Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

HomeCompaniesSectorsCalendarLast night
Screens
WarningsPrice and conditionThen and nowSize bandsCeased filers
Tools
Time machinePoint in timeData exportsRun logForecast logEDGAR company search
Method
MethodCoverageAbout
GameSquare Holdings, Inc.GAME · other
GradeNonecomputable_factors_below_threshold: 5 of 14 inputs computable; 7 are required
Reliability0.83 AUCfailure model, filers with $12.5M to $120M assets; 95% interval 0.79 to 0.86; 201 events, 2020 to 2025
Peer failure rate1.07% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$12.5M to $120M assetstotal assets $79.3M[1]
Standard universeinsiderevenue above $1M and assets above $10M[1-2]
Warningsdilution, late filer, thin datanot computable: short runway, distress, fortress balance sheet
Inputs computable5 of 14
Graded fromfilings received through Apr 8, 2026184 days before the rescan; every figure keyed to the SEC receipt date
Last close$3.072026-10-08; market equity $318.7M; iex feed
Price used in gradeNone
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
$2NovDecJanFebMarAprMayJunJulAugSepOct$3.14
ABCDE20132014201520162017201820192020202120222023202420252026

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

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Apr 21, 2024nonen/aQ2

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 Apr 8, 2026; the document on sec.gov.

Holdings, Inc. (“GameSquare,” the “Company,” “we,” “us,” and “our”) is a vertically integrated, digital media, entertainment and technology company that connects global brands with gaming and youth culture audiences. GameSquare’s end-to-end platform includes Swingman LLC dba as Zoned, a gaming and lifestyle marketing agency, Code Red Esports Ltd. (“Code Red”), a UK based esports talent agency, Click Management Pty Ltd (“Click”), an Australia based gaming and esports talent agency, FaZe Holdings Inc.

Warnings [top]

Dilution. split-adjusted year-over-year share growth is 146.1%[3-4]
Late filer. found 2 NT 10-K/Q filings in the last eight quarters
Thin data. 5 of 14 grade factors are computable; minimum is 7

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.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 29.1
Gross profitability24.6%[1,5]27.1%50.72892025-12-31
Return on invested capitalnot computable10.0%
one or more required annual facts are missing
Accruals ratio(27.5%)[1,6-8](5.9%)7.55062025-12-31
Gross margin stability, five yearsnot computable2.2 pts
five annual gross margins are required; found 3
Solvency, sleeve percentile 87.9
Twelve-month failure probabilitynot computable0.04%
latest liabilities, cash plus short-term investments, book equity, and shares are required
Altman Z double-prime(9.50)[1,9-14]2.0588.33862025-12-31
Net debt to EBITDAnot computable2.52x
one or more required annual facts are missing
Interest coveragenot computable2.18x
latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31
Current ratio0.54x[9-10]1.32x87.55062025-12-31
Growth and financing, sleeve percentile 96.6
Revenue growth, three-year compoundnot computable5.1%
four annual observations are required; found 3
Free cash flow growth, three-year compoundnot computable8.7%
four consecutive annual FCF observations are required; found 3
Reinvestment ratenot computable11.9%
pretax income must exceed the validity floor and imply a 0%-100% tax rate
Asset growth, three yearsnot computable4.1%
four annual observations are required; found 3
Net share issuance, one year146.1%[3-4](0.4%)96.63562026-04-08

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.

Among 336 Peers [top]

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.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month319.9%2.0%100hotter than 100 of 100 peers
Distance from 52-week high(14.7%)(26.8%)70closer to its high than 70 of 100 peers
EBIT to enterprise valuenot computable4.4%required accounting or market input is missing
Free cash flow yield(5.7%)4.1%16pricier than 84 of 100 peers
Book value to price0.030.3411pricier than 89 of 100 peers
Sales to price0.140.708pricier than 92 of 100 peers
Composite equity issuance, five yearsnot computable(8.8%)a share count from five years earlier is required
Relative strength against the sector, log excess return1.29(0.13)100ahead of 100 of 100 peers

Inputs: market equity $326.0M; EBIT -$25.2M; free cash flow -$18.5M; book equity $9.9M; sales $45.0M[15].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero(50.9%)✗ fail[6,8]
Operating cash flow above zero-$18.4M✗ fail[7]
Return on assets improved24.4 pts✓ pass[6,8,16-17]
Operating cash flow exceeds net income$21.7M✓ pass[6-7]
Long-term leverage felln/a[1,8,17]
Current ratio improved(12.3 pts)✗ fail[9-10,18-19]
No new shares issued146.1%✗ fail[3-4]
Gross margin improved9.0 pts✓ pass[2,5,20-21]
Asset turnover improved14.6 pts✓ pass[2,8,17,21]
Cash, filings, liquidity
Cash and equivalentsn/a
Operating cash flow, four quartersn/a[7,22-25]
Months of runwaynot finite
cash is missing at the end of the latest cash-flow quarter
Late filings, two years2
NT 10-K or NT 10-Q
Days since last periodic filing57
10-Q received Aug 13, 2026
Median daily dollar volume$364,762
63 sessions
Days since newest grade input184

Downloads [top]

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.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$79.3M2025-12-312026-04-0810-Kfiling · viewer · series
2revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$45.0M2025-12-312026-04-0810-Kfiling · viewer · series
3shares outstandingdei:EntityCommonStockSharesOutstanding95,761,2152026-04-082026-04-0810-Kfiling · viewer · series
4shares outstandingdei:EntityCommonStockSharesOutstanding38,913,5652025-04-292025-04-3010-K/Afiling · viewer · series
5gross profitus-gaap:GrossProfit$19.5M2025-12-312026-04-0810-Kfiling · viewer · series
6net incomeus-gaap:NetIncomeLoss-$40.1M2025-12-312026-04-0810-Kfiling · viewer · series
7operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$18.4M2025-12-312026-04-0810-Kfiling · viewer · series
8assetsus-gaap:Assets$78.7M2024-12-312026-04-0810-Kfiling · viewer · series
9current assetsus-gaap:AssetsCurrent$22.2M2025-12-312026-04-0810-Kfiling · viewer · series
10current liabilitiesus-gaap:LiabilitiesCurrent$40.9M2025-12-312026-04-0810-Kfiling · viewer · series
11retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$162.3M2025-12-312026-04-0810-Kfiling · viewer · series
12operating incomeus-gaap:OperatingIncomeLoss-$25.2M2025-12-312026-04-0810-Kfiling · viewer · series
13book equityus-gaap:StockholdersEquity$35.7M2025-12-312026-04-0810-Kfiling · viewer · series
14liabilitiesus-gaap:Liabilities$43.6M2025-12-312026-04-0810-Kfiling · viewer · series
15shares outstandingdei:EntityCommonStockSharesOutstanding103,809,5362026-08-132026-08-1310-Qfiling · viewer · series
16net incomeus-gaap:NetIncomeLoss-$48.8M2024-12-312026-04-0810-Kfiling · viewer · series
17assetsus-gaap:Assets$64.7M2023-12-312025-04-1510-Kfiling · viewer · series
18current assetsus-gaap:AssetsCurrent$36.5M2024-12-312026-04-0810-Kfiling · viewer · series
19current liabilitiesus-gaap:LiabilitiesCurrent$54.8M2024-12-312026-04-0810-Kfiling · viewer · series
20gross profitus-gaap:GrossProfit$9.5M2024-12-312026-04-0810-Kfiling · viewer · series
21revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$27.5M2024-12-312026-04-0810-Kfiling · viewer · series
22operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$9.2M2026-06-302026-08-1310-Qfiling · viewer · series
23operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$6.4M2026-03-312026-05-1410-Qfiling · viewer · series
24operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$17.3M2025-09-302025-11-1410-Qfiling · viewer · series
25operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$6.9M2025-06-302026-08-1310-Qfiling · viewer · series

Limitations [top]

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.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

Pages
Home · Companies · Sectors · Calendar · Last night
Screens
Warnings · Price and condition · Then and now · Size bands · Ceased filers
Tools
Time machine · Point in time · Data exports · Run log · Forecast log · EDGAR company search
Method
Method · Coverage · About
Source
GitHub · ezrakruger.cc
Photographs from Wikimedia Commons

bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026