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Electrocore, Inc. key statistics and ratios

In fiscal 2025, Electrocore, Inc. had an operating margin of -41.1% and a current ratio of 1.38. 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 margin36.1%41.7%51.6%50.3%74.6%81.2%82.5%85.0%86.8%87.1%
Operating margin<−999%<−999%<−999%−707.9%−367.7%−266.2%−120.2%−48.3%−41.1%−37.6%
Net margin<−999%<−999%<−999%−672.5%−315.9%−257.9%−117.5%−47.2%−43.6%−40.0%
Free-cash-flow margin<−999%<−999%<−999%———−92.8%—−25.8%−26.4%
Return on equity——−100.5%−99.5%−57.7%−82.5%−153.6%−158.6%——
Return on assets−91.2%−99.0%−82.9%−70.2%−46.3%−65.6%−92.2%−65.0%−71.4%−82.7%
Asset turnover0.020.020.040.100.150.250.781.381.642.07
Current ratio6.3810.282.904.266.843.011.761.781.381.21
Debt to equity—0.0%0.0%6.1%—1.5%3.3%0.0%——
Interest cover (operating income ÷ interest)n/m—n/mn/m—n/m—n/mn/mn/m
R&D as % of revenue965.0%>999%414.3%120.2%46.5%64.2%33.2%9.4%8.5%8.5%
SG&A as % of revenue>999%>999%>999%624.8%395.8%283.2%169.5%123.9%119.3%116.2%
Capital spending as % of revenue18.8%28.1%2.9%———1.3%—0.2%0.0%

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 5 checks passed · June 30, 2026
What it owns · $17m
Short-term assets $14mLonger-term assets $3m
What it owes, and who funded it · $20m
Short-term liabilities $12mLonger-term liabilities $8mShareholders' equity $-3m
  • Short-term assets cover short-term liabilities $14m of assets due within a year against $12m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $14m short-term assets against $8m of longer-dated liabilities.
  • More cash than debt $9m of cash against $7m of debt.
  • 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 −$10m of operating cash flow against $7m of debt.
  • Operating profit covers interest at least five times over Operating income of −$14m against $12,700 of interest.

From Electrocore, 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

37 /100

Weak moat

How hard Electrocore'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 -59.6% of total assets over 8 years.

  • Pricing power 12 / 20

    Gross margin has been a median 80.6%, moving by 18.9 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median -296.5%; its worst year was -3912.9%.

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

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Figures from Electrocore, 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 Electrocore, Inc.