Revenue growth remains consistent at 12.0% year-over-year in 2026Q1, though operating margins remain thin at 8.2% due to heavy R&D and SG&A spending.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Jan'17 | Jan'16 | Jan'15 | Feb'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 |
|---|
| Sales/Revenue | 71.08M | 69.15M | 60.2M | 53.51M | 47.3M | 40.76M | 29.87M | 22.93M | 468.87M | 541.96M | 583.96M | 534.78M | 493.51M | 484.8M | 510.92M | 429.29M |
| Revenue Growth % | 14.77% | 14.87% | 12.52% | 13.12% | 16.05% | 36.44% | 30.28% | -95.11% | -13.49% | -7.19% | 9.2% | 8.36% | 1.8% | -5.11% | 19.01% | - |
| Cost of Goods Sold | 15.33M | 15.63M | 13.26M | 10.4M | 7.13M | 5.74M | 3.96M | 1.6M | 247.53M | 284.34M | 312.83M | 321.17M | 302.37M | 303.95M | 332.13M | 387.01M |
| COGS % of Revenue | - | 22.6% | 22.02% | 19.44% | 15.07% | 14.07% | 13.26% | 6.96% | 52.79% | 52.46% | 53.57% | 60.06% | 61.27% | 62.7% | 65.01% | 90.15% |
| Gross Profit | 55.74M | 53.52M | 46.94M | 43.1M | 40.17M | 35.02M | 25.91M | 21.33M | 221.33M | 257.62M | 271.12M | 213.61M | 191.14M | 180.85M | 178.79M | 42.28M |
| Gross Margin % | 78.43% | 77.4% | 77.98% | 80.56% | 84.93% | 85.93% | 86.74% | 93.04% | 47.21% | 47.54% | 46.43% | 39.94% | 38.73% | 37.3% | 34.99% | 9.85% |
| Gross Profit Growth % | - | 14.02% | 8.91% | 7.31% | 14.69% | 35.17% | 21.45% | -90.36% | -14.09% | -4.98% | 26.93% | 11.75% | 5.69% | 1.15% | 322.87% | - |
| Operating Expenses | 53.88M | 53.29M | 50.09M | 48.77M | 111.24M | 40.04M | 28.75M | 22.74M | 238.03M | 261.65M | 258.59M | 261.82M | 178.47M | 174.07M | 176.23M | 195.5M |
| OpEx % of Revenue | - | 77.06% | 83.2% | 91.14% | 235.19% | 98.23% | 96.25% | 99.18% | 50.77% | 48.28% | 44.28% | 48.96% | 36.16% | 35.9% | 34.49% | 45.54% |
| Selling, General & Admin | 38.5M | 37.88M | 36.71M | 37.31M | 100.76M | 30.22M | 21.18M | 16.6M | 222.37M | 249.54M | 246.66M | 230.07M | 167.35M | 162.16M | 164.14M | 0 |
| SG&A % of Revenue | - | 54.78% | 60.98% | 69.73% | 213.03% | 74.15% | 70.92% | 72.39% | 47.43% | 46.04% | 42.24% | 43.02% | 33.91% | 33.45% | 32.13% | - |
| Research & Development | 11.84M | 15.4M | 12M | 11.46M | 10.48M | 9.84M | 7.57M | 6.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 22.28% | 19.93% | 21.41% | 22.16% | 24.14% | 25.33% | 26.79% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1M | 0 | 1.37M | 0 | 0 | -21K | 0 | 0 | 15.65M | 12.11M | 11.93M | 31.74M | 11.12M | 11.91M | 12.09M | 195.5M |
| Operating Income | 1.87M | 237K | -3.14M | -5.66M | -71.07M | -5.02M | -2.84M | -1.41M | -16.7M | -4.03M | 12.54M | -48.21M | 12.67M | -18.93M | -33.84M | -84.72M |
| Operating Margin % | 2.63% | 0.34% | -5.22% | -10.58% | -150.26% | -12.31% | -9.51% | -6.14% | -3.56% | -0.74% | 2.15% | -9.01% | 2.57% | -3.91% | -6.62% | -19.73% |
| Operating Income Growth % | - | 107.54% | 44.47% | 92.04% | -1316.95% | -76.56% | -101.63% | 91.56% | -314.37% | -132.13% | 126.01% | -480.41% | 166.94% | 44.06% | 60.06% | - |
| EBITDA | 2.64M | 1.25M | -2.35M | -4.95M | -70.31M | -4.37M | -2.35M | -1.01M | -7.73M | 7.1M | 23.48M | -33.06M | 21.29M | -10.02M | -24.07M | -78.14M |
| EBITDA Margin % | 3.72% | 1.81% | -3.9% | -9.25% | -148.64% | -10.72% | -7.86% | -4.43% | -1.65% | 1.31% | 4.02% | -6.18% | 4.31% | -2.07% | -4.71% | -18.2% |
| EBITDA Growth % | 310.77% | 153.43% | 52.6% | 92.96% | -1508.51% | -86.08% | -131.43% | 86.87% | -208.9% | -69.76% | 171.01% | -255.32% | 312.36% | 58.37% | 69.19% | - |
| D&A (Non-Cash Add-back) | 775K | 1.02M | 798K | 713K | 766K | 645K | 492K | 394K | 8.96M | 11.13M | 10.94M | 15.15M | 8.61M | 8.91M | 9.77M | 6.58M |
| EBIT | 4.74M | 237K | -2.84M | 5.55M | -161.44M | -156.43M | -5.2M | -1.73M | -16.7M | -4.03M | 12.54M | -48.21M | 12.67M | -18.93M | -33.84M | -84.72M |
| Net Interest Income | 4.54M | 6.12M | 7.69M | 9.48M | 2.02M | 122K | 234K | 153K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.56M | 6.13M | 7.7M | 9.5M | 2.03M | 131K | 243K | 158K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 17K | 16K | 7K | 15K | 8K | 9K | 9K | 5K | 7.14M | 7.19M | 9.34M | 9.36M | 7.82M | -12.86M | -18.2M | -12.02M |
| Other Income/Expense | 4.22M | 5.5M | 7.43M | 11.19M | -90.38M | -151.4M | -2.37M | -329K | -7.14M | -7.19M | -9.34M | -9.36M | -7.82M | 12.86M | 18.2M | 12.02M |
| Pretax Income | 6.09M | 5.74M | 4.29M | 5.53M | -161.45M | -156.44M | -5.21M | -1.74M | -23.84M | -11.22M | 3.19M | -57.56M | 4.85M | -6.08M | -15.64M | -72.7M |
| Pretax Margin % | 8.56% | 8.3% | 7.12% | 10.34% | -341.34% | -383.8% | -17.43% | -7.58% | -5.08% | -2.07% | 0.55% | -10.76% | 0.98% | -1.25% | -3.06% | -16.93% |
| Income Tax | 1.38M | 1.09M | -735K | 115K | 292K | 417K | 385K | 247K | -199K | 451K | 547K | -1.55M | 718K | -2.35M | 189K | 14.26M |
| Effective Tax Rate % | 22.72% | 19.07% | -17.15% | 2.08% | -0.18% | -0.27% | -7.39% | -14.21% | 0.83% | -4.02% | 17.13% | 2.7% | 14.81% | 38.7% | -1.21% | -19.62% |
| Net Income | 4.7M | 4.64M | 5.02M | 5.42M | -161.74M | -156.85M | -5.59M | -1.99M | -23.64M | -11.67M | 2.65M | -56.01M | 4.13M | -3.72M | -15.83M | -86.96M |
| Net Margin % | 6.62% | 6.71% | 8.34% | 10.12% | -341.95% | -384.82% | -18.72% | -8.66% | -5.04% | -2.15% | 0.45% | -10.47% | 0.84% | -0.77% | -3.1% | -20.26% |
| Net Income Growth % | -29.64% | -7.53% | -7.29% | 103.35% | -3.12% | -2704.43% | -181.76% | 91.6% | -102.54% | -540.91% | 104.73% | -1455.92% | 210.93% | 76.47% | 81.8% | - |
| Net Income (Continuing) | 4.7M | 4.64M | 5.02M | 5.42M | -161.74M | -156.85M | -5.59M | -1.99M | -23.64M | -11.67M | 2.65M | -56.01M | 4.13M | -3.72M | -15.83M | -86.96M |
| Discontinued Operations | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.05 | 0.05 | 0.05 | 0.05 | -1.37 | -1.33 | -0.05 | -0.02 | -0.19 | -0.09 | 0.02 | -0.50 | 0.06 | -0.05 | -0.22 | -3.55 |
| EPS Growth % | -29.4% | 0% | 8.93% | 103.35% | -3.01% | -2711.84% | -181.55% | 91.16% | -101.7% | -540.19% | 104.28% | -974.13% | 210.21% | 76.41% | 93.8% | - |
| EPS (Basic) | - | 0.05 | 0.05 | 0.05 | -1.37 | -1.33 | -0.05 | -0.02 | -0.19 | -0.09 | 0.02 | -0.50 | 0.06 | -0.05 | -0.22 | -3.55 |
| Diluted Shares Outstanding | 102.3M | 92.86M | 100.42M | 118.02M | 118.26M | 118.26M | 118.26M | 118.26M | 123.95M | 123.9M | 123.9M | 111.53M | 72.23M | 71.73M | 71.73M | 24.47M |
| Basic Shares Outstanding | 102.3M | 92.86M | 100.42M | 108.32M | 118.26M | 118.26M | 118.26M | 118.26M | 123.95M | 123.9M | 123.4M | 111.53M | 71.74M | 71.73M | 71.73M | 24.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical and AI disruption
According to the provided quarterly income statements, Perfect Corp. has maintained a steady revenue growth trajectory, with year-over-year figures consistently hovering in the low-to-mid double digits, reaching $17.9 million in 2026Q1, which suggests a stable demand environment for its AR-based enterprise software solutions.
The company's ability to sustain growth despite broader macroeconomic volatility indicates a degree of stickiness in its B2B enterprise contracts. However, investors should monitor whether this growth can accelerate as the company expands into non-beauty SKUs, or if it will remain capped by the current pace of digital transformation in the luxury retail sector.
As reported in the financial data, Perfect Corp. maintains robust gross margins averaging approximately 77-80%, yet the operating margin remains thin or negative, reflecting a cost structure heavily burdened by R&D and SG&A expenses that currently consume nearly all of the generated gross profit.
The high gross margin profile confirms the scalability of the underlying software-as-a-service model, but the lack of meaningful operating leverage suggests that the company is still in a heavy investment phase. Future profitability will likely depend on the company's ability to stabilize these operating expenses as the platform matures and scales.
Based on the income statement history, there is a notable discrepancy between operating income and net income, with net margins occasionally reaching 13-15% despite operating margins being near zero, which implies that interest income from the company's significant cash reserves is currently propping up the bottom line.
This reliance on non-operating income warrants caution, as it masks the underlying volatility of the core software business. Analysts should focus on operating income as a more accurate gauge of the company's fundamental health, as interest income may fluctuate with changes in global interest rate environments.
Data from the last ten quarters indicates that Perfect Corp. has struggled to achieve consistent operating leverage, as SG&A and R&D costs frequently outpace gross profit growth, leading to intermittent periods of negative operating income that highlight the company's ongoing reliance on high-cost customer acquisition and development.
The inability to consistently scale operating income faster than revenue suggests that the company's current business model requires significant, ongoing reinvestment. Investors should look for signs of expense discipline in future filings to determine if the company can transition toward a more sustainable, profit-generating operational structure.
Quick answers to the most common questions about buying PERF stock.
For fiscal year 2025, Perfect Corp. (PERF) reported total revenue of $69.2M. This represents a 83.9% decline compared to $429.3M in 2008.
Perfect Corp. (PERF) is profitable, generating $4.6M in net income for the fiscal year ending 2025 with a net profit margin of 6.7%.
Perfect Corp. (PERF) reported an operating income of $0.2M, resulting in an operating profit margin of 0.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Perfect Corp. (PERF) generated $53.5M in gross profit for the year, representing a gross profit margin of 77.4%. This demonstrates the company's core pricing power and production efficiency.