Apyx Medical Corp key statistics and ratios

In fiscal 2025, Apyx Medical Corp had return on equity of -78.0% and a net margin of -21.2%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Apyx Medical Corp: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Net margin	2.2%	−6.3%	0.4%	2.2%	−18.3%	−62.4%	−18.2%	−131.0%	−49.5%	377.7%	−69.8%	−42.9%	−31.3%	−52.1%	−35.7%	−48.8%	−21.2%	−14.8%
Return on equity	2.8%	−7.2%	0.5%	2.7%	−20.7%	−168.0%	−43.1%	−46.5%	−21.0%	114.9%	−24.9%	−17.6%	−25.8%	−50.8%	−58.2%	−114.7%	−78.0%	−68.5%
Return on assets	—	−5.5%	0.4%	2.2%	−14.1%	−59.6%	−19.1%	−34.7%	−15.3%	98.8%	−21.8%	−15.0%	−21.2%	−38.5%	−28.6%	−32.6%	−17.0%	−13.5%
Effective tax rate	10.1%	—	—	26.0%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
R&D as % of revenue	7.7%	7.7%	4.7%	4.8%	5.3%	5.1%	7.3%	11.7%	19.0%	15.4%	13.2%	14.1%	8.9%	10.2%	10.4%	10.6%	6.4%	5.7%
SG&A as % of revenue	17.3%	20.2%	17.1%	15.7%	24.4%	24.2%	28.5%	70.1%	84.9%	56.7%	48.5%	42.2%	38.4%	46.0%	42.4%	39.2%	29.9%	29.3%

US$ thousands unless shown otherwise. Fiscal quarters.

Apyx Medical Corp: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Net margin	−40.9%	−32.5%	−44.0%	−33.2%	−15.4%	−6.8%	−16.9%	−23.4%
R&D as % of revenue	9.9%	7.9%	8.5%	7.2%	6.2%	4.9%	6.1%	5.7%
SG&A as % of revenue	37.4%	34.0%	36.8%	37.5%	28.4%	24.1%	28.6%	38.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 6 checks passed · June 30, 2026

What it owns · $61m

Short-term assets $53mLonger-term assets $8m

What it owes, and who funded it · $61m

Short-term liabilities $9mLonger-term liabilities $41mShareholders' equity $11m

Short-term assets cover short-term liabilities $53m of assets due within a year against $9m of liabilities due within a year.
Short-term assets cover long-term liabilities $53m short-term assets against $41m of longer-dated liabilities.
More cash than debt $28m of cash against $35m of debt.
Debt below 40% of shareholders' equity Debt is 331% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$10m of operating cash flow against $35m of debt.
Operating profit covers interest at least five times over Operating income of −$4m against $6m of interest.

From Apyx Medical Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

44 /100

Weak moat

How hard Apyx Medical's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 16 / 20

Cash operating profit has been a median 12.6% of total assets over 10 years.
Pricing power 17 / 20

Gross margin has been a median 64.3%, moving by 4.7 percentage points (standard deviation) across 10 years.
Durability 10 / 20

Operating margin has been a median -42.9%; its worst year was -96.5%.
Cash conversion 0 / 20

Free cash flow was positive in 0 of 10 years, at a median -25.3% of revenue.
Discipline 0 / 20

The diluted share count rose 24.4% over five years; stock-based pay has been a median 10.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Apyx Medical Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Apyx Medical Corp.