Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| BIG SKY Industrial Inc.BSIN · energy | |
|---|---|
| Grade |  Eweakest fifth of 148 graded peers; percentile 93.9, sampling error 3.6 points; lower is stronger |
| Rank | 139 of 148 |
| Profitability | Apercentile 10.7 |
| Solvency | Epercentile 88.7 |
| Growth and financing | Epercentile 97.2 |
| Reliability | 0.83 AUCfailure model, filers with $12.5M to $120M assets; 95% interval 0.79 to 0.86; 201 events, 2020 to 2025 |
| Peer failure rate | 1.07% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $12.5M to $120M assetstotal assets $40.6M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | dilution |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Mar 13, 2026210 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $1.442026-10-08; market equity $75.6M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 13, 2026; the document on sec.gov.
In this Annual Report on Form 10-K (this “Report”), we may rely on and refer to information regarding the oil and gas industry or the industrial gas industry in general from market research reports, analyst reports and other publicly available information. Although we believe that this information is reliable, we cannot guarantee the accuracy and completeness of this information, we have not independently verified any of it and we have not commissioned any of the market or survey data that is presented in this Report. Please see the “Glossary of Oil, Natural and Industrial Gas Terms” above for a list of abbreviations and definitions used throughout this Report.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 10.7 | |||||||
| Gross profitability | not computable | 17.5% | |||||
| one or more required annual facts are missing | |||||||
| Return on invested capital | not computable | 6.0% | |||||
| latest aligned inputs end 2013-12-31; latest annual assets end 2025-12-31 | |||||||
| Accruals ratio | (16.0%) | [1,5-7] | (5.0%) | 10.7 | 271 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 4.6 pts | |||||
| five annual gross margins are required; found 0 | |||||||
| Solvency, sleeve percentile 88.7 | |||||||
| Twelve-month failure probability | 0.11% | 0.06% | 72.7 | 12 | 2026-06-30 | ||
| Altman Z double-prime | (18.48) | [1,8-13] | 1.48 | 97.4 | 152 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 3.63x | |||||
| latest aligned inputs end 2013-12-31; latest annual assets end 2025-12-31 | |||||||
| Interest coverage | not computable | 2.37x | |||||
| interest expense must exceed $100,000 | |||||||
| Current ratio | 0.33x | [8-9] | 0.97x | 96.1 | 282 | 2025-12-31 | |
| Growth and financing, sleeve percentile 97.2 | |||||||
| Revenue growth, three-year compound | (45.1%) | [2,14-16] | 0.7% | 99.5 | 222 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | (11.8%) | |||||
| four consecutive annual FCF observations are required; found 4 | |||||||
| Reinvestment rate | not computable | 59.0% | |||||
| latest aligned inputs end 2022-12-31; latest annual assets end 2025-12-31 | |||||||
| Asset growth, three years | (30.0%) | [1,7,17-18] | 6.4% | 99.2 | 246 | 2025-12-31 | |
| Net share issuance, one year | 30.9% | [3-4] | 0.4% | 92.9 | 157 | 2026-03-06 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.369; sampling error 3.6 percentile points on 148 peers.
Among 148 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 134 | Dominion Energy, Inc. (D) Dominion Energy, Inc. (D) Eweakest fifth; percentile 90.5 NYSE · Electric Services market equity $54.3B; last close $61.76 No active warnings; 9 of 14 inputs | 90.5 | E | |
| 135 | Txnm Energy Inc. (TXNM) Txnm Energy Inc. (TXNM) Eweakest fifth; percentile 91.2 NYSE · Electric Services market equity $6.5B; last close $58.58 No active warnings; 7 of 14 inputs | 91.2 | E | |
| 136 | NGL Energy Partners L.P. (NGL) NGL Energy Partners L.P. (NGL) Eweakest fifth; percentile 92.5 NYSE · Natural Gas Transmission last close $15.28 No active warnings; 10 of 14 inputs | 92.5 | E | |
| 137 | NGL Energy Partners L.P. (NGL-PB) NGL Energy Partners L.P. (NGL-PB) Eweakest fifth; percentile 92.5 NYSE · Natural Gas Transmission No active warnings; 10 of 14 inputs | 92.5 | E | |
| 138 | NGL Energy Partners L.P. (NGL-PC) NGL Energy Partners L.P. (NGL-PC) Eweakest fifth; percentile 92.5 NYSE · Natural Gas Transmission No active warnings; 10 of 14 inputs | 92.5 | E | |
| 139 | BIG SKY Industrial Inc. (BSIN) BIG SKY Industrial Inc. (BSIN) Eweakest fifth; percentile 93.9 Nasdaq · Crude Petroleum & Natural Gas market equity $76.1M; last close $1.44 Warnings: dilution; 7 of 14 inputs | 93.9 | E | dilution |
| 140 | Xplr Infrastructure, L.P. (XIFR) Xplr Infrastructure, L.P. (XIFR) Eweakest fifth; percentile 94.6 NYSE · Electric Services market equity $974.8M; last close $10.34 No active warnings; 7 of 14 inputs | 94.6 | E | |
| 141 | Spire Inc. (SR) Spire Inc. (SR) Eweakest fifth; percentile 95.6 NYSE · Natural Gas Distribution last close $77.93 No active warnings; 7 of 14 inputs | 95.6 | E | |
| 142 | Spire Inc. (SRJN) Spire Inc. (SRJN) Eweakest fifth; percentile 95.6 NYSE · Natural Gas Distribution last close $21.09 No active warnings; 7 of 14 inputs | 95.6 | E | |
| 143 | Mammoth Energy Services, Inc. (TUSK) Mammoth Energy Services, Inc. (TUSK) Eweakest fifth; percentile 96.6 Nasdaq · Oil & Gas Field Services, NEC market equity $132.8M; last close $2.77 Warnings: fortress balance sheet; 7 of 14 inputs | 96.6 | E | fortress balance sheet |
| 144 | Cheniere Energy Partners, L.P. (CQP) Cheniere Energy Partners, L.P. (CQP) Eweakest fifth; percentile 97.3 NYSE · Natural Gas Distribution market equity $30.9B; last close $63.64 No active warnings; 7 of 14 inputs | 97.3 | E |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 91.1 | 2204 |
| sector peers, equal sleeves (the grade) | E | 93.9 | 148 |
| same exchange, equal sleeves | E | 89.9 | 1219 |
| sector peers, equal inputs | E | 100.0 | 148 |
Each letter is one fifth of the 148 graded peers, about 29 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 28.8% | 15.5% | 67 | hotter than 67 of 100 peers |
| Distance from 52-week high | (12.1%) | (15.4%) | 64 | closer to its high than 64 of 100 peers |
| EBIT to enterprise value | (18.1%) | 4.6% | 5 | pricier than 95 of 100 peers |
| Free cash flow yield | 13.7% | 1.3% | 97 | pricier than 3 of 100 peers |
| Book value to price | 0.49 | 0.53 | 42 | pricier than 58 of 100 peers |
| Sales to price | 0.10 | 0.45 | 0 | pricier than 100 of 100 peers |
| Composite equity issuance, five years | 237.2% | (7.2%) | 99 | more equity-funded than 99 of 100 peers |
| Relative strength against the sector, log excess return | (0.12) | 0.04 | 28 | ahead of 28 of 100 peers |
Inputs: market equity $76.1M; EBIT -$14.4M; free cash flow $10.5M; book equity $37.0M; sales $7.4M; debt $9.0M; cash $6.0M[19].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (28.9%) | ✗ fail[5,7] |
| Operating cash flow above zero | -$7.1M | ✗ fail[6] |
| Return on assets improved | 2.9 pts | ✓ pass[5,7,17,20] |
| Operating cash flow exceeds net income | $7.2M | ✓ pass[5-6] |
| Long-term leverage fell | n/a[1,7,17] | |
| Current ratio improved | (48.3 pts) | ✗ fail[8-9,21-22] |
| No new shares issued | 30.9% | ✗ fail[3-4] |
| Gross margin improved | n/a | |
| Asset turnover improved | (10.8 pts) | ✗ fail[2,7,14,17] |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $40.6M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $7.4M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 3 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 44,269,192 | 2026-03-06 | 2026-03-13 | 10-K | filing · viewer · series |
| 4 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 33,821,019 | 2025-03-10 | 2025-03-13 | 10-K | filing · viewer · series |
| 5 | net income | us-gaap:NetIncomeLoss | -$14.4M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 6 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$7.1M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 7 | assets | us-gaap:Assets | $49.7M | 2024-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 8 | current assets | us-gaap:AssetsCurrent | $2.0M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 9 | current liabilities | us-gaap:LiabilitiesCurrent | $6.0M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 10 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$211.9M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 11 | operating income | us-gaap:OperatingIncomeLoss | -$14.4M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 12 | book equity | us-gaap:StockholdersEquity | $24.2M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 13 | liabilities | us-gaap:Liabilities | $16.4M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $20.6M | 2024-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 15 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $32.3M | 2023-12-31 | 2025-03-13 | 10-K | filing · viewer · series |
| 16 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $44.6M | 2022-12-31 | 2024-03-26 | 10-K | filing · viewer · series |
| 17 | assets | us-gaap:Assets | $80.4M | 2023-12-31 | 2025-03-13 | 10-K | filing · viewer · series |
| 18 | assets | us-gaap:Assets | $118.3M | 2022-12-31 | 2024-03-26 | 10-K | filing · viewer · series |
| 19 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 52,493,428 | 2026-08-04 | 2026-08-11 | 10-Q | filing · viewer · series |
| 20 | net income | us-gaap:NetIncomeLoss | -$25.6M | 2024-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 21 | current assets | us-gaap:AssetsCurrent | $9.7M | 2024-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 22 | current liabilities | us-gaap:LiabilitiesCurrent | $12.0M | 2024-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 23 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $6.0M | 2026-06-30 | 2026-08-11 | 10-Q | filing · viewer · series |
| 24 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$3.3M | 2026-06-30 | 2026-08-11 | 10-Q | filing · viewer · series |
| 25 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$2.5M | 2026-03-31 | 2026-05-07 | 10-Q | filing · viewer · series |
| 26 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$6.3M | 2025-09-30 | 2025-11-12 | 10-Q | filing · viewer · series |
| 27 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$6.1M | 2025-06-30 | 2026-08-11 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 93.9 is 13.9 points from the nearest band edge; sampling error is 3.6 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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