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CaliberCos Financials

CWD
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows CaliberCos (CWD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).

Rhea AI CWD FY2025

Revenue shrinkage is colliding with a still-fixed cost base, leaving external financing rather than operating cash generation to keep the business moving.

Scale has shrunk faster than costs: revenue fell from $90.9M to $20.1M, but the expense base did not contract in step, which suggests the company cannot easily resize expenses when activity falls. Interest expense still reached $6.7M, so lower scale did not remove the financing burden and losses stayed severe despite overhead cuts.

Cash ended near $2.9M even after financing cash flow of $36.9M, which means operations and investing together consumed most of the new money raised during the year. The steady cash balance therefore reflects outside funding, not cash conversion, and shows that reported losses are translating into real funding needs rather than staying on paper.

Equity recovered from a deficit in the prior year to only $1.3M, while liabilities still stood at $109.2M; that is a very thin capital cushion. The result is balance-sheet sensitivity: reported leverage of 81.9x is driven as much by minimal equity as by debt itself, so modest asset write-downs or liability increases can swing book value sharply.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 0 / 100
Financial Profile 0/100

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 CaliberCos'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.

Growth
0

CaliberCos's revenue declined 60.7% year-over-year, from $51.1M to $20.1M. This contraction results in a growth score of 0/100.

Leverage
0

CaliberCos has elevated debt relative to equity (D/E of 81.89), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Returns
0

CaliberCos generates a -1635.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.

Piotroski F-Score Weak
2/9

CaliberCos passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality
0.55x

For every $1 of reported earnings, CaliberCos generates $0.55 in operating cash flow (-$12.1M OCF vs -$21.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
$20.1M
YoY-60.7%

CaliberCos generated $20.1M in revenue in fiscal year 2025. This represents a decrease of 60.7% from the prior year.

EBITDA
N/A
Net Income
-$21.8M
YoY-10.2%

CaliberCos reported -$21.8M in net income in fiscal year 2025. This represents a decrease of 10.2% from the prior year.

EPS (Diluted)
$-7.70
YoY+57.0%

CaliberCos earned $-7.70 per diluted share (EPS) in fiscal year 2025. This represents an increase of 57.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$2.9M
YoY+23.7%

CaliberCos held $2.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
N/A

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
-108.5%
YoY-69.8pp

CaliberCos's net profit margin was -108.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 69.8 percentage points from the prior year.

Return on Equity
-1635.3%

CaliberCos's ROE was -1635.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
N/A

CWD Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $4.3M+4.0% $4.1M+13.5% $3.6M-28.3% $5.1M-30.1% $7.3M-16.4% $8.7M-23.1% $11.3M+38.2% $8.2M
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $2.7M-66.1% $8.0M+442.1% $1.5M+25.4% $1.2M-25.8% $1.6M-87.2% $12.3M+756.3% $1.4M-30.7% $2.1M
Operating Income N/A N/A N/A N/A N/A N/A N/A N/A
Interest Expense $1.4M-6.7% $1.5M-20.7% $1.9M+7.9% $1.7M+7.9% $1.6M+9.9% $1.5M+8.7% $1.3M+2.6% $1.3M
Income Tax $0 $0 $0 $0 $0 $0 $0 $0
Net Income -$3.6M+53.1% -$7.7M-76.6% -$4.4M+17.5% -$5.3M-20.2% -$4.4M+61.3% -$11.4M-7900.0% $146K+103.1% -$4.7M
EPS (Diluted) $-0.52 N/A $-1.65+60.2% $-4.15-7.8% $-3.85 N/A $0.12+102.8% $-4.34

CWD Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $179.6M+32.6% $135.4M+64.0% $82.6M+39.3% $59.3M-42.8% $103.6M-1.8% $105.5M-33.5% $158.6M-18.8% $195.2M
Current Assets N/A N/A N/A N/A N/A N/A N/A N/A
Cash & Equivalents $931K-67.5% $2.9M-73.8% $10.9M+1499.9% $683K-56.4% $1.6M-32.3% $2.3M+47.5% $1.6M-12.1% $1.8M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $11.2M+4.7% $10.7M+15.1% $9.3M+24.0% $7.5M-8.5% $8.2M+6.5% $7.7M-42.1% $13.3M-10.1% $14.8M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $178.3M+63.4% $109.2M+42.7% $76.5M-0.5% $76.9M-35.7% $119.5M+1.1% $118.1M-27.3% $162.4M-18.8% $200.0M
Current Liabilities N/A N/A N/A N/A N/A N/A N/A N/A
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $1.3M-6.0% $1.3M-68.1% $4.2M+121.1% -$19.9M-25.6% -$15.8M-25.6% -$12.6M-227.1% -$3.8M+18.9% -$4.7M
Retained Earnings -$82.3M-5.0% -$78.4M-10.9% -$70.7M-6.6% -$66.3M-8.7% -$61.0M-7.8% -$56.6M-25.2% -$45.2M+0.3% -$45.4M

CWD Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$2.6M+42.0% -$4.5M+1.6% -$4.6M-294.4% -$1.2M+32.7% -$1.7M-330.5% $754K+1118.9% -$74K-105.3% $1.4M
Capital Expenditures N/A N/A N/A N/A N/A N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Investing Cash Flow -$583K+91.2% -$6.6M+48.6% -$12.9M-214.5% -$4.1M-3730.8% -$107K+98.0% -$5.3M-560.2% $1.1M+110.3% $544K
Financing Cash Flow $1.8M-52.3% $3.8M-86.2% $27.4M+529.4% $4.4M+233.3% $1.3M-75.3% $5.3M+448.6% -$1.5M+44.1% -$2.7M
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

CWD 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 N/A
Operating Margin N/A N/A N/A N/A N/A N/A N/A N/A
Net Margin -84.3%+102.8pp -187.1%-66.9pp -120.2%-15.8pp -104.5%-43.8pp -60.7%+70.4pp -131.1%-132.4pp 1.3%+59.1pp -57.8%
Return on Equity -288.8%+290.4pp -579.2%-474.7pp -104.5% N/A N/A N/A N/A N/A
Return on Assets -2.0%+3.7pp -5.7%-0.4pp -5.3%+3.6pp -8.9%-4.7pp -4.3%+6.5pp -10.8%-10.9pp 0.1%+2.5pp -2.4%
Current Ratio N/A N/A N/A N/A N/A N/A N/A N/A
Debt-to-Equity 142.33+60.4 81.89+63.6 18.28+22.2 -3.87+3.7 -7.56+1.8 -9.38+32.8 -42.20-0.0 -42.15
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

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Frequently Asked Questions

CaliberCos (CWD) reported $20.1M in total revenue for fiscal year 2025. This represents a -60.7% 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.

CaliberCos (CWD) revenue declined by 60.7% year-over-year, from $51.1M to $20.1M in fiscal year 2025.

No, CaliberCos (CWD) reported a net income of -$21.8M in fiscal year 2025, with a net profit margin of -108.5%.

CaliberCos (CWD) reported diluted earnings per share of $-7.70 for fiscal year 2025. This represents a 57.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

CaliberCos (CWD) had a net profit margin of -108.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

CaliberCos (CWD) has a return on equity of -1635.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

CaliberCos (CWD) generated -$12.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

CaliberCos (CWD) had $135.4M in total assets as of fiscal year 2025, including both current and long-term assets.

CaliberCos (CWD) had a debt-to-equity ratio of 81.89 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

CaliberCos (CWD) had a return on assets of -16.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, CaliberCos (CWD) had $2.9M in cash against an annual operating cash burn of $12.1M. This gives an estimated cash runway of approximately 3 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.

CaliberCos (CWD) has a Piotroski F-Score of 2 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.

CaliberCos (CWD) has an earnings quality ratio of 0.55x, considered low quality (accrual-driven). 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.

CaliberCos (CWD) scores 0 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.

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