Bullfrog AI Holdings, Inc. key statistics and ratios

In fiscal 2025, Bullfrog AI Holdings, Inc. had an operating margin of -5652.4%, debt equal to 0.0% of equity and a current ratio of 3.85. 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.

Bullfrog AI Holdings, Inc.: financial ratios, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2025Dec 2025
Gross margin	92.0%	92.0%	18.8%
Operating margin	<−999%	<−999%	<−999%
Net margin	<−999%	<−999%	<−999%
Free-cash-flow margin	<−999%	<−999%	<−999%
Return on assets	<−999%	−374.9%	−232.7%
Asset turnover	0.12	0.05	0.04
Current ratio	0.02	15.03	3.85
Debt to equity	—	0.0%	0.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m
R&D as % of revenue	>999%	>999%	>999%
Capital spending as % of revenue	87.4%	0.0%	0.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Bullfrog AI Holdings, Inc.: financial ratios, quarterly
Quarter	2023 Q3Sept 2023	2023 Q4Dec 2023	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q2Jun 2026
Gross margin	92.0%	—	19.6%	18.4%	—	49.6%
Operating margin	<−999%	—	<−999%	<−999%	—	−658.8%
Net margin	<−999%	—	<−999%	<−999%	—	−636.8%
Free-cash-flow margin	<−999%	—	<−999%	<−999%	—	−702.6%
Current ratio	9.44	15.03	3.97	3.34	3.85	10.57
Debt to equity	5.7%	—	5.0%	2.9%	—	—
R&D as % of revenue	584.6%	—	>999%	414.8%	—	157.6%

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

2 of 3 checks passed · June 30, 2026

What it owns · $8m

Short-term assets $7mLonger-term assets $0m

What it owes, and who funded it · $8m

Short-term liabilities $1mLonger-term liabilities $0mShareholders' equity $7m

Short-term assets cover short-term liabilities $7m of assets due within a year against $706,590 of liabilities due within a year.
Short-term assets cover long-term liabilities $7m short-term assets against $0 of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
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 Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of −$6m against $5,520 of interest.

From Bullfrog AI Holdings, Inc.'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: Medium.

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 Bullfrog AI Holdings, Inc.'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 Bullfrog AI Holdings, Inc.