MASSNasdaqLaboratory Analytical InstrumentsFiscal year ends December 31
908 Devices Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 11, 2026
$11.43+0.17 (+1.51%)
Close on Oct 19, 2026
- Market cap
- $431.23M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
50.6%−4.9 pts over 5 years
Operating margin
-70.1%−48.5 pts over 5 years
Net margin
34.7%+82.3 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 | +17.7% | +6.2% | +15.9% | – | |
| Gross profit | +16.0% | +3.0% | +13.8% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -33.8% | 15.1% | |
| Return on assets | – | – | 11.2% | |
| Current ratio | – | 15.78 | 4.24 | |
| Debt to equity | – | 0.11 | – | |
| Net debt to EBITDA | – | 28.97× | – | |
| Interest coverage | – | -6.0× | – | |
| Inventory turnover | – | – | 2.3× | |
| Capex to revenue | – | 0.0% | 1.7% | |
| Diluted shares | – | 5M | 36M |
Where the cash went
Fiscal 2021 to 2025, five years combined
908 Devices generated $129.01M from operations and spent $6.38M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$129.01M
Used
$6.38M
Capital expenditure$6.38M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin34.7%
×Asset turnover0.32×
×Equity multiplier1.35×
=Return on equity, FY202515.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 34.7% | 0.32× | 1.35× | 15.1% |
| FY2024 | -151.2% | 0.26× | 1.29× | -51.6% |
| FY2023 | -72.5% | 0.23× | 1.25× | -20.4% |
| FY2022 | -71.6% | 0.19× | 1.24× | -16.6% |
| FY2021 | -52.5% | 0.19× | 1.24× | -12.5% |
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$19.49M
- Cash generatingOperating cash flow above zero-$23.69M
- Return on assets improvedROA up on the prior year-35.6% → 12.2%
- Earnings backed by cashOperating cash flow above net income-$23.69M vs $19.49M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.10 → 4.24
- No dilutionShare count did not rise34M → 36M
- Gross margin improvedGross margin up on the prior year51.31% → 50.58%
- More efficientAsset turnover rose0.24 → 0.35