Revenue remains highly erratic, exemplified by a negative revenue print in 2025Q2 and a recent net margin of -15.9% in 2026Q1, highlighting the firm's inability to sustain consistent operational profitability.
| 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'94 |
|---|
| Sales/Revenue | -2.16M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -2.68M | 4.77M | 10.13M | 8.09M | 612.48K | 16.59M | 3.04M | -995.32K | 1.46M | 946.48K | -5.35M | 3.7M | 5.79M | 2.9M | 3.65M | 3.91M | -896.04K | 1.16M | 1.84M | 5.25M | 14.27M | 460K | 650K | 450K | 260K | 160K | 240K | 360K | 300K |
| Gross Margin % | 123.99% | 106.67% | 90.29% | 88.57% | 89.75% | 96.41% | 87.94% | 169.48% | 82.41% | 75.31% | 106.16% | 92.33% | 95.6% | 95.91% | 95.52% | 87.96% | 273.76% | 66.59% | 77.83% | 91.26% | 96.79% | 62.16% | 85.53% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -52.89% | 25.13% | 1221.68% | -96.31% | 445.71% | 405.45% | -168.33% | 53.89% | 117.69% | -244.76% | -36.13% | 99.53% | -20.47% | -6.8% | 536.75% | -176.92% | -36.55% | -65.05% | -63.19% | 3001.94% | -29.23% | 44.44% | 73.08% | 62.5% | -33.33% | -33.33% | 20% | - |
| Operating Expenses | 3.13M | 12.65M | 1.34M | 1.27M | 1.17M | 994.9K | 968.7K | 2.16M | 1.76M | 1.69M | 1.71M | 1.39M | 1.3M | 1.27M | 1.24M | 1.07M | 1.14M | 1.94M | 1.2M | 1.15M | 1.05M | 990K | 790K | 940K | 860K | 830K | 630K | 740K | 900K |
| OpEx % of Revenue | - | 282.86% | 11.99% | 13.91% | 171.56% | 5.78% | 28.02% | -368.17% | 99.44% | 134.37% | -33.84% | 34.66% | 21.42% | 41.94% | 32.54% | 23.98% | -347.85% | 110.95% | 50.81% | 19.94% | 7.1% | 133.78% | 103.95% | 208.89% | 330.77% | 518.75% | 262.5% | 205.56% | 300% |
| Selling, General & Admin | 1.26M | 942.39K | 1.34M | 1.27M | 1.17M | 994.9K | 968.7K | 1.35M | 883.36K | 866.27K | 909.16K | 671.59K | 536.37K | 428.31K | 583.67K | 474.67K | 482.03K | 1.07M | 801K | 573.06K | 583.85K | 980K | 780K | 900K | 710K | 720K | 600K | 710K | 400K |
| SG&A % of Revenue | - | 21.07% | 11.99% | 13.91% | 171.56% | 5.78% | 28.02% | -230.17% | 49.98% | 68.93% | -18.04% | 16.77% | 8.86% | 14.16% | 15.29% | 10.67% | -147.27% | 61.32% | 33.95% | 9.96% | 3.96% | 132.43% | 102.63% | 200% | 273.08% | 450% | 250% | 197.22% | 133.33% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -5.81M | -7.88M | 8.78M | 6.82M | -558.33K | 15.6M | 2.07M | -3.16M | -301.1K | -742.22K | -7.06M | 2.31M | 4.49M | 1.63M | 2.4M | 2.85M | -2.03M | -776.13K | 637.43K | 4.1M | 13.22M | -530K | -140K | -490K | -600K | -670K | -390K | -380K | -600K |
| Operating Margin % | 269.03% | -176.2% | 78.3% | 74.66% | -81.81% | 90.63% | 59.92% | 537.65% | -17.03% | -59.06% | 139.99% | 57.67% | 74.18% | 53.97% | 62.98% | 63.98% | 621.62% | -44.36% | 27.02% | 71.32% | 89.69% | -71.62% | -18.42% | -108.89% | -230.77% | -418.75% | -162.5% | -105.56% | -200% |
| Operating Income Growth % | - | -189.73% | 28.74% | 1322.1% | -103.58% | 652.87% | 165.61% | -948.68% | 59.43% | 89.48% | -405.64% | -48.59% | 175.15% | -32.13% | -15.52% | 239.9% | -162.14% | -221.76% | -84.47% | -68.95% | 2594.77% | -278.57% | 71.43% | 18.33% | 10.45% | -71.79% | -2.63% | 36.67% | - |
| EBITDA | -6.8M | -7.86M | 8.81M | 6.85M | -545.83K | 15.77M | 2.11M | -3.12M | -271.41K | -710.79K | -7.02M | 2.34M | 4.52M | 1.67M | 2.47M | 2.94M | -2M | -739.91K | 689.66K | 4.14M | 13.25M | -510K | -120K | -480K | -590K | -660K | -380K | -360K | -600K |
| EBITDA Margin % | 314.89% | -175.64% | 78.52% | 74.93% | -79.98% | 91.65% | 61.01% | 531.3% | -15.35% | -56.56% | 139.33% | 58.49% | 74.65% | 55.25% | 64.66% | 66.18% | 609.54% | -42.29% | 29.24% | 71.91% | 89.88% | -68.92% | -15.79% | -106.67% | -226.92% | -412.5% | -158.33% | -100% | -200% |
| EBITDA Growth % | -181.9% | -189.19% | 28.64% | 1354.67% | -103.46% | 647.74% | 167.6% | -1049.64% | 61.82% | 89.88% | -399.9% | -48.18% | 170.45% | -32.33% | -16.15% | 247.59% | -169.63% | -207.29% | -83.34% | -68.76% | 2697.9% | -325% | 75% | 18.64% | 10.61% | -73.68% | -5.56% | 40% | - |
| D&A (Non-Cash Add-back) | -990.09K | 25K | 25K | 25K | 12.5K | 175.41K | 37.67K | 37.3K | 29.69K | 31.43K | 33.39K | 33.05K | 28.18K | 38.76K | 64.37K | 98.19K | 39.52K | 36.22K | 52.23K | 34K | 27K | 20K | 20K | 10K | 10K | 10K | 10K | 20K | 0 |
| EBIT | -5.81M | -7.88M | 8.78M | 6.82M | -558.33K | 15.6M | 2.07M | -3.16M | -301.1K | -742.22K | -7.06M | 2.31M | 4.49M | 1.63M | 2.4M | 2.85M | -2.03M | -776.13K | 637.43K | 4.1M | 13.22M | -251.99K | -35.7K | -780K | -830K | 5.67M | 2.69M | -870K | -600K |
| Net Interest Income | 3.88M | 5.88M | 6.64M | 4.94M | 4.08M | 2.41M | 2.13M | 1.28M | 1.23M | 875.8K | 502.02K | 406.13K | 537.74K | 615.77K | 462.73K | 222.84K | 137.04K | 88.18K | 176.78K | 1.8M | 854.44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K |
| Interest Income | 3.99M | 5.99M | 7.73M | 5.98M | 4.15M | 3.03M | 2.55M | 1.69M | 1.54M | 1.19M | 812.29K | 713.16K | 803.84K | 804K | 633.86K | 758.48K | 711.75K | 585.65K | 698.84K | 2.3M | 1.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K |
| Interest Expense | 105.65K | 112.53K | 1.09M | 1.04M | 69.96K | 617.27K | 416.76K | 408.04K | 311K | 310.27K | 310.28K | 307.03K | 266.1K | 188.23K | 171.14K | 535.64K | 574.72K | 497.48K | 522.06K | 503.06K | 472.53K | 0 | 0 | -140K | -120K | 3.17M | 1.54M | -250K | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -9.11M | -7.99M | 8.78M | 6.82M | -558.33K | 15.6M | 2.07M | -3.16M | -301.1K | -742.22K | -7.06M | 2.31M | 4.49M | 1.63M | 2.4M | 2.85M | -2.03M | -776.13K | 637.43K | 4.1M | 13.22M | -670K | -320K | -640K | -710K | 2.5M | 1.15M | -620K | -600K |
| Pretax Margin % | 422.06% | -178.71% | 78.3% | 74.66% | -81.81% | 90.63% | 59.92% | 537.65% | -17.03% | -59.06% | 139.99% | 57.67% | 74.18% | 53.97% | 62.98% | 63.98% | 621.62% | -44.36% | 27.02% | 71.32% | 89.69% | -90.54% | -42.11% | -142.22% | -273.08% | 1562.5% | 479.17% | -172.22% | -200% |
| Income Tax | 136.42K | 44.82K | -43.05K | 296.68K | 323.52K | -201.48K | 1.33M | -867.84K | 93.4K | -31.54K | -5.85M | 808.63K | -50.66K | -1.24M | 464.94K | 1.5M | -1.88M | -36.71K | 228.29K | 1.39M | 5.06M | -260K | -110K | -290K | -280K | 860K | 430K | 10K | -200K |
| Effective Tax Rate % | -1.5% | -0.56% | -0.49% | 4.35% | -57.94% | -1.29% | 64.1% | 27.49% | -31.02% | 4.25% | 82.96% | 35.02% | -1.13% | -76.05% | 19.33% | 52.63% | 92.38% | 4.73% | 35.81% | 33.76% | 38.24% | 38.81% | 34.38% | 45.31% | 39.44% | 34.4% | 37.39% | -1.61% | 33.33% |
| Net Income | -9.25M | -8.04M | 8.83M | 6.53M | -881.85K | 15.8M | 743.77K | -2.29M | -394.5K | -710.68K | -1.2M | 1.5M | 4.54M | 2.87M | 1.94M | 1.35M | -155.06K | -739.42K | 409.14K | 2.72M | 8.17M | -410K | -210K | -340K | -430K | 1.64M | 720K | -630K | -400K |
| Net Margin % | 428.38% | -179.71% | 78.68% | 71.41% | -129.22% | 91.8% | 21.51% | 389.88% | -22.32% | -56.55% | 23.86% | 37.47% | 75.02% | 95.01% | 50.8% | 30.31% | 47.38% | -42.26% | 17.34% | 47.24% | 55.4% | -55.41% | -27.63% | -75.56% | -165.38% | 1025% | 300% | -175% | -133.33% |
| Net Income Growth % | -211.84% | -191.07% | 35.25% | 840.11% | -105.58% | 2023.98% | 132.48% | -480.4% | 44.49% | 40.91% | -180.17% | -66.97% | 58.05% | 48.13% | 43.87% | 969.52% | 79.03% | -280.72% | -84.95% | -66.7% | 2091.82% | -95.24% | 38.24% | 20.93% | -126.22% | 127.78% | 214.29% | -57.5% | - |
| Net Income (Continuing) | -9.25M | -8.04M | 8.83M | 6.53M | -881.85K | 15.8M | 743.77K | -2.29M | -394.5K | -710.68K | -1.2M | 1.5M | 4.54M | 2.87M | 1.94M | 1.35M | -155.06K | -739.42K | 409.14K | 2.72M | 8.17M | -175.18K | -112.38K | -340K | -430K | 1.64M | 720K | -630K | -400K |
| 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 | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.11 | -2.73 | 3.42 | 2.53 | -0.34 | 6.12 | 0.33 | -2.74 | -0.56 | -1.01 | -1.71 | 2.16 | 6.39 | 3.96 | 2.61 | 1.80 | -0.20 | -1.09 | 0.63 | 0.48 | 1.43 | -0.07 | -0.04 | -0.06 | -0.07 | 0.28 | 0.13 | -0.11 | -0.60 |
| EPS Growth % | -194.01% | -179.82% | 35.18% | 844.12% | -105.56% | 1754.55% | 112.04% | -389.29% | 44.55% | 40.94% | -179.17% | -66.2% | 61.36% | 51.72% | 45% | 1000% | 81.65% | -273.02% | 31.25% | -66.43% | 2094.42% | -95.37% | 38.22% | 20.48% | -126.68% | 115.38% | 218.18% | 81.67% | - |
| EPS (Basic) | - | -2.73 | 3.42 | 2.53 | -0.34 | 6.12 | 0.33 | -2.74 | -0.56 | -1.01 | -1.71 | 2.16 | 6.39 | 3.96 | 2.61 | 1.80 | -0.20 | -1.09 | 0.63 | 0.48 | 1.43 | -0.07 | -0.04 | -0.06 | -0.07 | 0.28 | 0.13 | -0.11 | -0.60 |
| Diluted Shares Outstanding | 2.97M | 2.95M | 2.58M | 2.58M | 2.58M | 2.58M | 2.27M | 836.89K | 702.44K | 702.44K | 702.87K | 703.17K | 710.13K | 723.71K | 752.26K | 757.66K | 757.66K | 679.45K | 635.44K | 5.72M | 5.72M | 5.72M | 5.72M | 5.72M | 5.76M | 5.76M | 5.71M | 5.71M | 666.67K |
| Basic Shares Outstanding | 2.97M | 2.95M | 2.58M | 2.58M | 2.58M | 2.58M | 2.27M | 836.89K | 702.44K | 702.44K | 702.87K | 703.17K | 710.13K | 723.71K | 752.26K | 757.66K | 757.66K | 679.45K | 635.44K | 5.72M | 5.72M | 5.72M | 5.72M | 5.72M | 5.76M | 5.76M | 5.71M | 5.71M | 666.67K |
| Dividend Payout Ratio | - | - | 24.27% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Portfolio Valuation Volatility
As evidenced by the historical income statement data, RAND's revenue trajectory remains highly volatile, characterized by significant quarterly swings including a notable negative revenue print in 2025Q2, which underscores the firm's dependence on lumpy capital gains rather than a consistent, recurring interest-based income stream.
The revenue profile suggests that the firm's growth is not driven by organic scaling of the investment portfolio but rather by the timing of sporadic asset exits. Investors should monitor whether the current deployment rate can stabilize top-line performance, as the lack of consistent revenue growth complicates long-term valuation models.
Based on reported financial statements, RAND's net income is frequently obscured by non-cash valuation adjustments on Level 3 assets, as seen in the extreme variance between the $7.7M loss in 2025Q2 and the subsequent $1.1M profit in 2025Q4, highlighting significant earnings quality concerns.
The reliance on unrealized appreciation or depreciation makes reported net income a poor proxy for the firm's actual cash-generating capacity. Analysts should prioritize Net Investment Income (NII) to strip away these accounting artifacts and assess the underlying health of the portfolio's yield-generating assets.
According to the provided quarterly data, RAND's operating margins have frequently dipped into negative territory, such as the -176.20% margin observed recently, indicating that the current portfolio size is insufficient to absorb the fixed costs associated with its external management structure and public company compliance.
The inability to consistently scale operating income relative to gross profit suggests a lack of operating leverage that may persist without a substantial increase in assets under management. This structural inefficiency warrants further investigation into whether the current fee structure is sustainable for minority shareholders.
While the firm leverages a 50-year regional network, the income statement data suggests that RAND's performance is highly sensitive to a small number of holdings, as evidenced by the sharp swings in quarterly profitability that may indicate a lack of diversification across its target industries.
Short-sellers might focus on the potential for 'zombie risk,' where the portfolio remains too small to cover overhead, leading to a slow erosion of shareholder equity. The extreme geographic concentration in the Buffalo-Niagara region, while a potential information advantage, also exposes the firm to localized economic downturns that could trigger further write-downs.
Quick answers to the most common questions about buying RAND stock.
Rand Capital Corporation (RAND) reported a net loss of $8.0M for the fiscal year ending 2025.
Rand Capital Corporation (RAND) reported an operating income of $-7.9M, resulting in an operating profit margin of -176.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Rand Capital Corporation (RAND) generated $4.8M in gross profit for the year, representing a gross profit margin of 106.7%. This demonstrates the company's core pricing power and production efficiency.