NPCENasdaqSurgical & Medical Instruments & ApparatusFiscal year ends December 31
NeuroPace Inc
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 11, 2026
$12.77+0.53 (+4.33%)
Close on Oct 19, 2026
- Market cap
- $435.51M
- P/E (TTM)
- –
- Dividend yield
- 0.00%
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
77.2%+3.6 pts over 5 years
Operating margin
-16.3%+15.4 pts over 5 years
Net margin
-21.5%+37.5 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 | +25.1% | +30.0% | +19.4% | – | |
| Gross profit | +30.7% | +33.4% | +20.6% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 17.5% | -158.7% | |
| Return on assets | – | – | -21.4% | |
| Current ratio | – | 5.69 | 5.28 | |
| Debt to equity | – | -0.36 | 3.09 | |
| Interest coverage | – | -1.1× | -2.2× | |
| Inventory turnover | – | – | 1.6× | |
| Capex to revenue | – | 0.2% | 0.3% | |
| Diluted shares | – | 0M | 33M |
Where the cash went
Fiscal 2021 to 2025, five years combined
NeuroPace generated $110.10M from operations and spent $51.34M on capital expenditure, dividends and share buybacks. 4% of that went back into the business.
Generated
$110.10M
Used
$51.34M
Capital expenditure$1.80M4%Dividends$00%Share buybacks$49.55M96%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-21.5%
×Asset turnover1.00×
×Equity multiplier7.40×
=Return on equity, FY2025-158.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -21.5% | 1.00× | 7.40× | -158.7% |
| FY2024 | -34.0% | 0.79× | 7.06× | -189.4% |
| FY2023 | -50.4% | 0.59× | 4.00× | -118.9% |
| FY2022 | -103.4% | 0.37× | 2.29× | -87.0% |
| FY2021 | -79.9% | 0.48× | -2.55× | 97.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$21.47M
- Cash generatingOperating cash flow above zero-$11.01M
- Return on assets improvedROA up on the prior year-25.2% → -22.7%
- Earnings backed by cashOperating cash flow above net income-$11.01M vs -$21.47M
- Less leverageLong-term debt to assets fell62.9% → 55.8%
- Better liquidityCurrent ratio rose5.37 → 5.28
- No dilutionShare count did not rise29M → 33M
- Gross margin improvedGross margin up on the prior year73.94% → 77.23%
- More efficientAsset turnover rose0.74 → 1.06