Quality
Return on invested capital, after tax
n/a Computed
From the FY2025 filing
Why n/a
The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
ValueScreener company report
Vertical Aerospace Ltd. (EVTL)
NYSE / Industrials / Aerospace & Defense
Share price
0.43 USD Market dataClose of Oct 15, 2026Market capitalisation
72.5M USD Market dataClose of Oct 15, 2026- Market data
- Oct 15, 2026
- Filed accounts
- FY2025, filed Mar 24, 2026
- Ratios computed
- Oct 15, 2026
- Filed years
- 7, FY2019 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
- SEC filingFiled with the SEC
- Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
- Company statementCompany statement
- What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
- Market dataMarket data
- Prices, market value and what analysts publish, with the date they are as of.
- ComputedComputed by ValueScreener
- Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading
1 of 10
Overview
What the business is, what it costs, and how it reads on four questions.
Market dataSEC filingComputed
Four questions, at a glance
Financial strength
Current ratio
0.45 Computed
From the FY2025 filing
Valuation
Price to earnings
0.23x Computed
FY2025 accounts, priced at the latest close
Cash generation
Free cash flow yield
-151.9% Computed
FY2025 accounts, priced at the latest close
Revenue and net income, as filed
- Named tests met
- 1 of 30 Which tests
The business, and the score behind its five axes
The reading, in brief
- Is it cheap
Price to earnings is 0.23x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits below the lowest.
Today, against the Aerospace & Defense industry (42 companies), 0.23x sits at the 1st percentile; the middle half of that group runs from 24.18x to 64.31x.
- Is it good
Return on invested capital for Vertical Aerospace Ltd. in FY2025: n/a. The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
- Is it safe
Current ratio was 0.45 in FY2025, in the band labelled "Short-term liabilities exceed short-term assets" (below 1.00), on lines anchored on Graham's defensive-investor criteria, suggesting short-term obligations above short-term assets.
Today, against the Aerospace & Defense industry (76 companies), 0.45 sits at the 4th percentile; the middle half of that group runs from 1.28 to 4.06.
- Year by year against peers
- Whether Vertical Aerospace Ltd.'s current ratio stayed above the median of the Aerospace & Defense industry, year by year. (FY2022 to FY2025, 4 fiscal years of Vertical Aerospace Ltd. with a comparable figure)
- The direction
- Which way Vertical Aerospace Ltd.'s current ratio has moved, and how steadily. (FY2020 to FY2025, 6 filed years of Vertical Aerospace Ltd.)
- What to check next
- What to check next on Vertical Aerospace Ltd., and where in its filings. (3 questions for Vertical Aerospace Ltd.)
- In one paragraph
- One paragraph on Vertical Aerospace Ltd.'s returns, cash, balance sheet and price. (4 of sixteen figures read for Vertical Aerospace Ltd.)
These are EVTL’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.
Research EVTLPart of Serious. New accounts start with 30 days of Professional, free, no card.
2 of 10
What changed
The newest filing, what it moved, and when the next one is due.
SEC filingCompany statement
The newest accounts on file are the FY2025 annual report: 20-F, filed Mar 24, 2026, accession 0001104659-26-033487.
3 of 10
Quality
The returns the business earns on its capital, and the margins behind them.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
Return on invested capital, after taxWhy n/aThe filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Return on equityWhy n/mBook equity is zero or negative. Return on equity computed over it flips sign and can read as a strong positive on a loss-making company, so we will not show a number. | n/m ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Return on capital employed, pre-taxWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
| Return on assets | 221.5% ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Gross marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Operating marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Net marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
4 of 10
Financial strength
What it owes against what it owns, and whether it can meet what falls due.
SEC filingComputedCompany statement
| Figure | Value, source and document |
|---|---|
Debt to equityWhy n/mFiled shareholders equity is zero or below, so debt measured against it is not a measurement (n/m). | n/m ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
| Current ratio | 0.45 ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
| Quick ratio | 0.45 ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Interest coverageWhy n/aNo interest expense is filed for this year, so coverage is not computed. | n/a ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Altman Z-scoreWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Net debtWhy n/aThe FY2025 balance sheet carries no net debt we could read. | n/a ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
The balance sheet, line by line
Financial health
What Vertical Aerospace Ltd owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Mar 24, 2026, 0001104659-26-033487).
| Total assets | 105.2M FiledFY2025 20-F, filed Mar 24, 2026 |
|---|---|
| Total liabilities | 226.6M FiledFY2025 20-F, filed Mar 24, 2026 |
| Shareholders' equity | -121.4M FiledFY2025 20-F, filed Mar 24, 2026 |
| Cash | 69.1M FiledFY2025 20-F, filed Mar 24, 2026 |
| Total debt | n/a FiledFY2025 20-F, filed Mar 24, 2026 |
| Net debt | n/a |
| Current ratio | 0.45 |
| Debt to equity | n/m |
- Debt to equity: FY2025: Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).
- Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.
Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.
5 of 10
Valuation context
What the market charges for it, against its own record and companies like it.
Market dataSEC filingComputed
| Figure | Value, source and document |
|---|---|
| Price to earnings | 0.23x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
P/E on trailing twelve monthsWhy n/aA trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer. | n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings |
Price to bookWhy n/mBook equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number. | n/m ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Price to salesWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Enterprise value to EBITWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Enterprise value to EBITDAWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Price to earnings over growthWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Diluted earnings per shareWhy n/aThe FY2025 filing carries no diluted earnings per share we could read. | n/a FiledFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Graham numberWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
We publish no fair value or price target of our own. Value EVTL on your own assumptions in the DCF workbench, starting from the filed figures.
Its own record, and companies like it
Valuation
What the market charges for Vertical Aerospace Ltd today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.
| Share price | 0.43 USD |
|---|---|
| Market capitalisation | 72.5M USD |
| Enterprise value to EBITDA | n/a |
| Graham number | n/a |
| Diluted earnings per share | n/a |
Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.
Companies like Vertical Aerospace Ltd
- VisionWave Holdings, Inc. (VWAV)Market cap 121.1M USD
- CPI Aerostructures, Inc. (CVU)Market cap 65.9M USD
- Momentus Inc. (MNTS)Market cap 61.7M USD
- SIFCO Industries, Inc. (SIF)Market cap 133.2M USD
- Sidus Space, Inc. (SIDU)Market cap 125.4M USD
Same industry (Aerospace & Defense) and size band (Micro, 50M to 300M), nearest in market value and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.
6 of 10
Cash generation
Whether profit arrives as cash, and what is paid back to shareholders.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
| Free cash flow yield | -151.9% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
| Free cash flow | -83.1M GBP ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Free cash flow marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Dividend yieldWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Payout ratioWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
7 of 10
Filings
Every figure, the year it is for and the document it was read from.
SEC filing
The filed figures
Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.
| Figure | Value | Year | As of |
|---|---|---|---|
| 0.23x | FY2025 | Oct 15, 2026 | |
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itIncome statementFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Oct 15, 2026 | |
| n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of. | |||
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itIncome statementFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tabForm20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tab | |||
| -151.9% | FY2025 | Oct 15, 2026 | |
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Mar 24, 2026 | |
| n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | |||
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2025. Form20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itIncome statementFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tabForm20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Oct 15, 2026 | |
| n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one. | |||
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Mar 24, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2025. Form20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tab | |||
| 0.45 | FY2025 | Mar 24, 2026 | |
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2025. Form20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Oct 15, 2026 | |
| n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | |||
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itIncome statementFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Oct 15, 2026 | |
| n/a The filed income statement reports no earnings per share. | |||
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itIncome statementFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Oct 15, 2026 | |
| n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | |||
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itIncome statementFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tabForm20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Mar 24, 2026 | |
| n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | |||
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2025. Form20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itIncome statementFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tabForm20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tabForm20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Mar 24, 2026 | |
| n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | |||
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2025. Form20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itIncome statementFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tabForm20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tabForm20-FFiledMar 24, 2026PeriodFY2025Accession0001104659-26-033487What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001104659-26-033487, leaves this page and opens in a new tab | |||
The figures are computed from the accounts for fiscal 2025, the newest full year on file. 7 filed fiscal years on record, FY2019 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.
The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.
Ten years of filed figures, year by year
Ten years of filed figures
7 filed fiscal years, FY2019 to FY2025, read from the annual reports Vertical Aerospace Ltd filed with the SEC. Each year names its filing. Amounts in GBP, as filed.
| Year | Revenue | Operating income | Net income | EPS, diluted | Free cash flow | Operating margin | Return on equity | Filing |
|---|---|---|---|---|---|---|---|---|
| FY2025 | n/a | -127.4M | 232.9M | n/a | -83.1M | n/a | n/m | 20-F, Mar 24, 20260001104659-26-033487 |
| FY2024 | n/a | -61.2M | -781.2M | n/a | -46.7M | n/a | n/m | 20-F, Mar 11, 20250001104659-25-022354 |
| FY2023 | n/a | -101.9M | -59.9M | n/a | -76.8M | n/a | n/m | 20-F, Mar 14, 20240001104659-24-034234 |
| FY2022 | n/a | -98.1M | -94.4M | n/a | -105.2M | n/a | -1289.6% | 20-F, Mar 22, 20230001104659-23-035285 |
| FY2021 | 132.0K | -277.2M | -245.2M | n/a | -28.3M | -210029.5% | -398.3% | 20-F, Apr 29, 20220001104659-22-052477 |
| FY2020 | 87.0K | -11.5M | -12.3M | n/a | -12.2M | -13235.6% | n/m | 20-F, Apr 29, 20220001104659-22-052477 |
| FY2019 | 70.0K | -7.4M | -7.5M | n/a | -8.8M | -10640.0% | n/a | 20-F, Apr 29, 20220001104659-22-052477 |
- Revenue, compound annual growth FY2019 to FY2021: 37.3%
- Earnings: Earnings was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
- Earnings per share: Fewer than two filed years carry earnings per share.
- Free cash flow: Free cash flow was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.
8 of 10
Risks and guardrails
The accounting screens, the published tests, and the lines you can set to be told.
ComputedCompany statement
| Figure | Value, source and document |
|---|---|
Beneish M-scoreWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
Piotroski F-scoreWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 20-F, filed Mar 24, 2026, 0001104659-26-033487 |
| Named tests met | 1 of 30 Computed |
| Beta | 3.47 ComputedClose of Oct 15, 2026 |
The named tests
Of 30 tests value investors published: 1 met, 12 not met, 17 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.
Which tests, by name(all 30)
- Meets
- Cheapest quarter on P/E (David Dreman)
- Does not
- Defensive investor (Benjamin Graham); Large cap, low P/E; High yield, low payout; Dividends and buybacks; Low beta, profitable; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Tangible book or below; Cash-flow yield and ROIC
- Not measured
- Deep value; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; ROIC at or above WACC; Near the 52-week low; P/E times P/B (Benjamin Graham); High returns, low debt; Book or below, low debt (Walter Schloss); Cash-covered dividend; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(25)
- Debt to Equity: Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).
- Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
- P/B Ratio: Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.
- Piotroski F-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
- Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
- Altman Z-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- Beneish M-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
- Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
- Return on Equity: Book equity is zero or negative. Return on equity computed over it flips sign and can read as a strong positive on a loss-making company, so we will not show a number.
- Rev Growth 5Y: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- Gross Margin: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- Asset Turnover: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
- Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
- Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
- Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
- Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
- ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
- Price To Graham: We do not hold this figure for this company, so there is nothing to show.
- P/S Ratio: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
- Dividend Streak: We do not hold this figure for this company, so there is nothing to show.
- Price Tangible Book: Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.
9 of 10
Declared positions
Whether anybody here owns this company.
Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.
10 of 10
Next step
What to do with what you have read.
A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.
What this cannot tell you
- 25 figures could not be read on this company, among them Debt to Equity, Positive Earnings Streak, P/B Ratio. Each blank in the table above names the rest, with its reason. 17 named tests come back incomplete because of them, which is neither met nor missed.
- We hold 7 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.
And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.
Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.
No card. 30 free days, and nothing is charged unless you choose a plan.
ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.