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Red Cat Holdings, Inc. key statistics and ratios

In fiscal 2025, Red Cat Holdings, Inc. had return on equity of -49.8% and a net margin of -177.0%. 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 year2010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182020Apr 20202021Apr 20212022Apr 20222023Apr 20232024Apr 20242025Dec 2025LTMJun 2026
Net margin−926.0%<−999%>999%>999%<−999%<−999%<−999%>999%<−999%−396.6%−264.7%−181.8%−608.3%−134.9%−177.0%−136.3%
Return on equity———79.1%—————−191.7%—−27.7%−42.0%−48.9%−49.8%−27.2%
Return on assets−81.4%−137.3%664.1%60.1%−782.7%−416.7%−948.0%169.3%−550.0%−106.1%−182.5%−24.2%−38.5%−44.0%−44.7%−24.3%
R&D as % of revenue——————422.6%>999%—121.1%10.3%40.5%126.8%35.1%43.9%46.2%
SG&A as % of revenue—707.6%>999%—————————————

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

4 of 5 checks passed · June 30, 2026
What it owns · $527m
Short-term assets $425mLonger-term assets $102m
What it owes, and who funded it · $527m
Short-term liabilities $29mLonger-term liabilities $28mShareholders' equity $471m
  • Short-term assets cover short-term liabilities $425m of assets due within a year against $29m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $425m short-term assets against $28m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 2% to 0% over five years.
  • A year's operating cash flow covers at least 20% of debt −$139m of operating cash flow against $2m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Red Cat 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

17 /100

Weak moat

How hard Red Cat Holdings'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 -282.1% of total assets over 6 years.

  • Pricing power 0 / 20

    Gross margin has been a median 9.7%, moving by 126.3 percentage points (standard deviation) across 5 years.

  • Durability 10 / 20

    Operating margin has been a median -402.4%; its worst year was -904.6%.

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.

Compare with peers

Head to head: CVU vs RCATPKE vs RCATRCAT vs XTIA

More: Aerospace & Defense stocks compared, Industrials sector, rankings of US companies

Figures from Red Cat 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 Red Cat Holdings, Inc.