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Neuropace Inc key statistics and ratios

In fiscal 2025, Neuropace Inc had return on equity of -158.7%, an operating margin of -16.3%, debt equal to 309.4% of equity and a current ratio of 5.28. 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 year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin73.6%74.0%71.4%73.6%73.9%77.2%79.6%
Operating margin−31.7%−52.5%−89.6%−41.5%−27.1%−16.3%−15.3%
Net margin−59.0%−79.9%−103.4%−50.4%−34.0%−21.5%−19.3%
Free-cash-flow margin−52.7%−55.2%−82.3%−30.4%−22.8%−11.3%−11.7%
Return on equity——−87.0%−118.9%−189.4%−158.7%−123.7%
Return on assets−43.4%−38.1%−38.0%−29.7%−26.8%−21.4%−18.9%
Asset turnover0.740.480.370.590.791.000.98
Current ratio5.6914.288.905.715.375.284.94
Debt to equity—67.8%152.1%275.8%742.9%309.4%496.6%
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/mn/mn/m
R&D as % of revenue38.2%40.3%48.2%31.8%29.6%27.9%28.0%
SG&A as % of revenue67.2%86.2%112.8%83.3%71.5%——
Capital spending as % of revenue0.2%0.8%1.3%0.3%0.4%0.3%0.4%

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

2 of 7 checks passed · June 30, 2026
What it owns · $97m
Short-term assets $86mLonger-term assets $11m
What it owes, and who funded it · $97m
Short-term liabilities $17mLonger-term liabilities $68mShareholders' equity $12m
  • Short-term assets cover short-term liabilities $86m of assets due within a year against $17m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $86m short-term assets against $68m of longer-dated liabilities.
  • More cash than debt $13m of cash against $59m of debt.
  • Debt below 40% of shareholders' equity Debt is 497% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 68% to 497% over five years.
  • A year's operating cash flow covers at least 20% of debt −$11m of operating cash flow against $59m of debt.
  • Operating profit covers interest at least five times over Operating income of −$15m against $6m of interest.

From Neuropace 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 Neuropace'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.

  • Returns on capital 0 / 20

    Net income has been a median -28.1% of total assets over 6 years.

  • Pricing power 19 / 20

    Gross margin has been a median 74.7%, moving by 2.7 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -30.6%; its worst year was -83.9%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 6 years, at a median -37.3% 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 Neuropace 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 Neuropace Inc.