Overall Score

Revenue Model

Subscription-led revenue base with recurring SaaS characteristics.

Revenue per share TTM is 7.998, supporting a meaningful recurring top line.

Price-to-sales of 1.19 suggests the market is valuing the business at a modest revenue multiple.

Profitability

TTM margins remain negative, with operating margin at -5.8% and net margin at -6.1%.

Return on equity is -14.0% and return on invested capital is -9.7%, indicating the business is still destroying capital.

Gross margin remains strong at 77.4%, but overhead is still too high to translate into bottom-line profit.

Cash Flow Quality

Free cash flow remains positive, with free cash flow yield at 9.1% and FCF of 68.2M.

Operating cash flow margin is 11.2%, showing the business can convert revenue into cash despite accounting losses.

Capex intensity is low, with capex-to-revenue at 0.4% and capex-to-operating cash flow at 3.4%.

Balance Sheet

Debt appears manageable, with debt-to-assets at 2.6% and debt-to-equity at 5.9%.

Current ratio is 1.03 and cash ratio is 0.51, indicating only a thin but workable liquidity cushion.

Net debt to EBITDA is elevated at 8.9x, but EBITDA is negative, so leverage metrics remain less informative than cash generation.

Operating Efficiency

Asset turnover is 0.92, indicating reasonable use of assets to generate revenue.

Receivables days are 59.1 and cash conversion cycle is 23.2 days, suggesting moderate working-capital efficiency.

SG&A to revenue is 61.1%, which remains the main drag on operating leverage.