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    908 Devices (MASS)

    Market Price (10/3/2026): $12.69 | Market Cap: $478.8 MilSector: Health Care | Industry: Life Sciences Tools & Services

    908 Devices (MASS)

    Market Price (10/3/2026): $12.69
    Market Cap: $478.8 Mil
    Sector: Health Care
    Industry: Life Sciences Tools & Services

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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    Megatrend and thematic drivers
    Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Personalized Diagnostics, Show more.

    Key risks
    MASS key risks include [1] its history of net losses and uncertain profitability, Show more.

    0 Megatrend and thematic drivers
    Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Personalized Diagnostics, Show more.
    1 Key risks
    MASS key risks include [1] its history of net losses and uncertain profitability, Show more.

    MASS in ETFs

    Weight = MASS's share of each fund

    VTI0.00%
    IWM0.01%
    AVUV0.03%
    VTWO0.01%
    SCHA0.01%
    IWN0.00%
    DFAS0.00%
    IWV0.00%
    +2 more covered ETFs

    Valuation & Metrics

    FYE: 12/31MASS [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$60.8 Mil—
    FY 2026 Sales$69.2 Mil—
    FY 2027 Sales$82.5 Mil—
    FY 2026 Sales Growth13.7%—
    FY 2027 Sales Growth19.3%12.8%
    EARNINGS
    LTM Net Income (GAAP) [3]$-34.7 Mil—
    FY 2026 Net Income (Non-GAAP)$-33.5 Mil—
    FY 2027 Net Income (Non-GAAP)$-16.2 Mil—
    FY 2027 Net Income Growth—18.2%
    FY 2026 EPS (Non-GAAP)$-0.86—
    FY 2027 EPS (Non-GAAP)$-0.45—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S6.91.7
    FY 2027 P/S5.8—
    FY 2026 P/E—7.8
    FY 2027 P/E——

    [1] MASS forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    MASSS&P 500
    REVENUE GROWTHGOOD
    Rev LTM ($ Bil)0.1
    Rev Chg Q23.3%9.3%
    Rev Chg LTM13.4%8.3%
    Rev Chg 3Y Avg7.7%5.8%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.0
    CFO LTM ($ Bil)0.0
    Net Inc LTM ($ Bil)-0.0
    Op Mgn LTM-35.6%18.6%
    CFO/Rev LTM2.5%21.8%
    Net Inc Mgn-57.0%13.1%
    VALUATIONHIGH
    P/S7.73.0
    P/CFO312.214.3
    P/FCF764.518.6
    P/E-13.421.4
    STABILITYVERY GOOD
    Debt/Equity0.010.21
    Cash/Assets0.510.07

    AI Analysis | Feedback

    MetricValueDateSource
    Installed Base33366302025Link
    Recurring Revenue Percentage36%6302025Link
    New Devices Placed (Quarterly)1646302025Link
    Number of Employees24612312024Link

    Price Chart

    Upcoming
    11/09/2026Earnings ReleaseRev: $18 Mil (E)
    EPS: $-0.16 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/1/2026

    908 Devices (MASS) stock has gained about 45% since 6/30/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Financial Performance and Upgraded Outlook.

    908 Devices reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), exceeding analyst expectations. Revenue increased by 23% year-over-year to $16.1 million, surpassing the consensus estimate of $15.37 million. The company's adjusted EBITDA loss significantly narrowed by more than 50% year-over-year to $1.9 million. Following these strong results, 908 Devices raised the low end of its full-year fiscal 2026 revenue guidance to a range of $68.0 million to $70.0 million, indicating a 21% to 25% growth compared to fiscal 2025.

    2. Sustained Growth in Handheld Devices and Strategic Portfolio Expansion.

    The company demonstrated continued momentum in its core handheld chemical analysis devices, with the installed base expanding by 23% year-over-year to 4,101 devices. Revenue growth was particularly driven by increased sales of the VipIR product and the inclusion of revenue from the recently acquired NIRLab. This was further bolstered by strong demand from U.S. state and local customers, representing over half of the company's revenue, who are modernizing their capabilities for narcotics and chemical detection.

    Show more
    Updated on 10/1/2026

    908 Devices (MASS) stock has gained about 45% since 6/30/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Financial Performance and Upgraded Outlook.

    908 Devices reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), exceeding analyst expectations. Revenue increased by 23% year-over-year to $16.1 million, surpassing the consensus estimate of $15.37 million. The company's adjusted EBITDA loss significantly narrowed by more than 50% year-over-year to $1.9 million. Following these strong results, 908 Devices raised the low end of its full-year fiscal 2026 revenue guidance to a range of $68.0 million to $70.0 million, indicating a 21% to 25% growth compared to fiscal 2025.

    2. Sustained Growth in Handheld Devices and Strategic Portfolio Expansion.

    The company demonstrated continued momentum in its core handheld chemical analysis devices, with the installed base expanding by 23% year-over-year to 4,101 devices. Revenue growth was particularly driven by increased sales of the VipIR product and the inclusion of revenue from the recently acquired NIRLab. This was further bolstered by strong demand from U.S. state and local customers, representing over half of the company's revenue, who are modernizing their capabilities for narcotics and chemical detection.

    3. Positive Analyst Sentiment and Increased Price Targets.

    Numerous investment analysts responded positively to the company's performance and prospects, issuing and reiterating "Buy" or "Strong Buy" ratings, accompanied by increased price targets. For instance, Roth Capital raised its price target from $11.00 to $13.00, and Canaccord Genuity Group initiated coverage with a "buy" rating and a $13.50 price objective in August and September 2026, respectively. The average analyst price target for 908 Devices ranges from $12.83 to $13.38, reflecting an overall optimistic outlook for the stock's future performance.

    4. Robust Balance Sheet.

    As of the end of fiscal Q2 2026 (June 30, 2026), 908 Devices maintained a strong financial position with $101.5 million in cash, cash equivalents, and marketable securities, and no outstanding debt. This solid balance sheet provides financial flexibility and stability, which likely contributed to investor confidence.

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    Stock Movement Drivers

    Fundamental Drivers

    The 43.8% change in MASS stock from 6/30/2026 to 10/1/2026 was primarily driven by a 40.0% change in the company's P/S Multiple.
    (LTM values as of)630202610012026Change
    Stock Price ($)8.7012.5143.8%
    Change Contribution By: 
    Total Revenues ($ Mil)58615.3%
    P/S Multiple5.57.840.0%
    Shares Outstanding (Mil)3738-2.4%
    Cumulative Contribution43.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/1/2026
    ReturnCorrelation
    MASS43.8% 
    Market (SPY)2.3%22.4%
    Sector (XLV)4.8%-6.3%

    Fundamental Drivers

    The 104.4% change in MASS stock from 3/31/2026 to 10/1/2026 was primarily driven by a 96.7% change in the company's P/S Multiple.
    (LTM values as of)331202610012026Change
    Stock Price ($)6.1212.51104.4%
    Change Contribution By: 
    Total Revenues ($ Mil)56618.3%
    P/S Multiple3.97.896.7%
    Shares Outstanding (Mil)3638-4.0%
    Cumulative Contribution104.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/1/2026
    ReturnCorrelation
    MASS104.4% 
    Market (SPY)17.8%36.1%
    Sector (XLV)13.9%-2.0%

    Fundamental Drivers

    The 42.8% change in MASS stock from 9/30/2025 to 10/1/2026 was primarily driven by a 32.5% change in the company's P/S Multiple.
    (LTM values as of)930202510012026Change
    Stock Price ($)8.7612.5142.8%
    Change Contribution By: 
    Total Revenues ($ Mil)546113.4%
    P/S Multiple5.97.832.5%
    Shares Outstanding (Mil)3638-4.9%
    Cumulative Contribution42.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/1/2026
    ReturnCorrelation
    MASS42.8% 
    Market (SPY)15.6%30.5%
    Sector (XLV)21.0%7.7%

    Fundamental Drivers

    The 87.8% change in MASS stock from 9/30/2023 to 10/1/2026 was primarily driven by a 77.3% change in the company's P/S Multiple.
    (LTM values as of)930202310012026Change
    Stock Price ($)6.6612.5187.8%
    Change Contribution By: 
    Total Revenues ($ Mil)496124.1%
    P/S Multiple4.47.877.3%
    Shares Outstanding (Mil)3238-14.7%
    Cumulative Contribution87.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/1/2026
    ReturnCorrelation
    MASS87.8% 
    Market (SPY)84.9%21.6%
    Sector (XLV)35.2%13.2%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    MASS Return-55%-71%47%-80%139%126%-79%
    Peers Return39%-14%2%-4%1%20%41%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    MASS Win Rate33%33%50%33%50%78% 
    Peers Win Rate78%43%52%52%47%53% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    MASS Max Drawdown-69%-73%-54%-83%-43%-22% 
    Peers Max Drawdown-15%-32%-28%-25%-34%-29% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: TMO, TDY, BRKR, A, DHR.
    [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 10/2/2026 (YTD)

    How Low Can It Go

    EventMASSS&P 500
    2025 US Tariff Shock
      % Loss-25.6%-18.8%
      % Gain to Breakeven34.3%23.1%
      Time to Breakeven1 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-11.9%-7.8%
      % Gain to Breakeven13.5%8.5%
      Time to Breakeven246 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-31.0%-9.5%
      % Gain to Breakeven44.9%10.5%
      Time to Breakeven19 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-44.3%-6.7%
      % Gain to Breakeven79.4%7.1%
      Time to Breakeven240 days31 days

    Compare to TMO, TDY, BRKR, A, DHR

    In The Past

    908 Devices's stock fell -25.6% during the 2025 US Tariff Shock. Such a loss loss requires a 34.3% 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.

    EventMASSS&P 500
    2025 US Tariff Shock
      % Loss-25.6%-18.8%
      % Gain to Breakeven34.3%23.1%
      Time to Breakeven1 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-31.0%-9.5%
      % Gain to Breakeven44.9%10.5%
      Time to Breakeven19 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-44.3%-6.7%
      % Gain to Breakeven79.4%7.1%
      Time to Breakeven240 days31 days

    Compare to TMO, TDY, BRKR, A, DHR

    In The Past

    908 Devices's stock fell -25.6% during the 2025 US Tariff Shock. Such a loss loss requires a 34.3% 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 908 Devices (MASS)

    908 Devices Inc. (NASDAQ: MASS) is a commercial-stage technology company that develops and provides purpose-built mass spectrometry (Mass Spec) devices. These innovative devices are designed to analyze and understand unknown and invisible materials across a variety of scientific and industrial applications. The company focuses on bringing sophisticated analytical capabilities to the point-of-need, whether in the field or on the benchtop.

    The company's primary product offerings include the MX908, a handheld, battery-powered Mass Spec device engineered for rapid identification of unknown gas, liquid, and solid materials. For laboratory settings, 908 Devices offers Rebel, a compact desktop analyzer that provides real-time insights into the extracellular environment crucial for bioprocesses. Additionally, the ZipChip solution is a plug-and-play, high-resolution separation platform designed to enhance and optimize Mass Spec sample analysis.

    908 Devices serves a diverse range of customers and markets globally, including life sciences research, bioprocessing, industrial biotechnology, and forensics. The company operates across the Americas, Europe, the Middle East, Africa, and the Asia Pacific, providing advanced analytical tools to professionals who require quick and accurate material identification and characterization.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for 908 Devices (MASS):

    The Thermo Fisher Scientific of advanced, accessible mass spectrometry.

    The FLIR Systems for identifying unknown chemical and biological materials using mass spectrometry.

    AI Analysis | Feedback

    • MX908: A handheld, battery-powered Mass Spec device for rapid analysis of unknown gas, liquid, and solid materials.
    • Rebel: A small desktop analyzer providing real-time information on the extracellular environment in bioprocesses.
    • ZipChip solution: A plug-and-play, high-resolution separation platform designed to optimize Mass Spec sample analysis.

    AI Analysis | Feedback

    908 Devices Inc. sells its specialized mass spectrometry devices primarily to other organizations and companies, rather than individuals. Based on the description, the company's major customers can be categorized into the following types of organizations, as specific company names are not provided in the background information:

    • Life Sciences Research & Biopharma Companies: This category includes pharmaceutical and biotechnology companies, academic research institutions, and contract research organizations (CROs). These customers utilize 908 Devices' technology for drug discovery, development, and various research applications, particularly the ZipChip solution and Rebel analyzer for optimizing sample analysis and real-time bioprocess information.
    • Bioprocessing & Industrial Biotech Organizations: Customers in this segment are involved in the manufacturing of biologics, cell and gene therapies, and other industrial applications of biotechnology. They rely on devices like the Rebel for monitoring and optimizing bioprocesses.
    • Forensic & Public Safety Agencies: This category encompasses government entities such as law enforcement agencies, homeland security, military units, and hazardous materials (hazmat) teams. They use devices like the MX908 for rapid, on-site analysis of unknown substances for security, safety, and investigative purposes.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Kevin J. Knopp, PhD

    CEO & Co-founder

    Kevin J. Knopp is the co-founder of 908 Devices, established in 2012, and has served as its CEO since February 2012, holding a tenure of over 14 years. His total yearly compensation was approximately $1.99 million as of September 30, 2025.

    Joseph H. Griffith

    Chief Financial Officer and Treasurer

    Joseph H. Griffith serves as the Chief Financial Officer and Treasurer of 908 Devices. His total yearly compensation was approximately $1.24 million as of September 30, 2025.

    Jon Frattaroli

    VP, Strategy

    Jon Frattaroli is the Vice President of Strategy at 908 Devices.

    John Kenneweg

    VP, Government

    John Kenneweg holds the position of Vice President of Government at 908 Devices.

    Kevin McCallion, PhD

    VP, Products & Production

    Kevin McCallion is the Vice President of Products & Production at 908 Devices. He joined the company in 2013, initially as the Director of Component Engineering. Prior to 908 Devices, he was the Vice President of Engineering for TeraDiode and the Director of Engineering at Finisar Corp. He also co-founded Azna LLC, where he served as the Vice President of Product Development. Dr. McCallion is an inventor on over 30 U.S. patents.

    AI Analysis | Feedback

    Here are the key risks to 908 Devices (MASS):
    1. History of Net Losses and Challenges to Achieve Profitability: 908 Devices has a history of net losses and faces significant challenges in achieving and maintaining profitability, as indicated by its negative operating and net margins. The company's financial health grades, including a low Piotroski F-Score and an Altman Z-Score in the distress zone, suggest poor business operations and a possibility of bankruptcy within the next two years. Additionally, the company has experienced negative free cash flow, highlighting ongoing cash flow challenges.
    2. Intense Competition and Need for Continuous Innovation: The company operates in the highly competitive medical devices and instruments industry. To remain competitive, 908 Devices must continuously innovate and adapt to rapid technological changes. A failure to develop new products or enhance existing ones could negatively impact market acceptance and its competitive position.
    3. Dependence on Limited Suppliers and Supply Chain Disruptions: 908 Devices relies on a limited number of suppliers for key components for its devices. This dependence poses risks of supply chain disruptions, which could adversely affect its operations, lead to reduced sales, and impact cash flows.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    For 908 Devices (symbol: MASS), the addressable market for its main products has evolved following a strategic divestiture in March 2025.

    • MX908 (Handheld Devices): The total addressable market (TAM) for handheld devices, including the MX908, was estimated to be $1.5 billion globally at the time of 908 Devices' IPO in 2020. This market is projected to expand to $2.5 billion globally by 2027. This growth is driven by increasing worldwide concerns regarding illicit drugs, toxic industrial materials, and security threats, alongside software application extensions into GxP facilities for raw material inspection, counterfeit and adulteration detection, contamination and cleaning validation, and other quality assurance and quality control assays.
    • Rebel and ZipChip Solution: These products, which were part of 908 Devices' bioprocessing desktop portfolio, were divested to Repligen Corporation in March 2025. Therefore, the addressable markets for Rebel and ZipChip Solution are null for 908 Devices Inc.

    AI Analysis | Feedback

    908 Devices Inc. (MASS) is positioned for future revenue growth over the next 2-3 years, driven by several key factors:

    1. Accelerated Demand in Health, Safety, and Defense Technology Markets: The company is strategically focused on addressing critical issues such as the illicit drug crisis, toxic industrial materials, and global security threats. This focus is supported by increased U.S. funding to combat the illicit drug crisis and growing NATO defense budgets, driving demand for its handheld chemical detection tools.
    2. Growth from Recently Launched Products and Next-Generation Innovation: Strong demand for newly introduced products like VipIR and XplorIR is contributing significantly to revenue. Additionally, the anticipated commercial launch of a next-generation MX908 mass spectrometry platform in late 2026 is expected to open new customer opportunities and drive growth in 2027 and beyond.
    3. Contributions from the Department of Defense's AVCAD Program: The company's partnership with Smiths Detection on the Department of Defense's AVCAD program is nearing its next phase, with an initial production run expected in the second half of 2026. This program is projected to contribute $2 million-$3 million in 2026, with potential for over $10 million annually.
    4. Expansion of Recurring Revenue Streams: 908 Devices is actively increasing its recurring revenue, which includes consumables, accessories, software, and service revenue. This strategy, supported by new programs like the TeamLeader software platform, aims to grow recurring revenue to over 40% of total revenues from 35% in 2025, providing greater revenue visibility and predictability.
    5. Broadening Customer Base and International Expansion: The company is expanding its installed base of devices, which grew 24% year-over-year to 3,736 devices by the end of 2025. Growth in the U.S. state and local sales channel (up 38% in 2025) and increased international sales, particularly to NATO-aligned countries, are also key drivers.

    AI Analysis | Feedback

    Share Issuance

    • The company's common stock began trading on The Nasdaq Global Market on December 18, 2020.
    • The number of shares outstanding increased from 27,297,871 as of March 26, 2021, to 36,101,051 at the end of 2025.
    • As of March 11, 2026, the number of shares outstanding reached 37.38 million, representing a 5.35% increase in one year.

    Outbound Investments

    • In August 2022, 908 Devices acquired Trace Analytics GmbH (later renamed 908 Devices GmbH), gaining microfluidic aseptic sampling technology for bioprocess applications.
    • The company acquired RedWave in April 2024, which expanded its product portfolio with FTIR technology.

    Capital Expenditures

    • Capital expenditures were $4 million in 2022 and $4 million in 2023.
    • Capital expenditure was USD -955.0 thousand in 2025, marking a 58.6% decrease year-over-year.
    • In the last 12 months (prior to March 07, 2026), capital expenditures were $602K, primarily impacting free cash flow.

    Peer Outperformance in Life Sciences Tools & Services

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    Share of Life Sciences Tools & Services constituents that MASS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    —
    insufficient peer history
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
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    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1908 Devices Earnings Notes12/16/2025
    2How Low Can 908 Devices Stock Really Go?10/17/2025
    Title
    0ARTICLES

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    Peer Comparisons

    Peers to compare with:

    Financials

    MASSTMOTDYBRKRADHRMedian
    Name908 Devi.Thermo F.Teledyne.Bruker Agilent .Danaher  
    Mkt Price-658.78617.1263.23167.80214.07214.07
    Mkt Cap-244.428.69.647.3151.047.3
    Rev LTM-46,3366,3743,5007,37225,1077,372
    Op Inc LTM-8,4761,2402661,6395,1271,639
    FCF LTM-7,3181,142641,2675,4661,267
    FCF 3Y Avg-7,1501,017941,2575,1361,257
    CFO LTM-9,0131,2711901,6096,6351,609
    CFO 3Y Avg-8,6461,1252101,6306,4171,630

    Growth & Margins

    MASSTMOTDYBRKRADHRMedian
    Name908 Devi.Thermo F.Teledyne.Bruker Agilent .Danaher  
    Rev Chg LTM-7.2%7.9%1.6%8.6%4.6%7.2%
    Rev Chg 3Y Avg-2.2%4.5%9.0%2.0%2.9%2.9%
    Rev Chg Q-10.5%9.8%5.2%8.1%5.5%8.1%
    QoQ Delta Rev Chg LTM-2.5%2.4%1.2%1.9%1.3%1.9%
    Op Inc Chg LTM-7.8%12.9%-19.4%13.5%16.1%12.9%
    Op Inc Chg 3Y Avg-6.1%6.9%-18.6%5.3%-3.3%5.3%
    Op Mgn LTM-18.3%19.4%7.6%22.2%20.4%19.4%
    Op Mgn 3Y Avg-18.0%18.8%10.2%22.1%20.0%18.8%
    QoQ Delta Op Mgn LTM-0.1%0.4%1.5%0.7%1.2%0.7%
    CFO/Rev LTM-19.5%19.9%5.4%21.8%26.4%19.9%
    CFO/Rev 3Y Avg-19.7%18.9%6.3%23.8%26.5%19.7%
    FCF/Rev LTM-15.8%17.9%1.8%17.2%21.8%17.2%
    FCF/Rev 3Y Avg-16.3%17.1%2.9%18.3%21.2%17.1%

    Valuation

    MASSTMOTDYBRKRADHRMedian
    Name908 Devi.Thermo F.Teledyne.Bruker Agilent .Danaher  
    Mkt Cap-244.428.69.647.3151.047.3
    P/S-5.34.52.86.46.05.3
    P/Op Inc-28.823.036.228.929.428.9
    P/EBIT-26.823.0246.326.829.926.8
    P/E-35.129.3-135.332.937.732.9
    P/CFO-27.122.550.629.422.827.1
    Total Yield-3.2%3.4%-0.4%3.7%3.3%3.3%
    Dividend Yield-0.3%0.0%0.3%0.6%0.6%0.3%
    FCF Yield 3Y Avg-3.9%4.3%1.1%3.5%3.4%3.5%
    D/E-0.20.10.20.10.20.2
    Net D/E-0.20.10.20.00.10.1

    Returns

    MASSTMOTDYBRKRADHRMedian
    Name908 Devi.Thermo F.Teledyne.Bruker Agilent .Danaher  
    1M Rtn-9.8%1.1%12.9%11.9%3.6%9.8%
    3M Rtn-26.0%-5.4%2.7%28.4%8.3%8.3%
    6M Rtn-34.3%-1.0%72.3%45.6%12.4%34.3%
    12M Rtn-24.6%7.3%82.9%21.8%1.3%21.8%
    3Y Rtn-34.2%53.4%2.9%54.5%2.1%34.2%
    1M Excs Rtn-9.3%0.6%12.5%11.5%3.2%9.3%
    3M Excs Rtn-23.5%-7.8%0.2%25.9%5.9%5.9%
    6M Excs Rtn-16.7%-16.9%58.6%30.1%-4.1%16.7%
    12M Excs Rtn-21.5%-9.4%80.5%16.8%-6.0%16.8%
    3Y Excs Rtn--47.5%-28.4%-76.8%-24.9%-80.9%-47.5%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/11/20265/6/20263/9/202611/10/20258/5/20255/13/20253/7/202511/12/20248/6/20245/3/20243/8/202411/7/2023
    Key Financials Quarterly            
    Total Revenue16131714131214151171414
    Ebitda-5-5-2-5-7-7-6-5-8-6-7-8
    Operating Income-6-7-3-6-8-9-8-6-9-8-10-9
    Net Income-12-124-15-1344-19-29-13-11-7-7
    EPS-0.32-0.320.11-0.41-0.371.23-0.56-0.84-0.37-0.33-0.23-0.22
    Key Financials TTM            
    Total Revenue TTM615856535452484848485048
    Ebitda TTM-17-19-21-25-26-26-25-26-30-30-35-38
    Operating Income TTM-22-24-26-30-31-31-30-32-35-37-43-43
    Net Income TTM-35-3619-4-18-18-72-60-38-35-36-39
    Growth Rates Quarterly            
    Total Revenue Growth23.3%13.6%21.2%-3.5%13.7%58.7%-0.1%1.6%-5.2%-21.8%23.3%-9.5%
    EBITDA Growth32.3%25.9%67.1%3.7%7.9%-15.2%11.0%43.0%8.8%44.6%23.2%-43.0%
    Operating Income Growth23.9%23.7%58.8%8.1%2.0%-12.0%22.7%32.0%21.9%41.5%3.8%-25.6%
    Net Income Growth10.6%-127.4%121.5%48.9%-6.0%499.4%-161.8%-313.0%-34.3%12.9%24.1%-13.3%
    Margins Quarterly            
    EBITDA Margin-31.1%-40.1%-11.8%-32.3%-56.7%-61.4%-43.6%-32.4%-70.1%-84.7%-49.0%-57.7%
    Operating Income Margin-39.6%-48.6%-18.2%-40.1%-64.2%-72.4%-53.6%-42.1%-74.5%-102.5%-69.3%-62.8%
    Net Income Margin-74.0%-89.3%24.0%-107.0%-102.1%370.2%-135.6%-201.8%-109.5%-147.1%-51.8%-49.6%
    Cash & Debt            
    Total Cash102112113112119124697277134146148
    Total Debt445444476566
    Net Debt / (Cash)-97-107-108-108-114-121-65-65-72-129-140-141
    Cash Flows Quarterly            
    FCF from Operations311-4-6-15-2-6-13-9-2-5
    Cash Flows TTM            
    FCF from Operations TTM1-7-24-27-29-36-30-30-29-24-25-28
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-9.2%-9.9%-4.9%-8.8%-13.5%-14.3%-10.5%-8.4%-12.3%-14.3%-20.2%-18.5%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-7.8%-9.0%-9.9%-11.8%-12.4%-13.0%-10.2%-11.1%-12.5%-17.7%-21.7%-22.5%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Product revenue4336404441
    Service and contract revenue13121021
    Total5648504742


    Price Behavior

    Price Behavior
    Market Price$12.51 
    Market Cap ($ Bil)0.5 
    First Trading Date12/18/2020 
    Distance from 52W High0.0% 
       50 Days200 Days
    DMA Price$9.89$7.65
    DMA Trendupup
    Distance from DMA26.5%63.5%
     3M1YR
    Volatility59.6%62.2%
    Downside Capture15.19146.03
    Upside Capture210.23160.96
    Correlation (SPY)22.7%30.6%
    MASS Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta1.721.541.211.741.481.41
    Up Beta6.632.822.291.821.771.64
    Down Beta4.612.04-0.881.450.880.47
    Up Capture158%256%226%311%242%734%
    Bmk +ve Days6162766132424
    Stock +ve Days11243268125349
    Down Capture-88%-174%17%111%127%111%
    Bmk -ve Days16263760120328
    Stock -ve Days11183256123384

    [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 MASS
    MASS43.0%62.2%0.81-
    Sector ETF (XLV)21.0%16.0%1.007.7%
    Equity (SPY)15.7%13.0%0.8530.5%
    Gold (GLD)7.7%29.6%0.2522.6%
    Commodities (DBC)45.6%20.8%1.69-7.8%
    Real Estate (VNQ)1.2%13.6%-0.169.4%
    Bitcoin (BTCUSD)-25.7%44.5%-0.5416.3%

    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 MASS
    MASS-19.5%94.8%0.16-
    Sector ETF (XLV)6.3%15.2%0.2320.3%
    Equity (SPY)13.0%17.2%0.5731.0%
    Gold (GLD)18.6%18.9%0.8010.9%
    Commodities (DBC)10.6%19.6%0.425.4%
    Real Estate (VNQ)0.4%18.9%-0.0827.7%
    Bitcoin (BTCUSD)13.6%52.3%0.4316.8%

    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 MASS
    MASS-12.5%92.7%0.14-
    Sector ETF (XLV)10.4%16.7%0.5119.5%
    Equity (SPY)15.3%17.9%0.7230.8%
    Gold (GLD)11.6%16.4%0.5810.5%
    Commodities (DBC)8.4%18.1%0.386.3%
    Real Estate (VNQ)4.4%20.7%0.1727.2%
    Bitcoin (BTCUSD)64.2%66.2%1.0416.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity2.7 Mil
    Short Interest: % Change Since 8312026-2.2%
    Average Daily Volume0.3 Mil
    Days-to-Cover Short Interest9.3 days
    Basic Shares Quantity37.7 Mil
    Short % of Basic Shares7.3%

    Returns Analyses

    Earnings Returns History

    Updated 9/14/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/11/202613.7%15.8%10.1%
    5/6/202613.7%7.9%24.4%
    3/3/2026-4.4%-3.7%-7.4%
    11/10/2025-13.3%-25.7%-10.8%
    8/5/2025-2.8%-1.4%-15.3%
    5/13/2025-18.8%-16.8%27.1%
    3/4/202596.0%52.5%105.6%
    11/12/2024-19.3%-34.8%-37.6%
    ...
    SUMMARY STATS   
    # Positive12811
    # Negative111512
    Median Positive12.4%9.0%24.4%
    Median Negative-12.4%-9.0%-13.1%
    Max Positive96.0%52.5%105.6%
    Max Negative-22.0%-38.2%-44.2%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/11/202613.7%15.8%10.1%
    5/6/202613.7%7.9%24.4%
    3/3/2026-4.4%-3.7%-7.4%
    11/10/2025-13.3%-25.7%-10.8%
    8/5/2025-2.8%-1.4%-15.3%
    5/13/2025-18.8%-16.8%27.1%
    3/4/202596.0%52.5%105.6%
    11/12/2024-19.3%-34.8%-37.6%
    8/6/20240.0%-8.2%-19.4%
    4/30/2024-1.0%-2.3%9.6%
    3/5/2024-3.7%-7.9%-8.6%
    11/7/20234.1%-4.4%24.9%
    8/8/202322.0%13.1%6.1%
    5/9/20236.2%2.5%31.7%
    3/7/20232.9%-12.3%-6.9%
    11/14/2022-22.0%-38.2%-44.2%
    8/9/2022-12.4%-9.0%-9.7%
    5/10/202214.4%3.4%2.3%
    3/7/202215.1%10.1%27.9%
    1/10/2022-4.4%-11.8%-22.4%
    11/4/202111.0%-2.3%-30.0%
    8/4/20218.0%1.1%16.5%
    5/13/2021-16.5%-16.3%-7.3%
    SUMMARY STATS   
    # Positive12811
    # Negative111512
    Median Positive12.4%9.0%24.4%
    Median Negative-12.4%-9.0%-13.1%
    Max Positive96.0%52.5%105.6%
    Max Negative-22.0%-38.2%-44.2%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/11/202610-Q
    03/31/202605/06/202610-Q
    12/31/202503/09/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/13/202510-Q
    12/31/202403/07/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/03/202410-Q
    12/31/202303/08/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/15/202310-K
    09/30/202211/14/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/11/202610-Q
    03/31/202605/06/202610-Q
    12/31/202503/09/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/13/202510-Q
    12/31/202403/07/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/03/202410-Q
    12/31/202303/08/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/15/202310-K
    09/30/202211/14/202210-Q
    06/30/202208/09/202210-Q
    03/31/202205/10/202210-Q
    12/31/202103/11/202210-K
    09/30/202111/04/202110-Q
    06/30/202108/04/202110-Q
    03/31/202105/13/202110-Q
    12/31/202003/31/202110-K
    09/30/202012/18/2020424B4

    Recent Forward Guidance

    Updated 9/28/2026

    Latest: Q2 2026 Earnings Reported 8/11/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 RevenueReported68.00 Mil69.00 Mil70.00 Mil  RaisedGuidance: 68.50 Mil for 2026
    2026 Revenue GrowthReported21.0%23.0%25.0% 1.0%RaisedGuidance: 22.0% for 2026


    Prior: Q1 2026 Earnings Reported 5/6/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 RevenueReported67.00 Mil68.50 Mil70.00 Mil3.8% RaisedGuidance: 66.00 Mil for 2026
    2026 Revenue GrowthReported19.0%22.0%25.0% 4.5%RaisedGuidance: 17.5% for 2026

    Q4 2025 Earnings Reported 3/3/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 RevenueReported64.50 Mil66.00 Mil67.50 Mil20.0% Higher NewActual: 55.00 Mil for 2025
    2026 Revenue GrowthReported15.0%17.5%20.0% 2.5%Higher NewActual: 15.0% for 2025

    Q3 2025 Earnings Reported 11/10/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2025 RevenueReported54.00 Mil55.00 Mil56.00 Mil0 AffirmedGuidance: 55.00 Mil for 2025
    2025 Revenue GrowthReported13.0%15.0%17.0% 0AffirmedGuidance: 15.0% for 2025
    Q4 2025 Adjusted EBITDAReported 0    

    Insider Activity

    Updated 9/25/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Awm, Investment Company, Inc Limited PartnershipSell925202611.3624,000272,62654,011,368Form
    2Awm, Investment Company, Inc Limited PartnershpSell925202611.251,00011,25053,502,446Form
    3Kenneweg, JohnSVP, Sales & Product MarketingDirectSell917202610.225,25753,727590,552Form
    4Kenneweg, JohnSVP, Sales & Product MarketingDirectSell917202610.1121,399216,344584,196Form
    5Kenneweg, JohnSVP, Sales & Product MarketingDirectSell917202610.001,00010,000577,840Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Awm, Investment Company, Inc Limited PartnershipSell925202611.3624,000272,62654,011,368Form
    2Awm, Investment Company, Inc Limited PartnershpSell925202611.251,00011,25053,502,446Form
    3Kenneweg, JohnSVP, Sales & Product MarketingDirectSell917202610.225,25753,727590,552Form
    4Kenneweg, JohnSVP, Sales & Product MarketingDirectSell917202610.1121,399216,344584,196Form
    5Kenneweg, JohnSVP, Sales & Product MarketingDirectSell917202610.001,00010,000577,840Form
    6Brown, Christopher DDirectSell904202610.5830,000317,4008,205,414Form
    7Griffith, Joseph H IVChief Financial OfficerDirectSell827202610.9511,459125,4761,330,392Form
    8Awm, Investment Company, Inc Limited PartnershipSell824202610.6141,578441,15950,715,303Form
    9Awm, Investment Company, Inc Limited PartnershipSell824202610.528,42288,63850,742,791Form
    10Knopp, Kevin JPresident and CEODirectSell817202610.3520,000207,0005,754,269Form
    11Knopp, Kevin JPresident and CEODirectSell817202610.067,62276,6775,794,238Form
    12Knopp, Kevin JPresident and CEODirectSell812202610.072,74727,6625,876,751Form
    13Brown, Christopher DDirectSell81220269.238,35877,1447,435,310Form
    14Knopp, Kevin JPresident and CEODirectSell81220269.90145,9181,444,3305,803,699Form
    15Brown, Christopher DDirectSell81220269.039,44285,2617,349,671Form
    16Knopp, Kevin JPresident and CEODirectSell81220269.063483,1536,634,230Form
    17Awm, Investment Company, Inc Limited PartnershipSell80620268.3650,000417,76540,354,202Form
    18Knopp, Kevin JPresident and CEODirectSell70720269.072222,0146,644,709Form
    19Brown, Christopher DDirectSell70720269.022,20019,8447,607,098Form
    20Brown, Christopher DDirectSell70220268.8420,000176,8007,474,742Form
    21Knopp, Kevin JPresident and CEODirectSell63020269.092,79825,4346,661,379Form
    22Knopp, Kevin JPresident and CEODirectSell62520269.1016,388149,1316,694,169Form
    23Knopp, Kevin JPresident and CEODirectSell62520269.1440,535370,4906,873,381Form
    24Brown, Christopher DDirectSell62520269.049,90089,4967,824,653Form
    25Knopp, Kevin JPresident and CEODirectSell62520269.063,42231,0037,180,467Form
    26Awm, Investment Company, Inc Limited PartnershipsSell62420269.003,05027,46343,937,964Form
    27Awm, Investment Company, Inc Limited PartnershipsSell62420268.994,66841,96543,896,579Form
    28Awm, Investment Company, Inc Limited PartnershipSell60420268.9739,782356,85643,842,261Form
    29Brown, Christopher DDirectSell60420268.7320,000174,6007,643,630Form
    30Awm, Investment Company, Inc Limited PartnershipSell60420268.952,50022,37544,099,093Form
    31Brown, Christopher DDirectSell52920269.0030,000270,0008,060,031Form
    32Awm, Investment Company, Inc Limited PartnershipSell52920268.66170,4421,475,92542,688,876Form
    33Griffith, Joseph H IVChief Financial OfficerDirectSell52920269.036,94062,6681,200,593Form
    34Awm, Investment Company, Inc Limited PartnershipSell52920268.2516,500136,16642,089,292Form
    35Awm, Investment Company, Inc Limited PartnershipSell51320268.255,00041,25742,220,062Form
    36Kenneweg, JohnSVP, Sales & Product MarketingDirectSell51120268.1118,255148,048468,628Form
    37Awm, Investment Company, Inc Limited PartnershipSell50820268.203,02524,80541,998,063Form
    38Awm, Investment Company, Inc Limited PartnershipSell50820268.2012,819105,17042,044,392Form
    39Awm, Investment Company, Inc Limited PartnershipSell50820268.0562,365502,15541,366,999Form
    40Brown, Christopher DDirectSell50720267.2320,000144,6006,691,792Form
    41Kenneweg, JohnSVP, Sales & Product MarketingDirectSell50420266.837,78753,185519,346Form
    42McCallion, Kevin JSVP, Products and ProductionDirectSell41420267.012,69318,878314,924Form
    43Brown, Christopher DDirectSell41020267.0717,578124,2766,685,102Form
    44McCallion, Kevin JSVP, Products and ProductionDirectSell41020267.035,42038,103315,823Form
    45Brown, Christopher DDirectSell41020267.047,39252,0406,780,484Form
    46McCallion, Kevin JSVP, Products and ProductionDirectSell41020267.0518,580130,989316,721Form
    47Brown, Christopher DDirectSell41020267.0515,030105,9626,842,229Form
    48McCallion, Kevin JSVP, Products and ProductionDirectSell30420267.00749314,426Form
    49Knopp, Kevin JPresident and CEODirectSell20320266.1834,764214,8424,919,082Form
    50Griffith, Joseph H IVChief Financial OfficerDirectSell20320266.1823,175143,222864,557Form
    51Griffith, Joseph H IVChief Financial OfficerDirectSell100620259.054,29238,849841,156Form
    52Griffith, Joseph H IVChief Financial OfficerDirectSell100620259.047086,398878,537Form
    53Griffith, Joseph H IVChief Financial OfficerDirectSell92320257.075,00035,338692,140Form

    Investor Activity (13F)

    Updated Oct 3, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    First Light Asset Management, LLC$37.2 Mil3.3%35ADD +25.6%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    First Light Asset Management, LLC$37.2 Mil3.3%35ADD +25.6%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    First Light Asset Management, LLC$37.2 Mil3.3%35ADD +25.6%13F

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    Industry Resources

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