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Gelteq Limited Ordinary Shares (GELS)

NASDAQ / Healthcare / Drug Manufacturers - Specialty & Generic

Share price

0.45 USD Market dataClose of Oct 14, 2026

Market capitalisation

4.1M USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2025, filed Nov 17, 2025
Ratios computed
Oct 14, 2026
Filed years
3, FY2023 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

Quality

Return on equity

-42.0% Computed

From the FY2025 filing

Read quality

Valuation

Price to book

0.38x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-93.2% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2023 Net income: -3.5M AUDFY2024 Net income: -3.5M AUDFY2025 Revenue: 165.6K AUDFY2025 Net income: -6.6M AUD
Revenue Net income3 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -42.0% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Drug Manufacturers - Specialty & Generic industry (57 companies), -42.0% sits at the 20th percentile; the middle half of that group runs from -35.9% to 7.5%.

Is it safe

Debt to equity was 0.32 in FY2025, in the band labelled "Conservative" (below 0.50), on lines anchored on Graham's defensive-investor criteria, suggesting a balance sheet that relies little on borrowing.

Today, against the Healthcare sector (391 companies), 0.32 sits at the 52nd percentile; the middle half of that group runs from 0.04 to 0.85.

Year by year against peers
Whether Gelteq Limited Ordinary Shares's return on equity stayed above the median of the Drug Manufacturers - Specialty & Generic industry, year by year. (FY2023 to FY2025, 3 fiscal years of Gelteq Limited Ordinary Shares with a comparable figure)
What could explain it
What in Gelteq Limited Ordinary Shares's filed statements could explain the movements. (2 readings drawn from the statement lines Gelteq Limited Ordinary Shares filed)
What to check next
What to check next on Gelteq Limited Ordinary Shares, and where in its filings. (2 questions for Gelteq Limited Ordinary Shares)
In one paragraph
One paragraph on Gelteq Limited Ordinary Shares's returns, cash, balance sheet and price. (7 of sixteen figures read for Gelteq Limited Ordinary Shares)

These are GELS’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research GELSPart 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 Nov 17, 2025, accession 0001213900-25-111090.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Gelteq Limited Ordinary Shares: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.

n/a ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Return on equity-42.0% ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Return on capital employed, pre-tax-34.7% ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Return on assets-30.9% ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Gross margin30.3% ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Operating margin-3317.7% ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Net margin-4011.9% ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
GELS -4011.9%
RDHL -102.8%COSM -29.3%CPHI -76.9%AKAN -489.6%PRFX -29541.2%
-29541.2%-29.3%
Net margin: GELS against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Gelteq Limited Ordinary Shares: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.32 ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Current ratio0.27 ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Quick ratio0.27 ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Interest coverage
Why n/m

Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

n/m ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Net debt4.6M ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Total assets 21.5MTotal liabilities 5.7MShareholders' equity 15.8MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Gelteq Limited Ordinary Shares owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Nov 17, 2025, 0001213900-25-111090).

Gelteq Limited Ordinary Shares: balance sheet position
Total assets21.5M FiledFY2025 20-F, filed Nov 17, 2025
Total liabilities5.7M FiledFY2025 20-F, filed Nov 17, 2025
Shareholders' equity15.8M FiledFY2025 20-F, filed Nov 17, 2025
Cash344.6K FiledFY2025 20-F, filed Nov 17, 2025
Total debt5.0M FiledFY2025 20-F, filed Nov 17, 2025
Net debt4.6M
Current ratio0.27
Debt to equity0.32
  • Interest cover: FY2025: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

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

Gelteq Limited Ordinary Shares: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
P/E on trailing twelve months
Why n/a

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.

n/a ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book0.38x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Price to sales35.79x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Enterprise value to EBITDA
Why n/m

EBITDA is zero or negative, so a multiple of it is not meaningful.

n/m ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090

We publish no fair value or price target of our own. Value GELS 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 Gelteq Limited Ordinary Shares today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Gelteq Limited Ordinary Shares: valuation
Share price0.45 USD
Market capitalisation4.1M USD
Enterprise value to EBITDAn/m
Graham numbern/m
Diluted earnings per sharen/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 Gelteq Limited Ordinary Shares

  1. RedHill Biopharma Ltd. (RDHL)Market cap 1.5M USD
  2. Cosmos Health Inc. (COSM)Market cap 20.8M USD
  3. China Pharma Holdings, Inc. (CPHI)Market cap 29.2M USD
  4. Akanda Corp. (AKAN)Market cap 43.0K USD
  5. PRF Technologies Ltd. (PRFX)Market cap 65.9K USD

Same industry (Drug Manufacturers - Specialty & Generic) and size band (Nano, under 50M), nearest in market value, net margin 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

Gelteq Limited Ordinary Shares: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-93.2% ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Free cash flow-5.5M AUD ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Free cash flow margin-3335.3% ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
FY2023 Free cash flow: -1.8M AUDFY2023 Net income: -3.5M AUDFY2024 Free cash flow: -1.1M AUDFY2024 Net income: -3.5M AUDFY2025 Free cash flow: -5.5M AUDFY2025 Net income: -6.6M AUD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

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.

Gelteq Limited Ordinary Shares: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 14, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
0.38xFY2025Oct 14, 2026
n/aFY2025Oct 14, 2026
n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of.
-93.2%FY2025Oct 14, 2026
n/aFY2025Nov 17, 2025
n/a No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.
n/aFY2025Oct 14, 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.
0.32FY2025Nov 17, 2025
0.27FY2025Nov 17, 2025
35.79xFY2025Oct 14, 2026
n/mFY2025Oct 14, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/aFY2025Oct 14, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
n/aFY2025Nov 17, 2025
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
3/9FY2025Nov 17, 2025

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 3 filed fiscal years on record, FY2023 to FY2025, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 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

3 filed fiscal years, FY2023 to FY2025, read from the annual reports Gelteq Limited Ordinary Shares filed with the SEC. Each year names its filing. Amounts in AUD, as filed.

Gelteq Limited Ordinary Shares: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025165.6K-5.5M-6.6Mn/a-5.5M-3317.7%-42.0%20-F, Nov 17, 20250001213900-25-111090
FY2024n/a-2.9M-3.5Mn/a-1.1Mn/a-23.5%20-F, Nov 15, 20240001213900-24-099131
FY2023n/a-3.1M-3.5Mn/a-1.8Mn/a-18.8%20-F, Nov 15, 20240001213900-24-099131
  • Revenue: Fewer than two filed years carry revenue.
  • Earnings: Earnings was not positive in both 2023 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 2023 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

Gelteq Limited Ordinary Shares: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Piotroski F-score3/9 ComputedFY2025 20-F, filed Nov 17, 2025, 0001213900-25-111090
Named tests met2 of 30 Computed
Beta
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 2 met, 20 not met, 8 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
Book or below, low debt (Walter Schloss); Cheapest quarter on P/B (David Dreman)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC
Not measured
Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); EV/EBITDA and coverage; ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cheapest quarter on P/E (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(20)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • Beneish M-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Rev Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: EBITDA is zero or negative, so a multiple of it is not meaningful.
  • Interest Coverage: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).
  • 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.
  • Beta: 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: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • 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: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: 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.

More on this company

What this cannot tell you

  • 20 figures could not be read on this company, among them Positive Earnings Streak, P/E Ratio, EV/EBIT. Each blank in the table above names the rest, with its reason. 8 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 3 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.

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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.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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