This page shows Proshares Morningstar Alts Solu (ALTS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).
FY2025 reads as a capital-funded balance-sheet expansion, while the core operating model still consumed cash.
From FY2024 to FY2025, assets expanded from$75.7M to$1.2B , which means the company’s larger footprint was built mainly with new capital rather than new borrowing. That reading fits the cash-flow shape:$716.8M of financing inflow was almost matched by-$706.6M of investing outflow, so the headline scale change was financial repositioning more than operating self-funding.
The income statement did not improve with the bigger balance sheet; revenue rose to
Liquidity stayed tighter than the enlarged asset base suggests: cash ended FY2025 at
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 Proshares Morningstar Alts Solu'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.
Proshares Morningstar Alts Solu scores 0.67, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($119.6M) relative to total liabilities ($60.3M). 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.
Proshares Morningstar Alts Solu passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Proshares Morningstar Alts Solu generates $0.02 in operating cash flow (-$7.2M OCF vs -$344.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Proshares Morningstar Alts Solu generated $24.8M in revenue in fiscal year 2025. This represents an increase of 98.2% from the prior year.
Proshares Morningstar Alts Solu's EBITDA was -$19.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 248.0% from the prior year.
Proshares Morningstar Alts Solu reported -$344.5M in net income in fiscal year 2025. This represents a decrease of 4452.2% from the prior year.
Proshares Morningstar Alts Solu earned $-5.91 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
Proshares Morningstar Alts Solu generated -$7.2M in free cash flow in fiscal year 2025, representing cash available after capex.
Proshares Morningstar Alts Solu held $6.2M in cash against $563K in long-term debt as of fiscal year 2025.
Proshares Morningstar Alts Solu had 126M shares outstanding in fiscal year 2025.
Margins & Returns
Proshares Morningstar Alts Solu's gross margin was 41.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.1 percentage points from the prior year.
Proshares Morningstar Alts Solu's operating margin was -92.0% in fiscal year 2025, reflecting core business profitability. This is down 36.8 percentage points from the prior year.
Proshares Morningstar Alts Solu's net profit margin was -1386.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1326.5 percentage points from the prior year.
Proshares Morningstar Alts Solu's ROE was -29.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 30.9 percentage points from the prior year.
Capital Allocation
Proshares Morningstar Alts Solu invested $11K in capex in fiscal year 2025, funding long-term assets and infrastructure.
ALTS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.7M-22.0% | $6.0M-20.3% | $7.6M+18.8% | $6.4M+31.5% | $4.8M | N/A | $4.9M+127.8% | $2.2M |
| Cost of Revenue | $1.1M-64.1% | $3.2M-35.9% | $5.0M+37.4% | $3.6M+23.3% | $2.9M | N/A | $2.6M+140.9% | $1.1M |
| Gross Profit | $3.6M+24.8% | $2.9M+9.2% | $2.6M-5.5% | $2.8M+44.1% | $1.9M | N/A | $2.4M+115.0% | $1.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $6.3M+23.0% | $5.1M-73.2% | $19.2M+293.5% | $4.9M+25.8% | $3.9M | N/A | $3.1M-12.4% | $3.5M |
| Operating Income | -$2.7M-20.8% | -$2.3M+86.3% | -$16.5M-689.5% | -$2.1M-7.7% | -$1.9M | N/A | -$732K+69.9% | -$2.4M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$85.1M+13.3% | -$98.2M-912.4% | $12.1M+2897.0% | -$432K-92.0% | -$225K | N/A | -$415K+84.9% | -$2.8M |
| Net Income | -$271.5M+28.9% | -$382.0M-880.1% | $49.0M+637.2% | -$9.1M-281.1% | -$2.4M | N/A | -$822K-239.6% | $589K |
| EPS (Diluted) | $-2.14 | N/A | $0.29+159.2% | $-0.49 | $-0.15 | N/A | $-0.06-185.7% | $0.07 |
ALTS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $959.7M-21.3% | $1.2B-25.6% | $1.6B+1632.1% | $94.7M+21.4% | $78.0M+3.0% | $75.7M+1.1% | $74.9M-0.7% | $75.4M |
| Current Assets | $32.2M+9.3% | $29.5M-34.2% | $44.8M+32.8% | $33.7M+6.1% | $31.8M-7.5% | $34.4M+7.7% | $31.9M+3.3% | $30.9M |
| Cash & Equivalents | $10.5M+69.1% | $6.2M-15.0% | $7.3M-23.5% | $9.6M-11.6% | $10.8M+50.6% | $7.2M-17.2% | $8.7M+50.4% | $5.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | $439K | N/A | N/A | $57K-93.3% | $853K-1.4% | $865K |
| Goodwill | $12.3M0.0% | $12.3M-38.9% | $20.1M0.0% | $20.1M+71.9% | $11.7M+201.9% | $3.9M-49.8% | $7.7M0.0% | $7.7M |
| Total Liabilities | $62.6M+3.9% | $60.3M-24.8% | $80.1M+30.1% | $61.6M+26.1% | $48.8M-12.5% | $55.8M+9.8% | $50.8M+4.5% | $48.6M |
| Current Liabilities | $39.1M-24.0% | $51.4M-8.9% | $56.4M+47.4% | $38.3M+0.2% | $38.2M-6.6% | $40.9M-3.4% | $42.3M-0.4% | $42.5M |
| Long-Term Debt | $75K-86.7% | $563K | N/A | N/A | N/A | $563K | N/A | N/A |
| Total Equity | $889.7M-22.8% | $1.2B-25.8% | $1.6B+5860.9% | $26.1M+19.3% | $21.8M+75.4% | $12.4M-38.4% | $20.2M-11.8% | $22.9M |
| Retained Earnings | -$674.1M-67.4% | -$402.7M-1924.4% | -$19.9M+71.1% | -$68.9M-15.3% | -$59.7M-2.6% | -$58.2M-9.8% | -$53.0M-1.6% | -$52.2M |
ALTS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$12.3M-247.9% | $8.3M+195.1% | -$8.7M-64.8% | -$5.3M-272.7% | -$1.4M+27.1% | -$2.0M-146.6% | $4.2M+5141.3% | $80K |
| Capital Expenditures | N/A | -$5K | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | $8.3M | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | $4.7M+100.7% | -$711.4M-583234.4% | $122K | $0 | $0 | $0-100.0% | $5.9M |
| Financing Cash Flow | $8.5M+428.5% | -$2.6M-100.4% | $715.7M+33049.0% | $2.2M+39.8% | $1.5M-61.6% | $4.0M+346.2% | $900K+56.0% | $577K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ALTS Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.8%+28.4pp | 47.4%+12.8pp | 34.6%-8.9pp | 43.5%+3.8pp | 39.7% | N/A | 47.8%-2.8pp | 50.6% |
| Operating Margin | -58.2%-20.6pp | -37.6%+180.7pp | -218.3%-185.5pp | -32.9%+7.3pp | -40.1% | N/A | -14.8%+97.4pp | -112.2% |
| Net Margin | -5761.7%+564.2pp | -6326.0%-6972.3pp | 646.4%+789.3pp | -142.9%-93.6pp | -49.3% | N/A | -16.6%-43.8pp | 27.2% |
| Return on Equity | -30.5%+2.7pp | -33.2%-36.3pp | 3.1%+38.1pp | -35.0%-24.0pp | -11.0% | N/A | -4.1%-6.6pp | 2.6% |
| Return on Assets | -28.3%+3.0pp | -31.3%-34.3pp | 3.0%+12.6pp | -9.6%-6.6pp | -3.1% | N/A | -1.1%-1.9pp | 0.8% |
| Current Ratio | 0.82+0.3 | 0.57-0.2 | 0.79-0.1 | 0.88+0.0 | 0.830.0 | 0.84+0.1 | 0.75+0.0 | 0.73 |
| Debt-to-Equity | 0.000.0 | 0.00-0.1 | 0.05-2.3 | 2.36+0.1 | 2.24+2.2 | 0.05-2.5 | 2.51+0.4 | 2.12 |
| FCF Margin | N/A | 137.5% | N/A | N/A | N/A | N/A | N/A | N/A |
Note: The current ratio is below 1.0 (0.57), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.