Genasys Inc. (NASDAQ: GNSS)

Sector: Technology Industry: Scientific & Technical Instruments CIK: 0000924383
Market Cap 90.91 Mn
P/B 50.34
P/E -6.12
P/S 1.79
ROIC (Qtr) -69.38
Div Yield % 0.00
Rev 1y % (Qtr) 145.89
Total Debt (Qtr) 16.89 Mn
Debt/Equity (Qtr) 9.35
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About

Investment thesis

Bull case

  • Strong tangible asset base of 48.62M provides 2.88x coverage of total debt 16.89M, indicating robust asset backing and low credit risk.
  • Tangible assets of 48.62M provide exceptional 40.22x coverage of deferred revenue 1.21M, showing strong service capability backing.
  • Cash reserves of 10.29M provide solid 3.81x coverage of other non-current liabilities 2.70M, indicating strong liquidity.
  • R&D investment of 7.72M represents healthy 6.38x of deferred revenue 1.21M, indicating strong future innovation pipeline.
  • Cash reserves of 10.29M exceed inventory value of 8.57M by 1.20x, indicating strong liquidity and inventory management.

Bear case

  • Operating cash flow of (2.51M) barely covers its investment activities of 5.31M, with a coverage ratio of -0.47, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of 5.31M provide weak support for R&D spending of 7.72M, which is 0.69x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of (2.51M) provides insufficient coverage of deferred revenue obligations of 1.21M, which is -2.08x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (2.51M) shows concerning coverage of stock compensation expenses of 1.69M, with a -1.48 ratio indicating potential earnings quality issues.
  • Free cash flow of (2.69M) provides weak coverage of capital expenditures of 186000, with a -14.49 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 GRMN Garmin Ltd 42.52 Bn 73.55 16.10 0.16 Bn
2 KEYS Keysight Technologies, Inc. 40.41 Bn 47.54 7.52 2.78 Bn
3 COHR Coherent Corp. 36.77 Bn 191.27 5.84 3.55 Bn
4 TDY Teledyne Technologies Inc 30.39 Bn 37.17 5.06 2.53 Bn
5 FTV Fortive Corp 20.17 Bn 31.21 3.75 3.31 Bn
6 TRMB Trimble Inc. 15.86 Bn 44.34 4.40 1.39 Bn
7 MKSI Mks Inc 13.83 Bn 445.66 23.26 4.55 Bn
8 CGNX Cognex Corp 9.61 Bn 83.96 9.66 0.08 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.54 1.95
EV to Cash from Ops. EV/CFO -41.57 17.85
EV to Debt EV to Debt 6.18 28.18
EV to EBIT EV/EBIT -8.28 29.92
EV to EBITDA EV/EBITDA -11.72 22.68
EV to Free Cash Flow [EV/FCF] EV/FCF -38.70 6.43
EV to Market Cap EV to Market Cap 1.15 -7.50
EV to Revenue EV/Rev 2.05 6.43
Price to Book Value [P/B] P/B 50.34 6.23
Price to Earnings [P/E] P/E -6.12 51.49
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -16.30
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 2.76
Dividend per Basic Share Div per Share (Qtr) 0.00 0.31
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 6.72
Interest Coverage Int. cover (Qtr) -6.27 -13.41
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -57.63 -19.64
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 20.11 102.30
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 1.76
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 54.44 25.14
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 67.18 18.59
EBIT Growth (1y) % EBIT 1y % (Qtr) 55.15 19.53
EBT Growth (1y) % EBT 1y % (Qtr) 49.74 58.54
EPS Growth (1y) % EPS 1y % (Qtr) 50.00 73.79
FCF Growth (1y) % FCF 1y % (Qtr) 79.10 -28.12
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 84.73 39.39
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.75 0.49
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.05
Cash Ratio Cash Ratio (Qtr) 0.17 3.01
Current Ratio Curr Ratio (Qtr) 0.73 4.74
Debt to Equity Ratio Debt/Equity (Qtr) 9.35 0.64
Interest Cover Ratio Int Coverage (Qtr) -6.27 -13.41
Times Interest Earned Times Interest Earned (Qtr) -6.27 -13.41
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -17.90 -298.29
EBIT Margin % EBIT Margin % (Qtr) -24.76 -318.49
EBT Margin % EBT Margin % (Qtr) -28.71 -353.76
Gross Margin % Gross Margin % (Qtr) 43.20 39.97
Net Profit Margin % Net Margin % (Qtr) -29.20 -356.47