Biote Financials
This page shows Biote (BTMD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Biote has an operating margin of 18.5%, meaning the company retains $19 of operating profit per $100 of revenue. This results in a moderate score of 63/100, indicating healthy but not exceptional operating efficiency. This is up from 16.0% the prior year.
Biote's revenue declined 2.5% year-over-year, from $197.2M to $192.2M. This contraction results in a growth score of 29/100.
Biote's current ratio of 1.22 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 19/100, which could limit financial flexibility.
Biote has a free cash flow margin of 15.7%, earning a moderate score of 64/100. The company generates positive cash flow after capital investments, but with room for improvement.
Biote scores 2.53, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Biote passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Biote generates $1.30 in operating cash flow ($35.2M OCF vs $27.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Biote generated $192.2M in revenue in fiscal year 2025. This represents a decrease of 2.5% from the prior year.
Biote's EBITDA was $39.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.5% from the prior year.
Biote reported $27.0M in net income in fiscal year 2025. This represents an increase of 756.7% from the prior year.
Biote earned $0.74 per diluted share (EPS) in fiscal year 2025. This represents an increase of 722.2% from the prior year.
Cash & Balance Sheet
Biote generated $30.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 22.2% from the prior year.
Biote held $24.1M in cash against $95.8M in long-term debt as of fiscal year 2025.
Margins & Returns
Biote's gross margin was 71.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.
Biote's operating margin was 18.5% in fiscal year 2025, reflecting core business profitability. This is up 2.5 percentage points from the prior year.
Biote's net profit margin was 14.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 12.5 percentage points from the prior year.
Capital Allocation
Biote spent $3.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 39.9% from the prior year.
Biote invested $5.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 22.0% from the prior year.
BTMD Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $46.4M-3.2% | $48.0M-1.9% | $48.9M-0.3% | $49.0M-1.7% | $49.8M-3.0% | $51.4M+4.5% | $49.2M+5.1% | $46.8M |
| Cost of Revenue | $14.8M+9.6% | $13.5M-2.4% | $13.9M+10.0% | $12.6M-10.2% | $14.0M-8.1% | $15.3M-0.5% | $15.4M+14.2% | $13.5M |
| Gross Profit | $31.6M-8.3% | $34.4M-1.6% | $35.0M-3.8% | $36.4M+1.6% | $35.8M-0.9% | $36.1M+6.8% | $33.8M+1.4% | $33.4M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $24.7M-5.4% | $26.2M+8.0% | $24.2M-9.2% | $26.7M-19.2% | $33.0M+38.1% | $23.9M-13.2% | $27.6M+20.3% | $22.9M |
| Operating Income | $6.8M-17.4% | $8.3M-23.2% | $10.8M+11.1% | $9.7M+250.2% | $2.8M-77.3% | $12.2M+95.5% | $6.2M-40.2% | $10.4M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $3.0M+490.3% | -$765K-135.6% | $2.1M+33.0% | $1.6M+134.4% | -$4.7M-247.1% | $3.2M+4280.8% | $73K-97.0% | $2.4M |
| Net Income | $2.0M-76.1% | $8.2M+157.1% | $3.2M-76.8% | $13.7M+270.5% | $3.7M-65.4% | $10.7M+251.0% | -$7.1M-70.3% | -$4.2M |
| EPS (Diluted) | N/A | $0.22+120.0% | $0.10-73.0% | $0.37 | N/A | $0.33+257.1% | $-0.21-75.0% | $-0.12 |
BTMD Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $107.6M-3.3% | $111.3M+6.2% | $104.8M-15.1% | $123.4M+0.8% | $122.4M+20.9% | $101.3M+9.0% | $92.9M-42.0% | $160.1M |
| Current Assets | $54.7M-4.3% | $57.1M+15.4% | $49.5M-27.9% | $68.7M+0.8% | $68.1M-2.7% | $70.0M+13.3% | $61.8M-46.0% | $114.4M |
| Cash & Equivalents | $24.1M-14.0% | $28.0M+43.1% | $19.6M-53.0% | $41.7M+6.0% | $39.3M+2.9% | $38.2M+44.7% | $26.4M-66.5% | $78.8M |
| Inventory | $19.1M+15.9% | $16.4M+35.6% | $12.1M-9.8% | $13.5M-9.4% | $14.8M-8.4% | $16.2M-15.7% | $19.2M+1.6% | $18.9M |
| Accounts Receivable | $6.9M-13.8% | $8.0M-12.2% | $9.1M+16.9% | $7.8M+1.8% | $7.6M-10.1% | $8.5M+10.3% | $7.7M-4.0% | $8.0M |
| Goodwill | $5.8M0.0% | $5.8M0.0% | $5.8M0.0% | $5.8M0.0% | $5.8M+5.7% | $5.5M0.0% | $5.5M-0.2% | $5.5M |
| Total Liabilities | $158.0M-10.6% | $176.8M-3.7% | $183.6M-11.8% | $208.2M-7.3% | $224.6M-1.5% | $228.1M-2.8% | $234.6M+14.4% | $205.0M |
| Current Liabilities | $45.0M-20.1% | $56.3M+11.4% | $50.5M+4.3% | $48.5M-5.9% | $51.5M+10.8% | $46.5M+0.5% | $46.3M+92.3% | $24.1M |
| Long-Term Debt | $95.8M-1.4% | $97.1M-1.4% | $98.5M-1.4% | $99.8M-1.3% | $101.2M-1.3% | $102.5M-1.3% | $103.9M-1.3% | $105.3M |
| Total Equity | -$58.5M+19.5% | -$72.8M+14.5% | -$85.1M+5.4% | -$90.0M+15.1% | -$105.9M+18.7% | -$130.3M+8.9% | -$143.2M-297.3% | -$36.0M |
| Retained Earnings | -$49.5M+22.3% | -$63.8M+19.8% | -$79.5M+5.8% | -$84.3M+15.9% | -$100.3M+19.6% | -$124.7M+9.3% | -$137.5M-330.7% | -$31.9M |
BTMD Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $7.6M-46.2% | $14.1M+98.6% | $7.1M+9.6% | $6.5M-47.7% | $12.4M-20.5% | $15.6M+56.4% | $9.9M+34.9% | $7.4M |
| Capital Expenditures | $1.1M+115.8% | $499K-72.4% | $1.8M+11.0% | $1.6M-2.4% | $1.7M+7.7% | $1.6M-38.1% | $2.5M+256.0% | $704K |
| Free Cash Flow | $6.5M-52.2% | $13.6M+157.2% | $5.3M+9.1% | $4.8M-54.8% | $10.7M-23.6% | $14.0M+88.2% | $7.4M+11.6% | $6.7M |
| Investing Cash Flow | -$2.4M-242.6% | -$690K+64.8% | -$2.0M-6.2% | -$1.8M-41.0% | -$1.3M+33.6% | -$2.0M+40.8% | -$3.3M+72.6% | -$12.2M |
| Financing Cash Flow | -$9.1M-85.0% | -$4.9M+81.9% | -$27.2M-1106.6% | -$2.3M+77.3% | -$9.9M-461.9% | -$1.8M+97.0% | -$59.0M-990.3% | -$5.4M |
| Dividends Paid | $138K+1625.0% | $8K-99.1% | $887K+27.8% | $694K+688.6% | $88K-80.6% | $453K-89.0% | $4.1M+4863.9% | $83K |
| Share Buybacks | $0 | N/A | N/A | N/A | $0 | $0-100.0% | $1.5M-63.0% | $4.1M |
BTMD Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.0%-3.7pp | 71.8%+0.2pp | 71.6%-2.7pp | 74.3%+2.4pp | 71.8%+1.6pp | 70.3%+1.5pp | 68.8%-2.5pp | 71.3% |
| Operating Margin | 14.7%-2.5pp | 17.2%-4.8pp | 22.0%+2.2pp | 19.8%+14.2pp | 5.5%-18.2pp | 23.7%+11.0pp | 12.7%-9.6pp | 22.3% |
| Net Margin | 4.2%-12.9pp | 17.1%+10.5pp | 6.5%-21.5pp | 28.0%+20.6pp | 7.4%-13.4pp | 20.8%+35.2pp | -14.4%-5.5pp | -8.9% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 1.8%-5.5pp | 7.4%+4.3pp | 3.0%-8.1pp | 11.1%+8.1pp | 3.0%-7.5pp | 10.6%+18.2pp | -7.6%-5.0pp | -2.6% |
| Current Ratio | 1.22+0.2 | 1.01+0.0 | 0.98-0.4 | 1.42+0.1 | 1.32-0.2 | 1.50+0.2 | 1.33-3.4 | 4.75 |
| Debt-to-Equity | -1.64-0.3 | -1.34-0.2 | -1.16-0.0 | -1.11-0.2 | -0.96-0.2 | -0.79-0.1 | -0.73+2.2 | -2.92 |
| FCF Margin | 14.0%-14.3pp | 28.3%+17.5pp | 10.8%+0.9pp | 9.9%-11.6pp | 21.5%-5.8pp | 27.3%+12.1pp | 15.1%+0.9pp | 14.2% |
Note: Shareholder equity is negative (-$58.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Biote's annual revenue?
Biote (BTMD) reported $192.2M in total revenue for fiscal year 2025. This represents a -2.5% 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 Biote's revenue growing?
Biote (BTMD) revenue declined by 2.5% year-over-year, from $197.2M to $192.2M in fiscal year 2025.
Is Biote profitable?
Yes, Biote (BTMD) reported a net income of $27.0M in fiscal year 2025, with a net profit margin of 14.1%.
What is Biote's EBITDA?
Biote (BTMD) had EBITDA of $39.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Biote have?
As of fiscal year 2025, Biote (BTMD) had $24.1M in cash and equivalents against $95.8M in long-term debt.
What is Biote's gross margin?
Biote (BTMD) had a gross margin of 71.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Biote's operating margin?
Biote (BTMD) had an operating margin of 18.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Biote's net profit margin?
Biote (BTMD) had a net profit margin of 14.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Biote's free cash flow?
Biote (BTMD) generated $30.2M in free cash flow during fiscal year 2025. This represents a -22.2% 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 Biote's operating cash flow?
Biote (BTMD) generated $35.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Biote's total assets?
Biote (BTMD) had $107.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Biote's capital expenditures?
Biote (BTMD) invested $5.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Biote's current ratio?
Biote (BTMD) had a current ratio of 1.22 as of fiscal year 2025, which is considered adequate.
What is Biote's debt-to-equity ratio?
Biote (BTMD) had a debt-to-equity ratio of -1.64 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Biote's return on assets (ROA)?
Biote (BTMD) had a return on assets of 25.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Biote's debt-to-equity ratio negative or unusual?
Biote (BTMD) has negative shareholder equity of -$58.5M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Biote's Altman Z-Score?
Biote (BTMD) has an Altman Z-Score of 2.53, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Biote's Piotroski F-Score?
Biote (BTMD) has a Piotroski F-Score of 6 out of 9, indicating neutral 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Biote's earnings high quality?
Biote (BTMD) has an earnings quality ratio of 1.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Biote?
Biote (BTMD) scores 44 out of 100 on our Financial Profile, indicating moderate 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.