MLSS NYSE Orthopedic, Prosthetic & Surgical Appliances & Supplies Financials FY2016βFY2025
Milestone Scientific Inc. had $9.0M of revenue in fiscal 2025, up 4.0% on the year before. Over five years, revenue changed +10.5% a year on average.
Last close Β· Oct 23, 2026
$0.31
2.1%Hi! I read Milestone Scientific Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+4.0%
Only a little. Sales grew 4.0% last year.
Does it make a profit?
β63.8%
No. It lost money last year.
Does profit turn into cash?
β32.7%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 8
Weak. It passes 2 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Milestone Scientific Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 12, 2026
Thursday Β· in 17 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 13, 2026 | Q2 '26 | After the market closes | 10-Q β |
| May 13, 2026 | Q1 '26 | After the market closes | 10-Q β |
| Mar 31, 2026 | Q4 '25 | After the market closes | 10-K β |
| Nov 13, 2025 | Q3 '25 | After the market closes | 10-Q β |
| Aug 14, 2025 | Q2 '25 | After the market closes | 10-Q β |
| May 15, 2025 | Q1 '25 | After the market closes | 10-Q β |
| Apr 15, 2025 | Q4 '24 | After the market closes | 10-K β |
| Nov 14, 2024 | Q3 '24 | After the market closes | 10-Q β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Milestone Scientific Inc. had $9.0M of revenue in fiscal 2025, up 4.0% on the year before. Over five years, revenue changed +10.5% a year on average. Its operating margin was β63.5%, up 14.8Β pts: of every 100 in sales, about β63 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Milestone Scientific Inc. lost $5.7M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$2.9M in fiscal 2025, β32.7% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Milestone Scientific Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $29.6M | $17.4M | $6.0M | $3.3M | $1.1M |
| Current ratio | 6.1x | 3.9x | 3.5x | 2.5x | 1.8x |
| Quick ratio | 5.6x | 3.4x | 2.7x | 1.5x | 0.9x |
| Total assets | $19.8M | $13.7M | $11.4M | $9.8M | $7.8M |
| Total liabilities | $3.6M | $3.7M | $3.4M | $4.0M | $5.0M |
| Shareholders' equity | $16.4M | $10.2M | $8.0M | $5.8M | $2.8M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Milestone Scientific Inc. passes 2 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 8 | 2 / 8 | 4 / 8 | 3 / 8 | 3 / 8 | 2 / 7 | 4 / 7 | 4 / 7 | 2 / 8 |
| Accruals ratio | β3.9% | β26.6% | β52.7% | β88.7% | β2.7% | β14.1% | β16.0% | β12.8% | β16.9% | β31.9% |
| Altman Z'' | β14.81 | β15.48 | β50.86 | β49.09 | β9.20 | β10.20 | β24.49 | β32.60 | β41.99 | β57.37 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $10.5M | $11.3M | $9.6M | $8.4M | $5.4M | $10.3M | $8.8M | $9.8M | $8.6M | $9.0M |
| Net interest income | β | β | $0.0M | $0.0M | β$0.0M | β$0.0M | $0.1M | $0.1M | $0.1M | β |
| Gross profit | $6.3M | $7.0M | $4.4M | $5.7M | $3.6M | $6.3M | $4.9M | $6.8M | $6.4M | $6.4M |
| Research and development | $1.3M | $0.3M | $0.2M | $0.2M | $0.3M | $0.9M | $1.2M | $0.7M | $0.9M | $0.4M |
| Operating income | β$6.5M | β$5.2M | β$8.0M | β$4.0M | β$7.5M | β$7.4M | β$8.8M | β$7.1M | β$6.8M | β$5.7M |
| Pretax income | β$6.5M | β$5.2M | β$8.0M | β$7.6M | β$7.5M | β$7.1M | β$8.8M | β$7.0M | β$4.7M | β$5.7M |
| Income tax | β$0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | β | β |
| Net income | β$5.9M | β$5.2M | β$7.4M | β$7.5M | β$7.3M | β$6.8M | β$8.7M | β$6.9M | β$4.7M | β$5.7M |
| Diluted EPS | β$0.22 | β$0.16 | β$0.21 | β$0.16 | β$0.12 | β$0.10 | β | β | β$0.06 | β$0.07 |
| Diluted shares | 0.03B | 0.03B | 0.04B | 0.05B | 0.06B | 0.07B | β | β | 0.08B | 0.08B |
| Cash flow | ||||||||||
| Cash from operations | β$5.4M | β$1.2M | β$1.6M | β$1.8M | β$7.0M | β$4.0M | β$6.0M | β$5.3M | β$2.9M | β$2.9M |
| Capital expenditure | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | β | $0.0M | $0.0M |
| Free cash flow | β$5.4M | β$1.2M | β$1.6M | β$1.8M | β$7.0M | β$4.0M | β$6.0M | β | β$2.9M | β$2.9M |
| Depreciation and amortization | $0.1M | $0.6M | $0.9M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.0M | $0.1M |
| Stock-based compensation | $1.9M | $0.7M | $0.4M | $0.2M | $0.6M | $0.8M | $1.5M | $1.5M | $1.3M | $1.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $3.6M | $2.6M | $2.0M | $1.8M | $27.3M | $29.6M | $17.4M | $6.0M | $3.3M | $1.1M |
| Finance lease liabilities | β | β | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.1M | $0.1M |
| Current assets | $13.3M | $12.0M | $5.9M | $6.1M | $18.6M | $18.9M | $13.0M | $10.8M | $9.3M | $7.5M |
| Current liabilities | $5.6M | $6.7M | $4.9M | $4.9M | $2.9M | $3.1M | $3.3M | $3.1M | $3.7M | $4.1M |
| Inventory | $4.6M | $3.4M | $1.9M | $1.6M | $2.4M | $1.5M | $1.8M | $2.6M | $3.7M | $3.8M |
| Property and equipment, net | $0.2M | $0.1M | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Intangible assets | $0.7M | $2.8M | $0.4M | $0.4M | $0.3M | $0.3M | $0.2M | $0.2M | $0.1M | $0.1M |
| Total assets | $14.2M | $15.6M | $6.4M | $6.6M | $19.6M | $19.8M | $13.7M | $11.4M | $9.8M | $7.8M |
| Total liabilities | $5.6M | $8.1M | $4.9M | $4.9M | $3.5M | $3.6M | $3.7M | $3.4M | $4.0M | $5.0M |
| Preferred stock | $0.0M | $0.0M | $0.0M | β | β | β | β | β | β | β |
| Shareholders' equity | $8.5M | $7.2M | $1.5M | $1.7M | $16.2M | $16.4M | $10.2M | $8.0M | $5.8M | $2.8M |
| Margins | ||||||||||
| Gross margin | 60.2% | 61.8% | 46.1% | 68.3% | 66.6% | 61.3% | 55.7% | 69.1% | 74.6% | 71.4% |
| Operating margin | β62.1% | β46.4% | β83.1% | β47.8% | β137.1% | β71.6% | β100.2% | β72.3% | β78.3% | β63.5% |
| EBITDA margin | β61.3% | β41.3% | β74.0% | β46.6% | β135.3% | β70.9% | β99.5% | β71.7% | β77.9% | β62.6% |
| Net margin | β56.7% | β46.0% | β77.2% | β89.8% | β134.9% | β66.2% | β98.9% | β70.5% | β54.6% | β63.8% |
| FCF margin | β51.6% | β11.0% | β17.0% | β21.4% | β128.9% | β39.3% | β68.6% | β | β34.0% | β32.7% |
| Net interest share of revenue | β | β | 0.1% | 0.0% | β0.3% | β0.2% | 0.6% | 1.3% | 0.7% | β |
| Returns | ||||||||||
| Return on capital employed | β76.3% | β58.8% | β523.4% | β245.5% | β44.6% | β44.1% | β84.9% | β85.7% | β111.6% | β155.0% |
| Return on equity | β70.0% | β65.9% | β169.2% | β465.1% | β82.0% | β41.9% | β65.5% | β76.0% | β68.1% | β132.4% |
| Return on assets | β41.9% | β34.8% | β67.5% | β116.1% | β56.2% | β34.6% | β52.0% | β55.3% | β44.5% | β65.0% |
| Return on tangible equity | β75.9% | β116.4% | β673.0% | β572.8% | β46.2% | β42.4% | β87.1% | β88.5% | β82.9% | β209.3% |
| Growth | ||||||||||
| Revenue growth | β | 7.6% | β14.7% | β13.0% | β35.1% | 89.5% | β14.5% | 11.6% | β12.2% | 4.0% |
| Share count change | β | 21.3% | 7.9% | 29.6% | 37.9% | 9.1% | β | β | β | 2.8% |
| Financial health | ||||||||||
| Current ratio | 2.4x | 1.8x | 1.2x | 1.2x | 6.4x | 6.1x | 3.9x | 3.5x | 2.5x | 1.8x |
| Quick ratio | 1.5x | 1.3x | 0.8x | 0.9x | 5.6x | 5.6x | 3.4x | 2.7x | 1.5x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.1% | 0.1% | 0.1% | 0.1% | 0.4% | 0.1% | 0.1% | β | 0.1% | 0.2% |
| Stock comp / revenue | 17.7% | 5.8% | 4.3% | 2.2% | 10.1% | 7.7% | 17.0% | 14.9% | 15.6% | 10.6% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 3.0 | 2.0 | 4.0 | 3.0 | 3.0 | 2.0 | 4.0 | 4.0 | 2.0 |
| Altman Z'' | β14.8 | β15.5 | β50.9 | β49.1 | β9.2 | β10.2 | β24.5 | β32.6 | β42.0 | β57.4 |
| Accruals ratio | β3.9% | β26.6% | β52.7% | β88.7% | β2.7% | β14.1% | β16.0% | β12.8% | β16.9% | β31.9% |
Source: SEC EDGAR XBRL filings (CIK 0000855683). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
