Revenue contracted roughly 34% from $237.1M in 2024Q2 to $155.8M in 2026Q3 while gross margin fell from 22.7% to 7.4%, leaving operating margin at -15.3% and warranting further investigation into whether this reflects cyclical headwinds or durable competitive weakness.
Stoneridge, Inc. (SRI) annual income statement — 30-year revenue, gross profit & net income history
| 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'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 703.19M | 861.26M | 908.29M | 975.82M | 899.92M | 770.46M | 648.01M | 834.29M | 866.2M | 824.44M | 695.98M | 644.81M | 660.58M | 947.83M | 938.51M | 765.37M | 635.23M | 475.15M | 752.7M | 727.12M | 708.7M | 671.58M | 681.79M | 606.66M | 636.51M | 584.47M | 667.19M | 675.2M | 503.8M | 449.5M | 363.7M |
| Revenue Growth % | -19.58% | -5.18% | -6.92% | 8.43% | 16.8% | 18.9% | -22.33% | -3.68% | 5.06% | 18.46% | 7.93% | -2.39% | -30.31% | 0.99% | 22.62% | 20.49% | 33.69% | -36.87% | 3.52% | 2.6% | 5.53% | -1.5% | 12.38% | -4.69% | 8.9% | -12.4% | -1.19% | 34.02% | 12.08% | 23.59% | - |
| Cost of Goods Sold | 587.84M | 697.22M | 719.04M | 773.72M | 725M | 603.6M | 493.81M | 620.56M | 609.57M | 576.3M | 500.54M | 467.83M | 469.7M | 721.81M | 713.87M | 618.6M | 490.39M | 387.17M | 586.41M | 559.4M | 549.79M | 523M | 507.6M | 450.63M | 471.19M | 449.39M | 467.4M | 459.4M | 365.2M | 328.1M | 278.1M |
| COGS % of Revenue | - | 80.95% | 79.16% | 79.29% | 80.56% | 78.34% | 76.2% | 74.38% | 70.37% | 69.9% | 71.92% | 72.55% | 71.1% | 76.15% | 76.06% | 80.82% | 77.2% | 81.48% | 77.91% | 76.93% | 77.58% | 77.88% | 74.45% | 74.28% | 74.03% | 76.89% | 70.05% | 68.04% | 72.49% | 72.99% | 76.46% |
| Gross Profit | 115.35M | 164.04M | 189.25M | 202.1M | 174.93M | 166.86M | 154.2M | 213.73M | 256.63M | 248.14M | 195.44M | 176.98M | 190.87M | 226.02M | 224.64M | 146.78M | 144.84M | 87.98M | 166.29M | 167.72M | 158.91M | 148.59M | 174.2M | 156.03M | 165.32M | 135.08M | 199.79M | 215.8M | 138.6M | 121.4M | 85.6M |
| Gross Margin % | 16.4% | 19.05% | 20.84% | 20.71% | 19.44% | 21.66% | 23.8% | 25.62% | 29.63% | 30.1% | 28.08% | 27.45% | 28.89% | 23.85% | 23.94% | 19.18% | 22.8% | 18.52% | 22.09% | 23.07% | 22.42% | 22.13% | 25.55% | 25.72% | 25.97% | 23.11% | 29.95% | 31.96% | 27.51% | 27.01% | 23.54% |
| Gross Profit Growth % | - | -13.32% | -6.36% | 15.53% | 4.84% | 8.21% | -27.86% | -16.72% | 3.42% | 26.97% | 10.43% | -7.28% | -15.55% | 0.61% | 53.05% | 1.34% | 64.61% | -47.09% | -0.86% | 5.55% | 6.94% | -14.7% | 11.64% | -5.62% | 22.38% | -32.39% | -7.42% | 55.7% | 14.17% | 41.82% | - |
| Operating Expenses | 155.34M | 175.88M | 189.63M | 189.26M | 171.99M | 151.45M | 161.86M | 142.45M | 189.63M | 190.77M | 151.36M | 149.16M | 165.24M | 186.32M | 195.91M | 128.31M | 122.03M | 102.58M | 201.17M | 132M | 123.23M | 120.6M | 299.77M | 97.66M | 92.13M | 99.59M | 124.63M | 118.5M | 81.9M | 69M | 56.7M |
| OpEx % of Revenue | - | 20.42% | 20.88% | 19.4% | 19.11% | 19.66% | 24.98% | 17.07% | 21.89% | 23.14% | 21.75% | 23.13% | 25.01% | 19.66% | 20.88% | 16.76% | 19.21% | 21.59% | 26.73% | 18.15% | 17.39% | 17.96% | 43.97% | 16.1% | 14.47% | 17.04% | 18.68% | 17.55% | 16.26% | 15.35% | 15.59% |
| Selling, General & Admin | 109.02M | 115.68M | 117.46M | 114.07M | 106.69M | 116M | 112.47M | 123.85M | 138.55M | 141.89M | 111.14M | 110.37M | 123.63M | 186.32M | 195.91M | 128.31M | 122.03M | 102.58M | 136.56M | 133.71M | 124.54M | 120.6M | 116.32M | 97.66M | 92.13M | 99.59M | 95.95M | 90.6M | 67.5M | 55.8M | 46.7M |
| SG&A % of Revenue | - | 13.43% | 12.93% | 11.69% | 11.86% | 15.06% | 17.36% | 14.85% | 16% | 17.21% | 15.97% | 17.12% | 18.72% | 19.66% | 20.88% | 16.76% | 19.21% | 21.59% | 18.14% | 18.39% | 17.57% | 17.96% | 17.06% | 16.1% | 14.47% | 17.04% | 14.38% | 13.42% | 13.4% | 12.41% | 12.84% |
| Research & Development | 46.33M | 60.21M | 72.17M | 89.88M | 65.3M | 66.17M | 49.39M | 52.2M | 51.07M | 48.88M | 40.21M | 38.79M | 41.61M | 57.35M | 55.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 6.99% | 7.95% | 9.21% | 7.26% | 8.59% | 7.62% | 6.26% | 5.9% | 5.93% | 5.78% | 6.02% | 6.3% | 6.05% | 5.89% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | -14.7M | 0 | -30.72M | 0 | -33.6M | 736K | -641K | 147K | 0 | -565K | -1.1M | -4.9M | 0 | 0 | 0 | 64.6M | -1.71M | -1.3M | 0 | 183.45M | 0 | 0 | 0 | 28.68M | 27.9M | 14.4M | 13.2M | 10M |
| Operating Income | -39.99M | -11.84M | -381K | 12.84M | 2.94M | 15.41M | -7.66M | 71.28M | 67M | 57.37M | 44.08M | 27.82M | -25.82M | 39.7M | 28.73M | 13.53M | 22.8M | -18.24M | -43.27M | 34.8M | 35.06M | 23.23M | -125.57M | 58.37M | 73.19M | 35.49M | 75.17M | 97.3M | 56.7M | 52.4M | 28.9M |
| Operating Margin % | -5.69% | -1.37% | -0.04% | 1.32% | 0.33% | 2% | -1.18% | 8.54% | 7.74% | 6.96% | 6.33% | 4.31% | -3.91% | 4.19% | 3.06% | 1.77% | 3.59% | -3.84% | -5.75% | 4.79% | 4.95% | 3.46% | -18.42% | 9.62% | 11.5% | 6.07% | 11.27% | 14.41% | 11.25% | 11.66% | 7.95% |
| Operating Income Growth % | - | -3007.35% | -102.97% | 337.34% | -80.96% | 301.08% | -110.75% | 6.38% | 16.79% | 30.14% | 58.48% | 207.71% | -165.04% | 38.2% | 112.4% | -40.68% | 225% | 57.84% | -224.35% | -0.75% | 50.96% | 118.5% | -315.13% | -20.25% | 106.19% | -52.78% | -22.75% | 71.6% | 8.21% | 81.31% | - |
| EBITDA | -18.1M | 21.85M | 34.61M | 46.53M | 37.71M | 49.88M | 25.57M | 102.76M | 96.52M | 85.62M | 67.69M | 50.61M | 4.26M | 74.93M | 64.05M | 32.37M | 41.87M | 2.69M | -15.76M | 64.62M | 62.62M | 50.65M | -98.81M | 83.45M | 99.6M | 65.06M | 103.85M | 125.2M | 71.1M | 65.6M | 38.9M |
| EBITDA Margin % | -2.57% | 2.54% | 3.81% | 4.77% | 4.19% | 6.47% | 3.95% | 12.32% | 11.14% | 10.39% | 9.73% | 7.85% | 0.64% | 7.91% | 6.82% | 4.23% | 6.59% | 0.57% | -2.09% | 8.89% | 8.84% | 7.54% | -14.49% | 13.76% | 15.65% | 11.13% | 15.56% | 18.54% | 14.11% | 14.59% | 10.7% |
| EBITDA Growth % | -177.54% | -36.88% | -25.61% | 23.38% | -24.4% | 95.07% | -75.12% | 6.47% | 12.73% | 26.48% | 33.75% | 1088.63% | -94.32% | 16.99% | 97.85% | -22.69% | 1459.52% | 117.04% | -124.38% | 3.19% | 23.65% | 151.26% | -218.41% | -16.22% | 53.08% | -37.35% | -17.06% | 76.09% | 8.38% | 68.64% | - |
| D&A (Non-Cash Add-back) | 20.84M | 33.69M | 34.99M | 33.69M | 34.77M | 34.47M | 33.23M | 31.48M | 29.52M | 28.25M | 23.61M | 22.8M | 30.08M | 35.23M | 35.32M | 18.85M | 19.07M | 20.93M | 27.52M | 29.82M | 27.56M | 27.42M | 26.76M | 25.08M | 26.41M | 29.57M | 28.68M | 27.9M | 14.4M | 13.2M | 10M |
| EBIT | -60.24M | -41.87M | 850K | 11.37M | -3.6M | 17.63M | -4.6M | 72.72M | 69.78M | 58.37M | 45.46M | 26.59M | -35.54M | 41.42M | 16.06M | 88.88M | 33.08M | -11.36M | 30.3M | 35.73M | 35.67M | 27.99M | -125.57M | 58.37M | 73.19M | 35.49M | 75.17M | 97.32M | 56.72M | 52.4M | 28.9M |
| Net Interest Income | -12.43M | -13.58M | -14.45M | -13M | -7.1M | -5.19M | -6.12M | -4.32M | -4.72M | -5.78M | -6.28M | -6.37M | -16.88M | -18.1M | -19.87M | -17.23M | -21.78M | -21.96M | 20.57M | -21.76M | -21.74M | -23.87M | -24.46M | -27.65M | -34.62M | -31.31M | -29.49M | 0 | -700K | 0 | -4.3M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 12.43M | 13.58M | 14.45M | 13M | 7.1M | 5.19M | 6.12M | 4.32M | 4.72M | 5.78M | 6.28M | 6.37M | 16.88M | 18.1M | 20.03M | 17.23M | 21.78M | 21.96M | 20.57M | 21.76M | 21.74M | 23.87M | 24.46M | 27.65M | 34.62M | 31.31M | 29.49M | 29.7M | 700K | 0 | 4.3M |
| Other Income/Expense | -32.69M | -43.61M | -13.22M | -14.76M | -13.63M | -2.98M | -3.06M | -2.89M | -1.95M | -4.79M | -4.9M | -7.58M | -27.24M | -21.67M | -23.71M | 58.12M | -12.22M | -15.08M | -7.5M | -11.57M | -15.42M | -18.79M | -23.59M | -27.35M | -35.1M | -31.6M | -28.37M | -30.22M | -721K | -1.5M | -4.3M |
| Pretax Income | -72.68M | -55.45M | -13.6M | -1.92M | -10.7M | 12.44M | -10.72M | 68.39M | 65.06M | 52.58M | 39.19M | 20.23M | -53.06M | 20.73M | 4.56M | 71.64M | 11.3M | -33.33M | -50.77M | 23.22M | 19.64M | 4.44M | -149.16M | 31.02M | 38.09M | 3.9M | 46.79M | 67.1M | 56M | 50.9M | 24.6M |
| Pretax Margin % | -10.34% | -6.44% | -1.5% | -0.2% | -1.19% | 1.61% | -1.65% | 8.2% | 7.51% | 6.38% | 5.63% | 3.14% | -8.03% | 2.19% | 0.49% | 9.36% | 1.78% | -7.01% | -6.75% | 3.19% | 2.77% | 0.66% | -21.88% | 5.11% | 5.98% | 0.67% | 7.01% | 9.94% | 11.12% | 11.32% | 6.76% |
| Income Tax | 47M | 47.38M | 2.93M | 3.26M | 3.36M | 9.03M | -2.77M | 8.1M | 11.21M | 7.53M | -36.39M | -547K | -1.86M | 4.23M | 812K | 26.11M | 678K | -1M | 46.75M | 6.55M | 5.13M | 3.5M | -56.65M | 9.64M | 13.43M | 950K | 14.09M | 25.9M | 22.6M | 3.9M | 500K |
| Effective Tax Rate % | -64.67% | -85.45% | -21.53% | -169.67% | -31.41% | 72.61% | 25.87% | 11.85% | 17.23% | 14.33% | -92.86% | -2.7% | 3.5% | 20.38% | 17.81% | 36.44% | 6% | 3.01% | -92.08% | 28.22% | 26.1% | 78.97% | 37.98% | 31.08% | 35.25% | 24.38% | 30.1% | 38.6% | 40.36% | 7.66% | 2.03% |
| Net Income | -122.86M | -102.83M | -16.52M | -5.18M | -14.06M | 3.41M | -7.95M | 60.29M | 53.85M | 45.18M | 77.46M | 22.77M | -47.11M | 15.13M | 5.36M | 49.36M | 10.81M | -32.41M | -97.53M | 16.67M | 14.51M | 933K | -92.5M | 21.38M | -48.78M | 2.95M | 32.71M | 41.2M | 33.4M | 47M | 24.1M |
| Net Margin % | -17.47% | -11.94% | -1.82% | -0.53% | -1.56% | 0.44% | -1.23% | 7.23% | 6.22% | 5.48% | 11.13% | 3.53% | -7.13% | 1.6% | 0.57% | 6.45% | 1.7% | -6.82% | -12.96% | 2.29% | 2.05% | 0.14% | -13.57% | 3.52% | -7.66% | 0.5% | 4.9% | 6.1% | 6.63% | 10.46% | 6.63% |
| Net Income Growth % | -283.46% | -522.34% | -218.81% | 63.13% | -512.68% | 142.84% | -113.19% | 11.97% | 19.19% | -41.68% | 240.13% | 148.34% | -411.33% | 182.24% | -89.14% | 356.63% | 133.36% | 66.77% | -685.01% | 14.87% | 1455.52% | 101.01% | -532.68% | 143.83% | -1755.74% | -90.99% | -20.61% | 23.35% | -28.94% | 95.02% | - |
| Net Income (Continuing) | -119.68M | -102.83M | -16.52M | -5.18M | -14.06M | 3.41M | -7.95M | 60.29M | 53.85M | 45.05M | 75.57M | 20.78M | -51.2M | 20.53M | 3.75M | 45.54M | 11.35M | -32.32M | -97.53M | 16.67M | 14.51M | 933K | -92.5M | 21.38M | 24.66M | 2.95M | 32.71M | 41.2M | 33.4M | 47M | 24.1M |
| Discontinued Operations | -1000K | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.76M | 13.31M | 22.55M | 39.54M | 44.08M | 49.61M | 4.31M | 4.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.33 | -3.70 | -0.60 | -0.19 | -0.52 | 0.12 | -0.29 | 2.13 | 1.85 | 1.57 | 2.74 | 0.81 | -1.75 | 0.56 | 0.20 | 2.00 | 0.44 | -1.37 | -4.17 | 0.71 | 0.63 | 0.04 | -4.09 | 0.94 | -2.16 | 0.13 | 1.46 | 1.84 | 1.49 | 2.92 | 1.73 |
| EPS Growth % | -282.61% | -516.67% | -215.79% | 63.46% | -533.33% | 141.38% | -113.61% | 15.14% | 17.83% | -42.7% | 238.27% | 146.29% | -412.5% | 180% | -90% | 354.55% | 132.12% | 67.15% | -687.32% | 12.7% | 1475% | 100.98% | -535.11% | 143.52% | -1761.54% | -91.1% | -20.65% | 23.49% | -48.97% | 68.79% | - |
| EPS (Basic) | - | -3.70 | -0.60 | -0.19 | -0.52 | 0.13 | -0.29 | 2.17 | 1.90 | 1.61 | 2.79 | 0.83 | -1.75 | 0.57 | 0.20 | 2.04 | 0.45 | -1.37 | -4.17 | 0.72 | 0.63 | 0.04 | -4.09 | 0.95 | -2.18 | 0.13 | 1.46 | 1.84 | 1.49 | 2.92 | 1.73 |
| Diluted Shares Outstanding | 28.39M | 27.8M | 27.6M | 27.44M | 27.26M | 27.42M | 27.02M | 28.27M | 29.08M | 28.77M | 28.31M | 27.96M | 26.92M | 27.19M | 27.03M | 24.64M | 24.33M | 23.63M | 23.37M | 23.55M | 23.06M | 22.77M | 22.62M | 22.68M | 22.58M | 22.66M | 22.4M | 22.41M | 22.48M | 16.1M | 13.93M |
| Basic Shares Outstanding | 28.39M | 27.8M | 27.6M | 27.28M | 27.26M | 27.11M | 27.02M | 27.79M | 28.4M | 28.08M | 27.76M | 27.34M | 26.92M | 26.67M | 26.38M | 24.18M | 23.95M | 23.63M | 23.37M | 23.13M | 22.87M | 22.71M | 22.62M | 22.41M | 22.38M | 22.66M | 22.4M | 22.4M | 22.4M | 16.1M | 13.93M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 7.78% | 223.4% | 54.77% |
Quick answers to the most common questions about buying SRI stock.
For fiscal year 2025, Stoneridge, Inc. (SRI) reported total revenue of $861.3M. This represents a 136.8% increase compared to $363.7M in 1996.
Stoneridge, Inc. (SRI) reported a net loss of $102.8M for the fiscal year ending 2025.
Stoneridge, Inc. (SRI) reported an operating income of $-11.8M, resulting in an operating profit margin of -1.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Stoneridge, Inc. (SRI) generated $164.0M in gross profit for the year, representing a gross profit margin of 19.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Sustained margin compression and losses
Metrics are mathematically derived from official filings.
Revenue Contracting Through Recent Quarters
Based on reported SRI figures, quarterly revenue fell from $237.1M in 2024Q2 to $155.8M in 2026Q3, with year-over-year declines of 25.9% in the latest quarter suggesting persistent demand weakness rather than a temporary dip.
The sequence shows revenue peaking in 2024 and then stepping down unevenly, with the most recent quarter registering the steepest annual decline in the dataset. The pattern is consistent with cyclical softness in light vehicle production, though the reported figures alone cannot isolate volume from pricing effects. Investors should monitor whether the 2026Q3 level represents a new base or a further leg down.
Gross Margin Collapse Signals Pricing Pressure
As reported in SRI's financial statements, gross margin compressed from 22.7% in 2024Q2 to 7.4% in 2026Q3, a decline that appears larger than volume alone would typically explain.
The gross margin trajectory suggests that cost absorption, pricing concessions, or mix shifts have weighed heavily on unit economics. SRI's current 7.4% gross margin sits well below the peer range, where Visteon and Aptiv report figures near 14% and 19% respectively. This gap may indicate a structural disadvantage in pricing power or cost positioning that warrants further investigation.
Operating Losses Deepen Despite SG&A Control
Per reported figures, SG&A held near $24M to $33M per quarter while operating margin fell to -15.3% in 2026Q3, indicating that gross profit erosion, not overhead growth, is driving the deterioration.
SG&A has remained relatively flat in absolute dollars, which suggests management has contained overhead, but this discipline cannot offset a gross profit base that has shrunk sharply. Negative operating leverage is evident because each dollar of lost gross profit flows almost directly into operating losses. The implication is that a recovery in gross margin, rather than further cost cuts, would be required to restore profitability.
Net Losses Amplified by Non-Operating Items
Based on SRI's reported figures, the 2026Q3 net loss of $22.9M was larger than the operating loss of $23.8M would imply after tax effects, and the $76.9M net loss in 2025Q4 far exceeded the $6.0M operating loss.
The gap between operating and net results in 2025Q4 is substantial and suggests material non-operating charges, tax items, or impairments that are not detailed in the supplied data. Because the composition of these items is unavailable, their recurrence cannot be assessed. Investors should treat reported EPS as potentially distorted by items outside core operations until a breakdown is reviewed.
Peer-Relative Weakness Raises Structural Questions
Bearish analysis of reported figures suggests SRI's 7.4% gross margin and -14.7% net margin in 2026Q3 trail every listed peer, raising questions about whether the decline reflects cyclical headwinds or durable competitive weakness.
If the margin gap persists across cycles, the bear case is that SRI lacks the scale, product mix, or customer terms needed to compete on profitability with larger suppliers. Negative EPS and sustained operating losses could pressure reinvestment capacity over time. Whether this proves structural or cyclical cannot be determined from the income statement alone.