QTRX Healthcare

Quanterix Corporation

$2.94+4.63%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Healthcare
Industry: Medical Devices
Country: United States
Market cap: 139.0M USD
Enterprise value: 77.0M USD
Full-time employees: 450

Overall health

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: its share price swings more than most peers’ (beta 1.04 vs a peer median of 0.63)bigger price swings (beta 1.04 vs peers 0.63)
About average: growth and risk (debt, liquidity and share-price swings)growth and risk

Ranks #949 of 1,157 healthcare companies (bottom 19%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 27% from December 2022 to August 2026.
Quanterix had 27% 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.Quanterix had 27% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 15% of revenue in 2025.
Quanterix paid employees $21M in stock in 2025, 15% of its $139M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Quanterix looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Quanterix reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

32/ 100▼ 1 since Oct 27 close

Oct 5 32 → Nov 4 32

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-88.6%

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-91.6%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (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-58.7%

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 yield170.6%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

55/100

Moderate▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 5.8%

Why it changed since the Oct 27, 2026 close: Score 56 → 55

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ Revenue growth
▲ 3-yr revenue
▼ EPS growth

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

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth11.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.63Sector median: 0.0584 · MAD: 0.0840

Revenue growth22.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.63Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

15/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 2.7 points to -99.6%

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-99.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -8.77Sector median: 0.0706 · MAD: 0.1217

Return on assets-38.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -7.49Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-62.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -6.70Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin44.6%

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

Return on equity-51.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ 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.

Beta1.04

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.22Sector median: 0.6250 · MAD: 0.3380

Current ratio3.40×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.58Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.14×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.40Sector 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 Quanterix

Is Quanterix getting weaker?: Its latest SEC filing (Aug 10, 2026) got weaker in some ways: operating margin fell 2.7 points to -99.6%. Its overall score is 32/100, down 1 since Oct 28, 2026.
How is Quanterix 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 -88.6% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -88.6% vs peers 1.5% (weaker than 100% of peers).
Is Quanterix growing?: At about the same pace as its peers. Growth scores 55/100 against 1,393 healthcare peers. Revenue growth 22.0% vs a peer median of 6.1% (stronger than 80% of peers).Revenue growth 22.0% vs peers 6.1% (stronger than 80% of peers).
How profitable is Quanterix?: Less profitable than most of its peers. Profitability scores 15/100 against 1,393 healthcare peers. Return on assets -38.5% vs a peer median of 1.7% (weaker than 90% of peers).Return on assets -38.5% vs peers 1.7% (weaker than 90% of peers).
How risky is Quanterix?: Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.14× vs a peer median of 0.22× (stronger than 62% of peers).Debt / equity 0.14× vs peers 0.22× (stronger than 62% of peers). Beta 1.04 vs a peer median of 0.63 (weaker than 73% of peers).Beta 1.04 vs peers 0.63 (weaker than 73% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Operating margin fell 2.7 points to -99.6%

Worth watching: Quanterix is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	145.0M USD	153.4M USD	+5.8%
Net income (12 months)	−104.2M USD	−123.2M USD	+18.2%
Operating margin	-96.9%	-99.6%	−2.7 pts
Free cash flow (12 months)	−82.9M USD	−81.7M USD	−1.5%
Cash	36.2M USD	44.2M USD	+22.1%
Shares outstanding	47.1M	47.3M	+0.4%

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	58.6%	43.0%	60.7%	60.5%	46.8%	▼ 14 pts
Operating margin	-51.1%	-98.8%	-37.6%	-38.3%	-90.4%	▼ 52 pts
Net margin	-50.2%	-94.4%	-23.2%	-28.0%	-77.1%	▼ 49 pts
Return on assets (ROA)	-11.1%	-23.0%	-6.6%	-9.5%	-25.6%	▼ 16 pts
Return on equity (ROE)	-12.5%	-27.8%	-8.1%	-11.7%	-36.2%	▼ 25 pts
Free cash flow margin	-55.4%	-57.1%	-18.5%	-28.0%	-57.5%	▼ 29 pts
Current ratio	12.14×	12.17×	9.80×	8.66×	2.84×	▼ 67%
Quick ratio	11.54×	11.63×	9.13×	7.88×	2.11×	▼ 73%
Debt to equity	—	—	—	—	—	—

QTRX 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

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: its share price swings more than most peers’ (beta 1.04 vs a peer median of 0.63)bigger price swings (beta 1.04 vs peers 0.63)

About average: growth and risk (debt, liquidity and share-price swings)growth and risk

Ranks #949 of 1,157 healthcare companies (bottom 19%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 27% from December 2022 to August 2026.

Quanterix had 27% 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.Quanterix had 27% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 15% of revenue in 2025.

Quanterix paid employees $21M in stock in 2025, 15% of its $139M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Quanterix looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Quanterix reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Questions investors ask about Quanterix

Is Quanterix getting weaker?

Its latest SEC filing (Aug 10, 2026) got weaker in some ways: operating margin fell 2.7 points to -99.6%. Its overall score is 32/100, down 1 since Oct 28, 2026.

How is Quanterix 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 -88.6% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -88.6% vs peers 1.5% (weaker than 100% of peers).

Is Quanterix growing?

At about the same pace as its peers. Growth scores 55/100 against 1,393 healthcare peers. Revenue growth 22.0% vs a peer median of 6.1% (stronger than 80% of peers).Revenue growth 22.0% vs peers 6.1% (stronger than 80% of peers).

How profitable is Quanterix?

Less profitable than most of its peers. Profitability scores 15/100 against 1,393 healthcare peers. Return on assets -38.5% vs a peer median of 1.7% (weaker than 90% of peers).Return on assets -38.5% vs peers 1.7% (weaker than 90% of peers).

How risky is Quanterix?

Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.14× vs a peer median of 0.22× (stronger than 62% of peers).Debt / equity 0.14× vs peers 0.22× (stronger than 62% of peers). Beta 1.04 vs a peer median of 0.63 (weaker than 73% of peers).Beta 1.04 vs peers 0.63 (weaker than 73% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

145.0M USD

153.4M USD

+5.8%

Net income (12 months)

−104.2M USD

−123.2M USD

+18.2%

Operating margin

-96.9%

-99.6%

−2.7 pts

Free cash flow (12 months)

−82.9M USD

−81.7M USD

−1.5%

Cash

36.2M USD

44.2M USD

+22.1%

Shares outstanding

47.1M

47.3M

+0.4%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

58.6%

43.0%

60.7%

60.5%

46.8%

▼ 14 pts

Operating margin

-51.1%

-98.8%

-37.6%

-38.3%

-90.4%

▼ 52 pts

Net margin

-50.2%

-94.4%

-23.2%

-28.0%

-77.1%

▼ 49 pts

Return on assets (ROA)

-11.1%

-23.0%

-6.6%

-9.5%

-25.6%

▼ 16 pts

Return on equity (ROE)

-12.5%

-27.8%

-8.1%

-11.7%

-36.2%

▼ 25 pts

Free cash flow margin

-55.4%

-57.1%

-18.5%

-28.0%

-57.5%

▼ 29 pts

Current ratio

12.14×

12.17×

9.80×

8.66×

2.84×

▼ 67%

Quick ratio

11.54×

11.63×

9.13×

7.88×

2.11×

▼ 73%

Debt to equity

—