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
Net Power Inc.NPWR-WT · manufacturing
GradeNonecomputable_factors_below_threshold: 5 of 14 inputs computable; 7 are required
Reliability0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025
Peer failure rate1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$591M to $2.67B assetstotal assets $599.7M[1]
Standard universeoutsiderevenue above $1M and assets above $10M[1-2]
Warningsthin data, degenerate inputsnot computable: dilution, distress, fortress balance sheet
Inputs computable5 of 14
Graded fromfilings received through Mar 9, 2026214 days before the rescan; every figure keyed to the SEC receipt date
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

No price series supplied for this render.

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, 2022nonen/aQ3
Mar 21, 2024nonen/aQ4

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 9, 2026; the document on sec.gov.

Net Power is an energy technology and project development company focused on delivering low-carbon gas power solutions. Founded in 2010, our mission is to transform natural gas into the lowest cost form of clean firm power. Historically, our sole business has been the development of a novel oxy-combustion power generation system (the “Oxy-Combustion Cycle”) designed to produce reliable and affordable electricity from natural gas while inherently capturing CO2 and minimizing the production of air pollutants such as SOX, NOX, and other particulates.

Warnings [top]

Thin data. 5 of 14 grade factors are computable; minimum is 7
Degenerate inputs. latest revenue or assets are at or below the $100,000 validity floor[1-2]

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 50.6
Gross profitability0.0%[1,3]21.9%96.92752025-12-31
Return on invested capitalnot computable9.7%
one or more required annual facts are missing
Accruals ratio(31.6%)[1,4-6](3.6%)4.43082025-12-31
Gross margin stability, five yearsnot computable2.1 pts
five annual gross margins are required; found 2
Solvency, sleeve percentile 49.9
Twelve-month failure probabilitynot computable0.04%
firm-wide XBRL shares cannot be assigned to one ticker class
Altman Z double-prime(17.29)[1,7-12]3.6692.82442025-12-31
Net debt to EBITDAnot computable1.78x
one or more required annual facts are missing
Interest coveragenot computable5.09x
one or more required annual facts are missing
Current ratio7.24x[7-8]2.25x6.93252025-12-31
Growth and financing, sleeve percentile 0.5
Revenue growth, three-year compoundnot computable2.1%
four annual observations are required; found 2
Free cash flow growth, three-year compoundnot computable13.9%
four consecutive annual FCF observations are required; found 2
Reinvestment ratenot computable26.4%
NOPAT must exceed $100,000
Asset growth, three years97.3%[1,6,13-14]4.4%0.52792025-12-31
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 2026-10-09 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest monthnot computable13.7%missing required 12-1 monthly returns: 2026-08, 2026-07, 2026-06, 2026-05, 2026-04, 2026-03, 2026-02, 2026-01, 2025-12, 2025-11, 2025-10
Distance from 52-week highnot computable(24.3%)need at least 20 price observations; found 0
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 returnnot computable(0.00)missing required 12-1 monthly returns: 2026-08, 2026-07, 2026-06, 2026-05, 2026-04, 2026-03, 2026-02, 2026-01, 2025-12, 2025-11, 2025-10

Inputs: EBIT -$1.8B; free cash flow -$154.0M; book equity $83.5M; sales $0; cash $117.9M.

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero(25.2%)✗ fail[4,6]
Operating cash flow above zero-$120.8M✗ fail[5]
Return on assets improved(23.2 pts)✗ fail[4,6,13,15]
Operating cash flow exceeds net income$457.8M✓ pass[4-5]
Long-term leverage felln/a[1,6,13]
Current ratio improved(2,140.9 pts)✗ fail[7-8,16-17]
No new shares issuedn/a
Gross margin improvedn/a[2-3,18-19]
Asset turnover improved(0.0 pts)✗ fail[2,6,13,19]
Cash, filings, liquidity
Cash and equivalents$117.9M[20]
Operating cash flow, four quarters-$136.5M[5,20-24]
Months of runway10.4
Late filings, two years0
NT 10-K or NT 10-Q
Days since last periodic filing57
10-Q received Aug 13, 2026
Median daily dollar volumen/a
63 sessions
Days since newest grade input214

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$599.7M2025-12-312026-03-0910-Kfiling · viewer · series
2revenueus-gaap:Revenues$02025-12-312026-03-0910-Kfiling · viewer · series
3gross profitus-gaap:GrossProfit$02025-12-312026-03-0910-Kfiling · viewer · series
4net incomeus-gaap:NetIncomeLoss-$578.6M2025-12-312026-03-0910-Kfiling · viewer · series
5operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$120.8M2025-12-312026-03-0910-Kfiling · viewer · series
6assetsus-gaap:Assets$2.3B2024-12-312026-03-0910-Kfiling · viewer · series
7current assetsus-gaap:AssetsCurrent$343.8M2025-12-312026-03-0910-Kfiling · viewer · series
8current liabilitiesus-gaap:LiabilitiesCurrent$47.5M2025-12-312026-03-0910-Kfiling · viewer · series
9retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$694.7M2025-12-312026-03-0910-Kfiling · viewer · series
10operating incomeus-gaap:OperatingIncomeLoss-$1.8B2025-12-312026-03-0910-Kfiling · viewer · series
11book equityus-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest$203.9M2025-12-312026-03-0910-Kfiling · viewer · series
12liabilitiesus-gaap:Liabilities$64.5M2025-12-312026-03-0910-Kfiling · viewer · series
13assetsus-gaap:Assets$2.5B2023-12-312025-03-1010-Kfiling · viewer · series
14assetsus-gaap:Assets$78.1M2022-12-312024-03-1110-Kfiling · viewer · series
15net incomeus-gaap:NetIncomeLoss-$49.2M2024-12-312026-03-0910-Kfiling · viewer · series
16current assetsus-gaap:AssetsCurrent$513.0M2024-12-312026-03-0910-Kfiling · viewer · series
17current liabilitiesus-gaap:LiabilitiesCurrent$17.9M2024-12-312026-03-0910-Kfiling · viewer · series
18gross profitus-gaap:GrossProfit$219,0002024-12-312026-03-0910-Kfiling · viewer · series
19revenueus-gaap:Revenues$250,0002024-12-312026-03-0910-Kfiling · viewer · series
20cashus-gaap:CashAndCashEquivalentsAtCarryingValue$117.9M2026-06-302026-08-1310-Qfiling · viewer · series
21operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$60.7M2026-06-302026-08-1310-Qfiling · viewer · series
22operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$51.1M2026-03-312026-05-1110-Qfiling · viewer · series
23operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$93.0M2025-09-302025-11-1310-Qfiling · viewer · series
24operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$45.0M2025-06-302026-08-1310-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