STIM · Neuronetics, Inc.

Neuronetics, Inc. engages in providing in office treatments for patients with neurohealth disorders in the United States and internationally. The company provides NeuroStar Advanced Therapy System, a non-invasive and non-systemic office-based treatment to treat adult patients with major depressive disorder. Its NeuroStar Advanced Therapy System uses transcranial magnetic stimulation to create a pulsed, MRI-strength magnetic field that induces electrical currents designed to stimulate specific areas of the brain associated with mood. The company sells its products through its sales and customer support team to psychiatrists. The company was incorporated in 2001 and is headquartered in Malvern, Pennsylvania.

Cap structure and valuation

Cap structure
SP	$1.51
SO	69.6M
Options	2.2M
Warrants	1.9M
FD SO	73.8M
MC	$111.4M

Cash	$13.2M
Total debt	$61.3M
EV	$159.5M

TTM Multiples
EV / Revenue	1.1x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-01. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	34.45	41.78	37.30	38.11
Revenue YoY %	7.8%	85.7%	101.3%	131.7%
Cost of Revenue	18.30	20.07	20.19	20.35
Gross Profit	16.15	21.70	17.11	17.76
Gross Profit YoY %	2.6%	45.7%	22.2%	45.8%
Gross Margin %	46.9%	52.0%	45.9%	46.6%

SG&A	23.79	25.08	22.93	24.02
R&D	1.36	1.67	1.50	1.80
Operating Expense	25.15	26.75	24.43	25.82

Operating Income	(8.99)	(5.04)	(7.32)	(8.06)
Operating Income YoY %	18.3%	56.0%	5.3%	5.3%
Operating Margin %	(26.1%)	(12.1%)	(19.6%)	(21.1%)
EBITDA	(8.25)	(4.28)	(6.43)	(7.16)
EBITDA Margin %	(23.9%)	(10.2%)	(17.3%)	(18.8%)

Interest Expense	2.27	2.10	2.21	1.97
Pretax Income	(10.78)	(7.21)	(9.40)	(9.84)
Net Income	(10.78)	(7.21)	(9.40)	(9.84)
Net Income to Common	(10.79)	(7.16)	(9.04)	(10.12)
Net Margin %	(31.3%)	(17.2%)	(25.2%)	(25.8%)

Diluted EPS	-$0.16	-$0.10	-$0.13	-$0.15
Basic EPS	-$0.16	-$0.10	-$0.13	-$0.15
Diluted Avg Shares	69.6	0.9	67.3	66.2
Basic Avg Shares	69.6	0.9	67.3	66.2

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	151.64	149.16	74.89	71.35	65.21
Revenue YoY %	1.7%	99.2%	5.0%	9.4%	—
Cost of Revenue	78.91	76.85	20.73	19.64	15.48
Gross Profit	72.72	72.31	54.16	51.70	49.72
Gross Profit YoY %	0.6%	33.5%	4.8%	4.0%	—
Gross Margin %	48.0%	48.5%	72.3%	72.5%	76.3%

SG&A	95.81	97.16	75.95	72.74	75.50
R&D	6.33	6.58	12.77	9.52	9.34
Operating Expense	102.14	103.74	88.72	82.26	84.83

Operating Income	(29.42)	(31.44)	(34.56)	(30.55)	(35.11)
Operating Income YoY %	6.4%	9.0%	(13.1%)	13.0%	—
Operating Margin %	(19.4%)	(21.1%)	(46.2%)	(42.8%)	(53.8%)
EBITDA	(26.12)	(27.97)	(32.49)	(28.55)	(33.46)
EBITDA Margin %	(17.2%)	(18.8%)	(43.4%)	(40.0%)	(51.3%)

Interest Expense	8.54	7.60	7.29	5.42	4.25
Pretax Income	(37.23)	(39.13)	(43.73)	(30.19)	(37.16)
Net Income	(37.23)	(39.13)	(43.73)	(30.19)	(37.16)
Net Income to Common	(37.11)	(39.00)	(43.71)	(30.19)	(37.16)
Net Margin %	(24.5%)	(26.2%)	(58.4%)	(42.3%)	(57.0%)

Diluted EPS	-$0.54	-$0.59	-$1.38	-$1.05	-$1.38
Basic EPS	-$0.54	-$0.59	-$1.38	-$1.05	-$1.38
Diluted Avg Shares	69.6	66.0	31.7	28.7	26.9
Basic Avg Shares	69.6	66.0	31.7	28.7	26.9

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	13.21	28.13	27.97	10.97
Receivables	15.81	16.47	18.69	26.12
Inventory	4.71	4.33	4.32	4.94
Total Current Assets	47.17	61.55	64.89	56.14

Net PPE	3.87	4.47	4.94	5.32
Goodwill	23.62	23.62	22.66	19.08
Total Assets	125.44	141.55	145.47	134.65

Accounts Payable	11.43	10.74	11.57	9.72
Total Current Liabilities	28.29	30.52	28.94	27.80
Long-term Debt	61.30	65.81	65.67	55.54
Total Liabilities	108.38	115.31	114.11	103.14

Retained Earnings	(469.58)	(458.79)	(451.63)	(442.58)
Total Equity	17.06	26.24	31.36	31.51

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	13.21	28.13	18.46	59.68	70.34
Receivables	15.81	16.47	23.36	15.78	13.59
Inventory	4.71	4.33	4.25	8.09	8.90
Total Current Assets	47.17	61.55	58.12	93.79	98.77

Net PPE	3.87	4.47	6.24	2.01	1.99
Goodwill	23.62	23.62	18.63	—	—
Total Assets	125.44	141.55	140.90	115.83	116.88

Accounts Payable	11.43	10.74	11.08	4.75	2.43
Total Current Liabilities	28.29	30.52	31.27	19.81	33.20
Long-term Debt	61.30	65.81	55.15	59.28	22.83
Total Liabilities	108.38	115.31	109.10	81.64	59.82

Retained Earnings	(469.58)	(458.79)	(419.79)	(376.08)	(345.89)
Total Equity	17.06	26.24	31.80	34.19	57.06

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(10.79)	(7.16)	(9.04)	(10.12)
D&A	0.74	0.77	0.89	0.90
Stock-Based Comp	1.68	2.18	1.41	1.81
Operating Cash Flow	(9.42)	0.91	(0.79)	(3.50)

CapEx	(0.20)	(0.22)	(0.11)	(0.25)
Investing Cash Flow	(0.17)	(0.22)	(0.11)	(0.25)

Debt Issuance	—	0.00	—	—
Debt Repayment	(5.00)	—	—	—
Stock Issuance	—	—	—	0.00
Financing Cash Flow	(5.58)	(1.03)	17.90	0.00

Free Cash Flow	(9.62)	0.69	(0.90)	(3.76)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(37.11)	(39.00)	(43.71)	(30.19)	(37.16)
D&A	3.30	3.46	2.07	2.01	1.65
Stock-Based Comp	7.08	6.85	5.60	7.32	8.75
Operating Cash Flow	(12.80)	(20.40)	(31.00)	(32.04)	(30.74)

CapEx	(0.78)	(0.80)	(1.47)	(2.37)	(3.27)
Investing Cash Flow	(0.75)	(0.80)	(2.41)	(1.32)	6.73

Debt Issuance	—	10.00	57.48	25.00	—
Debt Repayment	—	—	(60.00)	(1.20)	—
Financing Cash Flow	11.30	35.85	(6.81)	22.70	0.21

Free Cash Flow	(13.58)	(21.20)	(32.47)	(34.41)	(34.01)

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	1.67	2.02	2.24	2.02
Quick Ratio	1.50	1.87	2.09	1.84
Debt / Equity	6.35	4.39	3.64	3.27
EBITDA Margin %	(23.9%)	(10.2%)	(17.3%)	(18.8%)
Working Capital	18.89	31.03	35.95	28.34
Net Debt	48.08	37.67	37.70	44.57
ROE %	(63.2%)	(27.5%)	(30.0%)	(31.2%)
ROA %	(8.6%)	(5.1%)	(6.5%)	(7.3%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	1.67	2.02	1.86	4.73	2.98
Quick Ratio	1.50	1.87	1.72	4.33	2.71
Debt / Equity	6.35	4.39	3.43	2.39	1.05
EBITDA Margin %	(17.2%)	(18.8%)	(43.4%)	(40.0%)	(51.3%)
Working Capital	18.89	31.03	26.86	73.98	65.57
Net Debt	48.08	37.67	36.69	(0.39)	(47.51)
ROE %	(218.2%)	(149.1%)	(137.5%)	(88.3%)	(65.1%)
ROA %	(29.7%)	(27.6%)	(31.0%)	(26.1%)	(31.8%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-13	Chernett Jorey	10% Owner	2026-05-12	P	475,000	$1.34	$636,500
2026-04-22	Chernett Jorey	10% Owner	2026-04-21	P	100,000	$1.51	$151,000
2026-04-22	Chernett Jorey	10% Owner	2026-04-20	P	100,000	$1.58	$158,000
2026-04-01	Madryn Asset Management, LP	10% Owner	2025-07-10	G	337,312	—	$0
2026-04-01	Madryn Asset Management, LP	10% Owner	2025-07-10	G	(337,312)	—	$-0
2026-03-30	Chernett Jorey	10% Owner	2026-03-30	P	385,442	$1.25	$481,802
2026-03-30	Chernett Jorey	10% Owner	2026-03-27	P	500,000	$1.35	$675,000
2026-03-27	Chernett Jorey	10% Owner	2026-03-26	P	25,000	$1.44	$36,000
2026-03-27	Chernett Jorey	10% Owner	2026-03-25	P	125,000	$1.40	$175,000
2026-03-24	Pfanstiel Steven	Officer (EVP, CFO and Treasurer)	2026-03-19	S	(16,431)	$1.34	-$22,018
2026-03-24	Sullivan Keith J	Other (Former Officer & Director)	2026-03-19	S	(46,289)	$1.34	-$62,027
2026-03-24	MACAN WILLIAM ANDREW	Officer (EVP, CLO and CS)	2026-03-19	S	(16,005)	$1.34	-$21,447
2026-03-23	REUVERS DANIEL L.	Officer (President and CEO)	2026-03-23	A	1,500,000	—	$0
2026-03-23	Chernett Jorey	10% Owner	2026-03-20	P	169,472	$1.41	$238,956
2026-03-20	Chernett Jorey	10% Owner	2026-03-19	P	450,000	$1.33	$598,500
2026-03-20	Chernett Jorey	10% Owner	2026-03-18	P	607,400	$1.35	$819,990
2026-03-18	Sullivan Keith J	Director, Officer (President and CEO)	2026-03-17	A	112,500	—	$0
2026-03-18	MACAN WILLIAM ANDREW	Officer (EVP, CLO and CS)	2026-03-17	A	33,750	—	$0
2026-03-18	Pfanstiel Steven	Officer (EVP, CFO and Treasurer)	2026-03-17	A	25,000	—	$0
2026-03-18	Chernett Jorey	10% Owner	2026-03-17	P	531,000	$1.16	$615,960
2026-03-06	MACAN WILLIAM ANDREW	Officer (EVP, CLO and CS)	2026-03-04	S	(609)	$1.34	-$816
2026-02-27	MACAN WILLIAM ANDREW	Officer (EVP, CLO and CS)	2026-02-26	S	(3,427)	$1.35	-$4,626
2026-02-27	Sullivan Keith J	Director, Officer (President and CEO)	2026-02-26	S	(8,452)	$1.35	-$11,410
2026-02-25	Pfanstiel Steven	Officer (EVP, CFO and Treasurer)	2026-02-23	A	250,000	—	$0
2026-02-25	MACAN WILLIAM ANDREW	Officer (EVP, CLO and CS)	2026-02-23	A	210,000	—	$0
2026-02-18	Sullivan Keith J	Director, Officer (President and CEO)	2026-02-12	S	(33,847)	$1.65	-$55,848
2026-02-18	MACAN WILLIAM ANDREW	Officer (EVP, CLO and CS)	2026-02-12	S	(14,120)	$1.65	-$23,298
2026-02-12	MACAN WILLIAM ANDREW	Officer (EVP, CLO and CS)	2026-02-10	S	(3,485)	$1.55	-$5,402
2026-02-12	Sullivan Keith J	Director, Officer (President and CEO)	2026-02-10	S	(40,976)	$1.55	-$63,513
2025-12-31	MACAN WILLIAM ANDREW	Officer (EVP, GC, CCO and CS)	2025-12-30	A	164,361	—	$0
2025-12-31	Pfanstiel Steven	Officer (EVP, CFO and Treasurer)	2025-12-30	A	170,212	—	$0
2025-10-22	CASCELLA ROBERT	Director	2025-10-20	A	10,531	—	$0
2025-10-22	CONLEY SHERYL L	Director	2025-10-20	A	7,326	—	$0
2025-10-22	MUIR GLENN P	Director	2025-10-20	A	7,554	—	$0
2025-10-22	Cucuz Sasha	Director	2025-10-20	A	6,410	—	$0
2025-08-12	Madryn Asset Management, LP	10% Owner	2025-08-08	S	(192,806)	$3.72	-$717,238
2025-08-12	Madryn Asset Management, LP	10% Owner	2025-08-08	S	(2,925,554)	$3.72	-$10,883,061
2025-08-12	Madryn Asset Management, LP	10% Owner	2025-08-08	S	(381,640)	$3.72	-$1,419,701
2025-07-15	Pfanstiel Steven	Officer (EVP, CFO and Treasurer)	2025-07-15	A	200,000	—	$0
2025-07-15	Pfanstiel Steven	Officer (EVP, CFO and Treasurer)	2025-07-15	A	200,000	—	$0
2025-05-27	Rosengarten Megan	Director	2025-05-22	A	30,000	—	$0
2025-05-27	CASCELLA ROBERT	Director	2025-05-22	A	36,250	—	$0
2025-05-27	Amin Avinash	Director	2025-05-22	A	30,000	—	$0
2025-05-27	CONLEY SHERYL L	Director	2025-05-22	A	30,000	—	$0
2025-05-27	Cucuz Sasha	Director	2025-05-22	A	30,000	—	$0
2025-05-27	MUIR GLENN P	Director	2025-05-22	A	30,000	—	$0
2025-05-14	Furlong Stephen	Officer (EVP, CFO and Treasurer)	2025-05-13	S	(6,540)	$4.16	-$27,206
2025-05-14	Furlong Stephen	Officer (EVP, CFO and Treasurer)	2025-05-12	S	(193,460)	$4.27	-$826,074
2025-03-13	Sullivan Keith J	Director, Officer (President and CEO)	2025-02-24	A	187,500	—	$0
2025-03-13	Furlong Stephen	Officer (EVP, CFO and Treasurer)	2025-02-24	A	78,750	—	$0
2025-03-13	MACAN WILLIAM ANDREW	Officer (EVP, GC, CCO and CS)	2025-02-24	A	78,750	—	$0
2025-03-06	Furlong Stephen	Officer (EVP, CFO and Treasurer)	2025-03-04	S	(1,867)	$4.48	-$8,364
2025-03-06	MACAN WILLIAM ANDREW	Officer (EVP, GC, CCO and CS)	2025-03-04	S	(377)	$4.48	-$1,689
2025-02-26	Sullivan Keith J	Director, Officer (President and CEO)	2025-02-24	A	375,000	—	$0
2025-02-26	Sullivan Keith J	Director, Officer (President and CEO)	2025-02-24	A	187,500	—	$0
2025-02-26	MACAN WILLIAM ANDREW	Officer (EVP, GC, CCO and CS)	2025-02-24	A	157,500	—	$0
2025-02-26	MACAN WILLIAM ANDREW	Officer (EVP, GC, CCO and CS)	2025-02-24	A	78,750	—	$0
2025-02-26	Furlong Stephen	Officer (EVP, CFO and Treasurer)	2025-02-24	A	157,500	—	$0
2025-02-26	Furlong Stephen	Officer (EVP, CFO and Treasurer)	2025-02-24	A	78,750	—	$0
2025-02-20	Sullivan Keith J	Director, Officer (President and CEO)	2025-02-19	S	(24,440)	$4.70	-$114,868
2025-02-20	Sullivan Keith J	Director, Officer (President and CEO)	2025-02-18	S	(25,934)	$4.41	-$114,369
2025-02-18	MACAN WILLIAM ANDREW	Officer (EVP, GC, CCO and CS)	2025-02-14	S	(18,965)	$4.11	-$77,946
2025-02-18	Furlong Stephen	Officer (EVP, CFO and Treasurer)	2025-02-14	S	(17,307)	$4.11	-$71,132
2025-02-14	Furlong Stephen	Officer (EVP, CFO and Treasurer)	2025-02-12	S	(10,845)	$3.83	-$41,536
2025-02-14	MACAN WILLIAM ANDREW	Officer (EVP, GC, CCO and CS)	2025-02-12	S	(12,175)	$3.83	-$46,630
2025-02-12	MACAN WILLIAM ANDREW	Officer (EVP, GC, CCO and CS)	2025-02-10	S	(1,970)	$3.28	-$6,462
2025-02-12	Sullivan Keith J	Director, Officer (President and CEO)	2025-02-10	S	(40,992)	$3.28	-$134,454
2025-02-12	Furlong Stephen	Officer (EVP, CFO and Treasurer)	2025-02-10	S	(14,836)	$3.28	-$48,662
2025-02-10	CONLEY SHERYL L	Director	2025-02-07	J	44,444	$2.25	$99,999
2025-02-10	MUIR GLENN P	Director	2025-02-07	J	44,444	$2.25	$99,999
2025-02-10	Cucuz Sasha	Director	2025-02-07	J	88,888	$2.25	$199,998
2025-02-10	CASCELLA ROBERT	Director	2025-02-07	J	88,888	$2.25	$199,998
2024-12-12	Sullivan Keith J	Director, Officer (President and CEO)	2024-12-10	A	450,000	—	$0
2024-12-12	MACAN WILLIAM ANDREW	Officer (EVP, GC, CCO and CS)	2024-12-10	A	135,000	—	$0
2024-12-12	Furlong Stephen	Officer (EVP, CFO and Treasurer)	2024-12-10	A	150,000	—	$0
2024-10-10	Furlong Stephen	Officer (EVP, CFO and Treasurer)	2024-10-08	S	(1,368)	$0.82	-$1,122
2024-10-10	MACAN WILLIAM ANDREW	Officer (EVP, GC, CCO and CS)	2024-10-08	S	(1,541)	$0.82	-$1,264
2024-09-13	CASCELLA ROBERT	Director	2024-09-12	P	100,000	$0.75	$75,000
2024-09-06	MUIR GLENN P	Director	2024-09-05	P	25,000	$0.80	$20,000
2024-08-30	MUIR GLENN P	Director	2024-08-29	P	12,224	$0.85	$10,390
2024-08-30	MUIR GLENN P	Director	2024-08-28	P	12,776	$0.85	$10,860
2024-08-21	MUIR GLENN P	Director	2024-08-20	P	25,000	$1.00	$25,000
2024-08-19	CASCELLA ROBERT	Director	2024-08-19	P	4,000	$1.14	$4,560
2024-08-19	CASCELLA ROBERT	Director	2024-08-16	P	35,000	$1.06	$37,100
2024-08-16	CASCELLA ROBERT	Director	2024-08-15	P	35,000	$0.88	$30,800
2024-08-16	CASCELLA ROBERT	Director	2024-08-14	P	35,000	$0.79	$27,650
2024-08-16	MUIR GLENN P	Director	2024-08-14	P	25,171	$0.75	$18,878
2024-07-22	Sullivan Keith J	Director, Officer (President and CEO)	2024-07-18	S	(24,162)	$1.90	-$45,908
2024-07-18	Sullivan Keith J	Director, Officer (President and CEO)	2024-07-17	S	(11,687)	$1.97	-$23,023
2024-07-18	Sullivan Keith J	Director, Officer (President and CEO)	2024-07-16	S	(12,075)	$1.91	-$23,063
2024-06-06	CASCELLA ROBERT	Director	2024-06-06	P	50,000	$2.05	$102,550
2024-06-05	CASCELLA ROBERT	Director	2024-05-30	A	31,250	—	$0
2024-06-05	CONLEY SHERYL L	Director	2024-05-30	A	25,000	—	$0
2024-06-05	Rosengarten Megan	Director	2024-05-30	A	25,000	—	$0
2024-06-05	MUIR GLENN P	Director	2024-05-30	A	25,000	—	$0