Erayak Power Solution Group Inc.
RAYA Industrials Electrical Equipment & Parts
Erayak Power Solution Group Inc.’s revenue for fiscal 2025 (year ended December 2025) was $22.9 million, down 24.6% from fiscal 2024.
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Erayak Power Solution Group Inc. (RAYA) Piotroski F-score
Erayak Power Solution Group Inc.'s Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, up from 2 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | 1.00 |
| FY2024 | 2 | (3.00) |
| FY2023 | 5 | 1.00 |
| FY2022 | 4 | (4.00) |
| FY2021 | 8 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (2.64%) | (2.74%) | Fail | 0 |
| Positive operating cash flow | (3.17m) | (15.88m) | Fail | 0 |
| Rising return on assets | (2.64%) | (2.74%) | Pass | 1 |
| Cash flow above net income | (1.78m) | (14.76m) | Fail | 0 |
| Falling long-term leverage | 0.06 | 0.10 | Pass | 1 |
| Rising current ratio | 2.09 | 2.13 | Fail | 0 |
| No new shares issued | 51,000 | 11,400 | Fail | 0 |
| Rising gross margin | 21.32% | 13.18% | Pass | 1 |
| Rising asset turnover | 0.43 | 0.75 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| ADNH Advent Technologies Holdings, Inc. compare | 5 |
| ELPW Elong Power Holding Limited compare | 5 |
| XPON Expion Energy, Inc. compare | 4 |
| CCTG CCSC Technology International Holdings Limited compare | 3 |
| RAYA Erayak Power Solution Group Inc. | 3 |
| LNKS Linkers Industries Limited compare | 2 |
| POLA Polar Power, Inc. compare | 2 |
| DCFCQ Tritium DCFC Limited compare | — |
| SDST Stardust Power Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover