Revenue grew 26.2% to $131.1M in the latest quarter, yet gross margin of 6.9% and an operating margin of -2.5% suggest weak pricing power and overhead absorption.
NN, Inc. (NNBR) annual income statement — 30-year revenue, gross profit & net income history
| 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 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 483.01M | 422.21M | 464.29M | 489.27M | 498.74M | 477.58M | 427.53M | 489.51M | 770.66M | 619.79M | 833.49M | 667.28M | 488.6M | 373.21M | 370.08M | 424.69M | 365.37M | 259.38M | 424.84M | 421.29M | 330.32M | 321.39M | 304.09M | 253.46M | 192.86M | 180.15M | 132.13M | 85.29M | 73M | 75.3M | 84.5M |
| Revenue Growth % | 13.92% | -9.06% | -5.11% | -1.9% | 4.43% | 11.71% | -12.66% | -36.48% | 24.34% | -25.64% | 24.91% | 36.57% | 30.92% | 0.84% | -12.86% | 16.24% | 40.86% | -38.95% | 0.84% | 27.54% | 2.78% | 5.69% | 19.97% | 31.43% | 7.05% | 36.34% | 54.91% | 16.84% | -3.05% | -10.89% | 8.61% |
| Cost of Goods Sold | 432.32M | 362.85M | 394.81M | 419.18M | 421.11M | 390M | 343.59M | 392.48M | 588.21M | 458.63M | 621.02M | 525.99M | 384.89M | 295.14M | 294.86M | 347.62M | 296.42M | 235.47M | 344.69M | 337.02M | 257.7M | 248.83M | 240.58M | 195.66M | 144.27M | 137.59M | 93.93M | 59.97M | 50.4M | 51.7M | 56.7M |
| COGS % of Revenue | - | 85.94% | 85.04% | 85.67% | 84.43% | 81.66% | 80.37% | 80.18% | 76.33% | 74% | 74.51% | 78.83% | 78.77% | 79.08% | 79.67% | 81.85% | 81.13% | 90.78% | 81.13% | 80% | 78.02% | 77.42% | 79.12% | 77.19% | 74.81% | 76.38% | 71.09% | 70.31% | 69.04% | 68.66% | 67.1% |
| Gross Profit | 50.69M | 59.36M | 69.48M | 70.09M | 77.63M | 87.59M | 83.94M | 97.03M | 182.45M | 161.16M | 212.47M | 141.29M | 103.71M | 78.07M | 75.22M | 77.07M | 68.95M | 23.92M | 80.15M | 84.27M | 72.62M | 72.56M | 63.51M | 57.8M | 48.58M | 42.56M | 38.2M | 25.33M | 22.6M | 23.6M | 27.8M |
| Gross Margin % | 10.49% | 14.06% | 14.96% | 14.33% | 15.57% | 18.34% | 19.63% | 19.82% | 23.67% | 26% | 25.49% | 21.17% | 21.23% | 20.92% | 20.33% | 18.15% | 18.87% | 9.22% | 18.87% | 20% | 21.98% | 22.58% | 20.89% | 22.81% | 25.19% | 23.62% | 28.91% | 29.69% | 30.96% | 31.34% | 32.9% |
| Gross Profit Growth % | - | -14.56% | -0.88% | -9.71% | -11.37% | 4.35% | -13.49% | -46.82% | 13.21% | -24.15% | 50.38% | 36.23% | 32.84% | 3.78% | -2.39% | 11.78% | 188.28% | -70.16% | -4.89% | 16.04% | 0.09% | 14.25% | 9.87% | 18.98% | 14.15% | 11.4% | 50.84% | 12.07% | -4.24% | -15.11% | 16.32% |
| Operating Expenses | 65.48M | 78.27M | 97.03M | 91.9M | 98.72M | 78.58M | 201.4M | 114.63M | 170.8M | 126.54M | 143.23M | 96.38M | 65.9M | 50.24M | 49.2M | 47.64M | 50.41M | 54.93M | 59.91M | 59.4M | 46.8M | 45.4M | 46.74M | 35.54M | 34.25M | 29.72M | 20.74M | 12.98M | 10.5M | 9.6M | 8.3M |
| OpEx % of Revenue | - | 18.54% | 20.9% | 18.78% | 19.79% | 16.45% | 47.11% | 23.42% | 22.16% | 20.42% | 17.18% | 14.44% | 13.49% | 13.46% | 13.3% | 11.22% | 13.8% | 21.18% | 14.1% | 14.1% | 14.17% | 14.13% | 15.37% | 14.02% | 17.76% | 16.5% | 15.69% | 15.22% | 14.38% | 12.75% | 9.82% |
| Selling, General & Admin | 38.43M | 46.17M | 49.48M | 47.44M | 49.63M | 51.49M | 58.05M | 68.89M | 93.58M | 73.76M | 80.74M | 51.9M | 43.76M | 33.28M | 31.56M | 30.66M | 30.41M | 27.77M | 36.07M | 36.47M | 30.01M | 29.07M | 29.75M | 21.7M | 17.13M | 16.38M | 11.57M | 6.85M | 5.9M | 5.5M | 4.9M |
| SG&A % of Revenue | - | 10.94% | 10.66% | 9.7% | 9.95% | 10.78% | 13.58% | 14.07% | 12.14% | 11.9% | 9.69% | 7.78% | 8.96% | 8.92% | 8.53% | 7.22% | 8.32% | 10.7% | 8.49% | 8.66% | 9.08% | 9.05% | 9.79% | 8.56% | 8.88% | 9.09% | 8.76% | 8.04% | 8.08% | 7.3% | 5.8% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 43K | 32.1M | 47.55M | 44.46M | 49.09M | 27.1M | 143.34M | 45.73M | -1.34M | -39.87M | -214K | -21.78M | -2.22M | -275K | -852K | 16.98M | 20M | 27.16M | 23.84M | 22.93M | 16.79M | 16.33M | 16.99M | 13.84M | 17.12M | 13.34M | 9.16M | 6.13M | 4.6M | 4.1M | 3.4M |
| Operating Income | -14.79M | -18.91M | -27.55M | -21.8M | -21.09M | 9M | -117.46M | -17.59M | -178.89M | 33.54M | 58.93M | 28.73M | 27.69M | 27.83M | 25.07M | 29.43M | 16.25M | -31.01M | -21.82M | 11.24M | 25.89M | 27.89M | 14.37M | 19.78M | 18.96M | 10.53M | 17.47M | 12.34M | 12.1M | 14M | 19.5M |
| Operating Margin % | -3.06% | -4.48% | -5.93% | -4.46% | -4.23% | 1.89% | -27.47% | -3.59% | -23.21% | 5.41% | 7.07% | 4.3% | 5.67% | 7.46% | 6.77% | 6.93% | 4.45% | -11.96% | -5.14% | 2.67% | 7.84% | 8.68% | 4.72% | 7.8% | 9.83% | 5.84% | 13.22% | 14.47% | 16.58% | 18.59% | 23.08% |
| Operating Income Growth % | - | 31.34% | -26.34% | -3.38% | -334.25% | 107.67% | -567.63% | 90.17% | -633.31% | -43.08% | 105.15% | 3.75% | -0.5% | 10.99% | -14.82% | 81.14% | 152.39% | -42.1% | -294.23% | -56.6% | -7.16% | 94.11% | -27.36% | 4.32% | 80.12% | -39.74% | 41.52% | 2% | -13.57% | -28.21% | 12.72% |
| EBITDA | 22.22M | 17.01M | 17.75M | 24.32M | 26.14M | 55.2M | -71.78M | 27.3M | -107.76M | 85.95M | 109.65M | 73.21M | 49.83M | 44.78M | 42.71M | 46.45M | 35.44M | -7.68M | 6.4M | 34.45M | 43.84M | 44.67M | 30.72M | 33.61M | 30.17M | 23.87M | 26.63M | 18.47M | 16.7M | 18.1M | 22.9M |
| EBITDA Margin % | 4.6% | 4.03% | 3.82% | 4.97% | 5.24% | 11.56% | -16.79% | 5.58% | -13.98% | 13.87% | 13.16% | 10.97% | 10.2% | 12% | 11.54% | 10.94% | 9.7% | -2.96% | 1.51% | 8.18% | 13.27% | 13.9% | 10.1% | 13.26% | 15.64% | 13.25% | 20.16% | 21.66% | 22.88% | 24.04% | 27.1% |
| EBITDA Growth % | 92.62% | -4.2% | -26.99% | -6.97% | -52.65% | 176.9% | -362.89% | 125.34% | -225.38% | -21.61% | 49.78% | 46.9% | 11.27% | 4.85% | -8.04% | 31.05% | 561.56% | -219.97% | -81.42% | -21.42% | -1.85% | 45.41% | -8.61% | 11.41% | 26.42% | -10.39% | 44.17% | 10.62% | -7.73% | -20.96% | 16.24% |
| D&A (Non-Cash Add-back) | 37.01M | 35.92M | 45.3M | 46.12M | 47.23M | 46.2M | 45.68M | 44.9M | 71.13M | 52.41M | 50.72M | 44.48M | 22.15M | 16.96M | 17.64M | 17.02M | 19.2M | 23.33M | 28.23M | 23.21M | 17.95M | 16.78M | 16.35M | 13.84M | 11.21M | 13.34M | 9.16M | 6.13M | 4.6M | 4.1M | 3.4M |
| EBIT | -11.86M | -18.85M | -24.58M | -32.66M | -16.03M | -9.78M | -133.19M | -19.09M | -197.06M | -8.12M | 40.44M | 6.95M | 24.07M | 27.55M | 24.22M | 30.82M | 17.8M | -31.27M | -20.97M | 24.87M | 25.83M | 27.16M | 16.77M | 22.27M | 14.33M | 12.84M | 17.47M | 12.34M | 12.1M | 13.95M | 19.5M |
| Net Interest Income | -22.53M | -20.87M | -23.14M | -22.95M | -15.04M | -12.66M | -18.9M | -13.03M | -11.31M | -52.09M | -62.87M | -29.58M | -10.89M | -2.37M | -3.88M | -4.71M | -6.82M | -6.36M | -5.2M | -6.37M | -3.98M | -3.78M | -4.03M | -3.25M | -2.45M | -4.01M | -1.77M | 0 | -100K | 0 | -300K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 317K | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 22.53M | 20.87M | 23.14M | 22.95M | 15.04M | 12.66M | 18.9M | 13.03M | 11.31M | 52.09M | 63.15M | 29.9M | 12.29M | 2.37M | 3.88M | 4.71M | 6.82M | 6.36M | 5.2M | 6.37M | 3.98M | 3.78M | 4.03M | 3.25M | 2.45M | 4.01M | 1.77M | 0 | 100K | 0 | 300K |
| Other Income/Expense | -10.82M | -11.94M | -8.31M | -26.06M | -3.38M | -25.18M | -31M | -14.53M | -83.12M | -90.65M | -42.28M | -51.67M | -14.52M | -2.65M | -4.73M | -3.33M | -5.26M | -12.08M | -4.35M | -5.99M | -2.94M | -3.12M | -6.43M | -3.2M | 3.94M | 81K | -1.52M | -523K | 100K | -52K | -200K |
| Pretax Income | -25.61M | -30.85M | -35.86M | -47.87M | -24.48M | -16.18M | -148.46M | -32.13M | -261.03M | -58.31M | -7.5M | -22.95M | 13.17M | 25.18M | 20.34M | 26.11M | 10.98M | -37.62M | -26.18M | 5.25M | 22.96M | 24.76M | 11.19M | 16.58M | 22.9M | 10.61M | 15.95M | 11.82M | 12.2M | 13.9M | 19.3M |
| Pretax Margin % | -5.3% | -7.31% | -7.72% | -9.78% | -4.91% | -3.39% | -34.73% | -6.56% | -33.87% | -9.41% | -0.9% | -3.44% | 2.7% | 6.75% | 5.5% | 6.15% | 3.01% | -14.51% | -6.16% | 1.25% | 6.95% | 7.71% | 3.68% | 6.54% | 11.87% | 5.89% | 12.07% | 13.86% | 16.71% | 18.46% | 22.84% |
| Income Tax | 613K | 3.15M | 2.41M | 2.29M | 1.62M | -1.76M | -8.97M | 305K | -10.96M | -79.21M | -9.83M | -9.91M | 5.79M | 8M | -3.93M | 5.17M | 4.57M | -2.29M | -8.54M | 6.42M | 8.52M | 9.75M | 4.09M | 5.73M | 6.46M | 4.09M | 5.96M | 4.06M | 4.5M | 5.4M | 6.8M |
| Effective Tax Rate % | -2.39% | -10.22% | -6.72% | -4.77% | -6.62% | 10.85% | 6.04% | -0.95% | 4.2% | 135.84% | 131.12% | 43.2% | 43.93% | 31.77% | -19.31% | 19.8% | 41.59% | 6.09% | 32.6% | 122.35% | 37.12% | 39.38% | 36.54% | 34.54% | 28.2% | 38.6% | 37.37% | 34.35% | 36.89% | 38.85% | 35.23% |
| Net Income | -30.5M | -34M | -38.27M | -50.15M | -26.1M | -13.22M | -100.59M | -46.74M | -264.47M | 26.03M | 8.27M | -9.58M | 8.22M | 17.18M | 24.27M | 20.94M | 6.42M | -35.33M | -17.64M | -1.17M | 14.44M | 15.01M | 7.1M | 10.18M | 13.66M | 4.66M | 9.99M | 7.76M | 7.7M | 8.5M | 12.5M |
| Net Margin % | -6.31% | -8.05% | -8.24% | -10.25% | -5.23% | -2.77% | -23.53% | -9.55% | -34.32% | 4.2% | 0.99% | -1.44% | 1.68% | 4.6% | 6.56% | 4.93% | 1.76% | -13.62% | -4.15% | -0.28% | 4.37% | 4.67% | 2.34% | 4.02% | 7.09% | 2.59% | 7.56% | 9.1% | 10.55% | 11.29% | 14.79% |
| Net Income Growth % | 28.13% | 11.15% | 23.68% | -92.16% | -97.34% | 86.85% | -115.21% | 82.33% | -1116.13% | 214.68% | 186.32% | -216.61% | -52.17% | -29.22% | 15.91% | 226.32% | 118.16% | -100.28% | -1404.01% | -108.13% | -3.84% | 111.38% | -30.22% | -25.51% | 193.09% | -53.32% | 28.72% | 0.77% | -9.41% | -32% | 8.7% |
| Net Income (Continuing) | -26.22M | -34M | -38.27M | -50.15M | -26.1M | -14.43M | -139.49M | -30.75M | -221.22M | 24.55M | -9.49M | -24.38M | 8.22M | 17.18M | 24.27M | 20.94M | 6.42M | -35.33M | -17.64M | -1.17M | 14.44M | 15.01M | 7.1M | 10.18M | 13.66M | 4.76M | 9.99M | 7.76M | 7.7M | 8.5M | 12.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 1.2M | 38.9M | -15.99M | 0 | 137.69M | 16.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32K | 32K | 32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.71M | 30.93M | 30.26M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.39 | -1.07 | -1.11 | -1.35 | -0.73 | -0.47 | -3.39 | -1.15 | -8.35 | 5.85 | 0.25 | -0.45 | 0.43 | 1.00 | 1.42 | 1.24 | 0.39 | -2.17 | -1.11 | -0.07 | 0.83 | 0.87 | 0.41 | 0.62 | 0.49 | 0.30 | 0.64 | 0.52 | 0.52 | 0.57 | 0.83 |
| EPS Growth % | 9.38% | 3.6% | 17.78% | -84.93% | -55.32% | 86.14% | -194.78% | 86.23% | -242.74% | 2240% | 155.56% | -204.65% | -57% | -29.58% | 14.52% | 217.95% | 117.97% | -95.5% | -1485.71% | -108.43% | -4.6% | 112.2% | -33.87% | 26.53% | 63.33% | -53.13% | 23.08% | 0% | -8.77% | -31.33% | 5.06% |
| EPS (Basic) | - | -1.07 | -1.11 | -1.35 | -0.73 | -0.47 | -3.39 | -1.15 | -8.35 | 5.91 | 0.25 | -0.45 | 0.43 | 1.00 | 1.42 | 1.24 | 0.39 | -2.17 | -1.11 | -0.07 | 0.84 | 0.88 | 0.42 | 0.64 | 0.51 | 0.31 | 0.66 | 0.52 | 0.52 | 0.57 | 0.85 |
| Diluted Shares Outstanding | 78.11M | 49.44M | 48.65M | 46.74M | 44.68M | 44.01M | 42.2M | 42.03M | 31.68M | 27.75M | 27.02M | 21.18M | 18.98M | 17.26M | 17.11M | 16.95M | 16.62M | 16.27M | 15.89M | 16.75M | 17.35M | 17.19M | 17.15M | 16.38M | 15.71M | 15.54M | 15.53M | 15.04M | 14.8M | 14.81M | 15.06M |
| Basic Shares Outstanding | 78.11M | 49.44M | 48.65M | 46.74M | 44.68M | 44.01M | 42.2M | 42.03M | 31.68M | 27.43M | 27.02M | 21.18M | 18.26M | 17.18M | 17.09M | 16.95M | 16.62M | 16.27M | 15.89M | 16.75M | 17.13M | 17M | 16.73M | 15.97M | 15.34M | 15.26M | 15.25M | 15.02M | 14.8M | 14.81M | 14.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 29.57% | 91.69% | - | 62.44% | 18.22% | - | - | - | - | - | - | 37.93% | 36.44% | 75.43% | 51.4% | 35.97% | 104.83% | 48.84% | 61.99% | 61.04% | 55.29% | 37.6% |
Quick answers to the most common questions about buying NNBR stock.
For fiscal year 2025, NN, Inc. (NNBR) reported total revenue of $422.2M. This represents a 399.7% increase compared to $84.5M in 1996.
NN, Inc. (NNBR) reported a net loss of $34.0M for the fiscal year ending 2025.
NN, Inc. (NNBR) reported an operating income of $-18.9M, resulting in an operating profit margin of -4.5%. This margin reflects the operational efficiency of the business before interest and taxes.
NN, Inc. (NNBR) generated $59.4M in gross profit for the year, representing a gross profit margin of 14.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Rebounds Amid Volatile Quarters
Based on NN, Inc.'s reported quarterly figures, revenue grew 26.2% year over year to $131.1M in the latest quarter, reversing a multi-quarter stretch of contraction that ran from mid-2024 through late 2025 and suggesting recovery is still uneven.
The swing from negative year-over-year growth in 2025 to double-digit gains in 2026 is notable, but the sequence is volatile rather than steadily accelerating. Investors should determine whether the latest gains reflect volume recovery, pricing, or acquisition contribution, since the reported figures alone do not isolate these drivers. Durability of the rebound warrants monitoring over additional quarters before it can be treated as a structural trend.
Gross Margin Compression Underlies Losses
As reported in NN, Inc.'s income statements, gross margin ranged between roughly 6.9% and 17.7% over the period, with the most recent quarter at 6.9%, indicating weak pricing power or cost absorption relative to peers such as Park-Ohio at 17.0%.
Gross margin has been highly cyclical, peaking near 17% in 2024 and mid-2025 before falling sharply in the latest quarter. Such thin and fluctuating gross margins leave little buffer for operating expenses, which is consistent with the sustained operating losses shown. The gap versus higher-margin peers suggests structural cost or mix disadvantages that may not reverse easily.
Operating Losses Persist Despite Revenue Growth
Based on NN, Inc.'s reported figures, operating margin remained negative in most recent quarters, with the latest quarter showing an operating loss of $3.3M on $131.1M of revenue, indicating that top-line growth has not translated into operating leverage.
Revenue growth of 26% alongside a deteriorating operating result points to cost structures that scale with volume rather than against it. SG&A of $13.3M in the latest quarter absorbs a large share of gross profit of $9.0M, leaving the business unable to cover overhead. Investors should question whether cost actions are underway or whether the current cost base is structurally too heavy for current gross margins.
Net Losses Exceed Operating Shortfalls
According to reported financial statements, NN, Inc.'s net loss of $4.6M in the latest quarter exceeded its operating loss of $3.3M, and the EPS growth figures reflect volatile comparisons rather than a consistent improvement trend.
The gap between operating and net results suggests non-operating items, interest, or tax effects contributed to losses, though the supplied data does not break these down. Reported EPS growth rates swing widely because the base periods are themselves loss-making, which makes percentage comparisons of limited analytical value. Stock-based compensation of roughly $0.7M to $0.8M per quarter is modest relative to revenue and does not appear to be the primary driver of losses.
Cost of Sales Dominates the Expense Base
Based on NN, Inc.'s reported figures, cost of goods sold consumed about 93% of revenue in the latest quarter, leaving gross profit of $9.0M against SG&A of $13.3M and making overhead the decisive pressure point.
COGS has moved in lockstep with revenue, indicating that variable manufacturing costs dominate and that pricing has not offset input cost pressure. SG&A has remained in a narrow band of roughly $10M to $13M per quarter, so its share of revenue has risen during periods of weaker sales. Reported R&D is absent in the data, so no conclusion can be drawn about innovation spending.
Recovery Narrative Faces Margin Reality
The strongest challenge to the growth story is that NN, Inc. has reported operating losses across most of the ten quarters, and the latest revenue gain has not yet produced a positive operating or net result.
Short-sellers would likely argue that top-line growth is being bought through lower-margin volume rather than reflecting pricing power or improved mix. Gross margin fell from 17% to 6.9% in the most recent quarter even as revenue rose, which may indicate that growth carries weaker unit economics. Until operating income turns consistently positive, the reported recovery may not be sufficient to support the current valuation, and investors should monitor whether margins stabilize.