Defsec Technologies Inc. key statistics and ratios

In fiscal 2025, Defsec Technologies Inc. had an operating margin of -183.7%, debt equal to 0.0% of equity and a current ratio of 3.07. 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.

Defsec Technologies Inc.: financial ratios, annual
Fiscal year	2020Dec 2019	2021Sept 2021	2022Sept 2022	2023Sept 2023	2024Sept 2024	2025Sept 2025
Gross margin	83.3%	37.4%	25.6%	−15.5%	32.3%	35.2%
Operating margin	−199.2%	−721.3%	<−999%	−980.6%	−651.4%	−183.7%
Net margin	−225.3%	−730.2%	<−999%	−753.9%	−494.4%	−194.8%
Free-cash-flow margin	−218.7%	−553.8%	−615.9%	<−999%	−609.0%	−163.8%
Return on assets	−160.1%	−198.8%	−135.0%	−98.5%	−85.1%	−102.5%
Asset turnover	0.71	0.27	0.09	0.13	0.17	0.53
Current ratio	0.49	3.50	0.22	1.07	0.62	3.07
Debt to equity	—	0.9%	—	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	197.1%	167.6%	286.1%	123.9%	156.5%	47.9%
Capital spending as % of revenue	4.0%	63.5%	26.0%	14.3%	6.7%	2.8%

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 · September 30, 2025

What it owns · $9m

Short-term assets $6mLonger-term assets $3m

What it owes, and who funded it · $9m

Short-term liabilities $2mLonger-term liabilities $2mShareholders' equity $6m

Short-term assets cover short-term liabilities $6m of assets due within a year against $2m of liabilities due within a year.
Short-term assets cover long-term liabilities $6m short-term assets against $2m 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 $182,201 of interest.

From Defsec Technologies 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: Low.

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

Compare with peers

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Figures from Defsec Technologies Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Defsec Technologies Inc.