QT Imaging Holdings, Inc. key statistics and ratios

In fiscal 2025, QT Imaging Holdings, Inc. had an operating margin of -23.4%, debt equal to 156.9% of equity and a current ratio of 2.81. 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.

QT Imaging Holdings, Inc.: financial ratios, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	54.1%	45.4%	40.4%
Operating margin	—	<−999%	−249.6%	−23.4%	−24.8%
Net margin	—	<−999%	−184.2%	−111.4%	−77.3%
Free-cash-flow margin	—	<−999%	−207.4%	−48.0%	−48.2%
Return on assets	−6.6%	−25.1%	−140.5%	−144.9%	−76.1%
Asset turnover	—	0.00	0.76	1.30	0.99
Current ratio	0.06	0.66	0.50	2.81	3.10
Debt to equity	—	—	—	156.9%	507.4%
Interest cover (operating income ÷ interest)	n/m	n/m	—	—	—
R&D as % of revenue	—	>999%	67.0%	20.8%	20.9%
SG&A as % of revenue	—	>999%	236.7%	48.0%	44.3%
Capital spending as % of revenue	—	32.3%	1.8%	0.7%	1.0%

US$ thousands unless shown otherwise. Fiscal quarters.

QT Imaging Holdings, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	63.3%	47.2%	64.8%	49.9%	43.0%	38.0%	40.9%	41.2%
Operating margin	−243.4%	−242.2%	−37.2%	−28.5%	−39.4%	−8.5%	−36.0%	−25.1%
Net margin	−378.6%	−411.9%	−398.0%	−109.4%	−108.7%	−16.8%	−52.2%	−148.9%
Free-cash-flow margin	−194.5%	−151.2%	−126.4%	−40.7%	−21.0%	−38.4%	−56.2%	−67.4%
Current ratio	1.06	0.50	1.86	1.69	0.89	2.81	2.49	3.10
Debt to equity	—	—	—	—	—	156.9%	265.9%	507.4%
R&D as % of revenue	96.8%	91.4%	30.5%	24.6%	22.4%	15.0%	26.4%	21.8%
SG&A as % of revenue	210.0%	198.0%	71.6%	53.8%	60.0%	31.4%	50.5%	44.4%

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 5 checks passed · June 30, 2026

What it owns · $31m

Short-term assets $29mLonger-term assets $1m

What it owes, and who funded it · $31m

Short-term liabilities $9mLonger-term liabilities $19mShareholders' equity $2m

Short-term assets cover short-term liabilities $29m of assets due within a year against $9m of liabilities due within a year.
Short-term assets cover long-term liabilities $29m short-term assets against $19m of longer-dated liabilities.
More cash than debt $11m of cash against $11m of debt.
Debt below 40% of shareholders' equity Debt is 507% of equity.
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 −$12m of operating cash flow against $11m of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From QT Imaging Holdings, 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

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

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: QTI vs STXS BDMD vs QTI POCI vs QTI

More: Health Care Equipment stocks compared, Health Care sector, rankings of US companies

Figures from QT Imaging Holdings, 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 QT Imaging Holdings, Inc.