OSI Systems, Inc. designs and manufactures electronic systems and components in the United States and internationally. It operates in three segments: Security, Healthcare, and Optoelectronics and Manufacturing. The company offers baggage and parcel inspection, cargo and vehicle inspection, hold baggage and people screening, radiation monitoring, explosive and narcotics trace detection systems, and optical inspection systems, and radio frequency (RF) equipment under the Rapiscan name. It also provides site design, installation, training, and technical support services; and turnkey security screening solutions under the S2 name. In addition, the company offers patient monitoring, cardiology and remote monitoring, and connected care systems and accessories under the Spacelabs name for use in critical care, emergency, and perioperative areas within hospitals, physicians' offices, medical clinics, and ambulatory surgery centers. Further, it provides optoelectronic devices and flex circuits under the OSI Optoelectronics, OSI LaserDiode, and Advanced Photonix names for the aerospace and defense, avionics, medical imaging and diagnostics, biochemistry analysis, pharmaceutical, nanotechnology, telecommunications, construction, and homeland security markets. Additionally, the company offers electronics manufacturing services to original equipment manufacturers and end users for medical, automotive, defense, aerospace, industrial, and consumer applications under the OSI Electronics, APlus Products, Altaflex, and PFC Flexible Circuits names; and LCD displays for medical, industrial, and consumer electronics applications. The company was incorporated in 1987 and is headquartered in Hawthorne, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.7B | $261M | $150M | $56M | 15.7% | 11.3% | 16.8% |
| 2024 | $1.5B | $231M | $128M | $-127M | 14.8% | 20.4% | 39.6% |
| 2023 | $1.3B | $174M | $92M | $63M | 12.6% | 8.0% | -20.4% |
| 2022 | $1.2B | $188M | $115M | $33M | 18.1% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,183.24 | 1,278.43 | 1,538.76 | 1,713.17 |
| Operating Revenue | - | 1,183.24 | 1,278.43 | 1,538.76 | 1,713.17 |
| Cost Of Revenue | - | 758.81 | 847.92 | 1,008.30 | 1,125.98 |
| Gross Profit | - | 424.43 | 430.51 | 530.46 | 587.18 |
| Operating Expense | - | 295.14 | 287.67 | 335.01 | 364.32 |
| Research And Development | - | 59.58 | 59.35 | 65.28 | 73.44 |
| Selling General And Administration | - | 235.55 | 228.31 | 269.73 | 290.88 |
| Total Expenses | - | 1,053.94 | 1,135.58 | 1,343.31 | 1,490.31 |
| Operating Income | - | 129.29 | 142.84 | 195.45 | 222.86 |
| Total Operating Income As Reported | - | 121.75 | 135.28 | 189.06 | 217.52 |
| EBITDA | - | 187.80 | 173.79 | 231.27 | 261.10 |
| Normalized EBITDA | - | 195.34 | 181.36 | 237.66 | 266.44 |
| EBIT | - | 149.12 | 135.28 | 189.06 | 217.52 |
| Interest Expense | - | 8.96 | 20.04 | 27.85 | 31.43 |
| Net Interest Income | - | -8.96 | -20.04 | -27.85 | -31.43 |
| Other Non Operating Income Expenses | - | 27.37 | - | - | - |
| Other Income Expense | - | 19.83 | -7.57 | -6.39 | -5.34 |
| Interest Expense Non Operating | - | 8.96 | 20.04 | 27.85 | 31.43 |
| Net Non Operating Interest Income Expense | - | -8.96 | -20.04 | -27.85 | -31.43 |
| Pretax Income | - | 140.16 | 115.24 | 161.21 | 186.09 |
| Tax Provision | - | 24.81 | 23.46 | 33.06 | 36.46 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.34 | -1.54 | -1.31 | -1.05 |
| Net Income Continuous Operations | - | 115.35 | 91.78 | 128.15 | 149.64 |
| Net Income From Continuing And Discontinued Operation | - | 115.35 | 91.78 | 128.15 | 149.64 |
| Net Income From Continuing Operation Net Minority Interest | - | 115.35 | 91.78 | 128.15 | 149.64 |
| Net Income | - | 115.35 | 91.78 | 128.15 | 149.64 |
| Net Income Common Stockholders | - | 115.35 | 91.78 | 128.15 | 149.64 |
| Net Income Including Noncontrolling Interests | - | 115.35 | 91.78 | 128.15 | 149.64 |
| Normalized Income | - | 121.55 | 97.80 | 133.23 | 153.93 |
| Diluted NI Availto Com Stockholders | - | 115.35 | 91.78 | 128.15 | 149.64 |
| Basic Average Shares | - | 16.87 | 16.87 | 17.06 | 16.79 |
| Diluted Average Shares | - | 17.87 | 17.19 | 17.35 | 17.18 |
| Reconciled Depreciation | - | 38.68 | 38.51 | 42.21 | 43.58 |
| Reconciled Cost Of Revenue | - | 758.81 | 847.92 | 1,008.30 | 1,125.98 |
| Total Unusual Items | - | -7.54 | -7.57 | -6.39 | -5.34 |
| Total Unusual Items Excluding Goodwill | - | -7.54 | -7.57 | -6.39 | -5.34 |
| Special Income Charges | - | -7.54 | -7.57 | -6.39 | -5.34 |
| Other Special Charges | - | 5.10 | 3.91 | 0.78 | 1.27 |
| Impairment Of Capital Assets | 0.55 | 1.01 | 0.38 | - | - |
| Restructuring And Mergern Acquisition | - | 1.43 | 3.66 | 5.62 | 4.06 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| OSI Systems, Inc.this co. | OSIS | $3.5B | 23.42β discount | 3.68 | 15.7% | 15.50 |
| Box, Inc. | BOX | $3.7B | 32.14 | -12.39 | -38.6% | 27.13 |
| RingCentral, Inc. | RNG | $3.7B | 85.09 | -6.28 | -7.4% | 14.30 |
| Itron, Inc. | ITRI | $3.6B | 11.94 | 2.09 | 17.5% | 9.27 |
| Insight Enterprises, Inc. | NSIT | $3.6B | 22.81 |
| - |
| - |
| - |
| - |
| - |
| 2.18 |
| 9.5% |
| 11.55 |
| Adeia Inc. | ADEA | $3.6B | 32.13 | 7.43 | 23.1% | 16.36 |
| Sunrun Inc. | RUN | $3.5B | 7.86 | 1.13 | 14.4% | 32.03 |
| Knowles Corporation | KN | $3.4B | 76.19 | 4.34 | 5.7% | 30.44 |
| Teradata Corporation | TDC | $3.3B | 25.25 | 14.27 | 56.5% | 11.38 |
| Peer Median | - | 28.69 | 2.14 | 12.0% | 15.33 | |