Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Gogo Inc.GOGO · telecom | |
|---|---|
| Grade |  Cmiddle fifth of 558 graded peers; percentile 44.5, sampling error 2.1 points; lower is stronger |
| Rank | 233 of 558 |
| Profitability | Cpercentile 46.6 |
| Solvency | Cpercentile 56.6 |
| Growth and financing | B/Cpercentile 39.7 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $1.3B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | late filernot computable: distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Feb 27, 2026224 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $2.272026-10-08; market equity $306.9M; 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 Feb 27, 2026; the document on sec.gov.
—Company Overview—Competition.” Some of our current or potential future competitors are, or could potentially be, larger, more diversified corporations and have greater financial, marketing, production, and research and development resources, stronger customer relationships, more experience with regulatory compliance, and with militaries and governments, and/or access to technologies not available to us. As a result, they may be, and have in some instances been, better able to withstand pricing pressures and the effects of periodic economic downturns, as well as win new contracts with our existing customers or prospective customers.
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 46.6 | |||||||
| Gross profitability | not computable | 28.0% | |||||
| latest aligned inputs end 2024-12-31; latest annual assets end 2025-12-31 | |||||||
| Return on invested capital | not computable | 8.9% | |||||
| latest aligned inputs end 2022-12-31; latest annual assets end 2025-12-31 | |||||||
| Accruals ratio | (8.8%) | [1,3-5] | (7.3%) | 46.6 | 703 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.4 pts | |||||
| five annual gross margins are required; found 1 | |||||||
| Solvency, sleeve percentile 56.6 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | (1.47) | [1,6-11] | 1.93 | 64.4 | 625 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.71x | |||||
| latest aligned inputs end 2022-12-31; latest annual assets end 2025-12-31 | |||||||
| Interest coverage | 1.67x | [9,12] | 2.81x | 47.2 | 109 | 2025-12-31 | |
| Current ratio | 1.60x | [6-7] | 1.96x | 58.3 | 756 | 2025-12-31 | |
| Growth and financing, sleeve percentile 39.7 | |||||||
| Revenue growth, three-year compound | 31.1% | [2,13-15] | 5.1% | 8.6 | 615 | 2025-12-31 | |
| Free cash flow growth, three-year compound | 3.1% | [4,16-22] | 12.4% | 67.7 | 314 | 2025-12-31 | |
| Reinvestment rate | 37.7% | [6-7,9,16,23-27] | 15.1% | 38.7 | 262 | 2025-12-31 | |
| Asset growth, three years | 19.7% | [1,5,28-29] | 3.4% | 17.3 | 641 | 2025-12-31 | |
| Net share issuance, one year | 2.5% | [30-31] | 0.5% | 66.1 | 434 | 2026-02-20 | |
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 -0.058; sampling error 2.1 percentile points on 558 peers.
Among 558 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 |
|---|---|---|---|---|
| 228 | Navitas Semiconductor Corp. (NVTS) Navitas Semiconductor Corp. (NVTS) Cmiddle fifth; percentile 43.5 Nasdaq · Semiconductors & Related Devices market equity $2.0B; last close $10.93 No active warnings; 8 of 14 inputs | 43.5 | C | |
| 229 | Playtika Holding Corp. (PLTK) Playtika Holding Corp. (PLTK) Cmiddle fifth; percentile 43.8 Nasdaq · Services-Computer Processing & Data Preparation market equity $877.3M; last close $2.30 No active warnings; 11 of 14 inputs | 43.8 | C | |
| 230 | Asana, Inc. (ASAN) Asana, Inc. (ASAN) Cmiddle fifth; percentile 44.0 NYSE · Services-Prepackaged Software market equity $2.2B; last close $9.89 No active warnings; 8 of 14 inputs | 44.0 | C | |
| 231 | Seagate Technology Holdings plc (STX) Seagate Technology Holdings plc (STX) Cmiddle fifth; percentile 44.2 Nasdaq · Computer Storage Devices market equity $175.6B; last close $774.59 No active warnings; 10 of 14 inputs | 44.2 | C | |
| 232 | OneSpan Inc. (OSPN) OneSpan Inc. (OSPN) Cmiddle fifth; percentile 44.4 Nasdaq · Services-Computer Integrated Systems Design market equity $663.7M; last close $18.01 No active warnings; 8 of 14 inputs | 44.4 | C | |
| 233 | Gogo Inc. (GOGO) Gogo Inc. (GOGO) Cmiddle fifth; percentile 44.5 Nasdaq · Communications Services, NEC market equity $306.2M; last close $2.27 Warnings: late filer; 9 of 14 inputs | 44.5 | C | late filer |
| 234 | Western Digital Corp. (WDC) Western Digital Corp. (WDC) Cmiddle fifth; percentile 44.6 Nasdaq · Computer Storage Devices market equity $141.8B; last close $393.28 Warnings: fortress balance sheet; 11 of 14 inputs | 44.6 | C | fortress balance sheet |
| 235 | PDF Solutions Inc. (PDFS) PDF Solutions Inc. (PDFS) Cmiddle fifth; percentile 44.8 Nasdaq · Services-Prepackaged Software market equity $2.2B; last close $52.24 No active warnings; 9 of 14 inputs | 44.8 | C | |
| 236 | Qorvo, Inc. (QRVO) Qorvo, Inc. (QRVO) Cmiddle fifth; percentile 45.0 Nasdaq · Semiconductors & Related Devices market equity $10.0B; last close $114.25 No active warnings; 13 of 14 inputs | 45.0 | C | |
| 237 | Varex Imaging Corp. (VREX) Varex Imaging Corp. (VREX) Cmiddle fifth; percentile 45.2 Nasdaq · Electronic Components, NEC market equity $777.6M; last close $18.45 No active warnings; 9 of 14 inputs | 45.2 | C | |
| 238 | Snowflake Inc. (SNOW) Snowflake Inc. (SNOW) Cmiddle fifth; percentile 45.4 NYSE · Services-Prepackaged Software market equity $121.2B; last close $343.52 No active warnings; 9 of 14 inputs | 45.4 | C |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | B | 34.4 | 2204 |
| sector peers, equal sleeves (the grade) | C | 44.5 | 558 |
| same exchange, equal sleeves | B | 37.8 | 1219 |
| sector peers, equal inputs | B/C | 38.8 | 558 |
Each letter is one fifth of the 558 graded peers, about 111 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 | (70.7%) | (0.3%) | 6 | hotter than 6 of 100 peers |
| Distance from 52-week high | (76.9%) | (29.7%) | 9 | closer to its high than 9 of 100 peers |
| EBIT to enterprise value | 12.0% | 1.4% | 96 | pricier than 4 of 100 peers |
| Free cash flow yield | 21.3% | 2.7% | 95 | pricier than 5 of 100 peers |
| Book value to price | 0.39 | 0.24 | 64 | pricier than 36 of 100 peers |
| Sales to price | 2.97 | 0.33 | 92 | pricier than 8 of 100 peers |
| Composite equity issuance, five years | 45.0% | 3.2% | 84 | more equity-funded than 84 of 100 peers |
| Relative strength against the sector, log excess return | (1.17) | (0.23) | 8 | ahead of 8 of 100 peers |
Inputs: market equity $306.2M; EBIT $114.1M; free cash flow $65.1M; book equity $120.7M; sales $910.5M; debt $711.3M; cash $63.1M[32].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 1.1% | ✓ pass[3,5] |
| Operating cash flow above zero | $124.5M | ✓ pass[4] |
| Return on assets improved | (0.7 pts) | ✗ fail[3,5,28,33] |
| Operating cash flow exceeds net income | $111.6M | ✓ pass[3-4] |
| Long-term leverage fell | (16.9 pts) | ✓ pass[1,5,28,34-35] |
| Current ratio improved | (17.1 pts) | ✗ fail[6-7,26-27] |
| No new shares issued | 2.5% | ✗ fail[30-31] |
| Gross margin improved | n/a[13,36] | |
| Asset turnover improved | 17.2 pts | ✓ pass[2,5,13,28] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $63.1M[37] |
| Operating cash flow, four quarters | $80.4M[4,37-41] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 1 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 64 |
| 10-Q received Aug 6, 2026 | |
| Median daily dollar volume | $5.1M |
| 63 sessions | |
| Days since newest grade input | 224 |
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 | $1.3B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $910.5M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 3 | net income | us-gaap:NetIncomeLoss | $12.9M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 4 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $124.5M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 5 | assets | us-gaap:Assets | $1.2B | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 6 | current assets | us-gaap:AssetsCurrent | $431.9M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 7 | current liabilities | us-gaap:LiabilitiesCurrent | $269.2M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 8 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$1.2B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 9 | operating income | us-gaap:OperatingIncomeLoss | $114.1M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 10 | book equity | us-gaap:StockholdersEquity | $101.1M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 11 | liabilities | us-gaap:Liabilities | $1.2B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 12 | interest expense | us-gaap:InterestExpense | $68.2M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $444.7M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $397.6M | 2023-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 15 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $404.1M | 2022-12-31 | 2025-03-14 | 10-K | filing · viewer · series |
| 16 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $59.4M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 17 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $41.4M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 18 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $13.5M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 19 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations | $79.0M | 2023-12-31 | 2024-02-28 | 10-K | filing · viewer · series |
| 20 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $16.3M | 2023-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 21 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations | $103.4M | 2022-12-31 | 2024-02-28 | 10-K | filing · viewer · series |
| 22 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $43.9M | 2022-12-31 | 2025-03-14 | 10-K | filing · viewer · series |
| 23 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $60.3M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 24 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $26.8M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 25 | income tax | us-gaap:IncomeTaxExpenseBenefit | $13.9M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 26 | current assets | us-gaap:AssetsCurrent | $323.1M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 27 | current liabilities | us-gaap:LiabilitiesCurrent | $182.0M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 28 | assets | us-gaap:Assets | $781.5M | 2023-12-31 | 2025-03-14 | 10-K | filing · viewer · series |
| 29 | assets | us-gaap:Assets | $759.5M | 2022-12-31 | 2024-02-28 | 10-K | filing · viewer · series |
| 30 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 134,681,898 | 2026-02-20 | 2026-02-27 | 10-K | filing · viewer · series |
| 31 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 131,350,127 | 2025-03-07 | 2025-03-14 | 10-K | filing · viewer · series |
| 32 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 135,507,862 | 2026-07-31 | 2026-08-06 | 10-Q | filing · viewer · series |
| 33 | net income | us-gaap:NetIncomeLoss | $13.7M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 34 | long term debt | us-gaap:LongTermDebtNoncurrent | $833.6M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 35 | long term debt | us-gaap:LongTermDebtNoncurrent | $831.6M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 36 | cost of revenue | us-gaap:CostOfRevenue | $67.6M | 2024-12-31 | 2025-03-14 | 10-K | filing · viewer · series |
| 37 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $63.1M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 38 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $25.1M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 39 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$7.2M | 2026-03-31 | 2026-05-07 | 10-Q | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $116.0M | 2025-09-30 | 2025-11-06 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $69.2M | 2025-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 44.5 is 4.5 points from the nearest band edge; sampling error is 2.1 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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