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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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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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$8.4M 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.
How management deployed cash over 6 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -4%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $22.9M 100.0% | $30.3M 100.0% | $20.3M 100.0% | $26.9M 100.0% | $18.6M 100.0% | $14.1M 100.0% |
| Cost of Revenue | $18.0M 78.7% | $26.3M 86.8% | $15.3M 75.3% | $20.3M 75.4% | $12.9M 69.3% | $10.3M 73.1% |
| Gross Profit | $4.9M 21.3% | $4.0M 13.2% | $5.0M 24.7% | $6.6M 24.6% | $5.7M 30.7% | $3.8M 26.9% |
| Research & Development | $1.6M 7.0% | $1.7M 5.5% | $1.2M 5.8% | $932K 3.5% | $987K 5.3% | $605K 4.3% |
| Selling, General & Admin | $4.0M 17.5% | $2.3M 7.6% | $2.0M 10.0% | $930K 3.5% | $691K 3.7% | $545K 3.9% |
| Total Operating Expenses | $6.5M 28.5% | $5.6M 18.3% | $4.3M 21.1% | $2.6M 9.5% | $2.2M 12.0% | $1.5M 10.6% |
| Operating Income | -$1.6M -7.2% | -$1.6M -5.1% | $741K 3.6% | $4.1M 15.1% | $3.5M 18.7% | $2.3M 16.3% |
| Interest Expense | -$48K -0.2% | $139K 0.5% | $403K 2.0% | $473K 1.8% | $418K 2.2% | $246K 1.7% |
| Interest & Investment Income | $390K 1.7% | $11K 0.0% | $88K 0.4% | $27K 0.1% | $34K 0.2% | $16K 0.1% |
| Other Income (Expense), net | $281K 1.2% | $377K 1.2% | $671K 3.3% | -$155K -0.6% | $211K 1.1% | $290K 2.1% |
| Pretax Income | -$1.4M -6.0% | -$1.2M -3.9% | $1.4M 6.9% | $3.9M 14.5% | $3.7M 19.8% | $2.6M 18.4% |
| Income Tax Expense | $29K 0.1% | -$66K -0.2% | $193K 1.0% | $438K 1.6% | $302K 1.6% | $386K 2.7% |
| Net Income | -$1.4M -6.1% | -$1.1M -3.7% | $1.2M 6.0% | $3.5M 12.9% | $3.4M 18.2% | $2.2M 15.7% |
| Per Share | ||||||
| EPS (Basic) | -$27.28 | -$98.34 | $223.43 | $0.38 | $2.40 | $221.34 |
| Weighted Avg Shares (Basic) | 51K | 11K | 5K | 9.1M | 1.4M | 10K |
| Weighted Avg Shares (Diluted) | 51K | 11K | 5K | 9.1M | 1.4M | 10K |
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 4-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 4-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -4% against ROIC -4% — -0% of the return on equity comes from leverage and buybacks rather than from the operating business.
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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cost of Revenue | 73.1 | 69.3 | 75.4 | 75.3 | 86.8 | 78.7 |
| Gross Profit | 26.9 | 30.7 | 24.6 | 24.7 | 13.2 | 21.3 |
| R&D | 4.3 | 5.3 | 3.5 | 5.8 | 5.5 | 7.0 |
| SG&A | 3.9 | 3.7 | 3.5 | 10.0 | 7.6 | 17.5 |
| Operating Income | 16.3 | 18.7 | 15.1 | 3.6 | -5.1 | -7.2 |
| Income Tax | 2.7 | 1.6 | 1.6 | 1.0 | -0.2 | 0.1 |
| Net Income | 15.7 | 18.2 | 12.9 | 6.0 | -3.7 | -6.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on RAYA: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
A reverse discounted cash flow is not shown for a company with no positive EBITDA.
No positive EBITDA in the recent record, so there is no return on capital to compare against its cost.
Classified from the filings: EBITDA negative in each of the last 2 years.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~1.4% on $3.4M of debt.
Cash of $437K is below short-term debt of $58.0M — relies on refinancing/operations.
Mostly short-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Ranked against 31 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ADTN | $532M | — | 5.7× | 0.5× | 17.5% | 38.3% | -4.2% | -31.3% | -31.3% | -1.2× | 27 |
| MEI | $525M | — | 10.5× | 0.5× | -2.8% | 19.8% | -3.5% | -5.3% | -3.6% | 2.7× | 23 |
| JKS | $452M | — | — | 0.1× | -25.9% | 2.2% | -6.8% | -28.3% | -28.3% | — | 13 |
| HBB | $436M | 16.6× | 10.3× | 0.7× | -7.3% | 25.7% | 4.4% | 14.5% | 11.4% | 0.1× | 15 |
| CLFD | $435M | — | 50.2× | 2.9× | 19.6% | 33.7% | -5.4% | -3.1% | -3.1% | -2.6× | 19 |
| AIOT | $388M | — | 7.9× | 0.9× | 22.4% | 55.5% | -4.6% | -4.3% | -2.7% | 3.0× | 24 |
| INDI | $382M | — | — | 1.8× | 0.3% | 39.9% | -65.8% | -40.0% | -20.1% | — | 39 |
| NVEC | $376M | 24.7× | 22.8× | 14.3× | 1.8% | 78.7% | 57.7% | 26.1% | 26.1% | -0.1× | 23 |
| MRAM | $332M | — | — | 6.0× | 9.5% | 51.2% | -1.1% | -0.9% | -0.8% | — | 17 |
| LAES | $331M | — | — | 18.1× | 66.2% | 47.3% | -187% | -7.4% | -7.4% | — | 18 |
| SES | $293M | — | — | 14.0× | 929% | 53.8% | -348% | -34.0% | -33.9% | — | 17 |
| MPTI | $288M | 25.3× | 23.4× | 5.3× | 11.0% | — | 15.5% | 13.4% | 13.4% | -1.8× | 18 |
| TBCH | $287M | 20.8× | 10.2× | 0.9× | -14.2% | 37.3% | 4.9% | 12.2% | 8.6% | 1.2× | 20 |
| AUDC | $269M | 35.9× | 12.6× | 1.1× | 1.4% | 65.0% | 3.6% | 5.2% | 5.2% | -2.5× | 4 |
| ULBI | $260M | — | — | 1.4× | 16.2% | 24.1% | -3.1% | -4.5% | -3.3% | — | 5 |
| AVNW | $259M | 106.2× | 12.6× | 0.6× | 1.2% | 31.5% | 0.6% | 0.9% | 0.7% | 1.1× | 19 |
| BKTI | $257M | 19.8× | 13.2× | 3.0× | 12.5% | 48.8% | 15.7% | 30.3% | 30.3% | -1.3× | 12 |
| MVST | $220M | — | — | 0.5× | 12.6% | 28.6% | -6.8% | -7.1% | -5.7% | — | 14 |
| ATER | $197M | — | — | 2.9× | -30.4% | 56.8% | -27.5% | -125% | -125% | — | 2 |
| CRNT | $188M | — | 9.3× | 0.6× | -14.1% | 33.8% | -0.6% | -1.2% | -1.1% | -1.1× | 11 |
| MX | $180M | — | — | 1.0× | -8.9% | 17.6% | -16.6% | -12.0% | -10.1% | — | 4 |
| VUZI | $179M | — | — | 28.5× | 9.1% | -16.9% | -514% | -131% | -131% | — | 14 |
| VLN | $164M | — | — | 2.3× | 22.1% | 62.4% | -44.7% | -30.1% | -30.1% | — | — |
| ESP | $162M | 13.7× | 13.4× | 3.5× | 4.9% | 35.3% | 24.2% | 18.5% | 18.5% | 0.0× | 15 |
| QUIK | $160M | — | — | 11.6× | -29.9% | 22.0% | -108% | -65.9% | -58.2% | — | 16 |
| RAYA | $1M | — | — | 0.1× | -24.6% | 21.3% | -6.1% | -3.9% | -3.6% | — | — |
Peers = companies sharing RAYA's sector (Motors & Generators) 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.
Earns -5.07pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 60.9% | 1.3% (today's — no rate published for this year) | 59.6pts |
| FY2021 | 17.9% | 4.7% | 13.2pts |
| FY2022 | 18.8% | 7.5% | 11.3pts |
| FY2023 | 4.0% | 16.4% | -12.5pts |
| FY2024 | -4.7% | 11.2% | -15.9pts |
| FY2025 | -3.8% | 1.1% | -4.9pts |
| Now | -3.6% | 1.3% | -4.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2020 | 26.9% | 16.3% | 15.7% |
| FY2021 | 30.7% | 18.7% | 18.2% |
| FY2022 | 24.6% | 15.1% | 12.9% |
| FY2023 | 24.7% | 3.6% | 6.0% |
| FY2024 | 13.2% | -5.1% | -3.7% |
| FY2025 | 21.3% | -7.2% | -6.1% |
ROIC ex-goodwill is -3.78% against -3.78% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Accruals are positive and DSO is up +82 days over 3 years — profit is being recognised ahead of collection.
Accruals are positive and DSO is up +82 days over 3 years. Either alone is explainable; together they are revenue recognised ahead of collection.
Missing from our data, so excluded from this answer: share_based_compensation.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $1.05, free cash flow must compound -55.6%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2022 | −210.2% | −55.6% |
| FY2024 | −371.2% | −55.6% |
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 | −$1M | −$1M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$2M | −$3M |
| Operating cash flow | −$3M | −$3M |
| Capex | −$5M | −$8M |
| Free cash flow | −$8M | −$8M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 31.9% | not reported | not reported |
| FY2022 | 44.5% | 468.0% | 423.5 points |
| FY2023 | -24.5% | -37.2% | -12.7 points |
| FY2024 | 49.1% | 92.5% | 43.4 points |
| FY2025 | -24.6% | 12.8% | 37.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | not reported | not reported | not reported | not reported |
| FY2021 | 34.4 days | 110.3 days | 117.4 days | 27.3 days |
| FY2022 | 135.1 days | 112 days | 85.1 days | 162.1 days |
| FY2023 | 112.3 days | 168.3 days | 135.7 days | 144.9 days |
| FY2024 | 145 days | 122.6 days | 115.6 days | 152 days |
| FY2025 | 216.9 days | 197.4 days | 123.8 days | 290.5 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | not reported |
| FY2021 | -5.3 percent |
| FY2022 | 20.3 percent |
| FY2023 | -15.6 percent |
| FY2024 | 32.1 percent |
| FY2025 | 3.0 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.