ON24, Inc. (ONTF) Financials
Newest figures come from the 10-K for FY2025, filed Mar 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ONTF SEC filings page.
ON24, Inc. (ONTF) reported $139.3M in revenue for fiscal year 2025, down 5.9% from the prior fiscal year. 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).
ON24 is shrinking at the top line, but spending cuts and better cash conversion are narrowing losses without restoring profitability.
The key shift is cash conversion: free cash flow moved from-$24M in FY2022 to$4M in FY2025 even as the company still reported a net loss. That gap indicates accounting losses are no longer translating into equivalent cash consumption, coinciding with lower operating expenses and reduced receivables.
Margin structure remained resilient while revenue contracted across FY2021-FY2025, with gross margin staying in the mid-70s; the recent improvement therefore reflects expense reduction rather than a top-line turnaround. Operating margin improved from
Assets fell from
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 ON24, 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.
ON24, Inc. held $167.5M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $7.5M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and ON24, Inc. scores 86/100 among other emerging companies.
ON24, Inc. had 43M shares outstanding at the end of fiscal year 2025, against 42M 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 ON24, Inc. scores 67/100 among other emerging companies.
ON24, Inc. spent $33.0M on research and development in fiscal year 2025, which was 18.8% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and ON24, Inc. scores 50/100 among other emerging companies.
ON24, Inc. reported revenue of $139.3M in fiscal year 2025, against $148.1M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and ON24, Inc. scores 33/100 among other emerging companies.
ON24, Inc.'s operations generated $7.5M of cash in fiscal year 2025, against $4.8M generated in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and ON24, Inc. scores 93/100 among other emerging companies.
ON24, Inc.'s cash, cash equivalents and investments came to $167.5M at the end of fiscal year 2025, against $88.9M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and ON24, Inc. scores 73/100 among other emerging companies.
ON24, Inc. scores 0.78, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($348.2M) relative to total liabilities ($88.9M). 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.
ON24, Inc. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
ON24, Inc. reported a net loss of $28.9M while generating $7.5M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
ON24, Inc. reported an operating loss of $35.8M against $163K 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
ON24, Inc. generated $34.6M in revenue in Q4 2025. This represents a decrease of 5.6% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.
ON24, Inc.'s EBITDA was -$6.7M in Q4 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 36.8% from the same quarter a year earlier. Against the prior quarter it is up 4.3%.
ON24, Inc. reported -$6.5M in net income in Q4 2025. This represents an increase of 26.8% from the same quarter a year earlier. Against the prior quarter it is down 1.9%.
ON24, Inc. earned -$0.15 per diluted share (EPS) in Q4 2025. This represents an increase of 28.6% from the same quarter a year earlier. It is unchanged from the prior quarter.
Cash & Balance Sheet
ON24, Inc. recorded an outflow of $2.2M in free cash flow in Q4 2025, representing a cash shortfall after capex. This represents a decrease of 620.8% from the same quarter a year earlier. Against the prior quarter it is down 202.1%.
ON24, Inc. held $37.0M in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Margins & Returns
ON24, Inc.'s gross margin was 74.9% in Q4 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.1 percentage points.
ON24, Inc.'s operating margin was -23.5% in Q4 2025, reflecting core business profitability. This is up 8.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.4 percentage points.
ON24, Inc.'s net profit margin was -18.8% in Q4 2025, showing the share of revenue converted to profit. This is up 5.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.3 percentage points.
ON24, Inc.'s ROE was -4.7% in Q4 2025, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.2 percentage points.
Capital Allocation
ON24, Inc. invested $8.0M in research and development in Q4 2025. This represents a decrease of 9.9% from the same quarter a year earlier. Against the prior quarter it is down 1.9%.
ON24, Inc. spent $6.2M on share buybacks in Q4 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 13.0% from the same quarter a year earlier. Against the prior quarter it is down 11.0%.
ON24, Inc. invested $1.1M in capex in Q4 2025, funding long-term assets and infrastructure. This represents an increase of 104.6% from the same quarter a year earlier. Against the prior quarter it is up 209.4%.
ONTF 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 | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $34.6M-5.6% | $34.6M-4.7% | $35.3M-5.4% | $34.7M-7.9% | $36.7M-6.8% | $36.3M-7.4% | $37.3M-11.3% | $37.7M-12.4% |
| Cost of Revenue | $8.7M-7.0% | $8.7M-6.4% | $8.8M-7.7% | $9.1M-6.9% | $9.4M-6.6% | $9.3M-13.9% | $9.5M-21.8% | $9.8M-25.9% |
| Gross Profit | $25.9M-5.1% | $25.9M-4.2% | $26.5M-4.6% | $25.6M-8.3% | $27.3M-6.8% | $27.0M-4.9% | $27.8M-6.9% | $27.9M-6.4% |
| R&D Expenses | $8.0M-9.9% | $8.2M-11.2% | $8.5M-6.3% | $8.3M-8.8% | $8.9M-5.2% | $9.2M-5.7% | $9.1M-16.9% | $9.1M-17.9% |
| SG&A Expenses | $10.2M-9.2% | $9.3M-20.3% | $9.6M-22.2% | $9.6M-14.2% | $11.2M-3.2% | $11.7M+4.1% | $12.3M+1.9% | $11.2M-21.3% |
| Operating Income | -$8.1M+30.8% | -$8.0M+40.1% | -$9.2M+29.8% | -$10.5M+16.1% | -$11.8M+3.6% | -$13.3M+5.1% | -$13.1M+17.2% | -$12.5M+37.4% |
| EBITDA | -$6.7M+36.8% | -$7.0M+42.9% | -$8.1M+31.4% | -$9.2M+18.3% | -$10.6M+2.7% | -$12.2M+4.8% | -$11.8M+18.2% | -$11.2M+39.3% |
| Interest Expense | $44K+528.6% | $82K+1266.7% | $19K+90.0% | $18K+63.6% | $7K-46.2% | $6K-66.7% | $10K-69.7% | $11K-62.1% |
| Income Tax | $1K+100.2% | $16K-91.3% | $176K-57.2% | $205K-58.6% | -$456K-199.1% | $183K+67.9% | $411K+78.7% | $495K+152.6% |
| Net Income | -$6.5M+26.8% | -$6.4M+44.1% | -$7.3M+34.9% | -$8.7M+18.7% | -$8.9M+10.2% | -$11.4M+0.6% | -$11.2M+13.0% | -$10.7M+39.2% |
| EPS (Basic) | -$0.15+28.6% | -$0.15+44.4% | -$0.17+37.0% | -$0.21+19.2% | -$0.21+12.5% | -$0.27-3.8% | -$0.27+3.6% | -$0.26+29.7% |
| EPS (Diluted) | -$0.15+28.6% | -$0.15+44.4% | -$0.17+37.0% | -$0.21+19.2% | -$0.21+12.5% | -$0.27-3.8% | -$0.27+3.6% | -$0.26+29.7% |
| Diluted Shares (Avg) | N/A | 43M+1.9% | 43M+1.4% | 42M+1.9% | N/A | 42M-4.5% | 42M-8.4% | 41M-12.7% |
ONTF 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 | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $228.4M-9.0% | $224.8M-10.4% | $235.1M-9.2% | $245.8M-8.7% | $251.0M-10.5% | $250.9M-12.2% | $259.0M-19.2% | $269.2M-33.1% |
| Current Assets | $205.7M-9.9% | $206.0M-10.7% | $214.9M-9.0% | $224.6M-7.9% | $228.3M-10.0% | $230.7M-10.8% | $236.0M-19.1% | $243.9M-34.1% |
| Cash & Equivalents | $37.0M+147.9% | $47.2M+328.8% | $37.7M+143.7% | $26.8M+46.4% | $14.9M-71.9% | $11.0M+2.0% | $15.5M-38.4% | $18.3M-81.8% |
| Short-Term Investments | $130.5M-22.2% | $127.9M-28.1% | $141.8M-20.5% | $154.2M-13.3% | $167.8M+15.3% | $177.8M-12.4% | $178.3M-17.2% | $177.8M-17.3% |
| Accounts Receivable | $24.6M-13.9% | $14.8M-37.6% | $18.3M-23.9% | $25.3M-11.2% | $28.6M-24.6% | $23.8M-8.2% | $24.0M-23.3% | $28.5M-14.7% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $88.9M-2.9% | $80.5M-6.5% | $85.1M-3.5% | $92.1M-2.8% | $91.5M-8.5% | $86.0M-7.9% | $88.2M-15.0% | $94.7M-15.0% |
| Current Liabilities | $82.8M-6.1% | $77.1M-8.2% | $82.1M-3.9% | $88.7M-2.8% | $88.2M-8.2% | $84.0M-5.5% | $85.5M-13.6% | $91.3M-13.5% |
| Non-Current Liabilities | $6.1M+82.6% | $3.3M+64.1% | $3.0M+11.6% | $3.3M-2.9% | $3.3M-16.4% | $2.0M-54.8% | $2.7M-44.6% | $3.4M-41.7% |
| Total Equity | $139.4M-12.5% | $144.3M-12.5% | $150.0M-12.2% | $153.7M-11.9% | $159.4M-11.5% | $164.9M-14.4% | $170.8M-21.3% | $174.4M-40.0% |
| Retained Earnings | -$376.5M-8.3% | -$370.0M-9.2% | -$363.6M-11.1% | -$356.4M-12.7% | -$347.7M-13.8% | -$338.8M-14.6% | -$327.4M-15.2% | -$316.2M-16.5% |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
ONTF 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 | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.1M-207.6% | $2.5M+758.6% | $2.6M+84.9% | $3.4M+59.6% | $985K+214.7% | $295K+110.3% | $1.4M+132.2% | $2.1M+151.3% |
| Depreciation & Amortization | $1.1M-9.6% | $1.0M-9.1% | $1.1M-15.4% | $1.3M+4.2% | $1.2M-9.6% | $1.1M-8.3% | $1.3M-7.1% | $1.2M-13.0% |
| Stock-Based Compensation | N/A | $7.3M-38.9% | $7.4M-38.9% | $7.1M-31.0% | N/A | $11.9M+2.7% | $12.1M+4.1% | $10.3M+2.1% |
| Capital Expenditures | $1.1M+104.6% | $371K+144.1% | $492K+0.4% | $1.5M+41.9% | $561K-49.3% | $152K-55.8% | $490K-11.6% | $1.0M+483.1% |
| Free Cash Flow | -$2.2M-620.8% | $2.2M+1411.9% | $2.1M+131.1% | $1.9M+76.3% | $424K+121.6% | $143K+104.5% | $898K+118.4% | $1.1M+125.3% |
| Investing Cash Flow | -$3.6M-136.3% | $13.7M+462.8% | $12.1M+3823.9% | $12.6M+139.1% | $10.1M-82.9% | $2.4M-83.0% | $309K-34.5% | -$32.3M-136.3% |
| Financing Cash Flow | -$5.5M+15.5% | -$6.8M+11.2% | -$3.9M+14.0% | -$4.2M+8.4% | -$6.5M+57.8% | -$7.6M+70.5% | -$4.5M+93.8% | -$4.6M+57.7% |
| Dividends Paid | N/A | N/A | N/A | N/A | $0 | $0 | N/A | N/A |
| Share Buybacks | $6.2M-13.0% | $7.0M-15.8% | $4.3M-13.1% | $4.5M-14.7% | $7.2M-53.2% | $8.3M-67.9% | $5.0M-77.8% | $5.3M-50.8% |
ONTF 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 | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.9%+0.4pp | 74.7%+0.4pp | 75.1%+0.6pp | 73.8%-0.3pp | 74.5%-0.1pp | 74.3%+1.9pp | 74.5%+3.5pp | 74.1%+4.7pp |
| Operating Margin | -23.5%+8.6pp | -23.1%+13.7pp | -26.0%+9.0pp | -30.1%+2.9pp | -32.1%-1.0pp | -36.7%-0.9pp | -35.0%+2.5pp | -33.1%+13.2pp |
| Net Margin | -18.8%+5.4pp | -18.4%+13.0pp | -20.6%+9.3pp | -25.1%+3.3pp | -24.2%+0.9pp | -31.4%-2.2pp | -29.9%+0.6pp | -28.4%+12.5pp |
| Return on Equity | -4.7%+0.9pp | -4.4%+2.5pp | -4.9%+1.7pp | -5.7%+0.5pp | -5.6%-0.1pp | -6.9%-1.0pp | -6.5%-0.6pp | -6.1%-0.1pp |
| Return on Assets | -2.9%+0.7pp | -2.8%+1.7pp | -3.1%+1.2pp | -3.5%+0.4pp | -3.5%0.0pp | -4.5%-0.5pp | -4.3%-0.3pp | -4.0%+0.4pp |
| Current Ratio | 2.48-0.1x | 2.67-0.1x | 2.62-0.1x | 2.53-0.1x | 2.59-0.1x | 2.75-0.2x | 2.76-0.2x | 2.67-0.8x |
| Debt-to-Equity | 0.64+0.1x | 0.560.0x | 0.57+0.1x | 0.60+0.1x | 0.570.0x | 0.520.0x | 0.520.0x | 0.54+0.2x |
| Asset Turnover | 0.150.0x | 0.150.0x | 0.150.0x | 0.140.0x | 0.150.0x | 0.140.0x | 0.140.0x | 0.140.0x |
| FCF Margin | -6.4%-7.5pp | 6.3%+5.9pp | 5.9%+3.5pp | 5.6%+2.7pp | 1.2%+6.2pp | 0.4%+8.6pp | 2.4%+14.0pp | 2.9%+13.0pp |
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 |
|---|---|---|---|---|---|---|
| ON24, Inc. ONTF | FY2025 | $139.3M | -$28.9M | -20.7% | $348.2M | 67/100 |
| Kaltura, Inc. KLTR | FY2025 | $180.9M | -$12.1M | -6.7% | $199.8M | 65/100 |
| Asure Software, Inc ASUR | FY2025 | $140.5M | -$13.1M | -9.3% | $221.8M | 42/100 |
| eGain Corporation EGAN | FY2026 | $91.1M | $8.9M | 9.7% | $153.6M | 52/100 |
| WM TECHNOLOGY INC A MAPS | FY2025 | $174.7M | $2.0M | 1.1% | $45.4M | — |
| SmartRent, Inc. SMRT | FY2025 | $152.3M | -$60.6M | -39.8% | $229.9M | 45/100 |
Where ON24, Inc. Ranks
Frequently Asked Questions
What is ON24, Inc.'s annual revenue?
ON24, Inc. (ONTF) reported $139.3M in total revenue for fiscal year 2025. This represents a -5.9% 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 ON24, Inc.'s revenue growing?
ON24, Inc. (ONTF) revenue declined by 5.9% year-over-year, from $148.1M to $139.3M in fiscal year 2025.
Is ON24, Inc. profitable?
No, ON24, Inc. (ONTF) reported a net income of -$28.9M in fiscal year 2025, with a net profit margin of -20.7%.
What is ON24, Inc.'s EBITDA?
ON24, Inc. (ONTF) had EBITDA of -$30.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is ON24, Inc.'s gross margin?
ON24, Inc. (ONTF) had a gross margin of 74.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is ON24, Inc.'s operating margin?
ON24, Inc. (ONTF) had an operating margin of -25.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is ON24, Inc.'s net profit margin?
ON24, Inc. (ONTF) had a net profit margin of -20.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is ON24, Inc.'s return on equity (ROE)?
ON24, Inc. (ONTF) has a return on equity of -20.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is ON24, Inc.'s free cash flow?
ON24, Inc. (ONTF) generated $4.0M in free cash flow during fiscal year 2025. This represents a 54.7% 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 ON24, Inc.'s operating cash flow?
ON24, Inc. (ONTF) generated $7.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are ON24, Inc.'s total assets?
ON24, Inc. (ONTF) had $228.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are ON24, Inc.'s capital expenditures?
ON24, Inc. (ONTF) invested $3.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does ON24, Inc. spend on research and development?
ON24, Inc. (ONTF) invested $33.0M in research and development during fiscal year 2025.
What is ON24, Inc.'s current ratio?
ON24, Inc. (ONTF) had a current ratio of 2.48 as of fiscal year 2025, which is generally considered healthy.
What is ON24, Inc.'s debt-to-equity ratio?
ON24, Inc. (ONTF) had a debt-to-equity ratio of 0.64 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is ON24, Inc.'s return on assets (ROA)?
ON24, Inc. (ONTF) had a return on assets of -12.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is ON24, Inc.'s Altman Z-Score?
ON24, Inc. (ONTF) has an Altman Z-Score of 0.78, 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 ON24, Inc.'s Piotroski F-Score?
ON24, Inc. (ONTF) 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 ON24, Inc.'s earnings high quality?
ON24, Inc. (ONTF) reported a net loss of $28.9M while generating $7.5M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, 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 ON24, Inc. cover its interest payments?
ON24, Inc. (ONTF) reported an operating loss of $35.8M against $163K 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 ON24, Inc.?
ON24, Inc. (ONTF) scores 67 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.