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X4 Pharmaceuticals, Inc. (XFOR) Financials

XFOR
FY2025 annual
Revenue $35.1M +1250.5% YoY
Net Income -$79.2M -111.5% YoY
EPS (Diluted) -$1.87 YoY not available
Free Cash Flow -$85.6M +34.8% YoY
Market Cap $347.0M as of Sep 12, 2026
Price / Sales 21.8x on $15.9M revenue, trailing 12 months to June 30, 2026
Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026
Price / Book 2.2x on $155.5M equity, Q2 FY2026

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 Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.

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

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the XFOR SEC filings page.

X4 Pharmaceuticals, Inc. (XFOR) reported $35.1M in revenue for fiscal year 2025, up 1250.5% from the prior fiscal year. This page shows its 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).

Rhea AI XFOR FY2025

Commercialization is accelerating, but the business mechanic remains equity-supported development: gross profit is growing faster than operating costs can absorb.

Revenue expanded 13.5x from FY2024 to FY2025, while gross margin reached 83.6%; the business is selling more, but not yet covering its operating platform. Operating cash flow was -$85.6M against $35.1M of revenue, showing that accounting gross profit has not translated into self-funding operations.

Gross profit was $29.4M, but research and development plus selling, general, and administrative costs totaled $116.2M. That cost structure identifies a development-stage model, where commercialization has not yet absorbed the expense base.

Debt-to-equity fell from 3.4x in FY2024 to 0.4x in FY2025, indicating a much less debt-dependent capital structure. The reported liquidity comparison was 30.4 months and the current ratio reached 10.2x, so near-term resources were ample relative to listed current obligations even though operations remained cash-consuming.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Cash Runway Dilution R&DIntensity Revenue Progress BurnTrend BalanceSheet 74 / 100
Financial Health Score 74/100
Scored as: Emerging companies peer group

Scored against emerging 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 X4 Pharmaceuticals, 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.

Cash Runway
56

X4 Pharmaceuticals, Inc. held $217.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $85.6M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and X4 Pharmaceuticals, Inc. scores 56/100 among other emerging companies.

Dilution
81

X4 Pharmaceuticals, Inc. had 91M 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 X4 Pharmaceuticals, Inc. scores 81/100 among other emerging companies.

R&D Intensity
83

X4 Pharmaceuticals, Inc. spent $72.7M on research and development in fiscal year 2025, which was 59.6% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and X4 Pharmaceuticals, Inc. scores 83/100 among other emerging companies.

Revenue Progress
98

X4 Pharmaceuticals, Inc. reported revenue of $35.1M in fiscal year 2025, against $2.6M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and X4 Pharmaceuticals, Inc. scores 98/100 among other emerging companies.

Burn Trend
50

X4 Pharmaceuticals, Inc.'s operations used $85.6M of cash in fiscal year 2025, against $130.9M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and X4 Pharmaceuticals, Inc. scores 50/100 among other emerging companies.

Balance Sheet
75

X4 Pharmaceuticals, Inc.'s cash, cash equivalents and investments came to $217.0M at the end of fiscal year 2025, against $104.2M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and X4 Pharmaceuticals, Inc. scores 75/100 among other emerging companies.

Altman Z-Score Distress
-0.76

X4 Pharmaceuticals, Inc. scores -0.76, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($347.0M) relative to total liabilities ($104.2M). 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 Neutral
5/9

X4 Pharmaceuticals, Inc. passes 5 of 9 financial strength tests. No profitability signals pass, all 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality No Cash Backing
N/A

X4 Pharmaceuticals, Inc. reported a net loss of $79.2M while operations used $85.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk
N/A

X4 Pharmaceuticals, Inc. reported an operating loss of $86.9M against $8.9M 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

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Earnings & Revenue

Revenue
$8.8M
YoY+418.0%
QoQ+252.2%

X4 Pharmaceuticals, Inc. generated $8.8M in revenue in Q2 2026. This represents an increase of 418.0% from the same quarter a year earlier. Against the prior quarter it is up 252.2%.

EBITDA
-$15.4M
YoY+40.5%
QoQ+23.3%

X4 Pharmaceuticals, Inc.'s EBITDA was -$15.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 40.5% from the same quarter a year earlier. Against the prior quarter it is up 23.3%.

Net Income
-$16.2M
YoY+37.2%
QoQ+20.2%

X4 Pharmaceuticals, Inc. reported -$16.2M in net income in Q2 2026. This represents an increase of 37.2% from the same quarter a year earlier. Against the prior quarter it is up 20.2%.

EPS (Diluted)
-$0.13
QoQ+18.8%

X4 Pharmaceuticals, Inc. earned -$0.13 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 18.8%.

Cash & Balance Sheet

Cash & Debt
$195.1M
YoY+397.4%
QoQ-10.1%
5Y CAGR+15.4%

X4 Pharmaceuticals, Inc. held $195.1M in cash against $75.0M in long-term debt as of Q2 2026.

Shares Outstanding
99M
QoQ+5.1%
5Y CAGR+31.9%

X4 Pharmaceuticals, Inc. had 99M shares outstanding in Q2 2026. Against the prior quarter it is up 5.1%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin
81.6%
YoY+0.8pp
QoQ+5.6pp

X4 Pharmaceuticals, Inc.'s gross margin was 81.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.6 percentage points.

Return on Equity
-10.4%
YoY+637.8pp
QoQ+1.6pp

X4 Pharmaceuticals, Inc.'s ROE was -10.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 637.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.6 percentage points.

Operating Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

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

R&D Spending
$15.1M
YoY-17.8%
QoQ-2.4%

X4 Pharmaceuticals, Inc. invested $15.1M in research and development in Q2 2026. This represents a decrease of 17.8% from the same quarter a year earlier. Against the prior quarter it is down 2.4%.

Share Buybacks

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

XFOR 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.

XFOR quarterly income statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Revenue$8.8M+418.0%$2.5M-91.3%$3.0M$1.6M+179.6%$1.7M+202.0%$28.8MN/A$560K
Cost of Revenue$1.6M+396.0%$598K-87.3%$364K$351K+54.6%$326K+21.6%$4.7MN/A$227K
Gross Profit$7.2M+423.2%$1.9M-92.1%$2.7M$1.2M+264.9%$1.4M+365.8%$24.1MN/A$333K
R&D Expenses$15.1M-17.8%$15.4M-16.5%$18.5M$17.3M-9.6%$18.4M-12.3%$18.5M-6.8%N/A$19.2M+0.5%
SG&A Expenses$8.5M-10.8%$7.0M-53.6%$7.4M$11.6M-26.0%$9.5M-28.2%$15.0M-13.8%N/A$15.7M+92.5%
Operating Income-$16.4M+37.5%-$20.3M-115.0%-$23.7M-$27.5M+20.3%-$26.2M-136.9%-$9.4M+74.7%N/A-$34.5M-26.8%
EBITDA-$15.4M+40.5%-$20.1M-124.0%-$23.5M-$27.3M+20.3%-$25.9M-136.3%-$9.0M+75.9%N/A-$34.2M-26.3%
Interest Expense$2.2M-3.0%$2.1M-3.0%$2.2M$2.3M-6.5%$2.2M+2.6%$2.2M+17.4%N/A$2.4M+47.7%
Income Tax$2K-94.6%$0-100.0%$0-$30K-300.0%$37K+105.6%$34K+78.9%N/A$15K-42.3%
Net Income-$16.2M+37.2%-$20.2M-7277.7%-$23.9M-$29.8M+18.8%-$25.7M-128.3%$282K+100.5%N/A-$36.7M-1492.0%
EPS (Basic)-$0.13+96.3%-$0.16-500.0%$1.00+116.8%-$0.69+87.4%-$3.47-125.5%$0.04+100.5%-$5.94-6500.0%-$5.48-54700.0%
EPS (Diluted)-$0.13-$0.16$1.00-$0.69-$3.47-125.6%$0.04-$5.94-6500.0%-$5.48
Diluted Shares (Avg)126M126MN/A43M7M+10.8%7MN/A7M

XFOR 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.

XFOR quarterly balance sheet
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Total Assets$253.1M+140.6%$270.3M+107.9%$290.5M+98.3%$163.6M-8.2%$105.2M-50.1%$130.0M+15.9%$146.4M-0.6%$178.2M+2.8%
Current Assets$218.9M+200.0%$242.0M+152.9%$261.6M+133.2%$132.8M-7.1%$72.9M-58.4%$95.7M+9.6%$112.2M-8.1%$143.0M-3.3%
Cash & Equivalents$195.1M+397.4%$216.9M+438.8%$217.0M+289.7%$69.6M-28.5%$39.2M-73.4%$40.3M-33.5%$55.7M-43.9%$97.4M-26.0%
Short-Term Investments$0$0$0$0$0$0$0$0
Inventory$421K-33.5%$604K-8.3%$579K-79.4%$572K+217.8%$633K+189.0%$659K$2.8M$180K
Accounts Receivable$2.0M+78.8%$1.1M+118.7%$573K-46.4%$891K$1.1M$509K$1.1M$0
Long-Term Investments$0$0$0$0$0$0$0$0
Goodwill$17.4M0.0%$17.4M0.0%$17.4M0.0%$17.4M0.0%$17.4M0.0%$17.4M0.0%$17.4M0.0%$17.4M0.0%
Total Liabilities$97.6M-3.5%$101.8M-4.9%$104.2M-16.2%$101.9M-14.0%$101.2M-12.9%$107.1M-3.7%$124.3M+29.3%$118.5M+12.2%
Current Liabilities$19.4M-15.4%$23.8M-8.2%$25.8M-21.7%$23.5M-19.7%$22.9M-20.8%$25.9M+10.0%$32.9M+43.8%$29.3M+15.0%
Non-Current Liabilities$78.2M-0.1%$78.1M-3.8%$78.4M-14.2%$78.4M-12.2%$78.3M-10.3%$81.2M-7.3%$91.4M+24.7%$89.3M+11.2%
Long-Term Debt$75.0M0.0%$75.0M0.0%$75.0M0.0%$75.0M0.0%$75.0M0.0%$75.0M+36.4%$75.0M+37.4%$75.0M+36.4%
Total Equity$155.5M+3814.7%$168.4M+634.2%$186.3M+741.1%$61.6M+3.4%$4.0M-95.8%$22.9M+2114.7%$22.1M-56.7%$59.6M-11.8%
Retained Earnings-$631.0M-16.7%-$614.8M-19.4%-$594.6M-15.4%-$570.6M-20.0%-$540.8M-23.2%-$515.1M+2.8%-$515.4M-7.8%-$475.5M-3.7%

XFOR 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.

XFOR quarterly cash flow statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Operating Cash Flow-$20.8M+30.5%-$19.6M-58.5%-$15.5M+52.9%-$27.8M+18.2%-$29.9M+53.2%-$12.4M+63.2%-$33.0M-18.9%-$34.0M+50.5%
Depreciation & Amortization$997K+180.8%$223K-53.2%$223K-18.3%$223K-16.5%$355K+83.0%$476K+667.7%$273K+340.3%$267K+156.7%
Stock-Based Compensation$3.1M+312.6%$2.4M+364.9%N/A$760K-58.2%$748K-69.2%$519K-70.2%N/A$1.8M-22.9%
Capital ExpendituresN/AN/A$0-100.0%$0-100.0%$0-100.0%$0-100.0%$41K+17.1%$92K+1050.0%
Free Cash FlowN/AN/A-$15.5M+53.0%-$27.8M+18.5%-$29.9M+53.3%-$12.4M+63.3%-$33.0M-18.9%-$34.1M+50.4%
Investing Cash Flow-$1.0M-104.3%$19.3M+713.5%$16.8M+295.4%-$28.7M-80.0%$23.1M-76.1%-$3.1M+41.0%-$8.6M-78.4%-$15.9M-208.9%
Financing Cash Flow$75K-98.7%$2K$146.1M+108116.3%$86.9M$5.6M-72.1%$0$135K+39.2%$0-100.0%

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

XFOR 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.

XFOR quarterly financial ratios
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Gross Margin81.6%+0.8pp76.1%-7.6pp88.0%77.6%+18.1pp80.8%+28.4pp83.6%N/A59.5%
Operating Margin-186.1%-812.2%-779.6%-1756.6%-1543.1%-32.8%N/A-6160.7%
Net Margin-183.5%-809.6%-787.0%-1903.9%-1514.2%1.0%N/A-6552.9%
Return on Equity-10.4%+637.8pp-12.0%-13.3pp-12.8%-48.4%+13.2pp-648.2%-744.4pp1.2%+4997.9ppN/A-61.6%-58.1pp
Return on Assets-6.4%+18.1pp-7.5%-7.7pp-8.2%-18.2%+2.4pp-24.5%-67.6pp0.2%+46.4ppN/A-20.6%-19.3pp
Current Ratio11.30+8.1x10.18+6.5x10.16+6.7x5.65+0.8x3.19-2.9x3.700.0x3.41-1.9x4.89-0.9x
Debt-to-Equity0.48-18.4x0.45-2.8x0.40-3.0x1.220.0x18.89+18.1x3.27-49.8x3.39+2.3x1.26+0.4x
Asset Turnover0.030.0x0.01-0.2x0.010.010.0x0.020.0x0.22+0.2xN/A0.000.0x
FCF MarginN/AN/A-510.8%-1776.6%-1758.9%-42.9%N/A-6093.6%

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.

Company Fiscal year Revenue Net income Net margin Market cap Health score
X4 Pharmaceuticals, Inc. XFOR FY2025 $35.1M -$79.2M N/A $347.0M 74/100
Vivani Medical, Inc. VANI FY2025 $0 $26.6M N/A $114.6M
Immunic, Inc. IMUX FY2025 N/A -$97.2M N/A $155.8M
Adicet Bio, Inc. ACET FY2025 N/A -$116.8M N/A $89.1M
Immix Biopharma, Inc. IMMX FY2025 N/A -$29.4M N/A $868.5M

Frequently Asked Questions

What is X4 Pharmaceuticals, Inc.'s annual revenue?

X4 Pharmaceuticals, Inc. (XFOR) reported $35.1M in total revenue for fiscal year 2025. This represents a 1250.5% 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 X4 Pharmaceuticals, Inc.'s revenue growing?

X4 Pharmaceuticals, Inc. (XFOR) revenue grew by 1250.5% year-over-year, from $2.6M to $35.1M in fiscal year 2025.

Is X4 Pharmaceuticals, Inc. profitable?

No, X4 Pharmaceuticals, Inc. (XFOR) reported a net income of -$79.2M in fiscal year 2025.

X4 Pharmaceuticals, Inc. (XFOR) reported diluted earnings per share of -$1.87 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.

X4 Pharmaceuticals, Inc. (XFOR) had EBITDA of -$85.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, X4 Pharmaceuticals, Inc. (XFOR) had $217.0M in cash and equivalents against $75.0M in long-term debt.

X4 Pharmaceuticals, Inc. (XFOR) had a gross margin of 83.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

X4 Pharmaceuticals, Inc. (XFOR) has a return on equity of -42.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

X4 Pharmaceuticals, Inc. (XFOR) recorded an outflow of $85.6M 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.

X4 Pharmaceuticals, Inc. (XFOR) recorded an outflow of $85.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

X4 Pharmaceuticals, Inc. (XFOR) had $290.5M in total assets as of fiscal year 2025, including both current and long-term assets.

X4 Pharmaceuticals, Inc. (XFOR) reported no capital expenditure during fiscal year 2025.

X4 Pharmaceuticals, Inc. (XFOR) invested $72.7M in research and development during fiscal year 2025.

X4 Pharmaceuticals, Inc. (XFOR) had 91M shares outstanding as of fiscal year 2025.

X4 Pharmaceuticals, Inc. (XFOR) had a current ratio of 10.16 as of fiscal year 2025, which is generally considered healthy.

X4 Pharmaceuticals, Inc. (XFOR) had a debt-to-equity ratio of 0.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

X4 Pharmaceuticals, Inc. (XFOR) had a return on assets of -27.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

X4 Pharmaceuticals, Inc. (XFOR) 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 $347.0M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

X4 Pharmaceuticals, Inc. (XFOR) trades at 21.8x sales, its market capitalization divided by revenue of $15.9M revenue, trailing 12 months to June 30, 2026. The market capitalization is $347.0M as of Sep 12, 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, X4 Pharmaceuticals, Inc. (XFOR) held $217.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $85.6M over that year. Dividing the one by the other, the reported balance equals about 30 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.

X4 Pharmaceuticals, Inc. (XFOR) has an Altman Z-Score of -0.76, 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.

X4 Pharmaceuticals, Inc. (XFOR) has a Piotroski F-Score of 5 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.

X4 Pharmaceuticals, Inc. (XFOR) reported a net loss of $79.2M while operations used $85.6M 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.

X4 Pharmaceuticals, Inc. (XFOR) reported an operating loss of $86.9M against $8.9M 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.

X4 Pharmaceuticals, Inc. (XFOR) scores 74 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite 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.

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