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 4/5 core metricsLatest reported free cash flow was -$6M.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Free cash flow was negative
Latest reported free cash flow was -$6M.
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.
- 5 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.
- Revenue expanded
Latest reported annual revenue changed +32.9% 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 +47.1 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.
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
- 2026-10-21
- 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- All Other States$1.25M34.9%+62.2% yoy
- Canada$898K25.2%+15.4% yoy
- OH$579K16.2%+34.2% yoy
- MA$265K7.4%+71.8% yoy
- IL$222K6.2%-9.7% yoy
- WI$215K6.0%+36.5% yoy
- FL$144K4.0%-4.0% yoy
Members sum to the consolidated $3.57M for this period.
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 4,060 US-listed filers · 314 in Healthcare| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $4M | 7thof 3,247 bottom third | 8thof 285 bottom third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 32.9% | 86thof 3,083 top third | 87thof 270 top third |
Gross margin gross profit ÷ revenue | 84.2% | 96thof 1,585 top third | 93rdof 206 top third |
Operating margin operating income ÷ revenue | -219.4% | 12thof 2,777 bottom third | 13thof 274 bottom third |
Net margin net income ÷ revenue | -218.6% | 11thof 3,212 bottom third | 13thof 284 bottom third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | -181.1% | 10thof 2,640 bottom third | 12thof 256 bottom third |
Return on equity net income ÷ stockholders' equity (positive equity only) | -229.5% | 5thof 3,520 bottom third | 9thof 286 bottom third |
Interest coverage operating income ÷ interest expense (interest expense > 0) | -105.8× | 9thof 795 bottom third | 13thof 75 bottom third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 16.7% | 18thof 2,852 bottom third | 18thof 270 bottom third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 20 days | 82ndof 2,373 top third | 94thof 259 top third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -24.5% | 90thof 3,845 top third | 89thof 299 top third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | -4.0% | 66thof 3,301 middle third | 66thof 261 middle 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 · 2 changed periods| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Net income NetIncomeLoss | quarter 2023-09-30 | -$4.9M 10-Q 2023-11-20 | -$8.63M 10-Q 2024-11-12 | -75.9% | first · latest · 3 filings carry it |
| Stock-based compensation ShareBasedCompensation | fiscal year 2024-12-31 | $237K 10-Q 2024-05-20 | $227K 10-K 2026-03-19 | -4.2% | 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 NRXS 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.