Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
SRX Global Inc.SRXH · consumer nondurables
GradeNonecomputable_factors_below_threshold: 5 of 14 inputs computable; 7 are required
Reliability0.76 AUCfailure model, filers with under $12.5M assets; 95% interval 0.65 to 0.86; 63 events, 2020 to 2025
Peer failure rate0.60% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size bandunder $12.5M assetstotal assets $8.4M[1]
Standard universeoutsiderevenue above $1M and assets above $10M[1-2]
Warningslate filer, thin data, distress · fortress balance sheetnot computable: dilution
Inputs computable5 of 14
Graded fromfilings received through Dec 5, 2025308 days before the rescan; every figure keyed to the SEC receipt date
Last close$1.392026-10-08; market equity $28.2M; 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
$20NovDecJanFebMarAprMayJunJulAugSepOctE$1.40
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
Dec 21, 2012nonen/aQ1
May 21, 2020nonen/aQ2
Apr 21, 2023D65.3Q2
Aug 21, 2023C/D63.8Q2
Sep 21, 2023D65.0Q2
Feb 21, 2024C/D59.2Q2
Apr 21, 2024E96.7Q2
Dec 21, 2025nonen/aQ1

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 Dec 5, 2025; the document on sec.gov.

Health Solutions Inc. (“SRx” or the “Company”) is the successor reporting entity following a reverse merger with Better Choice Company, Inc. (“Better Choice” or “BTTR”), the pet health and wellness business. SRx was engaged in specialty pharmaceuticals and healthcare services, including a series of acquisitions to expand its operations. These legacy operations faced financial difficulties and subsequently filed for bankruptcy, resulting in the winding down of the majority of SRx’s former business. These legacy operations are reported as discontinued operations in the financial statements.

Warnings [top]

Late filer. found 1 NT 10-K/Q filings in the last eight quarters
Thin data. 5 of 14 grade factors are computable; minimum is 7
Distress. CHS probability 6.028179%; universe top-decile threshold 1.068854%
Fortress balance sheet. cash minus debt is 652,000 USD; Altman Z is not used[3-4]

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 71.0
Gross profitability18.2%[1,5]29.8%71.01462025-09-30
Return on invested capitalnot computable5.6%
pretax income must exceed the validity floor and imply a 0%-100% tax rate
Accruals rationot computable(5.0%)
prior assets observation is 273 days earlier
Gross margin stability, five yearsnot computable1.9 pts
five consecutive annual gross margins are required
Solvency, sleeve percentile 79.5
Twelve-month failure probability6.03%0.03%100.072026-06-30
Altman Z double-prime(14.39)[1,6-11]3.1190.91222025-09-30
Net debt to EBITDAnot computable2.54x
EBITDA must exceed $100,000
Interest coverage(18.16x)[9,12]2.51x95.2432025-09-30
Current ratio2.29x[6-7]1.81x32.11572025-09-30
Growth and financing
Revenue growth, three-year compoundnot computable0.2%
four consecutive annual observations are required
Free cash flow growth, three-year compoundnot computable14.9%
current FCF must be positive and base FCF must exceed $100,000
Reinvestment ratenot computable10.7%
pretax income must exceed the validity floor and imply a 0%-100% tax rate
Asset growth, three yearsnot computable0.5%
four consecutive annual observations are required
Net share issuance, one yearnot computable0.05%
prior share count is 253 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.

Among 124 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 month(90.9%)(0.2%)2hotter than 2 of 100 peers
Distance from 52-week high(96.0%)(24.8%)2closer to its high than 2 of 100 peers
EBIT to enterprise value(57.2%)4.1%7pricier than 93 of 100 peers
Free cash flow yield(15.5%)4.8%12pricier than 88 of 100 peers
Book value to price5.040.5799pricier than 1 of 100 peers
Sales to price0.231.208pricier than 92 of 100 peers
Composite equity issuance, five yearsnot computable(16.3%)five-year total-return history is required
Relative strength against the sector, log excess return(2.50)(0.10)2ahead of 2 of 100 peers

Inputs: market equity $28.4M; EBIT -$11.4M; free cash flow -$4.4M; book equity $143.0M; sales $6.5M; debt $26.7M; cash $35.2M[13].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-09-30
Return on assets above zeron/a
Operating cash flow above zero-$8.1M✗ fail[14]
Return on assets improvedn/a[15]
Operating cash flow exceeds net income$36.9M✓ pass[14-15]
Long-term leverage felln/a[1]
Current ratio improvedn/a[6-7]
No new shares issuedn/a[16-17]
Gross margin improvedn/a[2,5]
Asset turnover improvedn/a[2]
Cash, filings, liquidity
Cash and equivalents$20.5M[18]
Operating cash flow, four quarters-$17.8M[14,18-22]
Months of runway13.9
Late filings, two years1
NT 10-K or NT 10-Q
Days since last periodic filing57
10-Q received Aug 13, 2026
Median daily dollar volume$1.5M
63 sessions
Days since newest grade input308

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$8.4M2025-09-302025-12-0510-Kfiling · viewer · series
2revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$6.5M2025-09-302025-12-0510-Kfiling · viewer · series
3cashus-gaap:CashAndCashEquivalentsAtCarryingValue$3.1M2024-12-312025-03-3110-Kfiling · viewer · series
4total debtus-gaap:LongTermDebt$2.4M2024-12-312025-03-3110-Kfiling · viewer · series
5gross profitus-gaap:GrossProfit$1.5M2025-09-302025-12-0510-Kfiling · viewer · series
6current assetsus-gaap:AssetsCurrent$8.1M2025-09-302025-12-0510-Kfiling · viewer · series
7current liabilitiesus-gaap:LiabilitiesCurrent$3.5M2025-09-302025-12-0510-Kfiling · viewer · series
8retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$22.9M2025-09-302025-12-0510-Kfiling · viewer · series
9operating incomeus-gaap:OperatingIncomeLoss-$11.4M2025-09-302025-12-0510-Kfiling · viewer · series
10book equityus-gaap:StockholdersEquity$407,0002025-09-302025-12-0510-Kfiling · viewer · series
11liabilitiesus-gaap:Liabilities$8.0M2025-09-302025-12-0510-Kfiling · viewer · series
12interest expenseus-gaap:InterestExpense$628,0002025-09-302025-12-0510-Kfiling · viewer · series
13shares outstandingdei:EntityCommonStockSharesOutstanding20,265,3912026-08-132026-08-1310-Qfiling · viewer · series
14operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$8.1M2025-09-302025-12-0510-Kfiling · viewer · series
15net incomeus-gaap:NetIncomeLoss-$45.0M2025-09-302025-12-0510-Kfiling · viewer · series
16shares outstandingdei:EntityCommonStockSharesOutstanding27,426,8432025-12-032025-12-0510-Kfiling · viewer · series
17shares outstandingdei:EntityCommonStockSharesOutstanding2,422,0052025-03-252025-03-3110-Kfiling · viewer · series
18cashus-gaap:CashAndCashEquivalentsAtCarryingValue$20.5M2026-03-312026-05-1410-Qfiling · viewer · series
19operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$9.5M2026-03-312026-05-1410-Qfiling · viewer · series
20operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$2.9M2025-12-312026-02-1310-Qfiling · viewer · series
21operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$15.7M2025-06-302025-09-3010-Qfiling · viewer · series
22operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities$72,0002025-03-312026-05-1410-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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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