Genasys Inc. key statistics and ratios

In fiscal 2025, Genasys Inc. had return on equity of -183.6%, an operating margin of -41.2%, debt equal to 831.1% of equity and a current ratio of 0.72. 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.

Genasys Inc.: financial ratios, annual
Fiscal year	2010Sept 2010	2011Sept 2011	2012Sept 2012	2013Sept 2013	2014Sept 2014	2015Sept 2015	2016Sept 2016	2017Sept 2017	2018Sept 2018	2019Sept 2019	2020Sept 2020	2021Sept 2021	2022Sept 2022	2023Sept 2023	2024Sept 2024	2025Sept 2025	LTMJun 2026
Gross margin	55.0%	60.1%	50.6%	48.3%	56.0%	50.8%	46.9%	50.6%	48.4%	49.9%	52.6%	49.8%	50.5%	46.6%	42.4%	41.6%	54.0%
Operating margin	14.7%	18.8%	8.6%	5.7%	13.5%	7.3%	−9.7%	−4.0%	−5.6%	8.5%	14.0%	2.3%	−28.7%	−23.5%	−111.3%	−41.2%	−3.2%
Net margin	17.9%	18.9%	9.9%	7.4%	13.5%	57.7%	−7.8%	−4.3%	−14.2%	7.5%	27.6%	1.5%	−30.0%	−39.4%	−132.2%	−44.4%	−10.9%
Free-cash-flow margin	1.8%	14.9%	−0.1%	9.4%	32.8%	−1.2%	−8.0%	−4.2%	2.4%	25.7%	15.8%	12.6%	0.2%	−21.1%	−81.8%	−22.1%	−4.6%
Return on equity	28.9%	32.8%	6.8%	5.4%	12.4%	29.1%	−3.5%	−2.5%	−10.9%	8.1%	28.1%	1.4%	−32.2%	−43.7%	−123.5%	−183.6%	—
Return on assets	22.7%	26.7%	6.0%	4.9%	10.8%	26.4%	−3.4%	−2.3%	−9.3%	6.3%	21.0%	0.9%	−20.0%	−30.2%	−61.1%	−30.7%	−10.1%
Asset turnover	1.27	1.41	0.60	0.66	0.80	0.46	0.43	0.54	0.65	0.83	0.76	0.60	0.67	0.77	0.46	0.69	0.93
Current ratio	4.98	5.82	14.16	9.94	6.63	17.26	12.12	7.91	4.21	3.67	3.89	2.03	2.31	2.24	1.86	0.72	0.76
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.9%	1.7%	1.3%	0.6%	0.0%	0.0%	68.4%	831.1%	—
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	—	—	n/m	—	—	—	—	—	n/m	n/m	n/m
Effective tax rate	5.2%	1.5%	−11.5%	0.2%	0.5%	—	—	—	—	17.0%	—	38.1%	—	—	—	—	—
R&D as % of revenue	12.4%	9.4%	11.2%	10.8%	10.1%	12.1%	14.6%	12.3%	13.4%	12.2%	10.6%	10.5%	13.0%	17.4%	40.2%	19.9%	13.7%
SG&A as % of revenue	27.9%	31.9%	30.7%	31.8%	32.4%	31.5%	42.0%	42.3%	40.6%	29.2%	28.0%	37.1%	41.9%	52.8%	113.5%	63.0%	43.5%
Capital spending as % of revenue	0.4%	0.2%	1.4%	0.9%	1.3%	2.1%	1.0%	0.9%	2.4%	0.9%	0.3%	0.4%	0.7%	0.5%	0.8%	0.6%	0.1%
Free cash flow ÷ net income	10.2%	78.8%	−0.5%	127.4%	242.7%	−2.2%	—	—	—	341.5%	57.1%	844.0%	—	—	—	—	—
Dividends ÷ net income	—	—	—	—	—	—	—	—	—	0.0%	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	—	—	—	6.4%	—	—	—	115.9%	22.8%	5.9%	0.0%	>999%	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Genasys Inc.: financial ratios, quarterly
Quarter	2024 Q4Sept 2024	2025 Q1Dec 2024	2025 Q2Mar 2025	2025 Q3Jun 2025	2025 Q4Sept 2025	2026 Q1Dec 2025	2026 Q2Mar 2026	2026 Q3Jun 2026
Gross margin	40.8%	45.8%	37.7%	26.3%	50.3%	48.0%	63.3%	57.1%
Operating margin	−105.8%	−85.6%	−90.2%	−60.1%	7.7%	−2.1%	8.3%	−55.3%
Net margin	−168.9%	−58.8%	−88.6%	−65.8%	−8.3%	−4.8%	4.7%	−64.1%
Free-cash-flow margin	7.8%	12.7%	−93.4%	−59.7%	14.5%	42.2%	−60.3%	−40.2%
Current ratio	1.86	1.33	1.04	0.65	0.72	0.73	0.73	0.76
Debt to equity	68.4%	90.6%	159.0%	0.0%	0.0%	—	—	—
R&D as % of revenue	36.0%	32.9%	32.0%	21.3%	8.8%	11.1%	15.0%	28.4%
SG&A as % of revenue	110.6%	98.5%	95.9%	65.2%	33.8%	38.9%	40.0%	84.0%

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

1 of 5 checks passed · June 30, 2026

What it owns · $58m

Short-term assets $36mLonger-term assets $22m

What it owes, and who funded it · $60m

Short-term liabilities $48mLonger-term liabilities $12mShareholders' equity $-1m

Short-term assets cover short-term liabilities $36m of assets due within a year against $48m of liabilities due within a year.
Short-term assets cover long-term liabilities $36m short-term assets against $12m of longer-dated liabilities.
More cash than debt $3m of cash against $12m 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 −$3m of operating cash flow against $12m of debt.
Operating profit covers interest at least five times over Operating income of −$2m against $2m of interest.

From Genasys 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

35 /100

Weak moat

How hard Genasys's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 4 / 20

Cash operating profit has been a median 4.2% of total assets over 10 years.
Pricing power 14 / 20

Gross margin has been a median 49.4%, moving by 4.7 percentage points (standard deviation) across 10 years.
Durability 10 / 20

Operating margin has been a median -3.5%; its worst year was -82.9%.
Cash conversion 4 / 20

Free cash flow was positive in 4 of 10 years, at a median -3.8% of revenue.
Discipline 8 / 20

The diluted share count rose 31.5% over five years; stock-based pay has been a median 3.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (40 before it).

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 Genasys 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 Genasys Inc.