Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Liqtech International Inc.LIQT · manufacturing | |
|---|---|
| Grade |  Eweakest fifth of 255 graded peers; percentile 87.4, sampling error 3.0 points; lower is stronger |
| Rank | 223 of 255 |
| Profitability | Dpercentile 66.5 |
| Solvency | C/Dpercentile 57.2 |
| Growth and financing | Dpercentile 74.0 |
| 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 $27.3M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: dilution, short runway, distress, fortress balance sheet |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Mar 19, 2026204 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $0.472026-10-08; market equity $15.5M; 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 Feb 27, 2026; the document on sec.gov.
LiqTech International, Inc. is a clean technology company that provides state-of-the-art gas and liquid purification products by manufacturing ceramic silicon carbide filters and membranes as well as developing industry-leading and fully automated filtration solutions and systems. For more than two decades, we have developed and manufactured products of re-crystallized silicon carbide. We specialize in three business areas: ceramic membranes and membrane incorporated liquid filtration systems, ceramic diesel particulate filters (DPFs) to control soot exhaust particles and black carbon emission from diesel engines, and plastic components for usage across various industries.
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 66.5 | |||||||
| Gross profitability | 4.6% | [1,3] | 21.9% | 90.9 | 275 | 2025-12-31 | |
| Return on invested capital | not computable | 9.7% | |||||
| one or more required annual facts are missing | |||||||
| Accruals ratio | (8.1%) | [1,4-6] | (3.6%) | 25.7 | 308 | 2025-12-31 | |
| Gross margin stability, five years | 4.8 pts | [2-3,7-14] | 2.1 pts | 82.9 | 229 | 2025-12-31 | |
| Solvency, sleeve percentile 57.2 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | (10.03) | [1,15-20] | 3.66 | 90.9 | 244 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.78x | |||||
| one or more required annual facts are missing | |||||||
| Interest coverage | not computable | 5.09x | |||||
| latest aligned inputs end 2020-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 3.38x | [15-16] | 2.25x | 23.5 | 325 | 2025-12-31 | |
| Growth and financing, sleeve percentile 74.0 | |||||||
| Revenue growth, three-year compound | 1.1% | [2,8,10,12] | 2.1% | 55.6 | 269 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 13.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 26.4% | |||||
| NOPAT must exceed $100,000 | |||||||
| Asset growth, three years | (12.1%) | [1,6,21-22] | 4.4% | 92.4 | 279 | 2025-12-31 | |
| Net share issuance, one year | not computable | 0.01% | |||||
| prior share count is 18 days earlier | |||||||
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 0.330; sampling error 3.0 percentile points on 255 peers.
Among 255 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 |
|---|---|---|---|---|
| 218 | MasterCraft Boat Holdings, Inc. (MCFT) MasterCraft Boat Holdings, Inc. (MCFT) Eweakest fifth; percentile 85.4 Nasdaq · Ship & Boat Building & Repairing market equity $474.6M; last close $19.52 Warnings: dilution; 11 of 14 inputs | 85.4 | E | dilution |
| 219 | Smurfit Westrock plc (SW) Smurfit Westrock plc (SW) Eweakest fifth; percentile 85.8 NYSE · Paperboard Containers & Boxes market equity $21.7B; last close $41.45 No active warnings; 8 of 14 inputs | 85.8 | E | |
| 220 | Worthington Enterprises, Inc. (WOR) Worthington Enterprises, Inc. (WOR) Eweakest fifth; percentile 86.2 NYSE · Steel Works, Blast Furnaces & Rolling & Finishing Mills market equity $3.0B; last close $61.13 No active warnings; 13 of 14 inputs | 86.2 | E | |
| 221 | IT Tech Packaging, Inc. (ITP) IT Tech Packaging, Inc. (ITP) Eweakest fifth; percentile 86.6 NYSE · Converted Paper & Paperboard Prods (No Contaners/Boxes) market equity $2.5M; last close $0.15 Warnings: late filer, fortress balance sheet; 9 of 14 inputs | 86.6 | E | late filer, fortress balance sheet |
| 222 | Matthews International Corp. (MATW) Matthews International Corp. (MATW) Eweakest fifth; percentile 87.0 Nasdaq · Nonferrous Foundries (Castings) market equity $602.7M; last close $19.32 No active warnings; 9 of 14 inputs | 87.0 | E | |
| 223 | Liqtech International Inc. (LIQT) Liqtech International Inc. (LIQT) Eweakest fifth; percentile 87.4 Nasdaq · Misc Industrial & Commercial Machinery & Equipment market equity $14.8M; last close $0.47 No active warnings; 7 of 14 inputs | 87.4 | E | |
| 224 | Graphic Packaging Holding Co. (GPK) Graphic Packaging Holding Co. (GPK) Eweakest fifth; percentile 87.8 NYSE · Paperboard Containers & Boxes market equity $2.5B; last close $8.57 No active warnings; 9 of 14 inputs | 87.8 | E | |
| 225 | SunCoke Energy, Inc. (SXC) SunCoke Energy, Inc. (SXC) Eweakest fifth; percentile 88.2 NYSE · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) market equity $827.5M; last close $9.72 No active warnings; 9 of 14 inputs | 88.2 | E | |
| 226 | CPI Aerostructures Inc. (CVU) CPI Aerostructures Inc. (CVU) Eweakest fifth; percentile 88.6 NYSE · Aircraft Parts & Auxiliary Equipment, NEC market equity $67.6M; last close $5.08 Warnings: late filer; 7 of 14 inputs | 88.6 | E | late filer |
| 227 | Goodyear Tire & Rubber Co. (GT) Goodyear Tire & Rubber Co. (GT) Eweakest fifth; percentile 89.0 Nasdaq · Tires & Inner Tubes market equity $1.4B; last close $4.75 No active warnings; 7 of 14 inputs | 89.0 | E | |
| 228 | Greenbrier Companies Inc. (GBX) Greenbrier Companies Inc. (GBX) Eweakest fifth; percentile 89.4 NYSE · Railroad Equipment market equity $1.2B; last close $38.63 No active warnings; 7 of 14 inputs | 89.4 | E |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 86.6 | 2204 |
| sector peers, equal sleeves (the grade) | E | 87.4 | 255 |
| same exchange, equal sleeves | E | 86.0 | 1219 |
| sector peers, equal inputs | E | 88.2 | 255 |
Each letter is one fifth of the 255 graded peers, about 51 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 | (77.7%) | 13.7% | 1 | hotter than 1 of 100 peers |
| Distance from 52-week high | (84.8%) | (24.3%) | 1 | closer to its high than 1 of 100 peers |
| EBIT to enterprise value | (68.4%) | 4.1% | 1 | pricier than 99 of 100 peers |
| Free cash flow yield | (43.9%) | 3.4% | 2 | pricier than 98 of 100 peers |
| Book value to price | 1.75 | 0.34 | 96 | pricier than 4 of 100 peers |
| Sales to price | 1.11 | 0.54 | 72 | pricier than 28 of 100 peers |
| Composite equity issuance, five years | 249.7% | (9.5%) | 99 | more equity-funded than 99 of 100 peers |
| Relative strength against the sector, log excess return | (1.64) | (0.00) | 1 | ahead of 1 of 100 peers |
Inputs: market equity $14.8M; EBIT -$8.3M; free cash flow -$6.5M; book equity $25.9M; sales $16.5M; debt $50,775; cash $2.7M[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 | (26.3%) | ✗ fail[4,6] |
| Operating cash flow above zero | -$6.1M | ✗ fail[5] |
| Return on assets improved | 2.5 pts | ✓ pass[4,6,21,24] |
| Operating cash flow exceeds net income | $2.4M | ✓ pass[4-5] |
| Long-term leverage fell | n/a[1,6,21] | |
| Current ratio improved | (82.9 pts) | ✗ fail[15-16,25-26] |
| No new shares issued | n/a[27-28] | |
| Gross margin improved | 5.9 pts | ✓ pass[2-3,7-8] |
| Asset turnover improved | 10.3 pts | ✓ pass[2,6,8,21] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | n/a |
| Operating cash flow, four quarters | n/a[5,29-32] |
| Months of runway | not finite |
| cash is missing at the end of the latest cash-flow quarter | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 58 |
| 10-Q received Aug 12, 2026 | |
| Median daily dollar volume | $62,516 |
| 63 sessions | |
| Days since newest grade input | 204 |
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 | $27.3M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $16.5M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $1.3M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$8.5M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$6.1M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $32.4M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 7 | gross profit | us-gaap:GrossProfit | $250,905 | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $14.6M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $2.8M | 2023-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $18.0M | 2023-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $567,144 | 2022-12-31 | 2024-03-22 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $16.0M | 2022-12-31 | 2024-03-22 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $1.6M | 2021-12-31 | 2023-03-22 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $18.3M | 2021-12-31 | 2023-03-22 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $16.0M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $4.7M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$94.8M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | -$8.3M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $10.4M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $16.9M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 21 | assets | us-gaap:Assets | $36.0M | 2023-12-31 | 2025-03-28 | 10-K | filing · viewer · series |
| 22 | assets | us-gaap:Assets | $40.1M | 2022-12-31 | 2024-03-22 | 10-K | filing · viewer · series |
| 23 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 32,947,841 | 2026-08-12 | 2026-08-12 | 10-Q | filing · viewer · series |
| 24 | net income | us-gaap:NetIncomeLoss | -$10.3M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 25 | current assets | us-gaap:AssetsCurrent | $20.6M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 26 | current liabilities | us-gaap:LiabilitiesCurrent | $4.9M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 27 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 9,947,841 | 2026-03-16 | 2026-03-19 | 10-K/A | filing · viewer · series |
| 28 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 9,947,841 | 2026-02-26 | 2026-02-27 | 10-K | filing · viewer · series |
| 29 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$5.0M | 2026-06-30 | 2026-08-12 | 10-Q | filing · viewer · series |
| 30 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$1.9M | 2026-03-31 | 2026-05-13 | 10-Q | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$4.0M | 2025-09-30 | 2025-11-14 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$2.9M | 2025-06-30 | 2026-08-12 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 87.4 is 7.4 points from the nearest band edge; sampling error is 3.0 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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