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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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Ranked against 16 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AMRN | $509M | — | — | 2.4× | -6.5% | 56.6% | -18.2% | -8.4% | -8.4% | — | 9 |
| GYRE | $484M | 228.0× | 31.1× | 4.2× | 10.2% | 95.4% | 8.5% | 15.8% | 15.8% | -3.5× | 7 |
| SVA | $465M | — | — | 1.2× | 6.8% | 67.9% | -51.5% | -4.5% | -4.0% | — | 2 |
| CRMD | $447M | 2.8× | 2.0× | 1.4× | 617% | 88.5% | 52.3% | 40.2% | 40.2% | -1.0× | 24 |
| VREOF | $385M | — | 18.8× | 1.4× | 170% | 47.3% | -25.3% | -22.2% | -22.2% | -6.8× | — |
| EBS | $349M | 7.3× | 3.6× | 0.5× | -28.8% | 56.1% | 7.1% | 10.1% | 4.8% | 1.9× | 29 |
| QTTB | $265M | 3.7× | 12.6× | 4.9× | — | — | 55.5% | 71.0% | 71.0% | -2.8× | 3 |
| ELTP | $248M | 7.7× | 4.3× | 1.7× | 77.1% | 50.4% | 30.1% | 45.4% | 45.4% | -0.6× | — |
| SIGA | $218M | 9.5× | 2.6× | 2.3× | -31.8% | 68.6% | 24.6% | 11.7% | 11.7% | -6.4× | 25 |
| PYXS | $216M | — | — | 15.6× | -14.2% | 82.8% | -575% | -149% | -149% | — | 10 |
| NATR | $216M | 11.6× | 3.1× | 0.5× | 5.7% | 72.4% | 4.1% | 12.1% | 12.1% | -2.4× | 19 |
| AKBA | $196M | — | 2.4× | 0.8× | 47.5% | 83.3% | -2.3% | -16.4% | -6.6% | -5.5× | 27 |
| WHWK | $185M | — | — | 25.9× | -72.5% | 89.4% | -288% | -15.1% | -15.1% | — | 10 |
| MGNX | $153M | — | — | 1.0× | -0.3% | 100% | -49.9% | -134% | -134% | — | 18 |
| DERM | $146M | — | — | 2.4× | 10.2% | 66.2% | -18.5% | -35.9% | -20.0% | — | 4 |
| BGM | $127M | — | — | 3.4× | 51.1% | 16.6% | -52.6% | -5.1% | -5.1% | — | — |
| ETST | $27M | 7.9× | 8.2× | 0.8× | 7.8% | 71.4% | 10.2% | 51.8% | 51.8% | -0.3× | — |
Peers = companies sharing ETST's sector (Pharmaceutical Preparations) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 52%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $471K buybacks = $471K returned on $1.2M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
EOD close · as of 2026-10-29
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $35.7M 100.0% | $33.1M 100.0% | $12.0M 100.0% | $49K 100.0% | $14K 100.0% | $141K 100.0% | $526K 100.0% | $771K 100.0% | $463K 100.0% | $80K 100.0% |
| Cost of Revenue | $10.2M 28.6% | $8.8M 26.6% | $4.1M 34.5% | $26K 54.6% | $23K 160.3% | $101K 71.7% | $308K 58.5% | $476K 61.7% | $270K 58.3% | $77K 96.0% |
| Gross Profit | $25.5M 71.4% | $24.3M 73.4% | $7.8M 65.5% | $22K 45.4% | -$9K -60.3% | $40K 28.3% | $218K 41.5% | $295K 38.3% | $193K 41.7% | $3K 4.0% |
| Research & Development | — | — | — | $0 0.0% | $0 0.0% | $9K 6.4% | $76K 14.5% | $339K 44.0% | $150K 32.5% | $33K 40.6% |
| Selling, General & Admin | $3.6M 10.0% | $4.2M 12.5% | $167K 1.4% | $232K 477.8% | $116K 821.8% | $229K 162.4% | $551K 104.8% | $514K 66.8% | $653K 141.1% | $115K 143.4% |
| Total Operating Expenses | $22.2M 62.1% | $20.9M 63.0% | $6.9M 58.0% | $959K 1975.3% | $218K 1544.9% | $4.3M 3081.6% | $1.1M 214.2% | $2.4M 315.9% | $1.9M 410.7% | $8.8M 10923.6% |
| Operating Income | — | — | $892K 7.5% | -$937K -1929.8% | -$227K -1605.2% | -$4.3M -3053.3% | -$909K -172.7% | -$2.1M -277.7% | -$1.7M -369.0% | -$8.8M -10919.6% |
| Interest Expense | $16K 0.0% | $21K 0.1% | $67K 0.6% | $47K 97.7% | $87K 613.9% | $5K 3.4% | $5K 0.9% | $76K 9.8% | $5K 1.0% | $5K 5.9% |
| Interest & Investment Income | — | $17 0.0% | — | — | — | — | — | — | — | — |
| Other Income (Expense), net | $67K 0.2% | — | -$67K -0.6% | $571K 1177.0% | $3.4M 24074.0% | -$81K -57.5% | -$292K -55.4% | -$76K -9.8% | -$5K -1.0% | — |
| Pretax Income | $3.1M 8.7% | $3.4M 10.2% | $825K 6.9% | -$365K -752.8% | $3.2M 22468.7% | -$4.4M -3110.8% | -$1.2M -228.1% | -$2.2M -287.5% | -$1.7M -370.0% | -$8.8M -10925.3% |
| Income Tax Expense | -$512K -1.4% | $117K 0.4% | $13K 0.1% | — | — | — | — | — | — | — |
| Net Income | $3.6M 10.2% | $3.3M 9.8% | $812K 6.8% | -$365K -752.8% | $3.2M 22468.7% | -$4.4M -3110.8% | -$1.2M -228.1% | -$2.2M -287.5% | -$1.7M -370.0% | -$8.8M -10925.3% |
| Per Share | ||||||||||
| EPS (Basic) | $0.01 | $0.01 | $0.00 | -$0.00 | $0.06 | -$0.08 | — | — | — | — |
| EPS (Diluted) | $0.01 | $0.01 | $0.00 | -$0.00 | — | — | — | — | — | — |
| Weighted Avg Shares (Basic) | 293.1M | 303.5M | 309.7M | 145.9M | 53.9M | — | — | — | — | — |
| Weighted Avg Shares (Diluted) | 293.1M | 303.5M | 309.7M | 145.9M | — | — | — | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $0.10 today, the market must believe free cash flow compounds 2.1%/yr for a decade (off $2.0M on the 3-yr avg basis).
The market's 2.1% is more optimistic than its 2-yr track record.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.29B shares (market data) · net debt -$797K
mean 69.8% · volatility σ 194% · implied rate exceeded in 1/2 yrs
Central path = implied 2.1%/yr growth; shaded band = ±1σ (194%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-29
Where each multiple sits in its own 11-yr range · 25th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 11-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 52% against ROIC 52% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 66.9% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 61.7 | 58.5 | 71.7 | 160.3 | 54.6 | 34.5 | 26.6 | 28.6 |
| Gross Profit | 38.3 | 41.5 | 28.3 | -60.3 | 45.4 | 65.5 | 73.4 | 71.4 |
| R&D | 44.0 | 14.5 | 6.4 | 0.0 | 0.0 | — | — | — |
| SG&A | 66.8 | 104.8 | 162.4 | 821.8 | 477.8 | 1.4 | 12.5 | 10.0 |
| Operating Income | -277.7 | -172.7 | -3053.3 | -1605.2 | -1929.8 | 7.5 | — | — |
| Income Tax | — | — | — | — | — | 0.1 | 0.4 | -1.4 |
| Net Income | -287.5 | -228.1 | -3110.8 | 22468.7 | -752.8 | 6.8 | 9.8 | 10.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ETST: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 35.49pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2023 | -45.5% | 8.3% | -53.9pts |
| FY2024 | 43.8% | 9.4% | 34.4pts |
| FY2026 | 43.0% | 16.7% | 26.3pts |
| Now | 51.8% | 15.3% | 36.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2015 | 4.0% | -10919.6% | -10925.3% |
| FY2018 | 41.7% | -369.0% | -370.0% |
| FY2019 | 38.3% | -277.7% | -287.5% |
| FY2020 | 41.5% | -172.7% | -228.1% |
| FY2021 | 28.3% | -3053.3% | -3110.8% |
| FY2022 | -60.3% | -1605.2% | 22468.7% |
| FY2023 | 45.4% | -1929.8% | -752.8% |
| FY2024 | 65.5% | 7.5% | 6.8% |
| FY2025 | 73.4% | not reported | 9.8% |
| FY2026 | 71.4% | 8.5% | 10.2% |
Return on equity (52%) and return on invested capital (52%) are within a couple of points in FY2026, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$3M of goodwill — 45% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 91.68% against 50.78% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.71x of reported profit into cash — adequate, without much margin.
Shares outstanding are up 670% since FY2020 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Missing from our data, so excluded from this answer: share_based_compensation.
Covers interest 129.6x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 185.10x |
| 5% | 175.84x |
| 10% | 166.59x |
| 15% | 157.33x |
| 20% | 148.08x |
| 25% | 138.82x |
| 30% | 129.57x |
| 35% | 120.31x |
| 40% | 111.06x |
| 45% | 101.80x |
| 50% | 92.55x |
| 55% | 83.29x |
| 60% | 74.04x |
Balance sheet at 2026-03-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $96,206 of the $96,206 total — a fixed obligation that does not appear in a headline debt figure.
At $0.10, free cash flow must compound 2.17%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2025 | 206.8% | 2.2% |
| FY2026 | −67.3% | 2.2% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $4M | $4M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$2M | $2M |
| Operating cash flow | $2M | $2M |
| Capex | −$756,619 | $1M |
| Free cash flow | $1M | $1M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | -73.2% | -84.3% | -11.1 points |
| FY2022 | -90.0% | not reported | not reported |
| FY2023 | 243.7% | not reported | not reported |
| FY2024 | 24527.9% | not reported | not reported |
| FY2025 | 177.1% | -45.2% | -222.2 points |
| FY2026 | 7.8% | 175.9% | 168.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 27 days | 75.2 days | 97.6 days | 4.6 days |
| FY2021 | 15.8 days | 78.6 days | 629 days | -534.6 days |
| FY2022 | not reported | not reported | 3261.1 days | not reported |
| FY2023 | not reported | 141.4 days | 7129 days | not reported |
| FY2024 | 7.2 days | 27.9 days | 47 days | -11.8 days |
| FY2025 | 1.4 days | 20.9 days | 20.4 days | 1.9 days |
| FY2026 | 3.6 days | 24.4 days | 24.4 days | 3.6 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -441.0 percent |
| FY2021 | -6484.2 percent |
| FY2022 | 4342.7 percent |
| FY2023 | 23.7 percent |
| FY2024 | -10.2 percent |
| FY2025 | -15.8 percent |
| FY2026 | 18.8 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.