What is Tenax Therapeutics Inc's earnings per share (EPS)?

Tenax Therapeutics Inc (TENX) reported diluted earnings per share of -$1.34 for fiscal year 2025. 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.

Tenax Therapeutics Inc Financials

TENX

FY2025 annual

Revenue $0 YoY not available

Net Income -$52.6M -198.9% YoY

EPS (Diluted) -$1.34 YoY not available

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 31, 2026 Currency USD FYE December

Tenax Therapeutics Inc (TENX) reported $0 in revenue for fiscal year 2025. 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).

Rhea AI TENX FY2025 2026-08-29

Tenax’s dominant mechanic is development-stage spending funded mainly outside debt, while accounting earnings remain a poor guide to cash needs.

In FY2022, positive net income of $11.0M coexisted with operating cash flow of -$11.4M, so reported profit did not represent internally generated cash. By FY2025, the earnings-to-cash relationship had reversed: net loss reached -$52.6M while operating cash flow was -$35.8M, showing that funding needs cannot be inferred from the income statement alone.

By FY2025, low leverage paired a $104.2M asset base with only $7.2M of liabilities; the balance sheet is not being driven by borrowing. Debt-to-equity was 0.1x and the current ratio was 14.6x, while the reported liquidity comparison equaled 32.7 months of the latest annual operating outflow.

FY2025 R&D totaled $32.7M and SG&A totaled $23.7M, indicating that operating spending—rather than interest expense—dominates the deficit. Financing cash flow of $38.5M roughly offset operating cash flow of -$35.8M, linking the year’s cash position to external funding rather than operations.

Financial Health Signals

Financial health score not available

Tenax 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.

Altman Z-Score Distress

0.17

Tenax Therapeutics Inc scores 0.17, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($68.9M) relative to total liabilities ($7.2M). 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.

Piotroski F-Score Partial

1/7

Tenax Therapeutics Inc passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality No Cash Backing

N/A

Tenax Therapeutics Inc reported a net loss of $52.6M while operations used $35.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue

Tenax Therapeutics Inc generated $0 in revenue in fiscal year 2025.

Net Income

-$52.6M

YoY-198.9%

Tenax Therapeutics Inc reported -$52.6M in net income in fiscal year 2025. This represents a decrease of 198.9% from the prior year.

EPS (Diluted)

-$1.34

Tenax Therapeutics Inc earned -$1.34 per diluted share (EPS) in fiscal year 2025.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$97.6M

YoY+2.8%

5Y CAGR+73.3%

10Y CAGR+38.9%

Tenax Therapeutics Inc held $97.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

17M

Tenax Therapeutics Inc had 17M shares outstanding in fiscal year 2025.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Return on Equity

-54.2%

YoY-35.1pp

Tenax Therapeutics Inc's ROE was -54.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 35.1 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

Capital Allocation

R&D Spending

$32.7M

YoY+157.1%

5Y CAGR+48.3%

Tenax Therapeutics Inc invested $32.7M in research and development in fiscal year 2025. This represents an increase of 157.1% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

TENX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TENX quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY15	FY14	FY13	FY12
Revenue	N/A	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0	N/A	$49K-69.0%	$159K-86.7%	$1.2M+227.4%	$364K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0	N/A	$0-100.0%	$130K+201.1%	$43K-15.9%	$51K
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0	N/A	$0-100.0%	$29K-41.2%	$50K+0.6%	$49K
R&D Expenses	N/A	$32.7M+157.1%	$12.7M+293.6%	$3.2M-40.0%	$5.4M-78.6%	$25.1M+451.4%	$4.6M+31.4%	$3.5M+180.1%	$1.2M-64.9%	$3.5M-73.2%	$13.1M	N/A	$6.7M+122.3%	$3.0M+22.0%	$2.5M-0.3%	$2.5M
SG&A Expenses	N/A	$23.7M+249.5%	$6.8M+35.6%	$5.0M-11.8%	$5.7M-25.1%	$7.6M+42.8%	$5.3M+4.4%	$5.1M-10.1%	$5.7M-0.4%	$5.7M-9.1%	$6.2M	N/A	$7.2M-47.9%	$13.8M+274.7%	$3.7M-39.7%	$6.1M
Operating Income	N/A	-$56.4M-189.2%	-$19.5M-136.8%	-$8.2M-174.5%	$11.1M	N/A	$9.9M+215.3%	-$8.6M-24.1%	-$6.9M+25.1%	-$9.2M+82.5%	-$52.7M	N/A	-$14.8M+10.8%	-$16.6M-220.1%	-$5.2M+36.9%	-$8.2M
Interest Expense	N/A	$0-100.0%	$23K-4.2%	$24K+440.2%	$4K+368.2%	$949-41.7%	$2K	$0	N/A	N/A	$0	N/A	$49K-97.8%	$2.2M-47.8%	$4.2M-42.8%	$7.4M
Income Tax	N/A	$0	$0	$0	$0	$0	$0	$0	$0	$0+100.0%	-$8.0M	$0	$0	$0	N/A	N/A
Net Income	N/A	-$52.6M-198.9%	-$17.6M-128.6%	-$7.7M-169.7%	$11.0M	N/A	-$9.9M-17.4%	-$8.4M+40.7%	-$14.1M-60.0%	-$8.8M+79.9%	-$43.9M	N/A	-$14.1M+27.9%	-$19.5M-107.5%	-$9.4M+40.1%	-$15.7M
EPS (Diluted)	—	-$1.34	-$1.15	-$31.04	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$0.50	-$2.71	-$6.68+52.5%	-$14.07

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	N/A	$0	N/A	N/A	N/A	$0	N/A	N/A
R&D Expenses	$12.8M+11.4%	$11.5M	N/A	$10.3M+68.7%	$6.1M+7.7%	$5.7M	N/A	$3.1M
SG&A Expenses	$5.9M+17.9%	$5.0M	N/A	$6.5M+14.2%	$5.7M+0.3%	$5.7M	N/A	$1.5M
Operating Income	-$18.8M-13.3%	-$16.6M	N/A	-$16.8M-42.5%	-$11.8M-4.0%	-$11.3M	N/A	-$4.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	$0	N/A	$7K
Net Income	-$17.8M-13.3%	-$15.7M	N/A	-$15.8M-45.7%	-$10.8M-4.2%	-$10.4M	N/A	-$4.0M
EPS (Diluted)	-$0.350.0%	-$0.35+7.9%	-$0.38	-$0.40-48.1%	-$0.27+3.6%	-$0.28-227.3%	$0.22+215.8%	-$0.19

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

TENX Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TENX quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY15	FY14	FY13	FY12
Total Assets	$104.2M+7.8%	$96.7M+727.4%	$11.7M+243.2%	$3.4M-43.2%	$6.0M-12.8%	$6.9M+7.9%	$6.4M-52.3%	$13.3M+34.8%	$9.9M-57.6%	$23.3M-68.0%	$73.0M	$82.9M-11.3%	$93.4M+2837.4%	$3.2M-23.2%	$4.1M
Current Assets	$104.2M+7.8%	$96.7M+727.5%	$11.7M+264.2%	$3.2M-43.6%	$5.7M-16.3%	$6.8M+9.9%	$6.2M-53.6%	$13.3M+65.2%	$8.1M-40.8%	$13.6M-33.7%	$20.6M	$17.5M-70.3%	$59.0M+3100.8%	$1.8M-30.0%	$2.6M
Cash & Equivalents	$97.6M+2.8%	$94.9M+868.4%	$9.8M+361.5%	$2.1M-62.0%	$5.6M-10.7%	$6.3M+27.4%	$4.9M-60.3%	$12.4M+670.6%	$1.6M-83.9%	$10.0M+173.1%	$3.7M	$10.8M-81.6%	$58.3M+7343.3%	$784K-58.3%	$1.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$99K+19.0%	$83K
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$50K-30.9%	$73K+46.8%	$49K	$76K+110.3%	$36K-91.8%	$445K+3226.4%	$13K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$11.3M	$11.3M0.0%	$11.3M	$0	N/A
Total Liabilities	$7.2M+52.5%	$4.7M+30.8%	$3.6M+87.6%	$1.9M+9.4%	$1.7M-22.1%	$2.2M-13.5%	$2.6M+65.6%	$1.6M+55.2%	$1.0M-83.7%	$6.2M-50.7%	$12.6M	$12.5M+18.4%	$10.5M+112.6%	$5.0M+10.5%	$4.5M
Current Liabilities	$7.2M+52.5%	$4.7M+30.8%	$3.6M+94.1%	$1.8M+18.1%	$1.6M-26.2%	$2.1M-16.3%	$2.5M+61.7%	$1.6M+55.2%	$1.0M-83.7%	$6.2M+34.7%	$4.6M	$4.5M+75.7%	$2.6M+34.6%	$1.9M-38.9%	$3.1M
Total Equity	$97.1M+5.5%	$92.0M+1036.0%	$8.1M+442.4%	$1.5M-64.8%	$4.2M-8.2%	$4.6M+22.6%	$3.8M-68.0%	$11.8M+32.5%	$8.9M-48.2%	$17.1M-71.6%	$60.4M	$70.4M-15.0%	$82.9M+4759.9%	-$1.8M-413.8%	-$346K
Retained Earnings	-$367.5M-16.7%	-$314.9M-5.9%	-$297.3M-2.7%	-$289.5M-4.0%	-$278.5M-13.2%	-$246.0M-4.2%	-$236.2M-3.7%	-$227.8M-6.7%	-$213.5M-4.3%	-$204.7M-27.3%	-$160.7M	-$150.7M-10.3%	-$136.6M-16.7%	-$117.0M-8.7%	-$107.6M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$121.7M-1.2%	$123.2M+18.2%	$104.2M+1.4%	$102.8M-2.9%	$105.9M-5.5%	$112.1M+15.9%	$96.7M-3.1%	$99.8M
Current Assets	$121.7M-1.2%	$123.2M+18.2%	$104.2M+1.4%	$102.8M-2.9%	$105.9M-5.5%	$112.1M+15.9%	$96.7M-3.1%	$99.8M
Cash & Equivalents	$118.0M-0.7%	$118.8M+21.7%	$97.6M-1.8%	$99.4M-5.8%	$105.5M-5.3%	$111.4M+17.4%	$94.9M-3.5%	$98.3M
Total Liabilities	$8.1M-4.9%	$8.5M+18.6%	$7.2M+8.4%	$6.6M+161.1%	$2.5M-8.7%	$2.8M-41.0%	$4.7M+83.2%	$2.6M
Current Liabilities	$8.1M-4.9%	$8.5M+18.6%	$7.2M+8.4%	$6.6M+161.1%	$2.5M-8.7%	$2.8M-41.0%	$4.7M+83.2%	$2.6M
Total Equity	$113.6M-1.0%	$114.7M+18.2%	$97.1M+0.9%	$96.2M-6.9%	$103.3M-5.5%	$109.3M+18.8%	$92.0M-5.4%	$97.2M
Retained Earnings	-$401.0M-4.6%	-$383.2M-4.3%	-$367.5M-4.4%	-$351.9M-4.7%	-$336.1M-3.3%	-$325.3M-3.3%	-$314.9M-2.0%	-$308.6M

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

TENX Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TENX quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY15	FY14	FY13	FY12
Operating Cash Flow	-$46.0M	-$35.8M-141.7%	-$14.8M-150.9%	-$5.9M+48.2%	-$11.4M-4.9%	-$10.9M-17.1%	-$9.3M-22.7%	-$7.6M-37.4%	-$5.5M+54.7%	-$12.1M+23.5%	-$15.9M	N/A	-$9.7M-5.3%	-$9.3M-88.2%	-$4.9M+40.6%	-$8.3M
Capital Expenditures	N/A	N/A	N/A	N/A	$2K-55.8%	$5K+50.5%	$3K-2.4%	$4K-52.9%	$8K+67.4%	$5K+57.3%	$3K	N/A	$4K-56.8%	$10K-43.0%	$17K-2.6%	$18K
Free Cash Flow	N/A	N/A	N/A	N/A	-$11.4M-4.9%	-$10.9M-17.1%	-$9.3M-22.7%	-$7.6M-37.3%	-$5.5M+54.7%	-$12.1M+23.5%	-$15.9M	N/A	-$9.8M-5.2%	-$9.3M-87.7%	-$4.9M+40.5%	-$8.3M
Investing Cash Flow	N/A	N/A	$0-100.0%	$3K+229.1%	-$2K-100.5%	$453K+2150.8%	$20K+1318.0%	-$2K-100.0%	$7.4M+96.2%	$3.7M-83.1%	$22.2M	N/A	-$40.9M-27733.5%	-$147K+0.6%	-$148K+43.3%	-$261K
Financing Cash Flow	$58.5M	$38.5M-61.4%	$99.9M+636.0%	$13.6M+71.1%	$7.9M-18.6%	$9.7M-8.1%	$10.6M+10881.3%	$97K-98.9%	$8.9M	$0	$0	N/A	$281K-99.6%	$66.9M+1585.0%	$4.0M-58.0%	$9.5M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$14.2M-52.0%	-$9.3M+30.6%	-$13.4M-46.5%	-$9.2M-46.2%	-$6.3M+10.1%	-$7.0M-97.5%	-$3.5M-14.3%	-$3.1M
Investing Cash Flow	N/A	N/A	N/A	$0	$0	$0	$0	$0
Financing Cash Flow	$13.4M-56.2%	$30.5M+162.7%	$11.6M+279.2%	$3.1M+1001.4%	$278K-98.8%	$23.6M+35068.7%	$67K-99.9%	$92.0M

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

TENX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

TENX quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY15	FY14	FY13	FY12
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0.0%-18.3pp	18.3%+14.2pp	4.2%-9.4pp	13.5%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-30062.8%	-10452.1%	-435.7%	-2259.7%
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-28571.6%	-12296.2%	-790.6%	-4319.2%
Return on Equity	-54.2%-35.1pp	-19.1%+76.0pp	-95.1%-835.1pp	740.0%	N/A	-213.0%+9.5pp	-222.5%-102.4pp	-120.2%-20.6pp	-99.5%+156.7pp	-256.3%	N/A	-20.0%+3.6pp	-23.6%	N/A	N/A
Return on Assets	-50.5%-32.3pp	-18.2%+47.7pp	-65.9%-390.4pp	324.5%	N/A	-143.4%-11.5pp	-131.9%-25.8pp	-106.0%-16.7pp	-89.4%+98.8pp	-188.2%	N/A	-17.0%+3.9pp	-20.9%+275.1pp	-296.0%+83.3pp	-379.3%
Current Ratio	14.56-6.0x	20.60+17.3x	3.26+1.5x	1.74-1.9x	3.64+0.4x	3.21+0.8x	2.44-6.1x	8.51+0.5x	7.99+5.8x	2.20-2.3x	4.47	3.88-19.1x	22.93+22.0x	0.96+0.1x	0.84
Debt-to-Equity	0.070.0x	0.05-0.4x	0.44-0.8x	1.28+0.9x	0.41-0.1x	0.48-0.2x	0.69+0.6x	0.130.0x	0.11-0.2x	0.36+0.2x	0.21	0.180.0x	0.13	N/A	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-19788.6%	-5833.8%	-414.7%	-2280.5%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Return on Equity	-15.7%-2.0pp	-13.7%	N/A	-16.4%-5.9pp	-10.5%-1.0pp	-9.5%	N/A	-4.1%
Return on Assets	-14.6%-1.9pp	-12.8%	N/A	-15.4%-5.1pp	-10.3%-1.0pp	-9.3%	N/A	-4.0%
Current Ratio	15.07+0.6x	14.520.0x	14.56-1.0x	15.58-26.3x	41.89+1.4x	40.48+19.9x	20.60-18.4x	38.95
Debt-to-Equity	0.070.0x	0.070.0x	0.070.0x	0.070.0x	0.020.0x	0.030.0x	0.050.0x	0.03

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.

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Where Tenax Therapeutics Inc Ranks

Frequently Asked Questions

What is Tenax Therapeutics Inc's annual revenue?

Tenax Therapeutics Inc (TENX) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Tenax Therapeutics Inc profitable?

No, Tenax Therapeutics Inc (TENX) reported a net income of -$52.6M in fiscal year 2025.

What is Tenax Therapeutics Inc's return on equity (ROE)?

Tenax Therapeutics Inc (TENX) has a return on equity of -54.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Tenax Therapeutics Inc's operating cash flow?

Tenax Therapeutics Inc (TENX) recorded an outflow of $35.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Tenax Therapeutics Inc's total assets?

Tenax Therapeutics Inc (TENX) had $104.2M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Tenax Therapeutics Inc spend on research and development?

Tenax Therapeutics Inc (TENX) invested $32.7M in research and development during fiscal year 2025.

How many shares does Tenax Therapeutics Inc have outstanding?

Tenax Therapeutics Inc (TENX) had 17M shares outstanding as of fiscal year 2025.

What is Tenax Therapeutics Inc's current ratio?

Tenax Therapeutics Inc (TENX) had a current ratio of 14.56 as of fiscal year 2025, which is generally considered healthy.

What is Tenax Therapeutics Inc's debt-to-equity ratio?

Tenax Therapeutics Inc (TENX) had a debt-to-equity ratio of 0.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Tenax Therapeutics Inc's return on assets (ROA)?

Tenax Therapeutics Inc (TENX) had a return on assets of -50.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

How does Tenax Therapeutics Inc's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Tenax Therapeutics Inc (TENX) held $97.6M in cash, cash equivalents and investments, and reported an operating cash outflow of $35.8M 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 Tenax Therapeutics Inc's Altman Z-Score?

Tenax Therapeutics Inc (TENX) has an Altman Z-Score of 0.17, 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 Tenax Therapeutics Inc's Piotroski F-Score?

Tenax Therapeutics Inc (TENX) has a Piotroski F-Score of 1 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 Tenax Therapeutics Inc's earnings high quality?

Tenax Therapeutics Inc (TENX) reported a net loss of $52.6M while operations used $35.8M 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.