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

Rapt Therapeutics, Inc. (RAPT) reported diluted earnings per share of -$3.19 for fiscal year 2024. 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.

Rapt Therapeutics, Inc. (RAPT) Financials

RAPT

FY2024 annual

Net Income -$129.9M -11.2% YoY

EPS (Diluted) -$3.19 YoY not available

Free Cash Flow -$83.4M +15.0% YoY

Operating Cash Flow -$83.3M +14.2% YoY

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2025, ended Sep 30, 2025 Reported Nov 6, 2025 Currency USD FYE December

Newest figures come from the 10-Q for Q3 FY2025, filed Nov 6, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RAPT SEC filings page.

This page shows Rapt Therapeutics, Inc. (RAPT) financial statements, including the 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).

Rhea AI RAPT FY2024 2026-08-30

RAPT’s dominant mechanic is development-stage spending funded by financing, while the latest annual revenue field remains unavailable.

In FY2024, research and development was $107.2M against operating cash flow of -$83.3M, showing that development investment—not working-capital needs—is the central cash-use mechanic. Net loss reached -$129.9M while total assets were $240.3M, indicating that losses remain large relative to the asset base despite financing inflows.

The balance sheet remains lightly debt-funded: total liabilities rose from $21.0M in FY2022 to $50.4M in FY2024, without debt becoming the primary funding source. The working-capital cushion narrowed as the current ratio fell from 17.8x to 4.9x, making liquidity less expansive even as leverage stayed moderate.

FY2024 financing cash flow of $152.9M alongside 132.0M shares outstanding is consistent with equity-led funding rather than debt accumulation. At year-end, reported cash, equivalents, and investments were equivalent to 33.3 months of reported operating outflow; that is a point-in-time funding comparison, not a forecast.

Financial Health Signals

Financial health score not available

Rapt 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

2/6

Rapt Therapeutics, Inc. passes 2 of 6 computable financial strength tests (3 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).

Earnings Quality No Cash Backing

N/A

Rapt Therapeutics, Inc. reported a net loss of $129.9M while operations used $83.3M 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

-$19.2M

YoY+1.6%

QoQ+0.8%

Rapt Therapeutics, Inc.'s EBITDA was -$19.2M in Q3 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1.6% from the same quarter a year earlier. Against the prior quarter it is up 0.8%.

Net Income

-$17.6M

YoY+4.6%

QoQ+0.4%

Rapt Therapeutics, Inc. reported -$17.6M in net income in Q3 2025. This represents an increase of 4.6% from the same quarter a year earlier. Against the prior quarter it is up 0.4%.

EPS (Diluted)

-$0.65

QoQ0.0%

Rapt Therapeutics, Inc. earned -$0.65 per diluted share (EPS) in Q3 2025. It is unchanged from the prior quarter.

Revenue

Not reported for Q3 2025.

Cash & Balance Sheet

Free Cash Flow

-$12.5M

YoY+29.4%

QoQ-10.1%

Rapt Therapeutics, Inc. recorded an outflow of $12.5M in free cash flow in Q3 2025, representing a cash shortfall after capex. This represents an increase of 29.4% from the same quarter a year earlier. Against the prior quarter it is down 10.1%.

Cash & Debt

$37.9M

YoY+0.1%

QoQ-9.4%

5Y CAGR+13.4%

Rapt Therapeutics, Inc. held $37.9M in cash as of Q3 2025; long-term debt is not reported for that period.

Shares Outstanding

28M

QoQ+67.6%

5Y CAGR+2.4%

Rapt Therapeutics, Inc. had 28M shares outstanding in Q3 2025. Against the prior quarter it is up 67.6%.

Dividends Per Share

Not reported for Q3 2025.

Margins & Returns

Return on Equity

-11.6%

YoY+7.7pp

QoQ-0.8pp

Rapt Therapeutics, Inc.'s ROE was -11.6% in Q3 2025, measuring profit generated per dollar of shareholder equity. This is up 7.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.8 percentage points.

Gross Margin

Not reported for Q3 2025.

Operating Margin

Not reported for Q3 2025.

Net Margin

Not reported for Q3 2025.

Capital Allocation

R&D Spending

$12.0M

YoY-9.8%

QoQ-2.5%

Rapt Therapeutics, Inc. invested $12.0M in research and development in Q3 2025. This represents a decrease of 9.8% from the same quarter a year earlier. Against the prior quarter it is down 2.5%.

Capital Expenditures

YoY-100.0%

QoQ-100.0%

Rapt Therapeutics, Inc. reported no capital expenditure in Q3 2025. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.

Share Buybacks

Not reported for Q3 2025.

RAPT 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.

RAPT quarterly income statement

Metric	TTM	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Revenue	N/A	N/A	$0-100.0%	$1.5M-60.0%	$3.8M-24.4%	$5.0M	N/A	N/A
R&D Expenses	N/A	$107.2M+6.2%	$101.0M+50.6%	$67.1M+17.7%	$57.0M+25.3%	$45.5M+30.3%	$34.9M+9.9%	$31.8M
SG&A Expenses	N/A	$28.9M+10.8%	$26.1M+28.8%	$20.2M+26.2%	$16.0M+25.6%	$12.8M+46.5%	$8.7M+68.3%	$5.2M
Operating Income	N/A	-$136.1M-7.1%	-$127.1M-48.1%	-$85.8M-24.0%	-$69.2M-30.1%	-$53.2M-22.0%	-$43.6M-18.1%	-$36.9M
EBITDA	N/A	-$134.9M-7.2%	-$125.8M-48.5%	-$84.7M-24.2%	-$68.2M-30.9%	-$52.1M-23.1%	-$42.3M-18.5%	-$35.7M
Income Tax	N/A	N/A	N/A	N/A	N/A	$990K+50.0%	$660K	N/A
Net Income	N/A	-$129.9M-11.2%	-$116.8M-39.3%	-$83.8M-21.1%	-$69.2M-30.8%	-$52.9M-23.0%	-$43.0M-19.0%	-$36.1M
EPS (Basic)	N/A	-$3.19-4.6%	-$3.05-18.2%	-$2.58-2.0%	-$2.53	N/A	N/A	N/A
EPS (Diluted)	—	-$3.19	-$3.05-18.2%	-$2.58-2.0%	-$2.53	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	41M	38M+17.8%	33M+18.8%	27M	N/A	N/A	N/A

Metric	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-Q	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
R&D Expenses	$12.0M-9.8%	$12.3M-45.5%	$12.0M-51.4%	N/A	$13.3M-50.6%	$22.6M+4.6%	$24.8M-3.1%	N/A
SG&A Expenses	$7.3M+13.8%	$7.2M+7.5%	$7.2M-6.6%	N/A	$6.4M-6.5%	$6.7M-0.5%	$7.7M+29.2%	N/A
Operating Income	-$19.4M+2.1%	-$19.5M+33.4%	-$19.3M+40.8%	N/A	-$19.8M+41.7%	-$29.3M-3.4%	-$32.5M-3.0%	N/A
EBITDA	-$19.2M+1.6%	-$19.3M+33.4%	-$19.0M+41.0%	N/A	-$19.5M+42.0%	-$29.0M-3.4%	-$32.2M-3.0%	N/A
Net Income	-$17.6M+4.6%	-$17.6M+36.2%	-$17.2M+43.8%	N/A	-$18.4M+41.2%	-$27.7M-9.4%	-$30.5M-4.3%	N/A
EPS (Basic)	-$0.65+82.8%	-$0.65+88.6%	-$0.08+89.9%	-$1.22-50.6%	-$3.79-362.2%	-$5.69-762.1%	-$0.79-3.9%	-$0.81-24.6%
EPS (Diluted)	-$0.65	-$0.65	-$0.08	-$1.22	-$3.79	-$5.69	-$0.79-3.9%	-$0.81-24.6%
Diluted Shares (Avg)	27M	27M	215M	N/A	5M	5M	39M+0.9%	N/A

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

RAPT Balance Sheet

RAPT quarterly balance sheet

Metric	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Total Assets	$240.3M+38.7%	$173.3M-34.9%	$266.2M+34.0%	$198.6M+67.0%	$119.0M+40.6%	$84.6M+21.5%	$69.6M
Current Assets	$235.2M+45.4%	$161.8M-36.0%	$252.7M+30.9%	$193.0M+66.9%	$115.6M+43.6%	$80.5M+23.7%	$65.1M
Cash & Equivalents	$169.7M+257.5%	$47.5M+21.9%	$38.9M+62.1%	$24.0M-3.6%	$24.9M-67.8%	$77.4M+21.3%	$63.8M
Short-Term Investments	$61.3M-44.9%	$111.4M-47.0%	$210.1M+26.9%	$165.6M+91.3%	$86.6M	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$50.4M+91.8%	$26.3M+25.0%	$21.0M+71.7%	$12.3M-17.1%	$14.8M+28.8%	$11.5M-93.1%	$166.7M
Current Liabilities	$48.4M+121.4%	$21.8M+53.5%	$14.2M+48.2%	$9.6M-18.3%	$11.7M+26.9%	$9.3M+99.4%	$4.6M
Non-Current Liabilities	$2.1M-53.6%	$4.5M-34.6%	$6.8M+156.3%	$2.7M-12.7%	$3.0M+37.0%	$2.2M-98.6%	$162.1M
Total Equity	$189.9M+29.2%	$147.0M-40.0%	$245.2M+31.5%	$186.4M+78.9%	$104.2M+42.5%	$73.1M+175.3%	-$97.1M
Retained Earnings	-$614.5M-26.8%	-$484.7M-31.7%	-$367.9M-29.5%	-$284.0M-32.2%	-$214.8M-32.7%	-$161.9M-36.1%	-$119.0M

Metric	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-Q	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
Total Assets	$165.7M+52.8%	$178.4M+40.3%	$187.6M+20.4%	$240.3M+38.7%	$108.5M-45.7%	$127.2M-42.4%	$155.8M-37.3%	$173.3M-34.9%
Current Assets	$161.0M+57.0%	$172.9M+43.5%	$183.2M+23.5%	$235.2M+45.4%	$102.6M-45.2%	$120.5M-41.9%	$148.4M-36.8%	$161.8M-36.0%
Cash & Equivalents	$37.9M+0.1%	$41.9M+13.0%	$60.3M+33.0%	$169.7M+257.5%	$37.9M-30.0%	$37.1M-26.1%	$45.3M-1.0%	$47.5M+21.9%
Short-Term Investments	$119.4M+99.0%	$127.1M+63.4%	$119.0M+23.6%	$61.3M-44.9%	$60.0M-54.1%	$77.8M-49.8%	$96.3M-48.2%	$111.4M-47.0%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$13.8M+6.2%	$14.0M-22.0%	$10.2M-59.2%	$50.4M+91.8%	$13.0M-51.9%	$18.0M-14.8%	$25.0M-10.3%	$26.3M+25.0%
Current Liabilities	$13.4M+29.1%	$13.0M-11.9%	$8.7M-59.0%	$48.4M+121.4%	$10.4M-52.6%	$14.8M-4.0%	$21.2M-2.0%	$21.8M+53.5%
Non-Current Liabilities	$387K-85.1%	$959K-69.6%	$1.5M-60.2%	$2.1M-53.6%	$2.6M-48.8%	$3.2M-44.2%	$3.8M-38.9%	$4.5M-34.6%
Total Equity	$152.0M+59.1%	$164.4M+50.5%	$177.4M+35.6%	$189.9M+29.2%	$95.5M-44.7%	$109.2M-45.3%	$130.8M-40.7%	$147.0M-40.0%
Retained Earnings	-$666.9M-18.8%	-$649.4M-19.6%	-$631.7M-22.6%	-$614.5M-26.8%	-$561.3M-23.7%	-$542.9M-28.5%	-$515.2M-29.7%	-$484.7M-31.7%

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

RAPT Cash Flow Statement

RAPT quarterly cash flow statement

Metric	TTM	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Operating Cash Flow	-$86.6M	-$83.3M+14.2%	-$97.0M-37.1%	-$70.8M-16.0%	-$61.0M-50.7%	-$40.5M-14.1%	-$35.5M-7.7%	-$33.0M
Depreciation & Amortization	N/A	$1.2M-1.1%	$1.2M+16.1%	$1.0M+5.1%	$996K-11.3%	$1.1M-15.6%	$1.3M+7.5%	$1.2M
Stock-Based Compensation	N/A	$19.9M+16.6%	$17.1M+51.7%	$11.3M+13.2%	$10.0M+14.6%	$8.7M+323.5%	$2.1M+75.3%	$1.2M
Capital Expenditures	$84K	$122K-89.2%	$1.1M+33.1%	$845K+11.9%	$755K+89.7%	$398K-55.2%	$888K-74.6%	$3.5M
Free Cash Flow	-$86.7M	-$83.4M+15.0%	-$98.2M-37.1%	-$71.6M-15.9%	-$61.8M-51.1%	-$40.9M-12.4%	-$36.4M+0.2%	-$36.5M
Investing Cash Flow	-$56.7M	$52.7M-49.4%	$104.1M+328.9%	-$45.5M+44.1%	-$81.3M+7.0%	-$87.4M-10271.9%	-$843K+75.9%	-$3.5M
Financing Cash Flow	$143.3M	$152.9M+10463.4%	$1.4M-98.9%	$131.2M-7.3%	$141.5M+87.5%	$75.5M+51.2%	$49.9M-5.4%	$52.7M

Metric	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-Q	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
Operating Cash Flow	-$12.5M+29.3%	-$11.3M+60.0%	-$52.4M-93.5%	-$10.4M+62.4%	-$17.6M+19.5%	-$28.2M+2.3%	-$27.1M-45.6%	-$27.8M-21.5%
Depreciation & Amortization	$200K-33.3%	$200K-33.3%	$252K-19.7%	$287K-11.1%	$300K0.0%	$300K0.0%	$314K+5.0%	$323K+28.2%
Stock-Based Compensation	$5.0M+10.2%	$4.5M-15.7%	$4.6M-13.9%	N/A	$4.6M+5.4%	$5.4M+27.0%	$5.4M+31.9%	N/A
Capital Expenditures	$0-100.0%	$40K+3900.0%	$43K-59.0%	$1K-98.5%	$17K-74.2%	-$1K-99.6%	$105K-86.2%	$67K+36.7%
Free Cash Flow	-$12.5M+29.4%	-$11.3M+59.8%	-$52.5M-92.9%	-$10.4M+62.5%	-$17.6M+19.6%	-$28.2M+3.1%	-$27.2M-40.4%	-$27.8M-21.5%
Investing Cash Flow	$8.5M-54.1%	-$7.3M-137.8%	-$57.1M-459.2%	-$843K-104.1%	$18.4M-28.4%	$19.2M-40.8%	$15.9M-37.2%	$20.6M+150.0%
Financing Cash Flow	$36K	$161K-77.0%	$0-100.0%	$143.1M+31147.8%	$0-100.0%	$701K-8.6%	$9.0M+7689.7%	$458K-99.4%

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

RAPT 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.

RAPT quarterly financial ratios

Metric	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Operating Margin	N/A	N/A	-5618.5%	-1815.1%	-1055.4%	N/A	N/A
Net Margin	N/A	N/A	-5490.4%	-1815.0%	-1049.0%	N/A	N/A
Return on Equity	-68.4%+11.1pp	-79.4%-45.2pp	-34.2%+2.9pp	-37.1%+13.6pp	-50.8%+8.0pp	-58.8%	N/A
Return on Assets	-54.0%+13.4pp	-67.4%-35.9pp	-31.5%+3.3pp	-34.8%+9.6pp	-44.5%+6.4pp	-50.8%+1.1pp	-51.9%
Current Ratio	4.87-2.5x	7.41-10.4x	17.77-2.3x	20.11+10.3x	9.84+1.1x	8.70-5.3x	14.01
Debt-to-Equity	0.27+0.1x	0.18+0.1x	0.090.0x	0.07-0.1x	0.140.0x	0.16	N/A
Asset Turnover	N/A	0.000.0x	0.010.0x	0.020.0x	0.04	N/A	N/A
FCF Margin	N/A	N/A	-4690.0%	-1620.3%	-811.0%	N/A	N/A

Metric	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-Q	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
Return on Equity	-11.6%+7.7pp	-10.7%+14.6pp	-9.7%+13.7pp	N/A	-19.3%-1.2pp	-25.3%-12.7pp	-23.3%-10.1pp	N/A
Return on Assets	-10.6%+6.4pp	-9.9%+11.9pp	-9.2%+10.4pp	N/A	-17.0%-1.3pp	-21.8%-10.3pp	-19.6%-7.8pp	N/A
Current Ratio	12.04+2.1x	13.25+5.1x	21.11+14.1x	4.87-2.5x	9.90+1.3x	8.14-5.3x	7.01-3.8x	7.41-10.4x
Debt-to-Equity	0.090.0x	0.09-0.1x	0.06-0.1x	0.27+0.1x	0.140.0x	0.16+0.1x	0.19+0.1x	0.18+0.1x

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
Rapt Therapeutics, Inc. RAPT	FY2024	N/A	-$129.9M	N/A	$1.7B	—
Omeros OMER	FY2025	N/A	N/A	N/A	$1.4B	—
Annexon, Inc. ANNX	FY2025	N/A	-$206.7M	N/A	$934.6M	—
Candel Therapeutics, Inc. CADL	FY2025	N/A	-$38.2M	N/A	$1.0B	—
Neumora Therapeutics Inc NMRA	FY2025	N/A	$236.9M	N/A	$259.3M	—

Where Rapt Therapeutics, Inc. Ranks

Frequently Asked Questions

Is Rapt Therapeutics, Inc. profitable?

No, Rapt Therapeutics, Inc. (RAPT) reported a net income of -$129.9M in fiscal year 2024.

What is Rapt Therapeutics, Inc.'s EBITDA?

Rapt Therapeutics, Inc. (RAPT) had EBITDA of -$134.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

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

Rapt Therapeutics, Inc. (RAPT) has a return on equity of -68.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Rapt Therapeutics, Inc.'s free cash flow?

Rapt Therapeutics, Inc. (RAPT) recorded an outflow of $83.4M in free cash flow during fiscal year 2024. This represents a 15.0% 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 Rapt Therapeutics, Inc.'s operating cash flow?

Rapt Therapeutics, Inc. (RAPT) recorded an outflow of $83.3M in operating cash flow during fiscal year 2024, representing cash used by core business activities.

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

Rapt Therapeutics, Inc. (RAPT) had $240.3M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Rapt Therapeutics, Inc.'s capital expenditures?

Rapt Therapeutics, Inc. (RAPT) invested $122K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

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

Rapt Therapeutics, Inc. (RAPT) invested $107.2M in research and development during fiscal year 2024.

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

Rapt Therapeutics, Inc. (RAPT) had 132M shares outstanding as of fiscal year 2024.

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

Rapt Therapeutics, Inc. (RAPT) had a current ratio of 4.87 as of fiscal year 2024, which is generally considered healthy.

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

Rapt Therapeutics, Inc. (RAPT) had a debt-to-equity ratio of 0.27 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Rapt Therapeutics, Inc. (RAPT) had a return on assets of -54.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

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

At the end of fiscal year 2024, Rapt Therapeutics, Inc. (RAPT) held $231.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $83.3M over that year. Dividing the one by the other, the reported balance equals about 33 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 Rapt Therapeutics, Inc.'s Piotroski F-Score?

Rapt Therapeutics, Inc. (RAPT) has a Piotroski F-Score of 2 out of 6 computable signals; 3 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 Rapt Therapeutics, Inc.'s earnings high quality?

Rapt Therapeutics, Inc. (RAPT) reported a net loss of $129.9M while operations used $83.3M 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.