American Shared Hospital Services (AMS)
Market Price (8/19/2026): $1.5 | Market Cap: $10.3 MilSector: Health Care | Industry: Health Care Facilities
American Shared Hospital Services (AMS)
Market Price (8/19/2026): $1.5Market Cap: $10.3 MilSector: Health CareIndustry: Health Care Facilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18% Attractive yieldFCF Yield is 15% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, and Oncology Treatments. | Weak multi-year price returns2Y Excs Rtn is -92%, 3Y Excs Rtn is -114% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.4% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 151% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -22% Key risksAMS key risks include [1] a lender default threatening its immediate liquidity, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Attractive yieldFCF Yield is 15% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, and Oncology Treatments. |
| Weak multi-year price returns2Y Excs Rtn is -92%, 3Y Excs Rtn is -114% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.4% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 151% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -22% |
| Key risksAMS key risks include [1] a lender default threatening its immediate liquidity, Show more. |
Qualitative Assessment
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American Shared Hospital Services (AMS) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. American Shared Hospital Services experienced substantial revenue growth driven by its Direct Patient Services and Proton Beam Radiation Therapy (PBRT) segments.
In fiscal Q1 2026 (ended March 31, 2026), total revenue increased by 15.9% year-over-year to $7.1 million, with Direct Patient Care Services surging 30.2%. This momentum continued into fiscal Q2 2026 (ended June 30, 2026), where total revenue rose 19% year-over-year to $8.4 million. Direct Patient Services revenue specifically climbed 40% year-over-year to $4.9 million in Q2 2026, while PBRT revenue grew 22% year-over-year to $2.3 million. International Gamma Knife revenue also increased 56% during the first six months of 2026 to $2.7 million. This performance highlights the company's successful transformation towards a more diversified radiation oncology platform.
2. The company demonstrated a significant improvement in operating cash flow and strengthened its liquidity position.
For the first six months of fiscal 2026, cash generated from operating activities totaled $4.4 million. This strong cash generation allowed the company to fund scheduled debt repayments and distributions to minority partners. As a result, cash, cash equivalents, and restricted cash increased by over 80% to $6.8 million at June 30, 2026, up from $3.7 million at December 31, 2025.
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American Shared Hospital Services (AMS) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. American Shared Hospital Services experienced substantial revenue growth driven by its Direct Patient Services and Proton Beam Radiation Therapy (PBRT) segments.
In fiscal Q1 2026 (ended March 31, 2026), total revenue increased by 15.9% year-over-year to $7.1 million, with Direct Patient Care Services surging 30.2%. This momentum continued into fiscal Q2 2026 (ended June 30, 2026), where total revenue rose 19% year-over-year to $8.4 million. Direct Patient Services revenue specifically climbed 40% year-over-year to $4.9 million in Q2 2026, while PBRT revenue grew 22% year-over-year to $2.3 million. International Gamma Knife revenue also increased 56% during the first six months of 2026 to $2.7 million. This performance highlights the company's successful transformation towards a more diversified radiation oncology platform.
2. The company demonstrated a significant improvement in operating cash flow and strengthened its liquidity position.
For the first six months of fiscal 2026, cash generated from operating activities totaled $4.4 million. This strong cash generation allowed the company to fund scheduled debt repayments and distributions to minority partners. As a result, cash, cash equivalents, and restricted cash increased by over 80% to $6.8 million at June 30, 2026, up from $3.7 million at December 31, 2025.
3. Strategic debt management and refinancing initiatives helped mitigate financial concerns and provide operational stability.
American Shared Hospital Services secured a Third Amendment and Forbearance Agreement with Fifth Third Bank, extending the maturity of its debt to June 30, 2027. Additionally, subsequent to the end of fiscal Q2 2026, Executive Chairman Raymond Stachowiak's new entity invested $2 million of subordinated financing into the company. While the company acknowledged substantial doubt about its ability to continue as a going concern due to prior debt covenant non-compliance, these agreements provide a framework to pursue longer-term capital solutions. The current portion of long-term debt was also reduced to $16.2 million at June 30, 2026, from $17.3 million at December 31, 2025.
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Stock Movement Drivers
Fundamental Drivers
The 4.1% change in AMS stock from 4/30/2026 to 8/18/2026 was primarily driven by a 8.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.45 | 1.51 | 4.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 28 | 30 | 8.3% |
| P/S Multiple | 0.3 | 0.3 | -1.2% |
| Shares Outstanding (Mil) | 7 | 7 | -2.7% |
| Cumulative Contribution | 4.1% |
Market Drivers
4/30/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| AMS | 4.1% | |
| Market (SPY) | 6.8% | 7.2% |
| Sector (XLV) | 16.3% | 16.3% |
Fundamental Drivers
The -28.8% change in AMS stock from 1/31/2026 to 8/18/2026 was primarily driven by a -28.6% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.12 | 1.51 | -28.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 29 | 30 | 3.4% |
| P/S Multiple | 0.5 | 0.3 | -28.6% |
| Shares Outstanding (Mil) | 7 | 7 | -3.5% |
| Cumulative Contribution | -28.8% |
Market Drivers
1/31/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| AMS | -28.8% | |
| Market (SPY) | 11.2% | -3.6% |
| Sector (XLV) | 10.1% | 8.2% |
Fundamental Drivers
The -40.1% change in AMS stock from 7/31/2025 to 8/18/2026 was primarily driven by a -39.8% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.52 | 1.51 | -40.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 29 | 30 | 4.0% |
| P/S Multiple | 0.6 | 0.3 | -39.8% |
| Shares Outstanding (Mil) | 7 | 7 | -4.4% |
| Cumulative Contribution | -40.1% |
Market Drivers
7/31/2025 to 8/18/2026| Return | Correlation | |
|---|---|---|
| AMS | -40.1% | |
| Market (SPY) | 22.4% | -0.8% |
| Sector (XLV) | 31.8% | 1.2% |
Fundamental Drivers
The -41.2% change in AMS stock from 7/31/2023 to 8/18/2026 was primarily driven by a -58.3% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.57 | 1.51 | -41.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20 | 30 | 53.4% |
| P/S Multiple | 0.8 | 0.3 | -58.3% |
| Shares Outstanding (Mil) | 6 | 7 | -8.2% |
| Cumulative Contribution | -41.2% |
Market Drivers
7/31/2023 to 8/18/2026| Return | Correlation | |
|---|---|---|
| AMS | -41.2% | |
| Market (SPY) | 73.6% | 2.5% |
| Sector (XLV) | 32.5% | -1.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AMS Return | 7% | 24% | -19% | 34% | -34% | -27% | -30% |
| Peers Return | 41% | 2% | 19% | 17% | 16% | 34% | 211% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| AMS Win Rate | 50% | 58% | 50% | 67% | 17% | 50% | |
| Peers Win Rate | 67% | 48% | 54% | 58% | 65% | 68% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AMS Max Drawdown | -44% | -12% | -41% | -21% | -37% | -44% | |
| Peers Max Drawdown | -23% | -36% | -26% | -31% | -31% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ACHC, STLN, HCA, THC, EHC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/18/2026 (YTD)
How Low Can It Go
| Event | AMS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.4% | -18.8% |
| % Gain to Breakeven | 22.6% | 23.1% |
| Time to Breakeven | 126 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.3% | -7.8% |
| % Gain to Breakeven | 12.7% | 8.5% |
| Time to Breakeven | 6 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.1% | -9.5% |
| % Gain to Breakeven | 23.6% | 10.5% |
| Time to Breakeven | 71 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.7% | -6.7% |
| % Gain to Breakeven | 31.0% | 7.1% |
| Time to Breakeven | 298 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -12.1% | -24.5% |
| % Gain to Breakeven | 13.7% | 32.4% |
| Time to Breakeven | 1 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.7% | -33.7% |
| % Gain to Breakeven | 91.3% | 50.9% |
| Time to Breakeven | 90 days | 140 days |
In The Past
American Shared Hospital Services's stock fell -18.4% during the 2025 US Tariff Shock. Such a loss loss requires a 22.6% gain to breakeven.
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| Event | AMS | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.7% | -6.7% |
| % Gain to Breakeven | 31.0% | 7.1% |
| Time to Breakeven | 298 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.7% | -33.7% |
| % Gain to Breakeven | 91.3% | 50.9% |
| Time to Breakeven | 90 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -40.2% | -19.2% |
| % Gain to Breakeven | 67.1% | 23.8% |
| Time to Breakeven | 860 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -39.6% | -12.2% |
| % Gain to Breakeven | 65.6% | 13.9% |
| Time to Breakeven | 104 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -34.3% | -6.8% |
| % Gain to Breakeven | 52.1% | 7.3% |
| Time to Breakeven | 99 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -20.3% | -17.9% |
| % Gain to Breakeven | 25.5% | 21.8% |
| Time to Breakeven | 161 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -54.8% | -53.4% |
| % Gain to Breakeven | 121.1% | 114.4% |
| Time to Breakeven | 86 days | 1085 days |
In The Past
American Shared Hospital Services's stock fell -18.4% during the 2025 US Tariff Shock. Such a loss loss requires a 22.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About American Shared Hospital Services (AMS)
American Shared Hospital Services (AMS) specializes in supporting healthcare providers by leasing advanced radiosurgery and radiation therapy equipment. The company's core business revolves around providing sophisticated medical devices, particularly the Gamma Knife stereotactic radiosurgery system, which offers a non-invasive treatment for brain tumors, arteriovenous malformations, and trigeminal neuralgia. Beyond equipment leasing, AMS offers comprehensive services including financing for its Gamma Knife units, alongside crucial planning, installation, reimbursement, and marketing support to its customers.
AMS primarily serves hospitals and medical centers across the United States, where it had 115 operating Gamma Knife units as of late 2021, with an additional two units in South America (Peru and Ecuador). The company also extends its offerings into proton beam radiation therapy (PBRT) services, operating one PBRT system located in prominent medical facilities in Orlando, Florida, and Long Beach, California. This focus positions AMS as a key partner for healthcare providers seeking specialized equipment and support for advanced cancer and neurological treatments.
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Like Xerox, but instead of office copiers, they lease extremely advanced radiosurgery and radiation therapy equipment to hospitals.
A "Netflix for advanced cancer treatment equipment," providing hospitals with access to cutting-edge radiosurgery and radiation therapy machines without the massive upfront purchase.
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- Gamma Knife Equipment Leasing: Leases radiosurgery equipment, specifically Gamma Knife units, to healthcare providers for non-invasive brain treatments.
- Gamma Knife Unit Financing: Provides financing services specifically for Leksell Gamma Knife units.
- Proton Beam Radiation Therapy (PBRT) Services: Offers direct proton beam radiation therapy services at facilities in Orlando, Florida, and Long Beach, California.
- Customer Support Services: Provides planning, installation, reimbursement, and marketing support to its healthcare provider customers.
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American Shared Hospital Services (AMS) primarily sells to other companies, specifically various types of health care providers.
Its major customers are:
- Hospitals: Large medical institutions that utilize AMS's radiosurgery and radiation therapy equipment, such as Gamma Knife units and Proton Beam Radiation Therapy (PBRT) systems, to provide advanced treatments to their patients.
- Medical Centers/Clinics: Specialized medical facilities that offer radiation oncology or neurosurgery services and lease equipment from AMS to expand their treatment capabilities.
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- Elekta AB (STO: EKTA B)
- Mevion Medical Systems, Inc.
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- Changes to CMS Reimbursement Rates or Methodology: A significant portion of the company's revenue and the demand for its equipment leasing and direct patient care services are dependent on reimbursement rates from government programs like Medicare (Centers for Medicare & Medicaid Services - CMS) and private insurers. Unfavorable changes to these rates or the methodologies used for reimbursement for Gamma Knife, proton therapy, and other advanced radiation therapy services could directly and adversely impact the profitability of American Shared Hospital Services and its healthcare provider partners, thereby affecting AMS's business model and financial results.
- Technological Obsolescence and Intense Competition: American Shared Hospital Services leases state-of-the-art radiosurgery and radiation therapy equipment, such as Gamma Knife and Proton Beam Radiation Therapy (PBRT) systems. The rapid pace of technological advancements in the medical equipment industry poses a risk that the company's existing equipment could become outdated or less competitive. While American Shared Hospital Services' business model often transfers the risk of technological obsolescence from the medical center to the company, this means AMS itself bears the burden of ensuring its offerings remain current and competitive. The market for these advanced therapies is also subject to intense competition from other equipment providers and alternative treatment modalities, which could impact demand for AMS's services.
- Financing and Liquidity Risks: American Shared Hospital Services operates in a capital-intensive industry, requiring substantial investment in medical equipment. The company's ability to maintain and expand its equipment fleet, as well as its overall operations, is dependent on access to financing and maintaining sufficient liquidity. A notable risk in this area is evidenced by the company receiving a notice of default from its lender in December 2025 due to failing to maintain required minimum unrestricted cash and cash equivalents. This highlights the criticality of managing debt obligations and maintaining adequate financial resources.
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American Shared Hospital Services (AMS) operates in two primary addressable markets: radiosurgery equipment leasing, specifically for Gamma Knife stereotactic radiosurgery, and proton beam radiation therapy (PBRT) services.
Gamma Knife Stereotactic Radiosurgery Market
The global market for Gamma Knife is valued at several hundred million U.S. dollars. In 2024, the global Gamma Knife market size was approximately USD 468.22 million and is projected to reach USD 691.78 million by 2032, exhibiting a compound annual growth rate (CAGR) of 5.00%. Another report estimated the global Gamma Knife market at USD 470.3 million in 2023, with a projection to reach USD 742.3 million by 2033 at a CAGR of 5.2%.
North America is a significant region in the global Gamma Knife market, expected to hold the largest market share, with the U.S. being a leading contributor due to advanced neurosurgical infrastructure and high healthcare spending.
Proton Beam Radiation Therapy Market
The global market for proton therapy, including systems and services, is considerably larger, valued in the billions of U.S. dollars. The global proton therapy systems market size was US$ 1.52 billion in 2024 and is forecast to rise to US$ 1.66 billion by 2025. It is expected to surpass US$ 3.72 billion by 2034, growing at a CAGR of 9.44%. Other estimates place the global proton therapy market at approximately USD 572.5 million in 2024, projected to reach around USD 1,995.62 million by 2034 with a CAGR of 13.30%. Additionally, the global proton therapy market was valued at USD 1.57 billion in 2023 and is predicted to grow to around USD 5.86 billion by 2032.
North America is a dominant region in the proton therapy market. In 2024, North America held approximately 40% of the proton therapy systems market revenue share. The North America proton therapy market size was calculated at USD 246.18 million in 2024 and is expected to grow at a CAGR of 13.42%. North America's leadership in this market is attributed to rising cancer cases and technological advancements.
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American Shared Hospital Services (AMS) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives focused on expanding its direct patient care services, technological advancements, and geographical footprint.
- Expansion into Direct Patient Care Services through Strategic Acquisitions: American Shared Hospital Services is actively transitioning from primarily leasing equipment to becoming a direct provider of radiation therapy treatment services. This shift is a significant revenue driver, exemplified by the acquisition of a 60% majority interest in three Rhode Island radiation therapy centers in May 2024. This acquisition led to substantial revenue growth in the direct patient services segment, with a 253% increase in fiscal year 2024 and a 224% increase in the first quarter of 2025. The company continues to focus on business development and operational efficiencies within this segment.
- Growth in Proton Beam Radiation Therapy (PBRT): The company is investing in the expansion of its Proton Beam Radiation Therapy offerings. A notable driver is the Certificate of Need (CON) approval received in December 2024 for a subsidiary to construct and operate a freestanding PBRT system in Johnston, Rhode Island. This facility is anticipated to begin treating patients in 36-39 months and represents a significant technological advancement in cancer care, creating greater access to this specialized treatment in the Northeast.
- International Expansion, Particularly in Latin America: American Shared Hospital Services is expanding its international presence as a key revenue growth strategy. This includes the launch of new radiation therapy operations in Puebla, Mexico, which contributed to significant growth in the direct patient services segment in 2024. Additionally, the company expects long-term growth from a new Esprit Gamma Knife center being installed in Guadalajara, Mexico, with operations projected to start in late 2025 or the second quarter of 2026. The company also noted revenue growth in Peru and Ecuador in fiscal year 2024.
- Modernization and Strategic Placement of Gamma Knife Systems: While the equipment leasing segment, including Gamma Knife operations, has seen some fluctuations, the company is focused on upgrading existing Gamma Knife systems and securing long-term lease extensions with health systems. For instance, a 10-year extension for an upgraded Gamma Knife system has been signed. This strategy aims to sustain and enhance revenue from its core Gamma Knife business through modern technology and strategic placements like the new Esprit in Guadalajara.
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Share Repurchases
American Shared Hospital Services has shown minimal to no significant share repurchases over the last 3-5 years. The trailing twelve months (TTM) Buyback Yield stands at 0%. Over the past five years, the median Buyback Yield for the company was 0%, with the highest recorded at 0% and the lowest at -0.04% in March 2022.
Share Issuance
The number of shares outstanding for American Shared Hospital Services increased by 1.57% in one year. As of December 30, 2024, the company had 6.54 million shares outstanding.
Capital Expenditures
American Shared Hospital Services reported capital expenditures of -$14.28 million in the last 12 months. The latest trailing twelve months (TTM) Capital Expenditure to Operating Cash Flow (CapEx/OCF) stands at 343.06%. Over the past five years, the average CapEx/OCF was 345.43%, reaching a high of 4576.65% on December 31, 2024. These capital expenditures are primarily focused on acquiring and maintaining radiosurgery and radiation therapy equipment, such as Gamma Knife and proton beam radiation therapy systems, which are central to the company's leasing business.
Peer Outperformance in Health Care Facilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| AMS | American Shared Hospital Services | 14.7% | -5.8x | -39.6% | -45.9% | -44.3% | — |
| NHC | National Healthcare | 13.0% | 26.1x | 121.0% | 264.2% | 263.4% | +308pp |
| ENSG | Ensign | 17.4% | 27.9x | 11.4% | 89.2% | 131.6% | +176pp |
| EHC | Encompass Health | 10.7% | 19.4x | 2.3% | 79.6% | 109.4% | +154pp |
| AVAH | Aveanna Healthcare | 12.5% | 10.0x | 80.0% | 663.3% | 44.8% | +89pp |
| OPCH | Option Care Health | 11.4% | 17.1x | -17.0% | -32.6% | 6.3% | +51pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 9.7% | 79.7% | 140.2% | CAH 411% · MCK 348% · COR 179% |
| Health Care Services | 20 | 20.0% | 41.9% | 9.5% | HIMS 302% · RDNT 143% · DGX 72% |
| Managed Health Care | 8 | 33.2% | -3.6% | 1.3% | OSCR 142% · HQY 64% · ELV 14% |
| Health Care Facilities ← | 24 | 11.9% | -3.3% | -15.7% | THC 289% · NHC 263% · ENSG 132% |
| Health Care Equipment | 51 | -2.3% | -9.2% | -18.9% | POCI 10738% · UFPT 396% · GKOS 288% |
| Health Care Supplies | 12 | 38.3% | -12.4% | -27.5% | LNTH 314% · HAE 81% · MMSI 31% |
| Pharmaceuticals | 63 | 3.1% | -1.7% | -31.9% | LQDA 2959% · INDV 1388% · ETON 1385% |
| Life Sciences Tools & Services | 108 | -8.4% | -32.7% | -70.6% | SNWV 1953% · ELMD 259% · MEDP 235% |
| Health Care Technology | 20 | -28.4% | -53.8% | -73.9% | SPOK 37% · HSTM -2% · VEEV -24% |
| Biotechnology | 365 | 6.6% | -27.4% | -77.2% | BRTX 106400% · DNTH 1803% · CELZ 1443% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| American Shared Hospital Services Earnings Notes | 12/16/2025 | |
| null | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 74.78 |
| Mkt Cap | 12.1 |
| Rev LTM | 4,787 |
| Op Inc LTM | 728 |
| FCF LTM | 207 |
| FCF 3Y Avg | 176 |
| CFO LTM | 712 |
| CFO 3Y Avg | 655 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.4% |
| Rev Chg 3Y Avg | 9.4% |
| Rev Chg Q | 12.1% |
| QoQ Delta Rev Chg LTM | 2.9% |
| Op Inc Chg LTM | 12.2% |
| Op Inc Chg 3Y Avg | 13.3% |
| Op Mgn LTM | 12.8% |
| Op Mgn 3Y Avg | 14.6% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 15.9% |
| CFO/Rev 3Y Avg | 11.6% |
| FCF/Rev LTM | 5.9% |
| FCF/Rev 3Y Avg | 0.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Direct patient | 16 | 13 | |||
| Leasing | 13 | 16 | 18 | 17 | |
| Retail | 4 | 3 | |||
| Leasing radiosurgery and radiation therapy equipment to healthcare providers | 18 | ||||
| Total | 28 | 28 | 21 | 20 | 18 |
| $ Mil | 1999 |
|---|---|
| Gamma Knife | 3 |
| Total | 3 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Leasing | -0 | -3 | 1 | 1 |
| Direct patient | -1 | 6 | ||
| Retail | 0 | 0 | ||
| Total | -2 | 2 | 1 | 1 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 1999 |
|---|---|---|---|---|---|
| Direct patient | 31 | 25 | |||
| Leasing | 24 | 35 | 40 | 38 | |
| Retail | 8 | 6 | |||
| Gamma Knife | 29 | ||||
| Total | 55 | 60 | 48 | 44 | 29 |
Price Behavior
| Market Price | $1.51 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -50.3% | |
| 50 Days | 200 Days | |
| DMA Price | $1.51 | $1.83 |
| DMA Trend | down | down |
| Distance from DMA | 0.2% | -17.4% |
| 3M | 1YR | |
| Volatility | 69.7% | 64.1% |
| Downside Capture | 11.39 | 33.39 |
| Upside Capture | 61.86 | -31.75 |
| Correlation (SPY) | 8.4% | -1.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.71 | 0.37 | 0.44 | -0.24 | -0.05 | 0.08 |
| Up Beta | -3.35 | -1.21 | -0.91 | -3.00 | -1.51 | -0.04 |
| Down Beta | 0.71 | 1.06 | 1.89 | 1.39 | 0.97 | 0.23 |
| Up Capture | 147% | 67% | 32% | -15% | -17% | -1% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 19 | 27 | 48 | 96 | 317 |
| Down Capture | 218% | 48% | 26% | 65% | 51% | 38% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 22 | 32 | 66 | 127 | 374 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMS | |
|---|---|---|---|---|
| AMS | -42.5% | 64.1% | -0.61 | - |
| Sector ETF (XLV) | 26.3% | 15.5% | 1.31 | 0.5% |
| Equity (SPY) | 20.4% | 12.8% | 1.17 | -1.6% |
| Gold (GLD) | 29.8% | 28.5% | 0.91 | -1.3% |
| Commodities (DBC) | 40.2% | 20.2% | 1.56 | -5.4% |
| Real Estate (VNQ) | 13.1% | 13.9% | 0.65 | 5.8% |
| Bitcoin (BTCUSD) | -45.4% | 42.7% | -1.30 | -0.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMS | |
|---|---|---|---|---|
| AMS | -10.6% | 46.2% | -0.09 | - |
| Sector ETF (XLV) | 6.6% | 15.0% | 0.25 | 4.0% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 10.2% |
| Gold (GLD) | 19.8% | 18.6% | 0.87 | -1.9% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 1.7% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 9.3% |
| Bitcoin (BTCUSD) | 7.1% | 52.6% | 0.32 | 6.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMS | |
|---|---|---|---|---|
| AMS | -6.2% | 59.0% | 0.13 | - |
| Sector ETF (XLV) | 10.4% | 16.7% | 0.51 | 12.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 14.6% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 2.9% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 6.6% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 12.4% |
| Bitcoin (BTCUSD) | 59.9% | 66.0% | 1.00 | 6.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | 3.9% | ||
| 5/14/2026 | -6.0% | -20.8% | -15.5% |
| 11/13/2025 | -1.8% | -7.6% | -4.9% |
| 8/13/2025 | 0.2% | -4.7% | -3.5% |
| 5/15/2025 | -10.1% | -19.8% | -20.5% |
| 11/13/2024 | 8.4% | 6.0% | 21.1% |
| 8/14/2024 | -3.2% | -2.3% | -2.8% |
| 5/14/2024 | -2.6% | -3.4% | -7.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 9 |
| # Negative | 9 | 9 | 12 |
| Median Positive | 3.9% | 4.7% | 8.2% |
| Median Negative | -2.6% | -3.4% | -5.9% |
| Max Positive | 12.5% | 13.2% | 34.4% |
| Max Negative | -10.1% | -20.8% | -20.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | 3.9% | ||
| 5/14/2026 | -6.0% | -20.8% | -15.5% |
| 11/13/2025 | -1.8% | -7.6% | -4.9% |
| 8/13/2025 | 0.2% | -4.7% | -3.5% |
| 5/15/2025 | -10.1% | -19.8% | -20.5% |
| 11/13/2024 | 8.4% | 6.0% | 21.1% |
| 8/14/2024 | -3.2% | -2.3% | -2.8% |
| 5/14/2024 | -2.6% | -3.4% | -7.1% |
| 3/28/2024 | 9.7% | 9.3% | 17.8% |
| 11/13/2023 | 6.1% | 11.1% | 8.2% |
| 8/14/2023 | 6.0% | 7.5% | -5.1% |
| 5/12/2023 | -1.4% | 0.0% | -6.8% |
| 3/24/2023 | 1.8% | 3.9% | 0.7% |
| 11/10/2022 | 1.1% | -3.0% | -2.0% |
| 8/11/2022 | 12.5% | 13.2% | 9.2% |
| 5/12/2022 | 4.0% | 5.5% | 3.2% |
| 3/24/2022 | -0.8% | -2.9% | -6.6% |
| 11/10/2021 | 1.6% | 0.9% | -2.9% |
| 8/12/2021 | -1.5% | 2.3% | 3.4% |
| 5/13/2021 | -6.7% | -1.6% | 34.4% |
| 11/12/2020 | 2.1% | 0.5% | 6.4% |
| 8/14/2020 | 2.3% | 1.4% | -13.8% |
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 9 |
| # Negative | 9 | 9 | 12 |
| Median Positive | 3.9% | 4.7% | 8.2% |
| Median Negative | -2.6% | -3.4% | -5.9% |
| Max Positive | 12.5% | 13.2% | 34.4% |
| Max Negative | -10.1% | -20.8% | -20.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 04/04/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 04/04/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/30/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 04/06/2021 | 10-K |
| 09/30/2020 | 11/13/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 04/03/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Insider Activity
Updated 7/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stachowiak, Raymond C | Executive Chairman | RCS/TIG Holdings LLC | Buy | 6242026 | 2.28 | 586,468 | 1,337,147 | 1,337,147 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stachowiak, Raymond C | Executive Chairman | RCS/TIG Holdings LLC | Buy | 6242026 | 2.28 | 586,468 | 1,337,147 | 1,337,147 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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