Phase Space AI

Financial Model Notes

Inter Parfums [IPAR]

Inter Parfums [IPAR] — Financial Model Notes

Statement basis

• Revenue, margins, share count: Alpha Vantage normalized statements (81 quarterly, 20 annual periods — the deepest history of the three names), cross-checked against the FY2025 10-K income statement and the Q1'26 10-Q. FY2025 revenue ties.
• Licence expiries, royalty rate, promotion & advertising, brand percentages, NCI, top customer: all from the 10-K. None of these exists in any API. This is the entire Tier-2 value on this name.
• D&A: cash-flow statement ($25.2m TTM). AV's ebitda field not used.
• EBITDA: operating income $269.4m + cash-flow D&A $25.2m = $294.5m.
• Net cash: rebuilt by hand — cash $80m plus short-term investments $157m minus total debt $183m = +$54.0m. Both asset legs read as separate fields; the cashAndShortTermInvestments composite was not trusted, per the INSM precedent where it silently omitted $641.3m and flipped the sign. The screen made exactly that class of error here in reverse — it used ShortTermInvestments alone and dropped cash entirely.
• Noncontrolling interest: $223,308k at 2025-12-31, from the balance sheet. AV's minorityInterest field returned nothing on every quarter. Added to EV.

TTM window

TTM = 2025-06-30, 2025-09-30, 2025-12-31, 2026-03-31 = $1,494.6m, verified consecutive. Calendar fiscal year; AV returns Q4 discretely.

Seasonality warning for anyone reusing these figures: IPAR's quarterly operating margin runs Q1 21–22%, Q2 ~18%, Q3 ~25%, Q4 6–10%. No single quarter may be annualised. AV's OVERVIEW.OperatingMarginTTM of 21.5% is Q1'26 alone and overstates the true 18.02% by 3.48pp.

Reconciliations