Femasys Inc is a US-listed company in the health care equipment industry. Its financial year ends in December.
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Third-party market data · may be delayed
~$0.7
Price-to-sales vs peers
Base case. Range ~$0.7–$3.8. Sales per share times peers' typical price-to-sales; used only when earnings are negative.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Femasys Inc valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Femasys has little or no product revenue yet; it used $18m of cash in the twelve months to June 2026. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 3 financial-health checks. Our price-to-sales vs peers value is $0.66 a share, against a share price of $1.42.
Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Femasys Inc's trailing-twelve-month revenue grew 21.9% year on year, with a free-cash-flow margin of -786.0%. Where it stands out: days sales outstanding of 24 days ranks 7 of 118 health care equipment companies we cover. Where it lags: free-cash-flow margin of -786.0% ranks 118 of 128 health care equipment companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 11.3% while net income grew 44.0%: a 33pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Femasys Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.29 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.7 ~$0.9–$3.8 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$0.7 ~$0.7–$3.8 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Femasys Inc with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Share price | $78.00 | $18.00 | $19.50 | $22.00 | $11.52 |
| Market value | $524m | $213m | $300m | $490m | $456m |
| + Net debt (− = net cash) | −$25m | −$13m | −$17m | $2m | −$6m |
| Enterprise value | $499m | $200m | $283m | $492m | $450m |
| Multiples | |||||
| Price / sales | n/m | 176.3x | n/m | n/m | 198.7x |
| Price / earnings | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — |
Weak moat
How hard Femasys's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median -40.4% of total assets over 5 years.
Gross margin has been a median 65.4%, moving by 2.6 percentage points (standard deviation) across 6 years.
Operating margin has been a median -945.1%; its worst year was -1734.1%.
Free cash flow was positive in 0 of 6 years, at a median -892.4% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$2.60 | +72% | $2m | −9% |
| Next | −$2.13 | — | $9m | +329% |
The consensus EPS forecast for the current fiscal year is −42.6% on 90 days ago. In the last 30 days, 2 analysts raised Femasys Inc's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$4.53 | −$5.80 |
| 60 days ago | −$3.88 | −$5.80 |
| 30 days ago | −$2.57 | −$2.13 |
| 7 days ago | −$2.60 | −$2.13 |
| Now | −$2.60 | −$2.13 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$1.40 | −$1.10 | +21.2% |
| Mar 2026 | −$1.80 | −$1.46 | +18.9% |
| Dec 2025 | −$1.80 | −$0.20 | +88.9% |
| Sept 2025 | −$2.60 | −$2.00 | +23.1% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −89.6%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $2m | $2m | +21.9% |
| P/S multiple | 16.7x | 2.0x | −87.8% |
| Share count | 2m | 4m | −30.5% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| FEMY | −77% | +8% | +13% | −48% | −89% |
| Industry peers (median) | −37% | −9% | −20% | −16% | −13% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| FEMY | 17% | 33% | 25% | 42% | 27% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| FEMY | −79% | −81% | −61% | −81% | −90% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since June 18, 2021: 100% from June 18, 2021 to November 2, 2026. Getting back needed a 18082% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 14, 2026 | −5.7% | −0.7% | +29.3% | +11.8% |
| May 8, 2026 | −10.0% | +1.1% | −20.5% | −41.5% |
| March 31, 2026 | +10.9% | +3.7% | +5.9% | −2.9% |
| November 14, 2025 | −3.7% | −0.9% | +11.2% | +3.3% |
| August 8, 2025 | −12.1% | +0.6% | −19.5% | −57.6% |
| May 8, 2025 | −7.0% | +0.6% | −6.1% | −29.8% |
| March 27, 2025 | −15.1% | −2.3% | −19.1% | −23.7% |
| November 12, 2024 | −11.6% | −0.3% | −23.9% | +2.1% |
| August 8, 2024 | −11.4% | +2.8% | +4.8% | +3.8% |
| May 9, 2024 | −12.9% | +0.7% | −7.2% | −21.6% |
| March 28, 2024 | +17.0% | −0.2% | +15.0% | −10.2% |
| November 14, 2023 | −2.9% | +2.2% | −13.3% | −13.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $1.1M |
| FY23 Q4 | $1.1M |
| FY24 Q1 | $1M |
| FY24 Q2 | $950.1K |
| FY24 Q3 | $1.3M |
| FY24 Q4 | $1.6M |
| FY25 Q1 | $1.7M |
| FY25 Q2 | $1.9M |
| FY25 Q3 | $2.1M |
| FY25 Q4 | $2.3M |
| FY26 Q1 | $2.4M |
| FY26 Q2 | $2.3M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -10.9% |
| FY23 Q4 | -11.1% |
| FY24 Q1 | -11.0% |
| FY24 Q2 | -20.6% |
| FY24 Q3 | 15.3% |
| FY24 Q4 | 52.0% |
| FY25 Q1 | 62.0% |
| FY25 Q2 | 98.6% |
| FY25 Q3 | 63.5% |
| FY25 Q4 | 40.8% |
| FY26 Q1 | 39.9% |
| FY26 Q2 | 21.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -1194.7% |
| FY23 Q4 | -1353.4% |
| FY24 Q1 | -1423.0% |
| FY24 Q2 | -1734.1% |
| FY24 Q3 | -1389.2% |
| FY24 Q4 | -1091.8% |
| FY25 Q1 | -1164.3% |
| FY25 Q2 | -1015.0% |
| FY25 Q3 | -858.0% |
| FY25 Q4 | -767.0% |
| FY26 Q1 | -687.9% |
| FY26 Q2 | -763.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -1034.2% |
| FY23 Q4 | -1065.7% |
| FY24 Q1 | -1277.3% |
| FY24 Q2 | -1589.9% |
| FY24 Q3 | -1436.2% |
| FY24 Q4 | -1240.3% |
| FY25 Q1 | -1202.6% |
| FY25 Q2 | -1079.6% |
| FY25 Q3 | -973.7% |
| FY25 Q4 | -837.9% |
| FY26 Q1 | -781.5% |
| FY26 Q2 | -786.0% |
| Fiscal year | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
| Gross profit | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| EBITDA | −6 | −8 | −11 | −14 | −17 | −17 | −17 |
| Operating income | −7 | −8 | −12 | −15 | −18 | −18 | −18 |
| Net income | −7 | −8 | −11 | −14 | −19 | −19 | −12 |
| Diluted EPS | −$7.20 | −$1.12 | −$0.96 | −$0.93 | −$0.85 | −$0.47 | — |
| Growth (year on year) | |||||||
| Revenue | — | +13.7% | +2.2% | −11.1% | +52.0% | +40.8% | +21.9% |
| Margins | |||||||
| Gross margin | 70.5% | 68.6% | 63.4% | 64.5% | 66.6% | 62.0% | 60.9% |
| EBITDA margin | −602.5% | −656.6% | −915.2% | <−999% | <−999% | −752.0% | −749.3% |
| Operating margin | −668.0% | −706.7% | −961.7% | <−999% | <−999% | −767.0% | −763.9% |
| Net margin | −666.2% | −639.0% | −944.6% | <−999% | <−999% | −812.3% | −511.8% |
| Free-cash-flow margin | −476.1% | −698.3% | −923.5% | <−999% | <−999% | −837.9% | −786.0% |
| Cash flow | |||||||
| Cash from operations | −5 | −8 | −11 | −11 | −19 | −19 | −18 |
| Capital spending | 0 | 0 | 0 | 0 | 1 | 1 | 0 |
| Free cash flow | −5 | −8 | −11 | −11 | −20 | −19 | −18 |
| Stock-based pay | 0 | 0 | 0 | 1 | 0 | 1 | 1 |
| Free cash flow after stock pay | −5 | −8 | −11 | −12 | −21 | −20 | −19 |
| Balance sheet | |||||||
| Cash | 3 | 25 | 13 | 22 | 3 | 9 | 1 |
| Total debt | 1 | 0 | 0 | 4 | 5 | 3 | 3 |
| Net debt (negative = net cash) | −3 | −25 | −13 | −17 | 2 | −6 | 2 |
| Diluted shares | — | 7m | 12m | 15m | 22m | 40m | — |
| Returned to shareholders | |||||||
| Buybacks | — | — | 0 | 0 | 0 | — | — |
| Total returned | — | — | 0 | 0 | 0 | — | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 555 | 582 | 341 | 409 | 729 | 813 | 425 | 332 |
| Gross profit | 364 | 389 | 224 | 251 | 436 | 510 | 266 | 189 |
| EBITDA | −5,042 | −4,640 | −5,376 | −3,765 | −3,568 | −4,538 | −4,141 | −4,983 |
| Operating income | −5,118 | −4,723 | −5,461 | −3,852 | −3,654 | −4,623 | −4,224 | −5,066 |
| Net income | −5,409 | −5,124 | −5,897 | −4,586 | −4,195 | −3,950 | 846 | −4,469 |
| Diluted EPS | −$4.80 | −$0.23 | −$0.23 | −$3.18 | −$2.00 | −$0.01 | $0.00 | −$1.33 |
| Growth (year on year) | ||||||||
| Revenue | +127.1% | +172.9% | +25.9% | +84.8% | +31.4% | +39.9% | +24.5% | −18.9% |
| Margins | ||||||||
| Gross margin | 65.6% | 66.9% | 65.6% | 61.4% | 59.7% | 62.7% | 62.7% | 57.1% |
| EBITDA margin | −908.6% | −797.9% | <−999% | −920.0% | −489.2% | −557.9% | −974.7% | <−999% |
| Operating margin | −922.4% | −812.0% | <−999% | −941.1% | −500.9% | −568.3% | −994.0% | <−999% |
| Net margin | −974.7% | −881.0% | <−999% | <−999% | −575.1% | −485.7% | 199.1% | <−999% |
| Free-cash-flow margin | <−999% | −890.9% | <−999% | <−999% | −765.3% | −531.7% | −993.8% | <−999% |
| Cash flow | ||||||||
| Cash from operations | −5,475 | −5,075 | −4,765 | −4,353 | −5,387 | −4,185 | −4,144 | −3,936 |
| Capital spending | 408 | 107 | 97 | 94 | 194 | 140 | 79 | 9 |
| Free cash flow | −5,883 | −5,181 | −4,862 | −4,447 | −5,582 | −4,325 | −4,223 | −3,945 |
| Stock-based pay | 128 | 134 | 367 | 182 | 175 | 66 | 152 | 211 |
| Free cash flow after stock pay | −6,011 | −5,316 | −5,229 | −4,629 | −5,756 | −4,392 | −4,374 | −4,156 |
| Last 12 months unless stated | FEMY | VNRX | ICU | IMDX | ICCM | CNSY | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $2m | $2m | $2m | $2m | $3m | $4m | $99m |
| Revenue growth, last 12 months | 21.9% | 86.3% | 123.6% | −60.8% | 2.7% | −21.0% | 9.2% |
| Revenue growth, 3-year average | 24.3% | 68.0% | — | 14.9% | — | 16.1% | 13.5% |
| Revenue growth, latest quarter | −18.9% | −2.0% | 82.0% | −53.9% | — | −70.4% | 10.2% |
| Gross margin | 60.9% | — | 92.6% | 48.3% | 36.3% | 15.1% | 61.2% |
| Operating margin | −763.9% | −790.2% | −816.6% | <−999% | −446.7% | −628.1% | −8.5% |
| Operating margin, 3-year average | <−999% | <−999% | — | <−999% | — | −383.3% | −17.9% |
| Net margin | −511.8% | <−999% | −795.5% | <−999% | −445.6% | −620.7% | −12.0% |
| Cash from operations / revenue | −767.6% | −795.9% | −799.4% | <−999% | −431.3% | −527.6% | −1.9% |
| Free-cash-flow margin | −786.0% | −796.7% | — | <−999% | −432.4% | −560.3% | −3.9% |
| Free-cash-flow margin, 3-year average | <−999% | <−999% | — | <−999% | — | −402.6% | −7.0% |
| Stock pay / revenue | 26.2% | 38.2% | 20.5% | 150.8% | 40.6% | 73.6% | 6.1% |
| Change in share count | — | 16.3% | — | 16.8% | 25.0% | −99.4% | 4.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 21.9% | 9.1% | 38 of 129 |
| Change in growth rate Growth | -18.0pp | -0.6pp | 116 of 129 |
| Gross margin Profitability | 60.9% | 61.9% | 67 of 123 |
| Operating margin Profitability | -763.9% | -8.3% | 118 of 132 |
| Net margin Profitability | -511.8% | -12.0% | 117 of 133 |
| Free-cash-flow margin Cash generation | -786.0% | -3.4% | 118 of 128 |
| Stock pay as % of revenue Cash generation | 26.2% | 6.1% | 104 of 123 |
| Long-term debt as % of assets Balance sheet | 15.3% | 24.2% | 32 of 87 |
| Days sales outstanding Balance sheet | 24 days | 57 days | 7 of 118 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.4M | 60.8% | ▲ 29.8% |
| Outside the US | $899,758 | 39.2% | ▲ 61.9% |
From Femasys Inc's 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Dauntless Investment Group, LLC | $7.8M | 1.9M | 90.3% | — |
| Vanguard Capital Management LLC | $260,130 | 62K | 3.0% | — |
| Jane Street Group, LLC | $219,495 | 53K | 2.5% | — |
| Geode Capital Management, LLC | $129,253 | 31K | 1.5% | — |
| UBS Group AG | $78,488 | 19K | 0.9% | — |
| Citadel Advisors LLC | $70,730 | 17K | 0.8% | — |
| Vanguard Fiduciary Trust Co | $52,217 | 12K | 0.6% | — |
| Osaic Holdings, Inc. | $10,019 | 2K | 0.1% | — |
| Blackrock, Inc. | $7,457 | 2K | 0.1% | — |
| Northwestern Mutual Wealth Management Co | $4,180 | 1K | 0.0% | — |
| Arax Advisory Partners | $3,762 | 1K | 0.0% | — |
| Whittier Trust Co Of Nevada Inc | $3,073 | 1K | 0.0% | — |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Femasys Inc's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Lee-Sepsick Kathy Chief Executive Officer | August 7, 2026 | Buy | 15,625 | $3.20 | $50,000 |
| Elefant Dov Chief Financial Officer | August 7, 2026 | Buy | 15,625 | $3.20 | $50,000 |
| Canning John Charles Chief Operating Officer | August 7, 2026 | Buy | 4,375 | $3.20 | $14,000 |
| Sipos Jeremy Alexander Chief Technology Officer | August 7, 2026 | Buy | 3,125 | $3.20 | $10,000 |
| Mifek Jeffrey Gerald Chief Clinical-Medical Affairs | August 7, 2026 | Buy | 3,125 | $3.20 | $10,000 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 13, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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