ECOR
electroCore, Inc.
Next earnings Aug 4, 2026 · consensus $-0.42 EPS, $9.84M rev
Last earnings -4.7% on 2026-05-06
$8.77
▲ +8.00%$8.77▲ +60.92%
over 1Y
L $4.31H $10.35
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+8.0%
1W+22.0%
1M-7.2%
3M+29.0%
YTD+92.7%
1Y+60.9%
Avoid
Conviction
Horizon
Medium (3–12mo)
Street · 11 analysts
Buy
Fast-growing, high-gross-margin nerve-stim story undermined by negative equity, ~10-month cash runway, and 71% VA concentration.
Revenue $32.0M · FY2025
electroCore has a genuinely attractive top line: FY2025 revenue of $32.0M grew 27.2% and is up nearly 6x from $5.45M in 2021, carried by gammaCore and Quell Fibromyalgia sold mostly into government channels. Gross margin is an enviable 86.8%, the economics of a device/software business done right. On revenue alone this looks like a small-cap compounder, and at a 2.0x P/S the price is not obviously demanding for that growth rate.
The balance sheet is where the thesis breaks. Stockholders' equity is negative (-$1.71M) against a -$191M accumulated deficit, total liabilities jumped 57.6% to $20.4M, and the company carries $6.61M of long-term debt. Critically, cash is just $7.04M while operating cash flow burned -$8.19M in FY2025 — roughly a 10-month runway. With shares already up 12.4% YoY and the company structurally loss-making (operating margin -41.1%; net loss actually widened 17.5% to -$14.0M even as revenue grew), further dilution or financing on unfavorable terms looks close to unavoidable. Operating leverage is not yet showing up where it counts: the bottom line deteriorated despite the revenue gain.
Is ECOR a buy? The one-page verdict, explained →
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $5.45M | $8.59M | $16.0M | $25.2M | $32.0M |
| Gross profit | $4.07M | $6.98M | $13.2M | $21.4M | $27.8M |
| Operating income | -$20.0M | -$22.9M | -$19.3M | -$12.2M | -$13.2M |
| Net income | -$17.2M | -$22.2M | -$18.8M | -$11.9M | -$14.0M |
| Diluted EPS | -$4.36 | -$4.69 | -$3.42 | -$1.59 | -$1.65 |
| Net margin | -315.9% | -257.9% | -117.5% | -47.2% | -43.6% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$72.6M
EV / EBITDA—
EV / Sales2.3
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-19.2%
FCF yield-11.3%
Quality & risk
ROIC (est.)—
Free cash flow-$8.25M
Total debt$6.92M
Net cash$116K
Altman Z-Score-12.52 distress
Piotroski F-Score3/8
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+12.4%
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 Earnings results2026-05-06
Q1 2026 10-Q: revenue growth continued; losses and cash runway remain risks
- 10-Q Quarterly report2026-05-06
Q1 2026 10-Q: revenue growth continued; losses and cash runway remain risks
- 8-K Earnings results2026-03-19
FY2025 10-K: equity turned negative (-$1.7M); VA = 71% of revenue concentration
- 10-K Annual report2026-03-19
FY2025 10-K: equity turned negative (-$1.7M); VA = 71% of revenue concentration
- 8-K Earnings results2026-01-20
Pre-announced record ~2025 revenue (Reg FD) ahead of full-year results
- 8-K Earnings results2025-11-05
Q3 2025 10-Q: YoY revenue growth offset by continued operating losses
- 10-Q Quarterly report2025-11-05
Q3 2025 10-Q: YoY revenue growth offset by continued operating losses
- 8-K Other event2025-10-03
Other-event 8-K alongside same-day S-3 shelf; equity-dilution overhang
- S-3 Shelf registration (potential raise)2025-10-03
Other-event 8-K alongside same-day S-3 shelf; equity-dilution overhang
Recent filings
all on EDGAR ↗4Period ending 2026-04-232026-06-12open ↗4Period ending 2026-05-282026-05-29open ↗144Filing2026-05-27open ↗144Filing2026-05-27open ↗4Period ending 2026-05-202026-05-26open ↗4Period ending 2026-05-222026-05-22open ↗144Filing2026-05-14open ↗10-QPeriod ending 2026-03-312026-05-06open ↗8-KPeriod ending 2026-05-062026-05-06open ↗SCHEDULE 13GFiling2026-05-05open ↗144Filing2026-05-05open ↗144Filing2026-04-23open ↗
Frequently asked
- Is electroCore, Inc. (ECOR) a buy?
- ECOR currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. Fast-growing, high-gross-margin nerve-stim story undermined by negative equity, ~10-month cash runway, and 71% VA concentration.
- What is electroCore, Inc.'s quality score?
- ECOR scores 45.05405017453431/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001560258, latest 10-Q filed 2026-05-06) · EODHD · Proprietary analysis · as of 6/30/2026, 1:09:56 PM.
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 Jun 30, 2026, 9:09 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
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