908 Devices

MASS

Medical - Specialties · Healthcare

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

908 Devices makes small, handheld chemical analysis devices. These tools can quickly identify unknown substances — like drugs, explosives, or chemicals — on the spot, without sending samples to a lab. The company sells to law enforcement agencies, military units, first responders, and life sciences researchers.

The company earns money by selling its hardware devices and related consumables, with some recurring revenue from service contracts. It operates primarily in the United States but also sells internationally. Its main competitive edge is the compact size and speed of its mass spectrometry technology, which is difficult to miniaturize and has few direct rivals at this scale. However, 908 Devices is not yet profitable, spending heavily on research and sales to grow its customer base. The key risk is that government and defense budgets can be unpredictable, and the company must expand into commercial markets — like biotech manufacturing — to reach sustainable profitability.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+23.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+13.5% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

25.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$165M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

908 Devices is a rare growth stock that's already generating positive cash flow while growing at 23%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

51.9%

Healthy — 51.9% gross margin

Profit after running costs

Operating Margin

-79.7%

Losing money on operations — -79.7%

Return on the money invested

ROCE

-17.4%

Weak — -17.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+4.6%

Slow sales growth (+4.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

1.0%

Thin free cash flow (1.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.27

Conservative — low debt load (0.27)

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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