Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Townsquare Media, Inc.TSQ · telecom | |
|---|---|
| Grade |  Eweakest fifth of 558 graded peers; percentile 91.4, sampling error 2.1 points; lower is stronger |
| Rank | 506 of 558 |
| Profitability | Cpercentile 56.5 |
| Solvency | Dpercentile 72.7 |
| Growth and financing | D/Epercentile 81.9 |
| Reliability | 0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025 |
| Peer failure rate | 1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $120M to $591M assetstotal assets $528.6M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: dilution, distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Mar 16, 2026207 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $4.432026-10-08; market equity $74.0M; 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 16, 2026; the document on sec.gov.
Townsquare is a community-focused digital and broadcast media and digital marketing solutions company principally focused outside the top 50 markets in the U.S. Townsquare Ignite, our robust digital advertising division, specializes in helping businesses of all sizes connect with their target audience through data-driven, results based strategies, by utilizing a) our proprietary digital programmatic advertising technology stack with an in-house demand and data management platform and b) our owned and operated portfolio of more than 400 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first pa...
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 56.5 | |||||||
| Gross profitability | 20.6% | [1,3] | 28.0% | 61.6 | 594 | 2025-12-31 | |
| Return on invested capital | not computable | 8.9% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | (7.6%) | [1,4-6] | (7.3%) | 51.4 | 703 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.4 pts | |||||
| five annual gross margins are required; found 2 | |||||||
| Solvency, sleeve percentile 72.7 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | (1.85) | [1,7-12] | 1.93 | 65.9 | 625 | 2025-12-31 | |
| Net debt to EBITDA | 6.84x | [10,13-15] | 1.71x | 87.8 | 190 | 2025-12-31 | |
| Interest coverage | 0.92x | [10,16] | 2.81x | 50.9 | 109 | 2025-12-31 | |
| Current ratio | 0.84x | [7-8] | 1.96x | 86.1 | 756 | 2025-12-31 | |
| Growth and financing, sleeve percentile 81.9 | |||||||
| Revenue growth, three-year compound | (2.6%) | [2,17-19] | 5.1% | 72.5 | 615 | 2025-12-31 | |
| Free cash flow growth, three-year compound | (23.5%) | [5,20-26] | 12.4% | 91.4 | 314 | 2025-12-31 | |
| Reinvestment rate | not computable | 15.1% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | (10.8%) | [1,6,27-28] | 3.4% | 81.7 | 641 | 2025-12-31 | |
| Net share issuance, one year | not computable | 0.5% | |||||
| raw and split-adjusted prices do not align at 2018-03-01 | |||||||
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 0.432; 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 |
|---|---|---|---|---|
| 501 | Gray Media, Inc. (GTN) Gray Media, Inc. (GTN) Eweakest fifth; percentile 90.9 NYSE · Television Broadcasting Stations last close $4.83 No active warnings; 9 of 14 inputs | 90.9 | E | |
| 502 | Gray Media, Inc. (GTN-A) Gray Media, Inc. (GTN-A) Eweakest fifth; percentile 90.9 NYSE · Television Broadcasting Stations last close $5.41 No active warnings; 9 of 14 inputs | 90.9 | E | |
| 503 | Marketwise, Inc. (MKTW) Marketwise, Inc. (MKTW) Eweakest fifth; percentile 91.1 Nasdaq · Services-Prepackaged Software last close $19.60 No active warnings; 9 of 14 inputs | 91.1 | E | |
| 504 | Lumen Technologies, Inc. (LUMN) Lumen Technologies, Inc. (LUMN) Eweakest fifth; percentile 91.2 NYSE · Telephone Communications (No Radiotelephone) market equity $5.7B; last close $5.55 No active warnings; 11 of 14 inputs | 91.2 | E | |
| 505 | Skillsoft Corp. (SKIL) Skillsoft Corp. (SKIL) Eweakest fifth; percentile 91.3 NYSE · Services-Prepackaged Software market equity $55.9M; last close $6.38 No active warnings; 8 of 14 inputs | 91.3 | E | |
| 506 | Townsquare Media, Inc. (TSQ) Townsquare Media, Inc. (TSQ) Eweakest fifth; percentile 91.4 NYSE · Radio Broadcasting Stations market equity $74.0M; last close $4.43 No active warnings; 9 of 14 inputs | 91.4 | E | |
| 507 | Tucows Inc. (TCX) Tucows Inc. (TCX) Eweakest fifth; percentile 91.5 Nasdaq · Services-Computer Processing & Data Preparation market equity $108.0M; last close $9.69 No active warnings; 8 of 14 inputs | 91.5 | E | |
| 508 | Hewlett Packard Enterprise Co. (HPE) Hewlett Packard Enterprise Co. (HPE) Eweakest fifth; percentile 91.8 NYSE · Computer & office Equipment last close $70.99 No active warnings; 7 of 14 inputs | 91.8 | E | |
| 509 | Hewlett Packard Enterprise Co. (HPE-PC) Hewlett Packard Enterprise Co. (HPE-PC) Eweakest fifth; percentile 91.8 NYSE · Computer & office Equipment No active warnings; 7 of 14 inputs | 91.8 | E | |
| 510 | Atomera Inc. (ATOM) Atomera Inc. (ATOM) Eweakest fifth; percentile 92.1 Nasdaq · Semiconductors & Related Devices market equity $161.2M; last close $4.13 Warnings: dilution, degenerate inputs; 8 of 14 inputs | 92.1 | E | dilution, degenerate inputs |
| 511 | RideNow Group, Inc. (RDNW) RideNow Group, Inc. (RDNW) Eweakest fifth; percentile 92.3 Nasdaq · Services-Computer Programming Services market equity $10.5M; last close $4.80 No active warnings; 8 of 14 inputs | 92.3 | E |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 92.6 | 2204 |
| sector peers, equal sleeves (the grade) | E | 91.4 | 558 |
| same exchange, equal sleeves | E | 93.8 | 984 |
| sector peers, equal inputs | E | 92.6 | 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 | (2.3%) | (0.3%) | 49 | hotter than 49 of 100 peers |
| Distance from 52-week high | (42.5%) | (29.7%) | 34 | closer to its high than 34 of 100 peers |
| EBIT to enterprise value | 8.6% | 1.4% | 90 | pricier than 10 of 100 peers |
| Free cash flow yield | 20.8% | 2.7% | 95 | pricier than 5 of 100 peers |
| Book value to price | (1.07) | 0.24 | 2 | pricier than 98 of 100 peers |
| Sales to price | 5.78 | 0.33 | 95 | pricier than 5 of 100 peers |
| Composite equity issuance, five years | not computable | 3.2% | a share count from five years earlier is required | |
| Relative strength against the sector, log excess return | 0.03 | (0.23) | 72 | ahead of 72 of 100 peers |
Inputs: market equity $74.0M; EBIT $44.2M; free cash flow $15.4M; book equity -$79.2M; sales $427.4M; debt $440.0M; cash $1.2M[29].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (2.0%) | ✗ fail[4,6] |
| Operating cash flow above zero | $30.6M | ✓ pass[5] |
| Return on assets improved | (0.0 pts) | ✗ fail[4,6,27,30] |
| Operating cash flow exceeds net income | $42.1M | ✓ pass[4-5] |
| Long-term leverage fell | 0.4 pts | ✗ fail[1,6,27,31-32] |
| Current ratio improved | (53.9 pts) | ✗ fail[7-8,33-34] |
| No new shares issued | n/a[35-36] | |
| Gross margin improved | (2.0 pts) | ✗ fail[2-3,17,37] |
| Asset turnover improved | 4.5 pts | ✓ pass[2,6,17,27] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $1.2M[38] |
| Operating cash flow, four quarters | $28.3M[5,38-42] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 64 |
| 10-Q received Aug 6, 2026 | |
| Median daily dollar volume | $359,766 |
| 63 sessions | |
| Days since newest grade input | 207 |
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 | $528.6M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $427.4M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $109.1M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$11.5M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $30.6M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $580.4M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 7 | current assets | us-gaap:AssetsCurrent | $69.4M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 8 | current liabilities | us-gaap:LiabilitiesCurrent | $82.2M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 9 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$353.2M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 10 | operating income | us-gaap:OperatingIncomeLoss | $44.2M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | -$41.0M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 12 | liabilities | us-gaap:Liabilities | $569.6M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 13 | total debt | us-gaap:LongTermDebt | $433.0M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 14 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $4.8M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 15 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $18.4M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 16 | interest expense | us-gaap:InterestExpense | $47.9M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 17 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $451.0M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 18 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $454.2M | 2023-12-31 | 2025-03-17 | 10-K | filing · viewer · series |
| 19 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $463.1M | 2022-12-31 | 2024-03-15 | 10-K | filing · viewer · series |
| 20 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $15.2M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 21 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $48.7M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 22 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $17.4M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 23 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $67.8M | 2023-12-31 | 2025-03-17 | 10-K | filing · viewer · series |
| 24 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $15.0M | 2023-12-31 | 2025-03-17 | 10-K | filing · viewer · series |
| 25 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $50.2M | 2022-12-31 | 2024-03-15 | 10-K | filing · viewer · series |
| 26 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $15.8M | 2022-12-31 | 2024-03-15 | 10-K | filing · viewer · series |
| 27 | assets | us-gaap:Assets | $652.0M | 2023-12-31 | 2025-03-17 | 10-K | filing · viewer · series |
| 28 | assets | us-gaap:Assets | $744.5M | 2022-12-31 | 2024-03-15 | 10-K | filing · viewer · series |
| 29 | shares outstanding | us-gaap:CommonStockSharesOutstanding | 16,701,515 | 2024-12-31 | 2025-03-17 | 10-K | filing · viewer · series |
| 30 | net income | us-gaap:NetIncomeLoss | -$12.7M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 31 | long term debt | us-gaap:LongTermDebtNoncurrent | $421.2M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 32 | long term debt | us-gaap:LongTermDebtNoncurrent | $465.8M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 33 | current assets | us-gaap:AssetsCurrent | $105.4M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 34 | current liabilities | us-gaap:LiabilitiesCurrent | $76.3M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 35 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 18,496,501 | 2018-03-01 | 2018-03-13 | 10-K | filing · viewer · series |
| 36 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 18,442,550 | 2017-03-10 | 2017-03-13 | 10-K | filing · viewer · series |
| 37 | gross profit | us-gaap:GrossProfit | $124.2M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 38 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $1.2M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 39 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $7.8M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $4.2M | 2026-03-31 | 2026-05-11 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $18.0M | 2025-09-30 | 2025-11-10 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $10.1M | 2025-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 91.4 is 11.4 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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