Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Tecogen Inc.TGEN · manufacturing | |
|---|---|
| Grade |  C/Don the C/D boundary of 255 graded peers; percentile 62.2, sampling error 3.0 points; lower is stronger |
| Rank | 159 of 255 |
| Profitability | Dpercentile 66.1 |
| Solvency | Cpercentile 55.7 |
| Growth and financing | B/Cpercentile 37.4 |
| 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 $37.0M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: dilution, 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 | $2.482026-10-08; market equity $74.9M; 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 Mar 19, 2026; the document on sec.gov.
Tecogen Inc., a Delaware corporation (together with its subsidiaries "we", "our", "us", "Tecogen," or "Company") produces commercial and industrial, natural-gas-fueled engine-driven, combined heat and power (CHP) products that reduce energy costs, decrease greenhouse gas emissions and alleviate congestion on the national power grid. Our products supply electric power or mechanical power for cooling, while heat from the engine is recovered and purposefully used at a customer facility. The majority of our customers are located in regions with the highest utility rates, typically California, the Midwest and the Northeast. We were incorporated in the State of Delaware on September 15, 2020.
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 66.1 | |||||||
| Gross profitability | 26.6% | [1,3] | 21.9% | 28.5 | 275 | 2025-12-31 | |
| Return on invested capital | not computable | 9.7% | |||||
| one or more required annual facts are missing | |||||||
| Accruals ratio | 4.9% | [1,4-6] | (3.6%) | 93.5 | 308 | 2025-12-31 | |
| Gross margin stability, five years | 3.8 pts | [2-3,7-14] | 2.1 pts | 76.3 | 229 | 2025-12-31 | |
| Solvency, sleeve percentile 55.7 | |||||||
| 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 | (1.48) | [1,15-20] | 3.66 | 82.7 | 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 | |||||
| interest expense must exceed $100,000 | |||||||
| Current ratio | 3.12x | [15-16] | 2.25x | 28.7 | 325 | 2025-12-31 | |
| Growth and financing, sleeve percentile 37.4 | |||||||
| Revenue growth, three-year compound | 2.7% | [2,8,10,12] | 2.1% | 47.0 | 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% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | 9.4% | [1,6,21-22] | 4.4% | 27.7 | 279 | 2025-12-31 | |
| Net share issuance, one year | not computable | 0.01% | |||||
| raw and split-adjusted prices do not align at 2025-03-18 | |||||||
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 0.063; 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 |
|---|---|---|---|---|
| 154 | Corning Inc. (GLW) Corning Inc. (GLW) C/Don the C/D boundary; percentile 60.2 NYSE · Drawing & Insulating of Nonferrous Wire market equity $131.6B; last close $152.84 No active warnings; 10 of 14 inputs | 60.2 | C/D | |
| 155 | DMC Global Inc. (BOOM) DMC Global Inc. (BOOM) C/Don the C/D boundary; percentile 60.6 Nasdaq · Miscellaneous Primary Metal Products market equity $118.7M; last close $5.79 No active warnings; 10 of 14 inputs | 60.6 | C/D | |
| 156 | Sonoco Products Co. (SON) Sonoco Products Co. (SON) C/Don the C/D boundary; percentile 61.0 NYSE · Paperboard Containers & Boxes market equity $4.8B; last close $48.42 No active warnings; 12 of 14 inputs | 61.0 | C/D | |
| 157 | Lifetime Brands, Inc. (LCUT) Lifetime Brands, Inc. (LCUT) C/Don the C/D boundary; percentile 61.4 Nasdaq · Cutlery, Handtools & General Hardware market equity $213.8M; last close $9.30 No active warnings; 9 of 14 inputs | 61.4 | C/D | |
| 158 | Enpro Inc. (NPO) Enpro Inc. (NPO) C/Don the C/D boundary; percentile 61.8 NYSE · Gaskets, Packg & Sealg Devices & Rubber & Plastics Hose market equity $6.5B; last close $308.01 No active warnings; 12 of 14 inputs | 61.8 | C/D | |
| 159 | Tecogen Inc. (TGEN) Tecogen Inc. (TGEN) C/Don the C/D boundary; percentile 62.2 NYSE · Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip market equity $74.6M; last close $2.48 No active warnings; 7 of 14 inputs | 62.2 | C/D | |
| 160 | Rocket Lab Corp. (RKLB) Rocket Lab Corp. (RKLB) C/Don the C/D boundary; percentile 62.6 Nasdaq · Guided Missiles & Space Vehicles & Parts market equity $40.9B; last close $68.40 Warnings: fortress balance sheet; 10 of 14 inputs | 62.6 | C/D | fortress balance sheet |
| 161 | Materion Corp. (MTRN) Materion Corp. (MTRN) Dfourth fifth; percentile 63.0 NYSE · Metal Forgings & Stampings market equity $5.8B; last close $278.25 No active warnings; 9 of 14 inputs | 63.0 | D | |
| 162 | Reynolds Consumer Products Inc. (REYN) Reynolds Consumer Products Inc. (REYN) Dfourth fifth; percentile 63.4 Nasdaq · Plastics, Foil & Coated Paper Bags market equity $4.6B; last close $21.98 No active warnings; 8 of 14 inputs | 63.4 | D | |
| 163 | Yunhong Green CTI Ltd. (YHGJ) Yunhong Green CTI Ltd. (YHGJ) Dfourth fifth; percentile 63.8 Nasdaq · Fabricated Rubber Products, NEC market equity $6.9M; last close $2.76 Warnings: late filer; 8 of 14 inputs | 63.8 | D | late filer |
| 164 | Amtech Systems Inc. (ASYS) Amtech Systems Inc. (ASYS) Dfourth fifth; percentile 64.2 Nasdaq · Special Industry Machinery, NEC market equity $283.8M; last close $16.21 Warnings: fortress balance sheet; 9 of 14 inputs | 64.2 | D | fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | C/D | 60.6 | 2204 |
| sector peers, equal sleeves (the grade) | C/D | 62.2 | 255 |
| same exchange, equal sleeves | C/D | 59.5 | 984 |
| sector peers, equal inputs | D | 67.7 | 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 | (65.3%) | 13.7% | 2 | hotter than 2 of 100 peers |
| Distance from 52-week high | (79.5%) | (24.3%) | 2 | closer to its high than 2 of 100 peers |
| EBIT to enterprise value | not computable | 4.1% | required accounting or market input is missing | |
| Free cash flow yield | (13.8%) | 3.4% | 8 | pricier than 92 of 100 peers |
| Book value to price | 0.24 | 0.34 | 32 | pricier than 68 of 100 peers |
| Sales to price | 0.36 | 0.54 | 32 | pricier than 68 of 100 peers |
| Composite equity issuance, five years | not computable | (9.5%) | five-year total-return history is required | |
| Relative strength against the sector, log excess return | (1.19) | (0.00) | 2 | ahead of 2 of 100 peers |
Inputs: market equity $74.6M; EBIT -$8.2M; free cash flow -$10.3M; book equity $17.7M; sales $27.1M; cash $6.8M[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 | (26.5%) | ✗ fail[4,6] |
| Operating cash flow above zero | -$9.9M | ✗ fail[5] |
| Return on assets improved | (9.4 pts) | ✗ fail[4,6,21,24] |
| Operating cash flow exceeds net income | -$1.7M | ✗ fail[4-5] |
| Long-term leverage fell | n/a[1,6,21] | |
| Current ratio improved | 180.0 pts | ✓ pass[15-16,25-26] |
| No new shares issued | n/a[27-28] | |
| Gross margin improved | (7.3 pts) | ✗ fail[2-3,7-8] |
| Asset turnover improved | 5.7 pts | ✓ pass[2,6,8,21] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $6.8M[29] |
| Operating cash flow, four quarters | -$11.6M[5,29-33] |
| Months of runway | 7.0 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 57 |
| 10-Q received Aug 13, 2026 | |
| Median daily dollar volume | $586,060 |
| 63 sessions | |
| Days since newest grade input | 204 |
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.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $37.0M | 2025-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $27.1M | 2025-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $9.8M | 2025-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$8.2M | 2025-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$9.9M | 2025-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $31.1M | 2024-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 7 | gross profit | us-gaap:GrossProfit | $9.9M | 2024-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $22.6M | 2024-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $10.2M | 2023-12-31 | 2025-03-18 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $25.1M | 2023-12-31 | 2025-03-18 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $11.1M | 2022-12-31 | 2024-03-25 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $25.0M | 2022-12-31 | 2024-03-25 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $11.6M | 2021-12-31 | 2023-03-23 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $24.4M | 2021-12-31 | 2023-03-23 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $28.9M | 2025-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $9.3M | 2025-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$55.9M | 2025-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | -$8.2M | 2025-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $21.6M | 2025-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $15.5M | 2025-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 21 | assets | us-gaap:Assets | $27.8M | 2023-12-31 | 2025-03-18 | 10-K | filing · viewer · series |
| 22 | assets | us-gaap:Assets | $28.3M | 2022-12-31 | 2024-03-25 | 10-K | filing · viewer · series |
| 23 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 30,187,822 | 2026-08-13 | 2026-08-13 | 10-Q | filing · viewer · series |
| 24 | net income | us-gaap:NetIncomeLoss | -$4.8M | 2024-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 25 | current assets | us-gaap:AssetsCurrent | $22.1M | 2024-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 26 | current liabilities | us-gaap:LiabilitiesCurrent | $16.8M | 2024-12-31 | 2026-03-19 | 10-K | filing · viewer · series |
| 27 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 29,855,229 | 2026-03-18 | 2026-03-19 | 10-K | filing · viewer · series |
| 28 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 24,985,261 | 2025-03-18 | 2025-03-18 | 10-K | filing · viewer · series |
| 29 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $6.8M | 2026-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
| 30 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$5.5M | 2026-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$3.1M | 2026-03-31 | 2026-05-13 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$7.3M | 2025-09-30 | 2025-11-13 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$3.8M | 2025-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 62.2 is 2.2 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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