Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Castellum, Inc.CTM · other | |
|---|---|
| Grade |  A/Bon the A/B boundary of 336 graded peers; percentile 22.4, sampling error 2.6 points; lower is stronger |
| Rank | 76 of 336 |
| Profitability | Cpercentile 51.2 |
| Solvency | Apercentile 13.8 |
| Growth and financing | Cpercentile 52.6 |
| 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 $41.9M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: short runway, distress, fortress balance sheet |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Mar 9, 2026214 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $0.612026-10-08; market equity $58.2M; 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 9, 2026; the document on sec.gov.
Castellum is focused on building a large, successful technology services, solutions, and products company in the areas of cybersecurity, IT, electronic warfare, information warfare, system modernization, and information operations with businesses in the defense, federal, civilian, and commercial markets. Services include intelligence analysis, software development, software engineering, program management, strategic and mission planning, information assurance, cybersecurity and policy support, data analytics, and model based systems engineering (“MBSE”).
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 51.2 | |||||||
| Gross profitability | 46.2% | [1,3] | 27.1% | 21.9 | 289 | 2025-12-31 | |
| Return on invested capital | not computable | 10.0% | |||||
| one or more required annual facts are missing | |||||||
| Accruals ratio | (1.1%) | [1,4-6] | (5.9%) | 80.6 | 506 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.2 pts | |||||
| five annual gross margins are required; found 4 | |||||||
| Solvency, sleeve percentile 13.8 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 4.23 | [1,7-12] | 2.05 | 19.5 | 386 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 2.52x | |||||
| one or more required annual facts are missing | |||||||
| Interest coverage | not computable | 2.18x | |||||
| interest expense must exceed $100,000 | |||||||
| Current ratio | 4.40x | [7-8] | 1.32x | 8.1 | 506 | 2025-12-31 | |
| Growth and financing, sleeve percentile 52.6 | |||||||
| Revenue growth, three-year compound | 7.8% | [2,13-15] | 5.1% | 37.3 | 403 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 8.7% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 11.9% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | 8.2% | [1,6,16-17] | 4.1% | 32.3 | 438 | 2025-12-31 | |
| Net share issuance, one year | 17.7% | [18-19] | (0.4%) | 88.2 | 356 | 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 -0.249; sampling error 2.6 percentile points on 336 peers.
Among 336 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 |
|---|---|---|---|---|
| 71 | Information Services Group Inc. (III) Information Services Group Inc. (III) A/Bon the A/B boundary; percentile 20.9 Nasdaq · Services-Management Consulting Services market equity $276.9M; last close $5.70 No active warnings; 10 of 14 inputs | 20.9 | A/B | |
| 72 | Laureate Education, Inc. (LAUR) Laureate Education, Inc. (LAUR) A/Bon the A/B boundary; percentile 21.2 Nasdaq · Services-Educational Services market equity $5.4B; last close $39.20 Warnings: fortress balance sheet; 12 of 14 inputs | 21.2 | A/B | fortress balance sheet |
| 73 | Live Nation Entertainment, Inc. (LYV) Live Nation Entertainment, Inc. (LYV) A/Bon the A/B boundary; percentile 21.5 NYSE · Services-Amusement & Recreation Services market equity $40.4B; last close $171.37 No active warnings; 10 of 14 inputs | 21.5 | A/B | |
| 74 | Etsy Inc. (ETSY) Etsy Inc. (ETSY) A/Bon the A/B boundary; percentile 21.8 NYSE · Services-Business Services, NEC market equity $6.9B; last close $75.13 No active warnings; 12 of 14 inputs | 21.8 | A/B | |
| 75 | Tutor Perini Corp. (TPC) Tutor Perini Corp. (TPC) A/Bon the A/B boundary; percentile 22.1 NYSE · General Bldg Contractors - Nonresidential Bldgs market equity $4.4B; last close $84.34 Warnings: fortress balance sheet; 12 of 14 inputs | 22.1 | A/B | fortress balance sheet |
| 76 | Castellum, Inc. (CTM) Castellum, Inc. (CTM) A/Bon the A/B boundary; percentile 22.4 NYSE · Services-Management Consulting Services market equity $58.0M; last close $0.61 No active warnings; 7 of 14 inputs | 22.4 | A/B | |
| 77 | Centrus Energy Corp. (LEU) Centrus Energy Corp. (LEU) Bsecond fifth; percentile 22.7 NYSE · Mining & Quarrying of Nonmetallic Minerals (No Fuels) market equity $1.9B; last close $142.16 Warnings: fortress balance sheet; 11 of 14 inputs | 22.7 | B | fortress balance sheet |
| 78 | Paychex Inc. (PAYX) Paychex Inc. (PAYX) Bsecond fifth; percentile 23.0 Nasdaq · Services-Engineering, Accounting, Research, Management market equity $37.2B; last close $104.42 No active warnings; 13 of 14 inputs | 23.0 | B | |
| 79 | Prog Holdings, Inc. (PRG) Prog Holdings, Inc. (PRG) Bsecond fifth; percentile 23.3 NYSE · Services-Equipment Rental & Leasing, NEC market equity $1.2B; last close $30.95 No active warnings; 7 of 14 inputs | 23.3 | B | |
| 80 | Kirby Corp. (KEX) Kirby Corp. (KEX) Bsecond fifth; percentile 23.6 NYSE · Water Transportation market equity $7.3B; last close $138.09 No active warnings; 10 of 14 inputs | 23.6 | B | |
| 81 | Exponent Inc. (EXPO) Exponent Inc. (EXPO) Bsecond fifth; percentile 23.9 Nasdaq · Services-Management Consulting Services market equity $3.3B; last close $69.77 No active warnings; 7 of 14 inputs | 23.9 | B |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | B | 24.8 | 2204 |
| sector peers, equal sleeves (the grade) | A/B | 22.4 | 336 |
| same exchange, equal sleeves | B | 22.1 | 984 |
| sector peers, equal inputs | B | 29.6 | 336 |
Each letter is one fifth of the 336 graded peers, about 67 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 | (44.6%) | 2.0% | 13 | hotter than 13 of 100 peers |
| Distance from 52-week high | (53.3%) | (26.8%) | 18 | closer to its high than 18 of 100 peers |
| EBIT to enterprise value | not computable | 4.4% | required accounting or market input is missing | |
| Free cash flow yield | (3.6%) | 4.1% | 18 | pricier than 82 of 100 peers |
| Book value to price | 0.62 | 0.34 | 73 | pricier than 27 of 100 peers |
| Sales to price | 0.91 | 0.70 | 58 | pricier than 42 of 100 peers |
| Composite equity issuance, five years | not computable | (8.8%) | a share count from five years earlier is required | |
| Relative strength against the sector, log excess return | (0.74) | (0.13) | 13 | ahead of 13 of 100 peers |
Inputs: market equity $58.0M; EBIT -$2.8M; free cash flow -$2.1M; book equity $35.9M; sales $52.9M; debt $8.0M[20].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (6.3%) | ✗ fail[4,6] |
| Operating cash flow above zero | -$1.9M | ✗ fail[5] |
| Return on assets improved | 26.8 pts | ✓ pass[4,6,16,21] |
| Operating cash flow exceeds net income | $449,915 | ✓ pass[4-5] |
| Long-term leverage fell | n/a[1,6,16,22] | |
| Current ratio improved | 247.8 pts | ✓ pass[7-8,23-24] |
| No new shares issued | 17.7% | ✗ fail[18-19] |
| Gross margin improved | (4.2 pts) | ✗ fail[2-3,13,25] |
| Asset turnover improved | (9.0 pts) | ✗ fail[2,6,13,16] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | n/a |
| Operating cash flow, four quarters | n/a[5,26-29] |
| Months of runway | not finite |
| cash is missing at the end of the latest cash-flow quarter | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 64 |
| 10-Q received Aug 6, 2026 | |
| Median daily dollar volume | $400,059 |
| 63 sessions | |
| Days since newest grade input | 214 |
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 | $41.9M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $52.9M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $19.4M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$2.4M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$1.9M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $37.8M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 7 | current assets | us-gaap:AssetsCurrent | $24.6M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 8 | current liabilities | us-gaap:LiabilitiesCurrent | $5.6M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 9 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$56.6M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 10 | operating income | us-gaap:OperatingIncomeLoss | -$2.8M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquity | $35.8M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 12 | liabilities | us-gaap:Liabilities | $6.2M | 2025-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $44.8M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $45.2M | 2023-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 15 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $42.2M | 2022-12-31 | 2025-03-11 | 10-K | filing · viewer · series |
| 16 | assets | us-gaap:Assets | $30.1M | 2023-12-31 | 2025-03-11 | 10-K | filing · viewer · series |
| 17 | assets | us-gaap:Assets | $33.0M | 2022-12-31 | 2024-03-21 | 10-K | filing · viewer · series |
| 18 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 94,612,750 | 2026-03-06 | 2026-03-09 | 10-K | filing · viewer · series |
| 19 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 80,391,874 | 2025-03-10 | 2025-03-11 | 10-K | filing · viewer · series |
| 20 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 94,781,286 | 2026-08-05 | 2026-08-06 | 10-Q | filing · viewer · series |
| 21 | net income | us-gaap:NetIncomeLoss | -$10.0M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 22 | long term debt | us-gaap:LongTermDebt | $8.0M | 2024-12-31 | 2025-03-11 | 10-K | filing · viewer · series |
| 23 | current assets | us-gaap:AssetsCurrent | $18.9M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 24 | current liabilities | us-gaap:LiabilitiesCurrent | $9.8M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 25 | gross profit | us-gaap:GrossProfit | $18.3M | 2024-12-31 | 2026-03-09 | 10-K | filing · viewer · series |
| 26 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $2.4M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 27 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.3M | 2026-03-31 | 2026-05-08 | 10-Q | filing · viewer · series |
| 28 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$1.3M | 2025-09-30 | 2025-11-07 | 10-Q | filing · viewer · series |
| 29 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$2.3M | 2025-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 22.4 is 2.4 points from the nearest band edge; sampling error is 2.6 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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