Genasys Inc. (NASDAQ: GNSS)

Sector: Technology Industry: Scientific & Technical Instruments CIK: 0000924383
Market Cap 89.20 Mn
P/B 41.16
P/E -4.92
P/S 2.19
ROIC (Qtr) -78.36
Div Yield % 0.00
Rev 1y % (Qtr) 152.60
Total Debt (Qtr) 21.35 Mn
Debt/Equity (Qtr) 9.85

About

Price action

Investment thesis

Bull case

  • Tangible assets of 44.27M provide exceptional 29.95x coverage of deferred revenue 1.48M, showing strong service capability backing.
  • R&D investment of 8.11M represents healthy 5.48x of deferred revenue 1.48M, indicating strong future innovation pipeline.
  • Cash reserves of 7.97M provide solid 2.23x coverage of other non-current liabilities 3.57M, indicating strong liquidity.
  • Cash position of 7.97M provides strong 5.39x coverage of deferred revenue 1.48M, ensuring service delivery capability.
  • Robust R&D investment of 8.11M at 0.32x of SG&A 25.66M demonstrates strong commitment to innovation and future growth.

Bear case

  • Operating cash flow of (8.76M) barely covers its investment activities of 7.90M, with a coverage ratio of -1.11, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of 7.90M provide weak support for R&D spending of 8.11M, which is 0.97x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of (8.76M) provides insufficient coverage of deferred revenue obligations of 1.48M, which is -5.93x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (8.76M) shows concerning coverage of stock compensation expenses of 1.66M, with a -5.27 ratio indicating potential earnings quality issues.
  • Free cash flow of (9.02M) provides weak coverage of capital expenditures of 255000, with a -35.36 ratio suggesting additional external financing needs for growth initiatives.

Geographical Breakdown of Revenue (2025)

Product and Service Breakdown of Revenue (2025)

Peer comparison

Companies in the Scientific & Technical Instruments
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 KEYS Keysight Technologies, Inc. 39.82 Bn 46.85 7.41 2.78 Bn
2 GRMN Garmin Ltd 38.76 Bn 32.74 7.98 0.16 Bn
3 COHR Coherent Corp. 38.06 Bn 197.98 6.05 3.55 Bn
4 TDY Teledyne Technologies Inc 30.31 Bn 37.07 5.05 2.53 Bn
5 FTV Fortive Corp 20.78 Bn 24.34 3.39 3.31 Bn
6 TRMB Trimble Inc. 15.98 Bn 44.70 4.44 1.39 Bn
7 MKSI Mks Inc 12.07 Bn 152.81 18.35 4.55 Bn
8 CGNX Cognex Corp 6.65 Bn 158.10 25.88 0.08 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.63 1.93
EV to Cash from Ops. EV/CFO -11.91 29.36
EV to Debt EV to Debt 4.89 25.24
EV to EBIT EV/EBIT -6.36 27.58
EV to EBITDA EV/EBITDA -7.22 21.48
EV to Free Cash Flow [EV/FCF] EV/FCF -11.57 22.65
EV to Market Cap EV to Market Cap 1.17 -7.15
EV to Revenue EV/Rev 2.56 6.94
Price to Book Value [P/B] P/B 41.16 7.17
Price to Earnings [P/E] P/E -4.92 48.89
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -16.33
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 2.77
Dividend per Basic Share Div per Share (Qtr) 0.00 0.31
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 6.82
Interest Coverage Int. cover (Qtr) -10.42 -13.58
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -33.51 -21.31
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 58.12 102.46
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 1.97
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 46.92 25.34
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 49.15 18.20
EBIT Growth (1y) % EBIT 1y % (Qtr) 47.93 20.16
EBT Growth (1y) % EBT 1y % (Qtr) 44.01 59.27
EPS Growth (1y) % EPS 1y % (Qtr) 44.44 74.17
FCF Growth (1y) % FCF 1y % (Qtr) 54.10 -26.48
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 66.41 34.23
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.64 0.49
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.05
Cash Ratio Cash Ratio (Qtr) 0.15 3.01
Current Ratio Curr Ratio (Qtr) 0.72 4.82
Debt to Equity Ratio Debt/Equity (Qtr) 9.85 0.66
Interest Cover Ratio Int Coverage (Qtr) -10.42 -13.58
Times Interest Earned Times Interest Earned (Qtr) -10.42 -13.58
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -31.60 -296.06
EBIT Margin % EBIT Margin % (Qtr) -40.28 -315.98
EBT Margin % EBT Margin % (Qtr) -44.15 -351.25
Gross Margin % Gross Margin % (Qtr) 41.60 40.12
Net Profit Margin % Net Margin % (Qtr) -44.40 -353.98