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Co-diagnostics, Inc. key statistics and ratios

In fiscal 2025, Co-diagnostics, Inc. had return on equity of -125.9%, an operating margin of -8058.8%, debt equal to 0.0% of equity and a current ratio of 3.87. 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.

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin96.1%76.5%47.7%77.7%88.2%84.0%38.6%74.5%64.3%43.5%
Operating margin<−999%<−999%<−999%55.9%47.1%−78.8%−626.9%<−999%<−999%<−999%
Net margin<−999%<−999%<−999%57.0%37.5%−41.6%−518.7%−961.4%<−999%<−999%
Free-cash-flow margin<−999%<−999%<−999%36.7%41.3%15.0%−344.2%−763.8%<−999%<−999%
Return on equity−180.7%——124.1%36.4%−11.4%−35.3%−54.0%−125.9%—
Return on assets−149.3%−201.8%−328.8%115.7%31.7%−10.1%−32.4%−47.4%−106.2%−227.7%
Asset turnover0.000.010.112.030.850.240.060.050.010.03
Current ratio7.090.454.8316.699.1423.9410.814.413.871.81
Debt to equity7.2%—0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Interest cover (operating income ÷ interest)n/mn/mn/m———————
Effective tax rate———0.2%19.7%—————
R&D as % of revenue>999%>999%638.0%4.3%15.3%51.0%337.1%535.9%>999%>999%
Capital spending as % of revenue>999%103.6%52.7%1.0%0.7%4.2%20.0%19.1%112.5%50.9%
Free cash flow ÷ net income———64.5%110.2%—————
Dividends and buybacks ÷ free cash flow—————276.4%————

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 2 checks passed · June 30, 2026
What it owns · $17m
Short-term assets $5mLonger-term assets $11m
What it owes, and who funded it · $17m
Short-term liabilities $3mLonger-term liabilities $1mShareholders' equity $13m
  • Short-term assets cover short-term liabilities $5m of assets due within a year against $3m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5m short-term assets against $1m 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 Interest not separately reported. Not assessable.

From Co-diagnostics, 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

24 /100

Weak moat

How hard Co-diagnostics's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -9.6% of total assets over 7 years.

  • Pricing power 12 / 20

    Gross margin has been a median 69.2%, moving by 20.4 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median -748.4%; its worst year was -24115.6%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 2 of 8 years, at a median -246.2% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 89.2% over five years; stock-based pay has been a median 123.0% 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.

Compare with peers

Head to head: CODX vs ITOCCODX vs PLSECODX vs IMDXCODX vs QTEX

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

Figures from Co-diagnostics, 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 Co-diagnostics, Inc.