Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| SurgePays, Inc.SURG · telecom | |
|---|---|
| Grade |  Eweakest fifth of 558 graded peers; percentile 98.9, sampling error 2.1 points; lower is stronger |
| Rank | 548 of 558 |
| Profitability | Dpercentile 65.5 |
| Solvency | Epercentile 96.5 |
| Growth and financing | Epercentile 92.6 |
| Reliability | 0.76 AUCfailure model, filers with under $12.5M assets; 95% interval 0.65 to 0.86; 63 events, 2020 to 2025 |
| Peer failure rate | 0.60% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | under $12.5M assetstotal assets $8.5M[1] |
| Standard universe | outsiderevenue above $1M and assets above $10M[1-2] |
| Warnings | short runway, late filernot computable: distress |
| Inputs computable | 8 of 14 |
| Graded from | filings received through Apr 15, 2026177 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $0.152026-10-08; market equity $7.7M; 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 Apr 15, 2026; the document on sec.gov.
the “Company”) is a wireless and point of sale technology company focused on serving underserved and value-conscious consumers through a combination of retail distribution and digital acquisition channels. technology services, and transaction processing solutions through an integrated platform that combines wireless services with point of SurgePays operates a network of more than 9,000 independently owned convenience stores and similar retail locations, which serve as a primary distribution channel for its products and services.
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 65.5 | |||||||
| Gross profitability | (124.3%) | [1-2,4] | 28.0% | 99.8 | 594 | 2025-12-31 | |
| Return on invested capital | not computable | 8.9% | |||||
| prior invested-capital observation is 731 days earlier | |||||||
| Accruals ratio | (91.0%) | [1,5-7] | (7.3%) | 2.6 | 703 | 2025-12-31 | |
| Gross margin stability, five years | 19.1 pts | [2,4,8-15] | 2.4 pts | 94.0 | 453 | 2025-12-31 | |
| Solvency, sleeve percentile 96.5 | |||||||
| 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 | (73.37) | [1,16-21] | 1.93 | 97.6 | 625 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.71x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | not computable | 2.81x | |||||
| latest aligned inputs end 2022-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 0.38x | [16-17] | 1.96x | 95.4 | 756 | 2025-12-31 | |
| Growth and financing, sleeve percentile 92.6 | |||||||
| Revenue growth, three-year compound | (22.3%) | [2,8,10,12] | 5.1% | 93.0 | 615 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 12.4% | |||||
| four consecutive annual FCF observations are required; found 10 | |||||||
| Reinvestment rate | not computable | 15.1% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | (37.0%) | [1,7,22-23] | 3.4% | 97.8 | 641 | 2025-12-31 | |
| Net share issuance, one year | 23.1% | [24-25] | 0.5% | 87.1 | 434 | 2026-04-15 | |
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 0.776; 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 |
|---|---|---|---|---|
| 543 | Palladyne AI Corp. (PDYNW) Palladyne AI Corp. (PDYNW) Eweakest fifth; percentile 97.9 Nasdaq · Services-Prepackaged Software last close $0.00 No active warnings; 7 of 14 inputs | 97.9 | E | |
| 544 | Firy Inc. (FIRY) Firy Inc. (FIRY) Eweakest fifth; percentile 98.2 NYSE · Services-Computer Processing & Data Preparation market equity $222.2M; last close $11.98 Warnings: late filer, fortress balance sheet; 7 of 14 inputs | 98.2 | E | late filer, fortress balance sheet |
| 545 | Rackspace Technology, Inc. (RXT) Rackspace Technology, Inc. (RXT) Eweakest fifth; percentile 98.4 Nasdaq · Services-Computer Programming, Data Processing, Etc. market equity $922.6M; last close $3.63 Warnings: late filer; 10 of 14 inputs | 98.4 | E | late filer |
| 546 | Focus Universal Inc. (FCUV) Focus Universal Inc. (FCUV) Eweakest fifth; percentile 98.6 Nasdaq · Industrial Instruments For Measurement, Display, and Control market equity $3.1M; last close $4.60 Warnings: dilution, distress; 8 of 14 inputs | 98.6 | E | dilution, distress |
| 547 | ZW Data Action Technologies Inc. (CNET) ZW Data Action Technologies Inc. (CNET) Eweakest fifth; percentile 98.8 Nasdaq · Services-Computer Programming, Data Processing, Etc. market equity $5.4M; last close $1.62 Warnings: dilution, late filer; 8 of 14 inputs | 98.8 | E | dilution, late filer |
| 548 | SurgePays, Inc. (SURG) SurgePays, Inc. (SURG) Eweakest fifth; percentile 98.9 Nasdaq · Telephone Communications (No Radiotelephone) market equity $7.7M; last close $0.15 Warnings: short runway, late filer; 8 of 14 inputs | 98.9 | E | short runway, late filer |
| 549 | Sports Entertainment Gaming Global Corp. (LTRYW) Sports Entertainment Gaming Global Corp. (LTRYW) Eweakest fifth; percentile 99.1 Nasdaq · Services-Prepackaged Software last close $0.00 Warnings: short runway, late filer; 7 of 14 inputs | 99.1 | E | short runway, late filer |
| 550 | Sports Entertainment Gaming Global Corp. (SEGG) Sports Entertainment Gaming Global Corp. (SEGG) Eweakest fifth; percentile 99.1 Nasdaq · Services-Prepackaged Software last close $1.88 Warnings: short runway, late filer; 7 of 14 inputs | 99.1 | E | short runway, late filer |
| 551 | Array Digital Infrastructure, Inc. (AD) Array Digital Infrastructure, Inc. (AD) Eweakest fifth; percentile 99.4 NYSE · Radiotelephone Communications last close $33.66 No active warnings; 7 of 14 inputs | 99.4 | E | |
| 552 | Array Digital Infrastructure, Inc. (UZD) Array Digital Infrastructure, Inc. (UZD) Eweakest fifth; percentile 99.4 NYSE · Radiotelephone Communications last close $17.94 No active warnings; 7 of 14 inputs | 99.4 | E | |
| 553 | Array Digital Infrastructure, Inc. (UZE) Array Digital Infrastructure, Inc. (UZE) Eweakest fifth; percentile 99.4 NYSE · Radiotelephone Communications last close $15.91 No active warnings; 7 of 14 inputs | 99.4 | E |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 99.4 | 2204 |
| sector peers, equal sleeves (the grade) | E | 98.9 | 558 |
| same exchange, equal sleeves | E | 99.2 | 1219 |
| sector peers, equal inputs | E | 98.7 | 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 | (94.1%) | (0.3%) | 1 | hotter than 1 of 100 peers |
| Distance from 52-week high | (95.0%) | (29.7%) | 1 | closer to its high than 1 of 100 peers |
| EBIT to enterprise value | (145.7%) | 1.4% | 3 | pricier than 97 of 100 peers |
| Free cash flow yield | (277.2%) | 2.7% | 1 | pricier than 99 of 100 peers |
| Book value to price | (2.69) | 0.24 | 1 | pricier than 99 of 100 peers |
| Sales to price | 7.41 | 0.33 | 97 | pricier than 3 of 100 peers |
| Composite equity issuance, five years | not computable | 3.2% | five-year total-return history is required | |
| Relative strength against the sector, log excess return | (2.77) | (0.23) | 1 | ahead of 1 of 100 peers |
Inputs: market equity $7.7M; EBIT -$34.1M; free cash flow -$21.3M; book equity -$20.7M; sales $57.0M; debt $17.7M; cash $2.0M[26].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 3 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (150.4%) | ✗ fail[5,7] |
| Operating cash flow above zero | -$21.3M | ✗ fail[6] |
| Return on assets improved | (41.4 pts) | ✗ fail[5,7,22,27] |
| Operating cash flow exceeds net income | $14.8M | ✓ pass[5-6] |
| Long-term leverage fell | 69.4 pts | ✗ fail[1,7,22,28-29] |
| Current ratio improved | (256.5 pts) | ✗ fail[16-17,30-31] |
| No new shares issued | 23.1% | ✗ fail[24-25] |
| Gross margin improved | 4.9 pts | ✓ pass[2,4,8-9] |
| Asset turnover improved | 92.4 pts | ✓ pass[2,7-8,22] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $2.0M[3] |
| Operating cash flow, four quarters | -$15.4M[3,6,32-35] |
| Months of runway | 1.5 |
| Late filings, two years | 3 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 51 |
| 10-Q received Aug 19, 2026 | |
| Median daily dollar volume | $511,735 |
| 63 sessions | |
| Days since newest grade input | 177 |
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 | $8.5M | 2025-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $57.0M | 2025-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $2.0M | 2026-06-30 | 2026-08-19 | 10-Q | filing · viewer · series |
| 4 | cost of revenue | us-gaap:CostOfRevenue | $67.6M | 2025-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 5 | net income | us-gaap:NetIncomeLoss | -$36.1M | 2025-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 6 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$21.3M | 2025-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 7 | assets | us-gaap:Assets | $24.0M | 2024-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $60.9M | 2024-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 9 | cost of revenue | us-gaap:CostOfRevenue | $75.2M | 2024-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $137.1M | 2023-12-31 | 2025-03-25 | 10-K | filing · viewer · series |
| 11 | cost of revenue | us-gaap:CostOfRevenue | $101.5M | 2023-12-31 | 2025-03-25 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $121.5M | 2022-12-31 | 2024-03-12 | 10-K | filing · viewer · series |
| 13 | cost of revenue | us-gaap:CostOfRevenue | $108.1M | 2022-12-31 | 2024-03-12 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $51.1M | 2021-12-31 | 2023-03-30 | 10-K | filing · viewer · series |
| 15 | cost of revenue | us-gaap:CostOfRevenue | $44.9M | 2021-12-31 | 2023-03-30 | 10-K | filing · viewer · series |
| 16 | current assets | us-gaap:AssetsCurrent | $7.0M | 2025-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 17 | current liabilities | us-gaap:LiabilitiesCurrent | $18.2M | 2025-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 18 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$97.0M | 2025-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 19 | operating income | us-gaap:OperatingIncomeLoss | -$34.1M | 2025-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 20 | book equity | us-gaap:StockholdersEquity | -$15.3M | 2025-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 21 | liabilities | us-gaap:Liabilities | $23.9M | 2025-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 22 | assets | us-gaap:Assets | $41.9M | 2023-12-31 | 2025-03-25 | 10-K | filing · viewer · series |
| 23 | assets | us-gaap:Assets | $34.0M | 2022-12-31 | 2024-03-12 | 10-K | filing · viewer · series |
| 24 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 25,121,895 | 2026-04-15 | 2026-04-15 | 10-K | filing · viewer · series |
| 25 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 20,411,549 | 2025-03-21 | 2025-03-25 | 10-K | filing · viewer · series |
| 26 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 52,908,423 | 2026-08-19 | 2026-08-19 | 10-Q | filing · viewer · series |
| 27 | net income | us-gaap:NetIncomeLoss | -$45.7M | 2024-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 28 | long term debt | us-gaap:LongTermDebt | $13.3M | 2025-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 29 | long term debt | us-gaap:LongTermDebt | $4.0M | 2024-12-31 | 2025-03-25 | 10-K | filing · viewer · series |
| 30 | current assets | us-gaap:AssetsCurrent | $17.9M | 2024-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 31 | current liabilities | us-gaap:LiabilitiesCurrent | $6.1M | 2024-12-31 | 2026-04-15 | 10-K | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$7.2M | 2026-06-30 | 2026-08-19 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$4.6M | 2026-03-31 | 2026-05-20 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$17.7M | 2025-09-30 | 2025-11-12 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$13.1M | 2025-06-30 | 2026-08-19 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 98.9 is 18.9 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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