Rockwell Medical, Inc.
RMTIHealthcare|Drug Manufacturers - Specialty & Generic|US
$7.73
+0.13 (+1.71%)
Tangible Book / Share
$6.26
Cash / Share
$6.26
Financials
Financial Snapshot
Market Cap
$31.2M
Enterprise Value
$34.6M
Revenue (TTM)
$69.4M
Net Income (TTM)
-$5.1M
Cash & Investments
$24.8M
Net Cash
$10.9M
Free Cash Flow (TTM)
$1.5M
Operating CF (TTM)
$2.9M
Debt/Equity
0.40
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $57.9M | $33.1M | $33.5M | $26.0M | $58.7M | $22.4M | $21.5M | $10.9M | $21.6M | $25.0M | $24.8M | |
| Operating Cash Flow | -$12.5M | -$21.1M | -$20.4M | -$27.3M | -$29.6M | -$33.5M | -$16.9M | -$9.4M | $4.2M | -$659.0K | $2.9M | |
| Free Cash Flow | -$12.8M | -$22.8M | -$21.4M | -$28.6M | -$30.7M | -$34.1M | -$17.2M | -$9.7M | $3.2M | -$1.2M | $1.5M | |
| Capital Expenditure | -$355.3K | -$1.7M | -$994.3K | -$1.3M | -$1.0M | -$522.0K | -$281.0K | -$284.0K | -$1.0M | -$542.0K | -$1.4M | |
| Financing Cash Flow | $80.2K | -$2.2M | $22.0M | $21.1M | $63.3M | -$2.2M | $16.1M | $11.3M | $7.3M | $4.3M | $4.2M |
R&D Spending
R&D (TTM)
$40.0K
R&D Intensity
0.1%
R&D Growth vs Prior
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $53.3M | $57.3M | $63.4M | $61.3M | $62.2M | $61.9M | $72.8M | $83.6M | $101.5M | $69.3M | $69.4M | |
| R&D Expense | $5.8M | $6.3M | $6.7M | $6.9M | $7.1M | $6.8M | $3.1M | $1.1M | $19.0K | $0.00 | $40.0K | |
| R&D % of Revenue | 11.0% | 11.0% | 10.6% | 11.2% | 11.4% | 11.0% | 4.3% | 1.3% | 0.0% | 0.0% | 0.1% | |
| SG&A | $21.1M | $23.3M | $23.1M | $30.0M | $24.1M | $21.1M | $17.7M | $14.3M | $16.9M | $16.39B | $16.8M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $53.3M | $57.3M | $63.4M | $61.3M | $62.2M | $61.9M | $72.8M | $83.6M | $101.5M | $69.3M | $69.4M | |
| Cost of Revenue | $46.5M | $53.6M | $65.0M | $58.5M | $59.5M | $64.4M | $68.7M | $74.9M | $84.0M | $57.6M | $57.1M | |
| Gross Profit | $6.8M | $3.7M | -$1.6M | $2.8M | $2.7M | -$2.4M | $4.1M | $8.7M | $17.5M | $11.7M | $12.3M | |
| R&D | $5.8M | $6.3M | $6.7M | $6.9M | $7.1M | $6.8M | $3.1M | $1.1M | $19.0K | $0.00 | $40.0K | |
| SG&A | $21.1M | $23.3M | $23.1M | $30.0M | $24.1M | $21.1M | $17.7M | $14.3M | $16.9M | $16.39B | $16.8M | |
| Operating Income | -$20.2M | -$25.9M | -$32.4M | -$34.1M | -$28.4M | -$30.3M | -$16.8M | -$6.7M | $608.0K | -$4.7M | -$4.5M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $1.9M | $2.4M | $1.9M | $2.3M | $1.3M | $1.1M | $1.1M | |
| Pretax Income | -$19.4M | -$25.9M | -$32.1M | -$37.2M | -$30.9M | -$32.7M | -$18.7M | -$8.4M | -$480.0K | -$5.3M | -$5.1M | |
| Net Income | -$19.8M | -$25.9M | -$32.1M | -$34.1M | -$30.9M | -$32.7M | -$18.7M | -$8.4M | -$480.0K | -$5.3M | -$5.1M | |
| EPS (Diluted) | -42.90 | -56.10 | -66.90 | -56.10 | -44.90 | -38.30 | -18.90 | -3.60 | -0.25 | -1.50 | -1.39 | |
| EBITDA | -$18.6M | -$25.4M | -$31.5M | -$31.5M | -$26.7M | -$27.8M | -$16.2M | -$4.7M | $3.0M | -$2.0M | -$1.9M | |
| Shares Out. (M) | 0.46 | 0.46 | 0.48 | 0.55 | 0.69 | 0.85 | 0.99 | 2.33 | 3.11 | 3.60 | 3.96 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $17.2M | $8.4M | $22.7M | $11.8M | $48.7M | $13.3M | $10.1M | $9.0M | $15.7M | $10.7M | $10.5M | |
| Short-Term Investments | $40.8M | $24.6M | $10.8M | $14.3M | $10.0M | $9.2M | $11.4M | $2.0M | $5.9M | $14.3M | $14.3M | |
| Total Current Assets | $78.5M | $48.8M | $46.8M | $36.9M | $69.5M | $35.3M | $35.3M | $28.8M | $37.0M | $38.2M | $36.4M | |
| Total Assets | $83.2M | $58.8M | $52.6M | $44.3M | $77.7M | $48.6M | $46.6M | $52.2M | $59.2M | $57.1M | $56.5M | |
| Total Current Liabilities | $10.1M | $9.1M | $13.2M | $12.4M | $12.8M | $21.0M | $17.7M | $16.6M | $14.1M | $9.6M | $11.2M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $20.9M | $13.2M | $7.6M | $8.3M | $8.5M | $8.8M | $7.2M | |
| Total Liabilities | $30.2M | $25.9M | $25.3M | $24.0M | $43.6M | $46.0M | $32.5M | $30.9M | $26.6M | $20.2M | $21.4M | |
| Stockholders' Equity | $53.0M | $32.9M | $27.3M | $20.3M | $34.2M | $2.5M | $14.1M | $21.3M | $32.6M | $37.0M | $35.1M | |
| Retained Earnings | -$214.3M | -$240.3M | -$272.4M | -$306.5M | -$337.4M | -$370.1M | -$388.8M | -$397.2M | -$397.7M | -$403.0M | -$405.8M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$12.5M | -$21.1M | -$20.4M | -$27.3M | -$29.6M | -$33.5M | -$16.9M | -$9.4M | $4.2M | -$659.0K | $2.9M | |
| Capital Expenditure | -$355.3K | -$1.7M | -$994.3K | -$1.3M | -$1.0M | -$522.0K | -$281.0K | -$284.0K | -$1.0M | -$542.0K | -$1.4M | |
| Free Cash Flow | -$12.8M | -$22.8M | -$21.4M | -$28.6M | -$30.7M | -$34.1M | -$17.2M | -$9.7M | $3.2M | -$1.2M | $1.5M | |
| Investing Cash Flow | -$1.6M | $14.5M | $12.7M | -$4.7M | $3.2M | $311.0K | -$2.4M | -$3.0M | -$4.9M | -$8.5M | -$9.0M | |
| Financing Cash Flow | $80.2K | -$2.2M | $22.0M | $21.1M | $63.3M | -$2.2M | $16.1M | $11.3M | $7.3M | $4.3M | $4.2M | |
| Issuance of Stock | $80.2K | $123.6K | $22.0M | $24.2M | $45.5M | $107.0K | $15.0M | $14.9M | $10.2M | $7.8M | $7.8M | |
| Repurchase of Stock | $0.00 | -$2.3M | $0.00 | -$279.0K | -$19.0K | -$6.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | -$1.1M | $21.7M | -$2.3M | -$13.7M | -$3.5M | -$1.2M | -$1.2M | -$944.0K | |
| Stock Based Comp. | $10.3M | $7.2M | $4.4M | $5.0M | $475.0K | $943.0K | $315.0K | $932.0K | $1.3M | $1.8M | $1.9M | |
| Net Change in Cash | -$14.0M | -$8.8M | $14.3M | -$10.9M | $36.9M | -$35.4M | -$3.2M | -$1.1M | $6.7M | -$5.0M | -$2.0M |
Dilution Tracker
Shares outstanding grew 423.3% over 5 years — significant dilution
Shares Outstanding
4M
5-Year Share Growth
+423.3%
Stock Issuance (TTM)
$7.8M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.46 | 0.46 | 0.48 | 0.55 | 0.69 | 0.85 | 0.99 | 2.33 | 3.11 | 3.60 | 3.96 | |
| Change vs Prior % | — | 0.1% | 3.9% | 15.3% | 24.1% | 24.0% | 15.7% | 136.4% | 33.2% | 15.8% | 10.0% | |
| Stock Issuance | $80.2K | $123.6K | $22.0M | $24.2M | $45.5M | $107.0K | $15.0M | $14.9M | $10.2M | $7.8M | $7.8M | |
| Stock Repurchase | $0.00 | -$2.3M | $0.00 | -$279.0K | -$19.0K | -$6.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $10.3M | $7.2M | $4.4M | $5.0M | $475.0K | $943.0K | $315.0K | $932.0K | $1.3M | $1.8M | $1.9M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 12.7% | 6.5% | -2.5% | 4.6% | 4.4% | -3.9% | 5.6% | 10.4% | 17.2% | 16.9% | 17.7% | |
| Operating Margin % | -37.9% | -45.2% | -51.2% | -55.6% | -45.7% | -49.0% | -23.0% | -8.0% | 0.6% | -6.8% | -6.5% | |
| Net Margin % | -37.2% | -45.2% | -50.7% | -55.7% | -49.7% | -52.8% | -25.7% | -10.1% | -0.5% | -7.7% | -7.3% | |
| EBITDA Margin % | -35.0% | -44.3% | -49.7% | -51.3% | -43.0% | -44.9% | -22.2% | -5.6% | 2.9% | -2.9% | -2.7% | |
| FCF Margin % | -24.0% | -39.8% | -33.8% | -46.6% | -49.3% | -55.0% | -23.6% | -11.6% | 3.1% | -1.7% | 2.2% | |
| ROE % | -37.4% | -78.8% | -117.8% | -168.0% | -90.4% | -1288.9% | -132.4% | -39.6% | -1.5% | -14.4% | -14.0% | |
| ROA % | -23.8% | -44.1% | -61.1% | -77.0% | -39.7% | -67.3% | -40.1% | -16.2% | -0.8% | -9.3% | -9.0% | |
| ROIC % | -27.7% | -52.2% | -82.4% | -91.5% | -43.0% | -81.0% | -50.7% | -17.7% | 1.3% | -9.5% | -9.2% | |
| R&D / Revenue % | 11.0% | 11.0% | 10.6% | 11.2% | 11.4% | 11.0% | 4.3% | 1.3% | 0.0% | 0.0% | 0.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -3.7% | 7.5% | 10.6% | -3.3% | 1.5% | -0.4% | 17.6% | 14.8% | 21.4% | -31.8% | |
| Gross Profit | -24.5% | -45.2% | -142.8% | 279.2% | -4.0% | -188.8% | 268.5% | 113.5% | 100.9% | -33.1% | |
| Operating Income | -33.8% | -28.3% | -25.1% | -5.1% | 16.6% | -6.7% | 44.7% | 60.3% | 109.1% | -871.5% | |
| Net Income | -37.3% | -30.9% | -23.9% | -6.2% | 9.5% | -5.8% | 42.8% | 54.8% | 94.3% | -1007.1% | |
| EPS (Diluted) | -34.5% | -30.8% | -19.3% | 16.1% | 20.0% | 14.7% | 50.7% | 81.0% | 93.1% | -500.0% | |
| Operating Cash Flow | 23.3% | -69.6% | 3.3% | -33.5% | -8.8% | -13.1% | 49.5% | 44.4% | 144.6% | -115.7% | |
| Free Cash Flow | 24.9% | -78.0% | 6.1% | -33.5% | -7.3% | -11.0% | 49.5% | 43.7% | 132.9% | -137.6% | |
| R&D Expense | 17.7% | 8.2% | 6.7% | 2.1% | 3.0% | -3.6% | -54.4% | -64.5% | -98.3% | -100.0% | |
| SG&A Expense | 10.7% | 10.3% | -0.9% | 30.2% | -20.0% | -12.4% | -15.9% | -19.6% | 18.2% | 97105.9% | |
| Total Assets | -5.3% | -29.3% | -10.6% | -15.7% | 75.4% | -37.5% | -4.0% | 11.9% | 13.5% | -3.5% | |
| Book Value / Share | -16.6% | -38.0% | -20.3% | -35.4% | 35.5% | -94.0% | 380.8% | -36.1% | 14.9% | -2.0% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 492.9% | 20.7% | -43.4% | -17.9% | 0.7% | -7.9% | |
| Diluted Shares | 2.1% | 0.1% | 3.9% | 15.3% | 24.1% | 24.0% | 15.7% | 136.4% | 33.2% | 15.8% |
Valuation
P/E (TTM)At Loss
P/S0.45
10Y Low / Med / High0.14 / 1.23 / 6.23
P/B0.87
10Y Low / Med / High0.71 / 4.38 / 15.17
EV/EBITDAAt Loss
EV/Revenue0.50
10Y Low / Med / High0.22 / 0.87 / 5.91
P/FCF20.23
Intrinsic Value Models (per share)
Tangible Book / Share
$6.26
Net Current Assets / Share
$3.70
Graham Net-Net
$2.78
Cash / Share
$6.26
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -16.76 | -11.41 | -3.72 | -4.78 | -2.47 | -1.18 | -0.53 | -5.25 | -81.60 | -5.56 | -5.56 | |
| P/S Ratio | 6.23 | 5.16 | 1.88 | 2.42 | 1.23 | 0.62 | 0.14 | 0.53 | 0.62 | 0.43 | 0.45 | |
| P/B Ratio | 6.27 | 8.99 | 4.38 | 7.32 | 2.24 | 15.17 | 0.71 | 2.07 | 1.94 | 0.81 | 0.87 | |
| EV/EBITDA | -16.89 | -11.31 | -3.07 | -4.48 | -1.93 | -1.94 | -1.00 | -10.34 | 20.73 | -15.90 | -18.62 | |
| EV/Revenue | 5.91 | 5.02 | 1.53 | 2.30 | 0.83 | 0.87 | 0.22 | 0.58 | 0.60 | 0.46 | 0.50 |
Analyst Estimates & Quality
Altman Z-Score
-7.65
Distress
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $72.3M | $78.2M | $81.4M |
| Net Income | -$3.6M | -$745.2K | -$742.5K |
| EPS | $-1.01 | $-0.21 | $-0.21 |
| # Analysts (EPS) | 1 | 1 | 1 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Upfront Fee | $2.0M | $1.9M | $2.5M | — | — | — |
| Concentrate Products | — | — | — | $81.3M | $101.4M | $2.0M |
| Drug Revenue | — | — | — | $2.3M | $46.0K | — |
By Geography
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Non-US | $226.0K | $241.0K | $598.0K | $9.3M | $9.2M | $8.9M |
| UNITED STATES | $910.0K | $835.0K | $561.0K | $74.3M | $92.3M | $60.4M |