Overall Score

Revenue Quality

Revenue generation remains weak on an asset-turnover basis, with assetTurnoverTTM at 0.03 and revenuePerShareTTM at 1.49.

Gross margin is negative at -26.0%, indicating the core business still struggles to convert sales into gross profit.

Profitability is supported by unusually high EBIT/EBITDA margins, but the underlying revenue base remains inefficient.

Profitability

Net margin is very strong at 83.6% and returnOnEquityTTM is 2.9%, showing earnings are positive but returns on capital remain modest.

Operating profitability is solid, with operatingProfitMarginTTM at 44.0% and ebitdaMarginTTM at 95.1%.

ReturnOnInvestedCapitalTTM is only 2.6%, suggesting limited efficiency despite headline earnings strength.

Balance Sheet

The balance sheet is exceptionally liquid, with currentRatioTTM at 97.5 and cashRatioTTM at 97.0.

Debt appears negligible, with debtToAssetsRatioTTM and debtToEquityRatioTTM both at 0 and netDebtToEBITDATTM at -13.1.

Book value is substantial relative to market value, with bookValuePerShareTTM at 43.55 and priceToBookRatioTTM at 0.71.

Cash Flow

Free cash flow remains negative, with freeCashFlowTTM at -49.2M and freeCashFlowYieldTTM at -7.6%.

Operating cash flow is also negative, as operatingCashFlowTTM is -49.3M and operatingCashFlowSalesRatioTTM is -156.8%.

Despite weak cash generation, the company’s liquidity cushion reduces near-term funding pressure.

Capital Efficiency

ReturnOnCapitalEmployedTTM is only 1.4% and returnOnAssetsTTM is 2.7%, indicating low capital productivity.

Working capital is very large relative to the business, with workingCapitalTTM at 390.6M and workingCapitalTurnoverRatioTTM at 0.09.

The company’s strong cash position offsets some of the inefficiency, but capital deployment remains poor.