Barings Participation Investors (the Trust) (MPV) Income Statement
MPV 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMPV revenue and net income
Where MPV's revenue goes
2025Each bar shows an amount and its share of revenue. MPV kept 77.4% of revenue as net income.
MPV profit margins
MPV growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −15.8% | +27.4% | +19.4% | +3.2% |
| Gross profit | −19.7% | +22.2% | +16.4% | +1.9% |
| Operating income | −16.7% | +22.6% | +19.3% | +4.0% |
| Net income | −23.3% | +23.9% | +15.8% | +4.5% |
| EPS (diluted) | −39.7% | +23.1% | −9.1% | +8.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MPV quarterly EPS vs estimates
Barings Participation Investors beat the analyst EPS estimate in 2 of the last 2 quarters.
MPV income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.1M | $20.3M | $20.1M | $8.3M | $26.4M | $7.0M | $18.6M | $4.6M | $20.0M | $12.8M |
| Cost of revenue | $2.0M | $1.5M | $2.2M | $1.9M | $1.8M | $1.6M | $1.7M | $1.7M | $1.7M | $0 |
| Gross profit | $15.1M | $18.8M | $17.9M | $8.3M | $26.4M | $7.0M | $18.6M | $4.6M | $20.0M | $12.8M |
| Research & development | — | — | $1 | $1 | $1 | $0 | $1 | $0 | $1 | $0 |
| Sales, general & admin | $1.1M | $1.1M | $2.6M | $924,154 | $816,758 | $692,254 | $780,774 | $965,614 | $823,764 | $1.9M |
| Total operating expenses | −$298,914 | $1.1M | $1.1M | $924,154 | $816,758 | $692,254 | $780,774 | $965,614 | $823,764 | $557,625 |
| Operating income | $15.4M | $18.4M | $17.6M | $8.4M | $25.6M | $6.3M | $17.8M | $4.3M | $19.8M | $10.9M |
| Interest income | $17.3M | $18.7M | $19.8M | $13.8M | $11.6M | $12.8M | $12.9M | $13.2M | $12.5M | — |
| Interest expense | $1.8M | $1.5M | $1.2M | $1.0M | $622,857 | $613,500 | $613,500 | $613,500 | $613,500 | $0 |
| Income before taxes | $13.6M | $17.7M | $18.6M | $7.3M | $25.6M | $6.3M | $17.8M | $3.6M | $19.1M | $11.6M |
| Income taxes | $350,897 | $425,200 | $441,369 | $377,850 | $247,154 | −$474,927 | $566,900 | −$161,141 | $22.0M | $704,890 |
| Net income | $13.2M | $17.2M | $18.1M | $7.0M | $25.4M | $6.3M | $17.8M | $3.6M | $19.1M | $11.6M |
| EBITDA | $15.4M | $17.6M | $19.8M | $8.4M | $25.6M | $6.3M | $17.8M | $4.3M | $19.8M | $10.9M |
| EPS (diluted) | $1.23 | $2.04 | $1.71 | $0.66 | $2.39 | $1.98 | $0.32 | $0.81 | $1.45 | $1.25 |
| Gross margin | 88.2% | 92.5% | 89.2% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | 89.9% | 90.9% | 87.3% | 101.1% | 96.9% | 90.2% | 95.8% | 92.4% | 98.9% | 85.4% |
| Net margin | 77.4% | 84.9% | 90.1% | 84.2% | 96.0% | 90.2% | 95.8% | 79.0% | 95.9% | 90.9% |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.1M | $8.2M | $8.9M | $11.1M | $10.0M | $5.0M | $10.3M | $5.3M | $9.8M | $5.2M | $7.9M | $3.8M |
| Cost of revenue | $1.0M | $1.0M | $1.0M | $1.0M | $999,197 | $0 | $975,598 | $0 | $973,230 | $0 | $966,204 | $0 |
| Gross profit | $6.1M | $8.3M | $8.9M | $11.1M | $10.0M | $5.0M | $10.3M | $5.3M | $9.8M | $5.2M | $7.9M | $3.8M |
| Sales, general & admin | — | $1.3M | $1.3M | $1.4M | $1.3M | $631,817 | $1.3M | $631,989 | $1.2M | $603,249 | $1.3M | $670,128 |
| Total operating expenses | −$5.2M | $72,206 | $1.3M | $1.4M | $1.3M | $631,817 | $1.3M | $136,924 | $1.2M | $7,696 | $1.3M | $100,137 |
| Operating income | $11.3M | $7.8M | $7.6M | $9.7M | $8.7M | $4.4M | $9.0M | $4.6M | $8.6M | $4.5M | $6.7M | $3.2M |
| Interest expense | $1.2M | $847,477 | $847,477 | $719,000 | $804,431 | — | $635,803 | — | $609,817 | — | $563,552 | — |
| Income before taxes | $10.1M | $7.3M | $6.2M | $9.5M | $8.2M | $4.1M | $9.7M | $4.8M | $8.8M | $4.8M | $7.1M | $3.5M |
| Income taxes | −$82,534 | $350,697 | $200 | $425,000 | $151,027 | $100 | $450,937 | $937 | $9,568 | $9,768 | $325,000 | $302,546 |
| Net income | $10.2M | $7.0M | $6.2M | $9.1M | $8.2M | $4.1M | $9.3M | $4.8M | $8.8M | $4.8M | $6.8M | $3.5M |
| EBITDA | $11.3M | $7.8M | $7.6M | $9.7M | $8.7M | $5.0M | $10.4M | $193,882 | $8.6M | $297,165 | $6.7M | $302,546 |
| EPS (diluted) | — | — | $0.39 | $0.50 | — | — | — | — | — | — | — | — |
| Gross margin | 85.8% | 101.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | 159.0% | 95.0% | 85.3% | 87.8% | 87.3% | 87.3% | 87.2% | 88.0% | 87.5% | 88.3% | 84.1% | 82.5% |
| Net margin | 142.9% | 85.3% | 70.1% | 81.6% | 82.1% | 82.1% | 90.4% | 91.7% | 89.8% | 93.9% | 85.3% | 90.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MPV's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MPV financial results
In fiscal year 2025 (ended December 31, 2025), Barings Participation Investors reported revenue of $17.1 million, down 15.8% from the year before. It had net income of $13.2 million (down 23.3%), a net profit margin of 77.4%. Diluted earnings per share came to $1.23. Over five years revenue grew at an average rate of 19.4% a year.
See the MPV stock overview for the latest quote and news, or the MPV chart for price history and technical indicators.
MPV income statement FAQ
What is Barings Participation Investors's annual revenue?
Barings Participation Investors reported total revenue of $17.1 million for fiscal year 2025, which ended on December 31, 2025. That was down 15.8% from $20.3 million the previous year.
Is Barings Participation Investors profitable?
Yes. Barings Participation Investors reported net income of $13.2 million in fiscal 2025, a net profit margin of 77.4%; its operating margin was 89.9%.
What is Barings Participation Investors's gross margin?
Barings Participation Investors's gross margin was 88.2% in fiscal 2025: for every $100 of revenue, Barings Participation Investors kept $88 after the direct cost of its products and services.
How fast is Barings Participation Investors growing?
Revenue grew 19.4% a year on average over the last five fiscal years, from $7.0 million to $17.1 million.
What are Barings Participation Investors's earnings per share?
Barings Participation Investors earned $1.23 per diluted share in fiscal 2025, compared with $2.04 a year earlier.
When does Barings Participation Investors's fiscal year end?
Barings Participation Investors's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.