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Solana Co key statistics and ratios

In fiscal 2025, Solana Co had return on equity of -27.1%, an operating margin of -4052.5%, debt equal to 0.0% of equity and a current ratio of 10.33. 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 year2018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin100.0%43.4%41.3%42.9%41.2%9.5%−11.9%91.7%95.5%
Operating margin<−999%<−999%<−999%<−999%<−999%<−999%<−999%<−999%<−999%
Net margin<−999%−653.8%<−999%<−999%<−999%<−999%<−999%−679.6%<−999%
Free-cash-flow margin<−999%<−999%<−999%<−999%<−999%<−999%<−999%−274.5%−223.2%
Return on equity—−124.7%——−145.0%−168.6%—−27.1%−67.4%
Return on assets−102.9%−51.2%−167.3%−175.6%−89.7%−70.9%−209.0%−26.6%−65.5%
Asset turnover0.020.080.080.050.050.050.090.040.05
Current ratio1.501.901.934.758.403.961.5810.3313.31
Debt to equity0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Effective tax rate—0.0%———————
R&D as % of revenue>999%538.8%693.2%>999%541.6%456.8%703.7%58.4%—
SG&A as % of revenue>999%>999%>999%>999%>999%>999%>999%384.4%—
Capital spending as % of revenue92.1%18.6%9.5%10.3%2.2%4.5%1.0%0.0%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.

Moat

14 /100

Weak moat

How hard Solana's competitive advantage looks for rivals to wear away, judged from 7 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 -138.1% of total assets over 6 years.

  • Pricing power 4 / 20

    Gross margin has been a median 34.1%, moving by 51.4 percentage points (standard deviation) across 7 years.

  • Durability 10 / 20

    Operating margin has been a median -2972.7%; its worst year was -4932.2%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 7 years, at a median -2232.4% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 46809310.9% over five years; stock-based pay has been a median 295.6% 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.

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Figures from Solana Co'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 Solana Co.