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PDF Solutions Inc (PDFS) stock

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NASDAQ: PDFS Nasdaq Application Software Next results ~November 5, 2026

C Fundamentals grade

PDF Solutions Inc is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$15

Valuation models combined (3)

Base case. Range ~$8.4–$23. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

PDF Solutions Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds185 adding, 81 cuttingOf 44 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter PDF Solutions files

Where PDF Solutions stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $241m, up 23.0% on a year earlier, slower than the 24.4% growth a quarter earlier. That growth ranks 20 of 103 among the application software companies we cover. Free-cash-flow margin rose to -0.7% from -6.2% a year earlier. Operating margin widened to 8.2% from 0.1%. The diluted share count is up 2.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 5 of our 6 financial-health checks. Our revenue-to-maturity model value is $19.02 a share, against a share price of $46.25.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

PDF Solutions Inc's trailing-twelve-month revenue grew 23.0% year on year, with a free-cash-flow margin of -0.7%. Where it lags: days sales outstanding of 137 days ranks 150 of 162 application software companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 85.2% while net income grew 1100.0%: a 1015pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 23.0% over the last 12 months, against a median of 12.0% for application software companies we cover.
  • Margins widening. Operating margin is up 8.1 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.1bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 5.4% over 90 days.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -0.7% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 2.7% in a year.
  • High earnings multiple. The shares trade at 152 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 70% and a beta of 3.2 against the S&P 500.
  • Weak cash conversion. Free cash flow was -18% of net income over the last 12 months.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.27 against an average estimate of $0.27: beat by 0.8%
Revenue
$62m, up 18.9% on a year earlier
Share reaction
0.0% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate $0.33

PDF Solutions' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.0%
  • 1 week-4.5%
  • 1 month-29.8%
  • This year+36.6%
  • 1 year+33.8%
  • 5 years+63.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$241M
Operating margin
8.2%
Net margin
4.3%
EPS (TTM, diluted)
$0.26

Growth

Revenue growth
+23.0%
Change in growth rate
−1.4 pts
Share count change
+2.7%

Cash

Free cash flow (TTM)
-$1.8M
FCF margin
-0.7%
Stock pay % of revenue
10.6%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

PDF Solutions Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value PDF Solutions Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.29 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$8.4 ~$6.0–$10 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$23 ~$19–$38 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$1.5 ~$0.9–$2.4 Left out: out of range vs price (0.04x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$19 ~$15–$23 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$15 ~$8.4–$23 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare PDF Solutions Inc with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$10.84$22.55$15.70$8.43$16.89$21.60$31.79$28.52$32.14$27.08$28.53$38.97
Market value$349m$731m$503m$271m$547m$744m$1.2bn$1.1bn$1.3bn$1.1bn$1.1bn$1.6bn
+ Net debt (− = net cash)−$126m−$117m−$101m−$96m−$98m−$30m−$28m−$120m−$99m−$91m$26m−$47m
Enterprise value$222m$615m$402m$175m$450m$714m$1.2bn$944m$1.2bn$967m$1.1bn$1.5bn
Multiples
Price / sales 3.6x6.8x4.9x3.2x6.4x8.5x10.6x7.2x7.5x5.9x5.1x6.5x
Price / earnings 28.1x80.3x——————n/mn/m—152.2x
Price / free cash flow 13.6x—n/mn/m39.0x47.2xn/m44.5xn/m———
EV / EBITDA 10.2x37.1x80.7x—————n/mn/m115.5x58.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

34 /100

Weak moat

How hard PDF Solutions's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 16.0% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 59.1%, moving by 6.1 percentage points (standard deviation) across 10 years.

  • Durability 2 / 20

    Operating margin has been a median 10.7%; its worst year was -13.6%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 6 of 10 years, at a median 3.7% of revenue.

  • Discipline 3 / 20

    The diluted share count rose 10.2% over five years; stock-based pay has been a median 12.7% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (49 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $67m and EPS of $0.33 (range $0.31 to $0.36) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.29 +38% $264m +21%
Next $1.65 +28% $318m +21%

Next year's EPS estimate has moved +5.4% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.7% on 90 days ago. In the last 30 days, 2 analysts raised PDF Solutions Inc's forecast and 1 cut it.

Consensus EPS forecast PDF Solutions Inc, last 90 days
$1.20 $1.40 $1.60 $1.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.25 Current fiscal year, 60 days ago: $1.25 Current fiscal year, 30 days ago: $1.29 Current fiscal year, 7 days ago: $1.29 Current fiscal year, Now: $1.29 $1.29 Next fiscal year, 90 days ago: $1.57 Next fiscal year, 60 days ago: $1.55 Next fiscal year, 30 days ago: $1.63 Next fiscal year, 7 days ago: $1.65 Next fiscal year, Now: $1.65 $1.65

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.25$1.57
60 days ago $1.25$1.55
30 days ago $1.29$1.63
7 days ago $1.29$1.65
Now $1.29$1.65

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.27 $0.27 +0.8%
Mar 2026 $0.23 $0.31 +33.3%
Dec 2025 $0.24 $0.30 +26.3%
Sept 2025 $0.22 $0.64 +187.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

8 analysts, Oct 2026
Buy788%
Hold113%
Sell00%

Monthly trend

  1. Oct 20262518
  2. Sep 20262518
  3. Aug 2026516
  4. Jul 202644

Counts of recommendations published by analysts covering PDF Solutions Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.0%
of tradable shares
Days to cover
5.36
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
10.5%
of shares
Employees
600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +33.8%

$29.13 on October 31, 2025 to $38.97

ThenNowEffect
Revenue (last 12 months) $196m $241m +23.0%
Net margin 0.4% 4.3% +875.2%
P/E multiple n/m 152.2x −88.6%
Share count 39m 40m −2.6%

Biggest factor: net margin.

Last 3 years +41.9%

$27.47 on November 3, 2023 to $38.97

ThenNowEffect
Revenue (last 12 months) $163m $241m +48.2%
Net margin 5.6% 4.3% −23.2%
P/E multiple 115.6x 152.2x +31.6%
Share count 38m 40m −5.3%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PDFS+47%−10%+13%−16%+5%+37%
Industry peers (median)−8%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PDFS58%33%67%42%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PDFS−28%−39%−45%−32%−44%−45%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 68% from December 19, 2016 to October 24, 2018. Getting back needed a 213% gain, reached on July 30, 2020, 645 days after the low.

Price behaviour

52-week range
$23.97 – $70.79
From 52-week high
−44.9%
vs 50-day average
−15.3%
vs 200-day average
−12.7%
Volatility (1 year)
70%
Beta vs S&P 500
3.19

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±6.0%
After a week
5 up, 7 down
typical move ±7.2%
After a month
6 up, 6 down
typical move ±7.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 0.0% +0.5% +1.8% −7.7%
May 7, 2026 +7.4% +0.5% −4.2% +17.1%
February 12, 2026 +3.6% −1.5% −0.3% +1.5%
November 6, 2025 −5.7% −1.0% −10.4% +10.6%
August 7, 2025 −11.5% +0.7% −14.3% −10.9%
May 8, 2025 −3.6% +0.6% +7.3% +2.8%
February 13, 2025 −15.8% +1.1% −15.7% −20.1%
November 7, 2024 +5.7% +1.2% −0.9% −1.7%
August 8, 2024 +8.5% +2.8% +16.1% −1.4%
May 9, 2024 +5.7% +0.7% +4.1% +5.4%
February 15, 2024 +3.3% +0.2% −1.1% −2.3%
November 8, 2023 +1.1% −0.7% +10.4% +9.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

PDF Solutions Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) PDF Solutions Inc
$160M $180M $200M $220M $240M $260M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $165.2M Revenue (TTM), FY23 Q4: $165.8M Revenue (TTM), FY24 Q1: $166.4M Revenue (TTM), FY24 Q2: $166.4M Revenue (TTM), FY24 Q3: $170.5M Revenue (TTM), FY24 Q4: $179.5M Revenue (TTM), FY25 Q1: $185.9M Revenue (TTM), FY25 Q2: $196M Revenue (TTM), FY25 Q3: $206.7M Revenue (TTM), FY25 Q4: $219M Revenue (TTM), FY26 Q1: $231.4M Revenue (TTM), FY26 Q2: $241.2M $241.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $165.2M
FY23 Q4 $165.8M
FY24 Q1 $166.4M
FY24 Q2 $166.4M
FY24 Q3 $170.5M
FY24 Q4 $179.5M
FY25 Q1 $185.9M
FY25 Q2 $196M
FY25 Q3 $206.7M
FY25 Q4 $219M
FY26 Q1 $231.4M
FY26 Q2 $241.2M
Revenue growth, TTM YoY PDF Solutions Inc
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 19.8% Revenue growth, TTM YoY, FY23 Q4: 11.6% Revenue growth, TTM YoY, FY24 Q1: 6.8% Revenue growth, TTM YoY, FY24 Q2: 2.3% Revenue growth, TTM YoY, FY24 Q3: 3.2% Revenue growth, TTM YoY, FY24 Q4: 8.2% Revenue growth, TTM YoY, FY25 Q1: 11.7% Revenue growth, TTM YoY, FY25 Q2: 17.8% Revenue growth, TTM YoY, FY25 Q3: 21.2% Revenue growth, TTM YoY, FY25 Q4: 22.0% Revenue growth, TTM YoY, FY26 Q1: 24.4% Revenue growth, TTM YoY, FY26 Q2: 23.0% 23.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 19.8%
FY23 Q4 11.6%
FY24 Q1 6.8%
FY24 Q2 2.3%
FY24 Q3 3.2%
FY24 Q4 8.2%
FY25 Q1 11.7%
FY25 Q2 17.8%
FY25 Q3 21.2%
FY25 Q4 22.0%
FY26 Q1 24.4%
FY26 Q2 23.0%
Operating margin (TTM) PDF Solutions Inc
-20% -10% 0% 10% FY18 Q3 FY19 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY18 Q3: -5.8% Operating margin (TTM), FY18 Q4: -11.6% Operating margin (TTM), FY19 Q1: -15.0% Operating margin (TTM), FY19 Q2: -13.6% Operating margin (TTM), FY19 Q3: -11.6% Operating margin (TTM), FY24 Q4: 0.5% Operating margin (TTM), FY25 Q1: -0.4% Operating margin (TTM), FY25 Q2: 0.1% Operating margin (TTM), FY25 Q3: 1.4% Operating margin (TTM), FY25 Q4: 2.7% Operating margin (TTM), FY26 Q1: 6.8% Operating margin (TTM), FY26 Q2: 8.2% 8.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY18 Q3 -5.8%
FY18 Q4 -11.6%
FY19 Q1 -15.0%
FY19 Q2 -13.6%
FY19 Q3 -11.6%
FY24 Q4 0.5%
FY25 Q1 -0.4%
FY25 Q2 0.1%
FY25 Q3 1.4%
FY25 Q4 2.7%
FY26 Q1 6.8%
FY26 Q2 8.2%
FCF margin (TTM) PDF Solutions Inc
-10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 16.0% FCF margin (TTM), FY23 Q4: 2.0% FCF margin (TTM), FY24 Q1: 2.0% FCF margin (TTM), FY24 Q2: 4.3% FCF margin (TTM), FY24 Q3: -2.4% FCF margin (TTM), FY24 Q4: -4.2% FCF margin (TTM), FY25 Q1: -1.6% FCF margin (TTM), FY25 Q2: -6.2% FCF margin (TTM), FY25 Q3: -9.8% FCF margin (TTM), FY25 Q4: -3.9% FCF margin (TTM), FY26 Q1: -7.7% FCF margin (TTM), FY26 Q2: -0.7% -0.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 16.0%
FY23 Q4 2.0%
FY24 Q1 2.0%
FY24 Q2 4.3%
FY24 Q3 -2.4%
FY24 Q4 -4.2%
FY25 Q1 -1.6%
FY25 Q2 -6.2%
FY25 Q3 -9.8%
FY25 Q4 -3.9%
FY26 Q1 -7.7%
FY26 Q2 -0.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 48 62 67 90 101 100 98 107 102 86 86 88 111 149 166 179 219 241
Gross profit 22 33 37 53 62 60 59 63 54 43 52 51 67 101 114 125 158 172
EBITDA −16 2 5 20 33 30 22 17 5 −5 — — — — 5 5 10 26
Operating income −17 1 4 19 31 28 19 13 0 −10 — — — — −0 1 6 20
Net income −18 0 2 37 21 18 12 9 −1 −8 −5 −40 −21 −3 3 4 −1 10
Diluted EPS −$0.69 $0.00 $0.07 $1.25 $0.67 $0.58 $0.39 $0.28 −$0.04 −$0.24 −$0.17 −$1.17 −$0.58 −$0.09 $0.08 $0.10 −$0.02 $0.26
Growth (year on year)
Revenue — +27.3% +8.2% +34.2% +13.3% −1.3% −2.2% +9.7% −5.2% −15.8% −0.2% +2.9% +26.1% +33.8% +11.6% +8.2% +22.0% +23.0%
EBITDA — — +117.6% +317.5% +66.7% −8.9% −26.7% −24.4% −69.9% −200.1% — — — — — −5.6% +117.7% —
Operating income — — +219.7% +350.5% +64.0% −11.3% −30.9% −32.6% −98.5% — — — — — — — — —
Net income — — — +>999% −43.8% −11.8% −32.8% −26.6% −114.7% — — — — — — — −115.8% —
Diluted EPS — — — +>999% −46.4% −13.4% −32.8% −28.2% −114.3% — — — — — — — −120.0% —
Margins
Gross margin 45.2% 54.3% 55.0% 59.2% 61.1% 60.4% 60.2% 58.6% 53.4% 50.1% 60.9% 58.2% 60.2% 67.8% 68.8% 69.8% 72.3% 71.5%
EBITDA margin −33.0% 3.5% 7.1% 21.9% 32.3% 29.8% 22.3% 15.4% 4.9% −5.8% — — — — 2.9% 2.5% 4.5% 10.7%
Operating margin −35.9% 2.2% 6.4% 21.4% 30.9% 27.8% 19.6% 12.1% 0.2% −11.6% — — — — −0.1% 0.5% 2.7% 8.2%
Net margin −37.3% 0.0% 2.8% 41.6% 20.6% 18.4% 12.7% 8.5% −1.3% −9.0% −6.3% −45.8% −19.3% −2.3% 1.9% 2.3% −0.3% 4.3%
Free-cash-flow margin −10.7% 4.2% 11.7% 13.9% 20.4% 23.1% 26.1% −8.6% 0.3% 0.3% 16.4% 17.9% 0.5% 16.1% 2.0% −4.2% −3.9% −0.7%
Cash flow
Cash from operations −5 3 8 15 25 27 30 2 11 13 25 22 4 32 15 10 24 39
Capital spending 1 0 0 2 5 4 5 11 10 13 11 6 4 8 11 17 33 41
Free cash flow −5 3 8 12 21 23 26 −9 0 0 14 16 1 24 3 −7 −9 −2
Stock-based pay 5 5 5 5 7 9 10 11 12 10 11 12 13 20 21 25 26 26
Free cash flow after stock pay −10 −3 3 8 14 15 16 −20 −12 −10 3 3 −12 4 −18 −32 −35 −27
Balance sheet
Cash 35 38 46 62 89 115 126 117 101 96 98 30 28 120 99 91 42 115
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 68 68
Net debt (negative = net cash) −35 −38 −46 −62 −89 −115 −126 −117 −101 −96 −98 −30 −28 −120 −99 −91 26 −47
Diluted shares 26m 27m 28m 30m 31m 32m 32m 32m 32m 32m 32m 34m 37m 37m 39m 39m 39m 40m
Returned to shareholders
Buybacks — — 3 4 — 4 15 2 13 5 10 0 5 22 1 7 0 —
Total returned — — 3 4 — 4 15 2 13 5 10 0 5 22 1 7 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · June 30, 2026
What it owns · $519m
Short-term assets $253mLonger-term assets $267m
What it owes, and who funded it · $519m
Short-term liabilities $73mLonger-term liabilities $73mShareholders' equity $372m
  • Short-term assets cover short-term liabilities $253m of assets due within a year against $73m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $253m short-term assets against $73m of longer-dated liabilities.
  • More cash than debt $115m of cash against $67m of debt.
  • Debt below 40% of shareholders' equity Debt is 18% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $39m of operating cash flow against $67m of debt.
  • Operating profit covers interest at least five times over Operating income of $20m against $5m of interest.

From PDF Solutions Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$7.9M
Diluted share count
+2.7%
year over year
R&D spending
29.2%
of revenue
Sales & admin spending
32.4%
of revenue
Days sales outstanding
137 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated PDFS VTEX DCBO GCL AI OSPN Median
Revenue, last 12 months $241m $241m $243m $239m $232m $253m $482m
Revenue growth, last 12 months 23.0% 6.1% 11.9% 68.2% −37.5% 4.9% 12.0%
Revenue growth, 3-year average 14.0% — — — −5.3% 3.4% 11.1%
Revenue growth, latest quarter 18.9% — — — −25.5% 12.0% 11.9%
Gross margin 71.5% 77.5% 80.3% 10.3% 29.1% 74.3% 69.2%
Operating margin 8.2% 7.5% 9.6% −5.6% −203.1% 17.9% 1.1%
Operating margin, 3-year average −1.8% — — — −133.9% 17.3% −0.8%
Net margin 4.3% 8.3% 15.5% −10.5% −192.1% 27.5% 2.1%
Cash from operations / revenue 16.0% 13.9% 11.6% −4.4% −66.5% 22.6% 18.2%
Free-cash-flow margin −0.7% 13.4% 11.2% −4.9% −67.0% 17.6% 15.0%
Free-cash-flow margin, 3-year average −0.9% — — — −37.5% 17.8% 16.2%
Stock pay / revenue 10.6% 7.2% 2.5% 0.0% 111.1% 4.9% 9.3%
Change in share count 2.7% −3.8% −5.2% 15.0% 10.4% −1.4% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 23.0% 12.0% 42 of 184
Change in growth rate Growth -1.4pp +0.2pp 132 of 184
Gross margin Profitability 71.5% 69.8% 75 of 160
Operating margin Profitability 8.2% 1.1% 67 of 181
Net margin Profitability 4.3% 2.1% 83 of 185
Free-cash-flow margin Cash generation -0.7% 15.2% 129 of 180
Stock pay as % of revenue Cash generation 10.6% 9.3% 101 of 177
Long-term debt as % of assets Balance sheet 12.3% 16.9% 40 of 98
Change in share count Balance sheet 2.7% 1.7% 90 of 163
Days sales outstanding Balance sheet 137 days 57 days 150 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Platform $181M 82.7% ▲ 15.2%
Volumebased $38M 17.3% ▲ 70.4%

From PDF Solutions Inc's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.8B
Institutions reporting
279
Shares held vs prior quarter
▲ 20.9%
Positions opened / closed
92 / 20

Top buyers and sellers, Q2 2026: 185 institutions bought and 81 sold ; the biggest buyer was Jpmorgan Chase & Co (+913K shares) and the biggest seller William Blair Investment Management, LLC (−701K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $393M 5.6M 14.3% ▲ 14.1%
Needham Investment Management LLC $146M 2.1M 5.3% ▲ 2.1%
Vanguard Capital Management LLC $118M 1.7M 4.3% ▲ 19.9%
Vanguard Portfolio Management LLC $103M 1.5M 3.8% ▲ 4.1%
State Street Corp $98.2M 1.4M 3.6% ▲ 16.3%
Wasatch Advisors LP $97.7M 1.4M 3.6% ▲ 171.9%
Barrow Hanley Mewhinney & Strauss LLC $93.4M 1.3M 3.4% ▲ 15.7%
Ranger Investment Management, L.P. $81.4M 1.1M 3.0% ▼ 10.2%
Snyder Capital Management L P $73.2M 1.0M 2.7% ▼ 2.5%
Jupiter Topco LLC $65.7M 928K 2.4% —
Geode Capital Management, LLC $65M 918K 2.4% ▲ 14.4%
Emerald Advisers, LLC $62.6M 884K 2.3% ▲ 2.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not PDF Solutions Inc's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $227,984 2 trades by 2 insiders · 0% under pre-set plans
Net ▼ $227,984 net selling
Insider Date Trade Shares Price Value
Strojwas Andrzej Chief Technology Officer August 31, 2026 Sell 3,394 $44.41 $150,728
Zhang Shuo Director August 12, 2026 Sell 1,501 $51.47 $77,256

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 12, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on PDF Solutions Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

PDF Solutions Inc in brief

What does PDF Solutions Inc do?
PDF Solutions Inc is a US-listed company in the application software industry. Its financial year ends in December.
What is PDF Solutions Inc's stock ticker?
PDF Solutions Inc trades under the ticker PDFS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is PDF Solutions Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, PDF Solutions Inc reported revenue of $241M, 23.0% higher than a year earlier, according to its SEC filings.
What is PDF Solutions Inc's free cash flow?
PDF Solutions Inc's free-cash-flow margin is -0.7% of revenue over the trailing twelve months, ranking 129 of the 180 application software companies we cover.
Who are PDF Solutions Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Needham Investment Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is PDF Solutions Inc's market cap?
On November 2, 2026, PDF Solutions Inc's market capitalisation was about $1.6B, with a price-to-earnings ratio of 152.2 and net debt of -$47.4M. Market figures come from third-party market data and may be delayed.
How much debt does PDF Solutions Inc have?
PDF Solutions Inc's debt-to-equity ratio is 17.9%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are PDF Solutions Inc's competitors?
In our Application Software peer group, the companies closest to PDF Solutions Inc are Vtex, Docebo Inc., GCL Global Holdings Ltd, C3.ai, Inc. and Onespan Inc. The side-by-side comparison below sets their revenue, margins and growth against PDF Solutions Inc's.
Are insiders buying or selling PDF Solutions Inc stock?
Over the last 12 months, PDF Solutions Inc's directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is PDF Solutions Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — PDF Solutions Inc announces its own schedule.