PDFS

MKT CAP:$2B

PDF Solutions, Inc.

Market Cap

$2B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$43.86+$14.31 (+48.42%)

Apr 22, 2026

Company Details

PDF Solutions, Inc. provides proprietary software and physical intellectual property products for integrated circuit designs, electrical measurement hardware tools, proven methodologies, and professional services in the United States, China...

CEO

John K. Kibarian

IPO Date

Jul 31, 2001

Website

www.pdf.com

Key Metrics TTM

Revenue

$219M

+22.0% YoY

Net Income

-$640.0K

EPS (Diluted)

-$0.02

Free Cash Flow

-$9M

Revenue / Share

$5.54

Gross Margin

72.8%

Operating Margin

2.7%

Net Margin

-0.3%

FCF Margin

-4.0%

P/S

8.5x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 24, 2026

$219M+22.0%EPS -$0.02

Q4 2025

Feb 24, 2026

$62M+24.6%EPS -$0.00

Q3 2025

Nov 6, 2025

$57M+23.1%EPS $0.03

Q2 2025

Aug 7, 2025

$52M+24.2%EPS $0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$33M	$22M	-$3M
Q2 22	$35M	$23M	-$1M
Q3 22	$40M	$27M	$454.0K
Q4 22	$41M	$29M	$1M
Q1 23	$41M	$29M	-$394.0K
Q2 23	$42M	$29M	$2M
Q3 23	$42M	$28M	-$1M
Q4 23	$41M	$28M	-$1M
Q1 24	$41M	$28M	-$2M
Q2 24	$42M	$29M	$264.0K
Q3 24	$46M	$34M	$2M
Q4 24	$50M	$34M	$111.0K
Q1 25	$48M	$35M	-$4M
Q2 25	$52M	$37M	$1M
Q3 25	$57M	$41M	$5M
Q4 25	$62M	$46M	$3M

Valuation

Quarter	P/S	P/E
Q1 22	15.6x	—
Q2 22	14.7x	—
Q3 22	13.6x	—
Q4 22	12.6x	—
Q1 23	12.0x	1739.8x
Q2 23	11.5x	206.7x
Q3 23	11.3x	693.1x
Q4 23	11.3x	602.9x
Q1 24	11.3x	794.3x
Q2 24	11.2x	—
Q3 24	11.0x	425.0x
Q4 24	10.4x	461.4x
Q1 25	10.1x	1320.2x
Q2 25	9.6x	2179.4x
Q3 25	9.1x	—
Q4 25	8.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$3M	$1M
Q2 22	$4M	$802.0K
Q3 22	$1M	-$865.0K
Q4 22	$24M	$23M
Q1 23	-$982.0K	-$4M
Q2 23	-$6M	-$9M
Q3 23	$19M	$16M
Q4 23	$2M	-$379.0K
Q1 24	-$2M	-$4M
Q2 24	$684.0K	-$5M
Q3 24	$9M	$5M
Q4 24	$2M	-$4M
Q1 25	$9M	$437.0K
Q2 25	-$5M	-$14M
Q3 25	$3M	-$3M
Q4 25	$17M	$7M

Capital Expenditures

Quarter	CapEx
Q1 22	$2M
Q2 22	$3M
Q3 22	$2M
Q4 22	$2M
Q1 23	$3M
Q2 23	$3M
Q3 23	$3M
Q4 23	$2M
Q1 24	$2M
Q2 24	$5M
Q3 24	$5M
Q4 24	$6M
Q1 25	$8M
Q2 25	$8M
Q3 25	$6M
Q4 25	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+38.4%	+18.7%
Q2 22	+26.4%	+14.3%
Q3 22	+34.9%	+23.9%
Q4 22	+35.6%	+20.9%
Q1 23	+21.7%	+11.9%
Q2 23	+20.0%	+11.8%
Q3 23	+6.2%	+10.6%
Q4 23	+1.5%	+7.2%
Q1 24	+1.4%	+5.1%
Q2 24	+0.1%	+3.6%
Q3 24	+9.6%	+1.6%
Q4 24	+21.8%	+18.2%
Q1 25	+15.7%	+18.6%
Q2 25	+24.2%	+22.3%
Q3 25	+23.1%	+18.1%
Q4 25	+24.6%	+18.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$6M	16.6%
Q2 22	$4M	11.2%
Q3 22	$5M	12.9%
Q4 22	$0	0.0%
Q1 23	$5M	12.0%
Q2 23	$5M	11.2%
Q3 23	$6M	14.2%
Q4 23	$6M	14.4%
Q1 24	$6M	14.8%
Q2 24	$6M	13.7%
Q3 24	$7M	14.5%
Q4 24	$7M	13.0%
Q1 25	$7M	13.8%
Q2 25	$6M	12.0%
Q3 25	$6M	11.0%
Q4 25	$7M	11.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$14M	$11M
Q2 22	$14M	—
Q3 22	$15M	—
Q4 22	$15M	—
Q1 23	$14M	—
Q2 23	$13M	—
Q3 23	$14M	—
Q4 23	$13M	—
Q1 24	$13M	$16M
Q2 24	$13M	—
Q3 24	$14M	—
Q4 24	$15M	—
Q1 25	$15M	$23M
Q2 25	$16M	—
Q3 25	$16M	$20M
Q4 25	$19M	$22M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	38.4%	-3.1%	35.4
Q2 22	26.4%	2.5%	29.0
Q3 22	34.9%	6.0%	40.9
Q4 22	35.6%	12.9%	48.5
Q1 23	21.7%	3.6%	25.3
Q2 23	20.0%	8.3%	28.3
Q3 23	6.2%	1.4%	7.6
Q4 23	1.5%	1.5%	3.0
Q1 24	1.4%	4.0%	5.3
Q2 24	0.1%	3.8%	4.0
Q3 24	9.6%	6.6%	16.2
Q4 24	21.8%	2.8%	24.6
Q1 25	15.7%	-2.0%	13.7
Q2 25	24.2%	6.2%	30.3
Q3 25	23.1%	12.2%	35.2
Q4 25	24.6%	11.7%	36.3

Rule of 40

Revenue Segments

Quarter	Analytics	Integrated Yield Ramp
Q1 22	$30M	$3M
Q2 22	$31M	$4M
Q3 22	$33M	$7M
Q4 22	$36M	$4M
Q1 23	$36M	$4M
Q2 23	$37M	$4M
Q3 23	$39M	$3M
Q1 24	$38M	$3M
Q2 24	$38M	$4M
Q3 24	$45M	$2M
Q1 25	$42M	$5M
Q2 25	$49M	$3M
Q3 25	$55M	$2M

Revenue by Geography

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$36M	$98M	$134M
Q2 22	$81M	$36M	$117M
Q3 22	$94M	$22M	$116M
Q4 22	$120M	$20M	$139M
Q1 23	$114M	$19M	$134M
Q2 23	$100M	$24M	$124M
Q3 23	$112M	$24M	$135M
Q4 23	$99M	$37M	$136M
Q1 24	$85M	$38M	$123M
Q2 24	$92M	$26M	$118M
Q3 24	$96M	$24M	$120M
Q4 24	$91M	$24M	$115M
Q1 25	$44M	$10M	$54M
Q2 25	$37M	$3M	$40M
Q3 25	$36M	$0	$36M
Q4 25	$42M	$0	$42M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	38M	+0.7%	+1.7%
Q2 22	37M	-1.5%	+0.1%
Q3 22	38M	+2.8%	+2.2%
Q4 22	38M	+0.6%	+2.5%
Q1 23	39M	+1.5%	+3.3%
Q2 23	39M	+0.6%	+5.5%
Q3 23	38M	-2.3%	+0.3%
Q4 23	39M	+1.6%	+1.4%
Q1 24	39M	-0.8%	-0.9%
Q2 24	39M	+1.6%	+0.1%
Q3 24	39M	-0.1%	+2.4%
Q4 24	39M	-0.0%	+0.7%
Q1 25	39M	-0.0%	+1.5%
Q2 25	39M	+0.4%	+0.3%
Q3 25	40M	+0.9%	+1.3%
Q4 25	40M	-0.2%	+1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$82.3K	407
Q2 22	$85.2K	407
Q3 22	$97.9K	407
Q4 22	$88.5K	458
Q1 23	$89.0K	458
Q2 23	$90.8K	458
Q3 23	$92.5K	458
Q4 23	$83.4K	493
Q1 24	$83.8K	493
Q2 24	$84.5K	493
Q3 24	$94.1K	493
Q4 24	$92.9K	539
Q1 25	$88.6K	539
Q2 25	$96.0K	539
Q3 25	$106.0K	539
Q4 25	$104.0K	600

Revenue / Employee