NPCE Healthcare

NeuroPace, Inc.

$12.31-0.24%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Healthcare
Industry: Medical Devices
Country: United States
Market cap: 422.5M USD
Enterprise value: 427.4M USD
Full-time employees: 220

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.87 vs a peer median of 0.63) and more debt relative to equity (4.97× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.87 vs peers 0.63) and more debt vs equity (4.97× vs peers 0.22×)

Ranks #995 of 1,157 healthcare companies (bottom 15%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 37% from December 2022 to August 2026.
NeuroPace had 37% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.NeuroPace had 37% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Much more borrowing than peers. Debt is 5.0× equity vs a peer median of 0.2×.Debt is 5.0× equity vs peers 0.2×.
Debt is 5.0× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 5.0× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Stock-based pay is a large cost. Stock pay was 11% of revenue in 2025.
NeuroPace paid employees $11M in stock in 2025, 11% of its $100M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating loss narrowing. Operating margin -16% in 2025, the smallest loss relative to revenue of the last 6 years.
NeuroPace still lost money on operations in 2025 (margin -16%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

StockQuotient Score

29/ 100

Oct 5 29 → Nov 4 29

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-4.5%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-2.8%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-2.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield2.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

81/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 7.5%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth24.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 2.27Sector median: 0.0584 · MAD: 0.0840

Revenue growth33.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.78Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

24/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 5.5 points to -11.3%

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-11.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.51Sector median: 0.0706 · MAD: 0.1217

Return on assets-19.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.98Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-16.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.11Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin77.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-160.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.87

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -3.67Sector median: 0.6250 · MAD: 0.3380

Current ratio4.94×

SEC filings · latest balance sheetReported value33% base weight · Z-score 1.70Sector median: 2.5860 · MAD: 1.3850

Debt / equity4.97×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -9.77Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about NeuroPace

Is NeuroPace getting weaker?: Its latest SEC filing (Aug 11, 2026) got stronger: operating margin rose 5.5 points to -11.3%. Its overall score is unchanged at 29/100 since Oct 28, 2026.
How is NeuroPace valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -4.5% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -4.5% vs peers 1.5% (weaker than 100% of peers).
Is NeuroPace growing?: Yes, faster than most of its peers. Growth scores 81/100 against 1,393 healthcare peers. Revenue growth 33.2% vs a peer median of 6.1% (stronger than 87% of peers).Revenue growth 33.2% vs peers 6.1% (stronger than 87% of peers).
How profitable is NeuroPace?: Less profitable than most of its peers. Profitability scores 24/100 against 1,393 healthcare peers. Return on assets -19.7% vs a peer median of 1.7% (weaker than 80% of peers).Return on assets -19.7% vs peers 1.7% (weaker than 80% of peers).
How risky is NeuroPace?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 4.94× vs a peer median of 2.59× (stronger than 73% of peers).Current ratio 4.94× vs peers 2.59× (stronger than 73% of peers). Debt / equity 4.97× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 4.97× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 11, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 5.5 points to -11.3%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	99.5M USD	107.0M USD	+7.5%
Net income (12 months)	−21.6M USD	−19.1M USD	−11.4%
Operating margin	-16.8%	-11.3%	+5.5 pts
Free cash flow (12 months)	−9.8M USD	−11.6M USD	+18.0%
Debt	59.0M USD	59.0M USD	−0.0%
Cash	14.8M USD	12.5M USD	−15.2%
Shares outstanding	34.1M	34.3M	+0.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Devices · 33 companies

Valuations in Medical Devices are near the bottom of their range since 2016.

7% of months since 2016 were valued lower than now.
4% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −8% and earnings +33% (medians): earnings grew faster than prices.
Median price-to-sales is +20% vs the whole market, against a usual +109%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	74.0%	71.4%	73.6%	73.9%	77.2%	▲ 3.3 pts
Operating margin	-52.5%	-89.6%	-41.5%	-27.1%	-16.3%	▲ 11 pts
Net margin	-79.9%	-103.4%	-50.4%	-34.0%	-21.5%	▲ 12 pts
Return on assets (ROA)	-27.0%	-41.3%	-30.6%	-28.7%	-20.3%	▲ 8.3 pts
Return on equity (ROE)	-49.1%	-135.4%	-159.6%	-338.7%	-112.8%	▲ 226 pts
Free cash flow margin	-55.2%	-82.3%	-30.4%	-22.8%	-11.3%	▲ 12 pts
Current ratio	14.28×	8.90×	5.71×	5.37×	5.28×	▼ 1.6%
Quick ratio	13.44×	8.02×	5.02×	4.48×	4.33×	▼ 3.4%
Debt to equity	0.68×	1.52×	2.76×	7.43×	3.09×	▼ 58%
Interest coverage	-3.20×	-5.42×	-3.19×	-2.46×	-2.19×	▲ 11%

NPCE price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.87 vs a peer median of 0.63) and more debt relative to equity (4.97× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.87 vs peers 0.63) and more debt vs equity (4.97× vs peers 0.22×)

Ranks #995 of 1,157 healthcare companies (bottom 15%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 37% from December 2022 to August 2026.

NeuroPace had 37% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.NeuroPace had 37% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Much more borrowing than peers. Debt is 5.0× equity vs a peer median of 0.2×.Debt is 5.0× equity vs peers 0.2×.

Debt is 5.0× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 5.0× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Stock-based pay is a large cost. Stock pay was 11% of revenue in 2025.

NeuroPace paid employees $11M in stock in 2025, 11% of its $100M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating loss narrowing. Operating margin -16% in 2025, the smallest loss relative to revenue of the last 6 years.

NeuroPace still lost money on operations in 2025 (margin -16%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Questions investors ask about NeuroPace

Is NeuroPace getting weaker?

Its latest SEC filing (Aug 11, 2026) got stronger: operating margin rose 5.5 points to -11.3%. Its overall score is unchanged at 29/100 since Oct 28, 2026.

How is NeuroPace valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -4.5% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -4.5% vs peers 1.5% (weaker than 100% of peers).

Is NeuroPace growing?

Yes, faster than most of its peers. Growth scores 81/100 against 1,393 healthcare peers. Revenue growth 33.2% vs a peer median of 6.1% (stronger than 87% of peers).Revenue growth 33.2% vs peers 6.1% (stronger than 87% of peers).

How profitable is NeuroPace?

Less profitable than most of its peers. Profitability scores 24/100 against 1,393 healthcare peers. Return on assets -19.7% vs a peer median of 1.7% (weaker than 80% of peers).Return on assets -19.7% vs peers 1.7% (weaker than 80% of peers).

How risky is NeuroPace?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 4.94× vs a peer median of 2.59× (stronger than 73% of peers).Current ratio 4.94× vs peers 2.59× (stronger than 73% of peers). Debt / equity 4.97× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 4.97× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

99.5M USD

107.0M USD

+7.5%

Net income (12 months)

−21.6M USD

−19.1M USD

−11.4%

Operating margin

-16.8%

-11.3%

+5.5 pts

Free cash flow (12 months)

−9.8M USD

−11.6M USD

+18.0%

Debt

59.0M USD

59.0M USD

−0.0%

Cash

14.8M USD

12.5M USD

−15.2%

Shares outstanding

34.1M

34.3M

+0.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

74.0%

71.4%

73.6%

73.9%

77.2%

▲ 3.3 pts

Operating margin

-52.5%

-89.6%

-41.5%

-27.1%

-16.3%

▲ 11 pts

Net margin

-79.9%

-103.4%

-50.4%

-34.0%

-21.5%

▲ 12 pts

Return on assets (ROA)

-27.0%

-41.3%

-30.6%

-28.7%

-20.3%

▲ 8.3 pts

Return on equity (ROE)

-49.1%

-135.4%

-159.6%

-338.7%

-112.8%

▲ 226 pts

Free cash flow margin

-55.2%

-82.3%

-30.4%

-22.8%

-11.3%

▲ 12 pts

Current ratio

14.28×

8.90×

5.71×

5.37×

5.28×

▼ 1.6%

Quick ratio

13.44×

8.02×

5.02×

4.48×

4.33×

▼ 3.4%

Debt to equity

0.68×

1.52×

2.76×

7.43×

3.09×

▼ 58%

Interest coverage

-3.20×

-5.42×

-3.19×

-2.46×

-2.19×

▲ 11%