Revenue has shown a consistent upward trajectory to $147.1 million in 2026Q1, though gross margins have eroded from a 35.9% peak in 2024Q1 to 30.0% due to rising input costs.
| 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 |
|---|
| Sales/Revenue | 567.88M | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 173.52M | 170.1M | 171.22M | 155.49M | 175.77M | 141.43M | 110.31M | 91.07M | 78.59M | 68.2M | 101.9M | 135.82M | 81.73M | 59.5M |
| Gross Margin % | 30.56% | 31.29% | 35.63% | 34.98% | 36.95% | 37.7% | 35.33% | 32.75% | 30.72% | 30.48% | 33.01% | 36.31% | 31.31% | 30.3% |
| Gross Profit Growth % | - | -0.66% | 10.12% | -11.54% | 24.28% | 28.21% | 21.12% | 15.88% | 15.23% | -33.07% | -24.98% | 66.19% | 37.37% | - |
| Operating Expenses | 121.79M | 115.25M | 108.43M | 93.9M | 96.64M | 81.96M | 71.92M | 66.36M | 74M | 87.5M | 72.92M | 68.1M | 47.26M | 33.35M |
| OpEx % of Revenue | - | 21.2% | 22.56% | 21.12% | 20.31% | 21.85% | 23.04% | 23.86% | 28.93% | 39.11% | 23.62% | 18.2% | 18.1% | 16.98% |
| Selling, General & Admin | 118.88M | 115.25M | 103.4M | 88.25M | 90.78M | 75.7M | 65.79M | 66.33M | 68.01M | 62.21M | 64.01M | 61.12M | 42.65M | 29.42M |
| SG&A % of Revenue | - | 21.2% | 21.51% | 19.85% | 19.08% | 20.18% | 21.07% | 23.85% | 26.59% | 27.8% | 20.74% | 16.34% | 16.34% | 14.98% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 51.73M | 54.84M | 62.79M | 61.59M | 79.13M | 59.46M | 38.39M | 24.71M | 4.59M | -19.3M | 28.98M | 67.72M | 34.47M | 26.15M |
| Operating Margin % | 9.11% | 10.09% | 13.07% | 13.85% | 16.63% | 15.85% | 12.3% | 8.89% | 1.79% | -8.63% | 9.39% | 18.1% | 13.21% | 13.32% |
| Operating Income Growth % | - | -12.66% | 1.95% | -22.17% | 33.07% | 54.89% | 55.36% | 438.6% | 123.77% | -166.59% | -57.2% | 96.45% | 31.83% | - |
| EBITDA | 75.35M | 77.3M | 79.21M | 77.52M | 94.02M | 74.56M | 55.22M | 41.96M | 22.99M | -2.38M | 45.91M | 83.72M | 48.67M | 40.44M |
| EBITDA Margin % | 13.27% | 14.22% | 16.48% | 17.44% | 19.76% | 19.88% | 17.69% | 15.09% | 8.99% | -1.06% | 14.87% | 22.38% | 18.65% | 20.6% |
| EBITDA Growth % | -5.1% | -2.41% | 2.18% | -17.54% | 26.09% | 35.03% | 31.59% | 82.5% | 1066.9% | -105.18% | -45.16% | 72.01% | 20.34% | - |
| D&A (Non-Cash Add-back) | 23.62M | 22.46M | 16.42M | 15.93M | 14.89M | 15.1M | 16.83M | 17.25M | 18.41M | 16.92M | 16.93M | 15.99M | 14.2M | 14.29M |
| EBIT | 51.71M | 54.84M | 62.79M | 61.38M | 78.76M | 59.46M | 38.28M | 23.37M | 4.29M | -18.77M | 31.68M | 68.4M | 33.77M | 26.15M |
| Net Interest Income | -32.44M | -32.47M | -34.09M | -26.91M | -29.62M | -30.61M | -25.4M | -24.89M | -23.43M | -20.85M | -20.04M | 0 | -7.51M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 32.44M | 32.47M | 34.09M | 26.91M | 29.62M | 30.61M | 25.4M | 24.89M | 23.43M | 20.85M | 20.04M | 0 | 7.51M | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 18.54M | 21.61M | 25.03M | 34.46M | 49.15M | 23.82M | 12.88M | -1.52M | -19.14M | -39.62M | 8.54M | 49.11M | 26.26M | 18.19M |
| Pretax Margin % | 3.26% | 3.98% | 5.21% | 7.75% | 10.33% | 6.35% | 4.13% | -0.55% | -7.48% | -17.71% | 2.77% | 13.13% | 10.06% | 9.26% |
| Income Tax | 6.15M | 6.66M | 5.51M | 10.48M | 12.61M | 7.88M | -3.31M | 3.47M | -4.34M | -16.54M | 3.14M | 17.85M | 10.29M | 6.99M |
| Effective Tax Rate % | 33.18% | 30.81% | 22% | 30.4% | 25.65% | 33.08% | -25.65% | -228.7% | 22.67% | 41.74% | 36.79% | 36.34% | 39.18% | 38.42% |
| Net Income | 12.23M | 14.95M | 19.52M | 23.98M | 36.54M | 15.94M | 16.13M | -5.12M | -37.46M | -22.01M | 5.4M | 30.86M | 13.3M | 8.59M |
| Net Margin % | 2.15% | 2.75% | 4.06% | 5.4% | 7.68% | 4.25% | 5.17% | -1.84% | -14.64% | -9.84% | 1.75% | 8.25% | 5.1% | 4.37% |
| Net Income Growth % | -35.07% | -23.42% | -18.61% | -34.36% | 129.22% | -1.17% | 415.2% | 86.34% | -70.2% | -507.67% | -82.51% | 132.02% | 54.91% | - |
| Net Income (Continuing) | 12.39M | 14.95M | 19.52M | 23.98M | 36.54M | 15.94M | 16.19M | -4.99M | -14.8M | -23.09M | 5.4M | 31.26M | 15.97M | 11.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -61K | -124K | -22.66M | 1.07M | 0 | -398K | -2.67M | -2.61M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.03 | 1.25 | 1.64 | 2.01 | 3.11 | 1.36 | 1.44 | -0.40 | -3.36 | -1.98 | 0.50 | -0.20 | -3.77 | -3.25 |
| EPS Growth % | -35.64% | -23.78% | -18.41% | -35.37% | 128.68% | -5.56% | 460% | 88.1% | -69.7% | -496% | 350% | 94.69% | -16% | - |
| EPS (Basic) | - | 1.32 | 1.75 | 2.10 | 3.24 | 1.42 | 1.44 | -0.40 | -3.36 | -1.98 | 0.50 | -0.20 | -3.77 | -3.25 |
| Diluted Shares Outstanding | 11.86M | 11.92M | 11.88M | 11.92M | 11.75M | 11.76M | 11.23M | 11.2M | 11.15M | 11.12M | 10.8M | 9.02M | 8.26M | 8.21M |
| Basic Shares Outstanding | 11.46M | 11.33M | 11.15M | 11.43M | 11.29M | 11.24M | 11.23M | 11.2M | 11.15M | 11.12M | 10.8M | 8.96M | 8.24M | 8.16M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 139.27% | - | - | - |
Physical card obsolescence risk
According to the provided quarterly data, PMTS has demonstrated a consistent upward revenue trajectory, climbing from $102.9 million in 2023Q4 to $147.1 million by 2026Q1, suggesting that the company is successfully capturing volume despite broader industry concerns regarding the long-term viability of physical card issuance.
The revenue growth appears to be driven by the persistent demand for secure card personalization and the integration of instant issuance solutions within the community bank segment. Investors should monitor whether this growth is sustainable as the company faces potential headwinds from digital-first payment alternatives that may eventually reduce the total addressable market for physical plastic.
As reported in financial statements, the company's gross margin has experienced a noticeable contraction, sliding from a peak of 35.9% in 2024Q1 to 30.0% in 2026Q1, which indicates that rising input costs or competitive pricing pressures are actively eroding the profitability of each unit sold.
The decline in gross margin suggests that PMTS may lack the pricing power to fully offset the costs of specialized materials like metal substrates and EMV chips. This trend implies that the company's competitive moat, while effective for volume, is currently insufficient to protect its margins from inflationary pressures in the supply chain.
Based on the income statement figures, operating income has failed to scale proportionally with revenue, fluctuating significantly and reaching only $11.0 million in 2026Q1, which suggests that the company's fixed cost structure remains heavy and sensitive to even minor variations in quarterly operational efficiency.
The inability to consistently expand operating margins despite top-line growth indicates that SG&A expenses are consuming a large portion of the incremental gross profit. This lack of operating leverage may imply that the company is currently prioritizing market share retention over the optimization of its internal cost base.
Analysis of the reported net income reveals significant volatility, with EPS dropping from $0.62 in 2025Q4 to $0.17 in 2026Q1, a trend that appears heavily influenced by non-operating items and fluctuating stock-based compensation expenses that complicate the assessment of true core profitability.
The wide variance in net income suggests that investors should focus on adjusted metrics to strip away the noise of periodic accounting adjustments. The thin net margin, which reached a low of 0.4% in 2025Q2, warrants further investigation into whether the company's capital structure is creating an excessive interest burden that suppresses shareholder returns.
While revenue growth appears robust, the persistent decline in net margins and the sensitivity to raw material costs suggest that the current business model may be vulnerable to a structural downturn if the shift toward digital-only card programs accelerates faster than the company's current diversification efforts.
Short-term growth in physical card issuance may be masking a long-term decline in the terminal value of the business. Investors should remain skeptical of the company's ability to maintain its current valuation if the community bank segment eventually pivots toward lower-cost, digital-first issuance platforms that bypass the need for physical card personalization.
Quick answers to the most common questions about buying PMTS stock.
CPI Card Group Inc. (PMTS) is profitable, generating $14.9M in net income for the fiscal year ending 2025 with a net profit margin of 2.8%.
CPI Card Group Inc. (PMTS) reported an operating income of $54.8M, resulting in an operating profit margin of 10.1%. This margin reflects the operational efficiency of the business before interest and taxes.
CPI Card Group Inc. (PMTS) generated $170.1M in gross profit for the year, representing a gross profit margin of 31.3%. This demonstrates the company's core pricing power and production efficiency.