What is Gain Therapeutics, Inc.'s earnings per share (EPS)?

Gain Therapeutics, Inc. (GANX) reported diluted earnings per share of -$0.61 for fiscal year 2025. This represents a 31.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Gain Therapeutics, Inc. (GANX) Financials

GANX

FY2025 annual

Revenue Not reported for FY2025

Net Income -$20.2M +1.2% YoY

EPS (Diluted) -$0.61 +31.5% YoY

Operating Cash Flow -$18.5M +2.2% YoY

Market Cap $78.6M as of Sep 5, 2026

Price / Sales n/m no revenue reported

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 7.0x on $11.3M equity, Q2 FY2026

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 Sep 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 11, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GANX SEC filings page.

This page shows Gain Therapeutics, Inc. (GANX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).

Rhea AI GANX FY2025 2026-08-30

Externally financed development spending dominates Gain Therapeutics' reported model, with research investment and operating cash outflows far exceeding revenue.

In FY2025, operating cash flow of -$18.5M nearly matched the net loss of -$20.2M, so accounting losses translated into cash consumption rather than being mainly non-cash. Financing dependence is visible in financing cash flow of $28.4M, which supplied funding while operations remained cash-negative.

R&D was $10.2M in FY2025 against only $55K of reported FY2023 revenue, while FY2025 revenue was unavailable; this is a development-stage investment profile, not a scale-driven operating model.

FY2025 liabilities were less than equity, and debt-to-equity was 0.0x, pointing to equity-funded financing rather than borrowing. A 6.6x current ratio and a reported liquidity comparison of 13.5 months of annual operating outflow show near-term resources were materially larger than current obligations, even as operations consumed cash.

Financial Health Signals

Financial health score not available

Gain Therapeutics, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

4/7

Gain Therapeutics, Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass.

Earnings Quality No Cash Backing

N/A

Gain Therapeutics, Inc. reported a net loss of $20.2M while operations used $18.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

EBITDA

-$4.7M

YoY+8.1%

QoQ+12.5%

Gain Therapeutics, Inc.'s EBITDA was -$4.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.1% from the same quarter a year earlier. Against the prior quarter it is up 12.5%.

Net Income

-$4.7M

YoY+19.5%

QoQ+16.6%

Gain Therapeutics, Inc. reported -$4.7M in net income in Q2 2026. This represents an increase of 19.5% from the same quarter a year earlier. Against the prior quarter it is up 16.6%.

EPS (Diluted)

-$0.11

YoY+42.1%

QoQ+15.4%

Gain Therapeutics, Inc. earned -$0.11 per diluted share (EPS) in Q2 2026. This represents an increase of 42.1% from the same quarter a year earlier. Against the prior quarter it is up 15.4%.

Revenue

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$13.1M

YoY+95.5%

QoQ-20.9%

5Y CAGR-21.2%

Gain Therapeutics, Inc. held $13.1M in cash against $220K in long-term debt as of Q2 2026.

Shares Outstanding

44M

YoY+21.4%

QoQ+2.3%

5Y CAGR+29.7%

Gain Therapeutics, Inc. had 44M shares outstanding in Q2 2026. This represents an increase of 21.4% from the same quarter a year earlier. Against the prior quarter it is up 2.3%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-41.4%

YoY+115.8pp

QoQ-1.4pp

Gain Therapeutics, Inc.'s ROE was -41.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 115.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.4 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$2.1M

YoY-22.5%

QoQ-22.6%

Gain Therapeutics, Inc. invested $2.1M in research and development in Q2 2026. This represents a decrease of 22.5% from the same quarter a year earlier. Against the prior quarter it is down 22.6%.

Share Buybacks

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

GANX 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.

GANX quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
Revenue	N/A	N/A	N/A	$55K-60.6%	$140K-15.1%	$165K+471.3%	$29K
R&D Expenses	N/A	$10.2M-5.4%	$10.8M-6.3%	$11.5M+37.5%	$8.4M+16.9%	$7.2M+217.1%	$2.3M
SG&A Expenses	N/A	$8.5M-11.1%	$9.6M-11.4%	$10.8M+13.1%	$9.5M+39.7%	$6.8M+446.5%	$1.2M
Operating Income	N/A	-$18.7M+8.1%	-$20.4M+8.5%	-$22.3M-25.2%	-$17.8M-28.6%	-$13.8M-297.4%	-$3.5M
EBITDA	N/A	-$18.6M+8.1%	-$20.3M+8.6%	-$22.2M-25.2%	-$17.7M-28.3%	-$13.8M-298.0%	-$3.5M
Interest Expense	N/A	N/A	N/A	$494K+31.7%	$375K	$0-100.0%	$4K
Income Tax	N/A	$861K+60.4%	$537K+577.2%	$79K-14.7%	$93K+2219.8%	$4K-25.6%	$5K
Net Income	N/A	-$20.2M+1.2%	-$20.4M+8.3%	-$22.3M-26.6%	-$17.6M-26.6%	-$13.9M-288.3%	-$3.6M
EPS (Basic)	N/A	-$0.61+31.5%	-$0.89+48.0%	-$1.71-15.5%	-$1.48-8.0%	-$1.37-3.0%	-$1.33
EPS (Diluted)	-$0.50	-$0.61+31.5%	-$0.89	-$1.71-15.5%	-$1.48-8.0%	-$1.37	-$1.33
Diluted Shares (Avg)	N/A	33M+44.1%	23M	13M+9.5%	12M+16.9%	10M	3M

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
R&D Expenses	$2.1M-22.5%	$2.8M+22.4%	N/A	$2.8M+8.7%	$2.8M-37.8%	$2.3M-10.0%	N/A	$2.6M+10.7%
SG&A Expenses	$2.5M+9.1%	$2.6M+22.6%	N/A	$1.9M+5.4%	$2.3M-37.8%	$2.1M+12.9%	N/A	$1.8M-27.0%
Operating Income	-$4.7M+8.0%	-$5.4M-22.5%	N/A	-$4.8M-7.3%	-$5.1M+37.8%	-$4.4M+0.2%	N/A	-$4.5M+8.7%
EBITDA	-$4.7M+8.1%	-$5.3M-22.6%	N/A	-$4.8M-7.3%	-$5.1M+37.9%	-$4.3M+0.2%	N/A	-$4.4M+8.5%
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$105K-0.6%
Income Tax	$104K-26.3%	$183K+82.1%	N/A	$549K+4896.3%	$141K+11579.5%	$101K+405.7%	N/A	$11K-48.8%
Net Income	-$4.7M+19.5%	-$5.6M-23.8%	N/A	-$5.3M-17.8%	-$5.8M+28.7%	-$4.5M-12.9%	N/A	-$4.5M+4.9%
EPS (Basic)	-$0.11+42.1%	-$0.13+18.8%	-$0.110.0%	-$0.15+11.8%	-$0.19+54.8%	-$0.16+27.3%	-$0.11+62.1%	-$0.17+54.1%
EPS (Diluted)	-$0.11+42.1%	-$0.13	-$0.110.0%	-$0.15+11.8%	-$0.19	-$0.16	-$0.11+62.1%	-$0.17
Diluted Shares (Avg)	43M+41.3%	42M	N/A	35M+31.9%	30M	29M	N/A	27M

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.

GANX Balance Sheet

GANX quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
Total Assets	$22.8M+88.2%	$12.1M-34.9%	$18.6M-22.8%	$24.1M-38.2%	$39.0M+305.9%	$9.6M
Current Assets	$22.2M+91.7%	$11.6M-34.7%	$17.8M-15.7%	$21.1M-44.1%	$37.7M+319.7%	$9.0M
Cash & Equivalents	$20.8M+100.6%	$10.4M-11.9%	$11.8M+61.3%	$7.3M-80.2%	$36.9M+392.2%	$7.5M
Short-Term Investments	$0	$0-100.0%	$5.0M-61.0%	$12.8M	$0	$0
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	$9K
Long-Term Investments	$0	$0	$0-100.0%	$1.9M	$0	$0
Total Liabilities	$4.3M-11.1%	$4.8M-20.7%	$6.0M+15.5%	$5.2M+25.3%	$4.2M+22.5%	$3.4M
Current Liabilities	$3.4M-14.3%	$3.9M-21.0%	$4.9M+20.0%	$4.1M+61.6%	$2.6M+20.7%	$2.1M
Non-Current Liabilities	$902K+3.3%	$873K-19.3%	$1.1M-1.2%	$1.1M-32.2%	$1.6M+25.4%	$1.3M
Long-Term Debt	$300K-8.6%	$328K-26.9%	$449K-9.3%	$495K-16.1%	$590K-17.5%	$716K
Total Equity	$18.6M+152.9%	$7.3M-41.6%	$12.6M-33.4%	$18.9M-45.8%	$34.8M+461.4%	$6.2M
Retained Earnings	-$101.4M-66.7%	-$60.8M-57.8%	-$38.5M-84.1%	-$20.9M-197.5%	-$7.0M-103.5%	-$3.5M

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	$15.4M+56.8%	$18.7M+61.2%	$22.8M+88.2%	$11.0M-23.6%	$9.8M-48.8%	$11.6M-20.3%	$12.1M-34.9%	$14.4M+1.9%
Current Assets	$15.0M+60.8%	$18.2M+63.4%	$22.2M+91.7%	$10.5M-23.5%	$9.3M-49.8%	$11.2M-19.6%	$11.6M-34.7%	$13.7M+3.8%
Cash & Equivalents	$13.1M+95.5%	$16.5M+82.3%	$20.8M+100.6%	$8.8M-26.9%	$6.7M-60.5%	$9.1M-14.8%	$10.4M-11.9%	$12.0M+182.0%
Short-Term Investments	$0	$0	$0	$0	$0	$0-100.0%	$0-100.0%	$0-100.0%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$4.1M-32.7%	$4.7M-19.0%	$4.3M-11.1%	$5.1M-7.2%	$6.1M-17.2%	$5.8M-1.5%	$4.8M-20.7%	$5.5M-19.4%
Current Liabilities	$3.4M-33.9%	$3.9M-22.7%	$3.4M-14.3%	$4.2M-9.2%	$5.2M-20.3%	$5.0M+0.5%	$3.9M-21.0%	$4.6M-20.3%
Non-Current Liabilities	$696K-26.0%	$845K+3.6%	$902K+3.3%	$892K+3.5%	$941K+5.9%	$816K-12.4%	$873K-19.3%	$861K-14.1%
Long-Term Debt	$220K-32.4%	$273K-13.1%	$300K-8.6%	$299K-20.6%	$325K-13.3%	$314K-20.8%	$328K-26.9%	$376K-13.5%
Total Equity	$11.3M+205.5%	$14.0M+142.3%	$18.6M+152.9%	$5.9M-33.7%	$3.7M-68.6%	$5.8M-33.1%	$7.3M-41.6%	$8.9M+21.5%
Retained Earnings	-$111.6M-37.5%	-$101.4M-24.8%	-$101.4M-66.7%	-$81.2M-33.6%	-$81.2M-33.6%	-$81.2M-33.6%	-$60.8M-57.8%	-$60.8M

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.

GANX Cash Flow Statement

GANX quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
Operating Cash Flow	-$19.0M	-$18.5M+2.2%	-$18.9M0.0%	-$18.9M-28.4%	-$14.7M-18.8%	-$12.4M-281.6%	-$3.2M
Depreciation & Amortization	N/A	$94K+11.9%	$84K+0.6%	$84K+30.3%	$64K+314.4%	$15K+61.4%	$10K
Stock-Based Compensation	N/A	$1.8M-24.6%	$2.4M-26.7%	$3.3M+113.5%	$1.5M+81.9%	$839K+928.1%	$82K
Capital Expenditures	N/A	N/A	$22K+46.5%	$15K-87.1%	$119K+26.3%	$94K+352.4%	$21K
Free Cash Flow	N/A	N/A	-$18.9M-0.1%	-$18.9M-27.5%	-$14.8M-18.9%	-$12.5M-282.1%	-$3.3M
Investing Cash Flow	N/A	N/A	$5.0M-51.3%	$10.2M+169.2%	-$14.8M-15582.5%	-$94K-352.4%	-$21K
Financing Cash Flow	$25.4M	$28.4M+118.6%	$13.0M+2.9%	$12.6M+16147.6%	-$79K-100.2%	$41.8M+298.3%	$10.5M

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	-$4.7M+8.2%	-$4.7M-23.7%	-$4.6M-33.7%	-$4.9M+18.9%	-$5.1M+11.4%	-$3.8M-6.6%	-$3.5M+39.0%	-$6.1M-53.2%
Depreciation & Amortization	$15K+50.0%	$21K+3.1%	$28K+32.5%	$10K0.0%	$10K+11.1%	$21K+0.6%	$21K-9.7%	$10K-51.2%
Stock-Based Compensation	$566K+8.4%	$404K-3.8%	N/A	$460K+28.7%	$522K-64.8%	$420K+120.3%	N/A	$358K-56.2%
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	$945+4873.7%	$1-99.8%
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	-$3.5M+39.0%	-$6.1M-53.2%
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	-$43K-101.4%	-$1-100.0%
Financing Cash Flow	$1.4M-44.6%	$404K-83.1%	$16.6M+615.6%	$7.0M+769.7%	$2.5M-75.4%	$2.4M+1744.1%	$2.3M-75.8%	$809K+501.4%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

GANX 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.

GANX quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
Operating Margin	N/A	N/A	-40328.3%	-12688.1%	-8379.8%	-12047.5%
Net Margin	N/A	N/A	-40354.3%	-12555.1%	-8418.9%	-12387.7%
Return on Equity	-108.6%+169.5pp	-278.1%-101.1pp	-177.0%-83.9pp	-93.2%-53.3pp	-39.9%+17.8pp	-57.7%
Return on Assets	-88.3%+80.0pp	-168.4%-48.7pp	-119.7%-46.7pp	-73.0%-37.4pp	-35.6%+1.6pp	-37.3%
Current Ratio	6.63+3.7x	2.97-0.6x	3.59-1.5x	5.11-9.7x	14.78+10.5x	4.25
Debt-to-Equity	0.020.0x	0.040.0x	0.040.0x	0.030.0x	0.02-0.1x	0.12
Asset Turnover	N/A	N/A	0.000.0x	0.010.0x	0.000.0x	0.00
FCF Margin	N/A	N/A	-34217.5%	-10571.2%	-7551.7%	-11291.4%

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
Return on Equity	-41.4%+115.8pp	-40.0%+38.3pp	N/A	-89.4%-39.1pp	-157.2%-88.1pp	-78.4%-31.9pp	N/A	-50.3%+14.0pp
Return on Assets	-30.3%+28.7pp	-29.9%+9.0pp	N/A	-48.2%-16.9pp	-59.1%-16.6pp	-39.0%-11.4pp	N/A	-31.2%+2.2pp
Current Ratio	4.36+2.6x	4.69+2.5x	6.63+3.7x	2.52-0.5x	1.79-1.1x	2.22-0.6x	2.97-0.6x	2.99+0.7x
Debt-to-Equity	0.02-0.1x	0.020.0x	0.020.0x	0.050.0x	0.09+0.1x	0.050.0x	0.040.0x	0.040.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, 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
Gain Therapeutics, Inc. GANX	FY2025	N/A	-$20.2M	N/A	$78.6M	—
Applied Therapeutics APLT	FY2024	$455K	-$105.6M	N/A	$14.9M	—
Mink Therapeutics, Inc. INKT	FY2025	N/A	-$12.5M	N/A	$57.3M	—
Camp4 Therapeutics Corp. CAMP	FY2025	$3.5M	-$80.4M	N/A	$281.8M	63/100
Alx Oncology Holdings Inc ALXO	FY2025	N/A	-$101.7M	N/A	$280.7M	—
Medicinova MNOV	FY2025	$410K	$12.0M	N/A	$79.7M	—

Where Gain Therapeutics, Inc. Ranks

Frequently Asked Questions

Is Gain Therapeutics, Inc. profitable?

No, Gain Therapeutics, Inc. (GANX) reported a net income of -$20.2M in fiscal year 2025.

What is Gain Therapeutics, Inc.'s EBITDA?

Gain Therapeutics, Inc. (GANX) had EBITDA of -$18.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Gain Therapeutics, Inc. have?

As of fiscal year 2025, Gain Therapeutics, Inc. (GANX) had $20.8M in cash and equivalents against $300K in long-term debt.

What is Gain Therapeutics, Inc.'s return on equity (ROE)?

Gain Therapeutics, Inc. (GANX) has a return on equity of -108.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Gain Therapeutics, Inc.'s operating cash flow?

Gain Therapeutics, Inc. (GANX) recorded an outflow of $18.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Gain Therapeutics, Inc.'s total assets?

Gain Therapeutics, Inc. (GANX) had $22.8M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Gain Therapeutics, Inc. spend on research and development?

Gain Therapeutics, Inc. (GANX) invested $10.2M in research and development during fiscal year 2025.

How many shares does Gain Therapeutics, Inc. have outstanding?

Gain Therapeutics, Inc. (GANX) had 42M shares outstanding as of fiscal year 2025.

What is Gain Therapeutics, Inc.'s current ratio?

Gain Therapeutics, Inc. (GANX) had a current ratio of 6.63 as of fiscal year 2025, which is generally considered healthy.

What is Gain Therapeutics, Inc.'s debt-to-equity ratio?

Gain Therapeutics, Inc. (GANX) had a debt-to-equity ratio of 0.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Gain Therapeutics, Inc.'s return on assets (ROA)?

Gain Therapeutics, Inc. (GANX) had a return on assets of -88.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Gain Therapeutics, Inc.'s P/E ratio?

Gain Therapeutics, Inc. (GANX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $78.6M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Gain Therapeutics, Inc.'s price-to-sales ratio?

Gain Therapeutics, Inc. (GANX) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $78.6M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Gain Therapeutics, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Gain Therapeutics, Inc. (GANX) held $20.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $18.5M over that year. Dividing the one by the other, the reported balance equals about 14 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 Gain Therapeutics, Inc.'s Piotroski F-Score?

Gain Therapeutics, Inc. (GANX) has a Piotroski F-Score of 4 out of 7 computable signals; 2 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 Gain Therapeutics, Inc.'s earnings high quality?

Gain Therapeutics, Inc. (GANX) reported a net loss of $20.2M while operations used $18.5M 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.