$19.66−0.72 (−3.53%)
Market open · 15-min delayed · as of 12:38 PM ET
Abrdn Healthcare Investors · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineGrowing fast: revenue compounds ~98.1%/yr (FY21→FY25), net margin 98.8%. Worth your attention in FY25: Share count (+18.1%). Visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($M)▲826.8%
99.8
FY21→FY25CAGR +98.1%/yr
Net income ($M)▼46.7%
98.6
FY21→FY25CAGR −10.7%/yr
Free cash flow ($M)—
—
no FY25 valueCAGR —
Diluted EPS▼48.2%
1.84
FY21→FY25CAGR −14.8%/yr
What the receipts whisper · what a headline number hides
Share count
+18.1%
45.4mn → 53.6mn diluted shares since FY21. Rising share count dilutes EPS. Growth must outrun it.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
99¢ of every revenue dollar becomes profit.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 100.0% → 100.0%. Net margin 98.8% is more than double the sector median.
The receipt · income statement · FY21–FY25 USD thousands except per-share & ratios · hover a line for its definition
| Line item | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|
| Revenue & profitability | |||||||
Revenue | 99,813.5 | 10,769.3 | 10,291.8 | 8,270.8 | 6,480.3 | ▲826.8% | +98.1% |
Cost of revenue | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | — |
Gross profit | 99,813.5 | 10,769.3 | 10,291.8 | 8,270.8 | 6,480.3 | ▲826.8% | +98.1% |
Research & development | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | — |
Selling, general & admin | 1,144.5 | 10,989.5 | 11,477.3 | 11,940.9 | 12,710.7 | ▼89.6% | −45.2% |
Total operating expenses | 1,200.2 | 10,989.5 | 11,477.3 | 11,940.9 | 12,710.7 | ▼89.1% | −44.6% |
Operating incomefeeds ROC rank | 98,613.3 | −220.3 | −1,185.5 | −3,670.2 | −6,230.4 | — | — |
Other income, net | 0.0 | 185,166.9 | 57,520.3 | −190,559.2 | 161,406.2 | — | — |
Pretax income | 98,613.3 | 184,946.6 | 56,334.8 | −194,229.4 | 155,175.9 | ▼46.7% | −10.7% |
Income tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | — |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 98,613.3 | 184,946.6 | 56,334.8 | −194,229.4 | 155,175.9 | ▼46.7% | −10.7% |
| Per share | |||||||
Diluted EPSbuyback-sensitive | 1.84 | 3.55 | 1.14 | −4.10 | 3.49 | ▼48.2% | −14.8% |
Diluted shares (mn) | 53.63 | 52.13 | 49.44 | 47.34 | 45.43 | ▲2.9% | +4.2% |
| Margins | |||||||
Gross margin78th pct in Financial Services | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | ▲0.0pp | +0.0pp |
Operating margin | 98.8% | −2.0% | −11.5% | −44.4% | −96.1% | ▲100.8pp | +194.9pp |
Net margin98th pct in Financial Services | 98.8% | 1717.4% | 547.4% | −2348.4% | 2394.6% | ▼1618.6pp | −2295.8pp |
5 more years of statements and CSV export are on Premium.Premium · $119/yr · 7-day trial · cancel anytimeUnlock with Premium →
These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2025-09-30 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.