PDF Solutions, Inc. (PDFS) 10-Year Financial Performance & Capital Metrics

PDFS • • Industrial / General

TechnologyApplication SoftwareDesign & Engineering SoftwareCAD/Engineering Design

AboutPDF Solutions, Inc. provides proprietary software and physical intellectual property products for integrated circuit designs, electrical measurement hardware tools, proven methodologies, and professional services in the United States, China, Japan, Taiwan, and internationally. The company offers Exensio software products, such as Manufacturing Analytics that stores collected data in a common environment with a consistent view for enabling product engineers to identify and analyze production yield, performance, reliability, and other issues; Process Control that provides failure detection and classification capabilities for monitoring, alarming, and controlling manufacturing tool sets; Test Operations that offers data collection and analysis capabilities; and Assembly Operations that provides device manufacturers with the capability to link assembly and packaging data, including fabrication and characterization data over the product life cycle. It also provides design-for-inspection (DFI) Systems, such as DFI on-chip instruments; eProbe non-contactless E-beam tool; and Characterization Vehicle (CV) system, which includes CV test chips and pdFasTest electrical testers, as well as Exensio characterization software, designed to analyze the measurements collected from DFI on-chip instruments using the eProbe tool. In addition, the company offers Cimetrix software products that enables equipment manufacturers to provide industry standard interfaces on their products; and software-as-a-service, software related services, and characterization services. It sells its technologies and services through direct sales force, service teams, and strategic alliances to integrated device manufacturers, fabless semiconductor companies, foundries, equipment manufacturers, electronics manufacturing suppliers, original device manufacturers, out-sourced semiconductor assembly and test, and system houses. The company was founded in 1991 and is headquartered in Santa Clara, California.Show more

Revenue $179M +8.2%
EBITDA $4M -21.8%
Net Income $4M +30.7%
EPS (Diluted) 0.10 +25.5%
Gross Margin 69.83% +1.5%
EBITDA Margin 2.24% -27.7%
Operating Margin -0.28% +58.9%
Net Margin 2.26% +20.7%
ROE 1.71% +20.8%
ROIC -0.25% +64.9%
Debt/Equity 0.02 -22.1%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 85 (top 15%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 16.0%
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 0.5%
✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y6.01%

5Y15.96%

3Y17.35%

TTM21.23%

Profit (Net Income) CAGR

10Y-14.06%

5Y-

3Y-

TTM-101.2%

EPS CAGR

10Y-16.12%

5Y-

3Y-

TTM-102.47%

ROCE

10Y Avg-0.67%

5Y Avg-3.28%

3Y Avg-0.68%

Latest-0.2%

Peer Comparison

CAD/Engineering Design

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PDFSPDF Solutions, Inc.	1.37B	34.79	347.90	8.22%	-0.03%	-0.02%		0.02
CDNSCadence Design Systems, Inc.	87.27B	320.60	83.27	13.48%	20.35%	20.41%	1.28%	0.55
ADSKAutodesk, Inc.	55.6B	262.26	51.22	12.7%	16.14%	38.4%	2.71%	0.98
PTCPTC Inc.	19.85B	166.89	27.18	19.18%	27.05%	19.37%	4.32%	0.36
MTLSMaterialise N.V.	330.19M	5.59	24.30	4.15%	1.73%	1.89%	1.54%	0.17
ORKTOrangekloud Technology Inc.	1.65M	0.79	-0.45	-33.61%	-98.25%	-73.44%		0.04
SVCOSilvaco Group, Inc. Common Stock	140.94M	4.60	-3.01	10.02%	-47.59%	-37.71%		0.02
AZA2Z Cust2Mate Solutions Corp.	303.52M	7.24	-9.05	-37%	-483.62%	-44.37%		0.20

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	97.98M	107.46M	101.87M	85.79M	85.58M	88.05M	111.06M	148.55M	165.84M	179.47M
Revenue Growth %	-0.02%	0.1%	-0.05%	-0.16%	-0%	0.03%	0.26%	0.34%	0.12%	0.08%
Cost of Goods Sold+	39.02M	44.45M	47.52M	42.8M	33.47M	36.77M	44.19M	47.91M	51.75M	54.14M
COGS % of Revenue	0.4%	0.41%	0.47%	0.5%	0.39%	0.42%	0.4%	0.32%	0.31%	0.3%
Gross Profit+	58.95M	63.01M	54.35M	42.99M	52.11M	51.28M	66.87M	100.64M	114.09M	125.32M
Gross Margin %	0.6%	0.59%	0.53%	0.5%	0.61%	0.58%	0.6%	0.68%	0.69%	0.7%
Gross Profit Growth %	-0.02%	0.07%	-0.14%	-0.21%	0.21%	-0.02%	0.3%	0.51%	0.13%	0.1%
Operating Expenses+	39.71M	50.05M	54.16M	52.37M	59.66M	68.04M	83.51M	103.68M	115.22M	125.83M
OpEx % of Revenue	0.41%	0.47%	0.53%	0.61%	0.7%	0.77%	0.75%	0.7%	0.69%	0.7%
Selling, General & Admin	20.42M	22.06M	23.68M	23.93M	26.3M	0	0	0	0	0
SG&A % of Revenue	0.21%	0.21%	0.23%	0.28%	0.31%	-	-	-	-	-
Research & Development	19.1M	27.56M	30.08M	28M	32.75M	35.36M	45.86M	58.34M	53M	55.9M
R&D % of Revenue	0.19%	0.26%	0.3%	0.33%	0.38%	0.4%	0.41%	0.39%	0.32%	0.31%
Other Operating Expenses	196K	432K	398K	435K	609K	32.68M	37.65M	45.34M	62.22M	69.92M
Operating Income+	19.24M	12.97M	190K	-9.95M	-7.45M	-16.75M	-16.64M	-3.04M	-1.13M	-504K
Operating Margin %	0.2%	0.12%	0%	-0.12%	-0.09%	-0.19%	-0.15%	-0.02%	-0.01%	-0%
Operating Income Growth %	-0.31%	-0.33%	-0.99%	-53.38%	0.25%	-1.25%	0.01%	0.82%	0.63%	0.55%
EBITDA+	19.44M	17.36M	5.85M	-3.98M	-240K	-8.58M	-7.09M	3.76M	5.14M	4.02M
EBITDA Margin %	0.2%	0.16%	0.06%	-0.05%	-0%	-0.1%	-0.06%	0.03%	0.03%	0.02%
EBITDA Growth %	-0.3%	-0.11%	-0.66%	-1.68%	0.94%	-34.77%	0.17%	1.53%	0.37%	-0.22%
D&A (Non-Cash Add-back)	196K	4.39M	5.66M	5.98M	7.21M	8.17M	9.55M	6.8M	6.27M	4.52M
EBIT	19.24M	12.96M	190K	-9.38M	-7.54M	-16.79M	-15.82M	-2.09M	-151K	935K
Net Interest Income+	181K	-10K	0	493K	0	-1.27M	683K	2.56M	5.02M	5.64M
Interest Income	0	0	0	0	0	0	683K	2.56M	5.02M	0
Interest Expense	181K	10K	0	493K	0	1.27M	0	0	0	-5.64M
Other Income/Expense	181K	-10K	-264K	493K	0	-1.3M	-1.68M	3.51M	6M	7.08M
Pretax Income+	19.42M	12.96M	-74K	-9.46M	-7.36M	-18.06M	-18.32M	470K	4.87M	6.58M
Pretax Margin %	0.2%	0.12%	-0%	-0.11%	-0.09%	-0.21%	-0.16%	0%	0.03%	0.04%
Income Tax+	7.01M	3.85M	1.26M	-1.74M	-1.94M	22.3M	3.17M	3.9M	1.76M	2.52M
Effective Tax Rate %	0.64%	0.7%	18.07%	0.82%	0.74%	2.23%	1.17%	-7.3%	0.64%	0.62%
Net Income+	12.41M	9.1M	-1.34M	-7.72M	-5.42M	-40.36M	-21.49M	-3.43M	3.1M	4.06M
Net Margin %	0.13%	0.08%	-0.01%	-0.09%	-0.06%	-0.46%	-0.19%	-0.02%	0.02%	0.02%
Net Income Growth %	-0.33%	-0.27%	-1.15%	-4.77%	0.3%	-6.45%	0.47%	0.84%	1.91%	0.31%
Net Income (Continuing)	12.41M	9.1M	-1.34M	-7.72M	-5.42M	-40.36M	-21.49M	-3.43M	3.1M	4.06M
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)+	0.39	0.28	-0.04	-0.24	-0.17	-1.17	-0.58	-0.09	0.08	0.10
EPS Growth %	-0.33%	-0.28%	-1.15%	-4.76%	0.29%	-5.88%	0.5%	0.84%	1.87%	0.25%
EPS (Basic)	0.39	0.29	-0.04	-0.24	-0.17	-1.17	-0.58	-0.09	0.08	0.11
Diluted Shares Outstanding	32.16M	32.43M	32.04M	32.17M	32.41M	34.46M	37.14M	37.31M	38.94M	39.05M
Basic Shares Outstanding	31.42M	31.37M	32.04M	32.17M	32.41M	34.46M	37.14M	37.31M	38.02M	38.6M
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+	163.25M	170.28M	163.9M	157.22M	147.58M	193.38M	188.51M	193.41M	197.85M	205.98M
Cash & Short-Term Investments	126.16M	116.79M	101.27M	96.09M	97.61M	145.3M	140.23M	139.18M	135.52M	114.89M
Cash Only	126.16M	116.79M	101.27M	96.09M	97.61M	30.32M	27.68M	119.62M	98.98M	90.59M
Short-Term Investments	0	0	0	0	0	114.98M	112.54M	19.56M	36.54M	24.29M
Accounts Receivable	33.44M	48.16M	57.56M	51.57M	40.65M	34.14M	40.09M	42.16M	44.9M	73.65M
Days Sales Outstanding	124.57	163.57	206.25	219.4	173.37	141.53	131.75	103.6	98.83	149.79
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	3.65M	5.33M	0	9.56M	0	0	0	12.06M	17.42M	17.45M
Total Non-Current Assets+	28.52M	52.05M	60.28M	68.68M	91.97M	94.2M	85.26M	85.26M	92.29M	109.31M
Property, Plant & Equipment	11.32M	19.34M	25.39M	35.68M	48.41M	45.91M	40.7M	46.18M	42.26M	52.49M
Fixed Asset Turnover	8.65x	5.56x	4.01x	2.40x	1.77x	1.92x	2.73x	3.22x	3.92x	3.42x
Goodwill	215K	215K	1.92M	1.92M	2.29M	15.77M	14.12M	14.12M	15.03M	14.95M
Intangible Assets	5.03M	4.22M	6.07M	5.06M	6.22M	24.57M	21.24M	18.05M	15.62M	12.31M
Long-Term Investments	0	9.8M	8.6M	5.3M	0	0	0	0	0	0
Other Non-Current Assets	1.65M	2.83M	1.95M	1.67M	9.72M	7.69M	9.12M	6.84M	19.22M	29.51M
Total Assets+	191.77M	222.33M	224.18M	225.91M	239.54M	287.58M	273.77M	278.67M	290.14M	315.29M
Asset Turnover	0.51x	0.48x	0.45x	0.38x	0.36x	0.31x	0.41x	0.53x	0.57x	0.57x
Asset Growth %	0.08%	0.16%	0.01%	0.01%	0.06%	0.2%	-0.05%	0.02%	0.04%	0.09%
Total Current Liabilities+	14.46M	18.52M	19.77M	19.53M	28M	42.2M	43.83M	58.2M	50.84M	60.54M
Accounts Payable	1.29M	2.21M	2.54M	2.45M	7.64M	4.4M	5.55M	6.39M	2.56M	8.26M
Days Payables Outstanding	12.09	18.12	19.48	20.93	83.26	43.67	45.87	48.67	18.06	55.65
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	2.38M	8.28M	7.98M	3.23M	5.07M	8.34M	9.49M	16.95M	14.8M	16.86M
Current Ratio	11.29x	9.19x	8.29x	8.05x	5.27x	4.58x	4.30x	3.32x	3.89x	3.40x
Quick Ratio	11.29x	9.19x	8.29x	8.05x	5.27x	4.58x	4.30x	3.32x	3.89x	3.40x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	3.01M	5M	6.04M	6.58M	15.39M	10.87M	10.36M	10.46M	10.35M	8.71M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	7.68M	6.52M	5.26M	5.93M	4.66M	3.5M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	3.01M	5M	6.17M	6.58M	7.71M	4.35M	2.66M	2.62M	5.69M	5.21M
Total Liabilities	17.46M	23.53M	25.81M	26.11M	43.39M	53.07M	54.18M	68.66M	61.19M	69.25M
Total Debt+	0	0	0	0	9.54M	8.44M	7.02M	7.34M	6.19M	5.18M
Net Debt	-126.16M	-116.79M	-101.27M	-96.09M	-88.06M	-21.87M	-20.67M	-112.28M	-92.79M	-85.42M
Debt / Equity	-	-	-	-	0.05x	0.04x	0.03x	0.03x	0.03x	0.02x
Debt / EBITDA	-	-	-	-	-	-	-	1.95x	1.20x	1.29x
Net Debt / EBITDA	-6.49x	-6.73x	-17.32x	-	-	-	-	-29.86x	-18.06x	-21.25x
Interest Coverage	106.30x	1296.60x	-	-20.19x	-	-13.20x	-	-	-	-
Total Equity+	174.31M	198.8M	198.37M	199.79M	196.16M	234.51M	219.59M	210.01M	228.95M	246.04M
Equity Growth %	0.08%	0.14%	-0%	0.01%	-0.02%	0.2%	-0.06%	-0.04%	0.09%	0.07%
Book Value per Share	5.42	6.13	6.19	6.21	6.05	6.81	5.91	5.63	5.88	6.30
Total Shareholders' Equity	174.31M	198.8M	198.37M	199.79M	196.16M	234.51M	219.59M	210.01M	228.95M	246.04M
Common Stock	266.01M	281.43M	297.95M	310.67M	5K	6K	6K	6K	6K	6K
Retained Earnings	-39.78M	-25.75M	-27.09M	-30.45M	-35.87M	-76.23M	-97.72M	-101.15M	-98.05M	-93.99M
Treasury Stock	-50.38M	-54.88M	-71.79M	-79.14M	-91.69M	-96.22M	-104.7M	-133.71M	-143.92M	-159.35M
Accumulated OCI	-1.54M	-1.99M	-705K	-1.28M	-1.48M	-225K	-1.06M	-2.55M	-2.39M	-3.53M
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+	28.53M	2M	10.54M	13.34M	24.59M	21.78M	4.24M	32.3M	14.6M	9.7M
Operating CF Margin %	0.29%	0.02%	0.1%	0.16%	0.29%	0.25%	0.04%	0.22%	0.09%	0.05%
Operating CF Growth %	0.05%	-0.93%	4.27%	0.26%	0.84%	-0.11%	-0.81%	6.61%	-0.55%	-0.34%
Net Income	12.41M	9.1M	-1.34M	-7.72M	-5.42M	-40.36M	-21.49M	-3.43M	3.1M	4.06M
Depreciation & Amortization	3.02M	4.39M	5.66M	5.98M	7.21M	8.17M	9.55M	9.01M	8.54M	6.86M
Stock-Based Compensation	9.76M	11M	11.81M	10.29M	11.42M	12.46M	12.93M	19.65M	21.48M	25.05M
Deferred Taxes	848K	216K	-504K	-4.17M	-4.53M	21.01M	1.37M	-4K	-108K	-74K
Other Non-Cash Items	-602K	-39K	153K	369K	614K	1.02M	4M	1.36M	770K	4.1M
Working Capital Changes	3.1M	-22.67M	-5.24M	8.58M	15.29M	19.48M	-2.13M	5.71M	-19.19M	-30.29M
Change in Receivables	4.37M	-14.62M	-9.58M	6.83M	10.92M	8.1M	-5.98M	-2.14M	-2.75M	-28.8M
Change in Inventory	-915K	-12.91M	2.55M	1.69M	-588K	0	0	0	-11.47M	0
Change in Payables	-684K	85K	1.96M	-1.41M	807K	-918K	-86K	-1.42M	-2.15M	2.79M
Cash from Investing+	-10.34M	-11.28M	-14.1M	-13.12M	-13.21M	-150.5M	-4.67M	84.6M	-28.99M	-5.94M
Capital Expenditures	-5.18M	-11.28M	-10.26M	-13.12M	-10.55M	-6.97M	-4.05M	-8.58M	-11.32M	-17.16M
CapEx % of Revenue	0.05%	0.1%	0.1%	0.15%	0.12%	0.08%	0.04%	0.06%	0.07%	0.1%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-400K	0	0	0	0	0	0	-171K	-45K	-2.58M
Cash from Financing+	-7.42M	30K	-12.22M	-5.2M	-9.84M	64.8M	-5.53M	-24.31M	-5.89M	-11.23M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	7.45M	4.53M	1.19M	46K	-196K	-280K	-1M	-1.84M	-5.15M	-4.33M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	23.34M	-9.28M	290K	222K	14.04M	14.81M	190K	23.72M	3.13M	-7.45M
FCF Margin %	0.24%	-0.09%	0%	0%	0.16%	0.17%	0%	0.16%	0.02%	-0.04%
FCF Growth %	0.01%	-1.4%	1.03%	-0.23%	62.23%	0.06%	-0.99%	123.83%	-0.87%	-3.38%
FCF per Share	0.73	-0.29	0.01	0.01	0.43	0.43	0.01	0.64	0.08	-0.19
FCF Conversion (FCF/Net Income)	2.30x	0.22x	-7.89x	-1.73x	-4.54x	-0.54x	-0.20x	-9.42x	4.70x	2.39x
Interest Paid	16K	0	0	0	0	0	0	0	0	0
Taxes Paid	4.98M	3.63M	2.24M	2.58M	2.69M	2.71M	1.87M	2.85M	3.78M	2.56M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.38%	4.88%	-0.67%	-3.88%	-2.74%	-18.74%	-9.46%	-1.6%	1.41%	1.71%
Return on Invested Capital (ROIC)	30.54%	14.94%	0.16%	-7.43%	-5.28%	-7.84%	-6.07%	-1.54%	-0.73%	-0.25%
Gross Margin	60.17%	58.64%	53.35%	50.11%	60.89%	58.24%	60.21%	67.75%	68.79%	69.83%
Net Margin	12.66%	8.47%	-1.31%	-8.99%	-6.33%	-45.84%	-19.35%	-2.31%	1.87%	2.26%
Debt / Equity	-	-	-	-	0.05x	0.04x	0.03x	0.03x	0.03x	0.02x
Interest Coverage	106.30x	1296.60x	-	-20.19x	-	-13.20x	-	-	-	-
FCF Conversion	2.30x	0.22x	-7.89x	-1.73x	-4.54x	-0.54x	-0.20x	-9.42x	4.70x	2.39x
Revenue Growth	-2.18%	9.68%	-5.2%	-15.78%	-0.24%	2.88%	26.14%	33.76%	11.64%	8.22%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Analytics	-	-	-	-	49.63M	57.23M	93.42M	130.48M	152.09M	169.25M
Analytics Growth	-	-	-	-	-	15.32%	63.22%	39.68%	16.56%	11.29%
Integrated Yield Ramp	-	-	-	-	35.96M	30.81M	17.64M	18.07M	13.75M	10.21M
Integrated Yield Ramp Growth	-	-	-	-	-	-14.31%	-42.74%	2.40%	-23.90%	-25.73%
Service	-	-	-	53.49M	-	-	-	-	-	-
Service Growth	-	-	-	-	-	-	-	-	-	-
License	-	-	-	31.34M	-	-	-	-	-	-
License Growth	-	-	-	-	-	-	-	-	-	-
Product and Service, Other	-	-	-	972K	-	-	-	-	-	-
Product and Service, Other Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	45.08M	38.75M	39.63M	-	-	-	-	-	-	-
UNITED STATES Growth	-	-14.05%	2.28%	-	-	-	-	-	-	-
the World	19.07M	14.22M	21.88M	-	-	-	-	-	-	-
the World Growth	-	-25.43%	53.91%	-	-	-	-	-	-	-
CHINA	-	11.44M	17.87M	-	-	-	-	-	-	-
CHINA Growth	-	-	56.28%	-	-	-	-	-	-	-
TAIWAN, PROVINCE OF CHINA	-	15.22M	12.49M	-	-	-	-	-	-	-
TAIWAN, PROVINCE OF CHINA Growth	-	-	-17.89%	-	-	-	-	-	-	-
GERMANY	23.2M	17.25M	9.99M	-	-	-	-	-	-	-
GERMANY Growth	-	-25.63%	-42.10%	-	-	-	-	-	-	-
KOREA, REPUBLIC OF	10.63M	10.59M	-	-	-	-	-	-	-	-
KOREA, REPUBLIC OF Growth	-	-0.38%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

PDF Solutions, Inc. (PDFS) has a price-to-earnings (P/E) ratio of 347.9x. This suggests investors expect higher future growth.

Growth & Financials

PDF Solutions, Inc. (PDFS) reported $206.7M in revenue for fiscal year 2024. This represents a 210% increase from $66.7M in 2011.

PDF Solutions, Inc. (PDFS) grew revenue by 8.2% over the past year. This is steady growth.

PDF Solutions, Inc. (PDFS) reported a net loss of $0.1M for fiscal year 2024.

Dividend & Returns

PDF Solutions, Inc. (PDFS) has a return on equity (ROE) of 1.7%. This is below average, suggesting room for improvement.

PDF Solutions, Inc. (PDFS) had negative free cash flow of $20.5M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

...