SS Innovations International, Inc. (NASDAQ: SSII)

Sector: Healthcare Industry: Medical Devices CIK: 0001676163
Market Cap 762.26 Mn
P/B 19.23
P/E -44.56
P/S 22.70
ROIC (Qtr) -58.35
Div Yield % 0.00
Rev 1y % (Qtr) 192.47
Total Debt (Qtr) 12.68 Mn
Debt/Equity (Qtr) 0.32
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About

Investment thesis

Bull case

  • Strong tangible asset base of 69.58M provides 5.49x coverage of total debt 12.68M, indicating robust asset backing and low credit risk.
  • Tangible assets of 69.58M provide exceptional 7.91x coverage of deferred revenue 8.79M, showing strong service capability backing.
  • Operating cash flow of (20.29M) fully covers other non-current liabilities (2.32M) by 8.73x, showing strong long-term stability.
  • Tangible assets of 69.58M provide robust 11.37x coverage of other current liabilities 6.12M, indicating strong asset backing.
  • Strong cash position of 11.71M provides 1.91x coverage of other current liabilities 6.12M, indicating excellent liquidity.

Bear case

  • Investment activities of (2.07M) provide weak support for R&D spending of 3.06M, which is -0.68x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of (20.29M) provides insufficient coverage of deferred revenue obligations of 8.79M, which is -2.31x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (20.29M) shows concerning coverage of stock compensation expenses of 8.44M, with a -2.40 ratio indicating potential earnings quality issues.
  • Free cash flow of (22.35M) provides weak coverage of capital expenditures of 2.07M, with a -10.80 ratio suggesting additional external financing needs for growth initiatives.
  • Operating cash flow of (20.29M) provides minimal -9.22x coverage of tax expenses of 2.20M, suggesting potential tax planning inefficiencies or unsustainable tax positions.

Product and Service Breakdown of Revenue (2024)

Geographical Breakdown of Revenue (2024)

Peer comparison

Companies in the Medical Devices
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ABT Abbott Laboratories 173.80 Bn 32.73 5.47 12.94 Bn
2 SYK Stryker Corp 141.15 Bn 43.48 5.62 15.86 Bn
3 MDT Medtronic plc 123.47 Bn 25.92 3.55 29.10 Bn
4 BSX Boston Scientific Corp 112.80 Bn 38.92 5.62 11.44 Bn
5 EW Edwards Lifesciences Corp 45.66 Bn 33.38 7.76 0.70 Bn
6 DXCM Dexcom Inc 27.52 Bn 32.91 5.90 1.34 Bn
7 STE STERIS plc 24.13 Bn 34.08 4.14 2.05 Bn
8 PODD Insulet Corp 17.33 Bn 70.38 6.87 1.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 10.85 2.13
EV to Cash from Ops. EV/CFO -37.21 2.75
EV to Debt EV to Debt 59.51 17.25
EV to EBIT EV/EBIT -53.71 2.89
EV to EBITDA EV/EBITDA -57.96 4.53
EV to Free Cash Flow [EV/FCF] EV/FCF -33.76 29.36
EV to Market Cap EV to Market Cap 0.99 25.09
EV to Revenue EV/Rev 22.48 32.80
Price to Book Value [P/B] P/B 19.23 4.73
Price to Earnings [P/E] P/E -44.56 -2.04
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 40.22
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 1.59
Dividend per Basic Share Div per Share (Qtr) 0.00 0.10
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.37
Interest Coverage Int. cover (Qtr) -16.46 196.93
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -211.89 -152.08
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 102.50 8,476.58
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.44
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 51.46 -792.16
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 59.96 3.79
EBIT Growth (1y) % EBIT 1y % (Qtr) 57.70 -301.80
EBT Growth (1y) % EBT 1y % (Qtr) 56.21 -121.44
EPS Growth (1y) % EPS 1y % (Qtr) 55.00 -87.51
FCF Growth (1y) % FCF 1y % (Qtr) -97.86 10.43
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 263.43 38.21
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.48 0.55
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.02
Cash Ratio Cash Ratio (Qtr) 0.55 1.80
Current Ratio Curr Ratio (Qtr) 2.29 4.18
Debt to Equity Ratio Debt/Equity (Qtr) 0.32 1.20
Interest Cover Ratio Int Coverage (Qtr) -16.46 196.93
Times Interest Earned Times Interest Earned (Qtr) -16.46 196.93
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -35.10 -2,396.63
EBIT Margin % EBIT Margin % (Qtr) -41.86 -2,478.60
EBT Margin % EBT Margin % (Qtr) -44.40 -2,690.42
Gross Margin % Gross Margin % (Qtr) 48.30 30.80
Net Profit Margin % Net Margin % (Qtr) -51.00 -2,821.53