What is Rockwell Medical's operating income?

Rockwell Medical's total operating income in 2025 was -$4.69 million, based on the following breakdown: Total Gross Profit: $11.70 million Total Operating Expenses: $16.39 million

Rockwell Medical (RMTI) Financials

$6.30 +0.17 (+2.77%)

Closing price 07/20/2026 04:00 PM Eastern

Extended Trading

$6.30 0.00 (-0.08%)

As of 07/20/2026 07:34 PM Eastern

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Annual Income Statements for Rockwell Medical

This table shows Rockwell Medical's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-14	-20	-26	-32	-34	-31	-33	-19	-8.44	-0.48	-5.31
Consolidated Net Income / (Loss)	-14	-20	-26	-32	-34	-31	-33	-19	-8.44	-0.48	-5.31
Net Income / (Loss) Continuing Operations	-14	-20	-26	-32	-34	-31	-33	-19	-8.44	-0.48	-5.31
Total Pre-Tax Income	-14	-19	-26	-32	-34	-31	-33	-19	-8.44	-0.48	-5.31
Total Operating Income	-15	-20	-26	-32	-35	-28	-30	-17	-6.67	0.61	-4.69
Total Gross Profit	8.94	6.75	3.70	-1.58	2.84	2.73	-2.42	4.08	8.70	17	12
Total Revenue	55	53	57	63	61	62	62	73	84	101	69
Operating Revenue	55	53	57	63	61	62	62	73	84	101	69
Total Cost of Revenue	46	47	54	65	58	59	64	69	75	84	58
Operating Cost of Revenue	46	47	54	65	58	59	64	69	75	84	58
Total Operating Expenses	24	27	30	31	37	31	28	21	15	17	16
Selling, General & Admin Expense	19	21	23	22	21	16	15	16	12	14	14
Marketing Expense	-	-	-	1.00	9.05	7.87	5.73	2.09	2.13	2.75	2.35
Research & Development Expense	4.96	5.84	6.32	6.74	6.89	7.09	6.84	3.12	1.11	0.02	0.00
Total Other Income / (Expense), net	0.68	0.81	0.00	0.31	0.40	-2.47	-2.34	-1.90	-1.77	-1.09	-0.62
Interest Expense	-	-	-0.79	-0.54	0.03	1.88	2.36	1.94	2.30	1.25	1.12
Interest & Investment Income	0.68	0.81	-	-	0.39	0.24	0.02	0.03	0.21	0.09	0.23
Other Income / (Expense), net	-	-	-0.79	-0.22	0.03	-0.83	0.00	0.00	0.32	0.07	0.27
Basic Earnings per Share	($0.29)	($0.39)	($0.51)	($0.61)	($0.56)	($0.41)	($3.83)	($1.31)	($0.37)	($0.03)	($0.15)
Weighted Average Basic Shares Outstanding	50.07M	51.53M	51.07M	52.82M	60.92M	75.62M	8.53M	14.30M	23.32M	31.06M	35.97M
Diluted Earnings per Share	($0.29)	($0.39)	($0.51)	($0.61)	($0.56)	($0.41)	($3.83)	($1.31)	($0.37)	($0.03)	($0.15)
Weighted Average Diluted Shares Outstanding	50.07M	51.53M	51.07M	52.82M	60.92M	75.62M	8.53M	14.30M	23.32M	31.06M	35.97M
Weighted Average Basic & Diluted Shares Outstanding	50.07M	51.53M	51.07M	52.82M	60.92M	75.62M	-	12.55M	29.33M	34.06M	39.41M

This table shows Rockwell Medical's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-1.87	-1.51	-1.73	0.34	1.66	-0.76	-1.52	-1.49	-1.75	-0.55	-1.61
Consolidated Net Income / (Loss)	-1.87	-1.51	-1.73	0.34	1.66	-0.76	-1.52	-1.49	-1.75	-0.55	-1.61
Net Income / (Loss) Continuing Operations	-1.87	-1.51	-1.73	0.34	1.66	-0.76	-1.52	-1.49	-1.75	-0.55	-1.61
Total Pre-Tax Income	-1.87	-1.51	-1.73	0.34	1.66	-0.76	-1.52	-1.49	-1.75	-0.55	-1.61
Total Operating Income	-1.74	-0.55	-1.32	0.52	1.94	-0.52	-1.36	-1.35	-1.58	-0.40	-1.48
Total Gross Profit	2.20	2.87	3.06	4.55	6.24	3.63	3.04	2.50	2.27	3.88	2.90
Total Revenue	24	22	23	26	28	25	19	16	16	18	17
Operating Revenue	24	22	23	26	28	25	19	16	16	18	17
Total Cost of Revenue	22	19	20	21	22	21	16	14	14	14	14
Operating Cost of Revenue	22	19	20	21	22	21	16	14	14	14	14
Total Operating Expenses	3.94	3.42	4.39	4.04	4.30	4.15	4.40	3.85	3.86	4.28	4.38
Selling, General & Admin Expense	2.89	2.71	3.78	3.45	3.58	3.31	3.69	3.28	3.33	3.74	3.81
Marketing Expense	0.56	0.54	0.59	0.59	0.73	0.84	0.71	0.57	0.53	0.54	0.57
Total Other Income / (Expense), net	-0.14	-0.97	-0.41	-0.17	-0.27	-0.24	-0.16	-0.14	-0.17	-0.16	-0.13
Interest Expense	0.41	1.11	0.43	0.23	0.30	0.29	0.28	0.28	0.29	0.29	0.28
Interest & Investment Income	0.06	0.04	0.02	0.01	0.03	0.03	0.07	0.07	0.06	0.04	0.04
Other Income / (Expense), net	0.22	-	0.00	0.05	0.00	0.02	0.06	0.06	0.06	0.09	0.12
Basic Earnings per Share	($0.07)	($0.06)	($0.06)	$0.01	$0.05	($0.03)	($0.04)	($0.05)	($0.05)	($0.01)	($0.04)
Weighted Average Basic Shares Outstanding	27.52M	23.32M	29.33M	30.45M	31.55M	31.06M	34.11M	34.31M	36.02M	35.97M	39.42M
Diluted Earnings per Share	($0.07)	($0.06)	($0.06)	$0.01	$0.04	($0.02)	($0.04)	($0.05)	($0.05)	($0.01)	($0.04)
Weighted Average Diluted Shares Outstanding	27.52M	23.32M	29.33M	32.03M	32.42M	31.06M	34.11M	34.31M	36.02M	35.97M	39.42M
Weighted Average Basic & Diluted Shares Outstanding	28.49M	29.33M	30.32M	31.03M	32.32M	34.06M	34.17M	34.43M	39.41M	39.41M	39.47M

This table details how cash moves in and out of Rockwell Medical's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-35	-14	-8.77	37	-11	37	-35	-3.18	-1.12	6.68	-4.95
Net Cash From Operating Activities	-13	-12	-21	-18	-27	-30	-34	-17	-9.41	4.20	-0.66
Net Cash From Continuing Operating Activities	-13	-12	-21	-18	-27	-30	-34	-17	-9.41	4.20	-0.66
Net Income / (Loss) Continuing Operations	-14	-20	-26	-32	-34	-31	-33	-19	-8.44	-0.48	-5.31
Consolidated Net Income / (Loss)	-14	-20	-26	-32	-34	-31	-33	-19	-8.44	-0.48	-5.31
Depreciation Expense	0.82	0.76	0.51	0.65	0.79	0.83	0.67	0.58	1.44	2.18	2.19
Amortization Expense	-	-	-	-	1.87	1.75	2.22	2.38	1.11	0.43	0.35
Non-Cash Adjustments To Reconcile Net Income	8.95	10	7.98	13	6.25	1.62	1.10	0.92	3.72	3.60	3.72
Changes in Operating Assets and Liabilities, net	-8.68	3.79	-3.68	0.27	1.98	-2.96	-4.84	-2.13	-7.24	-1.53	-1.61
Net Cash From Investing Activities	-21	-1.64	15	33	-4.75	3.21	0.31	-2.40	-3.05	-4.87	-8.54
Net Cash From Continuing Investing Activities	-21	-1.64	15	33	-4.75	3.21	0.31	-2.40	-3.05	-4.87	-8.54
Purchase of Property, Plant & Equipment	-0.82	-	-1.68	-	-	-1.05	-0.52	-0.28	-0.28	-1.01	-0.54
Purchase of Investments	-22	-	-36	-	-	-29	-26	-21	-5.70	-5.86	-24
Sale and/or Maturity of Investments	1.47	50	52	34	80	34	27	19	15	2.00	16
Net Cash From Financing Activities	-0.13	0.08	-2.16	22	21	63	-2.18	16	11	7.35	4.25
Net Cash From Continuing Financing Activities	-0.13	0.08	-2.16	22	21	63	-2.18	16	11	7.35	4.25
Repayment of Debt	-	-	-	0.00	-1.15	-2.11	-2.28	-13	-2.99	-0.65	-0.66
Issuance of Common Equity	2.78	0.08	0.12	22	24	45	0.11	15	15	10	7.82
Other Financing Activities, net	-2.91	-	-2.29	0.07	0.15	-0.02	-0.01	-0.48	-0.52	-2.19	-2.90
Effect of Exchange Rate Changes	-	-0.00	-	-	-	-	-	-0.00	-0.00	-0.01	0.00
Cash Interest Paid	-	-	-	-	0.00	1.56	1.83	1.47	1.21	0.85	0.77

This table details how cash moves in and out of Rockwell Medical's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-1.20	1.22	-2.34	5.22	0.48	3.32	-4.27	1.09	1.13	-2.90	-1.10
Net Cash From Operating Activities	-3.75	-0.04	-2.38	1.44	4.28	0.87	-3.49	1.84	-1.31	2.29	-0.17
Net Cash From Continuing Operating Activities	-3.75	-0.04	-2.38	1.44	4.28	0.87	-3.49	1.84	-1.31	2.29	-0.17
Net Income / (Loss) Continuing Operations	-1.87	-1.51	-1.73	0.34	1.66	-0.76	-1.52	-1.49	-1.75	-0.55	-1.61
Consolidated Net Income / (Loss)	-1.87	-1.51	-1.73	0.34	1.66	-0.76	-1.52	-1.49	-1.75	-0.55	-1.61
Depreciation Expense	0.56	0.55	0.55	0.55	0.54	0.54	0.54	0.56	0.54	0.55	0.51
Amortization Expense	0.09	0.83	0.22	0.03	0.09	0.09	0.09	0.09	0.09	0.09	0.09
Non-Cash Adjustments To Reconcile Net Income	1.60	0.60	0.77	0.71	1.14	0.98	1.14	0.89	0.91	0.78	1.05
Changes in Operating Assets and Liabilities, net	-4.14	-0.51	-2.18	-0.19	0.84	0.01	-3.74	1.79	-1.10	1.43	-0.21
Net Cash From Investing Activities	-10	2.01	-0.14	1.72	-6.11	-0.33	-0.00	-0.10	-4.31	-4.13	-0.12
Net Cash From Continuing Investing Activities	-10	2.01	-0.14	1.72	-6.11	-0.33	-0.00	-0.10	-4.31	-4.13	-0.12
Purchase of Property, Plant & Equipment	-	-0.04	-0.14	-0.29	-0.19	-0.40	-0.06	-0.16	-0.23	-0.09	-0.43
Purchase of Investments	0.08	-1.95	0.00	-	-5.92	0.06	-2.94	-2.94	-7.08	-11	-7.07
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	-	-	-	0.18
Sale and/or Maturity of Investments	2.00	4.00	0.00	2.00	-	-	3.00	3.00	3.00	7.20	7.20
Net Cash From Financing Activities	13	-0.74	0.18	2.07	2.31	2.79	-0.78	-0.65	6.74	-1.06	-0.81
Net Cash From Continuing Financing Activities	13	-0.74	0.18	2.07	2.31	2.79	-0.78	-0.65	6.74	-1.06	-0.81
Repayment of Debt	-0.75	-1.74	-0.24	-	-0.20	-0.20	-0.20	-0.07	-0.20	-0.20	-0.20
Other Financing Activities, net	-0.13	-0.13	-0.14	-0.14	-1.12	-0.80	-0.58	-0.58	-0.87	-0.86	-0.62
Cash Interest Paid	0.63	0.28	0.23	0.20	0.21	0.20	0.19	0.19	0.20	0.20	0.19

This table presents Rockwell Medical's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	88	83	59	53	44	78	49	47	52	59	57
Total Current Assets	85	79	49	47	37	69	35	35	29	37	38
Cash & Equivalents	31	17	8.41	23	12	49	13	10	8.98	16	11
Short-Term Investments	39	41	25	11	14	10.00	9.16	11	1.95	5.94	14
Accounts Receivable	5.05	6.39	6.36	6.98	4.20	4.17	5.91	6.26	11	8.29	8.14
Inventories, net	7.87	12	7.64	4.04	3.65	3.91	4.08	5.81	5.87	5.78	3.42
Prepaid Expenses	-	-	1.78	1.90	2.98	2.71	2.86	1.75	1.06	1.36	1.60
Plant, Property, & Equipment, net	1.65	1.39	2.55	2.64	2.43	2.64	2.49	2.19	6.40	5.79	4.63
Total Noncurrent Assets	1.55	3.25	7.40	3.09	5.01	5.64	11	9.13	17	16	14
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	2.47	1.90	1.34	0.65
Goodwill	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92
Intangible Assets	0.17	0.00	-	-	-	-	-	0.00	11	10	9.66
Other Noncurrent Operating Assets	0.46	2.33	6.48	2.17	4.09	4.72	9.88	5.74	3.42	3.92	3.13
Total Liabilities & Shareholders' Equity	88	83	59	53	44	78	49	47	52	59	57
Total Liabilities	26	30	26	25	24	44	46	33	31	27	20
Total Current Liabilities	8.09	10	9.14	13	12	13	21	18	17	14	9.58
Short-Term Debt	-	-	-	-	-	0.00	7.38	1.63	2.74	0.27	1.26
Accounts Payable	4.00	5.86	4.22	5.34	3.21	4.29	3.74	4.05	4.52	2.87	2.00
Accrued Expenses	3.83	4.21	4.72	5.13	4.52	5.01	5.09	7.70	7.15	6.28	4.34
Customer Deposits	-	-	0.21	0.06	0.06	0.15	0.14	0.07	0.24	0.10	0.36
Other Current Liabilities	-	-	-	0.42	2.36	1.17	2.44	2.51	1.94	4.54	1.62
Total Noncurrent Liabilities	17	20	17	12	12	31	25	15	14	13	11
Long-Term Debt	-	-	-	-	0.00	21	13	7.56	8.29	8.47	8.83
Other Noncurrent Operating Liabilities	-	-	-	-	1.78	1.82	5.90	4.68	5.48	3.63	1.76
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	62	53	33	27	20	34	2.54	14	21	33	37
Total Preferred & Common Equity	62	53	33	27	20	34	2.54	14	21	33	37
Preferred Stock	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	62	53	33	27	20	34	2.54	14	21	33	37
Common Stock	258	268	273	300	327	372	373	403	418	430	440
Retained Earnings	-195	-214	-240	-272	-307	-337	-370	-389	-397	-398	-403
Accumulated Other Comprehensive Income / (Loss)	-0.92	-0.90	-0.04	0.06	0.05	0.06	0.05	0.16	-0.00	0.05	0.13

This table presents Rockwell Medical's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	53	51	53	57	54	53	57	57
Total Current Assets	28	27	30	34	33	32	38	37
Cash & Equivalents	7.76	6.64	12	12	11	12	14	9.61
Short-Term Investments	3.97	1.98	0.00	5.93	5.94	5.94	10	14
Accounts Receivable	9.36	11	11	8.89	9.67	8.08	8.33	8.83
Inventories, net	5.49	6.07	5.88	5.89	5.05	4.16	3.96	3.06
Prepaid Expenses	1.60	0.91	1.17	1.17	0.99	0.94	1.52	1.17
Plant, Property, & Equipment, net	6.77	6.13	6.01	5.80	5.39	5.13	4.95	4.33
Total Noncurrent Assets	18	18	17	17	16	16	15	16
Noncurrent Note & Lease Receivables	2.04	1.76	1.62	-	-	1.07	-	0.55
Goodwill	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92
Intangible Assets	11	11	10	10	10	9.93	9.79	9.52
Other Noncurrent Operating Assets	3.80	4.59	4.24	5.81	4.54	3.97	4.31	5.16
Total Liabilities & Shareholders' Equity	53	51	53	57	54	53	57	57
Total Liabilities	31	30	30	28	22	22	20	22
Total Current Liabilities	21	15	15	14	11	11	9.58	9.87
Short-Term Debt	8.13	2.50	3.17	2.74	2.50	3.16	2.21	1.27
Accounts Payable	3.93	4.92	3.35	2.61	1.93	1.50	1.52	3.45
Accrued Expenses	6.71	5.25	6.17	6.29	4.58	4.10	3.87	3.16
Customer Deposits	0.03	0.20	0.13	0.35	0.13	0.11	0.20	0.07
Other Current Liabilities	2.57	2.03	2.03	2.14	2.07	2.08	1.78	1.92
Total Noncurrent Liabilities	9.68	15	15	14	11	11	11	12
Long-Term Debt	3.33	8.27	8.30	8.38	8.56	8.65	8.74	8.21
Other Noncurrent Operating Liabilities	5.86	6.40	5.89	3.86	1.90	2.62	1.72	3.49
Commitments & Contingencies	-	-	-	-	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	22	21	23	29	32	30	37	36
Total Preferred & Common Equity	22	21	23	29	32	30	37	36
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	22	21	23	29	32	30	37	36
Common Stock	417	420	422	426	431	431	439	440
Retained Earnings	-396	-399	-399	-397	-399	-401	-402	-405
Accumulated Other Comprehensive Income / (Loss)	0.07	0.02	-0.01	0.01	0.06	0.06	0.07	0.13

This table displays calculated financial ratios and metrics derived from Rockwell Medical's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	51,077,877.00	51,527,711.00	51,761,040.00	56,977,656.00	63,955,893.00	93,573,165.00	93,966,381.00	11,632,673.00	28,489,663.00	32,318,806.00	39,405,302.00
DEI Adjusted Shares Outstanding	4,643,443.00	4,684,337.00	4,705,549.00	5,179,787.00	5,814,172.00	8,506,651.00	8,542,398.00	11,632,673.00	28,489,663.00	32,318,806.00	39,405,302.00
DEI Earnings Per Adjusted Shares Outstanding	-3.11	-4.23	-5.51	-6.20	-5.87	-3.63	-3.82	-1.61	-0.30	-0.01	-0.13
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.14%	-3.73%	7.54%	10.63%	-3.29%	1.46%	-0.43%	17.57%	14.84%	21.38%	-31.76%
EBITDA Growth	8.93%	-36.18%	-34.71%	-22.19%	0.53%	16.26%	-2.95%	49.66%	72.51%	186.57%	-157.12%
EBIT Growth	13.99%	-33.81%	-32.18%	-22.28%	-5.61%	15.21%	-3.72%	44.70%	62.15%	110.74%	-748.68%
NOPAT Growth	13.99%	-33.81%	-28.28%	-25.14%	-6.43%	17.68%	-6.74%	44.69%	60.25%	109.12%	-871.55%
Net Income Growth	32.38%	-37.33%	-30.90%	-23.94%	-6.23%	9.49%	-5.78%	42.83%	54.82%	94.31%	-1,007.08%
EPS Growth	44.23%	-34.48%	-30.77%	-19.61%	8.20%	26.79%	-5.78%	65.80%	71.76%	91.89%	-400.00%
Operating Cash Flow Growth	-413.03%	6.57%	-69.55%	15.67%	-53.07%	-8.76%	-13.13%	49.52%	44.40%	144.65%	-115.68%
Free Cash Flow Firm Growth	-1,274.24%	8.90%	-31.19%	27.81%	-48.83%	10.68%	-15.41%	49.40%	-88.34%	108.63%	-368.96%
Invested Capital Growth	50.89%	40.39%	97.15%	-4,297.98%	8.48%	37.82%	118.65%	171.08%	1,088.50%	-7.80%	11.91%
Revenue Q/Q Growth	-0.57%	-1.38%	2.59%	3.29%	-2.18%	-0.52%	0.27%	5.78%	3.44%	2.60%	-8.36%
EBITDA Q/Q Growth	-8.00%	3.79%	-22.42%	-1.18%	10.95%	-2.45%	-0.75%	36.35%	18.45%	-16.44%	9.06%
EBIT Q/Q Growth	-7.41%	3.81%	-21.62%	-1.32%	5.55%	-2.36%	-0.95%	27.60%	21.49%	17.59%	3.99%
NOPAT Q/Q Growth	-7.41%	3.81%	-18.02%	-0.63%	5.53%	-2.41%	-0.96%	27.59%	17.52%	4.83%	2.51%
Net Income Q/Q Growth	4.08%	3.49%	-18.17%	-1.06%	5.73%	-4.61%	-0.86%	26.05%	9.13%	61.17%	3.66%
EPS Q/Q Growth	6.45%	7.14%	-21.43%	3.17%	0.00%	0.00%	-0.86%	4.38%	-8.82%	25.00%	6.25%
Operating Cash Flow Q/Q Growth	-431.88%	2.55%	-129.06%	29.05%	-4.73%	-12.40%	-1.38%	34.49%	0.73%	27.57%	68.39%
Free Cash Flow Firm Q/Q Growth	-1,651.24%	17.72%	-19.61%	-5.98%	2.46%	-8.48%	-3.77%	34.85%	-0.07%	247.72%	-13.14%
Invested Capital Q/Q Growth	2.34%	-152.94%	-107.59%	-24.29%	-8.13%	18.81%	175.11%	-32.46%	0.67%	-14.52%	-10.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.15%	12.67%	6.46%	-2.50%	4.63%	4.38%	-3.91%	5.60%	10.41%	17.23%	16.89%
EBITDA Margin	-25.80%	-36.50%	-45.72%	-50.50%	-51.94%	-42.87%	-44.33%	-18.98%	-4.54%	3.24%	-2.71%
Operating Margin	-27.28%	-37.93%	-45.24%	-51.18%	-56.32%	-45.69%	-48.98%	-23.05%	-7.98%	0.60%	-6.77%
EBIT Margin	-27.28%	-37.93%	-46.62%	-51.53%	-56.27%	-47.03%	-48.98%	-23.04%	-7.59%	0.67%	-6.39%
Profit (Net Income) Margin	-26.05%	-37.16%	-45.24%	-50.68%	-55.67%	-49.66%	-52.76%	-25.65%	-10.09%	-0.47%	-7.67%
Tax Burden Percent	100.00%	102.09%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	95.49%	95.99%	97.04%	98.36%	98.94%	105.61%	107.71%	111.34%	132.92%	-70.38%	120.12%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-953.41%	-40.26%	2.07%	-15.71%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-855.60%	21.52%	16.26%	-1.09%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	728.92%	-7.42%	-3.85%	0.43%
Return on Equity (ROE)	-22.01%	-34.36%	-60.37%	-106.75%	-143.40%	-113.38%	-178.04%	-224.49%	-47.68%	-1.78%	-15.28%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3,834.22%	-1,045.62%	-209.22%	10.19%	-26.96%
Operating Return on Assets (OROA)	-16.25%	-23.64%	-37.64%	-58.67%	-71.22%	-47.92%	-48.03%	-35.24%	-12.85%	1.22%	-7.60%
Return on Assets (ROA)	-15.52%	-23.16%	-36.53%	-57.71%	-70.46%	-50.61%	-51.73%	-39.24%	-17.08%	-0.86%	-9.13%
Return on Common Equity (ROCE)	-22.01%	-34.36%	-60.37%	-106.75%	-143.40%	-113.38%	-178.04%	-224.49%	-47.68%	-1.78%	-15.28%
Return on Equity Simple (ROE_SIMPLE)	-23.14%	-37.39%	-78.76%	-117.78%	-167.95%	-90.40%	-1,288.92%	-132.42%	-39.64%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	-14	-18	-23	-24	-20	-21	-12	-4.67	0.43	-3.28
NOPAT Margin	-19.10%	-26.55%	-31.67%	-35.82%	-39.42%	-31.99%	-34.29%	-16.13%	-5.58%	0.42%	-4.74%
Net Nonoperating Expense Percent (NNEP)	-4.92%	-8.80%	-17.09%	-28.29%	-33.44%	-34.48%	-57.77%	-97.81%	-61.78%	-14.19%	-14.62%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-14.44%	1.03%	-6.98%
Cost of Revenue to Revenue	83.85%	87.33%	93.54%	102.50%	95.37%	95.62%	103.91%	94.40%	89.59%	82.77%	83.11%
SG&A Expenses to Revenue	34.47%	39.64%	40.67%	34.83%	34.25%	26.02%	24.78%	21.49%	14.52%	13.90%	20.26%
R&D to Revenue	8.96%	10.96%	11.03%	10.64%	11.23%	11.40%	11.04%	4.28%	1.32%	0.02%	0.00%
Operating Expenses to Revenue	43.43%	50.60%	51.70%	48.68%	60.95%	50.07%	45.08%	28.65%	18.39%	16.63%	23.66%
Earnings before Interest and Taxes (EBIT)	-15	-20	-27	-33	-34	-29	-30	-17	-6.35	0.68	-4.42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-14	-19	-26	-32	-32	-27	-27	-14	-3.80	3.29	-1.88
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.39	6.37	9.15	4.72	7.68	2.77	15.20	0.84	2.53	2.02	0.89
Price to Tangible Book Value (P/TBV)	8.54	6.49	9.42	4.89	8.04	2.84	23.87	0.90	5.60	3.07	1.24
Price to Revenue (P/Rev)	9.45	6.33	5.26	2.03	2.55	1.52	0.62	0.16	0.64	0.65	0.47
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	55.20	0.00	2.52	2.69	0.81
Enterprise Value to Revenue (EV/Rev)	8.17	5.25	4.68	1.50	2.12	0.91	0.59	0.00	0.65	0.52	0.26
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.14	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	77.81	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	124.69	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.63	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.34	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.61	8.11	0.65	0.52	0.27	0.27
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.61	5.20	0.54	0.39	0.26	0.24
Financial Leverage	-1.19	-1.12	-1.06	-1.11	-1.25	-1.17	-1.08	-0.85	-0.34	-0.24	-0.40
Leverage Ratio	1.42	1.48	1.65	1.85	2.04	2.24	3.44	5.72	2.79	2.07	1.67
Compound Leverage Factor	1.35	1.42	1.60	1.82	2.01	2.37	3.71	6.37	3.71	-1.46	2.01
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	38.01%	89.03%	39.44%	34.14%	21.15%	21.44%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	31.95%	7.00%	8.49%	0.65%	2.69%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	38.01%	57.08%	32.44%	25.65%	20.50%	18.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	61.99%	10.97%	60.56%	65.86%	78.85%	78.56%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.79	-0.75	-0.66	-2.91	2.66	-5.37
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	1.41	0.07	0.89	-0.03	-3.91	7.94
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.79	-0.48	-0.55	-2.18	2.58	-4.70
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-1.05	-0.97	-0.78	-2.36	20.54	-3.07
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	1.90	0.09	1.05	-0.02	-30.22	4.54
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-1.05	-0.62	-0.64	-1.78	19.91	-2.69
Altman Z-Score	10.31	3.92	1.55	-4.28	-6.30	-4.34	-10.60	-10.63	-8.13	-5.70	-7.34
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	10.46	7.74	5.34	3.55	2.98	5.43	1.68	2.00	1.73	2.63	3.98
Quick Ratio	9.36	6.34	4.31	3.07	2.44	4.91	1.35	1.57	1.31	2.12	3.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-19	-18	-23	-17	-25	-22	-25	-13	-24	2.09	-5.63
Operating Cash Flow to CapEx	-1,645.03%	0.00%	-1,255.09%	0.00%	0.00%	-2,833.75%	-6,424.14%	-6,024.56%	-3,314.08%	415.63%	-121.59%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	-987.91	-11.74	-10.79	-6.65	-10.54	1.67	-5.01
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	-1,090.16	-15.77	-14.21	-8.74	-4.09	3.35	-0.59
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-1,066.64	-16.33	-14.43	-8.89	-4.21	2.54	-1.07
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.60	0.62	0.81	1.14	1.27	1.02	0.98	1.53	1.69	1.82	1.19
Accounts Receivable Turnover	11.63	9.32	8.99	9.51	10.96	14.85	12.28	11.96	9.75	10.58	8.43
Inventory Turnover	7.87	4.65	5.42	11.13	15.21	15.73	16.11	13.90	12.82	14.42	12.51
Fixed Asset Turnover	35.22	35.08	29.08	24.44	24.18	24.51	24.15	31.12	19.45	16.66	13.30
Accounts Payable Turnover	9.99	9.44	10.63	13.59	13.68	15.87	16.04	17.64	17.48	22.75	23.65
Days Sales Outstanding (DSO)	31.38	39.18	40.60	38.39	33.29	24.57	29.72	30.51	37.46	34.51	43.30
Days Inventory Outstanding (DIO)	46.37	78.49	67.34	32.80	23.99	23.20	22.66	26.26	28.47	25.31	29.17
Days Payable Outstanding (DPO)	36.53	38.65	34.32	26.86	26.69	22.99	22.76	20.69	20.88	16.04	15.43
Cash Conversion Cycle (CCC)	41.22	79.03	73.63	44.32	30.60	24.78	29.61	36.08	45.05	43.78	57.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-8.36	-4.98	-0.14	-6.26	-5.73	-3.56	0.66	1.80	21	20	22
Invested Capital Turnover	-4.36	-7.99	-22.36	-19.82	-10.23	-13.40	-42.77	59.10	7.21	4.94	3.31
Increase / (Decrease) in Invested Capital	8.66	3.38	4.84	-6.11	0.53	2.17	4.22	1.14	20	-1.67	2.35
Enterprise Value (EV)	452	280	268	95	130	57	37	-0.50	54	53	18
Market Capitalization	523	338	301	129	156	95	39	12	54	66	33
Book Value per Share	$1.22	$1.03	$0.64	$0.48	$0.32	$0.37	$0.03	$1.21	$0.75	$1.01	$0.94
Tangible Book Value per Share	$1.20	$1.01	$0.62	$0.46	$0.30	$0.36	$0.02	$1.13	$0.34	$0.66	$0.67
Total Capital	62	53	33	27	20	55	23	23	32	41	47
Total Debt	0.00	0.00	0.00	0.00	0.00	21	21	9.19	11	8.74	10
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	21	13	7.56	8.29	8.47	8.83
Net Debt	-71	-58	-33	-34	-26	-38	-1.87	-12	0.10	-13	-15
Capital Expenditures (CapEx)	0.81	-0.36	1.68	-0.74	-0.59	1.05	0.52	0.28	0.28	1.01	0.54
Debt-free, Cash-free Net Working Capital (DFCFNWC)	5.85	10	6.63	0.09	-1.55	-2.00	-0.74	-2.24	3.94	1.61	4.85
Debt-free Net Working Capital (DFNWC)	77	68	40	34	25	57	22	19	15	23	30
Net Working Capital (NWC)	77	68	40	34	25	57	14	18	12	23	29
Net Nonoperating Expense (NNE)	3.85	5.66	7.78	9.42	9.96	11	11	6.93	3.77	0.91	2.03
Net Nonoperating Obligations (NNO)	-71	-58	-33	-34	-26	-38	-1.87	-12	0.10	-13	-15
Total Depreciation and Amortization (D&A)	0.82	0.76	0.51	0.65	2.65	2.58	2.88	2.96	2.55	2.61	2.55
Debt-free, Cash-free Net Working Capital to Revenue	10.58%	19.56%	11.57%	0.14%	-2.52%	-3.22%	-1.19%	-3.08%	4.71%	1.58%	7.00%
Debt-free Net Working Capital to Revenue	138.27%	128.30%	69.26%	53.04%	39.97%	91.12%	35.04%	26.44%	17.79%	22.87%	43.10%
Net Working Capital to Revenue	138.27%	128.30%	69.26%	53.04%	39.97%	91.12%	23.13%	24.20%	14.51%	22.60%	41.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($3.19)	($4.29)	($5.61)	($6.71)	($6.16)	($4.51)	($3.85)	($1.89)	($0.37)	($0.03)	($0.15)
Adjusted Weighted Average Basic Shares Outstanding	4.68M	4.68M	4.71M	5.19M	6.28M	8.51M	8.53M	9.87M	23.32M	31.06M	35.97M
Adjusted Diluted Earnings per Share	($3.19)	($4.29)	($5.61)	($6.71)	($6.16)	($4.51)	($3.85)	($1.89)	($0.37)	($0.03)	($0.15)
Adjusted Weighted Average Diluted Shares Outstanding	4.68M	4.68M	4.71M	5.19M	6.28M	8.51M	8.53M	9.87M	23.32M	31.06M	35.97M
Adjusted Basic & Diluted Earnings per Share	($3.19)	$0.00	$0.00	($6.71)	($6.16)	($4.51)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	4.68M	4.68M	4.71M	4.80M	5.54M	6.87M	0.00	12.55M	29.33M	34.06M	39.41M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-14	-18	-22	-24	-20	-21	-12	-4.67	0.43	-3.28
Normalized NOPAT Margin	-19.10%	-26.55%	-31.67%	-34.69%	-38.93%	-31.99%	-34.29%	-16.13%	-5.58%	0.42%	-4.74%
Pre Tax Income Margin	-26.05%	-36.41%	-45.24%	-50.68%	-55.67%	-49.66%	-52.76%	-25.65%	-10.09%	-0.47%	-7.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	-1,379.80	-15.57	-12.85	-8.67	-2.76	0.54	-3.94
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	-966.70	-10.59	-9.00	-6.07	-2.03	0.34	-2.92
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-1,356.28	-16.12	-13.08	-8.81	-2.88	-0.26	-4.42
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-943.18	-11.14	-9.22	-6.21	-2.15	-0.47	-3.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	-6.09%	-8.20%	0.00%	-0.57%	-0.06%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Rockwell Medical's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	28,489,663.00	28,489,663.00	29,334,617.00	30,315,684.00	31,030,218.00	32,318,806.00	34,056,920.00	34,174,687.00	34,430,352.00	39,405,302.00	39,405,302.00
DEI Adjusted Shares Outstanding	28,489,663.00	28,489,663.00	29,334,617.00	30,315,684.00	31,030,218.00	32,318,806.00	34,056,920.00	34,174,687.00	34,430,352.00	39,405,302.00	39,405,302.00
DEI Earnings Per Adjusted Shares Outstanding	-0.07	-0.05	-0.06	0.01	0.05	-0.02	-0.04	-0.04	-0.05	-0.01	-0.04
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	27.18%	14.39%	15.29%	42.88%	19.12%	11.64%	-16.59%	-37.79%	-43.75%	-25.62%	-8.34%
EBITDA Growth	75.21%	181.76%	52.34%	142.45%	398.14%	-83.69%	-20.89%	-155.37%	-134.67%	137.50%	-12.41%
EBIT Growth	59.09%	72.15%	7.22%	119.13%	227.62%	9.32%	1.51%	-327.03%	-178.67%	37.10%	-4.29%
NOPAT Growth	53.16%	72.15%	7.22%	124.86%	259.22%	5.12%	-2.72%	-283.36%	-157.27%	23.31%	-8.82%
Net Income Growth	55.32%	35.93%	1.09%	110.38%	188.89%	50.00%	12.48%	-534.99%	-205.35%	26.72%	-5.94%
EPS Growth	69.57%	62.50%	40.00%	105.56%	157.14%	66.67%	33.33%	-600.00%	-225.00%	50.00%	0.00%
Operating Cash Flow Growth	-240.56%	61.61%	38.60%	182.87%	213.91%	2,111.63%	-46.51%	27.88%	-130.57%	164.86%	95.21%
Free Cash Flow Firm Growth	-222.25%	-695.60%	-715.44%	-1,396.89%	100.57%	106.54%	77.63%	91.16%	-2,528.39%	-301.32%	184.58%
Invested Capital Growth	697.37%	1,088.50%	357.06%	472.63%	8.58%	-7.80%	14.21%	3.01%	6.98%	11.91%	-17.60%
Revenue Q/Q Growth	31.48%	-7.06%	2.64%	13.92%	9.62%	-12.89%	-23.32%	-15.03%	-0.90%	15.19%	-5.51%
EBITDA Q/Q Growth	68.08%	196.86%	-167.15%	304.46%	124.19%	-94.70%	-597.79%	6.35%	-40.38%	136.29%	-335.60%
EBIT Q/Q Growth	48.73%	63.94%	-142.05%	142.75%	242.05%	-125.62%	-162.90%	1.46%	-18.52%	79.51%	-335.90%
NOPAT Q/Q Growth	41.30%	68.51%	-142.05%	155.57%	275.92%	-118.77%	-162.04%	0.81%	-17.42%	74.87%	-271.86%
Net Income Q/Q Growth	43.36%	19.23%	-14.48%	119.82%	385.13%	-145.43%	-100.40%	1.52%	-17.49%	68.40%	-189.71%
EPS Q/Q Growth	61.11%	14.29%	0.00%	116.67%	300.00%	-150.00%	-100.00%	-25.00%	0.00%	80.00%	-300.00%
Operating Cash Flow Q/Q Growth	-115.69%	98.85%	-5,434.88%	160.59%	196.46%	-79.77%	-503.12%	152.88%	-170.88%	275.29%	-107.29%
Free Cash Flow Firm Q/Q Growth	-1,497.75%	-0.88%	6.24%	0.95%	100.60%	1,065.80%	-420.90%	60.88%	-65.91%	3.35%	234.82%
Invested Capital Q/Q Growth	426.77%	0.67%	6.53%	1.36%	-0.11%	-14.52%	31.96%	-8.58%	3.74%	-10.58%	-2.84%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	9.26%	12.99%	13.51%	17.61%	22.03%	14.72%	16.08%	15.57%	14.27%	21.14%	16.71%
EBITDA Margin	-3.62%	3.78%	-2.47%	4.43%	9.07%	0.55%	-3.58%	-3.95%	-5.59%	1.76%	-4.39%
Operating Margin	-7.31%	-2.48%	-5.84%	1.99%	6.84%	-2.10%	-7.19%	-8.39%	-9.95%	-2.17%	-8.54%
EBIT Margin	-6.38%	-2.48%	-5.84%	2.19%	6.84%	-2.01%	-6.89%	-8.00%	-9.56%	-1.70%	-7.84%
Profit (Net Income) Margin	-7.88%	-6.84%	-7.63%	1.33%	5.88%	-3.07%	-8.01%	-9.28%	-11.01%	-3.02%	-9.26%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	123.40%	276.42%	130.74%	60.60%	85.95%	152.42%	116.18%	116.11%	115.10%	177.56%	118.01%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-34.58%	-12.50%	-25.49%	13.87%	30.52%	-7.27%	-20.15%	-22.04%	-22.03%	-5.03%	-17.04%
ROIC Less NNEP Spread (ROIC-NNEP)	-25.03%	6.01%	4.24%	19.71%	39.11%	-1.12%	13.47%	-6.42%	-15.03%	-3.05%	-11.32%
Return on Net Nonoperating Assets (RNNOA)	9.13%	-2.07%	-0.69%	-3.52%	-4.89%	0.26%	-0.86%	0.84%	4.18%	1.22%	3.34%
Return on Equity (ROE)	-25.45%	-14.57%	-26.18%	10.35%	25.63%	-7.01%	-21.02%	-21.21%	-17.85%	-3.82%	-13.69%
Cash Return on Invested Capital (CROIC)	-202.77%	-209.22%	-161.30%	-156.49%	-6.40%	10.19%	-11.63%	-6.82%	-20.85%	-26.96%	5.11%
Operating Return on Assets (OROA)	-9.66%	-4.19%	-11.09%	4.54%	12.33%	-3.66%	-12.87%	-13.31%	-12.62%	-2.02%	-9.53%
Return on Assets (ROA)	-11.92%	-11.58%	-14.50%	2.75%	10.60%	-5.59%	-14.96%	-15.46%	-14.52%	-3.59%	-11.25%
Return on Common Equity (ROCE)	-25.45%	-14.57%	-26.18%	10.35%	25.63%	-7.01%	-21.02%	-21.21%	-17.85%	-3.82%	-13.69%
Return on Equity Simple (ROE_SIMPLE)	-43.16%	0.00%	-40.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.22	-0.38	-0.93	0.52	1.94	-0.36	-0.95	-0.94	-1.11	-0.28	-1.04
NOPAT Margin	-5.12%	-1.73%	-4.09%	1.99%	6.84%	-1.47%	-5.03%	-5.88%	-6.96%	-1.52%	-5.98%
Net Nonoperating Expense Percent (NNEP)	-9.55%	-18.50%	-29.73%	-5.84%	-8.60%	-6.16%	-33.62%	-15.62%	-7.00%	-1.98%	-5.72%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.18%	-2.95%	1.47%	4.68%	-0.88%	-2.20%	-2.24%	-2.29%	-0.59%	-2.29%
Cost of Revenue to Revenue	90.74%	87.01%	86.49%	82.39%	77.97%	85.28%	83.92%	84.43%	85.73%	78.86%	83.29%
SG&A Expenses to Revenue	12.15%	12.26%	16.65%	13.35%	12.63%	13.40%	19.51%	20.41%	20.88%	20.36%	21.98%
R&D to Revenue	2.08%	0.76%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.57%	15.47%	19.35%	15.62%	15.20%	16.83%	23.27%	23.97%	24.21%	23.31%	25.25%
Earnings before Interest and Taxes (EBIT)	-1.52	-0.55	-1.32	0.57	1.94	-0.50	-1.30	-1.29	-1.52	-0.31	-1.36
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.86	0.83	-0.56	1.15	2.57	0.14	-0.68	-0.63	-0.89	0.32	-0.76
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.75	2.53	2.36	2.27	4.23	2.02	1.22	0.95	1.12	0.89	0.98
Price to Tangible Book Value (P/TBV)	6.11	5.60	5.35	4.41	6.89	3.07	1.87	1.48	1.57	1.24	1.38
Price to Revenue (P/Rev)	0.73	0.64	0.56	0.57	1.25	0.65	0.39	0.33	0.55	0.47	0.52
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.78	2.52	2.23	2.29	5.08	2.69	1.27	0.94	1.17	0.81	0.97
Enterprise Value to Revenue (EV/Rev)	0.73	0.65	0.59	0.56	1.18	0.52	0.34	0.25	0.38	0.26	0.31
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	184.52	29.77	16.14	10.40	16.07	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	201.95	77.81	46.99	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	288.50	124.69	82.39	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	35.56	12.63	10.66	6.40	0.00	0.00	7.81
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	25.34	0.00	0.00	0.00	0.00	17.15
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.53	0.52	0.52	0.49	0.42	0.27	0.38	0.39	0.31	0.27	0.26
Long-Term Debt to Equity	0.15	0.39	0.40	0.35	0.33	0.26	0.30	0.28	0.25	0.24	0.23
Financial Leverage	-0.36	-0.34	-0.16	-0.18	-0.12	-0.24	-0.06	-0.13	-0.28	-0.40	-0.30
Leverage Ratio	2.84	2.79	2.75	2.76	2.17	2.07	2.01	1.96	1.73	1.67	1.65
Compound Leverage Factor	3.50	7.72	3.59	1.67	1.86	3.15	2.33	2.28	1.99	2.97	1.95
Debt to Total Capital	34.75%	34.14%	34.27%	32.79%	29.53%	21.15%	27.30%	27.97%	23.50%	21.44%	20.91%
Short-Term Debt to Total Capital	24.65%	8.49%	7.96%	9.07%	6.63%	0.65%	5.77%	7.49%	4.57%	2.69%	2.81%
Long-Term Debt to Total Capital	10.10%	25.65%	26.32%	23.73%	22.90%	20.50%	21.53%	20.48%	18.93%	18.75%	18.10%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	65.25%	65.86%	65.73%	67.21%	70.47%	78.85%	72.70%	72.03%	76.50%	78.56%	79.09%
Debt to EBITDA	-2.46	-2.91	-3.07	39.95	3.10	2.66	3.73	8.48	-5.51	-5.37	-4.83
Net Debt to EBITDA	0.06	-0.03	-0.61	-1.39	-1.54	-3.91	-1.73	-4.75	5.97	7.94	7.34
Long-Term Debt to EBITDA	-0.72	-2.18	-2.36	28.90	2.41	2.58	2.94	6.21	-4.44	-4.70	-4.18
Debt to NOPAT	-2.02	-2.36	-2.34	-5.30	30.08	20.54	29.56	-13.06	-3.38	-3.07	-2.82
Net Debt to NOPAT	0.05	-0.02	-0.47	0.18	-14.93	-30.22	-13.72	7.31	3.66	4.54	4.28
Long-Term Debt to NOPAT	-0.59	-1.78	-1.80	-3.83	23.32	19.91	23.31	-9.56	-2.72	-2.69	-2.44
Altman Z-Score	-7.79	-7.77	-8.14	-7.29	-4.82	-5.77	-7.11	-7.81	-6.78	-7.10	-7.22
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.32	1.73	1.79	2.00	2.41	2.63	2.95	2.89	3.92	3.98	3.74
Quick Ratio	0.99	1.31	1.32	1.52	1.92	2.12	2.41	2.42	3.34	3.46	3.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-20	-20	-19	-19	0.11	1.31	-4.19	-1.64	-2.72	-2.63	3.54
Operating Cash Flow to CapEx	0.00%	-100.00%	-1,712.23%	504.20%	2,238.22%	218.99%	-5,534.92%	1,124.39%	-570.74%	2,663.95%	-66.80%
Free Cash Flow to Firm to Interest Expense	-48.18	-18.03	-43.46	-79.96	0.37	4.52	-15.13	-5.94	-9.54	-9.19	12.57
Operating Cash Flow to Interest Expense	-9.13	-0.04	-5.52	6.22	14.16	2.99	-12.59	6.68	-4.59	8.01	-0.59
Operating Cash Flow Less CapEx to Interest Expense	-9.13	-0.08	-5.84	4.98	13.52	1.63	-12.82	6.09	-5.39	7.71	-1.48
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.51	1.69	1.90	2.07	1.80	1.82	1.87	1.67	1.32	1.19	1.22
Accounts Receivable Turnover	9.66	9.75	10.12	11.61	10.84	10.58	9.41	9.30	8.78	8.43	7.32
Inventory Turnover	13.83	12.82	13.28	13.97	14.45	14.42	14.44	14.45	13.02	12.51	13.86
Fixed Asset Turnover	17.89	19.45	20.84	23.30	15.74	16.66	16.95	15.80	14.06	13.30	13.92
Accounts Payable Turnover	20.82	17.48	15.31	17.62	25.15	22.75	23.46	29.92	31.06	23.65	20.90
Days Sales Outstanding (DSO)	37.77	37.46	36.06	31.43	33.67	34.51	38.78	39.26	41.57	43.30	49.87
Days Inventory Outstanding (DIO)	26.39	28.47	27.49	26.13	25.25	25.31	25.28	25.26	28.04	29.17	26.34
Days Payable Outstanding (DPO)	17.53	20.88	23.85	20.72	14.51	16.04	15.56	12.20	11.75	15.43	17.46
Cash Conversion Cycle (CCC)	46.62	45.05	39.70	36.84	44.41	43.78	48.49	52.33	57.85	57.05	58.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	21	21	23	23	23	20	26	24	25	22	21
Invested Capital Turnover	6.76	7.21	6.24	6.96	4.46	4.94	4.00	3.75	3.16	3.31	2.85
Increase / (Decrease) in Invested Capital	19	20	18	19	1.82	-1.67	3.24	0.70	1.61	2.35	-4.58
Enterprise Value (EV)	59	54	51	53	117	53	33	22	29	18	21
Market Capitalization	59	54	49	53	123	66	38	29	41	33	35
Book Value per Share	$0.76	$0.75	$0.70	$0.78	$0.94	$1.01	$0.93	$0.89	$1.08	$0.94	$0.91
Tangible Book Value per Share	$0.34	$0.34	$0.31	$0.40	$0.58	$0.66	$0.60	$0.57	$0.76	$0.67	$0.65
Total Capital	33	32	31	35	41	41	43	42	48	47	45
Total Debt	11	11	11	11	12	8.74	12	12	11	10	9.48
Total Long-Term Debt	3.33	8.29	8.27	8.30	9.47	8.47	9.33	8.65	9.16	8.83	8.21
Net Debt	-0.27	0.10	2.15	-0.40	-6.06	-13	-5.50	-6.61	-12	-15	-14
Capital Expenditures (CapEx)	0.00	0.04	0.14	0.29	0.19	0.40	0.06	0.16	0.23	0.09	0.25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3.17	3.94	5.63	6.17	4.51	1.61	7.00	5.40	6.44	4.85	4.46
Debt-free Net Working Capital (DFNWC)	15	15	14	18	23	23	24	24	30	30	28
Net Working Capital (NWC)	6.77	12	12	15	20	23	22	21	28	29	27
Net Nonoperating Expense (NNE)	0.66	1.13	0.80	0.17	0.27	0.39	0.56	0.55	0.64	0.28	0.57
Net Nonoperating Obligations (NNO)	-0.27	0.10	2.15	-0.40	-6.06	-13	-5.50	-6.61	-12	-15	-14
Total Depreciation and Amortization (D&A)	0.66	1.38	0.76	0.58	0.63	0.63	0.63	0.65	0.63	0.64	0.60
Debt-free, Cash-free Net Working Capital to Revenue	3.92%	4.71%	6.50%	6.54%	4.56%	1.58%	7.16%	6.14%	8.52%	7.00%	6.59%
Debt-free Net Working Capital to Revenue	18.43%	17.79%	16.45%	19.11%	23.03%	22.87%	24.90%	27.08%	39.89%	43.10%	41.89%
Net Working Capital to Revenue	8.37%	14.51%	13.56%	15.75%	20.26%	22.60%	22.34%	23.49%	36.96%	41.27%	40.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.07)	($0.06)	($0.06)	$0.01	$0.05	($0.03)	($0.04)	($0.05)	($0.05)	($0.01)	($0.04)
Adjusted Weighted Average Basic Shares Outstanding	27.52M	23.32M	29.33M	30.45M	31.55M	31.06M	34.11M	34.31M	36.02M	35.97M	39.42M
Adjusted Diluted Earnings per Share	($0.07)	($0.06)	($0.06)	$0.01	$0.04	($0.02)	($0.04)	($0.05)	($0.05)	($0.01)	($0.04)
Adjusted Weighted Average Diluted Shares Outstanding	27.52M	23.32M	29.33M	32.03M	32.42M	31.06M	34.11M	34.31M	36.02M	35.97M	39.42M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.06)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	28.49M	29.33M	30.32M	31.03M	32.32M	34.06M	34.17M	34.43M	39.41M	39.41M	39.47M
Normalized Net Operating Profit after Tax (NOPAT)	-1.22	-0.38	-0.93	0.36	1.36	-0.36	-0.95	-0.94	-1.11	-0.28	-1.04
Normalized NOPAT Margin	-5.12%	-1.73%	-4.09%	1.40%	4.79%	-1.47%	-5.03%	-5.88%	-6.96%	-1.52%	-5.98%
Pre Tax Income Margin	-7.88%	-6.84%	-7.63%	1.33%	5.88%	-3.07%	-8.01%	-9.28%	-11.01%	-3.02%	-9.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.69	-0.49	-3.07	2.44	6.41	-1.72	-4.71	-4.66	-5.34	-1.09	-4.82
NOPAT to Interest Expense	-2.96	-0.35	-2.15	2.22	6.41	-1.26	-3.44	-3.42	-3.89	-0.97	-3.67
EBIT Less CapEx to Interest Expense	-3.69	-0.53	-3.39	1.21	5.78	-3.08	-4.94	-5.25	-6.15	-1.39	-5.71
NOPAT Less CapEx to Interest Expense	-2.96	-0.38	-2.47	0.99	5.78	-2.62	-3.66	-4.02	-4.69	-1.27	-4.56
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Rockwell Medical (NASDAQ: RMTI) is showing improved top-line momentum in 2026, but the company remains unprofitable and continues to rely on balance-sheet liquidity and financing support. Over the last several quarters, revenue has recovered from the weaker 2024 period, gross margins have improved, and the company ended Q1 2026 with a larger cash and investment cushion. At the same time, operating losses continue, and the business has used equity issuance to help fund operations.

Q1 2026 revenue rose to $17.3 million, up from $15.9 million in Q3 2025 and $16.1 million in Q2 2025, showing a rebound in sales.
Gross profit improved to $2.9 million in Q1 2026 versus $2.3 million in Q3 2025 and $2.5 million in Q2 2025.
Gross margin in Q1 2026 was about 16.7%, a notable improvement from roughly 14%-15% in the prior two quarters.
The company ended Q1 2026 with $9.6 million in cash and equivalents plus $14.3 million in short-term investments, giving it meaningful near-term liquidity.
Total current assets were $36.9 million versus current liabilities of $9.9 million, suggesting a solid short-term liquidity position.
Cash from operations improved sequentially from a -$3.5 million outflow in Q1 2025 to only a -$0.2 million outflow in Q1 2026.
The company still carries a sizable debt load, including $8.2 million of long-term debt and $1.3 million of short-term debt at Q1 2026.
Share count has risen materially over the past year, with weighted average basic shares increasing from about 34.1 million in Q1 2025 to 39.4 million in Q1 2026.
Rockwell Medical posted a $1.6 million net loss in Q1 2026, extending a run of quarterly losses.
Operating income was still negative at -$1.5 million in Q1 2026, indicating the core business has not yet reached profitability.
The company used equity issuance to fund operations in recent quarters, including $7.8 million in Q3 2025, which can dilute existing shareholders.
Operating cash flow remains inconsistent, with strong quarters followed by weak ones, showing the business has not yet established stable self-funding cash generation.

Longer-term trend: Compared with 2024, Rockwell Medical’s recent quarters show better sales consistency and less volatility in operating performance, but not a clean turnaround. In 2024, the company posted periods of profitability, including Q2 and Q3, but 2025 and early 2026 showed a return to losses and a heavier reliance on financing. Revenue also declined from $22.7 million in Q1 2024 to $17.3 million in Q1 2026, though the most recent quarters suggest stabilization after a dip.

Bottom line: RMTI’s balance sheet is currently adequate, and the latest quarter shows improved revenue and gross margin trends. But until operating income turns positive on a sustained basis, the stock still carries meaningful execution and dilution risk.

07/21/26 06:43 AM ETAI Generated. May Contain Errors.

Rockwell Medical Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Rockwell Medical's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Rockwell Medical's net income appears to be on a downward trend, with a most recent value of -$5.31 million in 2025, falling from -$14.42 million in 2015. The previous period was -$480 thousand in 2024. Check out Rockwell Medical's forecast to explore projected trends and price targets.

Rockwell Medical's total operating income in 2025 was -$4.69 million, based on the following breakdown:

Total Gross Profit: $11.70 million
Total Operating Expenses: $16.39 million

Over the last 10 years, Rockwell Medical's total revenue changed from $55.35 million in 2015 to $69.26 million in 2025, a change of 25.1%.

Rockwell Medical's total liabilities were at $20.16 million at the end of 2025, a 24.3% decrease from 2024, and a 20.9% decrease since 2015.

In the past 10 years, Rockwell Medical's cash and equivalents has ranged from $8.41 million in 2017 to $48.68 million in 2020, and is currently $10.71 million as of their latest financial filing in 2025.

Over the last 10 years, Rockwell Medical's book value per share changed from 1.22 in 2015 to 0.94 in 2025, a change of -23.1%.

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Financial statements for NASDAQ:RMTI last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Rockwell Medical (RMTI) Financials

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Rockwell Medical (RMTI) Financials

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Key Financial Trends

Rockwell Medical Financials - Frequently Asked Questions

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How has Rockwell Medical's net income changed over the last 10 years?

What is Rockwell Medical's operating income?

How has Rockwell Medical's revenue changed over the last 10 years?

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How has Rockwell Medical's book value per share changed over the last 10 years?

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