What is Lightwave Logic Inc's earnings per share (EPS)?

Lightwave Logic Inc (LWLG) reported diluted earnings per share of $-0.16 for fiscal year 2025. This represents a 15.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Lightwave Logic Inc Financials

LWLG

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Lightwave Logic Inc (LWLG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 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).

Rhea AI LWLG FY2025 2026-04-22

Lightwave Logic still operates like a cash-funded R&D platform, with equity financing and not customer revenue carrying today's business model.

Cash reached $69.0M even though free cash flow stayed negative at -$15.1M. That jump versus the prior year came from $56.9M of financing inflow alongside a large share-count increase, so the stronger balance sheet reflects new equity capital rather than commercialization funding the business.

The near-97.1% gross margin looks impressive only because revenue was just $237K; at this scale, markup says little about the economics of the whole company. R&D spending of $11.5M means the real operating engine is still laboratory and development work, not recurring sales.

Operating cash burn of -$13.7M sat close to free cash burn of -$15.1M, so losses are mostly turning into actual cash use rather than being softened by non-cash accounting. At the same time, cash of $69.0M versus total liabilities of $4.5M leaves the company lightly encumbered, with the financing tradeoff centered on dilution instead of debt.

Financial Health Signals

Financial Profile 50/100

Based on FY2025 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 Lightwave Logic Inc'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.

Profitability

Lightwave Logic Inc has an operating margin of -8765.5%, meaning the company retains $-8765 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -24150.6% the prior year.

Growth

100

Lightwave Logic Inc's revenue surged 147.7% year-over-year to $237K, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

Lightwave Logic Inc carries a low D/E ratio of 0.06, meaning only $0.06 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 32.69, Lightwave Logic Inc holds $32.69 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Lightwave Logic Inc generated -$13.7M in operating cash flow, capex of $1.3M consumed most of it, leaving -$15.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Lightwave Logic Inc generates a -27.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -67.4% the prior year.

Piotroski F-Score Neutral

5/9

Lightwave Logic Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.68x

For every $1 of reported earnings, Lightwave Logic Inc generates $0.68 in operating cash flow (-$13.7M OCF vs -$20.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$237K

YoY+147.7%

Lightwave Logic Inc generated $237K in revenue in fiscal year 2025. This represents an increase of 147.7% from the prior year.

EBITDA

-$18.9M

YoY+11.9%

Lightwave Logic Inc's EBITDA was -$18.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.9% from the prior year.

Net Income

-$20.3M

YoY+9.9%

Lightwave Logic Inc reported -$20.3M in net income in fiscal year 2025. This represents an increase of 9.9% from the prior year.

EPS (Diluted)

$-0.16

YoY+15.8%

Lightwave Logic Inc earned $-0.16 per diluted share (EPS) in fiscal year 2025. This represents an increase of 15.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$15.1M

YoY+15.4%

Lightwave Logic Inc generated -$15.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 15.4% from the prior year.

Cash & Debt

$69.0M

YoY+149.4%

5Y CAGR+83.6%

10Y CAGR+33.9%

Lightwave Logic Inc held $69.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

146M

YoY+18.4%

5Y CAGR+8.4%

10Y CAGR+8.4%

Lightwave Logic Inc had 146M shares outstanding in fiscal year 2025. This represents an increase of 18.4% from the prior year.

Margins & Returns

Gross Margin

97.1%

YoY+4.8pp

Lightwave Logic Inc's gross margin was 97.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.8 percentage points from the prior year.

Operating Margin

-8765.5%

YoY+15385.1pp

Lightwave Logic Inc's operating margin was -8765.5% in fiscal year 2025, reflecting core business profitability. This is up 15385.1 percentage points from the prior year.

Net Margin

-8576.5%

YoY+14994.5pp

Lightwave Logic Inc's net profit margin was -8576.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 14994.5 percentage points from the prior year.

Return on Equity

-27.2%

YoY+40.2pp

5Y CAGR+89.1pp

10Y CAGR+69.6pp

Lightwave Logic Inc's ROE was -27.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 40.2 percentage points from the prior year.

Capital Allocation

R&D Spending

$11.5M

YoY-31.6%

5Y CAGR+20.1%

10Y CAGR+15.1%

Lightwave Logic Inc invested $11.5M in research and development in fiscal year 2025. This represents a decrease of 31.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$1.3M

YoY-41.3%

5Y CAGR+53.2%

10Y CAGR+16.9%

Lightwave Logic Inc invested $1.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 41.3% from the prior year.

LWLG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$237K+147.7%	$96K+136.1%	$41K	N/A	N/A	N/A
Cost of Revenue	$7K-7.7%	$7K+194.3%	$3K	N/A	N/A	N/A
Gross Profit	$230K+160.8%	$88K+132.2%	$38K	N/A	N/A	N/A
R&D Expenses	$11.5M-31.6%	$16.8M+5.7%	$15.9M+24.2%	$12.8M+2.6%	$12.5M+171.8%	$4.6M
SG&A Expenses	$9.5M+49.1%	$6.4M+18.9%	$5.4M+23.7%	$4.3M-4.1%	$4.5M+125.0%	$2.0M
Operating Income	-$20.8M+10.1%	-$23.1M-8.8%	-$21.2M-23.8%	-$17.1M-0.8%	-$17.0M-157.5%	-$6.6M
Interest Expense	N/A	N/A	$674K+221.2%	$210K-89.8%	$2.1M+1669.8%	$116K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$20.3M+9.9%	-$22.5M-207.1%	$21.0M+222.1%	-$17.2M+7.5%	-$18.6M-177.4%	-$6.7M
EPS (Diluted)	$-0.16+15.8%	$-0.19-5.6%	$-0.18-20.0%	$-0.15+16.7%	$-0.18-157.1%	$-0.07

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$159K+445.7%	$29K+13.9%	$26K+11.7%	$23K0.0%	$23K0.0%	$23K+18.4%	$19K-36.4%	$30K
Cost of Revenue	N/A	N/A	$3K+70.8%	$2K	N/A	$1K	N/A	$5K
Gross Profit	N/A	N/A	$22K+6.0%	$21K	N/A	$22K	N/A	$25K
R&D Expenses	$2.9M-1.9%	$2.9M+11.3%	$2.6M-15.1%	$3.1M-22.7%	$4.0M+4.4%	$3.8M-12.2%	$4.4M-5.6%	$4.6M
SG&A Expenses	$3.1M+34.1%	$2.3M-0.4%	$2.3M+25.2%	$1.8M+6.3%	$1.7M+15.9%	$1.5M-21.4%	$1.9M+51.1%	$1.3M
Operating Income	-$5.8M-11.5%	-$5.2M-5.7%	-$4.9M+0.1%	-$4.9M+14.0%	-$5.7M-7.6%	-$5.3M+15.1%	-$6.2M-6.6%	-$5.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$0	$0	$0	N/A	$0	$0	$0
Net Income	-$5.5M-8.8%	-$5.1M-2.7%	-$5.0M-5.7%	-$4.7M+15.1%	-$5.5M-4.4%	-$5.3M+11.9%	-$6.0M-6.0%	-$5.7M
EPS (Diluted)	N/A	$-0.040.0%	$-0.040.0%	$-0.04	N/A	$-0.04+20.0%	$-0.050.0%	$-0.05

LWLG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$79.2M+109.4%	$37.8M-9.5%	$41.8M+42.8%	$29.3M+7.5%	$27.2M+269.6%	$7.4M
Current Assets	$69.8M+148.3%	$28.1M-14.0%	$32.7M+29.0%	$25.4M+7.1%	$23.7M+510.9%	$3.9M
Cash & Equivalents	$69.0M+149.4%	$27.7M-12.0%	$31.4M+30.4%	$24.1M+2.9%	$23.4M+608.7%	$3.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$191K+318.6%	$46K+50.0%	$30K	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.5M+3.5%	$4.4M-18.1%	$5.3M+212.8%	$1.7M-15.5%	$2.0M+27.2%	$1.6M
Current Liabilities	$2.1M+19.6%	$1.8M-30.9%	$2.6M+71.7%	$1.5M-5.2%	$1.6M+70.0%	$933K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$74.6M+123.3%	$33.4M-8.3%	$36.4M+32.2%	$27.6M+9.3%	$25.2M+336.4%	$5.8M
Retained Earnings	-$167.3M-13.8%	-$147.0M-18.1%	-$124.5M-16.5%	-$106.8M-19.2%	-$89.6M-26.3%	-$71.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$79.2M+76.8%	$44.8M+38.1%	$32.4M-9.0%	$35.6M-5.7%	$37.8M+1.5%	$37.2M-6.4%	$39.8M-4.6%	$41.7M
Current Assets	$69.8M+96.9%	$35.5M+55.8%	$22.8M-10.9%	$25.6M-9.1%	$28.1M+2.3%	$27.5M-8.3%	$30.0M-7.1%	$32.3M
Cash & Equivalents	$69.0M+97.5%	$34.9M+58.1%	$22.1M-11.7%	$25.0M-9.5%	$27.7M+2.9%	$26.9M-7.9%	$29.2M-7.3%	$31.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$191K+433.5%	$36K+232.5%	$11K-42.7%	$19K-58.8%	$46K+69.9%	$27K+232.5%	$8K-85.8%	$57K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.5M+26.2%	$3.6M-0.2%	$3.6M-11.9%	$4.1M-6.7%	$4.4M+16.5%	$3.8M-9.9%	$4.2M-8.0%	$4.5M
Current Liabilities	$2.1M+87.0%	$1.1M+4.0%	$1.1M-28.6%	$1.5M-13.9%	$1.8M+59.1%	$1.1M-24.8%	$1.5M-17.7%	$1.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$74.6M+81.2%	$41.2M+42.9%	$28.8M-8.6%	$31.5M-5.6%	$33.4M-0.1%	$33.5M-6.0%	$35.6M-4.2%	$37.2M
Retained Earnings	-$167.3M-0.9%	-$165.9M-5.9%	-$156.7M-1.0%	-$155.1M-5.5%	-$147.0M-1.5%	-$144.9M-3.8%	-$139.6M-4.5%	-$133.6M

LWLG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$13.7M+11.6%	-$15.6M-27.1%	-$12.2M-16.2%	-$10.5M-2.2%	-$10.3M-111.4%	-$4.9M
Capital Expenditures	$1.3M-41.3%	$2.3M-31.1%	$3.3M+151.9%	$1.3M+19.1%	$1.1M+594.4%	$158K
Free Cash Flow	-$15.1M+15.4%	-$17.8M-14.7%	-$15.5M-31.2%	-$11.8M-3.8%	-$11.4M-126.6%	-$5.0M
Investing Cash Flow	-$1.8M+32.6%	-$2.7M+8.8%	-$3.0M-33.8%	-$2.2M-98.0%	-$1.1M-412.0%	-$218K
Financing Cash Flow	$56.9M+292.9%	$14.5M-35.7%	$22.5M+67.9%	$13.4M-57.5%	$31.5M+411.9%	$6.2M
Dividends Paid	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

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$3.3M-4.3%	-$3.2M+15.8%	-$3.8M-8.0%	-$3.5M-11.3%	-$3.1M+12.6%	-$3.6M+11.4%	-$4.1M+15.1%	-$4.8M
Capital Expenditures	$379K+538.5%	$59K+46.9%	$40K-95.3%	$854K+157.1%	$332K-5.1%	$350K-56.9%	$810K+4.5%	$775K
Free Cash Flow	-$3.7M-14.1%	-$3.2M+15.1%	-$3.8M+12.3%	-$4.3M-25.2%	-$3.5M+12.0%	-$3.9M+19.0%	-$4.9M+12.4%	-$5.5M
Investing Cash Flow	-$591K-163.6%	-$224K-118.0%	-$103K+88.6%	-$899K-114.5%	-$419K+33.0%	-$625K+24.2%	-$825K+0.5%	-$828K
Financing Cash Flow	$38.0M+133.9%	$16.2M+1637.3%	$935K-47.1%	$1.8M-59.3%	$4.3M+128.2%	$1.9M-25.8%	$2.6M-54.9%	$5.7M
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

LWLG Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	97.1%+4.8pp	92.3%-1.5pp	93.8%	N/A	N/A	N/A
Operating Margin	-8765.5%+15385.1pp	-24150.6%+28254.9pp	-52405.5%	N/A	N/A	N/A
Net Margin	-8576.5%+14994.5pp	-23571.0%-75514.2pp	51943.2%	N/A	N/A	N/A
Return on Equity	-27.2%+40.2pp	-67.4%-125.2pp	57.7%+120.3pp	-62.5%+11.4pp	-73.9%+42.4pp	-116.3%
Return on Assets	-25.7%+33.9pp	-59.6%-109.9pp	50.3%+109.2pp	-58.9%+9.6pp	-68.4%+22.7pp	-91.2%
Current Ratio	32.69+16.9	15.75+3.1	12.66-4.2	16.86+1.9	14.92+10.8	4.15
Debt-to-Equity	0.06-0.1	0.13-0.0	0.15+0.1	0.06-0.0	0.08-0.2	0.28
FCF Margin	-6367.2%+12269.8pp	-18637.0%+19702.5pp	-38339.5%	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	86.5%-4.7pp	91.1%	N/A	94.6%	N/A	83.0%
Operating Margin	-3629.3%+14128.1pp	-17757.5%+1380.1pp	-19137.6%+2267.4pp	-21405.0%+3474.3pp	-24879.3%-1764.0pp	-23115.3%+9122.2pp	-32237.5%-13002.0pp	-19235.5%
Net Margin	-3486.6%+14001.4pp	-17488.0%+1909.1pp	-19397.1%+1098.7pp	-20495.8%+3654.5pp	-24150.3%-1018.4pp	-23131.9%+7969.5pp	-31101.4%-12428.0pp	-18673.5%
Return on Equity	-7.4%+4.9pp	-12.4%+4.8pp	-17.2%-2.3pp	-14.9%+1.7pp	-16.6%-0.7pp	-15.8%+1.1pp	-16.9%-1.6pp	-15.3%
Return on Assets	-7.0%+4.4pp	-11.4%+3.9pp	-15.3%-2.1pp	-13.2%+1.5pp	-14.6%-0.4pp	-14.2%+0.9pp	-15.1%-1.5pp	-13.6%
Current Ratio	32.69+1.6	31.06+10.3	20.72+4.1	16.62+0.9	15.75-8.7	24.48+4.4	20.08+2.3	17.81
Debt-to-Equity	0.06-0.0	0.09-0.0	0.120.0	0.130.0	0.13+0.0	0.110.0	0.120.0	0.12
FCF Margin	-2319.2%+8774.2pp	-11093.4%+3788.3pp	-14881.6%+4072.3pp	-18953.9%-3819.9pp	-15134.1%+2059.5pp	-17193.6%+7926.4pp	-25120.0%-6881.6pp	-18238.4%

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Frequently Asked Questions

What is Lightwave Logic Inc's annual revenue?

Lightwave Logic Inc (LWLG) reported $237K in total revenue for fiscal year 2025. This represents a 147.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Lightwave Logic Inc's revenue growing?

Lightwave Logic Inc (LWLG) revenue grew by 147.7% year-over-year, from $96K to $237K in fiscal year 2025.

Is Lightwave Logic Inc profitable?

No, Lightwave Logic Inc (LWLG) reported a net income of -$20.3M in fiscal year 2025, with a net profit margin of -8576.5%.

What is Lightwave Logic Inc's EBITDA?

Lightwave Logic Inc (LWLG) had EBITDA of -$18.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Lightwave Logic Inc's gross margin?

Lightwave Logic Inc (LWLG) had a gross margin of 97.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Lightwave Logic Inc's operating margin?

Lightwave Logic Inc (LWLG) had an operating margin of -8765.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Lightwave Logic Inc's net profit margin?

Lightwave Logic Inc (LWLG) had a net profit margin of -8576.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Lightwave Logic Inc's return on equity (ROE)?

Lightwave Logic Inc (LWLG) has a return on equity of -27.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Lightwave Logic Inc's free cash flow?

Lightwave Logic Inc (LWLG) generated -$15.1M in free cash flow during fiscal year 2025. This represents a 15.4% 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 Lightwave Logic Inc's operating cash flow?

Lightwave Logic Inc (LWLG) generated -$13.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Lightwave Logic Inc's total assets?

Lightwave Logic Inc (LWLG) had $79.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Lightwave Logic Inc's capital expenditures?

Lightwave Logic Inc (LWLG) invested $1.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Lightwave Logic Inc spend on research and development?

Lightwave Logic Inc (LWLG) invested $11.5M in research and development during fiscal year 2025.

How many shares does Lightwave Logic Inc have outstanding?

Lightwave Logic Inc (LWLG) had 146M shares outstanding as of fiscal year 2025.

What is Lightwave Logic Inc's current ratio?

Lightwave Logic Inc (LWLG) had a current ratio of 32.69 as of fiscal year 2025, which is generally considered healthy.

What is Lightwave Logic Inc's debt-to-equity ratio?

Lightwave Logic Inc (LWLG) had a debt-to-equity ratio of 0.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Lightwave Logic Inc's return on assets (ROA)?

Lightwave Logic Inc (LWLG) had a return on assets of -25.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Lightwave Logic Inc's cash runway?

Based on fiscal year 2025 data, Lightwave Logic Inc (LWLG) had $69.0M in cash against an annual operating cash burn of $13.7M. This gives an estimated cash runway of approximately 60 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 Lightwave Logic Inc's Piotroski F-Score?

Lightwave Logic Inc (LWLG) has a Piotroski F-Score of 5 out of 9, indicating neutral 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 Lightwave Logic Inc's earnings high quality?

Lightwave Logic Inc (LWLG) has an earnings quality ratio of 0.68x, 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.

How financially healthy is Lightwave Logic Inc?

Lightwave Logic Inc (LWLG) scores 50 out of 100 on our Financial Profile, indicating moderate 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.