LIQTNasdaqMisc Industrial & Commercial Machinery & EquipmentFiscal year ends December 31
LIQTECH INTERNATIONAL INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 12, 2026
$0.36−0.02 (-4.36%)
Close on Oct 19, 2026
- Market cap
- $7.54M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
7.6%−2.0 pts over 5 years
Operating margin
-50.3%−13.7 pts over 5 years
Net margin
-51.7%−8.1 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 | +13.0% | +1.1% | -6.0% | +0.4% | |
| Gross profit | +398.4% | +30.2% | -10.2% | -9.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -41.0% | -63.0% | |
| Return on assets | -83.2% | -24.3% | -28.6% | |
| Current ratio | 1.70 | 2.61 | 3.38 | |
| Debt to equity | – | 0.00 | – | |
| Net debt to EBITDA | 0.10× | 2.16× | – | |
| Interest coverage | -337.3× | -68.3× | – | |
| Inventory turnover | 2.5× | 3.8× | 2.5× | |
| Capex to revenue | 2.7% | 16.7% | 2.4% | |
| Diluted shares | 1M | 3M | 10M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Liqtech International generated $37.07M from operations and spent $7.48M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$37.07M
Used
$7.48M
Capital expenditure$7.48M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-51.7%
×Asset turnover0.55×
×Equity multiplier2.20×
=Return on equity, FY2025-63.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -51.7% | 0.55× | 2.20× | -63.0% |
| FY2024 | -70.8% | 0.43× | 2.02× | -61.0% |
| FY2023 | -47.6% | 0.47× | 1.87× | -42.2% |
| FY2022 | -88.7% | 0.38× | 2.36× | -78.5% |
| FY2021 | -60.9% | 0.42× | 2.32× | -59.2% |
| FY2020 | -43.5% | 0.56× | 1.69× | -41.0% |
| FY2019 | 0.1% | 1.26× | 1.64× | 0.3% |
| FY2018 | -31.2% | 0.98× | 1.61× | -49.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$8.53M
- Cash generatingOperating cash flow above zero-$6.11M
- Return on assets improvedROA up on the prior year-28.8% → -26.3%
- Earnings backed by cashOperating cash flow above net income-$6.11M vs -$8.53M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.21 → 3.38
- No dilutionShare count did not rise6M → 10M
- Gross margin improvedGross margin up on the prior year1.72% → 7.58%
- More efficientAsset turnover rose0.41 → 0.51