Perfect Financials

PERF

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Perfect (PERF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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 PERF FY2025 2026-04-22

Perfect Corp.’s dominant mechanic is an asset-light model that converts modest earnings into steady free cash flow.

Across FY2023-FY2025, revenue kept rising, but net margin fell from 10.1% to 6.7%, showing newer sales are not widening accounting profitability. Even so, FY2025 operating cash flow of $13.3M against capex of just $425K means cash conversion remains stronger than reported earnings.

The balance sheet is unusually liquid: cash of $126.0M covers total liabilities of $38.9M by more than three times, while debt is barely present. That points to a business financed mainly by equity capital and internal cash generation, not by lenders.

The deeper pattern is the gap between paper losses and cash behavior: FY2021-FY2022 showed very large net losses, but the company still avoided a comparable cash drain and then moved into positive earnings by FY2023. With free cash flow staying above $12.6M for three straight years, the operation now looks like a light-investment business rather than one that must keep consuming cash to function.

Financial Health Signals

Financial Profile 57/100

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 Perfect'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

Perfect's revenue grew 14.9% year-over-year to $69.2M, a solid pace of expansion. This earns a growth score of 56/100.

Leverage

100

Perfect carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 4.60, Perfect holds $4.60 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 92/100.

Cash Flow

Perfect converts 18.6% of revenue into free cash flow ($12.9M). This strong cash generation earns a score of 76/100.

Returns

Perfect generates a 3.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 18/100. This is down from 3.4% the prior year.

Piotroski F-Score Neutral

4/9

Perfect passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.87x

For every $1 of reported earnings, Perfect generates $2.87 in operating cash flow ($13.3M OCF vs $4.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$69.2M

YoY+14.9%

5Y CAGR+18.3%

Perfect generated $69.2M in revenue in fiscal year 2025. This represents an increase of 14.9% from the prior year.

EBITDA

N/A

Net Income

$4.6M

YoY-7.5%

Perfect reported $4.6M in net income in fiscal year 2025. This represents a decrease of 7.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$12.9M

YoY+2.1%

5Y CAGR+45.5%

Perfect generated $12.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 2.1% from the prior year.

Cash & Debt

$126.0M

YoY-0.9%

5Y CAGR+9.8%

Perfect held $126.0M in cash against $239K 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

6.7%

YoY-1.6pp

5Y CAGR+25.4pp

Perfect's net profit margin was 6.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.6 percentage points from the prior year.

Return on Equity

3.0%

YoY-0.4pp

Perfect's ROE was 3.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$425K

YoY+8.4%

5Y CAGR+14.6%

Perfect invested $425K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 8.4% from the prior year.

PERF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$69.2M+14.9%	$60.2M+12.5%	$53.5M+13.1%	$47.3M+16.0%	$40.8M+36.4%	$29.9M
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$16K-11.1%	$18K+20.0%	$15K+87.5%	$8K-11.1%	$9K0.0%	$9K
Income Tax	$1.1M+248.8%	-$735K-739.1%	$115K-60.6%	$292K-30.0%	$417K+8.3%	$385K
Net Income	$4.6M-7.5%	$5.0M-7.3%	$5.4M+103.3%	-$161.7M-3.1%	-$156.9M-2704.4%	-$5.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PERF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$192.0M+6.0%	$181.2M+6.3%	$170.4M-19.0%	$210.3M+136.5%	$88.9M	N/A
Current Assets	$173.3M-2.6%	$177.9M+5.5%	$168.7M-19.4%	$209.2M+139.1%	$87.5M	N/A
Cash & Equivalents	$126.0M-0.9%	$127.1M+2.6%	$123.9M-23.8%	$162.6M+102.1%	$80.5M+1.8%	$79.0M
Inventory	$17K-5.6%	$18K-45.5%	$33K-26.7%	$45K-48.9%	$88K	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$2.8M+8568.8%	$32K-58.4%	$77K	N/A	N/A	N/A
Total Liabilities	$38.9M+13.8%	$34.2M+10.3%	$31.0M+9.4%	$28.3M-89.9%	$279.3M	N/A
Current Liabilities	$37.7M+16.9%	$32.2M+11.5%	$28.9M+16.0%	$24.9M+25.9%	$19.8M	N/A
Long-Term Debt	$239K+121.3%	$108K-72.1%	$387K+344.8%	$87K-54.0%	$189K	N/A
Total Equity	$153.1M+4.1%	$147.0M+5.5%	$139.4M-23.4%	$182.0M+195.5%	-$190.4M-432.8%	-$35.7M
Retained Earnings	-$370.8M+1.2%	-$375.4M+1.3%	-$380.5M+1.4%	-$385.9M-72.2%	-$224.1M	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Total Assets	$192.0M+1.0%	$190.2M+5.0%	$181.2M+4.2%	$173.8M+2.0%	$170.4M-20.5%	$214.2M+1.9%	$210.3M+136.5%	$88.9M
Current Assets	$173.3M-3.6%	$179.9M+1.1%	$177.9M+3.9%	$171.3M+1.6%	$168.7M-20.6%	$212.5M+1.6%	$209.2M+139.1%	$87.5M
Cash & Equivalents	$126.0M+0.5%	$125.3M-1.4%	$127.1M+5.2%	$120.8M-2.5%	$123.9M+233.3%	$37.2M-77.1%	$162.6M+102.1%	$80.5M
Inventory	$17K-10.5%	$19K+5.6%	$18K-14.3%	$21K-36.4%	$33K-2.9%	$34K-24.4%	$45K-48.9%	$88K
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$2.8M-57.0%	$6.5M+20075.0%	$32K	N/A	$77K	N/A	N/A	N/A
Total Liabilities	$38.9M-1.7%	$39.5M+15.7%	$34.2M+7.3%	$31.8M+2.9%	$31.0M+0.2%	$30.9M+9.1%	$28.3M-89.9%	$279.3M
Current Liabilities	$37.7M-0.8%	$38.0M+17.8%	$32.2M+7.3%	$30.0M+3.9%	$28.9M+7.5%	$26.9M+7.8%	$24.9M+25.9%	$19.8M
Long-Term Debt	$239K-8.8%	$262K+142.6%	$108K-42.2%	$187K-51.7%	$387K-15.3%	$457K+425.3%	$87K-54.0%	$189K
Total Equity	$153.1M+1.6%	$150.6M+2.5%	$147.0M+3.5%	$142.0M+1.9%	$139.4M-23.9%	$183.3M+0.7%	$182.0M+195.5%	-$190.4M
Retained Earnings	-$370.8M+0.6%	-$372.9M+0.7%	-$375.4M+1.0%	-$379.1M+0.4%	-$380.5M+1.3%	-$385.4M+0.1%	-$385.9M-72.2%	-$224.1M

PERF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$13.3M+2.3%	$13.0M-4.2%	$13.6M+510.8%	-$3.3M-313.5%	$1.5M-29.4%	$2.2M
Capital Expenditures	$425K+8.4%	$392K+35.6%	$289K+75.2%	$165K+7.1%	$154K-28.4%	$215K
Free Cash Flow	$12.9M+2.1%	$12.6M-5.1%	$13.3M+483.0%	-$3.5M-348.9%	$1.4M-29.5%	$2.0M
Investing Cash Flow	-$14.1M-58.4%	-$8.9M-1293.9%	-$637K+97.9%	-$30.3M-14105.6%	-$213K-102.7%	$7.8M
Financing Cash Flow	-$562K-7.0%	-$525K+99.0%	-$51.5M-143.6%	$118.0M+187446.0%	-$63K-100.2%	$39.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$10.0M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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

PERF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	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
Net Margin	6.7%-1.6pp	8.3%-1.8pp	10.1%+352.1pp	-342.0%+42.9pp	-384.8%-366.1pp	-18.7%
Return on Equity	3.0%-0.4pp	3.4%-0.5pp	3.9%+92.8pp	-88.9%	N/A	N/A
Return on Assets	2.4%-0.3pp	2.8%-0.4pp	3.2%+80.1pp	-76.9%+99.5pp	-176.4%	N/A
Current Ratio	4.60-0.9	5.52-0.3	5.84-2.6	8.39+4.0	4.42	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	-0.00	N/A
FCF Margin	18.6%-2.3pp	20.9%-3.9pp	24.8%+32.2pp	-7.3%-10.8pp	3.4%-3.2pp	6.6%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	4.60-0.1	4.74-0.8	5.52-0.2	5.70-0.1	5.84-2.1	7.91-0.5	8.39+4.0	4.42
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	-0.00
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

What is Perfect's annual revenue?

Perfect (PERF) reported $69.2M in total revenue for fiscal year 2025. This represents a 14.9% 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 Perfect's revenue growing?

Perfect (PERF) revenue grew by 14.9% year-over-year, from $60.2M to $69.2M in fiscal year 2025.

Is Perfect profitable?

Yes, Perfect (PERF) reported a net income of $4.6M in fiscal year 2025, with a net profit margin of 6.7%.

How much debt does Perfect have?

As of fiscal year 2025, Perfect (PERF) had $126.0M in cash and equivalents against $239K in long-term debt.

What is Perfect's net profit margin?

Perfect (PERF) had a net profit margin of 6.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Perfect's return on equity (ROE)?

Perfect (PERF) has a return on equity of 3.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Perfect's free cash flow?

Perfect (PERF) generated $12.9M in free cash flow during fiscal year 2025. This represents a 2.1% 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 Perfect's operating cash flow?

Perfect (PERF) generated $13.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Perfect's total assets?

Perfect (PERF) had $192.0M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Perfect's capital expenditures?

Perfect (PERF) invested $425K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Perfect's current ratio?

Perfect (PERF) had a current ratio of 4.60 as of fiscal year 2025, which is generally considered healthy.

What is Perfect's debt-to-equity ratio?

Perfect (PERF) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Perfect's return on assets (ROA)?

Perfect (PERF) had a return on assets of 2.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Perfect's Piotroski F-Score?

Perfect (PERF) has a Piotroski F-Score of 4 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Perfect's earnings high quality?

Perfect (PERF) has an earnings quality ratio of 2.87x, 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 Perfect?

Perfect (PERF) scores 57 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.