MXCT Nasdaq Services-Commercial Physical & Biological Research Financials FY2019βFY2025
Maxcyte, Inc. had $33.0M of revenue in fiscal 2025, down 14.5% on the year before. Over five years, revenue changed +4.8% a year on average.
Last close Β· Oct 23, 2026
$1.40
2.1%Hi! I read Maxcyte, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β14.5%
No. Sales fell 14.5% last year.
Does it make a profit?
β135.1%
No. It lost money last year.
Does profit turn into cash?
β109.5%
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?
KIRA Β· Maxcyte, Inc. had $33.0M of revenue in fiscal 2025, down 14.5% on the year before. Over five years, revenue changed +4.8% a year on average. Its operating margin was β157.1%, down 24.6Β pts: of every 100 in sales, about β157 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· Maxcyte, Inc. lost $44.6M 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$36.2M in fiscal 2025, β109.5% 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· In the last 12 months, insiders sold $0.0M of shares on the open market and bought none.
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
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Mar 17, 2026 | Douglas J SwirskyChief Financial Officer | Sold | 10,142 | $0.82 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Maxcyte, 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 | $255M | $227M | $168M | $154M | $103M |
| Interest coverage | β3,368.3x | β | β | β | β |
| Current ratio | 17.3x | 16.4x | 10.7x | 10.9x | 8.3x |
| Quick ratio | 17.0x | 15.8x | 10.0x | 10.3x | 7.8x |
| Total assets | $284M | $287M | $268M | $239M | $203M |
| Total liabilities | $21.2M | $32.7M | $36.1M | $33.2M | $31.0M |
| Shareholders' equity | $263M | $254M | $232M | $206M | $171M |
| 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· Maxcyte, 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 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 3 / 8 | 2 / 8 | 2 / 8 | 3 / 8 | 2 / 8 |
| Accruals ratio | β | β5.9% | β5.0% | β3.1% | β5.9% | β5.3% | β4.6% |
| Altman Z'' | β | β1.29 | 17.15 | 11.37 | 7.62 | 6.40 | 3.25 |
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 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $21.6M | $26.2M | $33.9M | $44.3M | $41.3M | $38.6M | $33.0M |
| Gross profit | $19.1M | $23.4M | $30.2M | $39.2M | $36.5M | $31.5M | $26.8M |
| Research and development | $17.6M | $17.7M | $15.4M | $19.5M | $23.8M | $22.2M | $20.8M |
| Operating income | β$12.4M | β$11.1M | β$18.2M | β$27.4M | β$48.3M | β$51.2M | β$51.9M |
| Interest expense | $0.1M | $0.0M | $0.0M | β | β | β | β |
| Pretax income | β | β | β | β | β$37.9M | β$41.1M | β$44.6M |
| Income tax | $0.0M | $0.0M | $0.0M | β | β | β | β |
| Net income | β$12.9M | β$11.8M | β$19.1M | β$23.6M | β$37.9M | β$41.1M | β$44.6M |
| Diluted EPS | β$0.23 | β$0.17 | β$0.21 | β$0.23 | β$0.37 | β$0.39 | β$0.42 |
| Diluted shares | 0.06B | 0.07B | 0.09B | 0.10B | 0.10B | 0.10B | 0.11B |
| Cash flow | |||||||
| Cash from operations | β$8.8M | β$8.8M | β$10.7M | β$14.8M | β$21.7M | β$27.6M | β$34.4M |
| Capital expenditure | $1.3M | $2.1M | $3.8M | $18.5M | $3.7M | $1.7M | $1.8M |
| Free cash flow | β$10.1M | β$10.9M | β$14.5M | β$33.3M | β$25.4M | β$29.3M | β$36.2M |
| Depreciation and amortization | $0.6M | $1.0M | $1.4M | $2.7M | $4.2M | $4.3M | $4.3M |
| Stock-based compensation | $1.8M | $2.5M | $8.0M | $11.8M | $14.0M | $13.1M | $9.2M |
| Acquisitions | β | β | β | β | β | β | $1.8M |
| Balance sheet | |||||||
| Cash and short-term investments | $15.2M | $34.8M | $255M | $227M | $168M | $154M | $103M |
| Finance lease liabilities | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | β | $45.3M | $270M | $252M | $190M | $172M | $118M |
| Current liabilities | β | $11.6M | $15.6M | $15.4M | $17.9M | $15.8M | $14.3M |
| Inventory | β | $4.3M | $5.2M | $8.6M | $12.2M | $8.9M | $7.5M |
| Property and equipment, net | β | $4.5M | $7.7M | $23.7M | $23.5M | $19.7M | $17.5M |
| Intangible assets | β | β | β | β | β | β | $0.7M |
| Total assets | β | $51.8M | $284M | $287M | $268M | $239M | $203M |
| Total liabilities | β | $18.6M | $21.2M | $32.7M | $36.1M | $33.2M | $31.0M |
| Shareholders' equity | $13.6M | $33.2M | $263M | $254M | $232M | $206M | $171M |
| Margins | |||||||
| Gross margin | 88.4% | 89.4% | 89.2% | 88.5% | 88.5% | 81.6% | 81.2% |
| Operating margin | β57.4% | β42.3% | β53.7% | β61.8% | β117.0% | β132.5% | β157.1% |
| EBITDA margin | β54.6% | β38.2% | β49.5% | β55.7% | β106.9% | β121.4% | β144.0% |
| Net margin | β59.6% | β45.2% | β56.3% | β53.3% | β91.8% | β106.3% | β135.1% |
| FCF margin | β46.6% | β41.5% | β42.8% | β75.1% | β61.5% | β75.8% | β109.5% |
| Returns | |||||||
| Return on capital employed | β | β27.5% | β6.8% | β10.1% | β19.3% | β22.9% | β27.6% |
| Return on equity | β94.8% | β50.5% | β12.9% | β9.1% | β15.6% | β18.7% | β23.6% |
| Return on assets | β | β22.8% | β11.4% | β8.3% | β13.7% | β16.2% | β20.2% |
| Return on tangible equity | β94.8% | β35.6% | β7.3% | β9.3% | β16.3% | β19.9% | β26.1% |
| Growth | |||||||
| Revenue growth | β | 21.0% | 29.5% | 30.6% | β6.7% | β6.4% | β14.5% |
| Share count change | β | 23.2% | 30.5% | 12.2% | 1.5% | 1.5% | 1.5% |
| Financial health | |||||||
| Interest coverage | β239.3x | β509.5x | β3,368.3x | β | β | β | β |
| Current ratio | β | 3.9x | 17.3x | 16.4x | 10.7x | 10.9x | 8.3x |
| Quick ratio | β | 3.5x | 17.0x | 15.8x | 10.0x | 10.3x | 7.8x |
| Capital allocation | |||||||
| Capex / revenue | 5.9% | 7.9% | 11.3% | 41.7% | 9.0% | 4.3% | 5.4% |
| Stock comp / revenue | 8.1% | 9.4% | 23.5% | 26.6% | 33.9% | 33.9% | 27.9% |
| Quality scores | |||||||
| Piotroski F-score | β | β | 3.0 | 2.0 | 2.0 | 3.0 | 2.0 |
| Altman Z'' | β | β1.3 | 17.1 | 11.4 | 7.6 | 6.4 | 3.2 |
| Accruals ratio | β | β5.9% | β5.0% | β3.1% | β5.9% | β5.3% | β4.6% |
Source: SEC EDGAR XBRL filings (CIK 0001287098). 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.
