Liquidia Corporation (LQDA) 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 3, 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 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LQDA SEC filings page.
Liquidia Corporation (LQDA) reported $450.9M in revenue over the twelve months to Jun 30, 2026, up 2233.6% 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).
Liquidia’s revenue expansion narrowed losses and cash outflow, but operations still consumed cash and the balance sheet became more leveraged.
Cash conversion improved materially: operating cash flow moved from-$93.4M in FY2024 to-$35.7M in FY2025, while free cash flow remained close at-$40.0M . That narrow gap indicates the remaining cash shortfall was driven mainly by operations rather than unusually heavy capital spending.
Operating loss narrowed from
Leverage increased: 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 Liquidia Corporation'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.
Liquidia Corporation held $190.7M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $35.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Liquidia Corporation scores 70/100 among other emerging companies.
Liquidia Corporation had 88M shares outstanding at the end of fiscal year 2025, against 85M 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 Liquidia Corporation scores 53/100 among other emerging companies.
Liquidia Corporation spent $39.3M on research and development in fiscal year 2025, which was 18.7% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Liquidia Corporation scores 50/100 among other emerging companies.
Liquidia Corporation reported revenue of $158.3M in fiscal year 2025, against $14.0M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Liquidia Corporation scores 91/100 among other emerging companies.
Liquidia Corporation's operations used $35.7M of cash in fiscal year 2025, against $93.4M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Liquidia Corporation scores 53/100 among other emerging companies.
Liquidia Corporation's cash, cash equivalents and investments came to $190.7M at the end of fiscal year 2025, against $283.2M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Liquidia Corporation scores 50/100 among other emerging companies.
Liquidia Corporation scores 3.23, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.6B) relative to total liabilities ($283.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Liquidia Corporation passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Liquidia Corporation reported a net loss of $68.9M while operations used $35.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Liquidia Corporation reported an operating loss of $51.4M against $24.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Liquidia Corporation generated $171.7M in revenue in Q2 2026. This represents an increase of 1842.7% from the same quarter a year earlier. Against the prior quarter it is up 29.2%.
Liquidia Corporation's EBITDA was $85.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 330.0% from the same quarter a year earlier. Against the prior quarter it is up 38.4%.
Liquidia Corporation reported $74.7M in net income in Q2 2026. This represents an increase of 279.7% from the same quarter a year earlier. Against the prior quarter it is up 41.4%.
Liquidia Corporation earned $0.74 per diluted share (EPS) in Q2 2026. This represents an increase of 251.0% from the same quarter a year earlier. Against the prior quarter it is up 42.3%.
Cash & Balance Sheet
Liquidia Corporation generated $69.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 270.2% from the same quarter a year earlier. Against the prior quarter it is up 37.6%.
Liquidia Corporation held $284.2M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Liquidia Corporation's operating margin was 49.8% in Q2 2026, reflecting core business profitability. Against the prior quarter it is up 3.5 percentage points. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Liquidia Corporation's net profit margin was 43.5% in Q2 2026, showing the share of revenue converted to profit. Against the prior quarter it is up 3.7 percentage points. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Liquidia Corporation's ROE was 38.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 312.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 10.4 percentage points.
Not reported for Q2 2026.
Capital Allocation
Liquidia Corporation invested $17.2M in research and development in Q2 2026. This represents an increase of 185.4% from the same quarter a year earlier. Against the prior quarter it is up 36.7%.
Liquidia Corporation invested $11.2M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 962.9% from the same quarter a year earlier. Against the prior quarter it is up 297.0%.
Not reported for Q2 2026.
LQDA 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-Q | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $171.7M+1842.7% | $132.9M+4158.5% | $92.0M+3054.6% | $54.3M+1121.7% | $8.8M+141.5% | $3.1M+5.0% | $2.9M-35.6% | $4.4M+20.9% |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | $1.5M+3.4% | N/A | $1.6M+174.6% |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | $1.6M+6.5% | N/A | $2.9M-7.2% |
| R&D Expenses | $17.2M+185.4% | $12.6M+80.5% | $16.9M | $9.3M-21.4% | $6.0M-36.1% | $7.0M-30.7% | N/A | $11.9M+59.8% |
| SG&A Expenses | $57.4M+47.9% | $46.9M+56.1% | $48.2M | $40.1M+98.5% | $38.8M+94.7% | $30.1M+48.5% | N/A | $20.2M+91.1% |
| Operating Income | $85.5M+328.0% | $61.5M+273.6% | $19.8M+154.8% | $1.8M+106.1% | -$37.5M-37.9% | -$35.4M-23.0% | -$36.1M-36.6% | -$29.2M-96.0% |
| EBITDA | $85.8M+330.0% | $62.0M+277.3% | $20.4M+157.2% | $2.1M+107.2% | -$37.3M-38.2% | -$35.0M-23.5% | -$35.6M-37.3% | -$28.9M-98.0% |
| Interest Expense | $6.3M+11.3% | $6.5M+39.1% | $6.9M | $6.9M+131.8% | $5.7M+117.6% | $4.7M+85.0% | N/A | $3.0M+70.1% |
| Income Tax | $7.0M | $3.9M | N/A | N/A | $0 | $0 | N/A | N/A |
| Net Income | $74.7M+279.7% | $52.9M+237.8% | $14.6M+137.8% | -$3.5M+88.6% | -$41.6M-45.0% | -$38.4M-27.5% | -$38.5M-40.3% | -$31.0M-96.5% |
| EPS (Basic) | $0.84+271.4% | $0.60+233.3% | $0.17+137.8% | -$0.04+90.0% | -$0.49-28.9% | -$0.45-12.5% | -$0.45-4.7% | -$0.40-66.7% |
| EPS (Diluted) | $0.74+251.0% | $0.52+215.6% | $0.17+137.8% | -$0.04+90.0% | -$0.49-28.9% | -$0.45-12.5% | -$0.45-4.7% | -$0.40-66.7% |
| Diluted Shares (Avg) | 101M+18.5% | 101M+18.7% | N/A | 86M+10.2% | 86M+12.0% | 85M+13.0% | N/A | 78M+20.8% |
LQDA 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-Q | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $521.9M+102.8% | $401.5M+76.6% | $327.9M+42.4% | $276.0M+9.1% | $257.4M+45.1% | $227.4M+15.4% | $230.3M+94.6% | $252.9M+126.5% |
| Current Assets | $437.7M+123.8% | $333.1M+87.9% | $273.4M+47.7% | $226.7M+5.8% | $195.6M+32.8% | $177.2M+5.5% | $185.1M+105.9% | $214.2M+158.1% |
| Cash & Equivalents | $284.2M+63.9% | $222.8M+31.2% | $190.7M+8.0% | $157.5M-22.9% | $173.4M+30.3% | $169.8M+7.5% | $176.5M+110.9% | $204.4M+168.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $36.2M+461.4% | $28.5M+2013.1% | $23.8M+9776.3% | $24.5M+64463.2% | $6.4M | $1.3M | $241K | $38K |
| Accounts Receivable | $108.6M+989.3% | $74.2M+5846.8% | $54.1M+1889.4% | $36.0M+755.8% | $10.0M+206.8% | $1.2M-51.5% | $2.7M-33.0% | $4.2M+25.9% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $3.9M0.0% | $3.9M0.0% | $3.9M0.0% | $3.9M0.0% | $3.9M0.0% | $3.9M0.0% | $3.9M0.0% | $3.9M0.0% |
| Total Liabilities | $326.8M+34.9% | $293.0M+64.8% | $283.2M+87.6% | $253.9M+81.2% | $242.2M+131.7% | $177.7M+77.7% | $150.9M+112.5% | $140.1M+120.2% |
| Current Liabilities | $189.3M+141.4% | $149.7M+147.4% | $135.8M+225.0% | $102.9M+204.2% | $78.4M+223.7% | $60.5M+176.0% | $41.8M+125.2% | $33.8M+178.4% |
| Non-Current Liabilities | $137.5M-16.1% | $143.2M+22.2% | $147.4M+35.1% | $151.0M+42.1% | $163.8M+104.0% | $117.2M+50.1% | $109.2M+108.0% | $106.3M+106.5% |
| Total Equity | $195.1M+1184.6% | $108.6M+118.4% | $44.7M-43.6% | $22.1M-80.4% | $15.2M-79.1% | $49.7M-48.8% | $79.4M+67.8% | $112.8M+134.9% |
| Retained Earnings | -$498.7M+21.7% | -$573.5M+3.7% | -$626.3M-12.4% | -$640.9M-23.5% | -$637.3M-30.6% | -$595.8M-29.7% | -$557.4M-29.9% | -$518.9M-29.2% |
Not reported in any period shown, so not listed: Long-Term Debt.
LQDA 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-Q | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $80.2M+303.2% | $53.0M+272.7% | $44.2M+312.6% | -$9.8M+61.0% | -$39.5M-74.2% | -$30.7M-23.4% | -$20.8M-30.2% | -$25.1M-117.0% |
| Depreciation & Amortization | $300K+50.0% | $497K+10.2% | $320K-38.2% | $300K0.0% | $200K0.0% | $451K-7.8% | $518K+2.4% | $300K0.0% |
| Stock-Based Compensation | $10.4M+49.6% | $9.2M+23.9% | N/A | $7.9M+61.8% | $6.9M+58.5% | $7.4M+64.4% | N/A | $4.9M+96.3% |
| Capital Expenditures | $11.2M+962.9% | $2.8M+757.6% | $2.0M+58.2% | $911K-47.9% | $1.1M-18.1% | $330K-47.1% | $1.3M+525.2% | $1.7M+267.8% |
| Free Cash Flow | $69.0M+270.2% | $50.2M+261.8% | $42.2M+291.0% | -$10.7M+60.2% | -$40.5M-69.3% | -$31.0M-21.7% | -$22.1M-36.5% | -$26.8M-122.9% |
| Investing Cash Flow | -$12.2M-1057.5% | -$2.8M-757.6% | -$4.0M+15.5% | -$911K+47.9% | -$1.1M+18.1% | -$330K+47.1% | -$4.8M-2220.4% | -$1.7M+83.3% |
| Financing Cash Flow | -$6.6M-113.9% | -$18.1M-174.3% | -$7.0M-205.8% | -$5.2M-105.3% | $47.7M+5960.7% | $24.3M-75.6% | -$2.3M-109.7% | $98.1M+874.7% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
LQDA 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-Q | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | 51.4%+0.7pp | N/A | 64.8%-19.7pp |
| Operating Margin | 49.8% | 46.3% | 21.5% | 3.3% | -424.4% | -1135.4% | -1237.8% | -656.2% |
| Net Margin | 43.5% | 39.8% | 15.8% | -6.5% | -470.5% | -1229.7% | -1320.2% | -697.6% |
| Return on Equity | 38.3%+312.0pp | 48.7%+125.9pp | 32.5%+81.0pp | -16.0%+11.5pp | -273.7%-234.4pp | -77.2%-46.2pp | -48.5%+9.5pp | -27.5%+5.4pp |
| Return on Assets | 14.3%+30.5pp | 13.2%+30.0pp | 4.4%+21.2pp | -1.3%+11.0pp | -16.2%0.0pp | -16.9%-1.6pp | -16.7%+6.5pp | -12.3%+1.9pp |
| Current Ratio | 2.31-0.2x | 2.22-0.7x | 2.01-2.4x | 2.20-4.1x | 2.49-3.6x | 2.93-4.7x | 4.43-0.4x | 6.33-0.5x |
| Debt-to-Equity | 1.67-14.3x | 2.70-0.9x | 6.33+4.4x | 11.52+10.3x | 15.95+14.5x | 3.57+2.5x | 1.90+0.4x | 1.24-0.1x |
| Asset Turnover | 0.33+0.3x | 0.33+0.3x | 0.28+0.3x | 0.20+0.2x | 0.030.0x | 0.010.0x | 0.010.0x | 0.020.0x |
| FCF Margin | 40.2% | 37.8% | 45.9% | -19.7% | -458.7% | -993.9% | -757.7% | -603.2% |
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 |
|---|---|---|---|---|---|---|
| Liquidia Corporation LQDA | FY2025 | $158.3M | -$68.9M | -43.5% | $2.6B | 61/100 |
| Travere Therapeutics, Inc. TVTX | FY2025 | $490.7M | -$25.5M | -5.2% | $5.4B | 71/100 |
| Ocular Therapeutix, Inc. OCUL | FY2025 | $52.0M | -$265.9M | N/A | $1.5B | 53/100 |
| CG Oncology, Inc. CGON | FY2025 | $4.0M | -$161.0M | N/A | $6.0B | 61/100 |
| Amicus Therapeutics, Inc FOLD | FY2025 | $634.2M | -$27.1M | -4.3% | $4.5B | 44/100 |
| Apogee Therapeutics, Inc. APGE | FY2025 | N/A | -$255.8M | N/A | $10.2B | — |
Where Liquidia Corporation Ranks
Frequently Asked Questions
What is Liquidia Corporation's annual revenue?
Liquidia Corporation (LQDA) reported $158.3M in total revenue for fiscal year 2025. This represents a 1031.2% 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 Liquidia Corporation's revenue growing?
Liquidia Corporation (LQDA) revenue grew by 1031.2% year-over-year, from $14.0M to $158.3M in fiscal year 2025.
Is Liquidia Corporation profitable?
No, Liquidia Corporation (LQDA) reported a net income of -$68.9M in fiscal year 2025, with a net profit margin of -43.5%.
What is Liquidia Corporation's EBITDA?
Liquidia Corporation (LQDA) had EBITDA of -$49.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Liquidia Corporation's operating margin?
Liquidia Corporation (LQDA) had an operating margin of -32.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Liquidia Corporation's net profit margin?
Liquidia Corporation (LQDA) had a net profit margin of -43.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Liquidia Corporation's return on equity (ROE)?
Liquidia Corporation (LQDA) has a return on equity of -154.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Liquidia Corporation's free cash flow?
Liquidia Corporation (LQDA) recorded an outflow of $40.0M in free cash flow during fiscal year 2025. This represents a 59.3% 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 Liquidia Corporation's operating cash flow?
Liquidia Corporation (LQDA) recorded an outflow of $35.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Liquidia Corporation's total assets?
Liquidia Corporation (LQDA) had $327.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Liquidia Corporation's capital expenditures?
Liquidia Corporation (LQDA) invested $4.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Liquidia Corporation spend on research and development?
Liquidia Corporation (LQDA) invested $39.3M in research and development during fiscal year 2025.
What is Liquidia Corporation's current ratio?
Liquidia Corporation (LQDA) had a current ratio of 2.01 as of fiscal year 2025, which is generally considered healthy.
What is Liquidia Corporation's debt-to-equity ratio?
Liquidia Corporation (LQDA) had a debt-to-equity ratio of 6.33 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Liquidia Corporation's return on assets (ROA)?
Liquidia Corporation (LQDA) had a return on assets of -21.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Liquidia Corporation's P/E ratio?
Liquidia Corporation (LQDA) trades at 18.5x earnings, its market capitalization divided by net income of $138.6M net income, trailing 12 months to June 30, 2026. The market capitalization is $2.6B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Liquidia Corporation's price-to-sales ratio?
Liquidia Corporation (LQDA) trades at 5.7x sales, its market capitalization divided by revenue of $450.9M revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.6B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Liquidia Corporation's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Liquidia Corporation (LQDA) held $190.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $35.7M over that year. Dividing the one by the other, the reported balance equals about 64 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 Liquidia Corporation's Altman Z-Score?
Liquidia Corporation (LQDA) has an Altman Z-Score of 3.23, placing it in the Safe Zone (low 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 Liquidia Corporation's Piotroski F-Score?
Liquidia Corporation (LQDA) has a Piotroski F-Score of 3 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 Liquidia Corporation's earnings high quality?
Liquidia Corporation (LQDA) reported a net loss of $68.9M while operations used $35.7M 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.
Can Liquidia Corporation cover its interest payments?
Liquidia Corporation (LQDA) reported an operating loss of $51.4M against $24.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Liquidia Corporation?
Liquidia Corporation (LQDA) scores 61 out of 100 on our Financial Health Score, indicating moderate 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.