Baird Medical Investment Holdings Ltd key statistics and ratios

In fiscal 2025, Baird Medical Investment Holdings Ltd had return on equity of -76.8%, an operating margin of -113.7%, debt equal to 27.8% of equity and a current ratio of 1.70. 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.

Baird Medical Investment Holdings Ltd: financial ratios, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	79.9%	86.6%	88.2%	83.8%
Operating margin	38.8%	37.7%	41.4%	−113.7%
Net margin	35.8%	33.5%	33.6%	−121.0%
Free-cash-flow margin	−15.5%	−11.6%	−24.8%	−6.2%
Return on equity	48.8%	34.3%	33.0%	−76.8%
Return on assets	—	18.6%	18.5%	−36.9%
Asset turnover	—	0.55	0.55	0.31
Current ratio	—	2.11	1.77	1.70
Debt to equity	0.0%	6.8%	11.2%	27.8%
Interest cover (operating income ÷ interest)	45.5x	41.7x	26.6x	n/m
Effective tax rate	12.0%	13.8%	10.6%	—
R&D as % of revenue	11.0%	13.6%	16.7%	89.3%
Capital spending as % of revenue	16.8%	8.4%	7.7%	0.2%
Free cash flow ÷ net income	−43.1%	−34.7%	−73.6%	—

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

3 of 6 checks passed · December 31, 2025

What it owns · $70m

Short-term assets $55mLonger-term assets $15m

What it owes, and who funded it · $70m

Short-term liabilities $32mLonger-term liabilities $6mShareholders' equity $31m

Short-term assets cover short-term liabilities $55m of assets due within a year against $32m of liabilities due within a year.
Short-term assets cover long-term liabilities $55m short-term assets against $6m of longer-dated liabilities.
More cash than debt $178,321 of cash against $9m of debt.
Debt below 40% of shareholders' equity Debt is 28% 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 −$1m of operating cash flow against $9m of debt.
Operating profit covers interest at least five times over Operating income of −$26m against $737,370 of interest.

From Baird Medical Investment Holdings Ltd'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

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

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

Compare with peers

Head to head: BDMD vs SNOA BDMD vs VVOS BDMD vs NEPH BDMD vs QTI

More: Health Care Equipment stocks compared, Health Care sector, rankings of US companies

Figures from Baird Medical Investment Holdings Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Baird Medical Investment Holdings Ltd.