ONE Stop Systems, Inc. key statistics and ratios

In fiscal 2025, ONE Stop Systems, Inc. had return on equity of 13.9%, an operating margin of -10.5%, debt equal to 0.0% of equity and a current ratio of 9.13. 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.

ONE Stop Systems, Inc.: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	31.5%	30.6%	33.3%	31.7%	31.7%	28.2%	29.5%	2.5%	49.6%	48.1%
Operating margin	−1.6%	−8.6%	−1.3%	−0.8%	2.8%	2.2%	−13.0%	−63.8%	−10.5%	−17.3%
Net margin	0.4%	−3.1%	−1.5%	−0.0%	3.8%	−3.1%	−11.0%	−55.5%	15.8%	1.0%
Free-cash-flow margin	−2.9%	−12.2%	−0.0%	−2.1%	8.2%	−11.5%	−2.1%	−1.4%	−20.7%	−34.0%
Return on equity	1.5%	−6.8%	−3.3%	−0.0%	6.5%	−5.2%	−16.0%	−40.8%	13.9%	1.0%
Return on assets	0.6%	−4.3%	−2.4%	−0.0%	5.1%	−4.1%	−12.8%	−32.0%	11.3%	0.9%
Asset turnover	1.63	1.40	1.54	1.32	1.37	1.34	1.16	0.58	0.72	0.84
Current ratio	1.01	2.20	2.31	3.08	3.90	4.13	6.18	3.93	9.13	5.70
Debt to equity	55.4%	5.4%	12.9%	24.0%	11.6%	14.2%	5.2%	3.8%	0.0%	0.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	3.3x	9.7x	n/m	n/m	n/m	—
Effective tax rate	—	—	—	—	20.6%	—	—	—	—	—
R&D as % of revenue	9.8%	10.8%	8.3%	8.3%	6.5%	6.5%	7.1%	14.1%	16.9%	10.4%
SG&A as % of revenue	12.7%	17.6%	14.6%	16.2%	12.4%	10.1%	15.2%	29.3%	22.8%	23.6%
Capital spending as % of revenue	1.5%	1.7%	4.1%	1.6%	0.9%	0.7%	1.3%	0.9%	0.4%	0.5%
Free cash flow ÷ net income	−835.5%	—	—	—	216.9%	—	—	—	−131.0%	<−999%

US$ thousands unless shown otherwise. Fiscal quarters.

ONE Stop Systems, Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	—	45.5%	41.3%	45.6%	58.5%	51.6%	39.1%	42.6%
Operating margin	—	−45.2%	−44.2%	−4.4%	16.1%	−8.3%	−82.1%	−6.6%
Net margin	—	−38.7%	−35.1%	2.8%	73.9%	−6.4%	−78.3%	−4.7%
Free-cash-flow margin	—	−21.9%	−7.3%	−37.5%	−13.6%	49.9%	−51.1%	−94.4%
Current ratio	3.93	3.42	3.51	2.80	9.13	10.63	3.37	5.70
Debt to equity	—	—	—	8.3%	—	—	—	—
R&D as % of revenue	—	23.1%	23.6%	13.7%	13.3%	10.1%	9.1%	8.8%
SG&A as % of revenue	—	36.7%	33.1%	18.7%	15.1%	30.3%	26.2%	25.4%

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 2 checks passed · September 30, 2026

What it owns · $47m

Short-term assets $46mLonger-term assets $2m

What it owes, and who funded it · $47m

Short-term liabilities $8mLonger-term liabilities $1mShareholders' equity $38m

Short-term assets cover short-term liabilities $46m of assets due within a year against $8m of liabilities due within a year.
Short-term assets cover long-term liabilities $46m short-term assets against $1m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
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 Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From ONE Stop Systems, 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

41 /100

Weak moat

How hard ONE Stop Systems's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 17.4% of total assets over 8 years.
Pricing power 4 / 20

Gross margin has been a median 31.6%, moving by 17.3 percentage points (standard deviation) across 9 years.
Durability 10 / 20

Operating margin has been a median -9.5%; its worst year was -204.8%.
Cash conversion 3 / 20

Free cash flow was positive in 3 of 9 years, at a median -1.8% of revenue.
Discipline 9 / 20

The diluted share count rose 34.9% over five years; stock-based pay has been a median 2.6% 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 (46 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: OSS vs TACT ICG vs OSS INVE vs OSS

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Figures from ONE Stop Systems, 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 ONE Stop Systems, Inc.