BTMD biote Corp.

Overview and Growth

biote Corp. generated $192.22M of revenue in fiscal 2025, with net income of $27.05M and an operating cash inflow of $35.19M. At $192.22M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line contracted 2.5% from $197.19M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. Diluted earnings per share were $0.74, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $0.09 in fiscal 2024, the current result was 722.2% higher.

Profitability

The first profit layer was $137.36M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 71.5%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced $35.55M of income after the reported operating expense base, before the remaining non-operating and tax effects. Relative to revenue, operating income represented 18.5%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $27.05M, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 14.1% of revenue, connecting the absolute net income figure with the company’s top-line scale. Pretax income was $37.58M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 19.6% of revenue, placing earnings before tax in the context of the company’s operating scale. Income tax expense totaled $5.99M, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 15.9% of pretax income, showing the tax burden absorbed by the year’s earnings.

Liquidity and Capital Structure

Total assets were $107.61M, supported by $158.01M of liabilities and -$50.40M of shareholder equity. With total equity at -$50.40M, the company carried a negative book-capital position, increasing its reliance on liabilities and future earnings. At period end, current assets of $54.67M compared with current liabilities of $44.99M, defining the company’s short-term resource position. The current ratio was 1.22x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $24.12M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 53.6% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $102.03M, establishing the amount of borrowing carried within the company’s capital structure. Relative to total assets, debt measured 94.8%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 146.8%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 22.4% of total assets, showing the liquid cash component within the company’s broader resource base.

Cash Flow and Earnings Quality

Cash flow from operations was $35.19M, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 1.3x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $5.01M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 14.2% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $30.18M, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 15.7% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 28.0%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.