TANHNasdaqIndustrial Organic ChemicalsFiscal year ends December 31
TANTECH HOLDINGS LTD
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on May 14, 2026
$10.20−3.42 (-25.11%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2025
Gross margin
18.6%+8.0 pts over 5 years
Operating margin
-31.8%−7.4 pts over 5 years
Net margin
-80.9%−65.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -10.7% | -10.2% | -1.9% | -2.0% | |
| Gross profit | -20.1% | -10.9% | +9.8% | -7.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 5.7% | -6.9% | -25.7% | |
| Return on assets | 4.7% | -5.6% | -23.2% | |
| Current ratio | 4.52 | 4.87 | 6.59 | |
| Interest coverage | 18.4× | -34.5× | -43.7× | |
| Inventory turnover | 24.7× | 59.7× | 181.7× | |
| Capex to revenue | 0.0% | 0.3% | 0.0% | |
| Diluted shares | 0M | 0M | 2M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Tantech generated $32.82M from operations and spent $302.84K on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$32.82M
Used
$302.84K
Capital expenditure$302.84K100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-80.9%
×Asset turnover0.29×
×Equity multiplier1.10×
=Return on equity, FY2025-25.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -80.9% | 0.29× | 1.10× | -25.7% |
| FY2024 | -7.5% | 0.30× | 1.11× | -2.5% |
| FY2023 | 12.5% | 0.32× | 1.13× | 4.6% |
| FY2022 | 4.9% | 0.39× | 1.16× | 2.2% |
| FY2021 | -15.1% | 0.44× | 1.18× | -7.8% |
| FY2020 | -15.4% | 0.36× | 1.23× | -6.9% |
| FY2019 | -12.9% | 0.39× | 1.30× | -6.6% |
| FY2018 | 6.7% | 0.22× | 1.34× | 1.9% |
| FY2017 | 8.9% | 0.36× | 1.29× | 4.2% |
| FY2016 | 10.8% | 0.44× | 1.21× | 5.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
1of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$31.02M
- Cash generatingOperating cash flow above zero-$5.82M
- Return on assets improvedROA up on the prior year-2.3% → -21.7%
- Earnings backed by cashOperating cash flow above net income-$5.82M vs -$31.02M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose10.02 → 6.59
- No dilutionShare count did not rise0M → 2M
- Gross margin improvedGross margin up on the prior year20.83% → 18.62%
- More efficientAsset turnover rose0.30 → 0.27