Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
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| Flyte Aviation, Inc.VJET · healthcare | |
|---|---|
| Grade | Nonecomputable_factors_below_threshold: 5 of 14 inputs computable; 7 are required |
| 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 $15.9M[1] |
| Standard universe | outsiderevenue above $1M and assets above $10M[1-2] |
| Warnings | short runway, late filer, thin datanot computable: dilution, distress |
| Inputs computable | 5 of 14 |
| Graded from | filings received through Apr 30, 2026162 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $1.012026-10-08; market equity $0; 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 | ||||||||
|---|---|---|---|---|---|---|---|---|
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 31, 2026; the document on sec.gov.
The registrant (together with our consolidated operating subsidiary, the “Company” or “Catheter”) was incorporated under the name “Ra Medical Systems, Inc.” as a Delaware corporation in July 2018. A predecessor had been incorporated in California in September of 2002, but was reincorporated in 2018 in connection with our initial public offering. The Company was initially formed to develop, commercialize and market an excimer laser-based platform for use in the treatment of vascular and dermatological immune-mediated inflammatory diseases, including the DABRA product line.
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
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 47.8 | |||||||
| Gross profitability | 4.8% | [1,4] | 32.2% | 84.8 | 372 | 2025-12-31 | |
| Return on invested capital | not computable | 9.3% | |||||
| prior invested-capital observation is 2192 days earlier | |||||||
| Accruals ratio | (40.7%) | [1,5-7] | (6.6%) | 10.9 | 811 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.8 pts | |||||
| annual revenue must exceed $100,000 | |||||||
| Solvency, sleeve percentile 95.5 | |||||||
| Twelve-month failure probability | not computable | 0.07% | |||||
| firm-wide XBRL shares cannot be assigned to one ticker class | |||||||
| Altman Z double-prime | (73.23) | [1,8-13] | (0.31) | 92.5 | 756 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.82x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | not computable | (4.51x) | |||||
| latest aligned inputs end 2020-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 0.10x | [8-9] | 2.96x | 98.5 | 839 | 2025-12-31 | |
| Growth and financing, sleeve percentile 56.1 | |||||||
| Revenue growth, three-year compound | not computable | 10.0% | |||||
| current value must be positive and the base must exceed $100,000 | |||||||
| Free cash flow growth, three-year compound | not computable | 10.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 37.1% | |||||
| NOPAT must exceed $100,000 | |||||||
| Asset growth, three years | (2.0%) | [1,7,14-15] | 2.1% | 56.1 | 704 | 2025-12-31 | |
| Net share issuance, one year | not computable | 2.5% | |||||
| 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.
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 | (91.9%) | 8.0% | 2 | hotter than 2 of 100 peers |
| Distance from 52-week high | (96.6%) | (31.4%) | 2 | closer to its high than 2 of 100 peers |
| EBIT to enterprise value | not computable | (1.5%) | required accounting or market input is missing | |
| Free cash flow yield | not computable | (1.0%) | required accounting or market input is missing | |
| Book value to price | not computable | 0.28 | required accounting or market input is missing | |
| Sales to price | not computable | 0.31 | required accounting or market input is missing | |
| Composite equity issuance, five years | not computable | 20.3% | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | (2.73) | (0.14) | 2 | ahead of 2 of 100 peers |
Inputs: EBIT -$21.1M; free cash flow -$8.3M; book equity $17.6M; sales $819,000; debt $3.1M; cash $643,000[16].
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (61.9%) | ✗ fail[5,7] |
| Operating cash flow above zero | -$8.3M | ✗ fail[6] |
| Return on assets improved | (7.7 pts) | ✗ fail[5,7,14,17] |
| Operating cash flow exceeds net income | $8.9M | ✓ pass[5-6] |
| Long-term leverage fell | n/a[1,7,14,18] | |
| Current ratio improved | (137.6 pts) | ✗ fail[8-9,19-20] |
| No new shares issued | n/a | |
| Gross margin improved | 2.3 pts | ✓ pass[2,4,21-22] |
| Asset turnover improved | 1.6 pts | ✓ pass[2,7,14,22] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $643,000[3] |
| Operating cash flow, four quarters | -$9.4M[3,6,23-26] |
| Months of runway | 0.8 |
| Late filings, two years | 1 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 56 |
| 10-Q received Aug 14, 2026 | |
| Median daily dollar volume | $234,146 |
| 63 sessions | |
| Days since newest grade input | 162 |
|
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 | $15.9M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $819,000 | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $643,000 | 2026-06-30 | 2026-08-14 | 10-Q | filing · viewer · series |
| 4 | gross profit | us-gaap:GrossProfit | $756,000 | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 5 | net income | us-gaap:NetIncomeLoss | -$17.2M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 6 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$8.3M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 7 | assets | us-gaap:Assets | $27.8M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 8 | current assets | us-gaap:AssetsCurrent | $390,000 | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 9 | current liabilities | us-gaap:LiabilitiesCurrent | $3.9M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 10 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$309.5M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 11 | operating income | us-gaap:OperatingIncomeLoss | -$21.1M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 12 | book equity | us-gaap:StockholdersEquity | $7.1M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 13 | liabilities | us-gaap:Liabilities | $9.2M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 14 | assets | us-gaap:Assets | $30.7M | 2023-12-31 | 2025-03-31 | 10-K | filing · viewer · series |
| 15 | assets | us-gaap:Assets | $16.8M | 2022-12-31 | 2024-04-01 | 10-K | filing · viewer · series |
| 16 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 14,391,944 | 2026-08-10 | 2026-08-14 | 10-Q | filing · viewer · series |
| 17 | net income | us-gaap:NetIncomeLoss | -$16.6M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 18 | long term debt | us-gaap:LongTermDebt | $3.1M | 2025-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 19 | current assets | us-gaap:AssetsCurrent | $3.3M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 20 | current liabilities | us-gaap:LiabilitiesCurrent | $2.2M | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 21 | gross profit | us-gaap:GrossProfit | $378,000 | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 22 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $420,000 | 2024-12-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 23 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$5.7M | 2026-06-30 | 2026-08-14 | 10-Q | filing · viewer · series |
| 24 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$2.8M | 2026-03-31 | 2026-05-18 | 10-Q | filing · viewer · series |
| 25 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$6.8M | 2025-09-30 | 2025-11-13 | 10-Q | filing · viewer · series |
| 26 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$4.6M | 2025-06-30 | 2026-08-14 | 10-Q | filing · viewer · series |
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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