Aeva Technologies, Inc. (AEVA) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AEVA SEC filings page.
Aeva Technologies, Inc. (AEVA) reported $21.6M in revenue over the twelve months to Jun 30, 2026, up 56.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Aeva is still funded more by financing than operations: revenue is growing, but development spending and leverage overwhelm current sales.
Revenue nearly doubled to$18.1M in FY2025, yet operating cash flow was-$115.1M , showing sales growth has not translated into cash generation. FY2025 financing cash flow of$128.6M roughly offset that operating outflow, so the cash picture depends on funding activity rather than the business paying for itself.
The company fits a development-stage pattern: R&D was
Balance-sheet capacity narrowed sharply: liabilities reached
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Aeva Technologies, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Aeva Technologies, Inc. held $121.9M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $115.1M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Aeva Technologies, Inc. scores 34/100 among other emerging companies.
Aeva Technologies, Inc. had 63M shares outstanding at the end of fiscal year 2025, against 55M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Aeva Technologies, Inc. scores 87/100 among other emerging companies.
Aeva Technologies, Inc. spent $85.4M on research and development in fiscal year 2025, which was 58.6% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Aeva Technologies, Inc. scores 82/100 among other emerging companies.
Aeva Technologies, Inc. reported revenue of $18.1M in fiscal year 2025, against $9.1M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Aeva Technologies, Inc. scores 87/100 among other emerging companies.
Aeva Technologies, Inc.'s operations used $115.1M of cash in fiscal year 2025, against $106.9M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Aeva Technologies, Inc. scores 47/100 among other emerging companies.
Aeva Technologies, Inc.'s cash, cash equivalents and investments came to $121.9M at the end of fiscal year 2025, against $166.5M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Aeva Technologies, Inc. scores 51/100 among other emerging companies.
Aeva Technologies, Inc. scores -3.93, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($952.2M) relative to total liabilities ($166.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Aeva Technologies, Inc. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Aeva Technologies, Inc. reported a net loss of $145.0M while operations used $115.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Aeva Technologies, Inc. generated $6.1M in revenue in Q2 2026. This represents an increase of 11.3% from the same quarter a year earlier. Against the prior quarter it is down 2.0%.
Aeva Technologies, Inc.'s EBITDA was -$33.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 0.8% from the same quarter a year earlier. Against the prior quarter it is up 1.6%.
Aeva Technologies, Inc. reported -$79.6M in net income in Q2 2026. This represents an increase of 58.7% from the same quarter a year earlier. Against the prior quarter it is down 127.6%.
Aeva Technologies, Inc. earned -$1.23 per diluted share (EPS) in Q2 2026. This represents an increase of 64.8% from the same quarter a year earlier. Against the prior quarter it is down 119.6%.
Cash & Balance Sheet
Aeva Technologies, Inc. recorded an outflow of $31.4M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 0.5% from the same quarter a year earlier. Against the prior quarter it is down 11.7%.
Aeva Technologies, Inc. held $43.2M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Aeva Technologies, Inc.'s gross margin was 35.7% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 85.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.7 percentage points.
Aeva Technologies, Inc.'s ROE was -289.2% in Q2 2026, measuring profit generated per dollar of shareholder equity.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Aeva Technologies, Inc. invested $24.9M in research and development in Q2 2026. This represents an increase of 9.0% from the same quarter a year earlier. Against the prior quarter it is up 9.0%.
Aeva Technologies, Inc. invested $185K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 86.5% from the same quarter a year earlier. Against the prior quarter it is down 91.7%.
Not reported for Q2 2026.
AEVA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.1M+11.3% | $6.3M+85.9% | $5.6M+108.5% | $3.6M+59.1% | $5.5M+173.9% | $3.4M+59.8% | $2.7M+67.3% | $2.3M+177.8% |
| Cost of Revenue | $3.9M-52.0% | $4.3M+41.3% | $4.3M+22.0% | $3.1M+6.0% | $8.2M+187.8% | $3.1M-12.6% | $3.5M+42.0% | $3.0M+17.7% |
| Gross Profit | $2.2M+180.5% | $1.9M+526.1% | $1.3M+259.2% | $430K+159.6% | -$2.7M-220.8% | $310K+122.3% | -$829K+4.9% | -$721K+58.0% |
| R&D Expenses | $24.9M+9.0% | $22.8M+5.8% | $18.9M-22.6% | $22.2M-18.3% | $22.8M-12.8% | $21.6M-13.8% | $24.3M-7.1% | $27.1M+14.0% |
| SG&A Expenses | $10.2M+28.2% | $12.4M+71.2% | $10.0M+29.6% | $9.6M+13.8% | $8.0M-8.0% | $7.2M-14.2% | $7.7M-0.2% | $8.5M-0.2% |
| Operating Income | -$34.6M+1.0% | -$35.1M-15.5% | -$29.1M+15.0% | -$33.2M+12.4% | -$34.9M+28.6% | -$30.4M+18.5% | -$34.2M+7.1% | -$37.9M-6.7% |
| EBITDA | -$33.3M+0.8% | -$33.8M-16.5% | -$27.8M+15.5% | -$31.9M+12.9% | -$33.5M+29.3% | -$29.0M+19.4% | -$32.9M+7.3% | -$36.6M-6.0% |
| Interest Expense | $1.2M | $1.2M | N/A | N/A | $0 | $0 | N/A | N/A |
| Income Tax | $58K-17.1% | $32K-43.9% | $115K+342.3% | $66K+200.0% | $70K-43.1% | $57K | $26K | $22K |
| Net Income | -$79.6M+58.7% | -$35.0M-0.3% | -$24.9M+30.7% | $107.5M+387.5% | -$192.7M-344.2% | -$34.9M+1.3% | -$35.9M+19.6% | -$37.4M-12.5% |
| EPS (Basic) | -$1.23+64.8% | -$0.56+12.5% | -$0.40+40.3% | $1.86+365.7% | -$3.49-325.6% | -$0.64+4.5% | -$0.67-252.6% | -$0.70+6.7% |
| EPS (Diluted) | -$1.23+64.8% | -$0.56+12.5% | -$0.40+40.3% | -$0.52+25.7% | -$3.49-325.6% | -$0.64+4.5% | -$0.67 | -$0.70 |
| Diluted Shares (Avg) | 65M+17.2% | 63M+14.7% | N/A | 61M+13.7% | 55M+4.1% | 55M+3.8% | N/A | 54M |
AEVA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $227.8M+149.9% | $147.3M+28.6% | $179.7M+21.8% | $92.8M-45.1% | $91.1M-54.0% | $114.5M-49.0% | $147.5M-42.7% | $169.1M-36.3% |
| Current Assets | $203.7M+198.2% | $122.1M+33.0% | $153.5M+24.5% | $66.4M-54.3% | $68.3M-60.4% | $91.8M-53.5% | $123.3M-46.2% | $145.3M-40.2% |
| Cash & Equivalents | $43.2M+98.8% | $31.2M+47.0% | $72.3M+150.5% | $45.7M+50.0% | $21.7M-8.0% | $21.2M-28.4% | $28.9M-25.1% | $30.5M-24.9% |
| Short-Term Investments | $134.7M+379.1% | $68.3M+14.3% | $49.6M-40.3% | $3.2M-96.9% | $28.1M-79.4% | $59.8M-62.6% | $83.1M-54.4% | $104.4M-46.0% |
| Inventory | $5.7M+56.0% | $6.0M+54.1% | $5.8M+146.8% | $4.9M+132.9% | $3.7M+22.0% | $3.9M+79.5% | $2.3M-1.2% | $2.1M-21.1% |
| Accounts Receivable | $3.7M-4.7% | $3.5M+345.7% | $3.4M+183.3% | $1.9M+238.4% | $3.9M+361.6% | $775K-20.8% | $1.2M+89.0% | $575K-25.2% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $200.3M-4.3% | $159.7M+249.2% | $166.5M+245.9% | $59.6M+49.4% | $209.3M+448.7% | $45.7M+71.9% | $48.1M+66.3% | $39.9M+107.1% |
| Current Liabilities | $26.0M-75.4% | $29.8M-6.5% | $35.9M-8.4% | $20.9M-37.9% | $105.7M+224.0% | $31.9M+92.3% | $39.2M+112.8% | $33.6M+128.2% |
| Non-Current Liabilities | $174.3M+68.2% | $129.9M+839.0% | $130.6M+1354.9% | $38.7M+518.2% | $103.6M+1779.1% | $13.8M+38.1% | $9.0M-14.8% | $6.3M+38.4% |
| Total Equity | $27.5M+123.3% | -$12.4M-118.0% | $13.2M-86.7% | $33.2M-74.3% | -$118.2M-173.9% | $68.8M-65.3% | $99.4M-56.5% | $129.3M-47.5% |
| Retained Earnings | -$871.9M-3.9% | -$792.3M-22.5% | -$757.3M-23.8% | -$732.0M-27.1% | -$839.5M-55.9% | -$646.7M-30.7% | -$611.9M-33.1% | -$575.7M-38.8% |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
AEVA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$31.2M-4.5% | -$25.8M+16.1% | -$22.1M-6.0% | -$32.3M-24.8% | -$29.8M-2.3% | -$30.8M+0.5% | -$20.9M+23.5% | -$25.9M+7.8% |
| Depreciation & Amortization | $1.3M-7.1% | $1.3M-4.6% | $1.3M-7.6% | $1.3M0.0% | $1.4M-6.7% | $1.4M+3.2% | $1.4M-2.6% | $1.3M+30.0% |
| Stock-Based Compensation | $8.5M+41.3% | $9.4M+105.2% | N/A | $5.9M-8.7% | $6.0M+12.3% | $4.6M-13.2% | N/A | $6.5M+26.3% |
| Capital Expenditures | $185K-86.5% | $2.2M+384.7% | $1.5M-29.4% | $1.3M+135.1% | $1.4M+75.4% | $459K-72.1% | $2.1M-20.3% | $542K-47.6% |
| Free Cash Flow | -$31.4M-0.5% | -$28.1M+10.2% | -$23.7M-2.7% | -$33.6M-27.1% | -$31.2M-4.2% | -$31.3M+4.2% | -$23.0M+23.3% | -$26.4M+9.2% |
| Investing Cash Flow | -$66.0M-315.6% | -$20.5M-187.8% | -$47.8M-343.6% | $23.7M-27.7% | $30.6M+30.9% | $23.3M+5.8% | $19.6M+313.3% | $32.9M-3.2% |
| Financing Cash Flow | $109.3M+39542.6% | $5.2M+2951.9% | $96.5M+31238.1% | $32.5M+26747.5% | -$277K-24.2% | -$183K-1043.8% | -$310K-101.5% | -$122K-1933.3% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
AEVA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.7%+85.0pp | 31.0%+21.8pp | 23.5%+54.2pp | 12.0%+44.0pp | -49.4%-7.2pp | 9.2%+75.3pp | -30.8%+23.4pp | -32.0% |
| Operating Margin | -563.2% | -561.1% | -517.6% | -926.5% | -633.7% | -903.1% | -1270.0% | -1683.4% |
| Net Margin | -1297.6% | -558.6% | -442.7% | 3003.5% | -3497.4% | -1035.2% | -1331.0% | -1662.0% |
| Return on Equity | -289.2% | N/A | -188.3%-152.2pp | 323.6%+352.5pp | N/A | -50.7%-32.9pp | -36.1%-16.6pp | -28.9%-15.4pp |
| Return on Assets | -34.9%+176.5pp | -23.8%+6.7pp | -13.9%+10.5pp | 115.8%+138.0pp | -211.5%-189.6pp | -30.4%-14.7pp | -24.3%-7.0pp | -22.1%-9.6pp |
| Current Ratio | 7.85+7.2x | 4.09+1.2x | 4.28+1.1x | 3.18-1.1x | 0.65-4.6x | 2.88-9.0x | 3.15-9.3x | 4.32-12.2x |
| Debt-to-Equity | 7.27 | N/A | 12.60+12.1x | 1.79+1.5x | N/A | 0.66+0.5x | 0.48+0.4x | 0.31+0.2x |
| Asset Turnover | 0.030.0x | 0.040.0x | 0.030.0x | 0.040.0x | 0.06+0.1x | 0.030.0x | 0.020.0x | 0.010.0x |
| FCF Margin | -510.9% | -448.3% | -420.9% | -938.4% | -566.0% | -927.9% | -854.4% | -1174.7% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Aeva Technologies, Inc. AEVA | FY2025 | $18.1M | -$145.0M | N/A | $952.2M | 65/100 |
| Paysafe Limited PSFE | FY2025 | $1.7B | -$182.5M | -10.6% | $301.3M | 39/100 |
| i3 Verticals, Inc. IIIV | FY2025 | $213.2M | $17.9M | 8.4% | $287.9M | 54/100 |
| Cantaloupe, Inc. CTLP | FY2025 | $302.5M | $64.5M | 21.3% | $825.8M | 56/100 |
| Exodus Movement, Inc. EXOD | FY2025 | $121.6M | -$11.4M | -9.3% | $187.6M | 48/100 |
| Sabre Corporation SABR | FY2025 | $2.8B | $524.6M | 18.9% | $766.8M | 29/100 |
Where Aeva Technologies, Inc. Ranks
Frequently Asked Questions
What is Aeva Technologies, Inc.'s annual revenue?
Aeva Technologies, Inc. (AEVA) reported $18.1M in total revenue for fiscal year 2025. This represents a 99.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Aeva Technologies, Inc.'s revenue growing?
Aeva Technologies, Inc. (AEVA) revenue grew by 99.4% year-over-year, from $9.1M to $18.1M in fiscal year 2025.
Is Aeva Technologies, Inc. profitable?
No, Aeva Technologies, Inc. (AEVA) reported a net income of -$145.0M in fiscal year 2025.
What is Aeva Technologies, Inc.'s EBITDA?
Aeva Technologies, Inc. (AEVA) had EBITDA of -$122.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Aeva Technologies, Inc.'s gross margin?
Aeva Technologies, Inc. (AEVA) had a gross margin of -3.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Aeva Technologies, Inc.'s return on equity (ROE)?
Aeva Technologies, Inc. (AEVA) has a return on equity of -1097.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Aeva Technologies, Inc.'s free cash flow?
Aeva Technologies, Inc. (AEVA) recorded an outflow of $119.7M in free cash flow during fiscal year 2025. This represents a -6.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Aeva Technologies, Inc.'s operating cash flow?
Aeva Technologies, Inc. (AEVA) recorded an outflow of $115.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Aeva Technologies, Inc.'s total assets?
Aeva Technologies, Inc. (AEVA) had $179.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Aeva Technologies, Inc.'s capital expenditures?
Aeva Technologies, Inc. (AEVA) invested $4.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Aeva Technologies, Inc. spend on research and development?
Aeva Technologies, Inc. (AEVA) invested $85.4M in research and development during fiscal year 2025.
What is Aeva Technologies, Inc.'s current ratio?
Aeva Technologies, Inc. (AEVA) had a current ratio of 4.28 as of fiscal year 2025, which is generally considered healthy.
What is Aeva Technologies, Inc.'s debt-to-equity ratio?
Aeva Technologies, Inc. (AEVA) had a debt-to-equity ratio of 12.60 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Aeva Technologies, Inc.'s return on assets (ROA)?
Aeva Technologies, Inc. (AEVA) had a return on assets of -80.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Aeva Technologies, Inc.'s P/E ratio?
Aeva Technologies, Inc. (AEVA) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $952.2M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Aeva Technologies, Inc.'s price-to-sales ratio?
Aeva Technologies, Inc. (AEVA) trades at 44.1x sales, its market capitalization divided by revenue of $21.6M revenue, trailing 12 months to June 30, 2026. The market capitalization is $952.2M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Aeva Technologies, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Aeva Technologies, Inc. (AEVA) held $121.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $115.1M over that year. Dividing the one by the other, the reported balance equals about 13 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Aeva Technologies, Inc.'s Altman Z-Score?
Aeva Technologies, Inc. (AEVA) has an Altman Z-Score of -3.93, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Aeva Technologies, Inc.'s Piotroski F-Score?
Aeva Technologies, Inc. (AEVA) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Aeva Technologies, Inc.'s earnings high quality?
Aeva Technologies, Inc. (AEVA) reported a net loss of $145.0M while operations used $115.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Aeva Technologies, Inc.?
Aeva Technologies, Inc. (AEVA) scores 65 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.