undamentalytics Newsletter
Sign in

Soluna Holdings, Inc key statistics and ratios

In fiscal 2025, Soluna Holdings, Inc had an operating margin of -113.3%, debt equal to 50.0% of equity and a current ratio of 1.87. 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 year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin————66.4%——−27.9%13.1%−62.4%6.1%1.4%
Operating margin544.2%−40.3%0.5%−0.0%3.9%−276.0%−31.2%−297.0%−96.1%−125.0%−113.3%−127.0%
Net margin−37.3%−20.9%23.2%−0.0%4.9%327.1%−36.7%−345.8%−138.6%−166.6%−179.7%−185.9%
Free-cash-flow margin−26.2%−18.5%−1.0%−0.0%3.1%−339.3%−286.9%−244.5%−74.5%−36.6%−125.2%−116.9%
Return on equity−153.3%——−0.1%9.5%39.9%−10.9%−148.6%−85.4%——−74.7%
Return on assets—−48.8%47.7%−0.1%11.2%27.0%−8.3%−97.4%−33.1%−70.6%−38.7%−32.5%
Asset turnover—2.342.061.842.280.080.230.280.240.420.220.17
Current ratio—1.933.111.733.712.921.590.130.510.281.872.06
Debt to equity0.0%—0.0%0.0%0.0%0.0%15.7%31.9%32.0%—50.0%21.2%
Interest cover (operating income ÷ interest)——————n/mn/mn/mn/mn/mn/m
Effective tax rate————−9.5%———————
R&D as % of revenue65.5%45.8%14.2%23.1%21.0%250.6%——————
SG&A as % of revenue39.5%59.7%48.5%0.1%41.5%307.9%74.9%100.6%118.2%74.2%135.0%143.0%
Capital spending as % of revenue0.1%0.6%1.7%−0.0%1.3%135.3%319.2%223.1%60.3%23.3%94.4%70.7%
Free cash flow ÷ net income——−4.5%—63.8%−103.8%——————
Dividends ÷ net income————>999%0.0%——————
Dividends and buybacks ÷ free cash flow————>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.

Moat

12 /100

Weak moat

How hard Soluna Holdings's competitive advantage looks for rivals to wear away, judged from 10 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 -19.7% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -45.4%; its worst year was -526.2%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 2 of 8 years, at a median -51.5% of revenue.

  • Discipline 1 / 20

    The diluted share count rose 155.2% over five years; stock-based pay has been a median 9.2% 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 (17 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: MCHX vs SLNHBGDE vs SLNHBGIN vs SLNHORBS vs SLNH

More: Internet Services & Infrastructure stocks compared, Technology sector, rankings of US companies

Figures from Soluna 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 Soluna Holdings, Inc.