CYANOTCMedicinal Chemicals & Botanical ProductsFiscal year ends March 31
CYANOTECH CORP
Financials through Q2 FY2026, quarter ended Sep 30, 2025Last filing: 10-Q on Nov 10, 2025
$0.70+0.00 (0.00%)
Close on Oct 19, 2026
- Market cap
- $5.11M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
28.4%−11.4 pts over 5 years
Operating margin
-10.4%−13.7 pts over 5 years
Net margin
-13.2%−14.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.0% | -12.4% | -5.4% | -3.3% | |
| Gross profit | +15.7% | -20.3% | -11.5% | -7.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -22.4% | 2.5% | -30.9% | |
| Return on assets | -14.2% | 1.3% | -13.2% | |
| Current ratio | 2.07 | 2.32 | 1.03 | |
| Debt to equity | 0.45 | 0.55 | 0.86 | |
| Net debt to EBITDA | 9.16× | 2.10× | -7.18× | |
| Interest coverage | – | 1.6× | -3.7× | |
| Inventory turnover | 3.0× | 1.8× | 2.3× | |
| Capex to revenue | 13.5% | – | – | |
| Diluted shares | 6M | 6M | 7M |
Cash use needs five years of cash flow figures
Cyanotech does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-13.2%
×Asset turnover1.00×
×Equity multiplier2.35×
=Return on equity, FY2025-30.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -13.2% | 1.00× | 2.35× | -30.9% |
| FY2024 | -22.8% | 0.84× | 1.95× | -37.4% |
| FY2023 | -14.8% | 0.75× | 1.72× | -19.2% |
| FY2022 | 6.0% | 1.14× | 1.72× | 11.8% |
| FY2021 | 2.8% | 1.03× | 1.91× | 5.6% |
| FY2020 | 1.2% | 1.04× | 2.00× | 2.5% |
| FY2019 | -11.9% | 1.02× | 1.80× | -21.8% |
| FY2018 | 3.0% | 1.16× | 1.70× | 5.9% |
| FY2017 | -3.8% | 1.06× | 1.75× | -7.1% |
| FY2016 | -13.8% | 1.03× | 1.58× | -22.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$3.20M
- Cash generatingOperating cash flow above zero-$1.19M
- Return on assets improvedROA up on the prior year-17.7% → -12.8%
- Earnings backed by cashOperating cash flow above net income-$1.19M vs -$3.20M
- Less leverageLong-term debt to assets fell4.0% → 4.3%
- Better liquidityCurrent ratio rose1.24 → 1.03
- No dilutionShare count did not rise0M → 7M
- Gross margin improvedGross margin up on the prior year25.77% → 28.40%
- More efficientAsset turnover rose0.78 → 0.96