SDEV Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About SDEV Interactive Breakdown Better Bets vs. SDEV Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Stablecoin Development (SDEV)

    Market Price (10/10/2026): $1.54 | Market Cap: $47.8 MilSector: Financials | Industry: Asset Management & Custody Banks

    Stablecoin Development (SDEV)

    Market Price (10/10/2026): $1.54
    Market Cap: $47.8 Mil
    Sector: Financials
    Industry: Asset Management & Custody Banks

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

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15%

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35%

    Megatrend and thematic drivers
    Megatrends include Crypto & Blockchain. Themes include Stablecoin Development.

    Weak multi-year price returns
    2Y Excs Rtn is -70%, 3Y Excs Rtn is -180%

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -6.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -141%

    Expensive valuation multiples
    P/SPrice/Sales ratio is 10x

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 70%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -265%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -265%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -266%

    High stock price volatility
    Vol 12M is 272%

    Key risks
    SDEV key risks include [1] significant financial losses from price fluctuations in its holdings concentrated in the SKY token and [2] technological vulnerabilities, Show more.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15%
    1 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35%
    2 Megatrend and thematic drivers
    Megatrends include Crypto & Blockchain. Themes include Stablecoin Development.
    3 Weak multi-year price returns
    2Y Excs Rtn is -70%, 3Y Excs Rtn is -180%
    4 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -6.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -141%
    5 Expensive valuation multiples
    P/SPrice/Sales ratio is 10x
    6 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 70%
    7 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -265%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -265%
    8 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -266%
    9 High stock price volatility
    Vol 12M is 272%
    10 Key risks
    SDEV key risks include [1] significant financial losses from price fluctuations in its holdings concentrated in the SKY token and [2] technological vulnerabilities, Show more.

    SDEV in ETFs

    Weight = SDEV's share of each fund

    VTI0.00%

    Valuation & Metrics

    FYE: 12/31SDEV [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$4.7 Mil—
    FY 2026 Sales$15.8 Mil—
    Next FY Sales——
    FY 2026 Sales Growth238.4%—
    Next FY Sales Growth—13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$-125.2 Mil—
    FY 2026 Net Income (Non-GAAP)$-11.1 Mil—
    Next FY Net Income (Non-GAAP)——
    Next FY Net Income Growth—18.9%
    FY 2026 EPS (Non-GAAP)$-1.90—
    Next FY EPS (Non-GAAP)——
    Next FY EPS Growth——
    VALUATION
    FY 2026 P/S3.01.7
    Next FY P/S——
    FY 2026 P/E—7.9
    Next FY P/E——

    [1] SDEV 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).
    SDEVS&P 500
    REVENUE GROWTHPOOR
    Rev LTM ($ Bil)0.0
    Rev Chg Q�9.3%
    Rev Chg LTM�8.3%
    Rev Chg 3Y Avg-82.8%5.9%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.0
    CFO LTM ($ Bil)-0.0
    Net Inc LTM ($ Bil)-0.1
    Op Mgn LTM-141.1%18.5%
    CFO/Rev LTM-264.5%21.9%
    Net Inc Mgn-2,681.4%13.3%
    VALUATIONVERY HIGH
    P/S10.23.1
    P/CFO-3.914.7
    P/FCF-3.919.0
    P/E-0.422.0

    AI Analysis | Feedback

    MetricValueDateSource
    SKY Tokens Heldapproximately 2.15 billion3312026Link
    Percentage of Total SKY Supply Held9.15%3312026Link
    Cumulative SKY Staking Rewardsapproximately 35.3 million3312026Link

    Price Chart

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    Upcoming
    11/05/2026Earnings ReleaseRev: $3.0 Mil (E)
    EPS: $-0.60 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/9/2026

    Stablecoin Development (SDEV) stock has gained about 45% since 6/30/2026 because of the following key factors:

    1. Strategic Transformation and Digital Asset Holdings Appreciation.

    Stablecoin Development (SDEV) underwent a significant strategic pivot in April 2026, transforming from a pharmaceutical company into an on-chain holding company primarily focused on the Sky protocol ecosystem, directly linking its valuation to its digital asset performance. The fair value of SDEV's SKY token holdings increased by 51%, from approximately $119.2 million at the end of fiscal Q2 2026 (June 30, 2026) to approximately $180.2 million by the end of fiscal Q3 2026 (September 30, 2026).

    2. Consistent Asset Accumulation Through Staking Rewards.

    The company demonstrated a proactive approach to growing its digital asset base by earning approximately 34.6 million SKY tokens in staking rewards during fiscal Q3 2026. All of these rewards were retained and substantially re-staked, contributing to the increase in its total token holdings and overall asset value without any token sales during the period.

    Show more
    Updated on 10/9/2026

    Stablecoin Development (SDEV) stock has gained about 45% since 6/30/2026 because of the following key factors:

    1. Strategic Transformation and Digital Asset Holdings Appreciation.

    Stablecoin Development (SDEV) underwent a significant strategic pivot in April 2026, transforming from a pharmaceutical company into an on-chain holding company primarily focused on the Sky protocol ecosystem, directly linking its valuation to its digital asset performance. The fair value of SDEV's SKY token holdings increased by 51%, from approximately $119.2 million at the end of fiscal Q2 2026 (June 30, 2026) to approximately $180.2 million by the end of fiscal Q3 2026 (September 30, 2026).

    2. Consistent Asset Accumulation Through Staking Rewards.

    The company demonstrated a proactive approach to growing its digital asset base by earning approximately 34.6 million SKY tokens in staking rewards during fiscal Q3 2026. All of these rewards were retained and substantially re-staked, contributing to the increase in its total token holdings and overall asset value without any token sales during the period.

    3. High Speculative Trading Volume and Momentum.

    SDEV experienced periods of extreme volatility and significant price surges, particularly from mid-September to early October 2026. This speculative interest led to the stock climbing from sub-$1.00 levels around September 17, 2026, to a peak near $9.82 on October 5, 2026. This rapid appreciation was largely driven by momentum traders, even in the absence of new fundamental catalysts, contributing significantly to the overall upward movement within the specified period despite subsequent price corrections.

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    Stock Movement Drivers

    Fundamental Drivers

    The 46.7% change in SDEV stock from 6/30/2026 to 10/9/2026 was primarily driven by a 89.6% change in the company's Total Revenues ($ Mil).
    (LTM values as of)630202610092026Change
    Stock Price ($)1.051.5446.7%
    Change Contribution By: 
    Total Revenues ($ Mil)2589.6%
    P/S Multiple11.110.2-7.7%
    Shares Outstanding (Mil)2631-16.2%
    Cumulative Contribution46.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/9/2026
    ReturnCorrelation
    SDEV46.7% 
    Market (SPY)4.3%1.3%
    Sector (XLF)2.1%-10.6%

    Fundamental Drivers

    The 3.4% change in SDEV stock from 3/31/2026 to 10/9/2026 was primarily driven by a 9.2233720368547763E17% change in the company's Total Revenues ($ Mil).
    (LTM values as of)331202610092026Change
    Stock Price ($)1.491.543.4%
    Change Contribution By: 
    Total Revenues ($ Mil)059.2233720368547763E17%
    P/S Multiple∞10.2 
    Shares Outstanding (Mil)131-96.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/9/2026
    ReturnCorrelation
    SDEV3.4% 
    Market (SPY)20.0%3.2%
    Sector (XLF)11.2%-8.8%

    Fundamental Drivers

    The -75.9% change in SDEV stock from 9/30/2025 to 10/9/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)930202510092026Change
    Stock Price ($)6.401.54-75.9%
    Change Contribution By: 
    Total Revenues ($ Mil)059.2233720368547763E17%
    P/S Multiple∞10.2 
    Shares Outstanding (Mil)131-96.3%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/9/2026
    ReturnCorrelation
    SDEV-75.9% 
    Market (SPY)17.8%12.7%
    Sector (XLF)2.8%5.6%

    Fundamental Drivers

    The -97.0% change in SDEV stock from 9/30/2023 to 10/9/2026 was primarily driven by a -99.9% change in the company's Shares Outstanding (Mil).
    (LTM values as of)930202310092026Change
    Stock Price ($)52.061.54-97.0%
    Change Contribution By: 
    Total Revenues ($ Mil)135-65.0%
    P/S Multiple0.110.214321.7%
    Shares Outstanding (Mil)031-99.9%
    Cumulative Contribution-97.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/9/2026
    ReturnCorrelation
    SDEV-97.0% 
    Market (SPY)88.4%7.4%
    Sector (XLF)72.2%2.0%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    SDEV Return-46%-85%-90%-92%1320%-93%-100%
    Peers Return-27%-72%130%55%20%-12%-24%
    S&P 500 Return27%-19%24%23%16%13%107%

    Monthly Win Rates [3]
    SDEV Win Rate25%17%17%25%50%40% 
    Peers Win Rate40%33%56%48%50%42% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    SDEV Max Drawdown-74%-91%-92%-95%-69%-99% 
    Peers Max Drawdown-61%-75%-50%-46%-53%-50% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: COIN, CRCL, PYPL, HOOD, BKKT.
    [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 10/9/2026 (YTD)

    How Low Can It Go

    EventSDEVS&P 500
    2025 US Tariff Shock
      % Loss-27.8%-18.8%
      % Gain to Breakeven38.5%23.1%
      Time to Breakeven90 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-82.1%-7.8%
      % Gain to Breakeven457.9%8.5%
      Time to Breakeven390 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-63.9%-9.5%
      % Gain to Breakeven177.4%10.5%
      Time to Breakeven758 days24 days
    2020 COVID-19 Crash
      % Loss-49.3%-33.7%
      % Gain to Breakeven97.2%50.9%
      Time to Breakeven3 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-55.3%-19.2%
      % Gain to Breakeven123.9%23.8%
      Time to Breakeven25 days105 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-39.0%-3.7%
      % Gain to Breakeven63.8%3.9%
      Time to Breakeven24 days6 days

    Compare to COIN, CRCL, PYPL, HOOD, BKKT

    In The Past

    Stablecoin Development's stock fell -27.8% during the 2025 US Tariff Shock. Such a loss loss requires a 38.5% 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.

    EventSDEVS&P 500
    2025 US Tariff Shock
      % Loss-27.8%-18.8%
      % Gain to Breakeven38.5%23.1%
      Time to Breakeven90 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-82.1%-7.8%
      % Gain to Breakeven457.9%8.5%
      Time to Breakeven390 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-63.9%-9.5%
      % Gain to Breakeven177.4%10.5%
      Time to Breakeven758 days24 days
    2020 COVID-19 Crash
      % Loss-49.3%-33.7%
      % Gain to Breakeven97.2%50.9%
      Time to Breakeven3 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-55.3%-19.2%
      % Gain to Breakeven123.9%23.8%
      Time to Breakeven25 days105 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-39.0%-3.7%
      % Gain to Breakeven63.8%3.9%
      Time to Breakeven24 days6 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-31.4%-17.9%
      % Gain to Breakeven45.7%21.8%
      Time to Breakeven41 days123 days

    Compare to COIN, CRCL, PYPL, HOOD, BKKT

    In The Past

    Stablecoin Development's stock fell -27.8% during the 2025 US Tariff Shock. Such a loss loss requires a 38.5% 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 Stablecoin Development (SDEV)

    ```html

    NovaBay Pharmaceuticals, Inc. is a pharmaceutical company focused on developing and commercializing a range of eyecare and skincare products for consumers. The company operates in the United States and internationally, offering solutions for various dermatological and ophthalmic concerns.

    Its primary product offerings include Avenova, an advanced solution designed for removing foreign materials, microorganisms, and debris from the delicate skin around the eye, such as the eyelid. NovaBay also provides wound care products under the NeutroPhase and PhaseOne brands. Beyond eyecare, the company markets dermatological solutions under its DERMAdoctor brand, addressing conditions like keratosis pilaris, rosacea, eczema, and acne, as well as products for anti-aging, SPF protection, hyperhidrosis, and excessive hair concerns.

    NovaBay Pharmaceuticals distributes its products through a multi-channel approach, reaching its customers via traditional retailers, digital beauty platforms, and various distributors. Additionally, the company maintains an online presence for direct consumer sales, ensuring broad accessibility to its specialized eyecare and skincare portfolio.

    ```

    AI Analysis | Feedback

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    AI Analysis | Feedback

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    AI Analysis | Feedback

    NovaBay Pharmaceuticals, Inc. (symbol: SDEV) primarily sells its eyecare, skincare, and wound care products to individuals. Based on its product offerings, its major customer categories include:

    • Individuals seeking ocular hygiene and care products: This category includes consumers experiencing conditions such as blepharitis, dry eyes, or those looking for general eyelid hygiene, who purchase products like Avenova.
    • Individuals with dermatological and cosmetic skin concerns: This category encompasses consumers looking for solutions for issues such as acne, rosacea, eczema, keratosis pilaris, anti-aging, and sun protection, who purchase products under the DERMAdoctor brand.
    • Individuals requiring wound management products: This category covers consumers who need products for wound care and healing, such as those under the NeutroPhase and PhaseOne brands, potentially for post-surgical care or chronic wound management.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Michael Kazley, Chief Executive Officer and Chairman

    Michael Kazley began his career as a financial analyst at Goldman Sachs before founding his own hedge fund, Cedar Lake. He later co-founded Crescent Crypto, one of the first crypto index funds, which subsequently launched the digital opportunities fund. Mr. Kazley joined the company in October 2025 and has since overseen its strategic pivot from a pharmaceutical company to Stablecoin Development Corporation, an "on-chain holding company focused on the stablecoin economy." His background demonstrates a pattern of managing companies in the financial and crypto sectors, including those backed by venture capital firms, as evidenced by the investment from Framework Ventures in the company's new direction.

    Tommy Law, Chief Financial Officer and Treasurer

    Tommy Law serves as the Chief Financial Officer and Treasurer of Stablecoin Development Corporation. He assumed the role of Director of Finance/CFO on February 14, 2023.

    AI Analysis | Feedback

    The key risks for Stablecoin Development (SDEV), an on-chain holding company focused on digital asset ecosystems, are primarily derived from the inherent nature of its business in the cryptocurrency and blockchain space.

    1. Market Volatility and Digital Asset Price Fluctuations: Stablecoin Development's core business involves the accumulation, holding, and deployment of protocol-aligned digital assets, with a significant focus on the Sky protocol ecosystem and its SKY token. The cryptocurrency market is characterized by extreme price volatility, and fluctuations in the value of these digital assets can lead to substantial financial losses for the company.
    2. Regulatory Uncertainty in the Digital Asset Space: The regulatory landscape for digital assets, cryptocurrencies, and blockchain technology is rapidly evolving and lacks clear, consistent frameworks across jurisdictions. Changes in regulations, increased government scrutiny, or adverse legal decisions could significantly impact the legality, operational methods, or valuation of the digital assets held by Stablecoin Development, posing a systemic risk to its business model.
    3. Technology and Protocol-Specific Risks (including Smart Contract Vulnerabilities and Cyberattacks): Stablecoin Development relies heavily on blockchain technology and specific protocols like Sky. This exposes the company to various technological risks, including software bugs, coding errors in smart contracts, network failures, and vulnerabilities that could lead to security breaches, hacking, theft of digital assets, or operational disruptions. Risks specific to the Sky Protocol, such as potential flaws in smart contracts or credit losses on cryptocurrency-backed loans, also directly impact the company.

    AI Analysis | Feedback

    • Rise of Highly Personalized & AI-Driven Skincare Solutions: An emerging threat for NovaBay Pharmaceuticals, particularly its DERMAdoctor brand, is the increasing sophistication and market penetration of companies offering highly personalized skincare products. Leveraging AI, genetic analysis, and microbiome insights, these companies create custom-formulated solutions delivered directly to consumers. This model bypasses traditional retail and digital beauty channels, potentially offering a more tailored and effective approach that could significantly erode the market share of established, pre-formulated skincare lines.
    • Rapid Advancements in Non-Invasive Medical/Cosmetic Devices: For various conditions addressed by NovaBay's eyecare, wound care, and skincare products, there is a fast-growing trend of advanced non-invasive medical and cosmetic devices. These include professional treatments (e.g., advanced laser and light therapies) and increasingly sophisticated at-home devices (e.g., specialized cleansing tools, LED masks, micro-needling devices). If these devices become significantly more effective, affordable, and widely adopted, they could offer alternative or superior solutions for conditions like anti-aging, acne, rosacea, or even certain aspects of eye hygiene and wound care, thereby reducing the demand for NovaBay's topical pharmaceutical and cosmetic products.

    AI Analysis | Feedback

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    AI Analysis | Feedback

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    AI Analysis | Feedback

    Stablecoin Development (SDEV), formerly NovaBay Pharmaceuticals, Inc., has undergone a significant strategic pivot toward becoming an on-chain holding company focused on digital assets in early 2026. The company's capital allocation decisions over the last 3-5 years reflect this transformation.

    Share Issuance

    • In January 2026, SDEV completed a private placement, issuing pre-funded warrants to purchase 167,539,226 shares of its common stock (adjusted for a 1-for-5 reverse stock split), generating approximately $134 million in gross proceeds.
    • NovaBay Pharmaceuticals enacted a 1-for-5 reverse stock split in February 2026.
    • In April 2026, stockholders approved a new 2026 Equity Incentive Plan, authorizing the issuance of up to 22,223,927 shares for stock-based awards to executives, employees, directors, and consultants.

    Inbound Investments

    • A $134 million private placement in January 2026, backed by R01 Fund LP, Framework Ventures, Tether Investments, and Sky Frontier Foundation, fueled the company's strategic pivot into the digital asset space.
    • The consideration from this private placement included approximately 943.6 million SKY tokens valued at $58 million, $25 million in cash, and $51 million in stablecoins.

    Outbound Investments

    • Stablecoin Development acquired approximately 1.09 billion additional SKY tokens on the open market for $70.7 million, using proceeds from the January 2026 private placement.
    • As of March 31, 2026, the company held approximately 2.15 billion SKY tokens, representing about 9.15% of the total SKY supply.

    Peer Outperformance in Asset Management & Custody Banks

    SDEV has trailed 98% of its 81 Asset Management & Custody Banks peers over 5Y. Asset Management & Custody Banks ranks 11th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Asset Management & Custody Banks constituents that SDEV has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    5%
    of 101 industry peers · -76.1% return
    3Y
    4%
    of 92 industry peers · -96.6% return
    5Y
    2%
    of 81 industry peers · -99.9% return
    null
    Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is SDEV's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 17.9%66.4%114.2% SPNT 165% · RGA 137% · RNR 133%
    Investment Banking & Brokerage 13 -5.5%94.1%96.0% IBKR 404% · SNEX 198% · HOOD 161%
    Diversified Banks 12 29.4%125.8%94.2% CM 135% · RY 123% · JPM 121%
    Life & Health Insurance 20 10.6%52.1%83.5% JXN 493% · UNM 276% · MFC 172%
    Multi-Sector Holdings 4 4.4%50.4%71.2% JONE 361% · BRK-B 81% · VOYA 61%
    Property & Casualty Insurance 42 6.1%71.8%59.1% ASIC 2592900% · HRTG 397% · UVE 312%
    Multi-line Insurance 9 4.6%69.4%51.0% GNW 129% · L 89% · AIZ 79%
    Regional Banks 263 24.9%86.1%46.9% GCBC 326% · ESQ 299% · NBN 246%
    Financial Exchanges & Data 15 2.7%21.5%30.2% VIRT 168% · CBOE 157% · CME 72%
    Consumer Finance 30 4.2%82.8%22.9% ENVA 394% · EZPW 288% · FCFS 163%
    Asset Management & Custody Banks ← 82 -8.7%18.2%13.7% WT 337% · SII 264% · VCTR 257%
    Diversified Financial Services 4 -7.8%17.5%13.5% FRHC 165% · EQH 90% · TMS -63%
    Insurance Brokers 16 -22.1%-6.6%8.5% LIFE 316% · ARX 89% · CRD-A 63%
    Commercial & Residential Mortgage Finance 14 -51.8%19.8%-2.4% FNMA 443% · FMCC 411% · ACT 176%
    Specialized Finance 3 11.1%34.0%-11.0% EFC 16% · CACC -11% · HASI -14%
    Mortgage REITs 33 -15.6%-0.8%-30.7% NREF 45% · RITM 29% · DX 19%
    Transaction & Payment Processing Services 17 -4.5%-4.7%-39.6% V 74% · MA 71% · CPAY 52%
    Diversified Capital Markets 20 -50.6%23.6%-61.5% OPY 152% · LPLA 102% · GOLD 41%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    MYPSPLAYSTUDIOS0.5740.5%530.4%
    KODKodiak Sciences6.3203.8%257.2%
    DNAGinkgo Bioworks0.891.7%56.4%
    PACBPacific Biosciences of California0.783.5%24.6%
    GRALGRAIL6.181.3%64.2%
    IOVAIovance Biotherapeutics6.679.6%435.5%
    SECZSecuritize2.071.9%12.4%
    MRNAModerna89.564.7%663.0%
    PEverpure51.464.2%130.7%
    PENGPenguin Solutions3.956.9%290.0%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CTVACorteva8.9-84.3%-80.1%
    LQDALiquidia2.4-59.6%-20.6%
    XNDUXanadu Quantum Technologies1.2-56.6%-66.1%
    QUREuniQure1.5-49.2%-5.6%
    EMATEvolution Metals & Technologies1.0-46.8%-92.3%
    GLASGlass House Brands0.4-46.6%-51.9%
    NKTRNektar Therapeutics1.4-41.7%-2.6%
    AVBPArriVent BioPharma0.8-41.7%-16.8%
    ALHCAlignment Healthcare1.6-40.9%-61.8%
    ABRArbor Realty Trust0.5-40.3%-59.2%

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    Peer Comparisons

    Peers to compare with:

    Financials

    SDEVCOINCRCLPYPLHOODBKKTMedian
    NameStableco.Coinbase.Circle I.PayPal Robinhoo.Bakkt  
    Mkt Price1.54180.3584.7455.49109.086.9470.11
    Mkt Cap0.047.521.048.798.10.334.3
    Rev LTM56,2832,90534,1284,9321,1153,919
    Op Inc LTM-77342156,2822,270-146475
    FCF LTM-121,7147106,586178-90444
    FCF 3Y Avg-81,9794156,1931,355-65885
    CFO LTM-121,7147777,475245-84511
    CFO 3Y Avg-81,9904636,9521,407-61935

    Growth & Margins

    SDEVCOINCRCLPYPLHOODBKKTMedian
    NameStableco.Coinbase.Circle I.PayPal Robinhoo.Bakkt  
    Rev Chg LTM--10.4%37.2%5.7%38.3%-70.2%5.7%
    Rev Chg 3Y Avg-37.6%384.3%6.1%43.9%129.8%43.9%
    Rev Chg Q--18.5%6.6%4.8%32.3%-70.0%4.8%
    QoQ Delta Rev Chg LTM89.6%-4.2%1.5%1.2%6.9%-26.3%1.3%
    Op Inc Chg LTM18.3%-61.3%230.4%2.0%49.7%-125.5%10.1%
    Op Inc Chg 3Y Avg-8.9%71.0%-120.2%9.8%197.1%-18.4%0.5%
    Op Mgn LTM-141.1%11.7%7.4%18.4%46.0%-13.1%9.5%
    Op Mgn 3Y Avg-20.4%0.8%18.3%34.0%-6.5%18.3%
    QoQ Delta Op Mgn LTM72.8%0.6%12.5%-0.5%-0.3%-3.6%0.1%
    CFO/Rev LTM-264.5%27.3%26.7%21.9%5.0%-7.6%13.4%
    CFO/Rev 3Y Avg-31.5%20.3%21.4%35.6%-3.5%21.4%
    FCF/Rev LTM-264.5%27.3%24.4%19.3%3.6%-8.1%11.5%
    FCF/Rev 3Y Avg-31.3%17.8%19.1%34.1%-3.8%19.1%

    Valuation

    SDEVCOINCRCLPYPLHOODBKKTMedian
    NameStableco.Coinbase.Circle I.PayPal Robinhoo.Bakkt  
    Mkt Cap0.047.521.048.798.10.334.3
    P/S10.27.67.21.419.90.37.4
    P/Op Inc-7.364.797.67.743.2-2.025.5
    P/EBIT-0.1-41.152.27.743.2-1.93.8
    P/E-0.4-48.146.69.947.3-9.24.8
    P/CFO-3.927.727.16.5400.3-3.416.8
    Total Yield-261.8%-2.1%2.2%10.6%2.1%-10.9%0.0%
    Dividend Yield0.0%0.0%0.0%0.5%0.0%0.0%0.0%
    FCF Yield 3Y Avg-153.4%3.1%-11.9%0.9%-31.2%0.9%
    D/E0.00.10.00.30.20.00.1
    Net D/E-0.1-0.0-0.10.00.1-0.2-0.1

    Returns

    SDEVCOINCRCLPYPLHOODBKKTMedian
    NameStableco.Coinbase.Circle I.PayPal Robinhoo.Bakkt  
    1M Rtn75.7%3.2%-8.9%6.4%-5.4%-16.0%-1.1%
    3M Rtn15.8%13.4%28.1%20.1%-2.6%-17.5%14.6%
    6M Rtn-3.7%7.4%-3.7%23.4%57.7%-14.6%1.8%
    12M Rtn-76.1%-53.4%-43.7%-25.9%-28.5%-81.8%-48.5%
    3Y Rtn-96.6%126.5%1.8%-2.8%986.5%-76.3%-0.5%
    1M Excs Rtn76.3%1.8%-9.1%1.2%-6.6%-15.4%-2.7%
    3M Excs Rtn27.7%10.6%30.6%12.8%-4.7%-18.2%11.7%
    6M Excs Rtn-18.3%-7.2%-18.4%8.8%43.1%-29.4%-12.8%
    12M Excs Rtn-90.0%-69.2%-59.4%-42.0%-43.4%-98.3%-64.3%
    3Y Excs Rtn-180.2%61.8%-81.6%-87.4%943.6%-159.4%-84.5%

    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 Date7/30/20265/15/20263/19/202611/7/20258/14/20255/15/20254/2/202511/7/20248/13/20245/9/20243/26/202411/9/2023
    Key Financials Quarterly            
    Total Revenue22-1100000022
    Net Income-41552-635-1-28-1-1-2-3-4-2
    EPS-1.3221.23-545.85-1.10-1.657.22-1.24-9.60-6.85-149.75-142.88-65.55
    Key Financials TTM            
    Total Revenue TTM52010002581012
    Net Income TTM-125-86-631334-7-10-11-11-10-14
    Growth Rates Quarterly            
    Total Revenue Growth-------100.0%-100.0%-100.0%-100.0%-42.3%-35.2%
    Net Income Growth-2036.8%7102.1%-52312.1%-6.7%-21.3%338.6%70.5%31.0%22.2%-84.8%49.9%-1191.9%
    Margins Quarterly            
    Net Income Margin-1861.7%22428.1%--248.2%-------195.5%-70.8%
    Cash & Debt            
    Total Cash7188258011233
    Total Debt011111212233
    Net Debt / (Cash)-7-18-7-1-4-71011-0-0
    Cash Flows Quarterly            
    FCF from Operations-6-2-2-2-3-1-2-2-1-2-1-1
    Cash Flows TTM            
    FCF from Operations TTM-12-9-8-8-8-7-7-7-5-5-4-5
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-00-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-2.8%-0.4%-4.1%-2.5%-4.3%-6.2%-3.8%-3.7%-3.6%-5.1%-2.3%-1.6%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-1.5%-1.4%-4.2%-4.1%-4.5%-4.5%-4.0%-3.6%-3.1%-2.8%-2.3%-3.4%

    Segment Financials

    Revenue by Segment
    $ Mil20242023202220212020
    Avenova Spray9   6
    Other products1   0
    Other revenue, net0   0
    NeutroPhase0   1
    Eyecare & Wound Care 11108 
    Skin Care 441 
    KN95 Masks    3
    Total101514810


    Operating Income by Segment
    $ Mil2023
    Skin Care4
    Eyecare & Wound Care4
    Total8


    Assets by Segment
    $ Mil2025
    Single Segment9
    Total9


    Price Behavior

    Price Behavior
    Market Price$1.54 
    Market Cap ($ Bil)0.0 
    First Trading Date10/26/2007 
    Distance from 52W High-98.4% 
       50 Days200 Days
    DMA Price$1.45$6.14
    DMA Trenddownup
    Distance from DMA6.5%-74.9%
     3M1YR
    Volatility355.3%272.6%
    Downside Capture-109.15214.71
    Upside Capture-13.6411.60
    Correlation (SPY)4.6%13.4%
    SDEV Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta1.20-2.07-0.880.162.390.89
    Up Beta-9.68-3.98-2.640.433.280.41
    Down Beta58.5629.8716.295.956.602.29
    Up Capture356%-67%-48%-13%-3%-3%
    Bmk +ve Days6162766132424
    Stock +ve Days11192857111334
    Down Capture-2097%-1559%-1153%-337%128%103%
    Bmk -ve Days16263760120328
    Stock -ve Days11223565134402

    [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 SDEV
    SDEV-74.5%272.1%0.62-
    Sector ETF (XLF)3.5%14.8%0.015.9%
    Equity (SPY)16.7%13.0%0.9112.9%
    Gold (GLD)3.3%29.5%0.110.5%
    Commodities (DBC)44.8%20.9%1.67-10.0%
    Real Estate (VNQ)4.8%13.8%0.092.6%
    Bitcoin (BTCUSD)-33.8%44.2%-0.8120.4%

    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 SDEV
    SDEV-77.2%161.8%-0.21-
    Sector ETF (XLF)9.3%18.3%0.374.1%
    Equity (SPY)13.9%17.1%0.628.3%
    Gold (GLD)18.5%18.9%0.792.7%
    Commodities (DBC)10.0%19.6%0.39-1.2%
    Real Estate (VNQ)1.3%18.8%-0.042.8%
    Bitcoin (BTCUSD)11.2%52.0%0.399.8%

    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 SDEV
    SDEV-60.3%336.6%0.26-
    Sector ETF (XLF)13.2%22.1%0.544.1%
    Equity (SPY)15.5%17.9%0.734.0%
    Gold (GLD)11.8%16.4%0.59-1.9%
    Commodities (DBC)8.2%18.1%0.371.4%
    Real Estate (VNQ)4.5%20.7%0.180.4%
    Bitcoin (BTCUSD)63.3%66.2%1.035.3%

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

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity1.2 Mil
    Short Interest: % Change Since 83120262.9%
    Average Daily Volume0.3 Mil
    Days-to-Cover Short Interest4.4 days
    Basic Shares Quantity31.0 Mil
    Short % of Basic Shares3.9%

    Earnings Returns History

    Updated 10/5/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/31/2026-2.5%-11.9%-20.8%
    5/20/2026-1.9%-9.7%-21.3%
    3/23/202619.0%29.3%19.0%
    7/11/20245.2%-2.8%-82.1%
    3/14/2024-4.9%-1.1%-36.2%
    SUMMARY STATS   
    # Positive211
    # Negative344
    Median Positive12.1%29.3%19.0%
    Median Negative-2.5%-6.3%-28.7%
    Max Positive19.0%29.3%19.0%
    Max Negative-4.9%-11.9%-82.1%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/31/2026-2.5%-11.9%-20.8%
    5/20/2026-1.9%-9.7%-21.3%
    3/23/202619.0%29.3%19.0%
    7/11/20245.2%-2.8%-82.1%
    3/14/2024-4.9%-1.1%-36.2%
    SUMMARY STATS   
    # Positive211
    # Negative344
    Median Positive12.1%29.3%19.0%
    Median Negative-2.5%-6.3%-28.7%
    Max Positive19.0%29.3%19.0%
    Max Negative-4.9%-11.9%-82.1%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202607/30/202610-Q
    03/31/202605/15/202610-Q
    12/31/202503/19/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/14/202510-Q
    03/31/202505/15/202510-Q
    12/31/202404/02/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/09/202410-Q
    12/31/202303/26/202410-K
    09/30/202311/09/202310-Q
    06/30/202308/10/202310-Q
    03/31/202305/11/202310-Q
    12/31/202203/31/202310-K
    09/30/202211/14/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202607/30/202610-Q
    03/31/202605/15/202610-Q
    12/31/202503/19/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/14/202510-Q
    03/31/202505/15/202510-Q
    12/31/202404/02/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/09/202410-Q
    12/31/202303/26/202410-K
    09/30/202311/09/202310-Q
    06/30/202308/10/202310-Q
    03/31/202305/11/202310-Q
    12/31/202203/31/202310-K
    09/30/202211/14/202210-Q
    06/30/202208/11/202210-Q
    03/31/202205/12/202210-Q
    12/31/202103/29/202210-K
    09/30/202111/12/202110-Q
    06/30/202108/12/202110-Q
    03/31/202105/06/202110-Q
    12/31/202003/25/202110-K
    09/30/202011/12/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/07/202010-Q
    12/31/201903/26/202010-K
    09/30/201911/07/201910-Q

    Insider Activity

    Updated 6/17/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Kazley, Michael JohnChief Executive OfficerR01 EntitiesSell61720261.0924,72026,94524,708,682Form
    2Framework, Ventures IV LP DirectSell61720261.0924,72026,94524,708,682Form
    3R01, Fund LPChief Executive OfficerDirectSell61720261.0924,72026,94524,708,682Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Kazley, Michael JohnChief Executive OfficerR01 EntitiesSell61720261.0924,72026,94524,708,682Form
    2Framework, Ventures IV LP DirectSell61720261.0924,72026,94524,708,682Form
    3R01, Fund LPChief Executive OfficerDirectSell61720261.0924,72026,94524,708,682Form

    Industry Resources

    External Quote Links


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    Core Cache Last Updated: 10/9/2026