Itonic Holdings Ltd 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
Under review: every model's value for Itonic Holdings Ltd is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: cash-flow, stock-pay or share-count figures missing or out of date. We'll show the comparison once resolved.
Itonic Holdings Ltd 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.
Itonic has little or no product revenue yet. The diluted share count is up 26.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 2 financial-health checks.
Our model value for Itonic Holdings is under review, so past values are not shown until it is resolved.
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.
Itonic Holdings Ltd's trailing-twelve-month revenue grew 16.7% year on year, with a free-cash-flow margin of -618.6%. Where it stands out: change in growth rate of +45.4pp ranks 6 of 129 health care equipment companies we cover. Where it lags: days sales outstanding of 201 days ranks 117 of 118 health care equipment companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 317.0% while net income fell 671.7%: a 355pp 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.
No recent updates are available for ITOC from the sources we follow. See filings →
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Itonic Holdings Ltd as an operating company, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.67 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| 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: This model is withheld pending its input or assumption review. |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.0 ~$0.0–$0.2 | Left out: out of range vs price (0.01x) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Itonic Holdings Ltd 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 | 2024 | 2025 |
|---|---|---|
| Share price | $70.56 | $6.74 |
| Market value | $898m | $108m |
| + Net debt (− = net cash) | −$6m | −$1m |
| Enterprise value | $891m | $107m |
| Multiples | ||
| Price / sales | n/m | n/m |
| Price / earnings | — | — |
| Price / free cash flow | — | — |
| EV / EBITDA | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
No analyst estimates are published for Itonic Holdings Ltd: too few analysts cover it.
| Calendar year | 2025 | 2026 to date |
|---|---|---|
| Return | ||
| ITOC | −91% | −65% |
| Industry peers (median) | −16% | −13% |
| S&P 500 | +18% | +11% |
| Months that ended higher | ||
| ITOC | 33% | 36% |
| S&P 500 | 75% | 46% |
| Largest fall from a high during the year | ||
| ITOC | −99% | −84% |
| S&P 500 | −19% | −9% |
Worst fall since September 5, 2024: 100% from July 28, 2025 to November 2, 2026. Getting back needed a 20979% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q4 | $679.8K |
| FY23 Q4 | $628.6K |
| FY24 Q4 | $448.2K |
| FY25 Q4 | $523K |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY22 Q4 | 4.0% |
| FY23 Q4 | -48.8% |
| FY24 Q4 | -171.9% |
| FY25 Q4 | -991.7% |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 680 | 629 | 448 | 523 |
| Gross profit | 558 | 471 | 381 | 327 |
| Operating income | 28 | −307 | −770 | −5,187 |
| Net income | 84 | −241 | −661 | −5,098 |
| Diluted EPS | $0.01 | −$0.02 | −$0.05 | −$0.32 |
| Growth (year on year) | ||||
| Revenue | — | −7.5% | −28.7% | +16.7% |
| Operating income | — | <−999% | — | — |
| Net income | — | −387.2% | — | — |
| Diluted EPS | — | −385.7% | — | — |
| Margins | ||||
| Gross margin | 82.1% | 74.9% | 85.0% | 62.6% |
| Operating margin | 4.0% | −48.8% | −171.9% | −991.7% |
| Net margin | 12.4% | −38.4% | −147.4% | −974.7% |
| Free-cash-flow margin | — | — | −173.1% | −618.6% |
| Cash flow | ||||
| Cash from operations | −116 | −64 | −775 | −3,231 |
| Capital spending | — | — | 1 | 4 |
| Free cash flow | — | — | −776 | −3,235 |
| Stock-based pay | — | — | — | 2,945 |
| Free cash flow after stock pay | — | — | — | −6,181 |
| Balance sheet | ||||
| Cash | 72 | 218 | 6,160 | 1,490 |
| Total debt | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −72 | −218 | −6,160 | −1,490 |
| Diluted shares | 12m | 12m | 13m | 16m |
| Returned to shareholders | ||||
| Dividends | 398 | — | — | 9 |
| Total returned | 398 | — | — | 9 |
| Last 12 months unless stated | ITOC | CODX | QTEX | PLSE | NXL | IMDX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $523031 | $721387 | $289000 | $1m | $217155 | $2m | $99m |
| Revenue growth, last 12 months | 16.7% | −28.1% | — | 100.0% | 24.2% | −60.8% | 9.2% |
| Revenue growth, 3-year average | — | −53.8% | — | — | −30.6% | 14.9% | 13.5% |
| Revenue growth, latest quarter | — | 2.0% | — | 100.0% | −82.8% | −53.9% | 10.2% |
| Gross margin | 62.6% | 43.5% | 0.7% | 0.3% | 86.2% | 48.3% | 61.2% |
| Operating margin | −991.7% | <−999% | <−999% | <−999% | <−999% | <−999% | −8.5% |
| Operating margin, 3-year average | — | <−999% | — | >999% | <−999% | <−999% | −17.9% |
| Net margin | −974.7% | <−999% | <−999% | <−999% | <−999% | <−999% | −12.0% |
| Cash from operations / revenue | −617.8% | <−999% | <−999% | <−999% | <−999% | <−999% | −1.9% |
| Free-cash-flow margin | −618.6% | <−999% | <−999% | <−999% | <−999% | <−999% | −3.9% |
| Free-cash-flow margin, 3-year average | — | <−999% | — | >999% | <−999% | <−999% | −7.0% |
| Stock pay / revenue | 563.2% | 169.9% | >999% | >999% | >999% | 150.8% | 6.1% |
| Change in share count | 26.1% | 4.0% | 60.0% | 7.4% | 52.1% | 16.8% | 4.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 16.7% | 9.1% | 42 of 129 |
| Change in growth rate Growth | +45.4pp | -0.6pp | 6 of 129 |
| Gross margin Profitability | 62.6% | 61.9% | 59 of 123 |
| Operating margin Profitability | -991.7% | -8.3% | 122 of 132 |
| Net margin Profitability | -974.7% | -12.0% | 122 of 133 |
| Free-cash-flow margin Cash generation | -618.6% | -3.4% | 117 of 128 |
| Stock pay as % of revenue Cash generation | 563.2% | 6.1% | 118 of 123 |
| Change in share count Balance sheet | 26.1% | 3.3% | 96 of 115 |
| Days sales outstanding Balance sheet | 201 days | 57 days | 117 of 118 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Xtx Topco Ltd | $22,843 | 76K | 27.2% | ▲ 57.0% |
| Renaissance Technologies LLC | $13,268 | 44K | 15.8% | New |
| Citadel Advisors LLC | $13,057 | 43K | 15.5% | ▲ 46.8% |
| Virtu Financial LLC | $12,000 | 39K | 14.3% | New |
| UBS Group AG | $10,020 | 33K | 11.9% | New |
| Jane Street Group, LLC | $5,370 | 18K | 6.4% | New |
| Stonex Group Inc. | $3,313 | 11K | 3.9% | New |
| Point72 Asset Management, L.P. | $3,266 | 11K | 3.9% | 0.0% |
| National Bank Of Canada | $540 | 2K | 0.6% | 0.0% |
| Blackrock, Inc. | $186 | 1K | 0.2% | 0.0% |
| Morgan Stanley | $142 | 0K | 0.2% | 0.0% |
| Compagnie Lombard Odier Scma | $43 | 0K | 0.1% | 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 Itonic Holdings Ltd's complete shareholder register. Values are as reported by the filers .
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.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| 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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