Aethlon Medical Financials
This page shows Aethlon Medical (AEMD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing keeps this development-stage business operating as cash burn remains the defining mechanic, not revenue scale.
The latest year showed a useful split between earnings and cash use: operating cash flow improved to-$7.6M from-$10.1M in the prior year even though the reported net loss got worse, so the weaker bottom line did not mean the business consumed more cash day to day. With only$5.5M of cash on hand and$7.7M coming from financing, the company was effectively refilling runway rather than financing expansion.
Capital intensity is low: free cash flow matched operating cash flow at
The balance sheet is still liability-light, with total liabilities of
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Aethlon Medical's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Aethlon Medical carries a low D/E ratio of 0.30, meaning only $0.30 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.85, Aethlon Medical holds $3.85 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 76/100.
Aethlon Medical generates a -146.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -261.3% the prior year.
Aethlon Medical passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Aethlon Medical generates $0.98 in operating cash flow (-$7.0M OCF vs -$7.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Aethlon Medical earns $-507.5 in operating income for every $1 of interest expense (-$7.3M vs $14K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Aethlon Medical's EBITDA was -$7.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 22.6% from the prior year.
Aethlon Medical reported -$7.2M in net income in fiscal year 2026. This represents an increase of 46.6% from the prior year.
Aethlon Medical earned $-10.61 per diluted share (EPS) in fiscal year 2026. This represents an increase of 87.6% from the prior year.
Cash & Balance Sheet
Aethlon Medical generated -$7.0M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 8.4% from the prior year.
Aethlon Medical held $5.0M in cash against $0 in long-term debt as of fiscal year 2026.
Aethlon Medical had 2M shares outstanding in fiscal year 2026. This represents an increase of 681.0% from the prior year.
Margins & Returns
Aethlon Medical's ROE was -146.4% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 115.0 percentage points from the prior year.
Capital Allocation
Aethlon Medical invested $1.9M in research and development in fiscal year 2026. This represents a decrease of 13.6% from the prior year.
Aethlon Medical invested $4K in capex in fiscal year 2026, funding long-term assets and infrastructure.
AEMD Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | $533K+81.0% | $294K-43.9% | $524K | N/A | $240K-8.1% | $261K-36.9% | $415K |
| SG&A Expenses | N/A | $742K+42.2% | $521K-29.1% | $735K | N/A | $816K-14.8% | $958K+27.4% | $752K |
| Operating Income | N/A | -$2.1M-36.6% | -$1.5M+15.8% | -$1.8M | N/A | -$1.8M+37.5% | -$2.9M-10.7% | -$2.6M |
| Interest Expense | N/A | $44K+93.0% | $23K | N/A | N/A | $60K-37.0% | $95K | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | -$2.0M-35.7% | -$1.5M+15.6% | -$1.8M | N/A | -$1.8M+37.5% | -$2.8M-9.2% | -$2.6M |
| EPS (Diluted) | N/A | $-2.45+34.5% | $-3.74 | $-0.85 | N/A | $-10.05+37.6% | $-16.11-483.7% | $-2.76 |
AEMD Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.3M-21.4% | $8.1M+10.0% | $7.3M+38.0% | $5.3M-27.9% | $7.4M+12.8% | $6.5M-26.2% | $8.8M-22.5% | $11.4M |
| Current Assets | $5.6M-22.0% | $7.1M+14.2% | $6.3M+54.4% | $4.1M-31.9% | $5.9M+19.8% | $5.0M-30.4% | $7.1M-25.3% | $9.6M |
| Cash & Equivalents | $5.0M-27.7% | $7.0M+18.8% | $5.9M+55.5% | $3.8M-31.6% | $5.5M+14.0% | $4.8M-29.6% | $6.9M-24.4% | $9.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $1.4M+7.6% | $1.3M-14.8% | $1.6M-16.2% | $1.9M-15.8% | $2.2M+2.0% | $2.2M-22.5% | $2.8M+4.6% | $2.7M |
| Current Liabilities | $1.4M+15.1% | $1.3M-10.5% | $1.4M-13.7% | $1.6M-14.3% | $1.9M+7.1% | $1.8M-23.9% | $2.3M+9.5% | $2.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $4.9M-27.2% | $6.7M+16.8% | $5.7M+67.8% | $3.4M-33.2% | $5.1M+18.2% | $4.3M-28.0% | $6.0M-30.9% | $8.7M |
| Retained Earnings | -$175.1M-1.1% | -$173.2M-1.2% | -$171.2M-0.9% | -$169.7M-1.0% | -$168.0M-3.9% | -$161.7M-1.1% | -$159.9M-1.8% | -$157.1M |
AEMD Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.8M+6.6% | -$1.9M-13.0% | -$1.7M+3.3% | -$1.7M-2.5% | -$1.7M+16.8% | -$2.0M+9.2% | -$2.2M-26.7% | -$1.7M |
| Capital Expenditures | $2K | N/A | N/A | N/A | -$2K-200.0% | $2K | $0 | $0 |
| Free Cash Flow | -$1.8M | N/A | N/A | N/A | -$1.7M+16.8% | -$2.0M+9.1% | -$2.2M-26.7% | -$1.7M |
| Investing Cash Flow | -$2K | N/A | N/A | N/A | $2K+200.0% | -$2K | $0 | $0 |
| Financing Cash Flow | -$196K-106.6% | $3.0M-20.3% | $3.7M+69936.1% | -$5K-100.2% | $2.4M+33453.0% | -$7K-84.6% | -$4K-100.1% | $5.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
AEMD Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | -30.1%-4.2pp | -25.9%+25.6pp | -51.5% | N/A | -40.5%+6.1pp | -46.6%-17.1pp | -29.5% |
| Return on Assets | N/A | -25.1%-4.7pp | -20.3%+12.9pp | -33.2% | N/A | -26.9%+4.8pp | -31.7%-9.2pp | -22.5% |
| Current Ratio | 3.85-1.8 | 5.68+1.2 | 4.45+2.0 | 2.49-0.6 | 3.13+0.3 | 2.80-0.3 | 3.06-1.4 | 4.49 |
| Debt-to-Equity | 0.30+0.1 | 0.20-0.1 | 0.27-0.3 | 0.55+0.1 | 0.44-0.1 | 0.51+0.0 | 0.47+0.2 | 0.31 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
Is Aethlon Medical profitable?
No, Aethlon Medical (AEMD) reported a net income of -$7.2M in fiscal year 2026.
What is Aethlon Medical's EBITDA?
Aethlon Medical (AEMD) had EBITDA of -$7.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
What is Aethlon Medical's return on equity (ROE)?
Aethlon Medical (AEMD) has a return on equity of -146.4% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Aethlon Medical's free cash flow?
Aethlon Medical (AEMD) generated -$7.0M in free cash flow during fiscal year 2026. This represents a 8.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Aethlon Medical's operating cash flow?
Aethlon Medical (AEMD) generated -$7.0M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Aethlon Medical's total assets?
Aethlon Medical (AEMD) had $6.3M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Aethlon Medical's capital expenditures?
Aethlon Medical (AEMD) invested $4K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does Aethlon Medical spend on research and development?
Aethlon Medical (AEMD) invested $1.9M in research and development during fiscal year 2026.
What is Aethlon Medical's current ratio?
Aethlon Medical (AEMD) had a current ratio of 3.85 as of fiscal year 2026, which is generally considered healthy.
What is Aethlon Medical's debt-to-equity ratio?
Aethlon Medical (AEMD) had a debt-to-equity ratio of 0.30 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Aethlon Medical's return on assets (ROA)?
Aethlon Medical (AEMD) had a return on assets of -112.9% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Aethlon Medical's cash runway?
Based on fiscal year 2026 data, Aethlon Medical (AEMD) had $5.0M in cash against an annual operating cash burn of $7.0M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Aethlon Medical's Piotroski F-Score?
Aethlon Medical (AEMD) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Aethlon Medical's earnings high quality?
Aethlon Medical (AEMD) has an earnings quality ratio of 0.98x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Aethlon Medical cover its interest payments?
Aethlon Medical (AEMD) has an interest coverage ratio of -507.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Aethlon Medical?
Aethlon Medical (AEMD) scores 29 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.