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Original research

Studies we computed ourselves from public data. Each one states its source, every filter and rule it applied and its limitations, and offers the exact table it quotes as a download.

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Key findings

From our study Financial benchmarks for small US public companies, by industry. Scope: small US public companies, FY2025 10-Ks, n=724.

  1. The typical company in the set made an operating loss: the median operating margin was −48.2% across 703 companies, and a quarter of them were at −207.4% or below. The industry median was below zero in all 9 industries with enough companies to publish.
  2. Median gross margin was 41.4% across all industries, from 26.6% in Wholesale & retail trade to 65.0% in Biotech & pharmaceuticals.
  3. Median revenue growth over the prior fiscal year was 5.8% across all industries, from −17.8% in Energy & mining to 17.4% in Biotech & pharmaceuticals.
  4. Customers took a median of 42.7 days to pay (days sales outstanding) across all industries, from 12.8 days in Wholesale & retail trade to 53.0 days in Medical devices & health services.
  5. The median current ratio was 2.08; counting only cash, short-term investments and receivables, the median quick ratio was 1.34. The lowest industry median quick ratio was in Wholesale & retail trade, at 0.29.

Free to reuse under CC BY 4.0, with attribution. How to cite: Source: Ataski analysis of SEC Financial Statement Data Sets (FY2025 10-K filings). https://ataski.com/research/small-company-financial-benchmarks-2026

Ataski computed these figures from the SEC's public data; the SEC has not reviewed or endorsed them.

Studies