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Neuronetics Financials

STIM
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Neuronetics (STIM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 30 / 100
Financial Profile 30/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
0

Neuronetics has an operating margin of -21.1%, meaning the company retains $-21 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -46.2% the prior year.

Growth
100

Neuronetics's revenue surged 99.2% year-over-year to $149.2M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage
42

Neuronetics has a moderate D/E ratio of 2.94. This balance of debt and equity financing earns a leverage score of 42/100.

Liquidity
37

Neuronetics's current ratio of 2.02 indicates adequate short-term liquidity, earning a score of 37/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
0

While Neuronetics generated -$20.4M in operating cash flow, capex of $801K consumed most of it, leaving -$21.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns
0

Neuronetics generates a -174.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -157.8% the prior year.

Piotroski F-Score Neutral
4/9

Neuronetics passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality
0.52x

For every $1 of reported earnings, Neuronetics generates $0.52 in operating cash flow (-$20.4M OCF vs -$39.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-4.1x

Neuronetics earns $-4.1 in operating income for every $1 of interest expense (-$31.4M vs $7.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$149.2M
YoY+99.2%
5Y CAGR+24.8%

Neuronetics generated $149.2M in revenue in fiscal year 2025. This represents an increase of 99.2% from the prior year.

EBITDA
-$28.0M
YoY+13.9%

Neuronetics's EBITDA was -$28.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.9% from the prior year.

Net Income
-$39.0M
YoY+10.8%

Neuronetics reported -$39.0M in net income in fiscal year 2025. This represents an increase of 10.8% from the prior year.

EPS (Diluted)
$-0.59
YoY+57.2%

Neuronetics earned $-0.59 per diluted share (EPS) in fiscal year 2025. This represents an increase of 57.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$21.2M
YoY+34.8%

Neuronetics generated -$21.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 34.8% from the prior year.

Cash & Debt
$28.1M
YoY+52.4%
5Y CAGR-10.5%

Neuronetics held $28.1M in cash against $65.8M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
69M
YoY+23.9%
5Y CAGR+29.3%

Neuronetics had 69M shares outstanding in fiscal year 2025. This represents an increase of 23.9% from the prior year.

Margins & Returns

Gross Margin
48.5%
YoY-23.8pp
5Y CAGR-28.1pp

Neuronetics's gross margin was 48.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 23.8 percentage points from the prior year.

Operating Margin
-21.1%
YoY+25.1pp
5Y CAGR+24.2pp

Neuronetics's operating margin was -21.1% in fiscal year 2025, reflecting core business profitability. This is up 25.1 percentage points from the prior year.

Net Margin
-26.2%
YoY+32.2pp
5Y CAGR+29.6pp

Neuronetics's net profit margin was -26.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 32.2 percentage points from the prior year.

Return on Equity
-174.3%
YoY-16.5pp
5Y CAGR-66.6pp

Neuronetics's ROE was -174.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 16.5 percentage points from the prior year.

Capital Allocation

R&D Spending
$6.6M
YoY-48.4%
5Y CAGR-6.5%

Neuronetics invested $6.6M in research and development in fiscal year 2025. This represents a decrease of 48.4% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$801K
YoY-45.4%
5Y CAGR+1.9%

Neuronetics invested $801K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 45.4% from the prior year.

STIM Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $41.8M+12.0% $37.3M-2.1% $38.1M+19.2% $32.0M+42.2% $22.5M+21.4% $18.5M+12.6% $16.4M-5.6% $17.4M
Cost of Revenue $20.1M-0.6% $20.2M-0.8% $20.4M+25.3% $16.2M+113.6% $7.6M+67.8% $4.5M+6.0% $4.3M-1.3% $4.3M
Gross Profit $21.7M+26.9% $17.1M-3.7% $17.8M+12.8% $15.7M+5.7% $14.9M+6.4% $14.0M+15.0% $12.2M-6.9% $13.1M
R&D Expenses $1.7M+10.8% $1.5M-16.4% $1.8M+11.3% $1.6M-72.0% $5.8M+138.9% $2.4M+8.1% $2.2M-4.9% $2.3M
SG&A Expenses $13.3M+20.4% $11.1M-8.8% $12.2M-7.5% $13.1M+10.2% $11.9M+89.5% $6.3M+2.3% $6.1M+3.2% $6.0M
Operating Income -$5.0M+31.1% -$7.3M+9.1% -$8.1M+26.8% -$11.0M+4.0% -$11.5M-48.4% -$7.7M+9.2% -$8.5M-24.0% -$6.9M
Interest Expense $1.5M-31.9% $2.2M+12.0% $2.0M+2.4% $1.9M+9.4% $1.8M+1.9% $1.7M-12.8% $2.0M+8.3% $1.8M
Income Tax N/A N/A N/A N/A N/A $0 N/A N/A
Net Income -$7.2M+20.9% -$9.0M+10.6% -$10.1M+20.2% -$12.7M-0.1% -$12.7M+5.1% -$13.3M-35.7% -$9.8M-24.9% -$7.9M
EPS (Diluted) N/A $-0.13+13.3% $-0.15+28.6% $-0.21 N/A $-0.44-33.3% $-0.33-22.2% $-0.27

STIM Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $141.6M-2.7% $145.5M+8.0% $134.7M-5.2% $142.0M+0.8% $140.9M+182.5% $49.9M-48.5% $96.8M-6.7% $103.8M
Current Assets $61.6M-5.1% $64.9M+15.6% $56.1M-7.5% $60.7M+4.4% $58.1M+195.9% $19.6M-74.0% $75.5M-7.8% $81.9M
Cash & Equivalents $28.1M+0.6% $28.0M+155.0% $11.0M-45.8% $20.2M+9.6% $18.5M-11.5% $20.9M-51.1% $42.6M-10.7% $47.7M
Inventory $4.3M+0.1% $4.3M-12.6% $4.9M+21.5% $4.1M-4.2% $4.2M-14.4% $5.0M-19.2% $6.1M-8.2% $6.7M
Accounts Receivable $16.5M-11.9% $18.7M-28.4% $26.1M-0.3% $26.2M+12.2% $23.4M+84.9% $12.6M-26.3% $17.1M-2.1% $17.5M
Goodwill $23.6M+4.2% $22.7M+18.8% $19.1M+2.4% $18.6M0.0% $18.6M N/A N/A N/A
Total Liabilities $115.3M+1.1% $114.1M+10.6% $103.1M+0.7% $102.5M-6.1% $109.1M-42.7% $190.4M+145.9% $77.4M+1.7% $76.2M
Current Liabilities $30.5M+5.5% $28.9M+4.1% $27.8M+11.9% $24.8M-20.5% $31.3M-16.5% $37.5M+28.0% $29.3M+101.8% $14.5M
Long-Term Debt $65.8M+0.2% $65.7M+18.2% $55.5M+0.4% $55.3M+0.3% $55.2M+19.9% $46.0M-0.3% $46.1M-22.4% $59.4M
Total Equity $22.4M-18.2% $27.4M+0.8% $27.1M-23.4% $35.5M+28.0% $27.7M+120.2% -$136.9M-806.3% $19.4M-29.9% $27.7M
Retained Earnings -$458.8M-1.6% -$451.6M-2.0% -$442.6M-2.3% -$432.5M-3.0% -$419.8M-59.2% -$263.7M+33.0% -$393.8M-2.6% -$384.0M

STIM Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $908K+215.7% -$785K+77.6% -$3.5M+79.4% -$17.0M-97.7% -$8.6M-58.7% -$5.4M-9.0% -$5.0M+58.6% -$12.0M
Capital Expenditures $216K+89.5% $114K-54.8% $252K+15.1% $219K+146.1% $89K-76.9% $386K-37.3% $616K+64.3% $375K
Free Cash Flow $692K+177.0% -$899K+76.1% -$3.8M+78.2% -$17.2M-98.2% -$8.7M-49.7% -$5.8M-3.9% -$5.6M+54.9% -$12.4M
Investing Cash Flow -$216K-89.5% -$114K+54.8% -$252K-15.1% -$219K+90.8% -$2.4M-17071.4% $14K+111.8% -$119K-275.0% $68K
Financing Cash Flow -$1.0M-105.7% $17.9M+1790000.0% $1K-100.0% $19.0M+98.4% $9.6M N/A N/A N/A
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

STIM Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 51.9%+6.1pp 45.9%-0.7pp 46.6%-2.6pp 49.2%-17.0pp 66.2%-9.4pp 75.6%+1.5pp 74.0%-1.1pp 75.1%
Operating Margin -12.1%+7.6pp -19.6%+1.5pp -21.1%+13.3pp -34.4%+16.5pp -51.0%-9.3pp -41.7%+10.0pp -51.7%-12.3pp -39.4%
Net Margin -17.1%+7.1pp -24.3%+2.3pp -26.6%+13.1pp -39.6%+16.6pp -56.3%+15.7pp -72.0%-12.2pp -59.8%-14.6pp -45.2%
Return on Equity -32.0%+1.1pp -33.1%+4.2pp -37.3%-1.5pp -35.8%+10.0pp -45.7% N/A -50.7%-22.2pp -28.5%
Return on Assets -5.1%+1.2pp -6.2%+1.3pp -7.5%+1.4pp -8.9%+0.1pp -9.0%+17.8pp -26.8%-16.6pp -10.2%-2.6pp -7.6%
Current Ratio 2.02-0.2 2.24+0.2 2.02-0.4 2.44+0.6 1.86+1.3 0.52-2.1 2.58-3.1 5.65
Debt-to-Equity 2.94+0.5 2.40+0.4 2.05+0.5 1.56-0.4 1.99+2.3 -0.34-2.7 2.38+0.2 2.15
FCF Margin 1.7%+4.1pp -2.4%+7.4pp -9.9%+44.0pp -53.8%-15.2pp -38.6%-7.3pp -31.3%+2.6pp -34.0%+37.2pp -71.1%

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Frequently Asked Questions

Neuronetics (STIM) reported $149.2M in total revenue for fiscal year 2025. This represents a 99.2% 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.

Neuronetics (STIM) revenue grew by 99.2% year-over-year, from $74.9M to $149.2M in fiscal year 2025.

No, Neuronetics (STIM) reported a net income of -$39.0M in fiscal year 2025, with a net profit margin of -26.2%.

Neuronetics (STIM) reported diluted earnings per share of $-0.59 for fiscal year 2025. This represents a 57.2% change compared to the previous fiscal year. 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.

Neuronetics (STIM) had EBITDA of -$28.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Neuronetics (STIM) had $28.1M in cash and equivalents against $65.8M in long-term debt.

Neuronetics (STIM) had a gross margin of 48.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Neuronetics (STIM) had an operating margin of -21.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Neuronetics (STIM) had a net profit margin of -26.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Neuronetics (STIM) has a return on equity of -174.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Neuronetics (STIM) generated -$21.2M in free cash flow during fiscal year 2025. This represents a 34.8% 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.

Neuronetics (STIM) generated -$20.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Neuronetics (STIM) had $141.6M in total assets as of fiscal year 2025, including both current and long-term assets.

Neuronetics (STIM) invested $801K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Neuronetics (STIM) invested $6.6M in research and development during fiscal year 2025.

Neuronetics (STIM) had 69M shares outstanding as of fiscal year 2025.

Neuronetics (STIM) had a current ratio of 2.02 as of fiscal year 2025, which is generally considered healthy.

Neuronetics (STIM) had a debt-to-equity ratio of 2.94 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Neuronetics (STIM) had a return on assets of -27.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Neuronetics (STIM) had $28.1M in cash against an annual operating cash burn of $20.4M. This gives an estimated cash runway of approximately 17 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Neuronetics (STIM) has a Piotroski F-Score of 4 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Neuronetics (STIM) has an earnings quality ratio of 0.52x, considered low quality (accrual-driven). 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.

Neuronetics (STIM) has an interest coverage ratio of -4.1x, meaning it can struggle to cover its interest obligations. 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.

Neuronetics (STIM) scores 30 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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