Red Cat Holdings, Inc. (RCAT) stock analysis
RCATNasdaqServices-Prepackaged SoftwareFiscal year ends December 31
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$3.94−0.35 (-8.28%)
Close on Nov 12, 2026Market cap $600.93MP/E –Yield –
Margins
Share of revenue, fiscal years 2010 to 2024
Gross margin
20.6%−49.4 pts over 5 years
Operating margin
-108.2%+116956.5 pts over 5 years
Net margin
-134.9%−121123.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2024
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +286.0% | +52.8% | – | +83.1% | |
| Gross profit | – | +51.0% | – | +66.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2013 | FY2017 | FY2024 | Trend |
|---|---|---|---|---|
| Return on equity | 79.1% | -58.3% | -48.9% | |
| Return on assets | 60.1% | 169.3% | -44.0% | |
| Current ratio | 5.13 | 0.29 | 6.13 | |
| Debt to equity | 0.00 | – | – | |
| Interest coverage | – | -2.9× | -281.3× | |
| Inventory turnover | – | – | 1.7× | |
| Capex to revenue | – | – | 1.5% | |
| Diluted shares | 1M | 70M | 60M |
Cash use needs five years of cash flow figures
Red Cat 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-134.9%
×Asset turnover0.33×
×Equity multiplier1.11×
=Return on equity, FY2024-48.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2024 | -134.9% | 0.33× | 1.11× | -48.9% |
| FY2023 | -608.3% | 0.06× | 1.09× | -42.0% |
| FY2022 | -181.8% | 0.13× | 1.15× | -27.7% |
| FY2018 | -2514.4% | 0.22× | 6.97× | -3830.9% |
| FY2017 | 120989.0% | 0.00× | -0.34× | -58.3% |
| FY2016 | -1658.2% | 0.57× | -0.17× | 164.2% |
| FY2014 | -17485.2% | 0.04× | 1.22× | -953.1% |
| FY2013 | 1870.7% | 0.03× | 1.32× | 79.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2024 against fiscal 2023
3of 8 tests passed in fiscal 2024. Some tests lack the figures they need.
- ProfitableNet income above zero-$24.05M
- Cash generatingOperating cash flow above zero-$17.72M
- Return on assets improvedROA up on the prior year-33.0% → -39.6%
- Earnings backed by cashOperating cash flow above net income-$17.72M vs -$24.05M
- Less leverageLong-term debt to assets fell0.7% → –
- Better liquidityCurrent ratio rose7.94 → 6.13
- No dilutionShare count did not rise54M → 60M
- Gross margin improvedGross margin up on the prior year-18.06% → 20.64%
- More efficientAsset turnover rose0.05 → 0.29
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