RCAT IndustrialsBeta data

Red Cat Holdings, Inc.

$4.46+0.22%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Industrials
Industry: Aerospace & Defense
Country: United States
Market cap: 681.1M USD
Enterprise value: 370.4M USD
Full-time employees: 244

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
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 1.35 vs a peer median of 0.64)bigger price swings (beta 1.35 vs peers 0.64)
Not enough data: growth

Would rank #1,851 of 2,308 fully scored industrials companies (bottom 20%)

Partial overall score — 3/4 categories available.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 184% from April 2022 to August 2026.
Red Cat had 184% more shares at August 2026 than at April 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Red Cat had 184% more shares at August 2026 than at April 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Investment surge. Capital spending 16% of revenue, up from 5.7% in FY Apr 2022.
Red Cat is spending 16% of revenue on facilities and equipment, up from 5.7% in FY Apr 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Not profitable yet. Reported a loss over the last 12 months.
Red Cat reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
More volatile share price. Beta 1.35: tends to move more than the market.
Red Cat's shares have swung more with the market than most peers' (beta 1.35, above the market's 1.0).

StockQuotient Score

34/ 100

Oct 5 33 → Nov 4 34 (+1)

Fundamentals: Yahoo Finance, not primary filings

Valuation

Is the price right?

9/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 24.4% (existing holders diluted)

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

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

Earnings yield-17.9%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.28Sector median: 0.0377 · MAD: 0.0294

EBITDA yield-28.1%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.64Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield-23.2%

Yahoo Finance · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield69.2%

Yahoo FinanceReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

Insufficient data

Insufficient data: 1 of 3 inputs reported (at least 2 needed). We leave it blank rather than fill the gap with a made-up middle value.

Profitability

Does it earn well?

0/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

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

Operating margin-150.1%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -5.28Sector median: 0.0773 · MAD: 0.0507

Return on assets-18.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.56Sector median: 0.0311 · MAD: 0.0241

Return on invested capital-17.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.78Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin9.8%

Yahoo Finance · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity-34.4%

Yahoo Finance · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

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

Beta1.35

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.59Sector median: 0.6440 · MAD: 0.2745

Current ratio14.86×

Yahoo FinanceOutlier capped at sector 5th/95th percentile33% base weight · Z-score 6.75Sector median: 1.6180 · MAD: 0.5360

Debt / equity0.03×

Yahoo FinanceReported value33% base weight · Z-score 1.10Sector median: 0.4019 · MAD: 0.3378

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 Red Cat

Is Red Cat getting weaker?: Its latest SEC filing (Aug 6, 2026) got weaker in some ways: share count up 24.4%. Its overall score is unchanged at 34/100 since Oct 28, 2026.
How is Red Cat valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -17.9% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -17.9% vs peers 3.8% (weaker than 100% of peers).
Is Red Cat growing?: Insufficient data: 1 of 3 inputs reported (at least 2 needed).
How profitable is Red Cat?: Less profitable than most of its peers. Profitability scores 0/100 against 2,459 industrials peers. Operating margin -150.1% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -150.1% vs peers 7.7% (weaker than 100% of peers).
How risky is Red Cat?: Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 14.86× vs a peer median of 1.62× (stronger than 95% of peers).Current ratio 14.86× vs peers 1.62× (stronger than 95% of peers). Beta 1.35 vs a peer median of 0.64 (weaker than 91% of peers).Beta 1.35 vs peers 0.64 (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Share count up 24.4% (existing holders diluted)

Worth watching: Red Cat 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)	54.6M USD	71.5M USD	+31.1%
Net income (12 months)	−75.5M USD	−97.5M USD	+29.1%
Operating margin	-149.2%	-150.1%	−0.9 pts
Free cash flow (12 months)	−118.3M USD	−157.7M USD	+33.3%
Debt	700,000 USD	1.8M USD	+154.9%
Shares outstanding	122.7M	152.7M	+24.4%

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

Industry valuation context

Industry: Aerospace & Defense · 48 companies

Valuations in Aerospace & Defense are near the top of their range since 2016.

88% of months since 2016 were valued lower than now.
50% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +71% and earnings +71% (medians): prices and earnings moved broadly together.
Median price-to-sales is +41% vs the whole market, against a usual −16%.

2016Shaded: most expensive fifth of its range2026

Financials

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

Key ratios	FY Apr 2021	FY Apr 2022	FY Apr 2023	FY Apr 2024	FY 2025	Change
Gross margin	21.4%	14.4%	-18.1%	20.6%	3.1%	▼ 18 pts
Operating margin	—	—	-570.0%	-108.2%	-163.5%	▼ 55 pts
Net margin	-264.7%	-181.8%	-608.3%	-134.9%	-177.0%	▼ 42 pts
Return on assets (ROA)	-113.2%	-13.7%	-46.3%	-49.6%	-26.3%	▲ 23 pts
Return on equity (ROE)	-251.3%	-14.8%	-51.3%	-55.2%	-29.3%	▲ 26 pts
Free cash flow margin	—	-254.8%	-684.9%	-100.8%	-235.2%	▼ 134 pts
Current ratio	0.35×	10.23×	7.94×	6.13×	15.29×	▲ 149%
Quick ratio	0.27×	9.52×	5.74×	3.94×	13.71×	▲ 248%
Debt to equity	0.05×	0.02×	0.02×	0.02×	0.00×	▼ 92%
Interest coverage	—	—	-215.88×	-281.29×	—	—

RCAT price history

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

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

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 1.35 vs a peer median of 0.64)bigger price swings (beta 1.35 vs peers 0.64)

Not enough data: growth

Would rank #1,851 of 2,308 fully scored industrials companies (bottom 20%)

Partial overall score — 3/4 categories available.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 184% from April 2022 to August 2026.

Red Cat had 184% more shares at August 2026 than at April 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Red Cat had 184% more shares at August 2026 than at April 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Investment surge. Capital spending 16% of revenue, up from 5.7% in FY Apr 2022.

Red Cat is spending 16% of revenue on facilities and equipment, up from 5.7% in FY Apr 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Not profitable yet. Reported a loss over the last 12 months.

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

More volatile share price. Beta 1.35: tends to move more than the market.

Red Cat's shares have swung more with the market than most peers' (beta 1.35, above the market's 1.0).

Questions investors ask about Red Cat

Is Red Cat getting weaker?

Its latest SEC filing (Aug 6, 2026) got weaker in some ways: share count up 24.4%. Its overall score is unchanged at 34/100 since Oct 28, 2026.

How is Red Cat valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -17.9% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -17.9% vs peers 3.8% (weaker than 100% of peers).

Is Red Cat growing?

Insufficient data: 1 of 3 inputs reported (at least 2 needed).

How profitable is Red Cat?

Less profitable than most of its peers. Profitability scores 0/100 against 2,459 industrials peers. Operating margin -150.1% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -150.1% vs peers 7.7% (weaker than 100% of peers).

How risky is Red Cat?

Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 14.86× vs a peer median of 1.62× (stronger than 95% of peers).Current ratio 14.86× vs peers 1.62× (stronger than 95% of peers). Beta 1.35 vs a peer median of 0.64 (weaker than 91% of peers).Beta 1.35 vs peers 0.64 (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

54.6M USD

71.5M USD

+31.1%

Net income (12 months)

−75.5M USD

−97.5M USD

+29.1%

Operating margin

-149.2%

-150.1%

−0.9 pts

Free cash flow (12 months)

−118.3M USD

−157.7M USD

+33.3%

Debt

700,000 USD

1.8M USD

+154.9%

Shares outstanding

122.7M

152.7M

+24.4%

Key ratios

FY Apr 2021

FY Apr 2022

FY Apr 2023

FY Apr 2024

FY 2025

Change

Gross margin

21.4%

14.4%

-18.1%

20.6%

3.1%

▼ 18 pts

Operating margin

—

-570.0%

-108.2%

-163.5%

▼ 55 pts

Net margin

-264.7%

-181.8%

-608.3%

-134.9%

-177.0%

▼ 42 pts

Return on assets (ROA)

-113.2%

-13.7%

-46.3%

-49.6%

-26.3%

▲ 23 pts

Return on equity (ROE)

-251.3%

-14.8%

-51.3%

-55.2%

-29.3%

▲ 26 pts

Free cash flow margin

—

-254.8%

-684.9%

-100.8%

-235.2%

▼ 134 pts

Current ratio

0.35×

10.23×

7.94×

6.13×

15.29×

▲ 149%

Quick ratio

0.27×

9.52×

5.74×

3.94×

13.71×

▲ 248%

Debt to equity

0.05×

0.02×

0.00×

▼ 92%

Interest coverage

—

-215.88×

-281.29×

—