A Business at a Glance
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The business and the industry in which biote Corp. (inclusive of its consolidated subsidiaries,“Biote” “we,” “us,” or “our”) operates is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled “Risk Factors” and elsewhere in this Annual Report. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by Biote. We operate a high-growth practice-building business within the hormone optimization space. Similar to a franchise model, we provide the necessary components to enable Biote-certified practitioners to establish, build, and successfully implement a program designed to optimize hormone levels using personalized solutions for their patient populations.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | 196M | 197M | 185M | 165M | 139M |
| Net Income | 29M | 3.2M | 3.3M | -969K | 33M |
| EPS | $0.79 | $0.09 | $0.13 | $-0.12 | $0.46 |
| Free Cash Flow | 34M | 39M | 27M | -9.5M | 32M |
| ROIC | 1296.7% | 19.8% | 10.2% | -1.4% | 83.4% |
| Gross Margin | - | 70.5% | 68.8% | 66.9% | 65.0% |
| Debt/Equity | 0.00 | -0.96 | -3.63 | -2.52 | 8.96 |
| Dividends/Share | $0.05 | $0.14 | $0.34 | $0.17 | $0.16 |
| Operating Income | 31M | 32M | 29M | -61M | 35M |
| Operating Margin | 16.1% | 16.0% | 15.5% | -36.8% | 24.8% |
| ROE | 0.0% | - | - | - | 790.8% |
| Shares Outstanding | 32M | 35M | 26M | 75M | 70M |
| Metric | 2021 | 2022 | |||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 139M | 165M | 185M | 197M | 196M |
| Gross Margin | 65.0% | 66.9% | 68.8% | 70.5% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 35M | -61M | 29M | 32M | 31M |
| Op. Margin | 24.8% | -36.8% | 15.5% | 16.0% | 16.1% |
| Net Income | 33M | -969K | 3.3M | 3.2M | 29M |
| Net Margin | 23.4% | -0.6% | 1.8% | 1.6% | 14.7% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||
| ROIC | 83.4% | -1.4% | 10.2% | 19.8% | N/M |
| ROE | 790.8% | N/A | N/A | N/A | 0.0% |
| ROA | 60.0% | -0.9% | 2.1% | 2.3% | 25.9% |
| Cash Flow | |||||
| Op. Cash Flow | 34M | -9.2M | 27M | 45M | 40M |
| Free Cash Flow | 32M | -9.5M | 27M | 39M | 34M |
| Owner Earnings | 32M | -94M | 15M | 33M | 28M |
| CapEx | 1.4M | 333K | 359K | 6.4M | 5.6M |
| Maint. CapEx | 1.4M | 2.2M | 3.0M | 3.6M | 3.6M |
| Growth CapEx | 48K | 0 | 0 | 2.9M | 2.0M |
| D&A | 1.4M | 2.2M | 3.0M | 3.6M | 3.6M |
| CapEx/OCF | 4.3% | N/A | 1.3% | 14.2% | 14.0% |
| Capital Allocation | |||||
| Dividends Paid | 11M | 13M | 8.7M | 4.7M | 1.7M |
| Dividend Yield | 1.7% | 2.6% | 6.4% | 2.3% | 2.8% |
| Share Buybacks | 0 | 0 | 0 | 5.6M | 5.6M |
| Buyback Yield | N/A | N/A | N/A | 2.7% | 9.3% |
| Stock-Based Comp | N/A | 82M | 9.1M | 8.7M | 8.7M |
| Debt Repayment | 0 | 36M | 0 | 0 | 0 |
| Balance Sheet | |||||
| Net Debt | 37M | 39M | 24M | 68M | 75M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | 28M |
| Long-Term Debt | 32M | 112M | 107M | 101M | 101M |
| Debt/Equity | 8.96 | -2.52 | -3.63 | -0.96 | 0.00 |
| Interest Coverage | 20.7 | -15.0 | 4.5 | 2.9 | 2.9 |
| Equity | 4.1M | -44M | -29M | -106M | -73M |
| Total Assets | 54M | 112M | 155M | 122M | 111M |
| Total Liabilities | 50M | 156M | 185M | 228M | 177M |
| Intangibles | N/A | N/A | N/A | 11M | 11M |
| Retained Earnings | 4.2M | -44M | -29M | -100M | -100M |
| Working Capital | 30M | 82M | 100M | 17M | 17M |
| Current Assets | 47M | 101M | 122M | 68M | 68M |
| Current Liabilities | 17M | 19M | 22M | 52M | 52M |
| Per Share Data | |||||
| EPS | 0.46 | -0.12 | 0.13 | 0.09 | 0.79 |
| Owner EPS | 0.46 | -1.25 | 0.58 | 0.94 | 0.86 |
| Book Value | 0.06 | -0.60 | -1.15 | -3.02 | -2.25 |
| Cash Flow/Share | 0.48 | -0.12 | 1.05 | 1.29 | 1.00 |
| Dividends/Share | 0.16 | 0.17 | 0.34 | 0.14 | 0.05 |
| Shares Out. | 70.3M | 74.5M | 25.5M | 35.1M | 32.3M |
| Valuation | |||||
| P/E Ratio | 21.1 | N/A | 38.6 | 66.6 | 2.4 |
| P/FCF | 21.4 | N/A | 4.8 | 5.4 | 1.7 |
| EV/EBIT | 21.0 | N/A | 5.3 | 8.8 | 4.3 |
| Price/Book | 167.2 | N/A | N/A | N/A | N/A |
| Price/Sales | 4.9 | 3.0 | 0.7 | 1.1 | 0.3 |
| FCF Yield | 4.7% | -3.3% | 20.7% | 18.5% | 57.3% |
| Market Cap | 690M | 291M | 128M | 210M | 60M |
| Avg. Price | 9.75 | 6.56 | 5.35 | 5.92 | 1.86 |
| Year-End Price | 9.81 | 3.91 | 5.02 | 5.99 | 1.86 |
biote Corp. passes 6 of 9 quality checks, suggesting mixed fundamentals.
biote Corp. trades at 2.4x trailing earnings, compared to its 15-year median P/E of 38.6x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 1.7x vs a median of 5.4x. The company's 5-year average ROIC is 28.0% with a gross margin of 67.8%. Total shareholder yield (dividends + buybacks) is 12.1%. At current prices, the estimated annualized return to fair value is +21.0%.
biote Corp. (BTMD) has a current P/E ratio of 2.4, compared to its historical median P/E of 38.6. The stock is currently considered Cheap based on its historical valuation range.
biote Corp. (BTMD) has a 5-year average return on invested capital (ROIC) of 28.0%. This indicates strong capital allocation and a potential competitive advantage.
biote Corp. (BTMD) has a market capitalization of $60M. It is classified as a small-cap stock.
Yes, biote Corp. (BTMD) pays a dividend with a trailing twelve-month yield of 2.79%. The company also returns capital through share buybacks, with a buyback yield of 9.33%.
Based on historical P/E analysis, biote Corp. (BTMD) appears cheap. The current P/E of 2.4 is 94% below its historical median of 38.6. The estimated fair value CAGR (P/E method) is -1.5%.
biote Corp. (BTMD) operates in the Medicinal Chemicals & Botanical Products industry, within the Healthcare sector.
biote Corp. (BTMD) reported annual revenue of $197 million in its most recent fiscal year, based on SEC EDGAR filings.
biote Corp. (BTMD) has a net profit margin of 1.6%. This is a modest margin.
biote Corp. (BTMD) generated $39 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
biote Corp. (BTMD) reported earnings per share (EPS) of $0.09 in its most recent fiscal year.
biote Corp. (BTMD) has a 5-year average gross margin of 67.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 4 years of financial data for biote Corp. (BTMD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
biote Corp. (BTMD) has a book value per share of $-3.02, based on its most recent annual SEC filing.