Revenue growth remains highly erratic, swinging from a 23.5% contraction in 2023Q4 to an 85.8% surge in 2024Q3, while operating margins have contracted from a peak of 22.9% in 2024Q2 to 8.9% in 2026Q1.
| 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 |
|---|
| Sales/Revenue | 715.55M | 722.4M | 475.97M | 458.97M | 481.33M | 456.25M | 417.64M | 546.08M | 496.04M | 416.62M | 339.46M | 389.45M | 348M | 237.84M | 202.34M | 154.97M | 77.54K | 98.36K | 114.39K | 84.93K | 80.66K | 70.13K | 84.21K |
| Revenue Growth % | 18.16% | 51.78% | 3.7% | -4.65% | 5.5% | 9.25% | -23.52% | 10.09% | 19.06% | 22.73% | -12.83% | 11.91% | 46.31% | 17.54% | 30.57% | 199764.58% | -21.17% | -14.01% | 34.69% | 5.29% | 15.01% | -16.71% | - |
| Cost of Goods Sold | 542.68M | 538.72M | 335.43M | 353.11M | 392.77M | 414.98M | 359.19M | 446.19M | 437.27M | 365.62M | 310.28M | 326.61M | 280.95M | 193.32M | 168.43M | 128.54M | 14.98K | 14.49K | 15K | 39.2K | 63.97K | 0 | 0 |
| COGS % of Revenue | - | 74.57% | 70.47% | 76.93% | 81.6% | 90.95% | 86.01% | 81.71% | 88.15% | 87.76% | 91.4% | 83.87% | 80.73% | 81.28% | 83.24% | 82.95% | 19.31% | 14.73% | 13.11% | 46.15% | 79.3% | - | - |
| Gross Profit | 172.87M | 183.68M | 140.54M | 105.86M | 88.56M | 41.27M | 58.45M | 99.89M | 58.77M | 50.99M | 29.19M | 62.83M | 67.05M | 44.53M | 33.92M | 26.43M | 62.56K | 83.87K | 99.39K | 45.73K | 16.69K | 70.13K | 84.21K |
| Gross Margin % | 24.16% | 25.43% | 29.53% | 23.07% | 18.4% | 9.05% | 13.99% | 18.29% | 11.85% | 12.24% | 8.6% | 16.13% | 19.27% | 18.72% | 16.76% | 17.05% | 80.69% | 85.27% | 86.89% | 53.85% | 20.7% | 100% | 100% |
| Gross Profit Growth % | - | 30.7% | 32.75% | 19.54% | 114.59% | -29.39% | -41.49% | 69.97% | 15.25% | 74.7% | -53.55% | -6.28% | 50.57% | 31.28% | 28.34% | 42143.57% | -25.41% | -15.61% | 117.32% | 173.94% | -76.2% | -16.71% | - |
| Operating Expenses | 76.4M | 73.97M | 58.89M | 61.59M | 63.96M | 82.84M | 80.17M | 82.69M | 93.24M | 69.04M | 53.2M | 53.64M | 41M | 29.56M | 21.6M | 16.62M | 103.57K | 104.29K | 138.56K | 156.94K | 123.16K | 136.87K | 160.18K |
| OpEx % of Revenue | - | 10.24% | 12.37% | 13.42% | 13.29% | 18.16% | 19.2% | 15.14% | 18.8% | 16.57% | 15.67% | 13.77% | 11.78% | 12.43% | 10.68% | 10.73% | 133.57% | 106.03% | 121.14% | 184.79% | 152.69% | 195.15% | 190.21% |
| Selling, General & Admin | 57.67M | 55.8M | 37.38M | 40.39M | 42.94M | 57.87M | 51.74M | 54.12M | 59.63M | 44.26M | 28.52M | 27.38M | 24.1M | 19.12M | 14.22M | 11.91M | 100.89K | 100.22K | 132.75K | 150.65K | 110.8K | 125.75K | 151.16K |
| SG&A % of Revenue | - | 7.72% | 7.85% | 8.8% | 8.92% | 12.68% | 12.39% | 9.91% | 12.02% | 10.62% | 8.4% | 7.03% | 6.93% | 8.04% | 7.03% | 7.69% | 130.12% | 101.89% | 116.06% | 177.39% | 137.36% | 179.3% | 179.5% |
| Research & Development | 18.73M | 18.16M | 20.06M | 19.46M | 18.9M | 22.43M | 25.38M | 24.93M | 28.6M | 19.94M | 18.96M | 21.68M | 16.9M | 10.44M | 7.38M | 4.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.51% | 4.21% | 4.24% | 3.93% | 4.92% | 6.08% | 4.57% | 5.77% | 4.79% | 5.59% | 5.57% | 4.86% | 4.39% | 3.65% | 3.04% | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 1.46M | 1.75M | 2.12M | 2.54M | 3.05M | 3.64M | 176K | -2.36M | -359K | -229K | -183K | -10K | 0 | 0 | 2.68K | 4.07K | 5.81K | 6.29K | 12.37K | 11.12K | 9.02K |
| Operating Income | 96.47M | 109.71M | 81.64M | 44.27M | 24.6M | -41.57M | -21.72M | 17.2M | -36.7M | -18.05M | -25.34M | 9.2M | 26.04M | 14.97M | 12.32M | 9.8M | -26.03K | -5.93K | -24.18K | -111.21K | -106.47K | -66.73K | -75.97K |
| Operating Margin % | 13.48% | 15.19% | 17.15% | 9.65% | 5.11% | -9.11% | -5.2% | 3.15% | -7.4% | -4.33% | -7.46% | 2.36% | 7.48% | 6.29% | 6.09% | 6.33% | -33.57% | -6.03% | -21.14% | -130.94% | -132% | -95.15% | -90.21% |
| Operating Income Growth % | - | 34.38% | 84.4% | 79.97% | 159.18% | -91.36% | -226.28% | 146.87% | -103.4% | 28.79% | -375.6% | -64.69% | 74.01% | 21.52% | 25.61% | 37763.73% | -339.23% | 75.49% | 78.26% | -4.45% | -59.54% | 12.16% | - |
| EBITDA | 102.27M | 115.1M | 86.84M | 49.88M | 31.29M | -34.16M | -13.52M | 26M | -26.5M | -8.57M | -15.04M | 18.87M | 30.75M | 16.54M | 13.42M | 10.63M | -23.36K | -1.86K | -18.37K | -104.92K | -94.1K | -55.62K | -66.95K |
| EBITDA Margin % | 14.29% | 15.93% | 18.25% | 10.87% | 6.5% | -7.49% | -3.24% | 4.76% | -5.34% | -2.06% | -4.43% | 4.84% | 8.84% | 6.95% | 6.63% | 6.86% | -30.12% | -1.89% | -16.06% | -123.54% | -116.67% | -79.3% | -79.5% |
| EBITDA Growth % | 1.5% | 32.54% | 74.12% | 59.39% | 191.59% | -152.62% | -152.01% | 198.12% | -209.09% | 43% | -179.74% | -38.65% | 85.99% | 23.2% | 26.32% | 45591.52% | -1156.37% | 89.88% | 82.49% | -11.49% | -69.2% | 16.92% | - |
| D&A (Non-Cash Add-back) | 5.8M | 5.39M | 5.2M | 5.6M | 6.69M | 7.41M | 8.2M | 8.8M | 10.2M | 9.47M | 10.3M | 9.67M | 4.71M | 1.57M | 1.1M | 820K | 2.68K | 4.07K | 5.81K | 6.29K | 12.37K | 11.12K | 9.02K |
| EBIT | 96.47M | 109.71M | 81.64M | 44.27M | 24.6M | -41.57M | -20.98M | 16.53M | -46.93M | -36.33M | -24.64M | -4.64M | 35.87M | -13.34M | 11.87M | 8.17M | 4.07M | -5.93K | -24.18K | -111.21K | -106.47K | -66.73K | -75.97K |
| Net Interest Income | -6.68M | -6.7M | -11.44M | -17.07M | -13.03M | -7.31M | -5.71M | -7.87M | -7.63M | -10.84M | -11.21M | -4.32M | -1.34M | -657K | -1.02M | -1.34M | -2.13M | 0 | 0 | 0 | 25 | 98 | 54 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 98 | 54 |
| Interest Expense | 6.68M | 6.7M | 11.44M | 17.07M | 13.03M | 7.31M | 5.71M | 7.87M | 7.63M | 10.84M | 11.21M | 4.33M | 1.33M | 657K | 1.02M | 1.34M | 2.13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -6.24M | -6.35M | -11.44M | -17.07M | -13.03M | -7.31M | -4.97M | -8.55M | -17.85M | -29.12M | -10.52M | 3.63M | 8.49M | -28.97M | -1.47M | -2.97M | 919 | 25K | 0 | 5.6K | -3.3K | 17.95K | -8.48K |
| Pretax Income | 90.23M | 103.36M | 70.2M | 27.21M | 11.57M | -48.88M | -26.7M | 8.66M | -54.56M | -47.17M | -35.86M | 13.89M | 34.54M | -14M | 10.85M | 6.83M | -25.11K | 19.07K | -24.18K | -105.61K | -109.77K | -48.78K | -84.45K |
| Pretax Margin % | 12.61% | 14.31% | 14.75% | 5.93% | 2.4% | -10.71% | -6.39% | 1.59% | -11% | -11.32% | -10.56% | 3.57% | 9.93% | -5.89% | 5.36% | 4.41% | -32.39% | 19.39% | -21.14% | -124.35% | -136.09% | -69.56% | -100.28% |
| Income Tax | -11.98M | -10.62M | 922K | 900K | 304K | -406K | -3.71M | 409K | 169K | 443K | 11.61M | -388K | 10.81M | 4.76M | 4.14M | 2.77M | 800 | 800 | 800 | 800 | -3.2K | 800 | -57.91K |
| Effective Tax Rate % | -13.27% | -10.28% | 1.31% | 3.31% | 2.63% | 0.83% | 13.91% | 4.72% | -0.31% | -0.94% | -32.39% | -2.79% | 31.31% | -33.99% | 38.2% | 40.58% | -3.19% | 4.19% | -3.31% | -0.76% | 2.92% | -1.64% | 68.58% |
| Net Income | 102.2M | 113.99M | 69.28M | 26.31M | 11.27M | -48.47M | -22.98M | 8.25M | -54.73M | -47.61M | -47.47M | 14.28M | 23.73M | -18.76M | 6.7M | 4.06M | -25.91K | 18.27K | -24.98K | -106.41K | -106.57K | -49.59K | -26.54K |
| Net Margin % | 14.28% | 15.78% | 14.56% | 5.73% | 2.34% | -10.62% | -5.5% | 1.51% | -11.03% | -11.43% | -13.98% | 3.67% | 6.82% | -7.89% | 3.31% | 2.62% | -33.42% | 18.58% | -21.84% | -125.29% | -132.12% | -70.7% | -31.51% |
| Net Income Growth % | 25.8% | 64.53% | 163.36% | 133.42% | 123.25% | -110.91% | -378.64% | 115.07% | -14.94% | -0.29% | -432.48% | -39.82% | 226.47% | -379.92% | 65.03% | 15771.07% | -241.82% | 173.16% | 76.53% | 0.15% | -114.92% | -86.86% | - |
| Net Income (Continuing) | 102.2M | 113.99M | 69.28M | 26.31M | 11.27M | -48.47M | -22.98M | 8.25M | -54.73M | -47.61M | -47.47M | 14.28M | 23.73M | -18.76M | 6.7M | 4.06M | 1.57M | 18.27K | -24.98K | -106.41K | -106.57K | -49.59K | -26.54K |
| Discontinued Operations | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.43 | 4.94 | 3.01 | 1.15 | 0.49 | -2.12 | -1.00 | 0.38 | -2.94 | -3.45 | -4.34 | -1.11 | 1.38 | -1.92 | 0.74 | 0.44 | -0.08 | 0.16 | -0.21 | -0.90 | -0.90 | -0.42 | -0.23 |
| EPS Growth % | 25.78% | 64.12% | 161.74% | 134.69% | 123.11% | -112% | -363.16% | 112.93% | 14.78% | 20.51% | -290.99% | -180.43% | 171.88% | -359.46% | 68.18% | 630.76% | -151.81% | 176.19% | 76.67% | 0% | -114.29% | -82.61% | - |
| EPS (Basic) | - | 4.95 | 3.01 | 1.15 | 0.49 | -2.12 | -1.00 | 0.38 | -2.94 | -3.45 | -4.47 | -0.27 | 2.01 | -1.92 | 0.74 | 0.44 | -0.08 | 0.16 | -0.21 | -0.90 | -0.90 | -0.42 | -0.23 |
| Diluted Shares Outstanding | 23.06M | 23.07M | 23.02M | 22.97M | 22.95M | 22.91M | 22.87M | 21.53M | 18.59M | 13.79M | 10.93M | 10.99M | 11.13M | 9.78M | 9.07M | 3.51M | 312.5K | 117.81K | 117.81K | 117.81K | 117.81K | 117.81K | 117.81K |
| Basic Shares Outstanding | 23.05M | 23.02M | 22.98M | 22.96M | 22.94M | 22.91M | 22.87M | 21.51M | 18.59M | 13.79M | 10.62M | 10.81M | 10.71M | 9.77M | 9.07M | 3.51M | 312.5K | 117.81K | 117.81K | 117.81K | 117.81K | 117.81K | 117.81K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Supply chain concentration risk
As reported in financial statements, PSIX experienced significant revenue volatility, with quarterly growth rates swinging from a 23.5% contraction in 2023Q4 to an 85.8% surge in 2024Q3, suggesting that the company's top-line performance remains highly sensitive to lumpy order cycles and intermittent supply chain fulfillment.
The erratic revenue trajectory indicates that PSIX lacks a consistent, predictable demand base, likely due to its reliance on specific OEM project cycles. Investors should monitor whether the recent deceleration in 2026Q1 reflects a structural cooling of demand or merely the normalization of previously backlogged orders.
Based on reported figures, gross margins have fluctuated significantly, ranging from a low of 16.9% in 2024Q3 to a peak of 31.5% in 2024Q2, highlighting the company's vulnerability to shifts in product mix and the underlying cost of components sourced from its strategic partners.
The lack of margin stability suggests that PSIX possesses limited pricing power, as it functions primarily as an integrator rather than a proprietary manufacturer. The compression observed in recent periods warrants investigation into whether rising input costs or competitive pricing pressures are beginning to erode the value-add of its engineering services.
According to recent SEC filings, operating margins have demonstrated extreme sensitivity to revenue fluctuations, peaking at 22.9% in 2024Q2 before contracting to 8.9% in 2026Q1, which implies that the company's cost structure does not scale efficiently during periods of declining or stagnant top-line growth.
The inability to maintain operating margin consistency during revenue downturns suggests that fixed costs, while lean, remain a burden when volume drops. This operational profile indicates that PSIX is highly exposed to cyclical industrial demand, making it difficult to forecast profitability during periods of macroeconomic uncertainty.
As indicated by the provided financial data, net income has shown extreme variance, including a notable spike to $51.2M in 2025Q2, which appears disconnected from operating income trends and suggests the presence of non-operating items or tax anomalies that distort the underlying quality of earnings.
The wide gap between operating income and net income in specific quarters warrants further investigation into potential one-time gains or related-party accounting adjustments. Investors should be cautious in relying on reported EPS as a proxy for sustainable operational performance given these recurring non-operating fluctuations.
Based on the provided data, the company's reliance on third-party engine blocks and its majority shareholder, Weichai Power, creates a structural dependency that may limit long-term margin expansion and expose the firm to significant geopolitical and supply chain risks that are not fully reflected in current valuations.
Short-term growth spikes may be masking a long-term risk where the company's role as an intermediary becomes increasingly commoditized. If the strategic relationship with Weichai faces regulatory or trade-related headwinds, the company may lack the proprietary technology or independent supply chain resilience to maintain its current market position.
Quick answers to the most common questions about buying PSIX stock.
For fiscal year 2025, Power Solutions International, Inc. (PSIX) reported total revenue of $722.4M. This represents a 857781.7% increase compared to $0.1M in 2004.
Power Solutions International, Inc. (PSIX) is profitable, generating $114.0M in net income for the fiscal year ending 2025 with a net profit margin of 15.8%.
Power Solutions International, Inc. (PSIX) reported an operating income of $109.7M, resulting in an operating profit margin of 15.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Power Solutions International, Inc. (PSIX) generated $183.7M in gross profit for the year, representing a gross profit margin of 25.4%. This demonstrates the company's core pricing power and production efficiency.