Stablecoin Development (SDEV)
Market Price (8/24/2026): $1.23 | Market Cap: $38.2 MilSector: Financials | Industry: Asset Management & Custody Banks
Stablecoin Development (SDEV)
Market Price (8/24/2026): $1.23Market Cap: $38.2 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -52% Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Stablecoin Development. | Weak multi-year price returns2Y Excs Rtn is -74%, 3Y Excs Rtn is -173% | Not profitable at operating income levelOp 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 multiplesP/SPrice/Sales ratio is 7.6x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 70% Not cash flow generativeCFO/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 negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -358% High stock price volatilityVol 12M is 238% Key risksSDEV key risks include [1] significant financial losses from price fluctuations in its holdings concentrated in the SKY token and [2] technological vulnerabilities, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -52% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Stablecoin Development. |
| Weak multi-year price returns2Y Excs Rtn is -74%, 3Y Excs Rtn is -173% |
| Not profitable at operating income levelOp 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 multiplesP/SPrice/Sales ratio is 7.6x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 70% |
| Not cash flow generativeCFO/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 negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -358% |
| High stock price volatilityVol 12M is 238% |
| Key risksSDEV key risks include [1] significant financial losses from price fluctuations in its holdings concentrated in the SKY token and [2] technological vulnerabilities, Show more. |
Qualitative Assessment
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Updated on 8/20/2026
Stablecoin Development (SDEV) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Significant Unrealized Loss on Digital Assets.
Stablecoin Development Corporation (SDEV) reported a $50.6 million non-cash unrealized loss on digital assets (SKY tokens) in fiscal Q2 2026, which ended June 30, 2026. This decline in the market price of SKY tokens was a primary factor contributing to a Show more
Stablecoin Development (SDEV) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Significant Unrealized Loss on Digital Assets.
Stablecoin Development Corporation (SDEV) reported a $50.6 million non-cash unrealized loss on digital assets (SKY tokens) in fiscal Q2 2026, which ended June 30, 2026. This decline in the market price of SKY tokens was a primary factor contributing to a Show more
Updated on 8/20/2026
Stablecoin Development (SDEV) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Significant Unrealized Loss on Digital Assets.
Stablecoin Development Corporation (SDEV) reported a $50.6 million non-cash unrealized loss on digital assets (SKY tokens) in fiscal Q2 2026, which ended June 30, 2026. This decline in the market price of SKY tokens was a primary factor contributing to a Q2 net loss of $41.1 million and an operating loss of $53.8 million for the quarter. As of June 30, 2026, SDEV's SKY token holdings had a fair value of $119.2 million against a higher cost basis of $147.2 million.
2. Negative Earnings Per Share and Operating Performance.
The company recorded a negative Earnings Per Share (EPS) of -$1.32 for fiscal Q2 2026. SDEV also posted an operating loss of $53.8 million for fiscal Q2 2026. While staking revenue from its SKY tokens reached $2.2 million in Q2 2026, it only approximately matched cash operating expenses, and the company would need to sell tokens to realize these rewards.
3. Dilution Concerns from Warrant Exercisability.
Concerns over dilution from warrants impacted the stock. On June 15, 2026, the full exercise of October 2025 pre-funded warrants on a cashless basis by two holders increased the share base and diluted existing holders' percentage ownership. Additionally, January 2026 pre-funded warrants remained outstanding at the end of fiscal Q2 2026, representing a potential for approximately 33.5 million additional shares, roughly 66% of the 50.4 million outstanding shares.
4. Bearish Technical Indicators.
Several technical indicators signaled a strong downward trend for SDEV during the period. The Momentum Indicator turned negative on July 17, 2026, with historical data suggesting a 90% probability of further decline. Similarly, the 10-day moving average crossed bearishly below the 50-day moving average on July 17, 2026, indicating a shift to a lower price trend. The Moving Average Convergence Divergence Histogram (MACD) for SDEV also turned negative on July 22, 2026, further reinforcing the bearish outlook.
Show less
Stablecoin Development (SDEV) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Significant Unrealized Loss on Digital Assets.
Stablecoin Development Corporation (SDEV) reported a $50.6 million non-cash unrealized loss on digital assets (SKY tokens) in fiscal Q2 2026, which ended June 30, 2026. This decline in the market price of SKY tokens was a primary factor contributing to a Q2 net loss of $41.1 million and an operating loss of $53.8 million for the quarter. As of June 30, 2026, SDEV's SKY token holdings had a fair value of $119.2 million against a higher cost basis of $147.2 million.
2. Negative Earnings Per Share and Operating Performance.
The company recorded a negative Earnings Per Share (EPS) of -$1.32 for fiscal Q2 2026. SDEV also posted an operating loss of $53.8 million for fiscal Q2 2026. While staking revenue from its SKY tokens reached $2.2 million in Q2 2026, it only approximately matched cash operating expenses, and the company would need to sell tokens to realize these rewards.
3. Dilution Concerns from Warrant Exercisability.
Concerns over dilution from warrants impacted the stock. On June 15, 2026, the full exercise of October 2025 pre-funded warrants on a cashless basis by two holders increased the share base and diluted existing holders' percentage ownership. Additionally, January 2026 pre-funded warrants remained outstanding at the end of fiscal Q2 2026, representing a potential for approximately 33.5 million additional shares, roughly 66% of the 50.4 million outstanding shares.
4. Bearish Technical Indicators.
Several technical indicators signaled a strong downward trend for SDEV during the period. The Momentum Indicator turned negative on July 17, 2026, with historical data suggesting a 90% probability of further decline. Similarly, the 10-day moving average crossed bearishly below the 50-day moving average on July 17, 2026, indicating a shift to a lower price trend. The Moving Average Convergence Divergence Histogram (MACD) for SDEV also turned negative on July 22, 2026, further reinforcing the bearish outlook.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -8.1% change in SDEV stock from 4/30/2026 to 8/23/2026 was primarily driven by a null change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.24 | 1.14 | -8.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 5 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 7.6 | |
| Shares Outstanding (Mil) | 1 | 31 | -96.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| SDEV | -8.1% | |
| Market (SPY) | 6.5% | 1.5% |
| Sector (XLF) | 10.3% | -10.5% |
Fundamental Drivers
The -87.7% change in SDEV stock from 1/31/2026 to 8/23/2026 was primarily driven by a -96.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.30 | 1.14 | -87.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 5 | 796.2% |
| P/S Multiple | 21.0 | 7.6 | -63.9% |
| Shares Outstanding (Mil) | 1 | 31 | -96.2% |
| Cumulative Contribution | -87.7% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| SDEV | -87.7% | |
| Market (SPY) | 11.0% | 18.4% |
| Sector (XLF) | 8.1% | 16.1% |
Fundamental Drivers
The -40.6% change in SDEV stock from 7/31/2025 to 8/23/2026 was primarily driven by a null change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.92 | 1.14 | -40.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 5 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 7.6 | |
| Shares Outstanding (Mil) | 1 | 31 | -96.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| SDEV | -40.6% | |
| Market (SPY) | 22.2% | 13.1% |
| Sector (XLF) | 11.1% | 11.8% |
Fundamental Drivers
The -98.6% change in SDEV stock from 7/31/2023 to 8/23/2026 was primarily driven by a -100.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312023 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 81.01 | 1.14 | -98.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13 | 5 | -65.3% |
| P/S Multiple | 0.1 | 7.6 | 10740.3% |
| Shares Outstanding (Mil) | 0 | 31 | -100.0% |
| Cumulative Contribution | -98.6% |
Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| SDEV | -98.6% | |
| Market (SPY) | 73.2% | 8.4% |
| Sector (XLF) | 70.0% | 3.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SDEV Return | -46% | -85% | -90% | -92% | 1320% | -96% | -100% |
| Peers Return | -27% | -72% | 130% | 55% | 20% | -10% | -22% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| SDEV Win Rate | 25% | 17% | 17% | 25% | 50% | 38% | |
| Peers Win Rate | 40% | 33% | 56% | 48% | 50% | 48% | |
| S&P 500 Win Rate | 75% | 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 8/21/2026 (YTD)
How Low Can It Go
| Event | SDEV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.8% | -18.8% |
| % Gain to Breakeven | 38.5% | 23.1% |
| Time to Breakeven | 90 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -82.1% | -7.8% |
| % Gain to Breakeven | 457.9% | 8.5% |
| Time to Breakeven | 390 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -63.9% | -9.5% |
| % Gain to Breakeven | 177.4% | 10.5% |
| Time to Breakeven | 758 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.3% | -33.7% |
| % Gain to Breakeven | 97.2% | 50.9% |
| Time to Breakeven | 3 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -55.3% | -19.2% |
| % Gain to Breakeven | 123.9% | 23.8% |
| Time to Breakeven | 25 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -39.0% | -3.7% |
| % Gain to Breakeven | 63.8% | 3.9% |
| Time to Breakeven | 24 days | 6 days |
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.
| Event | SDEV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.8% | -18.8% |
| % Gain to Breakeven | 38.5% | 23.1% |
| Time to Breakeven | 90 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -82.1% | -7.8% |
| % Gain to Breakeven | 457.9% | 8.5% |
| Time to Breakeven | 390 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -63.9% | -9.5% |
| % Gain to Breakeven | 177.4% | 10.5% |
| Time to Breakeven | 758 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.3% | -33.7% |
| % Gain to Breakeven | 97.2% | 50.9% |
| Time to Breakeven | 3 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -55.3% | -19.2% |
| % Gain to Breakeven | 123.9% | 23.8% |
| Time to Breakeven | 25 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -39.0% | -3.7% |
| % Gain to Breakeven | 63.8% | 3.9% |
| Time to Breakeven | 24 days | 6 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -31.4% | -17.9% |
| % Gain to Breakeven | 45.7% | 21.8% |
| Time to Breakeven | 41 days | 123 days |
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)
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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.
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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.
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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.
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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.
- 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.
- 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.
- 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.
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- 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.
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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 99% of its 82 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
6%
of 101 industry peers · -62.1% return
3Y
2%
of 94 industry peers · -98.5% return
5Y
1%
of 82 industry peers · -100.0% return
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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 med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 5.7% | 134.1% | 133.9% | IBKR 512% · SNEX 252% · GS 187% |
| Reinsurance | 6 | 19.3% | 80.7% | 117.8% | SPNT 140% · MTG 130% · RGA 128% |
| Diversified Banks | 12 | 37.4% | 131.6% | 101.7% | JPM 153% · CM 148% · RY 135% |
| Life & Health Insurance | 19 | 11.2% | 56.2% | 84.8% | UNM 285% · FG 197% · MFC 172% |
| Regional Banks | 263 | 25.9% | 86.0% | 64.5% | GCBC 395% · ESQ 364% · NBN 297% |
| Property & Casualty Insurance | 42 | 11.1% | 74.2% | 63.8% | ASIC 2583900% · HRTG 433% · UVE 278% |
| Multi-line Insurance | 9 | 13.5% | 78.4% | 57.8% | GNW 176% · L 101% · SLF 86% |
| Consumer Finance | 30 | 10.1% | 87.8% | 34.4% | ENVA 660% · EZPW 391% · FCFS 185% |
| Multi-Sector Holdings | 6 | 1.4% | 16.7% | 33.9% | JEF 78% · BRK-B 73% · VOYA 66% |
| Insurance Brokers | 15 | -9.5% | 11.4% | 33.7% | LIFE 571% · AJG 94% · ARX 87% |
| Asset Management & Custody Banks ← | 83 | -8.7% | 23.5% | 25.5% | SII 341% · WT 303% · VCTR 289% |
| Financial Exchanges & Data | 15 | -1.6% | 14.2% | 13.9% | VIRT 216% · CBOE 156% · CME 69% |
| Commercial & Residential Mortgage Finance | 12 | -31.1% | 19.6% | 4.5% | FNMA 474% · FMCC 460% · ESNT 60% |
| Specialized Finance | 3 | 18.7% | 53.6% | 3.7% | EFC 36% · CACC 4% · HASI -14% |
| Mortgage REITs | 34 | -7.2% | 13.6% | -11.5% | RITM 61% · NREF 53% · DX 41% |
| Transaction & Payment Processing Services | 15 | 1.4% | 8.4% | -41.3% | MA 65% · V 65% · CPAY 58% |
| Diversified Capital Markets | 21 | -29.3% | -4.7% | -45.9% | BTCS 584% · OPY 176% · LPLA 153% |
| Diversified Financial Services | 5 | -6.3% | 63.2% | -58.0% | FRHC 166% · EQH 80% · TMS -58% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 74.77 |
| Mkt Cap | 35.5 |
| Rev LTM | 3,919 |
| Op Inc LTM | 475 |
| FCF LTM | 444 |
| FCF 3Y Avg | 885 |
| CFO LTM | 511 |
| CFO 3Y Avg | 935 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.7% |
| Rev Chg 3Y Avg | 43.9% |
| Rev Chg Q | 4.8% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 10.1% |
| Op Inc Chg 3Y Avg | 0.5% |
| Op Mgn LTM | 9.5% |
| Op Mgn 3Y Avg | 18.3% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 13.4% |
| CFO/Rev 3Y Avg | 21.4% |
| FCF/Rev LTM | 11.5% |
| FCF/Rev 3Y Avg | 19.1% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Avenova Spray | 9 | 6 | |||
| Other products | 1 | 0 | |||
| Other revenue, net | 0 | 0 | |||
| NeutroPhase | 0 | 1 | |||
| Eyecare & Wound Care | 11 | 10 | 8 | ||
| Skin Care | 4 | 4 | 1 | ||
| KN95 Masks | 3 | ||||
| Total | 10 | 15 | 14 | 8 | 10 |
| $ Mil | 2023 |
|---|---|
| Skin Care | 4 |
| Eyecare & Wound Care | 4 |
| Total | 8 |
| $ Mil | 2025 |
|---|---|
| Single Segment | 9 |
| Total | 9 |
Price Behavior
Price Behavior
| Market Price | $1.14 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 10/26/2007 | |
| Distance from 52W High | -98.8% | |
| 50 Days | 200 Days | |
| DMA Price | $1.14 | $7.33 |
| DMA Trend | down | down |
| Distance from DMA | 0.4% | -84.4% |
| 3M | 1YR | |
| Volatility | 111.2% | 239.3% |
| Downside Capture | -76.98 | 320.50 |
| Upside Capture | -164.00 | 142.41 |
| Correlation (SPY) | -6.7% | 15.0% |
SDEV Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.74 | 0.60 | 0.94 | 2.23 | 2.82 | 0.98 |
| Up Beta | -0.26 | 0.94 | 2.41 | 3.32 | 3.27 | 0.52 |
| Down Beta | 8.31 | 2.44 | 2.28 | 2.91 | 4.24 | 1.78 |
| Up Capture | -20% | -29% | -5% | -46% | 173% | -3% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 20 | 28 | 52 | 118 | 335 |
| Down Capture | -177% | 34% | 36% | 250% | 167% | 110% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 22 | 32 | 70 | 128 | 402 |
[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 | -66.7% | 238.4% | 0.58 | - |
| Sector ETF (XLF) | 10.1% | 14.6% | 0.44 | 11.8% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 14.8% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | -1.8% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -6.8% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 5.7% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 20.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SDEV | |
|---|---|---|---|---|
| SDEV | -78.7% | 141.5% | -0.45 | - |
| Sector ETF (XLF) | 10.1% | 18.4% | 0.41 | 5.4% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 9.0% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 1.9% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 0.7% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 3.1% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 10.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SDEV | |
|---|---|---|---|---|
| SDEV | -59.7% | 332.8% | 0.24 | - |
| Sector ETF (XLF) | 13.5% | 22.0% | 0.56 | 4.2% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 4.0% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | -2.2% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 1.9% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 0.5% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 5.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 7/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/20/2026 | -1.9% | -9.7% | -21.3% |
| 3/23/2026 | 19.0% | 29.3% | 19.0% |
| 7/11/2024 | 5.2% | -2.8% | -82.1% |
| 3/14/2024 | -4.9% | -1.1% | -36.2% |
| SUMMARY STATS | |||
| # Positive | 2 | 1 | 1 |
| # Negative | 2 | 3 | 3 |
| Median Positive | 12.1% | 29.3% | 19.0% |
| Median Negative | -3.4% | -2.8% | -36.2% |
| Max Positive | 19.0% | 29.3% | 19.0% |
| Max Negative | -4.9% | -9.7% | -82.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/20/2026 | -1.9% | -9.7% | -21.3% |
| 3/23/2026 | 19.0% | 29.3% | 19.0% |
| 7/11/2024 | 5.2% | -2.8% | -82.1% |
| 3/14/2024 | -4.9% | -1.1% | -36.2% |
| SUMMARY STATS | |||
| # Positive | 2 | 1 | 1 |
| # Negative | 2 | 3 | 3 |
| Median Positive | 12.1% | 29.3% | 19.0% |
| Median Negative | -3.4% | -2.8% | -36.2% |
| Max Positive | 19.0% | 29.3% | 19.0% |
| Max Negative | -4.9% | -9.7% | -82.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/19/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 04/02/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/26/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/19/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 04/02/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/26/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/29/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/25/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/26/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Insider Activity
Updated 6/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kazley, Michael John | Chief Executive Officer | R01 Entities | Sell | 6172026 | 1.09 | 24,720 | 26,945 | 24,708,682 | Form |
| 2 | Framework, Ventures IV LP | Direct | Sell | 6172026 | 1.09 | 24,720 | 26,945 | 24,708,682 | Form | |
| 3 | R01, Fund LP | Chief Executive Officer | Direct | Sell | 6172026 | 1.09 | 24,720 | 26,945 | 24,708,682 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kazley, Michael John | Chief Executive Officer | R01 Entities | Sell | 6172026 | 1.09 | 24,720 | 26,945 | 24,708,682 | Form |
| 2 | Framework, Ventures IV LP | Direct | Sell | 6172026 | 1.09 | 24,720 | 26,945 | 24,708,682 | Form | |
| 3 | R01, Fund LP | Chief Executive Officer | Direct | Sell | 6172026 | 1.09 | 24,720 | 26,945 | 24,708,682 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Asset Management & Custody Banks Resources |
| Pensions & Investments |
| Institutional Investor |
| Ignites |
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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Core Cache Last Updated: 8/23/2026