Tearsheet

Zentek (ZTEK)

Market Price (12/4/2025): $0.751 | Market Cap: $78.5 Mil
Sector: Health Care | Industry: Health Care Equipment

Zentek (ZTEK)

Market Price (12/4/2025): $0.751
Market Cap: $78.5 Mil
Sector: Health Care
Industry: Health Care Equipment

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 2519%	Weak multi-year price returns 2Y Excs Rtn is -86%, 3Y Excs Rtn is -124%	Penny stock Mkt Price is 0.8
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 -92%		Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -8.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -956%
2	Megatrend and thematic drivers Megatrends include Advanced Materials, and Battery Technology & Metals. Themes include Nanomaterials, Specialty Chemicals for Performance, Show more.		Expensive valuation multiples P/SPrice/Sales ratio is 123x
3			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -653%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -675%
4			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 -12%

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 2519%
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 -92%
2	Megatrend and thematic drivers Megatrends include Advanced Materials, and Battery Technology & Metals. Themes include Nanomaterials, Specialty Chemicals for Performance, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -86%, 3Y Excs Rtn is -124%
4	Penny stock Mkt Price is 0.8
5	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -8.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -956%
6	Expensive valuation multiples P/SPrice/Sales ratio is 123x
7	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -653%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -675%
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 -12%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022
Share Price CYE	$0.75	$0.94	$1.08	$1.55
Market Cap CYE ($ Mil)	78.5	97.8	109.0	154.1
Total Debt ($ Mil)	1.9	0.7	1.2	1.6
Total Cash ($ Mil)	2.9	0.1	3.5	10.4
Enterprise Value ($ Mil)	77.5	98.5	110.2	155.7
Valuation Ratios
P/S TTM	123.3	111.0	3640.4	2115.4
P/EBIT TTM	-13.1	-9.7	-9.3	-10.8
P/E TTM	-12.9	-9.6	-9.3	-10.7
Sector Ratios
P/S TTM (Sector)	3.7	3.5	3.9	4.4
P/EBIT TTM (Sector)	-1.4	-1.3	-1.3	-1.2
P/E TTM (Sector)	-1.6	-1.5	-1.5	-1.3

	12/4/25	2024
Share Price CYE	$0.75	$0.94
Market Cap CYE ($ Mil)	78.5	97.8
Total Debt ($ Mil)	1.9	0.7
Total Cash ($ Mil)	2.9	0.1
Enterprise Value ($ Mil)	77.5	98.5
Valuation Ratios
P/S TTM	123.3	111.0
P/EBIT TTM	-13.1	-9.7
P/E TTM	-12.9	-9.6
Sector Ratios
P/S TTM (Sector)	3.7	3.5
P/EBIT TTM (Sector)	-1.4	-1.3
P/E TTM (Sector)	-1.6	-1.5

	ZTEK	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.0
Rev Chg Q	953.0%	7.1%
Rev Chg LTM	2,519.5%	6.1%
Rev Chg 3Y Avg	806.3%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-955.5%	18.8%
CFO/Rev LTM	-653.0%	20.5%
Net Inc Mgn	-956.8%	13.1%
VALUATION	VERY HIGH
P/S	123.3	3.2
P/CFO	-18.9	15.8
P/FCF	-18.3	20.5
P/E	-12.9	23.5
STABILITY	VERY GOOD
Debt/Equity	0.02	0.20
Cash/Assets	0.16	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Number of Distribution Agreements	4	5232024	Link
ZenGUARD™ Production Capacity (masks equivalent per month)	720 million	5262022	Link
Number of Patents Granted in Canada	2	5272024	Link
Number of Jurisdictions with ZenGUARD™ Patent Applications	47	4052023	Link
Government of Canada Contract Value	1.1 million	9242025	Link
Number of Collaborating Researchers	over 100	11152023	Link
Number of University Collaborations	a dozen	11152023	Link
R&D Projects in Development	7	11052025	Link
Preclinical Therapeutic Candidates	1 (C19HBA for SARS-CoV-2)	3252024	Link

Recent
11/13/2025	Earnings Release	Rev: $4448.14 (A) vs. $null (E) EPS: -0.02 (A) vs. $null (E)
Upcoming
2/12/2026	Earnings Release	Rev: - EPS: -

ZTEK Stock

Return (1M):

null

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are key points explaining Zentek (ZTEK) stock movement during the approximate period from August 31, 2025, to December 4, 2025: 1. Appointment of New Chief Executive Officer

On November 25, 2025, Zentek announced the appointment of Mohammed (Moe) Jiwan as its new Chief Executive Officer, effective December 1, 2025. This leadership change is intended to drive commercialization, secure capital, and unlock value from the company's technologies and assets. 2. Development and Licensing of New Fire-Retardant Product

Zentek announced on November 5, 2025, the development of a novel Graphite Gel-Based Fire-Retardant (GraphGel™) product. Concurrently, the company granted Altek Advanced Materials Inc. exclusive rights to commercialize this technology in the United States. This new product and licensing agreement represent a potential new revenue stream and market expansion for Zentek.

Stock Movement Drivers

Fundamental Drivers

The -11.2% change in ZTEK stock from 9/3/2025 to 12/3/2025 was primarily driven by a -11.2% change in the company's P/S Multiple.

	9032025	12032025	Change
Stock Price ($)	0.84	0.75	-11.18%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.92	0.92	0.00%
P/S Multiple	95.56	84.87	-11.18%
Shares Outstanding (Mil)	104.58	104.58	0.00%
Cumulative Contribution			-11.18%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
ZTEK	-11.2%
Market (SPY)	6.2%	24.5%
Sector (XLV)	13.3%	15.8%

Fundamental Drivers

The -49.3% change in ZTEK stock from 6/4/2025 to 12/3/2025 was primarily driven by a -96.4% change in the company's P/S Multiple.

	6042025	12032025	Change
Stock Price ($)	1.48	0.75	-49.29%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.06	0.92	1330.34%
P/S Multiple	2382.33	84.87	-96.44%
Shares Outstanding (Mil)	104.08	104.58	-0.49%
Cumulative Contribution			-49.29%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
ZTEK	-49.3%
Market (SPY)	15.1%	9.3%
Sector (XLV)	16.9%	10.2%

Fundamental Drivers

The -34.7% change in ZTEK stock from 12/3/2024 to 12/3/2025 was primarily driven by a -97.2% change in the company's P/S Multiple.

	12032024	12032025	Change
Stock Price ($)	1.15	0.75	-34.72%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.04	0.92	2249.84%
P/S Multiple	2999.29	84.87	-97.17%
Shares Outstanding (Mil)	102.67	104.58	-1.86%
Cumulative Contribution			-34.74%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
ZTEK	-34.7%
Market (SPY)	14.3%	15.6%
Sector (XLV)	7.0%	13.3%

Fundamental Drivers

The -60.7% change in ZTEK stock from 12/4/2022 to 12/3/2025 was primarily driven by a -90.1% change in the company's P/S Multiple.

	12042022	12032025	Change
Stock Price ($)	1.91	0.75	-60.75%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.22	0.92	315.41%
P/S Multiple	853.55	84.87	-90.06%
Shares Outstanding (Mil)	99.38	104.58	-5.24%
Cumulative Contribution			-60.86%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
ZTEK	-36.9%
Market (SPY)	53.2%	11.9%
Sector (XLV)	20.8%	9.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ZTEK Return	-13%	0%	534%	-30%	-13%	-19%	172%
Peers Return	36%	31%	-16%	2%	14%	4%	81%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
ZTEK Win Rate	17%	0%	25%	33%	33%	50%
Peers Win Rate	57%	65%	45%	57%	60%	50%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
ZTEK Max Drawdown	-30%	0%	0%	-33%	-50%	-32%
Peers Max Drawdown	-26%	-9%	-42%	-24%	-19%	-11%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: EW, MASI, UFPT, ATRC, ABT.
[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] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	ZTEK	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-69.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	226.9%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-53.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	113.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	722 days	148 days

Compare to EW, MASI, UFPT, ATRC, ABT

In The Past

Zentek's stock fell -69.4% during the 2022 Inflation Shock from a high on 3/23/2022. A -69.4% loss requires a 226.9% gain to breakeven.

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About Zentek (ZTEK)

N/A

AI Generated Analysis | Feedback

Like **3M**, but focused on next-generation graphene-based materials for applications in healthcare, defense, and water solutions.

A specialized **DuPont** for cutting-edge graphene and advanced materials, serving sectors such as healthcare and defense.

AI Generated Analysis | Feedback

Here are Zentek's major products and services:

ZenGUARD™ Technology: A graphene-based antimicrobial coating primarily used for personal protective equipment, HVAC systems, and other surfaces to inhibit microbial growth.
Graphene-based Battery Materials: Advanced materials, often incorporating silver-graphene composites, designed to enhance the performance and efficiency of battery technologies, particularly solid-state batteries.
Specialty Graphene Coatings: A range of graphene-enhanced coatings developed for industrial applications, including icephobic (anti-icing) and corrosion protection solutions.
Detect™ Rapid Diagnostic Platform: A point-of-care diagnostic platform leveraging graphene for the rapid and accurate detection of various pathogens.

AI Generated Analysis | Feedback

Zentek (ZTEK) primarily operates on a Business-to-Business (B2B) model, selling its nanotechnology-based products and materials to other companies for integration into their own products or for use in their operations.

Its major identified customers or significant partners include:

Trebor Health Protection Inc. (formerly Trebor Rx Corp.): Zentek has a supply agreement with Trebor for its ZenGUARD™ antimicrobial coating, which Trebor integrates into personal protective equipment (PPE) such as masks. Trebor Rx Corp. was previously a public company (CSE: TREL, OTCQB: TRRXF); however, Trebor Health Protection Inc. does not appear to have a readily identifiable public stock symbol at this time, suggesting it may now operate as a private entity or trade on less prominent exchanges.
Unnamed Private Companies in HVAC and Other Sectors: Zentek has reported receiving orders for its ZenGUARD™ antimicrobial HVAC filters from multiple private companies across North America. Additionally, Zentek works with other private companies as distribution partners (e.g., Allied Scientific Pro for graphene materials) and collaborators for various applications (e.g., BMS Aerospace for corrosion protection), whose specific purchasing volumes or public symbols are not disclosed.

AI Generated Analysis | Feedback

Albemarle Corporation (ALB)

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Wendy Ford Interim-Chief Executive Officer and Chief Financial Officer

Wendy Ford has over three decades of experience in finance and accounting leadership roles for both private and publicly traded companies. Most recently, she served as VP of Finance and CFO of Mancor Industries, a precision manufacturer, and prior to that, she was the CFO of AirBoss of America, a publicly traded company. Ford is a Chartered Professional Accountant (CPA) and a graduate of the University of Toronto.

Dr. Francis Dubé Chairman

Dr. Francis Dubé, an optometrist with a science and healthcare background, was a co-founder and director of Cannacure Corp., a private cannabis company that was successfully bought out. He was the first CEO and Chairman of Zentek (then Zenyatta Ventures) after a proxy battle in 2018, playing a crucial role in transforming the company from a graphite mining developer to a graphene intellectual property and product developer.

Dr. Colin van der Kuur Chief Science Officer

Dr. Colin van der Kuur was the first graduate from the University of Guelph with a Specialized Honours in chemical physics and later earned a doctorate in leadership. He spent 25 years in the non-profit sector, training and coaching executives. He joined Zentek in 2018 and has been pivotal in identifying and developing key technologies and securing intellectual property rights for the company.

Ryan Shacklock Senior Vice President, Strategy and Business Development

Ryan Shacklock joined Zentek in 2021. He has successfully managed various responsibilities including business strategy, business development, marketing, investor relations, and government affairs.

Peter Wood VP, Development

Peter Wood is a geological engineer with over 35 years of experience in exploration and project management within the mining industry, having worked with major companies such as Newmont, Homestake, and HudBay. He joined Zentek (then ZEN) in January 2013 as Vice President, Exploration, and was promoted to Vice President and then President in 2018. He is also involved with Albany Graphite Corporation.

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

The addressable markets for Zentek's main products and services are outlined below:

ZenGUARD™ Antimicrobial Coating (for masks, HVAC filters, PPE, and indoor air quality applications):
- The global antimicrobial coatings market was valued at approximately USD 12.84 billion in 2024 and is projected to reach USD 33.65 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 12.80% during the forecast period. North America held approximately 45% of the global market share in 2024.
- The global indoor air purification market was valued at USD 24,700.4 million in 2024 and is projected to grow at a CAGR of 6.4% from 2025 to 2030.
Icephobic Coatings (Ice Graphene):
- The global anti-icing coating market was valued at USD 1.72 billion in 2024 and is expected to grow at a CAGR of 22.65% from 2025 to 2032, reaching nearly USD 8.85 billion. North America dominated the global anti-icing coating market in 2023, generating a revenue of USD 443.9 million and expected to reach around USD 2.9 billion by 2032.
ZenARMOR™ (Anti-corrosion coatings):
- The global anticorrosion coatings market size was valued at USD 38.13 billion in 2024. The market is projected to grow from USD 36.72 billion in 2025 to USD 54.35 billion by 2032, exhibiting a CAGR of 5.8% during the forecast period. Asia Pacific dominated this market with a share of 61.34% in 2024. Another estimate values the global corrosion protection coatings and acid-proof lining market at USD 53.1 billion in 2025, expected to reach USD 99.8 billion by 2035, growing at a CAGR of 6.5%.
Pathogen Detection Technology (Aptamers & Rapid Detection):
- The global rapid diagnostics market size was estimated at USD 42.32 billion in 2024 and is predicted to increase from USD 51.12 billion in 2025 to approximately USD 280.03 billion by 2034, expanding at a CAGR of 20.80%. North America led the global market with the highest market share of 31% in 2024.
Albany Graphite Project (Graphite/Graphene materials):
- The global graphite market size was estimated at USD 31.59 billion in 2025 and is predicted to increase from USD 34.18 billion in 2026 to approximately USD 65.60 billion by 2034, expanding at a CAGR of 8.42% from 2025 to 2034. Asia-Pacific contributed more than 61% of revenue share in 2024.
- The global graphene market size was valued at USD 694.0 million in 2024. The market is projected to grow from USD 941.1 million in 2025 to USD 8,329.9 million by 2032, exhibiting a CAGR of 36.5%.
New Graphite Gel-Based Fire-Retardant Product:
- The global fire retardant coatings market is projected to grow from USD 6.1 billion in 2025 to USD 10.9 billion by 2035, at a CAGR of 6.0%. Another report indicates the fire retardant coating market is valued at USD 3.14 billion in 2024, reflecting a strong foundation for future expansion, and is anticipated to reach USD 5.56 billion by 2035, with a compound annual growth rate (CAGR) of 5.33% from 2025 to 2035.
Graphene-Wrapped Silicon Anode (for batteries):
- The global silicon anode battery market size was valued at USD 97.97 billion in 2024 and is expected to reach USD 490.34 billion by 2032, at a CAGR of 22.3%. The automotive segment dominated this market in 2024.
- The global graphene battery market size was estimated at USD 215.85 million in 2024 and is predicted to increase from USD 272.68 million in 2025 to approximately USD 2,234.66 million by 2034, expanding at a CAGR of 26.33%. Asia Pacific dominated the global graphene batteries market in 2024.

AI Generated Analysis | Feedback

Zentek (symbol: ZTEK) is anticipated to experience future revenue growth over the next 2-3 years driven by several key initiatives and product advancements:

Expanded Commercialization and Global Reach of ZenGUARD™: Zentek is focusing on scaling operations and enhancing its ZenGUARD™ product line, which includes graphene-based antimicrobial coatings for surgical masks, personal protective equipment (PPE), and HVAC filters. The company has demonstrated the superior performance of its ZenGUARD™ Enhanced Air Filters and is actively pursuing global expansion through strategic partnerships in regions such as Canada, the Middle East, India, and South America. This initiative aims to meet increasing global demand for advanced healthcare and air quality solutions.
Introduction and Commercialization of GraphGel™: A significant driver is the recent development and licensing of GraphGel™, a novel Graphite Gel-Based Fire-Retardant product. Zentek announced an exclusive agreement with Altek Advanced Materials Inc. to commercialize this technology in the US market, with Altek intending to launch it under the GraphGel™ brand. This innovative solution has achieved a Class A fire rating, offering a new revenue stream in wildfire protection for homes and other structures.
Advanced Graphite Materials for High-Purity Applications: Zentek's subsidiary, Albany Graphite Corp., has achieved significant milestones in purifying graphite to an ultra-high 5N purity level (99.9992% C), meeting the stringent requirements for the nuclear industry. This high-purity Albany graphite is also being explored for applications in energy storage and battery materials, positioning the company to capture opportunities in the rapidly expanding advanced materials sector.
Development and Commercialization of Aptamer-based Technologies: Zentek is progressing with its aptamer platform, evidenced by promising preliminary results from in vivo tests of an influenza countermeasure candidate. Animals treated with the aptamer lead candidate showed significantly higher survival rates and reduced weight loss. The company aims for the growth and commercialization of its aptamer-based technologies, indicating future revenue potential in the biomedical and pharmaceutical sectors.

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Share Repurchases

Zentek repurchased common stock totaling $0.05 million for the fiscal year ended March 31, 2025.
Common stock repurchases amounted to $0.14 million for the fiscal year ended March 31, 2024.
For the fiscal year ended March 31, 2023, the company's common stock repurchases were $0.41 million.
During the three months ended June 30, 2024, Zentek purchased $90,629 in shares for cancellation.

Share Issuance

In October 2025, Zentek closed a non-brokered private placement, issuing 2,338,893 units for gross proceeds of $2,479,227, which will be used for working capital and general corporate purposes. This offering was initially announced at up to $2.5 million.
For the fiscal year ended March 31, 2025, gross proceeds from a non-brokered private placement amounted to $3,069,950.
Proceeds from the issuance of common stock were $3.24 million for the fiscal year ended March 31, 2025, $3.3 million for the fiscal year ended March 31, 2024, and $0.11 million for the fiscal year ended March 31, 2023.

Inbound Investments

Zentek's subsidiary, Albany Graphite Corp., was awarded a $500,000 grant from Ontario's Critical Minerals Innovation Fund in September 2025, specifically for graphite purification and anode development.

Capital Expenditures

Capital expenditures were approximately $0.20 million for the fiscal year ended March 31, 2025, $0.18 million for the fiscal year ended March 31, 2024, $0.59 million for the fiscal year ended March 31, 2023, $2.27 million for the fiscal year ended March 31, 2022, and $4.30 million for the fiscal year ended March 31, 2021.
As of June 30, 2025, approximately $2,490,900 has been spent on the aptamer-based rapid test project.
As of March 31, 2025, approximately $576,000 had been spent on the ZenGUARD™ HVAC project since January 1, 2022, focused on developing pathogen-deactivating HVAC filters.
Mineral exploration and evaluation expenditures capitalized were $53,242 for the three months ended June 30, 2025, and $33,131 for the three months ended June 30, 2024.

Better Bets than Zentek (ZTEK)

	ZTEK	Better Performance than ZTEK
Metric	Value	INDUSTRY: Health Care Equipment
Rev Chg LTM	2519.5%
Rev Chg 3Y Avg	806.3%
Op Mgn LTM	-955.5%	ISRG (29.3%), SYK (19.6%), MDT (19.4%), BSX (19.2%), ABT (17.6%)
CFO/Rev LTM	-653.0%	ISRG (30.8%), BSX (23.9%), MDT (20.9%), ABT (20.8%), SYK (19.8%)
FCF/Rev LTM	-675.1%	ISRG (23.6%), BSX (18.7%), SYK (16.7%), ABT (15.8%), MDT (15.5%)
Total Yield	-7.8%	ABT (7.7%), MDT (7.4%), SYK (3.0%), BSX (1.9%), ISRG (1.7%)
P/S	123.3	MDT (3.3), ABT (5.3), SYK (5.8), BSX (7.5), ISRG (16.6)
P/Op Inc	-12.9

	ZTEK	Better Performance than ZTEK
Metric	Value	SECTOR: Health Care
Rev Chg LTM	2519.5%	VRDN (23340.1%), SPRY (22367.8%), IDYA (5377.7%), ARWR (2816.2%), CYTK (2609.3%)
Rev Chg 3Y Avg	806.3%	ARQT (2325.4%), IDYA (1747.2%), TGTX (1272.3%), ARWR (908.8%), CYTK (818.6%)
Op Mgn LTM	-955.5%	LLY (43.0%), MRK (34.9%), JNJ (26.2%), ABBV (24.1%), UNH (6.1%)
CFO/Rev LTM	-653.0%	ABBV (35.0%), MRK (26.6%), JNJ (26.3%), LLY (20.5%), UNH (4.8%)
FCF/Rev LTM	-675.1%	ABBV (33.0%), MRK (20.3%), JNJ (20.3%), UNH (4.0%), LLY (-0.1%)
Total Yield	-7.8%	MRK (13.0%), JNJ (8.4%), UNH (8.1%), ABBV (3.4%), LLY (2.7%)
P/S	123.3	UNH (0.7), MRK (3.3), JNJ (4.8), ABBV (6.9), LLY (12.9)
P/Op Inc	-12.9

	ZTEK	Better Performance than ZTEK
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	2519.5%	UEC (29737.9%), QXO (8117.4%), HYLN (3559.4%), IMMR (3538.9%), SSSS (2602.7%)
Rev Chg 3Y Avg	806.3%	DBRG (13055.0%), PFLT (12481.5%), UEC (10082.6%), VYX (9716.9%), QXO (2715.8%)
Op Mgn LTM	-955.5%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	-653.0%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	-675.1%	NVDA (43.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	-7.8%	GOOGL (4.6%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%), NVDA (2.3%)
P/S	123.3	AMZN (3.5), GOOGL (7.6), AAPL (9.3), MSFT (13.1), NVDA (23.3)
P/Op Inc	-12.9

		Best Bets In Health Care Sector
	ZTEK
What You Pay
P/E	-12.9
P/EBIT	-13.1
What You Get
Rev Chg Q	953.0%
Rev Chg LTM	2,519.5%
Rev Chg 3Y Avg	806.3%
FCF/Rev 3Y Avg	-19,070.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Is Zentek Stock Built to Withstand More Downside?	Return

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to ZTEK. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	10.0%	10.0%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-7.7%	-7.7%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	6.9%	6.9%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	11.5%	11.5%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	8.9%	8.9%	-5.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	10.0%	10.0%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-7.7%	-7.7%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	6.9%	6.9%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	11.5%	11.5%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	8.9%	8.9%	-5.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Zentek

Peers to compare with:

Financials

	ZTEK	EW	MASI	UFPT	ATRC	ABT	Median
Name	Zentek	Edwards .	Masimo	UFP Tech.	AtriCure	Abbott L.
Mkt Price	0.75	83.98	138.09	219.66	36.31	125.29	104.64
Mkt Cap	0.1	49.1	7.5	1.7	1.7	218.3	4.6
Rev LTM	1	5,884	2,182	598	518	43,843	1,390
Op Inc LTM	-9	1,619	133	95	-26	7,713	114
FCF LTM	-6	800	168	87	16	6,917	128
FCF 3Y Avg	-9	688	93	56	-9	5,965	75
CFO LTM	-6	1,017	208	99	43	9,119	154
CFO 3Y Avg	-8	955	147	67	18	8,132	107

Growth & Margins

	ZTEK	EW	MASI	UFPT	ATRC	ABT	Median
Name	Zentek	Edwards .	Masimo	UFP Tech.	AtriCure	Abbott L.
Rev Chg LTM	2,519.5%	10.6%	38.5%	29.5%	15.8%	6.4%	22.6%
Rev Chg 3Y Avg	806.3%	4.4%	11.4%	23.4%	18.0%	-0.6%	14.7%
Rev Chg Q	953.0%	14.7%	8.2%	6.5%	15.8%	6.9%	11.4%
QoQ Delta Rev Chg LTM	6.0%	3.5%	1.3%	1.6%	3.7%	1.7%	2.6%
Op Mgn LTM	-955.5%	27.5%	6.1%	16.0%	-5.1%	17.6%	11.0%
Op Mgn 3Y Avg	-21,742.9%	28.9%	8.9%	15.8%	-6.2%	16.3%	12.4%
QoQ Delta Op Mgn LTM	144.8%	-0.4%	2.0%	-0.6%	1.7%	0.2%	0.9%
CFO/Rev LTM	-653.0%	17.3%	9.5%	16.6%	8.3%	20.8%	13.1%
CFO/Rev 3Y Avg	-17,327.7%	18.7%	8.1%	13.5%	3.6%	19.5%	10.8%
FCF/Rev LTM	-675.1%	13.6%	7.7%	14.6%	3.1%	15.8%	10.6%
FCF/Rev 3Y Avg	-19,070.9%	13.4%	5.3%	11.2%	-2.8%	14.3%	8.2%

Valuation

	ZTEK	EW	MASI	UFPT	ATRC	ABT	Median
Name	Zentek	Edwards .	Masimo	UFP Tech.	AtriCure	Abbott L.
Mkt Cap	0.1	49.1	7.5	1.7	1.7	218.3	4.6
P/S	123.3	7.7	3.7	2.6	3.3	5.3	4.5
P/EBIT	-13.1	26.6	-46.7	16.5	-76.8	27.0	1.7
P/E	-12.9	33.3	-14.0	22.9	-58.7	16.7	1.9
P/CFO	-18.9	44.7	38.3	15.5	39.2	25.6	32.0
Total Yield	-7.8%	3.0%	-7.1%	4.4%	-1.7%	7.7%	0.6%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	1.7%	0.0%
FCF Yield 3Y Avg	-7.2%	1.6%	1.1%	3.5%	-0.4%	3.0%	1.3%
D/E	0.0	0.0	0.1	0.1	0.0	0.1	0.1
Net D/E	-0.0	-0.1	0.0	0.1	-0.0	0.0	0.0

Returns

	ZTEK	EW	MASI	UFPT	ATRC	ABT	Median
Name	Zentek	Edwards .	Masimo	UFP Tech.	AtriCure	Abbott L.
1M Rtn	-9.0%	1.1%	-4.7%	10.4%	6.7%	1.2%	1.1%
3M Rtn	-11.2%	3.4%	1.0%	7.9%	4.4%	-4.8%	2.2%
6M Rtn	-49.3%	7.9%	-15.3%	-8.5%	4.0%	-4.9%	-6.7%
12M Rtn	-34.7%	19.6%	-20.7%	-26.6%	0.5%	9.8%	-10.1%
3Y Rtn	-60.7%	9.7%	-5.1%	79.7%	-20.3%	22.9%	2.3%
1M Excs Rtn	-9.0%	1.1%	-4.7%	10.4%	6.7%	1.2%	1.2%
3M Excs Rtn	-19.9%	-1.6%	-8.8%	-0.2%	-3.5%	-10.6%	-6.2%
6M Excs Rtn	-64.0%	-6.8%	-30.0%	-23.2%	-10.7%	-19.6%	-21.4%
12M Excs Rtn	-50.5%	4.2%	-33.5%	-45.5%	-13.1%	-6.1%	-23.3%
3Y Excs Rtn	-123.9%	-62.0%	-75.5%	15.5%	-90.0%	-46.8%	-68.8%

Financials

Annual
Quarterly

$ Mil \| FY: 3/31	LTM	2025	2024	2023	2022	2021	2020
Period End	6/30/2025	3/31/2025	3/31/2024	3/31/2023	3/31/2022	3/31/2021	3/31/2020
Filing Date	8/14/2025	6/27/2025	6/27/2024	6/30/2023	6/30/2022	7/28/2021	7/27/2020
Key Financials
Total Revenue	1	1	0	0	0	0	0
EBITDA	-8	-9	-11	-14	-31	-4	-2
Operating Income	-9	-10	-12	-15	-12	-4	-2
Net Income	-9	-10	-12	-14	-32	-4	-2
EPS	-0.08	-0.10	-0.12	-0.14	-0.34	-0.05	-0.02
Growth Rates
Total Revenue Growth	2519.5%	2826.3%	-59.1%	-78.6%	∞%	-	-
EBITDA Growth	22.2%	15.7%	19.4%	55.7%	-730.3%	-139.1%	36.6%
Operating Income Growth	21.5%	19.9%	18.3%	-22.3%	-201.2%	-150.7%	35.7%
Net Income Growth	20.3%	14.2%	18.8%	54.5%	-719.3%	-151.1%	36.5%
Margins
EBITDA Margin	-880.3%	-1071.4%	-37170.3%	-18878.5%	-9131.2%	-	-
Operating Income Margin	-955.5%	-1100.4%	-40174.8%	-20112.5%	-3528.5%	-	-
Net Income Margin	-956.8%	-1150.7%	-39254.1%	-19784.9%	-9330.9%	-	-
Cash & Debt
Total Cash	3	0	4	10	27	3	1
Total Debt	2	1	1	2	2	0	0
Net Debt / (Cash)	-1	1	-2	-9	-24	-3	-1
Cash Flows
Net Cash from Operations	-6	-6	-8	-13	-8	-2	-1
Free Cash from Operations	-6	-6	-9	-15	-12	-2	-3
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 3/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/14/2025	6/27/2025	2/13/2025	11/14/2024	8/13/2024	6/27/2024	2/13/2024	11/13/2023	8/11/2023	6/30/2023	2/13/2023	11/15/2022
Key Financials Quarterly
Total Revenue	0	1	0	0	0	0	0	0	0	0	0	0
Ebitda	-1	-2	-2	-3	-2	-2	-3	-3	-3	-3	-3	-3
Operating Income	-2	-2	-3	-2	-3	-2	-3	-3	-3	-3	-3	-3
Net Income	-1	-2	-3	-3	-3	-2	-3	-3	-3	-3	-3	-3
EPS	-0.01	-0.02	-0.02	-0.03	-0.03	-0.03	-0.03	-0.03	-0.03	-0.02	-0.03	-0.03
Key Financials TTM
Total Revenue TTM	1	1	0	0	0	0	0	0	0	0	0	0
Ebitda TTM	-8	-9	-10	-10	-10	-11	-11	-12	-12	-14	-36	-34
Operating Income TTM	-9	-10	-10	-10	-11	-12	-12	-13	-13	-15	-17	-16
Net Income TTM	-9	-10	-11	-11	-11	-12	-12	-13	-13	-14	-10	-9
Growth Rates Quarterly
Total Revenue Growth	953.0%	14032.3%	203.7%	34.8%	-	-76.5%	-18.3%	-	-100.0%	-84.1%	-57.1%	-100.0%
EBITDA Growth	50.8%	17.1%	6.6%	17.3%	20.6%	12.1%	15.5%	1.1%	38.2%	89.4%	-49.9%	-14.5%
Operating Income Growth	29.8%	15.0%	9.2%	30.6%	21.8%	14.3%	14.6%	-0.4%	35.2%	42.7%	-54.5%	-14.1%
Net Income Growth	46.6%	25.1%	3.1%	10.6%	19.1%	10.0%	17.1%	0.1%	37.3%	-239.1%	-48.7%	88.2%
Margins Quarterly
EBITDA Margin	-2018.9%	-231.3%	-6430.0%	-16997.7%	-43249.1%	-39436.5%	-20904.0%	-27703.7%	-	-10515.7%	-20203.5%	-
Operating Income Margin	-3118.9%	-258.1%	-6896.5%	-14869.3%	-46755.1%	-42933.0%	-23057.9%	-28866.1%	-	-11748.9%	-22062.2%	-
Net Income Margin	-2357.1%	-226.1%	-6898.0%	-19405.0%	-46514.6%	-42689.6%	-21622.3%	-29252.2%	-	-11124.7%	-21308.6%	-
Cash & Debt
Total Cash	3	0	1	3	2	4	5	8	11	10	14	18
Total Debt	2	1	1	1	1	1	1	1	1	2	1	2
Net Debt / (Cash)	-1	1	-1	-2	-1	-2	-4	-6	-9	-9	-12	-16
Cash Flows Quarterly
FCF from Operations	-1	-1	-2	-2	-1	-2	-2	-3	-2	-3	-3	-4
Cash Flows TTM
FCF from Operations TTM	-6	-6	-7	-7	-8	-8	-9	-11	-12	-13	-13	-11
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	0	-0	0	-0	0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-7.4%	-8.5%	-10.6%	-9.6%	-10.7%	-10.5%	-11.9%	-14.7%	-14.9%	-13.1%	-16.0%	-16.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-9.0%	-9.7%	-10.2%	-10.5%	-11.7%	-12.7%	-13.4%	-14.1%	-14.6%	-16.7%	-20.0%	-19.5%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022
Intellectual Property (IP) Development	0
Albany Project	0
BioTech	0
Unallocated Corporate Costs	0
Other income		0	0	0
Sales		0	0
Total	0	0	0	0

Net Income by Segment

$ Mil	2025	2024	2023	2022	2021
Albany Project	-1
BioTech	-1
Unallocated Corporate Costs	-2
Intellectual Property (IP) Development	-8
Total	-12

Assets by Segment

$ Mil	2025	2021
Intellectual Property (IP) Development	15
Albany Project	7
BioTech	0
Unallocated Corporate Costs	0
Single segment		26
Total	23	26

Price Behavior

Price Behavior

Market Price	$0.75
Market Cap ($ Bil)	0.1
First Trading Date	03/30/2012
Distance from 52W High	-57.8%
	50 Days	200 Days
DMA Price	$0.80	$1.04
DMA Trend	down	down
Distance from DMA	-6.0%	-27.6%
	3M	1YR
Volatility	73.8%	85.7%
Downside Capture	246.53	103.57
Upside Capture	123.11	47.58
Correlation (SPY)	22.9%	15.6%

ZTEK Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.35	1.23	0.66	0.74	0.68	0.58
Up Beta	-0.44	-0.20	1.06	0.40	0.61	0.47
Down Beta	4.64	0.87	0.22	0.55	0.69	0.99
Up Capture	23%	154%	105%	-18%	31%	7%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	5	14	22	42	95	300
Down Capture	190%	177%	69%	197%	101%	87%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	14	27	40	76	142	407

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of ZTEK With Other Asset Classes (Last 1Y)
	ZTEK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-38.0%	6.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	85.5%	17.2%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.21	0.23	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		13.2%	15.4%	3.5%	9.6%	11.4%	11.3%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of ZTEK With Other Asset Classes (Last 5Y)
	ZTEK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	35.6%	9.0%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	532.9%	14.4%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.49	0.44	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		1.8%	5.4%	-1.4%	0.4%	2.6%	5.4%

Based On 10-Year Data

		Comparison of ZTEK With Other Asset Classes (Last 10Y)
	ZTEK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.5%	9.9%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	491.1%	16.7%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.44	0.49	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		1.9%	5.0%	-1.5%	1.3%	2.8%	5.1%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	93,082
Short Interest: % Change Since 10312025	-23.4%
Average Daily Volume	49,446
Days-to-Cover Short Interest	1.88
Basic Shares Quantity	104,582,605
Short % of Basic Shares	0.1%

Returns Analyses

	Title
0	Is Zentek Stock Built to Withstand More Downside?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
6302025	8142025	6-K 6/30/2025
3312025	6272025	40-F 3/31/2025
12312024	2132025	6-K 12/31/2024
9302024	11142024	6-K 9/30/2024
6302024	8132024	6-K 6/30/2024
3312024	6272024	40-F 3/31/2024
12312023	2132024	6-K 12/31/2023
9302023	11132023	6-K 9/30/2023
6302023	8112023	6-K 6/30/2023
3312023	6302023	40-F 3/31/2023
12312022	2132023	6-K 12/31/2022
9302022	11152022	6-K 9/30/2022
6302022	8082022	6-K 6/30/2022
3312022	6302022	40-F 3/31/2022

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Health Care Equipment Resources

MedTech Dive

MassDevice

Fierce Medical Devices

Medical Device and Diagnostic Industry

MD+DI

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Zentek (ZTEK)

Market Price (12/4/2025): $0.751 | Market Cap: $78.5 MilSector: Health Care | Industry: Health Care Equipment

Zentek (ZTEK)

Market Price (12/4/2025): $0.751Market Cap: $78.5 MilSector: Health CareIndustry: Health Care Equipment

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Market Price (12/4/2025): $0.751 | Market Cap: $78.5 Mil
Sector: Health Care | Industry: Health Care Equipment

Market Price (12/4/2025): $0.751
Market Cap: $78.5 Mil
Sector: Health Care
Industry: Health Care Equipment