Overall Score

Pricing Power

Gross margin remains thin at 15.9%, indicating limited pricing power.

Negative operating and net margins suggest the company is still struggling to convert revenue into profit.

Scale Efficiency

Revenue per share is only 1.00, while operating margin is deeply negative, showing weak scale economics.

High SG&A at 79.9% of revenue continues to pressure operating leverage.

Capital Intensity

Capex is modest at 9.1% of revenue, but free cash flow remains negative, limiting capital efficiency.

Inventory days are elevated at 152.0, keeping the cash conversion cycle long at 143.8 days.

Balance Sheet Resilience

Liquidity is very strong with a current ratio of 20.3 and cash ratio of 18.4.

Debt appears minimal, with debt-to-equity at 0.01 and debt-to-assets at 0.8%.

Moat Durability

Negative ROIC of -14.2% and ROE of -11.2% indicate the business is not earning excess returns.

No recent news or other evidence suggests a strengthening competitive advantage.