Blue Dolphin Financials
This page shows Blue Dolphin (BDCO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Working-capital strain has replaced FY2022-FY2023 profitability, leaving the business near breakeven on paper but still cash-tight and balance-sheet constrained.
Between FY2023 and FY2025, operating margin went from9.2% to-0.5% even as the current ratio stayed below 1.0x. That pairing suggests the earnings decline also removed the liquidity cushion, so weak conditions are no longer being buffered by cash generated inside the business itself.
In FY2025, inventory and receivables totaled about
The rise in debt-to-equity by FY2025 reflects a shrinking equity base more than a clearly expanding long-term debt load. Equity fell from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Blue Dolphin's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Blue Dolphin has an operating margin of -0.5%, meaning the company retains $-1 of operating profit per $100 of revenue. This below-average margin results in a low score of 25/100, suggesting thin profitability after operating expenses. This is up from -1.4% the prior year.
Blue Dolphin's revenue declined 12% year-over-year, from $317.5M to $279.4M. This contraction results in a growth score of 7/100.
Blue Dolphin has a moderate D/E ratio of 2.62. This balance of debt and equity financing earns a leverage score of 49/100.
Blue Dolphin's current ratio of 0.64 is below the typical benchmark, resulting in a score of 7/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Blue Dolphin generated -$766K in operating cash flow, capex of $13K consumed most of it, leaving -$779K in free cash flow. This results in a low score of 23/100, reflecting heavy capital investment rather than weak cash generation.
Blue Dolphin's ROE of 0.0% shows moderate profitability relative to equity, earning a score of 44/100. This is up from 0.0% the prior year.
Blue Dolphin passes 1 of 9 financial strength tests. No profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
Blue Dolphin earns $-0.3 in operating income for every $1 of interest expense (-$1.5M vs $5.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Blue Dolphin generated $279.4M in revenue in fiscal year 2025. This represents a decrease of 12.0% from the prior year.
Blue Dolphin's EBITDA was $1.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 189.8% from the prior year.
Blue Dolphin reported $0 in net income in fiscal year 2025.
Blue Dolphin earned $-0.38 per diluted share (EPS) in fiscal year 2025. This represents an increase of 34.5% from the prior year.
Cash & Balance Sheet
Blue Dolphin generated -$779K in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 95.0% from the prior year.
Blue Dolphin held $1.0M in cash against $0 in long-term debt as of fiscal year 2025.
Blue Dolphin had 15M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
Blue Dolphin's operating margin was -0.5% in fiscal year 2025, reflecting core business profitability. This is up 0.8 percentage points from the prior year.
Blue Dolphin's net profit margin was 0.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.0 percentage points from the prior year.
Blue Dolphin's ROE was 0.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.0 percentage points from the prior year.
Capital Allocation
Blue Dolphin invested $13K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 71.7% from the prior year.
BDCO Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $81.5M+18.5% | $68.8M-2.3% | $70.4M+24.3% | $56.6M-32.4% | $83.7M+12.0% | $74.7M-9.0% | $82.1M+17.9% | $69.7M |
| Cost of Revenue | $60.9M-8.7% | $66.7M-5.1% | $70.3M+25.5% | $56.0M-27.8% | $77.6M+4.9% | $74.0M-13.4% | $85.4M+14.9% | $74.4M |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$4.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.2M-26.7% | $1.6M-2.1% | $1.6M+132.0% | $704K-48.0% | $1.4M-54.0% | $2.9M+183.2% | $1.0M-29.2% | $1.5M |
| Operating Income | $19.9M+14656.9% | -$137K+97.3% | -$5.1M-710.3% | -$629K-114.5% | $4.3M+260.1% | -$2.7M+43.5% | -$4.8M+27.6% | -$6.6M |
| Interest Expense | $1.4M-9.3% | $1.5M+79.3% | $850K-45.3% | $1.6M+6.1% | $1.5M-2.8% | $1.5M-3.5% | $1.6M+5.3% | $1.5M |
| Income Tax | $3.8M+1898.6% | -$213K+83.2% | -$1.3M-176.7% | -$459K-172.3% | $635K+306.2% | -$308K+77.1% | -$1.3M+21.6% | -$1.7M |
| Net Income | $14.7M+254.6% | $4.2M+188.8% | -$4.7M-171.5% | -$1.7M-176.7% | $2.2M-52.5% | $4.7M+194.5% | -$5.0M+21.3% | -$6.3M |
| EPS (Diluted) | $0.99 | N/A | $-0.31-158.3% | $-0.12-180.0% | $0.15 | N/A | $-0.34+20.9% | $-0.43 |
BDCO Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $119.0M+20.1% | $99.1M-5.7% | $105.1M-5.1% | $110.8M+5.0% | $105.6M+3.6% | $101.9M-0.4% | $102.3M-3.5% | $105.9M |
| Current Assets | $68.0M+54.0% | $44.2M-10.6% | $49.4M-11.7% | $55.9M+10.8% | $50.5M+12.7% | $44.8M-1.2% | $45.3M-8.7% | $49.6M |
| Cash & Equivalents | $401K-60.3% | $1.0M-56.5% | $2.3M+183.8% | $819K-36.6% | $1.3M+1493.8% | $81K-88.1% | $683K+596.9% | $98K |
| Inventory | $37.7M+22.1% | $30.9M-8.9% | $33.9M-17.8% | $41.2M+9.1% | $37.8M+5.9% | $35.7M+4.9% | $34.0M-14.7% | $39.9M |
| Accounts Receivable | $27.0M+223.2% | $8.3M-9.4% | $9.2M+2.3% | $9.0M+6.0% | $8.5M+42.6% | $6.0M-18.3% | $7.3M+13.8% | $6.4M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $76.9M+7.2% | $71.7M-6.0% | $76.3M-1.3% | $77.3M+9.9% | $70.4M+2.1% | $68.9M+5.4% | $65.4M+2.1% | $64.1M |
| Current Liabilities | $74.5M+8.6% | $68.6M-5.4% | $72.4M-0.4% | $72.7M+11.9% | $65.0M+1.7% | $63.9M+80.5% | $35.4M+10.7% | $32.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $42.1M+53.8% | $27.4M-5.0% | $28.8M-14.0% | $33.5M-4.9% | $35.2M+6.8% | $33.0M-10.6% | $36.9M-11.9% | $41.9M |
| Retained Earnings | $2.2M+117.4% | -$12.5M-13.0% | -$11.1M-72.8% | -$6.4M-36.6% | -$4.7M+32.3% | -$6.9M-128.9% | -$3.0M-254.3% | $2.0M |
BDCO Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $831K-52.9% | $1.8M+115.8% | $818K+150.4% | -$1.6M+6.1% | -$1.7M-309.1% | $826K+806.0% | -$117K+98.8% | -$10.1M |
| Capital Expenditures | $11K+103.4% | -$323K-205.2% | $307K+958.6% | $29K | $0-100.0% | $46K | $0 | N/A |
| Free Cash Flow | $820K-43.1% | $1.4M+182.2% | $511K+131.0% | -$1.7M+4.4% | -$1.7M-321.4% | $780K+766.7% | -$117K | N/A |
| Investing Cash Flow | -$11K-103.4% | $323K+205.2% | -$307K-958.6% | -$29K | $0+100.0% | -$46K | $0 | $0 |
| Financing Cash Flow | -$1.4M+57.6% | -$3.4M-439.1% | $994K-15.7% | $1.2M-59.9% | $2.9M+312.5% | -$1.4M-296.9% | $702K+178.7% | -$892K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BDCO Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -5.8% |
| Operating Margin | 24.5%+24.7pp | -0.2%+7.0pp | -7.2%-6.1pp | -1.1%-6.3pp | 5.2%+8.8pp | -3.6%+2.2pp | -5.8%+3.7pp | -9.5% |
| Net Margin | 18.1%+12.0pp | 6.0%+12.7pp | -6.7%-3.6pp | -3.0%-5.7pp | 2.7%-3.6pp | 6.3%+12.4pp | -6.1%+3.0pp | -9.1% |
| Return on Equity | 35.0%+19.8pp | 15.2%+31.4pp | -16.2%-11.1pp | -5.1%-11.5pp | 6.4%-8.0pp | 14.3%+27.9pp | -13.6%+1.6pp | -15.2% |
| Return on Assets | 12.4%+8.2pp | 4.2%+8.6pp | -4.5%-2.9pp | -1.6%-3.7pp | 2.1%-2.5pp | 4.6%+9.5pp | -4.9%+1.1pp | -6.0% |
| Current Ratio | 0.91+0.3 | 0.64-0.0 | 0.68-0.1 | 0.770.0 | 0.78+0.1 | 0.70-0.6 | 1.28-0.3 | 1.55 |
| Debt-to-Equity | 1.83-0.8 | 2.62-0.0 | 2.65+0.3 | 2.31+0.3 | 2.00-0.1 | 2.09+0.3 | 1.77+0.2 | 1.53 |
| FCF Margin | 1.0%-1.1pp | 2.1%+1.4pp | 0.7%+3.6pp | -2.9%-0.9pp | -2.1%-3.1pp | 1.0%+1.2pp | -0.1% | N/A |
Note: The current ratio is below 1.0 (0.64), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Blue Dolphin's annual revenue?
Blue Dolphin (BDCO) reported $279.4M in total revenue for fiscal year 2025. This represents a -12.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Blue Dolphin's revenue growing?
Blue Dolphin (BDCO) revenue declined by 12% year-over-year, from $317.5M to $279.4M in fiscal year 2025.
Is Blue Dolphin profitable?
No, Blue Dolphin (BDCO) reported a net income of $0 in fiscal year 2025, with a net profit margin of 0.0%.
What is Blue Dolphin's EBITDA?
Blue Dolphin (BDCO) had EBITDA of $1.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Blue Dolphin's operating margin?
Blue Dolphin (BDCO) had an operating margin of -0.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Blue Dolphin's net profit margin?
Blue Dolphin (BDCO) had a net profit margin of 0.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Blue Dolphin's return on equity (ROE)?
Blue Dolphin (BDCO) has a return on equity of 0.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Blue Dolphin's free cash flow?
Blue Dolphin (BDCO) generated -$779K in free cash flow during fiscal year 2025. This represents a 95.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Blue Dolphin's operating cash flow?
Blue Dolphin (BDCO) generated -$766K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Blue Dolphin's total assets?
Blue Dolphin (BDCO) had $99.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Blue Dolphin's capital expenditures?
Blue Dolphin (BDCO) invested $13K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Blue Dolphin's current ratio?
Blue Dolphin (BDCO) had a current ratio of 0.64 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Blue Dolphin's debt-to-equity ratio?
Blue Dolphin (BDCO) had a debt-to-equity ratio of 2.62 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Blue Dolphin's return on assets (ROA)?
Blue Dolphin (BDCO) had a return on assets of 0.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Blue Dolphin's cash runway?
Based on fiscal year 2025 data, Blue Dolphin (BDCO) had $1.0M in cash against an annual operating cash burn of $766K. This gives an estimated cash runway of approximately 16 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Blue Dolphin's Piotroski F-Score?
Blue Dolphin (BDCO) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Can Blue Dolphin cover its interest payments?
Blue Dolphin (BDCO) has an interest coverage ratio of -0.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Blue Dolphin?
Blue Dolphin (BDCO) scores 26 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.