Neuronetics

STIM

Medical - Devices · Healthcare

Price

$3.00

-0.09 (-2.91%)

Market Cap

$208.8M

Exchange

NASDAQ

Winston Score

Winston is serious

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

Good

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+158.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 25.5M (2021) → 66.0M (2025)

Winston Score History

The full picture

Neuronetics makes a medical device called the NeuroStar Advanced Therapy System, which uses magnetic pulses to treat depression without surgery or medication. The technology is called transcranial magnetic stimulation, or TMS, and it is used by psychiatrists and mental health clinics across the United States. Neuronetics is one of the leading TMS companies focused specifically on treating major depressive disorder.

The company makes money by selling and leasing the NeuroStar machines to doctor's offices and clinics, and then earning recurring revenue from the single-use treatment sessions those clinics perform on patients. It operates almost entirely in the United States, with a market cap of around $200 million. The main competitive advantage is its FDA clearance history and established brand among psychiatrists, but the company is currently unprofitable, and its biggest risk is competition from other TMS makers and limited insurance coverage, which can slow patient access and revenue growth.

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

+9.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+73.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$7M/ year

↓ Declining (-48% vs prior year)

4.4% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

59.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

→ Burn rate stable

$19M cash & investments at current burn rate

Growth context

Neuronetics is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

51.1%

Healthy — 51.1% gross margin

Profit after running costs

Operating Margin

-3.6%

Losing money on operations — -3.6%

Return on the money invested

ROCE

-53.3%

Weak — -53.3% 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

+39.6%

Fast-growing sales (+39.6% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-6.5%

Burning cash (-6.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.40

Elevated debt (1.40)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

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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