Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
New Horizon Aircraft Ltd.HOVRW · manufacturing
GradeNonecomputable_factors_below_threshold: 3 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 $83.8M[1]
Warningsthin datanot computable: dilution, degenerate inputs, distress, fortress balance sheet
Inputs computable3 of 14
Graded fromfilings received through Jul 16, 202685 days before the rescan; every figure keyed to the SEC receipt date
Last close$0.322026-09-25; market equity $0; 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
$0.4$0.6NovDecJanFebMarAprMayJunJulAugSepOct$0.28
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, 2023nonen/aQ1
Apr 21, 2024nonen/aQ3
Aug 21, 2024nonen/aQ1
Jul 21, 2026nonen/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 Jul 16, 2026; the document on sec.gov.

Original Equipment Manufacturer (“OEM”) that is designing and building a next generation hybrid-electric Vertical Takeoff and Landing (“eVTOL”) aircraft for the Regional Air Mobility (“RAM”) market. Our aircraft aims to offer a more efficient way to move people and goods at a regional level, from 50 to 500 miles, help to connect remote communities, and improve our ability to deal with an increasing number of climate-related natural disasters such as wildfires, floods, and droughts. is a hybrid electric 7-seat aircraft, coined the Cavorite X7, that can take-off and land vertically like a helicopter.

Warnings [top]

Thin data. 3 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 2.4
Gross profitabilitynot computable21.9%
one or more required annual facts are missing
Return on invested capitalnot computable9.7%
one or more required annual facts are missing
Accruals ratio(36.0%)[1-4](3.6%)2.43082026-05-31
Gross margin stability, five yearsnot computable2.1 pts
five annual gross margins are required; found 0
Solvency, sleeve percentile 7.0
Twelve-month failure probabilitynot computable0.04%
firm-wide XBRL shares cannot be assigned to one ticker class
Altman Z double-prime8.55[1,5-10]3.6611.72442026-05-31
Net debt to EBITDAnot computable1.78x
one or more required annual facts are missing
Interest coveragenot computable5.09x
interest expense must exceed $100,000
Current ratio22.76x[5-6]2.25x2.33252026-05-31
Growth and financing
Revenue growth, three-year compoundnot computable2.1%
four annual observations are required; found 0
Free cash flow growth, three-year compoundnot computable13.9%
four consecutive annual FCF observations are required; found 3
Reinvestment ratenot computable26.4%
required facts have no common fiscal period end
Asset growth, three yearsnot computable4.4%
four consecutive annual observations are required
Net share issuance, one yearnot computable0.01%
firm-wide XBRL shares cannot be assigned to one ticker class

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 255 Peers [top]

What the Price Implies [top]

Market measures at the 2026-09-25 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month(20.1%)13.7%16hotter than 16 of 100 peers
Distance from 52-week high(59.7%)(24.3%)8closer to its high than 8 of 100 peers
EBIT to enterprise valuenot computable4.1%required accounting or market input is missing
Free cash flow yieldnot computable3.4%required accounting or market input is missing
Book value to pricenot computable0.34required accounting or market input is missing
Sales to pricenot computable0.54required accounting or market input is missing
Composite equity issuance, five yearsnot computable(9.5%)required accounting or market input is missing
Relative strength against the sector, log excess return(0.36)(0.00)16ahead of 16 of 100 peers

Inputs: EBIT -$23.5M; free cash flow -$17.5M; book equity $71.1M; cash $78.3M[11].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2026-05-31
Return on assets above zero(393.4%)✗ fail[2,4]
Operating cash flow above zero(16,492,000.00)✗ fail[3]
Return on assets improved(498.6 pts)✗ fail[2,4,12-13]
Operating cash flow exceeds net income16,604,000.00✓ pass[2-3]
Long-term leverage felln/a[1,4,13]
Current ratio improved1,659.6 pts✓ pass[5-6,14-15]
No new shares issuedn/a
Gross margin improvedn/a
Asset turnover improvedn/a[4,13]
Cash, filings, liquidity
Cash and equivalents$78.3M[16]
Operating cash flow, four quarters-$16.5M[3,16-19]
Months of runway57.0
Late filings, two years0
NT 10-K or NT 10-Q
Days since last periodic filing85
10-K received Jul 16, 2026
Median daily dollar volume$4,569
63 sessions
Days since newest grade input85

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$83.8M2026-05-312026-07-1610-Kfiling · viewer · series
2net incomeus-gaap:NetIncomeLoss-33,096,0002026-05-312026-07-1610-Kfiling · viewer · series
3operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-16,492,0002026-05-312026-07-1610-Kfiling · viewer · series
4assetsus-gaap:Assets8,412,0002025-05-312026-07-1610-Kfiling · viewer · series
5current assetsus-gaap:AssetsCurrent82,846,0002026-05-312026-07-1610-Kfiling · viewer · series
6current liabilitiesus-gaap:LiabilitiesCurrent3,640,0002026-05-312026-07-1610-Kfiling · viewer · series
7retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-42,579,0002026-05-312026-07-1610-Kfiling · viewer · series
8operating incomeus-gaap:OperatingIncomeLoss-23,468,0002026-05-312026-07-1610-Kfiling · viewer · series
9book equityus-gaap:StockholdersEquity71,110,0002026-05-312026-07-1610-Kfiling · viewer · series
10liabilitiesus-gaap:Liabilities12,686,0002026-05-312026-07-1610-Kfiling · viewer · series
11shares outstandingdei:EntityCommonStockSharesOutstanding66,825,8372026-07-162026-07-1610-Kfiling · viewer · series
12net incomeus-gaap:NetIncomeLoss5,200,0002025-05-312026-07-1610-Kfiling · viewer · series
13assetsus-gaap:Assets4,944,0002024-05-312025-08-2210-Kfiling · viewer · series
14current assetsus-gaap:AssetsCurrent8,173,0002025-05-312026-07-1610-Kfiling · viewer · series
15current liabilitiesus-gaap:LiabilitiesCurrent1,326,0002025-05-312026-07-1610-Kfiling · viewer · series
16cashus-gaap:CashAndCashEquivalentsAtCarryingValue78,279,0002026-05-312026-07-1610-Kfiling · viewer · series
17operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-11,789,0002026-02-282026-04-1410-Qfiling · viewer · series
18operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-4,972,0002025-11-302026-01-1410-Qfiling · viewer · series
19operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-2,364,0002025-08-312025-10-1010-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.

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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