Revenue growth remains resilient despite structural margin volatility, evidenced by gross margins that fluctuated from a low of 36.6% in 2024Q4 to 66.5% in 2026Q2.
Simulations Plus, Inc. (SLP) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 | Aug'03 | Aug'02 | Aug'01 | Aug'00 | Aug'99 | Aug'98 | Aug'97 | Aug'96 |
|---|
| Sales/Revenue | 82.06M | 79.18M | 70.01M | 59.58M | 53.91M | 46.47M | 41.59M | 33.97M | 29.67M | 24.14M | 19.97M | 18.31M | 11.46M | 10.07M | 9.45M | 8.74M | 10.71M | 9.14M | 8.97M | 8.86M | 5.86M | 4.75M | 5.21M | 5.48M | 4.44M | 3.91M | 3.63M | 3.47M | 2.6M | 2.49M | 2.6M |
| Revenue Growth % | 2.08% | 13.09% | 17.52% | 10.52% | 16.01% | 11.73% | 22.43% | 14.51% | 22.9% | 20.86% | 9.05% | 59.8% | 13.8% | 6.58% | 8.12% | -18.42% | 17.16% | 1.95% | 1.24% | 51.28% | 23.2% | -8.72% | -5.07% | 23.42% | 13.52% | 7.85% | 4.69% | 33.34% | 4.29% | -4.11% | - |
| Cost of Goods Sold | 30.05M | 32.96M | 26.86M | 11.63M | 10.82M | 10.6M | 10.65M | 9.03M | 7.99M | 6.31M | 4.6M | 4.39M | 1.63M | 1.65M | 1.51M | 1.56M | 2.55M | 2.32M | 2.1M | 2.08M | 1.6M | 1.51M | 1.56M | 1.54M | 1.46M | 1.56M | 1.16M | 1.65M | 1.2M | 1.25M | 1.2M |
| COGS % of Revenue | - | 41.62% | 38.37% | 19.52% | 20.08% | 22.81% | 25.61% | 26.57% | 26.95% | 26.13% | 23.04% | 23.98% | 14.21% | 16.35% | 15.98% | 17.83% | 23.77% | 25.39% | 23.42% | 23.51% | 27.4% | 31.73% | 29.91% | 28.04% | 32.77% | 39.92% | 32.02% | 47.55% | 46.15% | 50.23% | 46.15% |
| Gross Profit | 52.01M | 46.22M | 43.15M | 47.95M | 43.08M | 35.87M | 30.94M | 24.94M | 21.67M | 17.83M | 15.37M | 13.92M | 9.83M | 8.42M | 7.94M | 7.18M | 8.17M | 6.82M | 6.87M | 6.78M | 4.25M | 3.24M | 3.65M | 3.95M | 2.99M | 2.35M | 2.47M | 1.82M | 1.4M | 1.24M | 1.4M |
| Gross Margin % | 63.38% | 58.38% | 61.63% | 80.48% | 79.92% | 77.19% | 74.39% | 73.43% | 73.05% | 73.87% | 76.96% | 76.02% | 85.79% | 83.65% | 84.02% | 82.17% | 76.23% | 74.61% | 76.58% | 76.49% | 72.6% | 68.27% | 70.09% | 71.96% | 67.23% | 60.08% | 67.98% | 52.45% | 53.85% | 49.77% | 53.85% |
| Gross Profit Growth % | - | 7.11% | -10% | 11.29% | 20.12% | 15.92% | 24.04% | 15.1% | 21.55% | 16% | 10.41% | 41.6% | 16.71% | 6.12% | 10.55% | -12.07% | 19.71% | -0.67% | 1.36% | 59.4% | 31.01% | -11.1% | -7.53% | 32.11% | 27.03% | -4.68% | 35.69% | 29.88% | 12.83% | -11.37% | - |
| Operating Expenses | 40.5M | 116.95M | 37.02M | 39.22M | 28.17M | 24.61M | 19.34M | 14.3M | 11.37M | 9.57M | 8.14M | 8.07M | 5.39M | 4.35M | 4.33M | 3.65M | 5.3M | 5.01M | 4.69M | 4.27M | 3.42M | 2.95M | 3.02M | 2.68M | 2.49M | 2.55M | 2.7M | 2.53M | 3.58M | 2.41M | 1.4M |
| OpEx % of Revenue | - | 147.7% | 52.88% | 65.83% | 52.26% | 52.97% | 46.49% | 42.08% | 38.34% | 39.63% | 40.75% | 44.04% | 47.05% | 43.21% | 45.79% | 41.77% | 49.44% | 54.79% | 52.29% | 48.24% | 58.37% | 62.03% | 58.07% | 48.89% | 55.97% | 65.24% | 74.5% | 72.9% | 137.86% | 96.67% | 53.85% |
| Selling, General & Admin | 28.97M | 32.84M | 31.27M | 34.72M | 24.96M | 20.57M | 16.36M | 11.8M | 9.58M | 8.2M | 6.69M | 6.74M | 4.44M | 3.55M | 3.38M | 3.19M | 4.33M | 3.9M | 3.7M | 3.46M | 2.97M | 2.42M | 2.51M | 2.3M | 2.11M | 2.2M | 2.14M | 2.31M | 2.7M | 2.28M | 1.2M |
| SG&A % of Revenue | - | 41.48% | 44.66% | 58.27% | 46.31% | 44.26% | 39.34% | 34.72% | 32.31% | 33.96% | 33.52% | 36.78% | 38.74% | 35.25% | 35.76% | 36.46% | 40.38% | 42.61% | 41.25% | 39.04% | 50.76% | 50.99% | 48.17% | 41.97% | 47.37% | 56.19% | 59.04% | 66.6% | 103.85% | 91.33% | 46.15% |
| Research & Development | 11.53M | 6.88M | 5.75M | 4.5M | 3.21M | 4.05M | 2.98M | 2.5M | 1.79M | 1.37M | 1.45M | 1.33M | 952.77K | 802.37K | 947.56K | 464.28K | 969.87K | 1.11M | 990.49K | 814.95K | 445.25K | 524.56K | 515.02K | 379.63K | 382.14K | 354.09K | 299.88K | 218.51K | 400K | 133.02K | 100K |
| R&D % of Revenue | - | 8.69% | 8.22% | 7.56% | 5.95% | 8.71% | 7.15% | 7.36% | 6.04% | 5.67% | 7.24% | 7.25% | 8.31% | 7.97% | 10.03% | 5.31% | 9.05% | 12.18% | 11.04% | 9.2% | 7.6% | 11.04% | 9.89% | 6.92% | 8.6% | 9.05% | 8.26% | 6.3% | 15.38% | 5.34% | 3.85% |
| Other Operating Expenses | 0 | 77.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.49K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 261.15K | 0 | 0 | 0 | 100K |
| Operating Income | 11.5M | -70.73M | 6.13M | 8.72M | 14.91M | 11.25M | 11.61M | 10.65M | 10.3M | 8.26M | 7.23M | 5.86M | 4.44M | 4.07M | 3.61M | 3.53M | 2.87M | 1.81M | 2.18M | 2.5M | 833.13K | 296.43K | 626.23K | 1.27M | 500.11K | -201.95K | -236.66K | -709.05K | -2.18M | -1.17M | 0 |
| Operating Margin % | 14.02% | -89.33% | 8.76% | 14.64% | 27.66% | 24.22% | 27.9% | 31.35% | 34.71% | 34.24% | 36.21% | 31.98% | 38.73% | 40.44% | 38.23% | 40.4% | 26.8% | 19.82% | 24.29% | 28.26% | 14.23% | 6.24% | 12.03% | 23.07% | 11.25% | -5.16% | -6.52% | -20.45% | -84.02% | -46.9% | - |
| Operating Income Growth % | - | -1253.63% | -29.73% | -41.49% | 32.51% | -3.03% | 8.99% | 3.4% | 24.61% | 14.28% | 23.48% | 31.92% | 9.01% | 12.75% | 2.31% | 22.98% | 58.44% | -16.82% | -12.97% | 200.41% | 181.06% | -52.66% | -50.51% | 153.03% | 347.64% | 14.67% | 66.62% | 67.54% | -86.82% | - | - |
| EBITDA | 12.86M | -62.52M | 11.8M | 12.56M | 18.48M | 14.84M | 14.57M | 13.4M | 13.02M | 10.4M | 9.16M | 7.85M | 5.48M | 4.84M | 4.33M | 4.22M | 3.55M | 2.37M | 2.72M | 3.02M | 1.2M | 503.32K | 850.21K | 1.46M | 691.94K | 91.9K | 24.49K | -205.28K | -1.55M | -1.03M | 100K |
| EBITDA Margin % | 15.67% | -78.96% | 16.85% | 21.09% | 34.29% | 31.94% | 35.03% | 39.44% | 43.88% | 43.08% | 45.88% | 42.84% | 47.79% | 48.05% | 45.8% | 48.3% | 33.17% | 25.95% | 30.35% | 34.04% | 20.43% | 10.59% | 16.33% | 26.64% | 15.57% | 2.35% | 0.67% | -5.92% | -59.71% | -41.29% | 3.85% |
| EBITDA Growth % | 120.25% | -629.99% | -6.12% | -32.03% | 24.54% | 1.89% | 8.73% | 2.91% | 25.19% | 13.48% | 16.8% | 43.26% | 13.17% | 11.83% | 2.53% | 18.77% | 49.76% | -12.81% | -9.74% | 152.05% | 137.68% | -40.8% | -41.81% | 111.15% | 652.91% | 275.28% | 111.93% | 86.78% | -50.8% | -1129.42% | - |
| D&A (Non-Cash Add-back) | 1.35M | 8.21M | 5.67M | 3.84M | 3.57M | 3.59M | 2.96M | 2.75M | 2.72M | 2.14M | 1.93M | 1.99M | 1.04M | 766.96K | 715.44K | 690.45K | 682.94K | 561.01K | 543.41K | 512.45K | 363.18K | 206.89K | 223.98K | 195.59K | 191.83K | 293.85K | 261.15K | 503.76K | 632.09K | 139.86K | -100K |
| EBIT | 11.73M | 6.49M | 12.41M | 9.22M | 15.12M | 11.11M | 11.39M | 10.56M | 10.3M | 8.28M | 7.24M | 5.69M | 4.44M | 4.07M | 3.95M | 3.7M | 3.11M | 2.03M | 2.18M | 2.5M | 833.13K | 296.43K | 626.23K | 1.27M | 500.11K | -201.95K | -236.66K | -709.05K | -2.3M | -1.17M | 200K |
| Net Interest Income | 1.14M | 722K | 4.38M | 4.13M | 717K | 179K | 30K | 34K | 27.12K | -22.33K | 18.01K | 17.93K | 31.44K | 49.49K | 89.26K | 91.18K | 100.5K | 93.87K | 0 | 0 | 0 | 0 | 0 | -5.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.14M | 722K | 4.38M | 4.13M | 717K | 201K | 30K | 34K | 27.12K | 15.86K | 18.01K | 17.93K | 31.44K | 49.49K | 89.27K | 91.22K | 101.55K | 93.87K | 0 | 0 | 0 | 0 | 0 | 233 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 22K | 0 | 0 | 0 | 38.19K | 0 | 0 | 0 | 0 | 3 | 43 | 1.04K | 0 | 0 | 0 | 0 | 0 | 0 | 5.36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.05M | 1.35M | 6.28M | 2.97M | 204K | -168K | -218K | -92K | -158.85K | -24.02K | 4.59K | -163.6K | 73.92K | 184.41K | 342.77K | 167.84K | 233.87K | 214.83K | 268.03K | 121.69K | 55.64K | 51.69K | 72.4K | -7.44K | -13.6K | -22.05K | -19.34K | 133.98K | 116.83K | -305.99K | 0 |
| Pretax Income | 12.55M | -69.38M | 12.41M | 11.7M | 15.12M | 11.09M | 11.39M | 10.56M | 10.14M | 8.24M | 7.24M | 5.69M | 4.51M | 4.26M | 3.95M | 3.7M | 3.1M | 2.03M | 2.45M | 2.62M | 888.77K | 348.12K | 698.63K | 1.26M | 486.51K | -224K | -256K | -575.07K | -2.07M | -1.48M | 0 |
| Pretax Margin % | 15.3% | -87.62% | 17.73% | 19.63% | 28.04% | 23.86% | 27.38% | 31.07% | 34.18% | 34.14% | 36.23% | 31.08% | 39.38% | 42.27% | 41.85% | 42.32% | 28.98% | 22.17% | 27.28% | 29.63% | 15.18% | 7.32% | 13.42% | 22.94% | 10.95% | -5.72% | -7.05% | -16.59% | -79.52% | -59.17% | - |
| Income Tax | 4.45M | -4.66M | 2.46M | 1.73M | 2.63M | 1.3M | 2.06M | 1.97M | 1.2M | 2.45M | 2.29M | 1.85M | 1.49M | 1.37M | 1.14M | 1.04M | 948.43K | 614.58K | 720.61K | 1.16M | 212.9K | 85.8K | -137.86K | -1.25M | 1.6K | 1.6K | 1.6K | 1.6K | 1.6K | -38.8K | 0 |
| Effective Tax Rate % | 35.42% | 6.72% | 19.8% | 14.83% | 17.41% | 11.75% | 18.05% | 18.69% | 11.88% | 29.76% | 31.59% | 32.5% | 32.96% | 32.19% | 28.89% | 28% | 30.55% | 30.32% | 29.46% | 44.14% | 23.95% | 24.65% | -19.73% | -99.21% | 0.33% | -0.71% | -0.63% | -0.28% | -0.08% | 2.63% | - |
| Net Income | 8.11M | -64.72M | 9.95M | 9.96M | 12.48M | 9.78M | 9.33M | 8.58M | 8.93M | 5.79M | 4.95M | 3.84M | 3.03M | 2.89M | 3.03M | 2.71M | 2.16M | 1.41M | 1.73M | 1.47M | 675.88K | 262.32K | 836.49K | 2.51M | 484.92K | -225.6K | -257.6K | -576.66K | -2.1M | -1.44M | 0 |
| Net Margin % | 9.88% | -81.74% | 14.22% | 16.72% | 23.16% | 21.05% | 22.44% | 25.27% | 30.12% | 23.98% | 24.79% | 20.98% | 26.4% | 28.66% | 32.05% | 31.06% | 20.13% | 15.44% | 19.24% | 16.55% | 11.54% | 5.52% | 16.07% | 45.69% | 10.91% | -5.76% | -7.1% | -16.63% | -80.77% | -57.62% | - |
| Net Income Growth % | 112.83% | -750.17% | -0.07% | -20.2% | 27.61% | 4.82% | 8.73% | -3.94% | 54.38% | 16.92% | 28.81% | 27.02% | 4.81% | -4.67% | 11.54% | 25.91% | 52.69% | -18.17% | 17.7% | 116.92% | 157.65% | -68.64% | -66.62% | 416.8% | 314.94% | 12.42% | 55.33% | 72.54% | -46.19% | - | - |
| Net Income (Continuing) | 8.11M | -64.72M | 9.95M | 9.96M | 12.48M | 9.78M | 9.33M | 8.58M | 8.93M | 5.79M | 4.95M | 3.84M | 3.03M | 2.89M | 2.81M | 2.66M | 2.16M | 1.41M | 1.73M | 1.47M | 675.88K | 262.32K | 836.49K | 2.51M | 484.92K | -225.6K | -257.6K | -576.66K | -2.1M | -1.44M | 0 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 215.92K | 52K | 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 | 0 | 0 |
| EPS (Diluted) | 0.40 | -3.22 | 0.49 | 0.49 | 0.60 | 0.47 | 0.50 | 0.48 | 0.50 | 0.33 | 0.29 | 0.23 | 0.18 | 0.18 | 0.19 | 0.17 | 0.13 | 0.08 | 0.10 | 0.08 | 0.04 | 0.02 | 0.05 | 0.17 | 0.03 | -0.02 | -0.02 | -0.04 | -0.62 | -0.49 | 0.00 |
| EPS Growth % | 112.69% | -757.14% | 0% | -18.33% | 27.66% | -6% | 4.17% | -4% | 51.52% | 13.79% | 26.09% | 27.78% | 0% | -5.26% | 11.76% | 30.77% | 62.5% | -20% | 25% | 100% | 128.57% | -66.67% | -69.12% | 394.19% | 307.23% | 12.63% | 55.5% | 93.11% | -26.53% | - | - |
| EPS (Basic) | - | -3.22 | 0.50 | 0.50 | 0.62 | 0.49 | 0.52 | 0.49 | 0.52 | 0.34 | 0.29 | 0.23 | 0.19 | 0.18 | 0.19 | 0.17 | 0.14 | 0.09 | 0.11 | 0.10 | 0.05 | 0.02 | 0.06 | 0.18 | 0.04 | -0.02 | -0.02 | -0.04 | -0.62 | -0.49 | 0.00 |
| Diluted Shares Outstanding | 20.23M | 20.1M | 20.3M | 20.46M | 20.75M | 20.74M | 18.54M | 18.06M | 17.86M | 17.52M | 17.21M | 17.03M | 16.41M | 16.32M | 16.15M | 16.08M | 16.51M | 17.19M | 18.14M | 17.96M | 16.29M | 15.92M | 15.58M | 14.96M | 14.1M | 13.58M | 13.54M | 13.51M | 3.33M | 2.94M | 2.22M |
| Basic Shares Outstanding | 20.17M | 20.1M | 19.99M | 20.07M | 20.2M | 20.05M | 17.82M | 17.49M | 17.33M | 17.24M | 17.03M | 16.86M | 16.17M | 16M | 15.76M | 15.54M | 15.83M | 16.13M | 16.13M | 15.28M | 14.72M | 14.44M | 13.98M | 13.64M | 13.63M | 13.58M | 13.54M | 13.51M | 3.33M | 2.94M | 2.22M |
| Dividend Payout Ratio | - | - | 48.18% | 48.28% | 38.82% | 49.18% | 45.55% | 48.9% | 46.58% | 59.58% | 68.95% | 87.84% | 101.66% | 138.61% | 78.7% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SLP stock.
For fiscal year 2025, Simulations Plus, Inc. (SLP) reported total revenue of $79.2M. This represents a 2945.3% increase compared to $2.6M in 1996.
Simulations Plus, Inc. (SLP) reported a net loss of $64.7M for the fiscal year ending 2025.
Simulations Plus, Inc. (SLP) reported an operating income of $-70.7M, resulting in an operating profit margin of -89.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Simulations Plus, Inc. (SLP) generated $46.2M in gross profit for the year, representing a gross profit margin of 58.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory dependency and margin volatility
Metrics are mathematically derived from official filings.
Revenue Growth Amidst Segment Shifts
According to quarterly financial data, Simulations Plus achieved a 13.09% year-over-year revenue growth trajectory, suggesting that demand for its regulatory-integrated modeling software remains resilient despite the broader volatility observed in the company's recent bottom-line performance and the lumpy nature of its multi-year software licensing renewals.
The revenue expansion appears driven by the firm's unique position as a regulatory gatekeeper, where its software is deeply embedded in the drug approval process. Investors should monitor whether this growth is sustainable as the company balances its high-margin software business with the more labor-intensive consulting segments.
Structural Margin Compression and Volatility
As reported in recent income statements, the company's gross margin has fluctuated significantly, dropping to a low of 36.6% in 2024Q4 before recovering to 66.5% in 2026Q2, which suggests that the firm's cost structure remains highly sensitive to project-based consulting mix and potential integration-related inefficiencies.
The wide variance in gross margins implies that the company's consulting services may be diluting the profitability of its core software licenses. This volatility warrants further investigation into whether the firm can maintain a consistent margin profile as it scales its specialized human capital requirements.
Operating Leverage Obscured by Expenses
Based on the provided financial figures, the company's operating leverage appears currently compromised, as evidenced by the sharp divergence between gross profit and operating income, with operating margins swinging from a peak of 24.3% to deep negative territory in recent periods of heavy investment.
The inability of operating income to scale proportionally with gross profit suggests that SG&A and R&D expenses are currently outpacing revenue gains. This may indicate a period of aggressive investment in product development or acquisition integration that has temporarily masked the underlying operating efficiency of the business.
Earnings Quality Impacted by Volatility
Financial statements indicate that net income has been highly erratic, with significant quarterly swings that appear disconnected from top-line performance, suggesting that non-operating items or substantial one-time charges are currently distorting the company's true earnings power and complicating traditional valuation metrics for institutional investors.
The presence of significant stock-based compensation and potential acquisition-related costs suggests that reported EPS may not fully reflect the cash-generating capacity of the firm. Analysts should focus on normalized earnings to determine if the core business model remains fundamentally profitable after stripping out these transient accounting impacts.