Neuraxis, INC
NRXSAbout the company
NeurAxis, Inc., a medical technology company, focuses on developing neuromodulation therapies to address chronic and debilitating conditions in children and adults in the United States. It offers IB-Stim, a percutaneous electrical nerve field stimulation system intended to be used in patients 8 years of age with functional abdominal pain associated with irritable bowel syndrome (IBS), functional dyspepsia (FD) and associated FD nausea symptoms. The company also offers rectal expulsion device, a screening tool that helps to detects evacuation disorders.
Investment snapshot
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
All 13 investors flag NRXS's valuation
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The 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. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked 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.
| Metric | Graham 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | Not ranked | PASS | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | NEUTRAL |
| Score | |||||||||||||||||
| Analysis | 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… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Margin of Safety | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-19 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-19 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: 2026-11-09 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-19 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment Latest source filing: 2026-11-09 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: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-19 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: 2026-11-09 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-19 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 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: 2026-11-09 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 AssetsDebt/Equity & Interest CoverageD/E: 0.06, IC: -128.4x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.06✓Lynch< 0.33Cash - Long-term Debt✗LynchPositive preferredLT Debt / Total Assets Change0.00% -> 0.00%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities2.10✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0.06✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0.06✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=-128.4x, D/EBITDA=N/A✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.06✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.0572; #1053/4210 (top 25.0%)✓AsnessTop 30% of eligible cross-section
Where It Falls Short
- Valuation0% pass✗ 28▾
All 13 investors flag NRXS's valuation
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio17.0x✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value-10.9%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-10.9%, 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< 8xPrice / Book Value per Share17.0x✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessOE Yield=-13.5%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=-8.4%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=17.0x✗MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per ShareN/A (negative FCF)✗Ackman<= 25Price vs. Trailing Low252% of trailing low ($2.15)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization-15.73%; #4408/6340 (top 69.5%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+0.0471; #5016/6449 (top 77.8%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share18.50x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.0849; #4409/5247 (top 84.0%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization-8.40%; #3167/4519 (top 70.1%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-27.25%; #4294/6202 (top 69.2%)✗OshaughnessyTop 10% of eligible cross-section - Cash Flow0% pass✓ 1✗ 11▾
No clean pass — all 10 investors flag at least one cash flow criterion
Free Cash Flow Proxy$-7.8M✗BuffettPositive and growingFCF Positive and Growing$-6.5M✗LynchPositive and growingOperating Cash Flow$-6.4M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-100.45%, ROA=-121.81%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xP/E or FCF YieldFCF Yield=-8.4%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive0/4 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap-11.2%✗Ackman>= 4%Price / FCF per ShareN/A (negative FCF)✗Ackman<= 25Positive Operating Cash Flow frequency0/4 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$-6.5M✗Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization-8.40%; #3167/4519 (top 70.1%)✗OshaughnessyTop 10% of eligible cross-section - Growth0% pass✓ 2✗ 11▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthInv: 131.0% vs Rev: 94.3%✗LynchInventory growth < Revenue growthEPS Growth Direction$-2.77 (2022) -> $-0.95 (2025)✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency0/4 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth9.2%✓Ackman>= 5%Positive EPS Growth Frequency2/3 years with positive EPS growth✗AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 87.7% -> 84.2%, operating margin -270.9% -> -219.4%✓SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR✗SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Profitability6% pass✓ 5✗ 30▾
15 of 16 flag NRXS's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)0/5 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)0/5 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-314.0%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-219.4% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy$-7.8M✗BuffettPositive and growingEarnings Variance (10-yr CoV)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE-334.1%✗Lynch> 15%EBIT / Enterprise Value-10.9%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-10.9%, ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-121.81%✗PiotroskiROA > 0ROA Change YoY-173.23% -> -121.81% (delta: +51.42%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=-100.45%, ROA=-121.81%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY86.5% -> 84.2%✗PiotroskiImproved YoYPre-Tax Income / Revenue✗Dreman>= 8%Net Income / Shareholders' Equity-334.1%✗Dreman> 12%Margin of SafetyP/B=17.0x✗PabraiP/B < 1.5 or P/E < 15Return on Equity-314.0% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency0/4 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue-186.2%✗Ackman>= 15%Net Income / Shareholders Equity-334.1%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-270.9% (2023) -> -219.4% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 87.7% -> 84.2%, operating margin -270.9% -> -219.4%✓SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization-15.73%; #4408/6340 (top 69.5%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+84.57%; #218/3702 (top 5.9%)✓AsnessTop 30% of eligible cross-sectionNet income / positive book equity-334.07%; #5007/5226 (top 95.8%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-11.5627; #5705/5884 (top 97.0%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years✗Schloss>= 70% positive over 5-10 observed years (app rule) - Verdicts7% pass✓ 1✗ 14▾
Split decision: 14 FAIL · 1 PASS · 1 NEUTRAL
Overall verdict✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (0/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #1555/2370 (Top 65.6%))✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked) - Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag NRXS's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio2.10✓Graham>= 2.0ROIC (3-5 yr avg)-412.4%✗Buffett> 10%ROIC - WACC-422.4%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)✗Greenblatt> 25%Current Ratio Change YoY1.75 -> 2.05✓PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.56x -> 0.56x✗PiotroskiImproved YoYCurrent Assets / Current Liabilities2.10✓Dreman> 1.5Return on Invested Capital-250.9%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=-111.6%; FY2025: ROIC=-174.4%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROICN/A (non-positive net income)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/2 years above 12% (latest -174.4%)✗SleepROIC > 12% in a majority of years
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 52.4% 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.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, gross profit, ebit, interest expense, operating cash flow, depreciation amortization, capex. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
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|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $76.9Mcurrent | -- | -- | -- | $45.1Mest. | $17.5Mest. | $8.1Mest. | $8.4Mest. | -- |
| Revenue | $6.5M↑94% | $2.0M↑150% | $1.9M↑116% | $1.6M↑80% | $3.6M↑33% | $2.7M↑9% | $2.5M↓8% | $2.7M | -- |
| Operating Income | -$12.2M↓60% | -$6.6M↓213% | -$2.1M↓24% | -$1.7M↑24% | -$7.8M↓9% | -$7.2M↓7% | -$6.7M↓98% | -$3.4M | -- |
| Net Income | -$12.1M↓60% | -$6.5M↓208% | -$2.1M↓23% | -$1.8M↑23% | -$7.8M↑5% | -$8.2M↑44% | -$14.6M↓206% | -$4.8M | -- |
| EPS (Diluted) | -- | $-0.52↓117% | $-0.19↑14% | $-0.18↑45% | $-0.95↑22% | $-1.22↑73% | $-4.50↓62% | $-2.77 | -- |
| Gross Margin | 86.2%↑2% | 86.6%↑4% | 85.9%↑3% | 86.4%↑2% | 84.2%↓3% | 86.5%↓1% | 87.7%↓1% | 88.9% | — |
| Operating Margin | -186.2%↑17% | -324.4%↓25% | -110.2%↑43% | -108.3%↑58% | -219.4%↑18% | -266.5%↑2% | -270.9%↓116% | -125.6% | — |
| ROE | -334.1%↓1% | — | — | — | -229.5%↑42% | -398.6%↓138% | 1042.4%↑1115% | 85.8% | — |
| Total Debt | $207.3K↑6% | $207.3K↑6% | $42.7K↓65% | $100.7K↑19% | $148.3K↓95% | $3.0M | -- | $228.3K | -- |
| Shareholders' Equity | $3.6M↑59% | $3.6M↑59% | $6.7M↑58% | $5.7M↑2124% | $3.4M↑64% | $2.1M↑247% | -$1.4M↑75% | -$5.6M↓575% | -$825.7K |
| Current Ratio | 2.10↑32% | 2.10↑32% | 3.04↑8% | 2.89↑139% | 2.05↑17% | 1.75↑1263% | 0.13↑88% | 0.07 | — |
| Debt / Equity | 0.06↓33% | 0.06↓33% | 0.01↓78% | 0.02↓95% | 0.04↓97% | 1.45 | — | -0.04 | — |
| Operating Cash Flow | -$6.5M↓3% | -$2.3M↓59% | -$1.0M↑30% | -$1.2M↑23% | -$6.4M↓5% | -$6.1M↑9% | -$6.7M↓191% | -$2.3M | -- |
| Free Cash Flow | -- | -$2.3M↓59% | -- | -- | -$6.5M↓6% | -$6.1M↑9% | -$6.7M↓192% | -$2.3M | -- |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Medical Equipment
NRXS vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ALCON INCALC | $35.6B | $74.12 | $10.4B | $980.0M | 4.4% | 0.21 | 13.1% | 2.12 | 2/9 | 1/9 | 3/7 | 0/3 | F-Score 6 | 4/11 |
| KONINKLIJKE PHILIPS NVPHG | $29.7B | $30.34 | $21.0B | $1.1B | 8.2% | 0.64 | 8.0% | 1.32 | 1/9 | 1/9 | 1/7 | 0/3 | F-Score 5 | 3/11 |
| WEST PHARMACEUTICAL SERVICES INCWST | $29.0B | $416.42 | $3.1B | $493.7M | 15.5% | 0.06 | 19.0% | 3.02 | 4/9 | 6/9 | 6/7 | 1/3 | F-Score 7 | 5/11 |
| SMITH & NEPHEW PLCSNN | $13.1B | $31.28 | $6.2B | $625.0M | 11.8% | 0.59 | 12.9% | 2.57 | 2/9 | 0/9 | 1/7 | 0/3 | F-Score 6 | 4/11 |
| MSA Safety IncMSA | $6.7B | $174.17 | $1.9B | $278.9M | 20.4% | 0.42 | 19.8% | 3.01 | 5/9 | 5/9 | 4/7 | 1/3 | F-Score 5 | 7/11 |
| STAAR SURGICAL COSTAA | $1.3B | $26.39 | $239.4M | $80.4M | -23.4% | — | -38.3% | 4.55 | 2/9 | 2/9 | 2/7 | 0/3 | F-Score 3 | 3/11 |
| ARTIVION, INC.AORT | $931.9M | $19.10 | $441.3M | $9.8M | 2.2% | 0.48 | 7.6% | 3.53 | 2/9 | 0/9 | 0/7 | 0/3 | F-Score 7 | 1/11 |
| InMode Ltd.INMD | $763.6M | $13.27 | $370.5M | $93.8M | 13.7% | — | 23.0% | 9.88 | 5/9 | 3/9 | 0/7 | 3/3 | F-Score 4 | 4/11 |