FIREFLY NEUROSCIENCE, INC.

AIFF
About the company

Firefly Neuroscience, Inc., an artificial intelligence company, develops, markets, and distributes medical devices and technologies that allow high-resolution visualization and evaluation of the complex neurophysiological interconnections of the human brain in North America.

Country: United StatesPrice: $0.94Market Cap: $14.7M

Investment snapshot

6%positive consensus
Scored 1d ago

Positive

1

BUY / PASS

Neutral / negative

1 / 14

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

8 of 12 pass — Graham, Buffett, Lynch +1 more object

Key risk

No clean pass — all 16 investors flag at least one profitability criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNot rankedPASSFAILFAILFAILFAILFAILFAILFAILFAILFAILFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025

Latest source filing: 2026-11-10

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-10

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-10

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-10

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-31

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-11-10

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-10

Score computed: 2026-11-14

TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-11-10

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Graham, Buffett, Lynch +1 more object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.00, IC: N/A
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities4.48
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Profitability0% pass✓ 2✗ 33▾

    No clean pass — all 16 investors flag at least one profitability criterion

    Positive EPS (10 years)7/19 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)6/19 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-538.2%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-775.5% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-2.6M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)N/A (negative mean EPS)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-59.2%
    ✗Lynch> 15%
    EBIT / Enterprise Value-73.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-73.9%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-189.77%
    ✗PiotroskiROA > 0
    ROA Change YoY-227.34% -> -189.77% (delta: +37.57%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-78.21%, ROA=-189.77%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY100.0% -> 56.5%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-386.1%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-59.2%
    ✗Dreman> 12%
    Margin of SafetyP/B=1.7x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-885.0% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency6/16 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-390.0%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-59.2%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-618.1% (2023) -> -775.5% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 525.0% -> 56.5%, operating margin -618.1% -> -775.5%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-53.97%; #5090/6340 (top 80.3%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+7.65%; #2952/3702 (top 79.7%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-59.18%; #4308/5226 (top 82.4%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.8546; #5212/5884 (top 88.6%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR24.6% over 5 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years2/6 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation0% pass✓ 3✗ 25▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio1.7x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-73.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-73.9%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share1.7x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-150.2%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=1.7x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low134% of trailing low ($0.70)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-53.97%; #5090/6340 (top 80.3%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.9119; #1656/6449 (top 25.7%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share8.20x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+281.7%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.1398; #4115/5247 (top 78.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-37.33%; #4707/6202 (top 75.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow0% pass✓ 1✗ 11▾

    No clean pass — all 10 investors flag at least one cash flow criterion

    Free Cash Flow Proxy$-2.6M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-2.2M
    ✗LynchPositive and growing
    Operating Cash Flow$-8.2M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-78.21%, ROA=-189.77%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive5/14 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency7/18 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 1✗ 12▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: -22.5% vs Rev: 162.8%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$0.02 (2007) -> $-0.09 (2021)
    ✗DremanPositive over recent years
    EPS CAGR3.2% CAGR over 13 years
    ✗Dreman> 5% annualized
    Positive Net Income Frequency6/16 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-78.3%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency0/1 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 525.0% -> 56.5%, operating margin -618.1% -> -775.5%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR-39.3%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR24.6% over 5 years
    ✗Neff7%-20% annualized
  • Verdicts7% pass✓ 1✗ 14▾

    Split decision: 14 FAIL · 1 PASS · 1 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 5)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (2/9)✗TempletonFAIL (2/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #2025/2370 (Top 85.4%))✗NeffFAIL (0/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
  • Efficiency38% pass✓ 4✗ 7▾

    5 of 8 flag AIFF's efficiency — Buffett, Greenblatt, Munger +2 more

    Current Ratio4.48
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-0.4%
    ✗Buffett> 10%
    ROIC - WACC-10.4%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
    ✗Greenblatt> 25%
    Current Ratio Change YoY0.53 -> 1.43
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.02x -> 0.11x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities4.48
    ✓Dreman> 1.5
    Return on Invested Capital-91.6%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-2230.8%; FY2024: ROIC=-2489.9%; FY2025: ROIC=-91.6%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/4 years above 12% (latest -91.6%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Business Services
Size: Micro Cap($14.7M)
Revenue: $1.1M+957.4% YoY
Net Income: $19.9M-90.1% YoY

Financial Snapshot

Operating Margin-775.5%
Return on Equity-260.3%
Debt / Equity0.00
Current Ratio1.43
Shares Retired−71.9%

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Shareholder Return

Fiscal 2025

Issued 71.9% of shares last year.

Buybacks
—
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, operating cash flow, depreciation amortization.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-03-31
FY 2024
Sources
  • 10-K · 2025-04-03
FY 2023
Sources
  • 10-K · 2025-04-03
FY 2022
Sources
  • 10-K · 2024-03-20
FY 2021
Sources
  • 10-K · 2022-04-12
Market Cap$14.7Mcurrent------$12.1Mest.$26.7Mest.--$333.5Mest.$2.2Best.
Revenue$2.1M↑163%$647.0K↑67%$514.0K↑72%$485.0K↑1028%$1.1M↑957%$108.0K↓78%$498.0K↓96%$12.0M↓20%$15.0M
Operating Income-$8.0M↑18%-$1.5M↑42%-$2.0M↓21%-$2.0M↑3%-$8.9M↑12%-$10.1M↓227%-$3.1M↑43%-$5.4M↓106%-$2.6M
Net Income-$7.9M↑62%-$1.5M↑44%-$2.0M↓8%-$2.0M↑85%-$19.9M↓90%-$10.5M↓302%-$2.6M↑85%-$17.8M↓1469%-$1.1M
EPS (Diluted)----------------$-0.09
Gross Margin57.4%81.1%↑116%49.2%↓46%45.6%56.5%↓44%100.0%↓81%525.0%↑2105%23.8%↓1%24.1%
Operating Margin-390.0%↑69%-238.3%↑65%-384.0%↑30%-414.4%↑91%-775.5%↑92%-9309.3%↓1406%-618.1%↓1271%-45.1%↓158%-17.5%
ROE-59.2%↑73%———-260.3%↓109%2789.3%↑217%-2388.1%↓399%797.6%↑12394%-6.5%
Total Debt--------$0↓100%$694.0K$0$0$0
Shareholders' Equity$13.4M↑39%$13.4M↑39%$14.7M↑21%$8.4M↑63%$7.6M↑2137%-$375.0K↓444%$109.0K↑105%-$2.2M↓113%$17.4M
Current Ratio4.48↑124%4.48↑124%4.87↑81%1.82↑26%1.43↑170%0.53↓41%0.89↑24%0.72↓79%3.47
Debt / Equity————0.00↑100%-1.850.000.000.00
Operating Cash Flow-$6.6M↑13%-$1.1M↑24%-$1.8M↑27%-$1.9M↑22%-$8.2M↓33%-$6.2M↓183%-$2.2M↑64%-$6.0M↓718%-$735.0K
Free Cash Flow-------------$2.2M↑67%-$6.5M↓714%-$804.8K

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

AIFF vs Peers — Financial Grading

Revenue$1.1MBottom 25%
Net Income$19.9MMedian
ROE-260.3%Bottom 25%
D/E0.00Top 25%
Op. Margin-775.5%Bottom 25%
Curr. Ratio1.43Median
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
AUTOMATIC DATA PROCESSING INCADP$122.3B$309.93$21.9B$4.4B73.2%0.8224.2%1.054/95/93/70/3F-Score 65/11
ELECTRONIC ARTS INC.EA$52.9B$209.70$7.5B$887.0M13.1%0.2215.4%1.051/94/94/70/3F-Score 66/11
Rubrik, Inc.RBRK$22.6B$109.88$1.3B$348.8M67.1%—-26.2%1.691/90/92/70/3F-Score 62/11
AECOMACM$9.1B$70.50$16.1B$561.8M22.5%1.096.4%1.141/93/93/71/3F-Score 82/11
COMMVAULT SYSTEMS INCCVLT$6.2B$152.07$1.2B$70.7M942.8%—6.3%1.951/92/94/70/3F-Score 66/11
WPP plcWPP$6.0B$27.79$18.2B$289.5M-8.5%1.942.8%0.891/92/91/70/3F-Score 32/11
VARONIS SYSTEMS INCVRNS$5.6B$48.94$623.5M$129.3M-21.6%0.76-23.5%1.971/90/91/70/3F-Score 51/11
ROBERT HALF INC.RHI$4.3B$42.00$5.4B$133.0M10.4%—1.4%1.532/95/91/70/3F-Score 52/11