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 metricsFlagged areas: Solvency & liquidity.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- 3 filing risk checks flagged
Flagged areas: Solvency & liquidity.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue expanded
Latest reported annual revenue changed +104.9% 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.
- Operating margin improved
Operating margin changed +5.6 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 $10M.
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
- Solvency & liquidity
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 Sales And Royalties$76.7M95.9%+99.1% yoy
- License$3.29M4.1%+557.2% yoy
Members sum to the consolidated $80M for this period.
- Product Sales And Royalties$24.3M100.0%+73.4% yoy
- License$00.0%-100.0% 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 4,121 US-listed filers · 796 in Materials| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $80M | 25thof 3,301 bottom third | 43rdof 522 middle third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 104.9% | 95thof 3,135 top third | 86thof 473 top third |
Gross margin gross profit ÷ revenue | 53.5% | 69thof 1,603 top third | 72ndof 221 top third |
Operating margin operating income ÷ revenue | -1.1% | 41stof 2,819 middle third | 63rdof 483 middle third |
Net margin net income ÷ revenue | -5.8% | 34thof 3,263 middle third | 56thof 518 middle third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | 12.8% | 72ndof 2,679 top third | 82ndof 433 top third |
Return on equity net income ÷ stockholders' equity (positive equity only) | -17.6% | 29thof 3,577 bottom third | 62ndof 701 middle third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 6.9% | 30thof 2,895 bottom third | 52ndof 476 middle third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 54 days | 44thof 2,398 middle third | 48thof 387 middle third |
Net debt ÷ operating cash flow net debt ÷ operating cash flow (OCF > 0) · lower is ranked higher | -0.4× | 85thof 1,547 top third | 89thof 145 top third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -18.0% | 87thof 3,545 top third | 82ndof 661 top third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | -56.5% | 91stof 3,029 top third | 82ndof 582 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 · 21 changed periods| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2024-03-31 | 25,763 shares 10-Q 2024-05-09 | 25,763,337 shares 10-Q 2025-05-13 | +99901.3% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2022-06-30 | 25,126 shares 10-Q 2022-08-11 | 25,126,000 shares 10-Q 2023-08-10 | +99900.0% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2024-09-30 | 26,550 shares 10-Q 2024-11-12 | 26,550,000 shares 10-Q 2025-11-06 | +99900.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2022-06-30 | 25,126 shares 10-Q 2022-08-11 | 25,126,000 shares 10-Q 2023-08-10 | +99900.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2024-06-30 | 25,778 shares 10-Q 2024-08-08 | 25,778,000 shares 10-Q 2025-08-07 | +99900.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2024-09-30 | 25,900 shares 10-Q 2024-11-12 | 25,900,000 shares 10-Q 2025-11-06 | +99900.0% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2021-06-30 | 25,211,277 shares 10-Q 2021-08-16 | 25,211 shares 10-Q 2022-08-11 | -99.9% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2023-06-30 | 25,983,000 shares 10-Q 2023-08-10 | 25,983 shares 10-Q 2024-08-08 | -99.9% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2023-09-30 | 25,719,000 shares 10-Q 2023-11-09 | 25,719 shares 10-Q 2024-11-12 | -99.9% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2021-06-30 | 25,211,277 shares 10-Q 2021-08-16 | 25,211 shares 10-Q 2022-08-11 | -99.9% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2023-03-31 | 25,525,000 shares 10-Q 2023-05-11 | 25,525 shares 10-Q 2024-05-09 | -99.9% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2023-06-30 | 25,593,000 shares 10-Q 2023-08-10 | 25,593 shares 10-Q 2024-08-08 | -99.9% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2023-09-30 | 25,719,000 shares 10-Q 2023-11-09 | 25,719 shares 10-Q 2024-11-12 | -99.9% | first · latest |
| Interest expense InterestExpense | quarter 2023-09-30 | $805K 10-Q 2023-11-09 | $267K 10-Q 2024-11-12 | -66.8% | first · latest |
| Gross profit GrossProfit | fiscal year 2020-12-31 | -$247K 10-K 2021-03-16 | -$397K 10-K 2023-03-16 | -60.7% | first · latest · 3 filings carry it |
| Gross profit GrossProfit | quarter 2021-09-30 | $158K 10-Q 2021-11-16 | $121K 10-Q 2022-11-10 | -23.4% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2020-12-31 | $15.7M 10-K 2021-03-16 | $17.6M 10-K 2025-03-18 | +12.6% | first · latest · 11 filings carry it |
| Gross profit GrossProfit | quarter 2022-03-31 | $1.46M 10-Q 2022-05-12 | $1.33M 10-Q 2023-05-11 | -9.0% | first · latest |
| Depreciation and amortization DepreciationAndAmortization | quarter 2024-03-31 | $252K 10-Q 2024-05-09 | $234K 10-Q 2025-05-13 | -7.1% | first · latest |
| Gross profit GrossProfit | quarter 2021-06-30 | $2.93M 10-Q 2021-08-16 | $2.89M 10-Q 2022-08-11 | -1.3% | first · latest |
| Gross profit GrossProfit | fiscal year 2021-12-31 | $19.2M 10-K 2022-03-16 | $19M 10-K 2024-03-14 | -1.1% | first · latest · 3 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 ETON 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.