Red Cat Holdings, Inc.
RCAT Industrials Aerospace & Defense
In the quarter to June 2026, revenue grew 527.2%, EPS fell 73.3%, free cash flow fell 298.2% and total debt rose 154.9%, each against the same quarter a year earlier.
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Red Cat Holdings, Inc. (RCAT) Piotroski F-score
Red Cat Holdings, Inc.'s Piotroski F-score for fiscal 2025 cannot be worked out: needs three fiscal years.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2024 | 4 | 2.00 |
| FY2023 | 2 | (1.00) |
| FY2022 | 3 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (43.78%) | — | Fail | 0 |
| Positive operating cash flow | (89.13m) | (20.54m) | Fail | 0 |
| Rising return on assets | (43.78%) | — | n/a | — |
| Cash flow above net income | (17.06m) | 23.08m | Fail | 0 |
| Falling long-term leverage | 0.00 | — | n/a | — |
| Rising current ratio | 15.29 | 6.17 | Pass | 1 |
| No new shares issued | 98,957,000 | 77,040,000 | Fail | 0 |
| Rising gross margin | 3.13% | (27.96%) | Pass | 1 |
| Rising asset turnover | 0.25 | — | n/a | — |
| Piotroski F-score | n/a — needs three fiscal years | — | ||
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 |
|---|---|
| PKE Park Aerospace Corp. compare | 9 |
| SWBI Smith & Wesson Brands, Inc. compare | 8 |
| TATT TAT Technologies Ltd. compare | 6 |
| RGR Sturm, Ruger & Company, Inc. compare | 5 |
| CDRE Cadre Holdings, Inc. compare | 5 |
| SATL Satellogic Inc. compare | 4 |
| NPK National Presto Industries, Inc. compare | 3 |
| RCAT Red Cat Holdings, Inc. | — |
| EVEX Eve Holding, 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