CALC

CalciMedica, Inc. (CALC) SWOT Analysis Analysis (2026)

Invetso Score: 4.1/10 — Balanced · Last Updated: 2026-09-01

Monthly Update

No material changes this month.

Strengths

Score: 4.8 (Moderate)

Negative cash conversion cycle indicates working-capital efficiency versus peers, because suppliers fund operations and liquidity needs remain structurally low.

Current and quick ratios above 5.0 suggest stronger near-term liquidity than leveraged peers, reducing refinancing pressure and supporting operating flexibility.

Net debt to EBITDA below 1.0 implies modest balance-sheet leverage versus many industrial peers, limiting interest burden and preserving financial optionality.

Weaknesses

Score:

Return on invested capital is negative, showing capital deployment is destroying value versus profitable peers and weakening long-term competitive positioning.

The absence of reported operating and gross margins limits evidence of durable earnings power, leaving CALC structurally weaker than peers with proven margin resilience.

A negative cash conversion cycle of extreme magnitude may reflect working-capital distortions rather than quality earnings, making peer comparison less reliable and more volatile.

Opportunities

Score:

If management converts strong liquidity into higher-return projects, CALC could narrow the profitability gap versus peers and improve structural capital efficiency.

Low leverage creates room to fund operational improvements or selective expansion, which could strengthen positioning relative to more constrained competitors.

Working-capital discipline can remain a source of peer outperformance if the negative cash conversion cycle proves repeatable across demand cycles.

Threats

Score:

Persistent negative ROIC threatens relative valuation and market share over time, because peers with positive returns can reinvest more aggressively and compound faster.

If the extreme cash conversion cycle reverses, CALC could face a sharper liquidity swing than peers, exposing weaker operating resilience.

Without visible margin data, peers with clearer cost advantages may outcompete CALC on pricing and profitability, limiting structural recovery.

Overall Score

Score:

CALC shows balance-sheet and liquidity strength versus peers, but negative ROIC and limited evidence of durable margin power keep overall structural positioning only moderate.

Sources

  • Company filings (10-K, 10-Q, investor presentations)
  • Financial and market data providers
  • Public news and industry information

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