Perion Network Ltd Financials
Perion Network Ltd (PERI) reported $439.9M in revenue for fiscal year 2025, down 11.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Revenue contraction is exposing a sticky overhead base, while cash flow remains better than reported profit in FY2025.
Between FY2023 and FY2025, revenue fell from$743M to$440M , but combined SG&A plus R&D stayed near$66M -$71M ; that helps explain why operating margin swung from15.4% to-3.4% . Yet FY2025 still produced$41.9M of operating cash flow and$38.1M of free cash flow, showing the business is asset-light and that accounting earnings now understate cash generation.
The key operating change is lost fixed-cost absorption: overhead consumed roughly
The balance sheet still gives management time to adjust. FY2025 ended with a current ratio of 2.8x and about
Financial Health Signals
Scored against operating 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 Perion Network Ltd'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.
Perion Network Ltd has an operating margin of -3.4%, meaning the company loses $3 on every $100 of revenue. This results in a profitability score of 39/100. This is down from -0.6% the prior year.
Perion Network Ltd's revenue declined 11.7% year-over-year, from $498.3M to $439.9M. This contraction results in a growth score of 4/100.
Perion Network Ltd carries a low D/E ratio of 0.35, meaning only $0.35 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 66/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.76, Perion Network Ltd holds $2.76 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 74/100.
Perion Network Ltd has a free cash flow margin of 8.7%, earning a moderate score of 63/100. The company generates positive cash flow after capital investments, but with room for improvement.
Perion Network Ltd posts a -1.2% return on equity (ROE), meaning it loses $1 for every $100 of shareholders' equity. This results in a returns score of 38/100. This is down from 1.7% the prior year.
Perion Network Ltd scores 2.12, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Perion Network Ltd 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, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Perion Network Ltd reported a net loss of $7.9M while generating $41.9M 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.
Key Financial Metrics
Earnings & Revenue
Perion Network Ltd generated $439.9M in revenue in fiscal year 2025. This represents a decrease of 11.7% from the prior year.
Perion Network Ltd's EBITDA was $2.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 79.3% from the prior year.
Perion Network Ltd reported -$7.9M in net income in fiscal year 2025. This represents a decrease of 162.9% from the prior year.
Perion Network Ltd earned -$0.19 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 176.0% from the prior year.
Cash & Balance Sheet
Perion Network Ltd generated $38.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 56806.0% from the prior year.
Perion Network Ltd held $90.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Perion Network Ltd's operating margin was -3.4% in fiscal year 2025, reflecting core business profitability. This is down 2.8 percentage points from the prior year.
Perion Network Ltd's net profit margin was -1.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.3 percentage points from the prior year.
Perion Network Ltd's ROE was -1.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Perion Network Ltd invested $34.7M in research and development in fiscal year 2025. This represents a decrease of 5.5% from the prior year.
Perion Network Ltd invested $3.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 44.7% from the prior year.
Not reported for fiscal year 2025.
PERI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $439.9M-11.7% | $498.3M-32.9% | $743.2M+16.1% | $640.3M+33.8% | $478.5M+45.9% | $328.1M+25.5% | $261.4M+3.4% | $252.8M-7.7% | $274.0M-12.4% | $312.8M+41.6% | $220.9M-43.2% | $388.7M | N/A | $17.6M-50.5% | $35.5M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | $25.5M+7.4% | $23.8M-3.7% | $24.7M-4.9% | $25.9M+229.1% | $7.9M-28.1% | $10.9M+79.4% | $6.1M+10.7% | $5.5M+94.1% | $2.8M |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | $235.9M+3.0% | $229.1M-8.1% | $249.3M-13.1% | $286.9M+34.6% | $213.1M-43.6% | $377.8M+399.0% | $75.7M+527.7% | $12.1M-63.0% | $32.6M |
| R&D Expenses | $34.7M-5.5% | $36.7M+8.2% | $33.9M-2.1% | $34.6M-2.1% | $35.3M+14.5% | $30.9M+36.7% | $22.6M+19.6% | $18.9M+9.9% | $17.2M-31.8% | $25.2M+16.3% | $21.7M-42.0% | $37.4M+67.1% | $22.4M+32.8% | $16.9M+126.2% | $7.5M |
| SG&A Expenses | $36.4M-5.9% | $38.7M+20.7% | $32.1M+15.6% | $27.7M+19.7% | $23.2M+46.5% | $15.8M+5.5% | $15.0M-8.8% | $16.4M-24.9% | $21.9M-24.0% | $28.8M-7.2% | $31.1M-15.4% | $36.7M+92.2% | $19.1M+306.3% | $4.7M-38.5% | $7.6M |
| Operating Income | -$14.9M-390.5% | -$3.0M-102.7% | $114.3M+6.4% | $107.4M+134.0% | $45.9M+274.6% | $12.3M-32.0% | $18.0M+22.6% | $14.7M+119.4% | -$75.7M-766.7% | $11.3M+129.1% | -$39.0M-161.9% | $63.0M-23.4% | $82.2M-78.5% | $382.5M+8311.2% | $4.5M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $1.0M-55.2% | $2.3M-40.7% | $3.9M-17.9% | $4.8M-9.6% | $5.3M+129.4% | $2.3M+215.6% | $733K+101.9% | $363K-2.7% | $373K | N/A |
| Income Tax | $3.0M+3.2% | $2.9M-85.9% | $20.3M+40.4% | $14.4M+118.5% | $6.6M+1183.4% | -$610K-137.1% | $1.6M-40.7% | $2.8M+131.5% | -$8.8M-4263.2% | $212K-69.6% | $697K-93.6% | $10.8M-52.2% | $22.6M-70.0% | $75.4M+43757.6% | $172K |
| Net Income | -$7.9M-162.9% | $12.6M-89.0% | $115.0M+17.9% | $97.5M+151.8% | $38.7M+278.5% | $10.2M-20.7% | $12.9M+58.8% | $8.1M+111.2% | -$72.8M-36296.0% | $201K+100.3% | -$68.7M-260.3% | $42.8M+49.7% | $28.6M-90.2% | $290.9M+5032.7% | $5.7M |
| EPS (Diluted) | -$0.19-176.0% | $0.25-89.1% | $2.30+13.3% | $2.03+99.0% | $1.02+183.3% | $0.36-26.5% | $0.49+58.1% | $0.31 | -$2.81-28200.0% | $0.01 | -$0.96-265.5% | $0.58+11.5% | $0.52-90.5% | $5.46 | $0.57 |
PERI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $913.8M-0.2% | $915.5M-15.0% | $1.1B+23.8% | $870.2M+22.0% | $713.2M+98.8% | $358.7M+26.4% | $283.8M+10.7% | $256.4M-6.4% | $274.0M-25.6% | $368.5M-16.7% | $442.3M+24.2% | $356.1M+1046.7% | $31.1M-74.8% | $123.2M+124.3% | $54.9M |
| Current Assets | $519.8M-7.4% | $561.5M-22.7% | $726.6M+20.4% | $603.5M+35.3% | $446.2M+202.8% | $147.4M+28.0% | $115.1M+10.8% | $103.9M-9.1% | $114.3M+0.4% | $113.8M-21.0% | $144.0M-7.8% | $156.2M+11475.6% | $1.3M-97.2% | $47.7M+127.3% | $21.0M |
| Cash & Equivalents | $90.0M-42.4% | $156.2M-16.7% | $187.6M+6.5% | $176.2M+68.7% | $104.4M+119.2% | $47.7M+24.1% | $38.4M-1.8% | $39.1M+23.9% | $31.6M+31.7% | $24.0M+36.8% | $17.5M-82.7% | $101.2M+10562.1% | $949K-98.8% | $78.4M+90.1% | $41.2M |
| Accounts Receivable | $187.9M+14.3% | $164.4M-29.0% | $231.5M+44.3% | $160.5M+39.1% | $115.4M+42.0% | $81.2M+65.4% | $49.1M-11.6% | $55.6M-11.6% | $62.8M-11.9% | $71.3M+7.0% | $66.7M+116.4% | $30.8M+65.1% | $18.7M+82.2% | $10.2M+213.8% | $3.3M |
| Goodwill | $266.1M+7.7% | $247.1M-0.4% | $248.0M+26.8% | $195.5M+3.3% | $189.3M+24.3% | $152.3M+21.1% | $125.8M+0.6% | $125.1M0.0% | $125.1M-34.4% | $190.7M-6.4% | $203.7M+24.1% | $164.1M+496.3% | $27.5M-26.5% | $37.4M+51.2% | $24.8M |
| Total Liabilities | $237.8M+23.5% | $192.6M-46.4% | $359.1M+25.1% | $287.1M+16.6% | $246.3M+41.1% | $174.6M+47.2% | $118.6M+10.2% | $107.7M-20.7% | $135.7M-15.4% | $160.3M-33.9% | $242.5M+120.1% | $110.1M+423.7% | $21.0M+117.4% | -$120.9M+47.7% | -$230.9M |
| Current Liabilities | $188.6M+16.5% | $161.8M-52.4% | $340.0M+44.9% | $234.6M+21.1% | $193.7M+61.3% | $120.1M+44.2% | $83.3M+8.0% | $77.1M-5.2% | $81.4M-6.2% | $86.7M-18.7% | $106.6M+64.3% | $64.9M+208.6% | $21.0M-59.5% | $52.0M+147.4% | $21.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | $8.3M | N/A | $30.0M-20.8% | $37.9M-19.2% | $46.9M | N/A | $4.3M-35.1% | $6.5M | N/A |
| Total Equity | $676.0M-6.5% | $722.9M+0.7% | $718.1M+23.2% | $583.1M+24.9% | $467.0M+153.6% | $184.1M+11.5% | $165.2M+11.0% | $148.8M+7.6% | $138.3M-33.5% | $208.1M+4.2% | $199.8M-18.8% | $246.0M+2353.3% | $10.0M-95.9% | $244.0M-14.6% | $285.8M |
| Retained Earnings | $188.7M-4.0% | $196.6M+6.9% | $184.0M+159.9% | $70.8M+348.9% | -$28.4M+57.6% | -$67.1M+13.2% | -$77.4M+14.3% | -$90.3M+8.3% | -$98.4M-283.9% | -$25.6M+0.8% | -$25.8M-160.3% | $42.8M+292.0% | $10.9M+2.9% | $10.6M+49.9% | $7.1M |
Not reported in any period shown, so not listed: Inventory.
PERI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $41.9M+504.2% | $6.9M-95.5% | $155.5M+27.3% | $122.1M+71.7% | $71.1M+220.9% | $22.2M-50.5% | $44.7M+36.4% | $32.8M-8.9% | $36.0M+18.2% | $30.5M+73.3% | $17.6M-75.6% | $72.0M+17.4% | $61.4M-80.2% | $309.4M+4296.6% | $7.0M |
| Capital Expenditures | $3.8M-44.7% | $6.9M+747.3% | $811K-23.3% | $1.1M+68.7% | $627K+36.6% | $459K-62.0% | $1.2M-40.7% | $2.0M+26.9% | $1.6M+6.8% | $1.5M-25.9% | $2.0M-81.4% | $10.9M+468.0% | $1.9M+11.3% | $1.7M+444.6% | $316K |
| Free Cash Flow | $38.1M+56806.0% | $67K-100.0% | $154.7M+27.7% | $121.1M+71.8% | $70.5M+224.8% | $21.7M-50.2% | $43.5M+41.5% | $30.8M-10.6% | $34.4M+18.8% | $29.0M+86.3% | $15.5M-74.6% | $61.2M+2.9% | $59.4M-80.7% | $307.7M+4477.7% | $6.7M |
| Investing Cash Flow | -$37.4M-159.7% | $62.6M+146.9% | -$133.4M-184.8% | -$46.8M+80.8% | -$243.5M-2629.5% | -$8.9M+57.8% | -$21.2M-1060.9% | -$1.8M+62.4% | -$4.9M-117.3% | $28.1M+123.3% | -$120.4M-1624.6% | -$7.0M+90.9% | -$77.0M-230.7% | $58.9M+838.2% | -$8.0M |
| Financing Cash Flow | -$71.1M+29.6% | -$100.9M-832.4% | -$10.8M-232.2% | -$3.3M-101.4% | $229.1M+5759.8% | -$4.0M+83.7% | -$24.8M-7.6% | -$23.0M+3.5% | -$23.8M+54.7% | -$52.6M-374.0% | $19.2M-45.4% | $35.2M+154.8% | -$64.2M+80.9% | -$335.6M-8605.7% | -$3.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $65.0M-80.8% | $338.7M+8617.5% | $3.9M |
Not reported in any period shown, so not listed: Share Buybacks.
PERI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | 90.2%-0.4pp | 90.6%-0.4pp | 91.0%-0.7pp | 91.7%-4.7pp | 96.4%-0.7pp | 97.2% | N/A | 68.6%-23.4pp | 92.0% |
| Operating Margin | -3.4%-2.8pp | -0.6%-16.0pp | 15.4%-1.4pp | 16.8%+7.2pp | 9.6%+5.9pp | 3.7%-3.2pp | 6.9%+1.1pp | 5.8%+33.4pp | -27.6%-31.2pp | 3.6%+21.3pp | -17.7%-33.9pp | 16.2% | N/A | 2176.3% | 12.8% |
| Net Margin | -1.8%-4.3pp | 2.5%-12.9pp | 15.5%+0.2pp | 15.2%+7.1pp | 8.1%+5.0pp | 3.1%-1.8pp | 4.9%+1.7pp | 3.2%+29.8pp | -26.6%-26.6pp | 0.1%+31.1pp | -31.1%-42.1pp | 11.0% | N/A | 1655.4% | 16.0% |
| Return on Equity | -1.2%-2.9pp | 1.7%-14.3pp | 16.0%-0.7pp | 16.7%+8.4pp | 8.3%+2.7pp | 5.5%-2.3pp | 7.8%+2.4pp | 5.5%+58.1pp | -52.6%-52.7pp | 0.1%+34.5pp | -34.4%-51.8pp | 17.4%-267.9pp | 285.4%+166.1pp | 119.2%+117.2pp | 2.0% |
| Return on Assets | -0.9%-2.3pp | 1.4%-9.3pp | 10.7%-0.5pp | 11.2%+5.8pp | 5.4%+2.6pp | 2.9%-1.7pp | 4.5%+1.4pp | 3.2%+29.7pp | -26.6%-26.6pp | 0.1%+15.6pp | -15.5%-27.6pp | 12.0%-80.1pp | 92.1%-144.1pp | 236.2%+225.9pp | 10.3% |
| Current Ratio | 2.76-0.7x | 3.47+1.3x | 2.14-0.4x | 2.57+0.3x | 2.30+1.1x | 1.23-0.2x | 1.380.0x | 1.35-0.1x | 1.40+0.1x | 1.310.0x | 1.35-1.1x | 2.41+2.3x | 0.06-0.9x | 0.92-0.1x | 1.00 |
| Debt-to-Equity | 0.35+0.1x | 0.27-0.2x | 0.500.0x | 0.490.0x | 0.53-0.4x | 0.95+0.9x | 0.05-0.7x | 0.72+0.5x | 0.220.0x | 0.18-0.1x | 0.23-0.2x | 0.450.0x | 0.42+0.4x | 0.03 | N/A |
| FCF Margin | 8.7%+8.7pp | 0.0%-20.8pp | 20.8%+1.9pp | 18.9%+4.2pp | 14.7%+8.1pp | 6.6%-10.0pp | 16.7%+4.5pp | 12.2%-0.4pp | 12.6%+3.3pp | 9.3%+2.2pp | 7.0%-8.7pp | 15.7% | N/A | 1751.0% | 18.9% |
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
Where Perion Network Ltd Ranks
Frequently Asked Questions
What is Perion Network Ltd's annual revenue?
Perion Network Ltd (PERI) reported $439.9M in total revenue for fiscal year 2025. This represents a -11.7% 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 Perion Network Ltd's revenue growing?
Perion Network Ltd (PERI) revenue declined by 11.7% year-over-year, from $498.3M to $439.9M in fiscal year 2025.
Is Perion Network Ltd profitable?
No, Perion Network Ltd (PERI) reported a net income of -$7.9M in fiscal year 2025, with a net profit margin of -1.8%.
What is Perion Network Ltd's EBITDA?
Perion Network Ltd (PERI) had EBITDA of $2.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Perion Network Ltd's operating margin?
Perion Network Ltd (PERI) had an operating margin of -3.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Perion Network Ltd's net profit margin?
Perion Network Ltd (PERI) had a net profit margin of -1.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Perion Network Ltd's return on equity (ROE)?
Perion Network Ltd (PERI) has a return on equity of -1.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Perion Network Ltd's free cash flow?
Perion Network Ltd (PERI) generated $38.1M in free cash flow during fiscal year 2025. This represents a 56806.0% 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 Perion Network Ltd's operating cash flow?
Perion Network Ltd (PERI) generated $41.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Perion Network Ltd's total assets?
Perion Network Ltd (PERI) had $913.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Perion Network Ltd's capital expenditures?
Perion Network Ltd (PERI) invested $3.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Perion Network Ltd spend on research and development?
Perion Network Ltd (PERI) invested $34.7M in research and development during fiscal year 2025.
What is Perion Network Ltd's current ratio?
Perion Network Ltd (PERI) had a current ratio of 2.76 as of fiscal year 2025, which is generally considered healthy.
What is Perion Network Ltd's debt-to-equity ratio?
Perion Network Ltd (PERI) had a debt-to-equity ratio of 0.35 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Perion Network Ltd's return on assets (ROA)?
Perion Network Ltd (PERI) had a return on assets of -0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Perion Network Ltd's Altman Z-Score?
Perion Network Ltd (PERI) has an Altman Z-Score of 2.12, placing it in the Grey Zone (moderate 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 Perion Network Ltd's Piotroski F-Score?
Perion Network Ltd (PERI) 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 Perion Network Ltd's earnings high quality?
Perion Network Ltd (PERI) reported a net loss of $7.9M while generating $41.9M 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.
How financially healthy is Perion Network Ltd?
Perion Network Ltd (PERI) scores 47 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.