Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Femasys Inc.FEMY · healthcare | |
|---|---|
| Grade |  D/Eon the D/E boundary of 371 graded peers; percentile 78.1, sampling error 2.5 points; lower is stronger |
| Rank | 290 of 371 |
| Profitability | Dpercentile 67.9 |
| Solvency | C/Dpercentile 58.8 |
| Growth and financing | Cpercentile 49.7 |
| 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 $20.7M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | dilution, short runwaynot computable: distress, fortress balance sheet |
| Inputs computable | 8 of 14 |
| Graded from | filings received through Mar 31, 2026192 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $2.072026-10-08; market equity $17.3M; 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 31, 2026; the document on sec.gov.
We are a leading biomedical innovator, addressing significant unmet needs in women’s health worldwide, with a broad patent-protected portfolio of disruptive, accessible, in-office therapeutic and diagnostic products. The Company is a U.S. manufacturer that has received global regulatory approvals for its product portfolio, which is currently being commercialized in the U.S. and key international markets. FemaSeed® Intratubal Insemination, a groundbreaking first-step infertility treatment delivering sperm directly to the site of conception, is U.S. FDA-cleared and approved in Europe, United Kingdom (UK), Canada, Israel, Australia and New Zealand.
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 67.9 | |||||||
| Gross profitability | 6.9% | [1-2,6] | 32.2% | 80.6 | 372 | 2025-12-31 | |
| Return on invested capital | not computable | 9.3% | |||||
| one or more required annual facts are missing | |||||||
| Accruals ratio | 0.4% | [1,7-9] | (6.6%) | 82.2 | 811 | 2025-12-31 | |
| Gross margin stability, five years | 2.3 pts | [2,6,10-17] | 2.8 pts | 40.9 | 243 | 2025-12-31 | |
| Solvency, sleeve percentile 58.8 | |||||||
| Twelve-month failure probability | not computable | 0.07% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | (24.17) | [1,18-23] | (0.31) | 76.7 | 756 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.82x | |||||
| one or more required annual facts are missing | |||||||
| Interest coverage | not computable | (4.51x) | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 4.53x | [18-19] | 2.96x | 40.9 | 839 | 2025-12-31 | |
| Growth and financing, sleeve percentile 49.7 | |||||||
| Revenue growth, three-year compound | 23.9% | [2,10,12,15] | 10.0% | 27.3 | 415 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 10.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 37.1% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | 7.0% | [1,9,24-25] | 2.1% | 36.6 | 704 | 2025-12-31 | |
| Net share issuance, one year | 122.4% | [3-4] | 2.5% | 85.3 | 634 | 2026-03-30 | |
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 0.196; 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 |
|---|---|---|---|---|
| 285 | Baxter International Inc. (BAX) Baxter International Inc. (BAX) Dfourth fifth; percentile 76.8 NYSE · Surgical & Medical Instruments & Apparatus market equity $12.4B; last close $23.91 No active warnings; 11 of 14 inputs | 76.8 | D | |
| 286 | Vivos Therapeutics, Inc. (VVOS) Vivos Therapeutics, Inc. (VVOS) Dfourth fifth; percentile 77.0 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $3.0M; last close $0.15 Warnings: dilution, short runway, late filer; 9 of 14 inputs | 77.0 | D | dilution, short runway, late filer |
| 287 | Quest Diagnostics Inc. (DGX) Quest Diagnostics Inc. (DGX) Dfourth fifth; percentile 77.3 NYSE · Services-Medical Laboratories market equity $25.5B; last close $230.78 No active warnings; 11 of 14 inputs | 77.3 | D | |
| 288 | biote Corp. (BTMD) biote Corp. (BTMD) D/Eon the D/E boundary; percentile 77.6 Nasdaq · Medicinal Chemicals & Botanical Products market equity $68.1M; last close $1.17 No active warnings; 7 of 14 inputs | 77.6 | D/E | |
| 289 | Protalix BioTherapeutics, Inc. (PLX) Protalix BioTherapeutics, Inc. (PLX) D/Eon the D/E boundary; percentile 77.8 NYSE · Biological Products, (No Diagnostic Substances) market equity $217.5M; last close $2.69 No active warnings; 8 of 14 inputs | 77.8 | D/E | |
| 290 | Femasys Inc. (FEMY) Femasys Inc. (FEMY) D/Eon the D/E boundary; percentile 78.1 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $17.1M; last close $2.07 Warnings: dilution, short runway; 8 of 14 inputs | 78.1 | D/E | dilution, short runway |
| 291 | X4 Pharmaceuticals, Inc. (XFOR) X4 Pharmaceuticals, Inc. (XFOR) D/Eon the D/E boundary; percentile 78.4 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $276.6M; last close $2.79 Warnings: dilution, fortress balance sheet; 7 of 14 inputs | 78.4 | D/E | dilution, fortress balance sheet |
| 292 | Milestone Scientific Inc. (MLSS) Milestone Scientific Inc. (MLSS) D/Eon the D/E boundary; percentile 78.6 NYSE · Orthopedic, Prosthetic & Surgical Appliances & Supplies market equity $31.9M; last close $0.35 Warnings: late filer; 8 of 14 inputs | 78.6 | D/E | late filer |
| 293 | Gilead Sciences, Inc. (GILD) Gilead Sciences, Inc. (GILD) D/Eon the D/E boundary; percentile 78.9 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $182.4B; last close $147.07 No active warnings; 9 of 14 inputs | 78.9 | D/E | |
| 294 | C4 Therapeutics, Inc. (CCCC) C4 Therapeutics, Inc. (CCCC) D/Eon the D/E boundary; percentile 79.2 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $350.6M; last close $2.85 Warnings: dilution, fortress balance sheet; 7 of 14 inputs | 79.2 | D/E | dilution, fortress balance sheet |
| 295 | Whitehawk Therapeutics, Inc. (WHWK) Whitehawk Therapeutics, Inc. (WHWK) D/Eon the D/E boundary; percentile 79.5 Nasdaq · Pharmaceutical Preparations market equity $197.8M; last close $3.45 No active warnings; 8 of 14 inputs | 79.5 | D/E |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 76.1 | 2204 |
| sector peers, equal sleeves (the grade) | D/E | 78.1 | 371 |
| same exchange, equal sleeves | D | 75.7 | 1219 |
| sector peers, equal inputs | D/E | 80.8 | 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 | (51.3%) | 8.0% | 13 | hotter than 13 of 100 peers |
| Distance from 52-week high | (90.2%) | (31.4%) | 4 | closer to its high than 4 of 100 peers |
| EBIT to enterprise value | not computable | (1.5%) | required accounting or market input is missing | |
| Free cash flow yield | (112.2%) | (1.0%) | 5 | pricier than 95 of 100 peers |
| Book value to price | 0.24 | 0.28 | 46 | pricier than 54 of 100 peers |
| Sales to price | 0.13 | 0.31 | 32 | pricier than 68 of 100 peers |
| Composite equity issuance, five years | not computable | 20.3% | a share count from five years earlier is required | |
| Relative strength against the sector, log excess return | (0.93) | (0.14) | 13 | ahead of 13 of 100 peers |
Inputs: market equity $17.1M; EBIT -$17.6M; free cash flow -$19.2M; book equity $4.0M; sales $2.3M; cash $1.4M[26].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (149.7%) | ✗ fail[7,9] |
| Operating cash flow above zero | -$18.7M | ✗ fail[8] |
| Return on assets improved | (81.9 pts) | ✗ fail[7,9,24,27] |
| Operating cash flow exceeds net income | -$62,678 | ✗ fail[7-8] |
| Long-term leverage fell | n/a[1,9,24] | |
| Current ratio improved | 359.1 pts | ✓ pass[18-19,28-29] |
| No new shares issued | 122.4% | ✗ fail[3-4] |
| Gross margin improved | (4.6 pts) | ✗ fail[2,6,10-11] |
| Asset turnover improved | 12.6 pts | ✓ pass[2,9-10,24] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $1.4M[5] |
| Operating cash flow, four quarters | -$17.7M[5,8,30-33] |
| Months of runway | 1.0 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 56 |
| 10-Q received Aug 14, 2026 | |
| Median daily dollar volume | $187,651 |
| 63 sessions | |
| Days since newest grade input | 192 |
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 | $20.7M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.3M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 3 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 60,390,686 | 2026-03-30 | 2026-03-31 | 10-K | filing · viewer · series |
| 4 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 27,149,971 | 2025-03-26 | 2025-03-27 | 10-K | filing · viewer · series |
| 5 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $1.4M | 2026-06-30 | 2026-08-14 | 10-Q | filing · viewer · series |
| 6 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $872,400 | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 7 | net income | us-gaap:NetIncomeLoss | -$18.6M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 8 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$18.7M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 9 | assets | us-gaap:Assets | $12.4M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.6M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 11 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $544,903 | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.1M | 2023-12-31 | 2025-03-27 | 10-K | filing · viewer · series |
| 13 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $380,069 | 2023-12-31 | 2025-03-27 | 10-K | filing · viewer · series |
| 14 | gross profit | us-gaap:GrossProfit | $764,280 | 2022-12-31 | 2023-07-24 | 10-K/A | filing · viewer · series |
| 15 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.2M | 2022-12-31 | 2024-03-28 | 10-K | filing · viewer · series |
| 16 | gross profit | us-gaap:GrossProfit | $809,305 | 2021-12-31 | 2023-07-24 | 10-K/A | filing · viewer · series |
| 17 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.2M | 2021-12-31 | 2023-07-24 | 10-K/A | filing · viewer · series |
| 18 | current assets | us-gaap:AssetsCurrent | $16.5M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 19 | current liabilities | us-gaap:LiabilitiesCurrent | $3.6M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 20 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$145.8M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 21 | operating income | us-gaap:OperatingIncomeLoss | -$17.6M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 22 | book equity | us-gaap:StockholdersEquity | $5.9M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 23 | liabilities | us-gaap:Liabilities | $14.9M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 24 | assets | us-gaap:Assets | $27.8M | 2023-12-31 | 2025-03-27 | 10-K | filing · viewer · series |
| 25 | assets | us-gaap:Assets | $16.9M | 2022-12-31 | 2024-03-28 | 10-K | filing · viewer · series |
| 26 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 8,375,027 | 2026-08-13 | 2026-08-14 | 10-Q | filing · viewer · series |
| 27 | net income | us-gaap:NetIncomeLoss | -$18.8M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 28 | current assets | us-gaap:AssetsCurrent | $8.0M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 29 | current liabilities | us-gaap:LiabilitiesCurrent | $8.6M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 30 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$8.1M | 2026-06-30 | 2026-08-14 | 10-Q | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$4.1M | 2026-03-31 | 2026-05-08 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$14.5M | 2025-09-30 | 2025-11-14 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$9.1M | 2025-06-30 | 2026-08-14 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 78.1 is 1.9 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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