 | 10353.90 | 9847.50 | 1022.00 | 2536.00 | 3650.90 | -3719.90 | 612.50 | 560.30 | -586.30 |
| Diluted Shares Outstanding | 1.02M | 13.24K | 9.45K | 9.67K | 7.88K | 6.64K | 3.05K | 720 | 450 | 410 | 340 | 280 | 270 | 280 | 280 | 280 | 280 | 260 | 210 | 210 |
| Basic Shares Outstanding | 994.67K | 13.24K | 9.45K | 8.21K | 9.76K | 6.64K | 3.05K | 720 | 450 | 400 | 340 | 270 | 270 | 280 | 280 | 280 | 280 | 250 | 210 | 210 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 12.04% | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Losses
According to the provided quarterly income statements, Cemtrex has experienced significant top-line volatility, with revenue growth fluctuating from a 58.8% expansion in 2025Q2 to a 33.7% contraction in 2026Q2, highlighting the inherent instability of its project-based revenue model across both industrial and technology segments.
The erratic revenue trajectory suggests that the company struggles to maintain a consistent pipeline of project wins, likely due to the lumpy nature of industrial services and government-related security contracts. Investors should monitor whether the recent contraction in 2026Q2 represents a structural decline in demand or merely the timing of project completions.
As reported in financial statements, Cemtrex has maintained a relatively consistent gross margin profile, averaging approximately 40% over the last ten quarters, yet this stability fails to translate into operational profitability due to the heavy burden of selling, general, and administrative expenses relative to total revenue.
While the 40% gross margin suggests a degree of pricing power in its specialized security and rigging niches, the inability to scale operating margins indicates that the cost structure is too rigid. The persistent gap between gross profit and operating income implies that the company is effectively subsidizing its operations through high overhead costs.
Based on the reported figures, Cemtrex demonstrates a lack of operating leverage, as SG&A expenses consistently consume nearly all gross profit, resulting in operating margins that frequently dip into negative territory despite periodic revenue spikes in quarters like 2025Q2.
The company's inability to achieve positive operating income on a consistent basis suggests that its current business model is not yet optimized for scale. Without a significant reduction in fixed overhead or a substantial increase in high-margin software revenue, the company may continue to struggle with operational sustainability.
Analysis of the income statement reveals a profound disconnect between operating performance and net income, with net margins swinging wildly from -127.4% in 2026Q1 to 30.8% in 2025Q2, indicating that non-operating items and potential one-time charges are significantly obscuring the underlying health of the core business.
The extreme volatility in net income suggests that investors should focus primarily on operating income to gauge the company's true performance. The frequent, large-scale swings in the bottom line warrant further investigation into the nature of these non-operating expenses, which appear to be a recurring drag on shareholder value.
Data from the last ten quarters indicates that Cemtrex faces significant risks, as the company's inability to generate consistent positive net income, combined with its reliance on project-based revenue, suggests a business model that may be fundamentally ill-equipped to handle prolonged periods of industrial or public sector stagnation.
Short-sellers would likely focus on the persistent operating losses and the potential for future equity dilution to fund ongoing cash burn. The company's reliance on disparate business segments without clear operational synergies may continue to result in a conglomerate discount that suppresses valuation multiples compared to more focused peers.
Quick answers to the most common questions about buying CETX stock.
For fiscal year 2025, Cemtrex, Inc. (CETX) reported total revenue of $76.5M. This represents a 1208.0% increase compared to $5.8M in 2007.
Cemtrex, Inc. (CETX) reported a net loss of $27.9M for the fiscal year ending 2025.
Cemtrex, Inc. (CETX) reported an operating income of $0.5M, resulting in an operating profit margin of 0.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Cemtrex, Inc. (CETX) generated $30.9M in gross profit for the year, representing a gross profit margin of 40.4%. This demonstrates the company's core pricing power and production efficiency.