Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 5/5 core metricsLatest reported annual revenue changed -28.8% from the prior reported annual observation.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Revenue contracted
Latest reported annual revenue changed -28.8% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- 3 filing risk checks flagged
Flagged areas: Earnings quality, Solvency & liquidity, Dilution.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Operating margin improved
Operating margin changed +23.9 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
- Free cash flow was positive
Latest reported free cash flow was $157M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Earnings quality
- Solvency & liquidity
- Dilution
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Product And Service$705Mshare n/a-30.4% yoy
- Medical Countermeasures MCM Product$457Mshare n/a-10.4% yoy
- Commercial Product$226Mshare n/a-43.3% yoy
- All Other Revenue$60.1Mshare n/a-55.4% yoy
- Contracts And Grants$37.7Mshare n/a+25.7% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- United States$531M71.5%-35.4% yoy
- Other Geographical Area$137M18.4%+69.7% yoy
- Canada$75M10.1%-46.6% yoy
Members sum to the consolidated $743M for this period.
- Product And Service$150Mshare n/a-28.4% yoy
- Medical Countermeasures MCM Product$102Mshare n/a-35.0% yoy
- Commercial Product$42.9Mshare n/a-5.3% yoy
- All Other Revenue$11.4Mshare n/a-43.8% yoy
- Contracts And Grants$6.4Mshare n/a-51.1% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,058 US-listed filers · 782 in Materials| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $743M | 50thof 3,301 middle third | 66thof 522 middle third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | -28.8% | 5thof 3,137 bottom third | 12thof 473 bottom third |
Operating margin operating income ÷ revenue | 13.5% | 75thof 2,819 top third | 82ndof 483 top third |
Net margin net income ÷ revenue | 7.1% | 64thof 3,263 middle third | 75thof 518 top third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | 21.1% | 85thof 2,679 top third | 90thof 433 top third |
Return on equity net income ÷ stockholders' equity (positive equity only) | 10.1% | 66thof 3,577 middle third | 83rdof 701 top third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 2.2% | 50thof 2,895 middle third | 66thof 476 middle third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 41 days | 60thof 2,398 middle third | 64thof 387 middle third |
Net debt ÷ operating cash flow net debt ÷ operating cash flow (OCF > 0) · lower is ranked higher | 2.3× | 49thof 1,547 middle third | 53rdof 145 middle third |
Cash conversion operating cash flow ÷ net income (net income > 0) | 3.2× | 83rdof 1,954 top third | 86thof 167 top third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -8.7% | 75thof 2,770 top third | 70thof 461 top third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | -17.7% | 86thof 2,345 top third | 74thof 399 top third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 30 changed periods| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Net income NetIncomeLoss | quarter 2021-06-30 | $4.6M 10-Q 2021-07-30 | -$500K 10-K/A 2023-12-11 | -110.9% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2021-06-30 | $14.5M 10-Q 2021-07-30 | $7.1M 10-K/A 2023-12-11 | -51.0% | first · latest · 3 filings carry it |
| Gross profit GrossProfit | quarter 2023-03-31 | $3.5M 10-Q 2023-05-10 | $4.9M 10-Q 2024-05-02 | +40.0% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2021-09-30 | -$34.7M 10-Q 2021-11-05 | -$44.7M 10-K/A 2023-12-11 | -28.8% | first · latest · 3 filings carry it |
| Net income NetIncomeLoss | quarter 2022-03-31 | -$3.7M 10-Q 2022-04-29 | -$4.6M 10-Q 2023-12-11 | -24.3% | first · latest · 5 filings carry it |
| Net income NetIncomeLoss | quarter 2021-09-30 | -$32.7M 10-Q 2021-11-05 | -$40.4M 10-K/A 2023-12-11 | -23.6% | first · latest · 3 filings carry it |
| Net income NetIncomeLoss | quarter 2022-09-30 | -$75.7M 10-Q 2022-11-09 | -$87.1M 10-Q 2023-12-11 | -15.1% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2022-09-30 | -$42M 10-Q 2022-11-09 | -$45.3M 10-Q 2023-12-11 | -7.9% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2022-03-31 | $6.4M 10-Q 2022-04-29 | $6.9M 10-Q 2023-12-11 | +7.8% | first · latest · 4 filings carry it |
| Net income NetIncomeLoss | quarter 2022-06-30 | -$56.4M 10-Q 2022-08-02 | -$52.9M 10-Q 2023-12-11 | +6.2% | first · latest · 4 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2022-06-30 | -$72M 10-Q 2022-08-02 | -$76.3M 10-Q 2023-12-11 | -6.0% | first · latest · 4 filings carry it |
| Net income NetIncomeLoss | fiscal year 2022-12-31 | -$224M 10-K 2023-03-01 | -$212M 10-K 2025-03-04 | +5.5% | first · latest · 4 filings carry it |
| Net income NetIncomeLoss | fiscal year 2021-12-31 | $231M 10-K 2022-02-25 | $220M 10-K 2024-03-08 | -4.9% | first · latest · 4 filings carry it |
| Net income NetIncomeLoss | quarter 2021-03-31 | $69.7M 10-Q 2021-04-30 | $67.3M 10-K/A 2023-12-11 | -3.4% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2021-03-31 | $95.4M 10-Q 2021-04-30 | $92.2M 10-K/A 2023-12-11 | -3.4% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | fiscal year 2021-12-31 | $353M 10-K 2022-02-25 | $341M 10-K 2024-03-08 | -3.2% | first · latest · 4 filings carry it |
| Gross profit GrossProfit | quarter 2022-09-30 | $74M 10-Q 2022-11-09 | $75.3M 10-Q 2023-12-11 | +1.8% | first · latest |
| Net income NetIncomeLoss | quarter 2023-03-31 | -$183M 10-Q 2023-05-10 | -$186M 10-Q 2024-11-07 | -1.8% | first · latest · 6 filings carry it |
| Stock-based compensation ShareBasedCompensation | fiscal year 2020-12-31 | $51M 10-K 2021-02-19 | $51.8M 10-K/A 2023-12-11 | +1.6% | first · latest · 4 filings carry it |
| Operating income OperatingIncomeLoss | fiscal year 2022-12-31 | -$173M 10-K 2023-03-01 | -$170M 10-K 2025-03-04 | +1.6% | first · latest · 4 filings carry it |
| Receivables AccountsReceivableNetCurrent | balance at 2021-12-31 | $275M 10-K 2022-02-25 | $279M 10-K/A 2023-12-11 | +1.5% | first · latest · 6 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2022-09-30 | $1.45B 10-Q 2022-11-09 | $1.43B 10-Q 2023-12-11 | -1.1% | first · latest |
| Receivables AccountsReceivableNetCurrent | balance at 2022-09-30 | $191M 10-Q 2022-11-09 | $189M 10-Q 2023-12-11 | -1.1% | first · latest |
| Gross profit GrossProfit | fiscal year 2021-12-31 | $901M 10-K 2023-03-01 | $891M 10-K 2024-03-08 | -1.1% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | fiscal year 2020-12-31 | $434M 10-K 2021-02-19 | $439M 10-K/A 2023-12-11 | +1.1% | first · latest · 4 filings carry it |
| Gross profit GrossProfit | fiscal year 2020-12-31 | $916M 10-K 2023-03-01 | $925M 10-K/A 2023-12-11 | +1.0% | first · latest |
| Gross profit GrossProfit | fiscal year 2022-12-31 | $386M 10-K 2023-03-01 | $383M 10-K 2024-03-08 | -0.7% | first · latest · 3 filings carry it |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | fiscal year 2020-12-31 | $141M 10-K 2021-02-19 | $142M 10-K/A 2023-12-11 | +0.6% | first · latest · 4 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2022-03-31 | $1.58B 10-Q 2022-04-29 | $1.57B 10-Q 2023-12-11 | -0.5% | first · latest · 5 filings carry it |
| Receivables AccountsReceivableNetCurrent | balance at 2022-12-31 | $158M 10-K 2023-03-01 | $159M 10-K 2024-03-08 | +0.5% | first · latest · 6 filings carry it |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for EBS yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.