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Held by 176 of 5,944 reporting institutions (91th percentile) — extremely crowded.
Data as of Q1 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage rising year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$53M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 9 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -739%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 9 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $121M covers all $70M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2019-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~24.7% on $45M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.5M 100.0% | $57.6M 100.0% | $50.6M 100.0% | $47.7M 100.0% | $50.8M 100.0% | $45.8M 100.0% | $52.6M 100.0% | $67.4M 100.0% | $66.9M 100.0% |
| Cost of Revenue | $18.6M 41.7% | $17.9M 31.0% | $20.8M 41.2% | $19.4M 40.7% | — | $13.0M 28.3% | $20.4M 38.7% | — | — |
| Research & Development | $17.2M 38.6% | $20.3M 35.2% | $13.1M 25.9% | $17.5M 36.7% | $17.0M 33.5% | $19.9M 43.4% | $20.6M 39.1% | $23.1M 34.3% | $22.1M 33.1% |
| Selling, General & Admin | $79.8M 179.3% | $50.2M 87.2% | $31.8M 62.8% | $52.9M 110.9% | $53.5M 105.2% | $55.9M 121.9% | $64.3M 122.3% | $72.3M 107.2% | $25.1M 37.5% |
| Total Operating Expenses | $115.6M 259.5% | $88.3M 153.5% | $65.7M 129.9% | $89.7M 188.2% | $85.5M 168.2% | $88.7M 193.6% | $105.3M 200.1% | $116.4M 172.6% | $67.0M 100.2% |
| Operating Income | -$71.1M -159.5% | -$30.8M -53.5% | -$15.1M -29.9% | -$42.1M -88.2% | -$34.7M -68.2% | -$42.9M -93.6% | -$52.7M -100.1% | -$48.9M -72.6% | -$113K -0.2% |
| Interest Expense | $11.1M 25.0% | $11.1M 19.3% | $6.3M 12.5% | $6.6M 13.7% | $10.0M 19.8% | $11.1M 24.1% | $9.3M 17.7% | $7.7M 11.4% | $7.7M 11.5% |
| Interest & Investment Income | — | — | — | — | — | $132K 0.3% | $636K 1.2% | — | — |
| Pretax Income | -$83.8M -188.1% | -$44.2M -76.7% | -$7.6M -15.1% | -$54.4M -114.1% | -$70.5M -138.8% | -$55.8M -121.7% | -$66.2M -125.9% | -$61.4M -91.0% | -$8.9M -13.4% |
| Income Tax Expense | $0 0.0% | -$14K -0.0% | $245K 0.5% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% |
| Net Income | -$83.8M -188.1% | -$44.1M -76.7% | -$7.9M -15.6% | -$54.4M -114.1% | -$70.5M -138.8% | -$55.8M -121.7% | -$66.2M -125.9% | -$61.4M -91.0% | -$8.9M -13.4% |
| Per Share | |||||||||
| EPS (Basic) | $-0.78 | $-0.51 | $-0.13 | $-1.12 | $-1.85 | $-1.66 | — | — | — |
| EPS (Diluted) | $-0.78 | $-0.51 | $-0.13 | $-1.12 | $-1.85 | $-1.66 | — | — | — |
| Weighted Avg Shares (Basic) | 106.9M | 86.7M | 61.3M | 48.7M | 38.1M | 33.7M | — | — | — |
| Weighted Avg Shares (Diluted) | 106.9M | 86.7M | 61.3M | 48.7M | 38.1M | 33.7M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.20T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.02T | 49.6× | — | 15.7× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $916.2B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $643.4B | 24.2× | — | 6.8× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $464.4B | 111.2× | 33.2× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $362.6B | 19.9× | — | 5.6× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $340.0B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $252.6B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $244.5B | 36.5× | 31.5× | 5.5× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $202.8B | 26.4× | 17.4× | 5.5× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $183.3B | 21.8× | 20.0× | 6.2× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.2B | 27.5× | 19.3× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $156.1B | 20.2× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $147.3B | 41.3× | 30.5× | 6.0× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $135.8B | 48.6× | 37.3× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $130.4B | 33.5× | 28.6× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $129.4B | 18.4× | — | 2.7× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.5B | 24.8× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| LGVN | $117.4B | — | — | 97924.4× | -49.9% | 67.0% | -1894% | -400% | -400% | — | 31 |
| CVS | $116.6B | 66.0× | 11.7× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $108.8B | 33.9× | 18.7× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $103.4B | 23.1× | 16.3× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.7B | 15.2× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.1B | 16.4× | 15.4× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $81.0B | 18.7× | 19.4× | 5.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| AQST | $588M | — | — | 13.2× | -22.6% | 58.3% | -188% | 249% | -739% | -0.6× | 176 |
Peers = companies sharing AQST's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-09-17
Where each multiple sits in its own 8-yr range · 88th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 8-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | — | 38.7 | 28.3 | — | 40.7 | 41.2 | 31.0 | 41.7 |
| R&D | 34.3 | 39.1 | 43.4 | 33.5 | 36.7 | 25.9 | 35.2 | 38.6 |
| SG&A | 107.2 | 122.3 | 121.9 | 105.2 | 110.9 | 62.8 | 87.2 | 179.3 |
| Operating Income | -72.6 | -100.1 | -93.6 | -68.2 | -88.2 | -29.9 | -53.5 | -159.5 |
| Income Tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.5 | -0.0 | 0.0 |
| Net Income | -91.0 | -125.9 | -121.7 | -138.8 | -114.1 | -15.6 | -76.7 | -188.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AQST: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.