QT Imaging Holdings (QTI) 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 Nov 4, 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 QTI SEC filings page.
QT Imaging Holdings, Inc. (QTI) reported $18.9M in revenue for fiscal year 2025, up 287.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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 scaled rapidly, but operations still consume cash, leaving financing central to growth.
From FY2024 to FY2025, revenue grew287.9% while selling, general and administrative spending fell21.3% , yet operating margin remained negative at-23.4% . The combination indicates that higher sales improved gross profit but have not yet absorbed the broader operating cost base.
The balance sheet materially changed shape: current ratio improved from 0.5x in FY2024 to 2.8x in FY2025, while liabilities fell from
FY2025 operating cash flow was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. 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 QT Imaging Holdings, 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.
QT Imaging Holdings, Inc. held $10.4M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $9.0M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and QT Imaging Holdings, Inc. scores 39/100 among other emerging companies.
QT Imaging Holdings, Inc. had 12M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and QT Imaging Holdings, Inc. scores 92/100 among other emerging companies.
QT Imaging Holdings, Inc. spent $3.9M on research and development in fiscal year 2025, which was 16.8% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and QT Imaging Holdings, Inc. scores 48/100 among other emerging companies.
QT Imaging Holdings, Inc. reported revenue of $18.9M in fiscal year 2025, against $4.9M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and QT Imaging Holdings, Inc. scores 99/100 among other emerging companies.
QT Imaging Holdings, Inc.'s operations used $9.0M of cash in fiscal year 2025, against $10.0M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and QT Imaging Holdings, Inc. scores 11/100 among other emerging companies.
QT Imaging Holdings, Inc.'s cash, cash equivalents and investments came to $10.4M at the end of fiscal year 2025, against $16.6M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and QT Imaging Holdings, Inc. scores 49/100 among other emerging companies.
QT Imaging Holdings, Inc. scores -1.14, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $53.0M against total assets of $23.0M. 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.
QT Imaging Holdings, Inc. passes 6 of 9 financial strength tests. 2 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
QT Imaging Holdings, Inc. reported a net loss of $21.1M while operations used $9.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
QT Imaging Holdings, Inc. reported an operating loss of $4.4M against $2.6M 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
QT Imaging Holdings, Inc. generated $7.4M in revenue in Q2 2026. This represents an increase of 103.2% from the same quarter a year earlier. Against the prior quarter it is up 13.9%.
QT Imaging Holdings, Inc.'s EBITDA was -$1.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
QT Imaging Holdings, Inc. reported a net loss of $11.1M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
QT Imaging Holdings, Inc. earned -$0.75 per diluted share (EPS) in Q2 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
QT Imaging Holdings, Inc. recorded an outflow of $5.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
QT Imaging Holdings, Inc. held $10.9M in cash against $11.4M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
QT Imaging Holdings, Inc.'s gross margin was 41.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 8.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.2 percentage points.
QT Imaging Holdings, Inc.'s operating margin was -25.1% in Q2 2026, reflecting core business profitability. This is up 3.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 10.9 percentage points.
QT Imaging Holdings, Inc.'s quarterly ROE was -492.9% in Q2 2026: one quarter's net income over shareholder equity, not annualized. Against the prior quarter it is down 403.2 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
QT Imaging Holdings, Inc. invested $1.6M in research and development in Q2 2026. This represents an increase of 80.2% from the same quarter a year earlier. Against the prior quarter it is down 5.8%.
QT Imaging Holdings, Inc. invested $174K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 270.2% from the same quarter a year earlier. Against the prior quarter it is up 923.5%.
Not reported for Q2 2026.
QTI 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-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.4M+103.2% | $6.5M+133.4% | $8.3M+877.3% | $4.2M+338.5% | $3.7M+113.5% | $2.8M+105.4% | $847K+17004.3% | $956K+3777.1% |
| Cost of Revenue | $4.4M+138.8% | $3.9M+291.3% | $5.1M+1049.1% | $2.4M+581.4% | $1.8M+118.2% | $986K+63.8% | $447K+626.6% | $351K+1373.5% |
| Gross Profit | $3.1M+67.5% | $2.7M+47.5% | $3.1M+685.5% | $1.8M+197.8% | $1.8M+108.9% | $1.8M+138.4% | $400Kn/m | $605K+70448.1% |
| R&D Expenses | $1.6M+80.2% | $1.7M+102.3% | $1.2M+60.7% | $939K+1.5% | $901K-2.6% | $852K+32.6% | $774K+92.5% | $925K+196.7% |
| SG&A Expenses | $3.3M+67.6% | $3.3M+64.7% | $2.6M+54.9% | $2.5M+25.3% | $2.0M-9.2% | $2.0M-64.9% | $1.7M+372.4% | $2.0M+115.3% |
| Operating Income | -$1.9Mn/m | -$2.3Mn/m | -$700Kn/m | -$1.7Mn/m | -$1.0Mn/m | -$1.0Mn/m | -$2.1Mn/m | -$2.3Mn/m |
| EBITDA | -$1.8Mn/m | -$2.3Mn/m | -$684Kn/m | -$1.6Mn/m | -$1.0Mn/m | -$1.0Mn/m | -$2.0Mn/m | -$2.3Mn/m |
| Interest Expense | $745K+96.6% | $930K+34.6% | $1.0M-25.5% | $565K-61.2% | $379K-65.4% | $691K+15.4% | $1.3M+2150.2% | $1.5M+2302.6% |
| Income Tax | $2K-33.3% | N/A | N/A | $0n/m | $3Kn/m | N/A | N/A | $0-100.0% |
| Net Income | -$11.1Mn/m | -$3.4Mn/m | -$1.4Mn/m | -$4.6Mn/m | -$4.0Mn/m | -$11.1Mn/m | -$3.5Mn/m | -$3.6Mn/m |
| EPS (Basic) | -$0.75 | -$0.25 | $0.08 | -$0.47 | -$0.42 | -$1.21n/m | -$0.14 | -$0.51n/m |
| EPS (Diluted) | -$0.75 | -$0.25 | $0.08 | -$0.47 | -$0.42 | -$1.21n/m | -$0.14 | -$0.51n/m |
| Diluted Shares (Avg) | 15M | 14M | N/A | 10M | 9M | 9M-30.6% | N/A | 7M-25.0% |
QTI 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-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $30.6M+163.3% | $22.0M+102.7% | $23.0M+278.2% | $12.1M+74.1% | $11.6M+7.9% | $10.9M-15.5% | $6.1M-9.2% | $7.0M-69.9% |
| Current Assets | $29.4M+175.8% | $21.2M+116.0% | $22.1M+349.3% | $11.3M+95.4% | $10.7M+12.4% | $9.8M-14.2% | $4.9M+2.0% | $5.8M+4348.4% |
| Cash & Equivalents | $10.9M+440.3% | $6.9M+129.4% | $10.4M+788.4% | $1.7M+10.9% | $2.0M-56.1% | $3.0M-46.7% | $1.2M+534.6% | $1.6M+2770.6% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $9.9M+205.5% | $6.8M+137.6% | $5.0M+60.0% | $5.2M+64.8% | $3.2M-3.7% | $2.9M-30.2% | $3.1M-28.9% | $3.2M |
| Accounts Receivable | $7.4M+102.8% | $6.4M+128.3% | $5.8M+8528.4% | $3.2M+1162.7% | $3.7M+445.7% | $2.8M+476.8% | $67K+5093.8% | $257K |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $28.4M+137.4% | $18.2M-41.3% | $16.6M+6.1% | $21.2M+27.6% | $12.0M-29.4% | $31.1M+74.8% | $15.6M+30.0% | $16.6M-39.8% |
| Current Liabilities | $9.5M+50.6% | $8.5M+61.4% | $7.9M-19.7% | $12.7M+134.5% | $6.3M-58.7% | $5.3M+20.8% | $9.8M+33.5% | $5.4M-39.2% |
| Non-Current Liabilities | $18.9M+234.3% | $9.7M-62.4% | $8.7M+49.3% | $8.5M-24.4% | $5.6M+237.9% | $25.8M+92.4% | $5.8M+24.6% | $11.2M-40.1% |
| Long-Term Debt | $11.4M+12.4% | $10.1M-0.6% | $10.1M+1.8% | $15.1M+44.3% | $10.1M-13.1% | $10.2M-13.1% | $9.9M | $10.5M |
| Total Equity | $2.2Mn/m | $3.8Mn/m | $6.4Mn/m | -$9.1Mn/m | -$324Kn/m | -$20.2Mn/m | -$9.5Mn/m | -$9.7Mn/m |
| Retained Earnings | -$67.5Mn/m | -$56.4Mn/m | -$53.0Mn/m | -$51.6Mn/m | -$47.1Mn/m | -$43.1Mn/m | -$31.9Mn/m | -$28.5Mn/m |
Not reported in any period shown, so not listed: Goodwill.
QTI 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-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.8Mn/m | -$3.7Mn/m | -$3.1Mn/m | -$879Kn/m | -$1.4Mn/m | -$3.5Mn/m | -$1.2Mn/m | -$1.9Mn/m |
| Depreciation & Amortization | $21K-44.7% | $20K-47.4% | $16K-41.9% | $40K+102.7% | $38K-55.8% | $38K-61.6% | $27K-78.6% | $20K-84.1% |
| Stock-Based Compensation | $668K+205.0% | $381K+277.2% | N/A | $199K+56.3% | $219Kn/m | $101K+159.1% | N/A | $127K-34.9% |
| Capital Expenditures | $174K+270.2% | $17Kn/m | $77K+44.5% | N/A | $47K | $0 | $53K | $8K-69.4% |
| Free Cash Flow | -$5.0Mn/m | -$3.7Mn/m | -$3.2Mn/m | N/A | -$1.5M | -$3.5M | -$1.3M | -$1.9Mn/m |
| Investing Cash Flow | -$174Kn/m | -$17Kn/m | -$77Kn/m | $182n/m | -$47K | $0 | -$53K-512.3% | -$8Kn/m |
| Financing Cash Flow | $9.0M+1624.2% | $159K-97.0% | $11.9M+1211.8% | $572Kn/m | $524Kn/m | $5.4M-53.2% | $908K+13.1% | -$1.2M-540.1% |
| Dividends Paid | N/A | N/A | $0-100.0% | $0n/m | N/A | N/A | $498n/m | $0n/m |
Not reported in any period shown, so not listed: Share Buybacks.
QTI 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-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.2%-8.8pp | 40.9%-23.8pp | 38.0%-9.3pp | 43.0%-20.3pp | 49.9%-1.1pp | 64.8%+9.0pp | 47.2% | 63.3%+59.8pp |
| Operating Margin | -25.1%+3.4pp | -36.0%+1.3pp | -8.5% | -39.4% | -28.5% | -37.2% | -242.2% | -243.4% |
| Net Margin | -148.9% | -52.2% | -16.8% | -108.7% | -109.4% | -398.0% | -411.9% | -378.6% |
| Return on Equity | -492.9% | -89.7% | -21.5% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -36.1%-1.7pp | -15.5%+87.0pp | -6.0%+51.3pp | -37.6%+14.4pp | -34.4%-22.8pp | -102.5%-97.6pp | -57.3%-34.8pp | -52.0%-46.1pp |
| Current Ratio | 3.10+1.4x | 2.49+0.6x | 2.81+2.3x | 0.89-0.2x | 1.69+1.1x | 1.86-0.8x | 0.50-0.2x | 1.06+1.0x |
| Debt-to-Equity | 5.07 | 2.66 | 1.57 | N/A | N/A | N/A | N/A | N/A |
| Liabilities-to-Equity | 12.64 | 4.80 | 2.57 | N/A | N/A | N/A | N/A | N/A |
| Asset Turnover | 0.24-0.1x | 0.300.0x | 0.36+0.2x | 0.35+0.2x | 0.31+0.2x | 0.26+0.2x | 0.14+0.1x | 0.14+0.1x |
| FCF Margin | -67.4%-26.7pp | -56.2% | -38.4% | N/A | -40.7% | -126.4% | -151.2% | -194.5% |
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. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| QT Imaging Holdings, Inc. QTI | FY2025 | $18.9M | -$21.1M | N/A | $32.1M | 56/100 |
| TELA Bio, Inc. TELA | FY2025 | $80.3M | -$38.8M | -48.4% | $37.8M | 47/100 |
| Nortech Systems Inc NSYS | FY2025 | $118.4M | -$252K | -0.2% | $31.2M | 36/100 |
| InspireMD, Inc. NSPR | FY2025 | $9.0M | -$48.8M | N/A | $36.6M | 49/100 |
| Rapid Micro Biosystems, Inc. RPID | FY2025 | $33.6M | -$47.1M | N/A | $34.2M | 55/100 |
| CVRx, Inc. CVRX | FY2025 | $56.7M | -$53.3M | -94.1% | $42.1M | 52/100 |
Where QT Imaging Holdings, Inc. Ranks
Frequently Asked Questions
QT Imaging Holdings, Inc. (QTI) reported $18.9M in total revenue for fiscal year 2025. This represents a 287.9% 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.
QT Imaging Holdings, Inc. (QTI) revenue grew by 287.9% year-over-year, from $4.9M to $18.9M in fiscal year 2025.
No, QT Imaging Holdings, Inc. (QTI) reported a net loss of $21.1M in fiscal year 2025.
QT Imaging Holdings, Inc. (QTI) had EBITDA of -$4.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, QT Imaging Holdings, Inc. (QTI) had $10.4M in cash and equivalents against $10.1M in long-term debt.
QT Imaging Holdings, Inc. (QTI) had a gross margin of 45.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
QT Imaging Holdings, Inc. (QTI) had an operating margin of -23.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
QT Imaging Holdings, Inc. (QTI) has a return on equity of -327.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
QT Imaging Holdings, Inc. (QTI) recorded an outflow of $9.1M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
QT Imaging Holdings, Inc. (QTI) recorded an outflow of $9.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
QT Imaging Holdings, Inc. (QTI) had $23.0M in total assets as of fiscal year 2025, including both current and long-term assets.
QT Imaging Holdings, Inc. (QTI) invested $124K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
QT Imaging Holdings, Inc. (QTI) invested $3.9M in research and development during fiscal year 2025.
QT Imaging Holdings, Inc. (QTI) had a current ratio of 2.81 as of fiscal year 2025, which is generally considered healthy.
QT Imaging Holdings, Inc. (QTI) had a debt-to-equity ratio of 1.57 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
QT Imaging Holdings, Inc. (QTI) had a liabilities-to-equity ratio of 2.57 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
QT Imaging Holdings, Inc. (QTI) had a return on assets of -91.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
QT Imaging Holdings, Inc. (QTI) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $32.1M as of Nov 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
QT Imaging Holdings, Inc. (QTI) trades at 1.2x sales, its market capitalization divided by $26.4M revenue, trailing 12 months to June 30, 2026. The market capitalization is $32.1M as of Nov 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
At the end of fiscal year 2025, QT Imaging Holdings, Inc. (QTI) held $10.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $9.0M 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.
QT Imaging Holdings, Inc. (QTI) has an Altman Z-Score of -1.14, 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.
QT Imaging Holdings, Inc. (QTI) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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.
QT Imaging Holdings, Inc. (QTI) reported a net loss of $21.1M while operations used $9.0M 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.
QT Imaging Holdings, Inc. (QTI) reported an operating loss of $4.4M against $2.6M 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.
QT Imaging Holdings, Inc. (QTI) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is the average 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.