TEN Holdings, Inc.
XHLD Communication Services Broadcasting
TEN Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.1 million, down 11.4% from fiscal 2024. In the quarter to June 2026, revenue fell 34.5%, EPS grew 64.1%, free cash flow fell 52.0% and total debt fell 88.3%, each against the same quarter a year earlier.
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TEN Holdings, Inc. (XHLD) Piotroski F-score
TEN Holdings, Inc.'s Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (212.17%) | (53.03%) | Fail | 0 |
| Positive operating cash flow | (10.06m) | (2.48m) | Fail | 0 |
| Rising return on assets | (212.17%) | (53.03%) | Fail | 0 |
| Cash flow above net income | 9.44m | 483.00k | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 1.43 | 0.24 | Pass | 1 |
| No new shares issued | 2,273,000 | 1,668,000 | Fail | 0 |
| Rising gross margin | 78.64% | 81.39% | Fail | 0 |
| Rising asset turnover | 0.34 | 0.63 | 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 |
|---|---|
| CURI CuriosityStream Inc. compare | 6 |
| FLZH Flash Sports & Media Holdings, Inc. compare | 5 |
| UONEK Radio One, Inc. compare | 4 |
| CMLSQ Cumulus Media, Inc. compare | 4 |
| SGA Saga Communications, Inc. compare | 4 |
| UONE Radio One, Inc. compare | 4 |
| XHLD TEN Holdings, Inc. | 3 |
| LPTVQ Loop Media, Inc. compare | 2 |
| BBGI Beasley Broadcast Group, Inc. compare | 2 |
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