Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Journey Medical Corp.DERM · healthcare | |
|---|---|
| Grade |  Eweakest fifth of 371 graded peers; percentile 84.9, sampling error 2.5 points; lower is stronger |
| Rank | 315 of 371 |
| Profitability | C/Dpercentile 61.8 |
| Solvency | C/Dpercentile 59.0 |
| Growth and financing | Dpercentile 69.9 |
| 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 $94.6M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: dilution, distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Mar 26, 2026197 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $5.952026-10-08; market equity $68.8M; 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 26, 2026; the document on sec.gov.
We are a commercial-stage pharmaceutical company that primarily focuses on the selling and marketing of U.S. Food and Drug Administration (“FDA”) approved prescription pharmaceutical products for the treatment of dermatological conditions. Our current product portfolio includes eight FDA-approved prescription drugs for dermatological conditions that are marketed in the U.S. We acquire rights to products and product candidates by licensing or otherwise acquiring an ownership interest in, funding the research and development of, and eventually commercializing the products through our field sales organization. We are a controlled subsidiary of Fortress Biotech, Inc. (“Fortress” or “Parent”).
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 61.8 | |||||||
| Gross profitability | 42.6% | [1-3] | 32.2% | 28.8 | 372 | 2025-12-31 | |
| Return on invested capital | not computable | 9.3% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | 1.2% | [1,4-6] | (6.6%) | 82.6 | 811 | 2025-12-31 | |
| Gross margin stability, five years | 5.7 pts | [2-3,7-14] | 2.8 pts | 74.0 | 243 | 2025-12-31 | |
| Solvency, sleeve percentile 59.0 | |||||||
| Twelve-month failure probability | not computable | 0.07% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | (1.40) | [1,15-20] | (0.31) | 42.9 | 756 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.82x | |||||
| required facts have no common fiscal period end | |||||||
| Interest coverage | not computable | (4.51x) | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 1.79x | [15-16] | 2.96x | 75.2 | 839 | 2025-12-31 | |
| Growth and financing, sleeve percentile 69.9 | |||||||
| Revenue growth, three-year compound | (4.8%) | [2,7,9,11] | 10.0% | 79.7 | 415 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 10.9% | |||||
| four consecutive annual FCF observations are required; found 3 | |||||||
| Reinvestment rate | not computable | 37.1% | |||||
| required facts have no common fiscal period end | |||||||
| Asset growth, three years | (3.5%) | [1,6,21-22] | 2.1% | 60.2 | 704 | 2025-12-31 | |
| Net share issuance, one year | not computable | 2.5% | |||||
| two annual share counts are required; found 0 | |||||||
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 0.282; sampling error 2.5 percentile points on 371 peers.
Among 371 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 |
|---|---|---|---|---|
| 310 | Novavax Inc. (NVAX) Novavax Inc. (NVAX) Eweakest fifth; percentile 83.5 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $1.8B; last close $11.00 No active warnings; 8 of 14 inputs | 83.5 | E | |
| 311 | Pyxis Oncology, Inc. (PYXS) Pyxis Oncology, Inc. (PYXS) Eweakest fifth; percentile 83.8 Nasdaq · Pharmaceutical Preparations market equity $166.0M; last close $1.99 Warnings: short runway, distress; 7 of 14 inputs | 83.8 | E | short runway, distress |
| 312 | Opko Health, Inc. (OPK) Opko Health, Inc. (OPK) Eweakest fifth; percentile 84.1 Nasdaq · Pharmaceutical Preparations market equity $1.0B; last close $1.36 Warnings: fortress balance sheet; 8 of 14 inputs | 84.1 | E | fortress balance sheet |
| 313 | Amarin Corp. Plc\Uk (AMRN) Amarin Corp. Plc\Uk (AMRN) Eweakest fifth; percentile 84.3 Nasdaq · Pharmaceutical Preparations market equity $5.0B; last close $12.02 Warnings: fortress balance sheet; 8 of 14 inputs | 84.3 | E | fortress balance sheet |
| 314 | Kalaris Therapeutics, Inc. (KLRS) Kalaris Therapeutics, Inc. (KLRS) Eweakest fifth; percentile 84.6 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $59.5M; last close $2.50 Warnings: dilution; 7 of 14 inputs | 84.6 | E | dilution |
| 315 | Journey Medical Corp. (DERM) Journey Medical Corp. (DERM) Eweakest fifth; percentile 84.9 Nasdaq · Pharmaceutical Preparations market equity $68.8M; last close $5.95 No active warnings; 7 of 14 inputs | 84.9 | E | |
| 316 | Amgen Inc. (AMGN) Amgen Inc. (AMGN) Eweakest fifth; percentile 85.1 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $220.3B; last close $407.41 No active warnings; 11 of 14 inputs | 85.1 | E | |
| 317 | Organon & Co. (OGN) Organon & Co. (OGN) Eweakest fifth; percentile 85.4 NYSE · Pharmaceutical Preparations market equity $3.6B; last close $13.76 No active warnings; 8 of 14 inputs | 85.4 | E | |
| 318 | Sonoma Pharmaceuticals, Inc. (SNOA) Sonoma Pharmaceuticals, Inc. (SNOA) Eweakest fifth; percentile 85.7 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $5.6M; last close $1.17 Warnings: dilution, fortress balance sheet; 8 of 14 inputs | 85.7 | E | dilution, fortress balance sheet |
| 319 | Outset Medical, Inc. (OM) Outset Medical, Inc. (OM) Eweakest fifth; percentile 85.9 Nasdaq · Electromedical & Electrotherapeutic Apparatus market equity $76.9M; last close $4.08 Warnings: dilution; 10 of 14 inputs | 85.9 | E | dilution |
| 320 | National Vision Holdings, Inc. (EYE) National Vision Holdings, Inc. (EYE) Eweakest fifth; percentile 86.2 Nasdaq · Ophthalmic Goods market equity $1.3B; last close $16.72 No active warnings; 7 of 14 inputs | 86.2 | E |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 87.7 | 2204 |
| sector peers, equal sleeves (the grade) | E | 84.9 | 371 |
| same exchange, equal sleeves | E | 84.2 | 1219 |
| sector peers, equal inputs | E | 86.8 | 371 |
Each letter is one fifth of the 371 graded peers, about 74 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 | 4.1% | 8.0% | 48 | hotter than 48 of 100 peers |
| Distance from 52-week high | (35.7%) | (31.4%) | 42 | closer to its high than 42 of 100 peers |
| EBIT to enterprise value | (11.9%) | (1.5%) | 31 | pricier than 69 of 100 peers |
| Free cash flow yield | (35.1%) | (1.0%) | 17 | pricier than 83 of 100 peers |
| Book value to price | 0.47 | 0.28 | 68 | pricier than 32 of 100 peers |
| Sales to price | 0.89 | 0.31 | 80 | pricier than 20 of 100 peers |
| Composite equity issuance, five years | not computable | 20.3% | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | (0.17) | (0.14) | 48 | ahead of 48 of 100 peers |
Inputs: market equity $68.8M; EBIT -$8.2M; free cash flow -$24.1M; book equity $32.1M; sales $61.2M; debt $25.5M; cash $25.6M[23].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (14.2%) | ✗ fail[4,6] |
| Operating cash flow above zero | -$12.4M | ✗ fail[5] |
| Return on assets improved | 4.8 pts | ✓ pass[4,6,21,24] |
| Operating cash flow exceeds net income | -$1.0M | ✗ fail[4-5] |
| Long-term leverage fell | (2.8 pts) | ✓ pass[1,6,21,25-26] |
| Current ratio improved | 41.6 pts | ✓ pass[15-16,27-28] |
| No new shares issued | n/a | |
| Gross margin improved | 3.7 pts | ✓ pass[2-3,7-8] |
| Asset turnover improved | 4.6 pts | ✓ pass[2,6-7,21] |
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 | $94.6M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $61.2M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 3 | cost of revenue | us-gaap:CostOfRevenue | $20.9M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$11.4M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$12.4M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $80.2M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 7 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $55.1M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 8 | cost of revenue | us-gaap:CostOfRevenue | $20.9M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 9 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $59.7M | 2023-12-31 | 2025-03-27 | 10-K | filing · viewer · series |
| 10 | cost of revenue | us-gaap:CostOfRevenue | $22.9M | 2023-12-31 | 2025-03-27 | 10-K | filing · viewer · series |
| 11 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $71.0M | 2022-12-31 | 2024-03-29 | 10-K | filing · viewer · series |
| 12 | cost of revenue | us-gaap:CostOfRevenue | $30.8M | 2022-12-31 | 2024-03-29 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $63.1M | 2021-12-31 | 2023-03-31 | 10-K | filing · viewer · series |
| 14 | cost of revenue | us-gaap:CostOfRevenue | $32.1M | 2021-12-31 | 2023-03-31 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $66.9M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $37.4M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$98.5M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | -$8.2M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $31.9M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $62.7M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 21 | assets | us-gaap:Assets | $76.8M | 2023-12-31 | 2025-03-27 | 10-K | filing · viewer · series |
| 22 | assets | us-gaap:Assets | $105.2M | 2022-12-31 | 2024-03-29 | 10-K | filing · viewer · series |
| 23 | shares outstanding | us-gaap:CommonStockSharesOutstanding | 11,556,493 | 2022-06-30 | 2022-08-09 | 10-Q | filing · viewer · series |
| 24 | net income | us-gaap:NetIncomeLoss | -$14.7M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 25 | long term debt | us-gaap:LongTermDebtNoncurrent | $25.3M | 2025-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 26 | long term debt | us-gaap:LongTermDebtNoncurrent | $24.9M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 27 | current assets | us-gaap:AssetsCurrent | $48.2M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 28 | current liabilities | us-gaap:LiabilitiesCurrent | $35.2M | 2024-12-31 | 2026-03-26 | 10-K | filing · viewer · series |
| 29 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $25.6M | 2026-06-30 | 2026-08-12 | 10-Q | filing · viewer · series |
| 30 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.2M | 2026-06-30 | 2026-08-12 | 10-Q | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $2.9M | 2026-03-31 | 2026-05-13 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$6.2M | 2025-09-30 | 2025-11-12 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$3.8M | 2025-06-30 | 2026-08-12 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 84.9 is 4.9 points from the nearest band edge; sampling error is 2.5 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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