Aqua Metals, Inc. key statistics and ratios
In fiscal 2024, Aqua Metals, Inc. had return on equity of -116.1%, debt equal to 21.8% of equity and a current ratio of 0.57. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | LTMMar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | — | <−999% | −832.3% | −837.0% | <−999% | <−999% | <−999% | <−999% | — | — |
| Net margin | — | <−999% | −904.8% | −919.1% | <−999% | <−999% | <−999% | <−999% | — | — |
| Free-cash-flow margin | — | <−999% | −674.6% | −779.2% | <−999% | <−999% | <−999% | <−999% | — | — |
| Return on equity | −23.8% | −45.8% | −73.8% | −89.9% | −63.8% | −62.0% | −63.7% | −101.9% | −116.1% | — |
| Return on assets | −19.0% | −36.4% | −55.2% | −63.6% | −49.3% | −53.2% | −46.2% | −71.3% | −81.9% | −122.1% |
| Asset turnover | — | 0.03 | 0.06 | 0.07 | 0.00 | 0.01 | 0.00 | 0.00 | — | — |
| Current ratio | 6.79 | 6.70 | 1.93 | 2.80 | 2.42 | 3.05 | 1.89 | 3.97 | 0.57 | 0.31 |
| Debt to equity | 17.9% | 15.7% | 25.9% | 19.4% | 1.2% | 0.0% | 28.2% | 11.3% | 21.8% | 34.3% |
| Interest cover (operating income ÷ interest) | n/m | n/m | n/m | n/m | n/m | n/m | n/m | n/m | n/m | n/m |
| R&D as % of revenue | — | 385.9% | 101.2% | 31.9% | 950.9% | 539.3% | >999% | >999% | — | — |
| Capital spending as % of revenue | — | 420.0% | 83.0% | 262.7% | >999% | >999% | >999% | >999% | — | — |
| Quarter | 2023 Q2Jun 2023 | 2023 Q3Sept 2023 | 2023 Q4Dec 2023 | 2024 Q1Mar 2024 | 2024 Q2Jun 2024 | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating margin | — | <−999% | — | — | — | — | — | — |
| Net margin | — | <−999% | — | — | — | — | — | — |
| Free-cash-flow margin | — | <−999% | — | — | — | — | — | — |
| Current ratio | 2.29 | 7.45 | 3.97 | 1.19 | 1.19 | 0.59 | 0.57 | 0.31 |
| Debt to equity | 18.5% | 8.2% | 11.2% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| R&D as % of revenue | — | >999% | — | — | — | — | — | — |
Moat
Weak moat
How hard Aqua Metals'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 0 / 20
Net income has been a median -53.8% of total assets over 10 years.
- Pricing power 0 / 20
Gross margin has been a median -1914.7%, moving by 11711.5 percentage points (standard deviation) across 6 years.
- Durability 10 / 20
Operating margin has been a median -5685.1%; its worst year was -108280.0%.
- Cash conversion 0 / 20
Free cash flow was positive in 0 of 6 years, at a median -3727.3% of revenue.
- Discipline 0 / 20
The diluted share count rose 191.5% over five years; stock-based pay has been a median 674.4% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
More: Diversified Metals & Mining stocks compared, Materials sector, rankings of US companies