AMS
AMERICAN SHARED HOSPITAL SERVICES
Next earnings Aug 11, 2026 · consensus $-0.02 EPS, $7.64M rev
Last earnings -6.0% on 2026-05-14
$1.49
▼ -8.59%$1.49▼ -38.93%
over 1Y
L $1.29H $3.04
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-8.6%
1W-6.3%
1M+10.4%
3M+10.4%
YTD-29.0%
1Y-38.9%
Avoid
Conviction
Horizon
Medium (3–12mo)
Street · 5 analysts
Buy
Going-concern doubt, a live lender default, and $17.3M debt now all current-due against $3.5M cash — equity is uninvestable here.
Cash & equivalents $3.46M · FY2025
AMS is a capital-intensive Gamma Knife/radiation-therapy lessor that has slipped from profitable to distressed. FY2025 revenue was flat at $28.1M (-0.9%), but the quality collapsed underneath: gross profit fell 44.9% to $5.06M (gross margin ~18%), operating income swung to -$3.59M, and net income flipped from +$2.19M in FY2024 to -$1.55M. This isn't a one-off — leasing Gamma Knife volume fell 13.6% as three contracts expired (Q4'24 through Q2'25), a fourth is expected to expire in Q2'26, and CMS trimmed the 2026 Gamma Knife delivery rate to ~$7,525 from $7,645. The LINAC volume surge (+92%) is a full-year effect of the 2024 Rhode Island acquisition, not organic momentum, and it came with the margin destruction shown above.
The balance sheet is where this becomes uninvestable. The 10-K carries an explicit statement that liquidity and potential acceleration of payment obligations 'raise substantial doubt about the Company's ability to continue as a going concern.' On December 10, 2025, Fifth Third notified the Company that an event of default had occurred under the Credit Agreement — which is secured by a lien on substantially all of ASHS's domestic assets. Consistent with that, the entire debt load has been reclassified: long-term debt went to $0 and current portion of debt jumped 508% to $17.3M, driving current liabilities up 125% to $23.4M against only $17.7M of current assets (negative ~$5.7M working capital). Cash fell 68.6% to $3.46M — nowhere near enough to cure an acceleration.
Is AMS a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~60d expiry
- Long put 1.5 @ ~0.22 est
- Short put 1.5 @ ~0.22 est
debit $0max +$0max $0
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $17.6M | $19.7M | $21.3M | $28.3M | $28.1M |
| Gross profit | $6.73M | $8.38M | $9.34M | $9.19M | $5.06M |
| Operating income | $1.35M | $2.43M | $270K | -$2.81M | -$3.59M |
| Net income | $194K | $1.33M | $610K | $2.19M | -$1.55M |
| Diluted EPS | $0.03 | $0.21 | $0.10 | $0.33 | -$0.23 |
| Net margin | 1.1% | 6.7% | 2.9% | 7.7% | -5.5% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$23.7M
EV / EBITDA11.1
EV / Sales0.8
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-15.7%
FCF yield-46.0%
Quality & risk
ROIC (est.)-6.9%
Free cash flow-$4.54M
Total debt$17.3M
Net cash-$13.8M
Altman Z-Score0.49 distress
Piotroski F-Score4/9
Capital returns
Buyback yield0.0%
Dividend yield (est.)—
Shareholder yield0.0%
Shares Δ YoY+2.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Officer / director change2026-06-30
Annual meeting vote results; board/officer change disclosed
- 8-K Obligation accelerated2026-06-04
Debt-acceleration triggering event on the defaulted Fifth Third credit facility
- 8-K Earnings results2026-05-14
Q1 2026 10-Q; going-concern doubt and Fifth Third default persist
- 10-Q Quarterly report2026-05-14
Q1 2026 10-Q; going-concern doubt and Fifth Third default persist
- DEF 14A Proxy statement2026-04-30
2026 proxy: director slate, say-on-pay for annual meeting
- 8-K Officer / director change2026-04-24
Executive/director change announced
- 8-K Earnings results2026-03-31
FY2025 10-K flags going-concern doubt after Fifth Third default
- 10-K Annual report2026-03-31
FY2025 10-K flags going-concern doubt after Fifth Third default
- 8-K Material agreement2026-03-19
Entered material agreement (forbearance/amendment) addressing defaulted debt
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-242026-06-30open ↗SCHEDULE 13D/AFiling2026-06-25open ↗4Period ending 2026-06-222026-06-24open ↗SCHEDULE 13D/AFiling2026-06-23open ↗8-KPeriod ending 2026-05-292026-06-04open ↗10-QPeriod ending 2026-03-312026-05-14open ↗8-KPeriod ending 2026-05-142026-05-14open ↗DEFA14AFiling2026-05-07open ↗ARSPeriod ending 2025-12-312026-04-30open ↗DEFA14AFiling2026-04-30open ↗DEF 14APeriod ending 2026-06-242026-04-30open ↗8-KPeriod ending 2026-04-202026-04-24open ↗
Frequently asked
- Is AMERICAN SHARED HOSPITAL SERVICES (AMS) a buy?
- AMS currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. Going-concern doubt, a live lender default, and $17.3M debt now all current-due against $3.5M cash — equity is uninvestable here.
- What is AMERICAN SHARED HOSPITAL SERVICES's quality score?
- AMS scores 43.69498977505113/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000744825, latest 10-Q filed 2026-05-14) · EODHD · Proprietary analysis · as of 7/4/2026, 5:41:18 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 4, 2026, 1:41 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.