TSS, Inc. key statistics and ratios

In fiscal 2025, TSS, Inc. had return on equity of 36.1%, an operating margin of 2.6%, debt equal to 23.5% of equity and a current ratio of 1.63. 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.

TSS, Inc.: financial ratios, annual
Fiscal year	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	16.0%	33.9%	19.8%	20.2%	30.6%	28.4%	26.3%	42.2%	38.0%	20.1%	15.1%	23.2%	29.3%	20.2%	15.1%	13.2%	17.0%
Operating margin	1.3%	2.7%	−7.7%	−5.8%	−8.8%	−6.3%	−2.3%	6.0%	12.8%	1.5%	−0.9%	−3.0%	3.0%	−0.4%	3.9%	2.6%	2.0%
Net margin	1.1%	5.0%	−8.3%	−6.3%	−10.0%	−7.5%	−3.7%	4.2%	10.9%	0.4%	0.2%	−4.7%	−0.2%	0.1%	4.0%	6.2%	7.4%
Free-cash-flow margin	11.5%	−10.4%	−1.5%	−5.5%	0.4%	−6.7%	7.1%	−1.4%	7.4%	7.4%	21.3%	−38.4%	46.3%	−15.7%	4.6%	0.9%	−10.9%
Return on equity	12.7%	23.9%	−56.9%	−66.1%	−133.6%	—	—	—	—	4.7%	2.6%	−48.2%	−2.8%	2.3%	111.8%	36.1%	18.3%
Return on assets	3.1%	7.6%	−20.9%	−16.7%	−20.4%	−18.8%	−9.5%	10.0%	30.8%	0.9%	0.4%	−6.0%	−0.3%	0.3%	9.8%	10.7%	8.0%
Asset turnover	2.77	1.52	2.52	2.65	2.04	2.52	2.54	2.39	2.82	2.46	2.18	1.27	1.21	1.91	2.43	1.75	1.07
Current ratio	1.30	1.70	1.55	1.03	0.76	0.76	0.59	0.70	1.63	1.22	1.16	0.97	1.01	1.05	1.02	1.63	1.66
Debt to equity	44.1%	23.9%	56.8%	118.8%	200.3%	—	—	—	80.4%	70.7%	70.2%	91.8%	0.0%	0.0%	114.9%	23.5%	20.0%
Interest cover (operating income ÷ interest)	—	—	—	n/m	n/m	n/m	n/m	3.4x	7.1x	1.5x	n/m	n/m	1.0x	n/m	2.1x	—	—
Effective tax rate	—	0.0%	—	—	—	—	—	1.2%	1.1%	24.6%	38.8%	—	—	44.8%	2.6%	—	—
SG&A as % of revenue	14.2%	30.5%	21.9%	25.2%	37.7%	32.7%	29.8%	35.3%	28.5%	17.5%	14.8%	24.3%	25.1%	16.4%	8.9%	8.4%	11.4%
Capital spending as % of revenue	0.1%	0.4%	0.5%	0.8%	1.8%	1.4%	1.1%	1.2%	1.1%	1.8%	0.9%	0.2%	1.7%	0.5%	5.7%	13.3%	6.0%
Free cash flow ÷ net income	>999%	−208.7%	—	—	—	—	—	−33.6%	68.0%	>999%	>999%	—	—	<−999%	114.0%	14.0%	−146.0%
Dividends and buybacks ÷ free cash flow	1.5%	—	—	—	0.0%	—	0.1%	—	0.4%	6.5%	1.8%	—	0.9%	—	65.8%	231.3%	—

US$ thousands unless shown otherwise. Fiscal quarters.

TSS, 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	11.3%	14.4%	9.3%	16.4%	11.1%	18.6%	15.9%	22.8%
Operating margin	5.4%	0.0%	2.7%	3.1%	−2.2%	1.5%	4.1%	4.6%
Net margin	3.8%	3.8%	3.0%	3.4%	−3.6%	20.0%	4.1%	4.1%
Free-cash-flow margin	55.1%	−56.7%	5.8%	12.3%	−59.3%	25.9%	−27.9%	10.1%
Current ratio	1.08	1.02	0.85	0.81	1.52	1.63	2.18	1.66
Debt to equity	—	114.9%	87.3%	204.9%	37.7%	23.5%	21.7%	20.0%
SG&A as % of revenue	5.5%	8.5%	4.9%	10.8%	12.5%	9.5%	10.0%	15.8%

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

5 of 7 checks passed · June 30, 2026

What it owns · $175m

Short-term assets $103mLonger-term assets $72m

What it owes, and who funded it · $175m

Short-term liabilities $62mLonger-term liabilities $33mShareholders' equity $80m

Short-term assets cover short-term liabilities $103m of assets due within a year against $62m of liabilities due within a year.
Short-term assets cover long-term liabilities $103m short-term assets against $33m of longer-dated liabilities.
More cash than debt $68m of cash against $16m of debt.
Debt below 40% of shareholders' equity Debt is 20% of equity.
Debt burden no higher than five years ago Debt to equity moved from 0% to 20% over five years.
A year's operating cash flow covers at least 20% of debt −$9m of operating cash flow against $16m of debt.
Operating profit covers interest at least five times over No material interest expense reported.

From TSS, 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

24 /100

Weak moat

How hard TSS'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 19 / 20

Cash operating profit has been a median 14.5% of total assets over 10 years.
Pricing power 2 / 20

Gross margin has been a median 22.8%, moving by 9.4 percentage points (standard deviation) across 10 years.
Durability 0 / 20

Operating margin has been a median 2.6%; its worst year was -1.9%.
Cash conversion 8 / 20

Free cash flow was positive in 7 of 10 years, at a median 1.9% of revenue.
Discipline 10 / 20

The diluted share count rose 37.2% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (39 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

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Figures from TSS, 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 TSS, Inc.