Fundamental analysis: Cyanotech Corporation (CYAN)

Awarener score: 5.1

Conclusion

The higher the Awarener score, the more bang you get for the buck. It measures how much genuine funds the company generates for the stock price paid (Average), the business stability (Modest) and growth (Very poor), and the company's inclination to return cash to the stockholders (Average).

Note: All scores range from 1 (worst) to 10 (best). Conclusions are updated daily with closing stock prices and new reported quarterly financial statements.

Revenue score: 3.5

Business has been shrinking at a fast pace. It's been substantially worse when measured against peer companies.
Cyanotech Corporation business trend isn't so stable. The higher the stability, the lower the risk. It looks worse than most rivals.

Margins score: 4.5

CYAN profit margins -on goods and services sold- are usually sufficient. They stand well ranked against rival companies.
Business profit on sales tends to be meagre. It's weak when measured against competitors.
Profits on sales made -available to repay debt and purchase properties- are usually hardly sufficient. They remain lacking compared to peers.
Earnings -before income taxes and interests on loans taken- tend to be meagre in relation to total revenues. They're still mediocre against similar companies.
Profits -before income taxes- are usually meagre considering total sales, and remain weak when measured against rivals.
Total net profit tends to be meagre when confronted to sales. Company stands weak when measured against comparable firms.

Growth score: 1.1

Cyanotech Corporation profit -on goods and services sold- has been shrinking. It's been in a very weak position compared to competitors.
In recent years, the firm hasn't always been able to profit from operations, which has been bottom tier against comparable firms.
In past years, the company couldn't always turn a profit -available to repay debt and purchase properties-, which compares last-in-rank when measured against peer enterprises.
In the previous years, the firm couldn't always make a profit -before income taxes and interests on loans taken-. It turns to be a disappointment compared to similar stocks.
In past years, at least once the company lost money -before income taxes-. It was bottom tier against rivals.
In the previous years, the firm had at least a total net loss, and last-in-rank when measured against peer companies.
The company lost money at least once in the past years. It's been a disappointment compared to industry peers.

Miscellaneous score: 3.7

CYAN had still to pay income taxes, even though in recent past years mostly lost money. It's been bottom tier against peers.
Research and development expenses consume a very little portion of revenues. It's similar to competitors.
Business has seen substantial shrinking, despite research and development efforts. It stands in a very weak position compared to rival companies.

Profitability score: 4.0

Cyanotech Corporation usually gets low returns on the resources it controls. It proves weak when measured against peer firms.
The company normally gets low proceeds -on the resources directly invested in the business-. They remain in a weak position compared to similar companies.
Profitability -in relation to owned resources- is usually lacking. It ranks weak when measured against competitors.
In the past, got low returns -on the tangible resources it controls-. This metric is usually related to the industry in which operates and combines profitability versus reinvestment needs. It's weak when measured against comparable enterprises.

Usage of Funds score: 3.0

CYAN usually uses a very large portion of genuine funds generated to buy or replace property, plant, or equipment. The need for reinvestments is heavy. It stands weak when measured against rival firms.
The company is usually sparsely replacing property, plant, and equipment that gets old, instead using funds in something else. It can't keep forever, which is last-in-rank when measured against industry peers.
In the past twelve months the stock paid no dividends. It came bottom tier against competitors.
The company pays no dividend, so measuring its growth is meaningless. The company has behaved in an conservative way compared to similar firms.
As no dividends are paid, it is useless trying to estimate their sustainability in time. Sustainability looks not applicable in regard to comparable companies.
The company somewhat enlarges a bit the pool of investors, resulting in more mouths feeding on the pie of profits. It remains lacking compared to peer enterprises.
We are not sure on the effectiveness of the company when repurchasing shares, as there were not enough numbers to crunch. It stands unidentified against rivals.
We do not have sufficient data to comment on buybacks and their sustainability. It still looks dubious against competitors.

Balance Sheet score: 4.3

Cyanotech Corporation has no intangible assets (like brands and goodwill) according to accounting books, which is safest. It happens to be top tier when measured against peer companies.
The company has more than enough short-term resources to face short-term obligations. Liquidity concerns are non-significant. It turns to be in good shape compared to similar firms.
A significant part of resources controlled were provided for with financial debt. Creditors have almost as many claims on the company as shareholders. It remains somewhat worse than rival firms.
Controlled resources can be made into cash within reason, which is quite good for liquidity. It looks more than average in relation to rivals.
For every dollar of short-term obligations, the company has less than a dollar of cash and short-term receivables. It's in a weak position compared to peer firms.
For every dollar of short-term obligations, the company has very few cents of cash and equivalents, which is mediocre against similar enterprises.
Usually, sales are on a month credit. It still ranks almost average when measured against peers.
Normally has approximately six months of sales worth in inventory. It comes up as a disappointment compared to competitors.
On average, it takes a lot of months from the purchase to charging customers. It happens to be bottom tier against peers.
On average pays suppliers before a month from the purchase. It ranks substantially worse when measured against industry peers.
The company pays its suppliers plenty of months before charging its customers, so there's a lot of money invested in working capital. It's a disappointment compared to similar companies.
Has usually been losing money on the business, so net interest expenses must be paid by increasing borrowings, which is unsustainable in the long run. The situation is very risky for both creditors and shareholders, profitability must increase. It stands bottom tier against rival firms.
Business earnings have usually been low when measured against loans taken. Even cutting back reinvesting in the business, it could take more than seven years to repay the obligations with current profitability. It ranks almost average when measured against comparable enterprises.
Revenues are quite good in relation to property, plant, and equipment required to operate. This metric is likely dependent on the industry the company operates in. The more property, plant, and equipment used, the more the company must reinvest to fight obsolescence, which usually means less available funds for the shareholders in the long run. It looks in good shape compared to similar firms.
Resource exploitation is very good when yearly sales are considered. This metric is normally tied to the industry where the firm belongs. It's still somewhat worse than peer companies.

Valuation score: 5.3

Cyanotech Corporation reported losses, so valuating it in relation to earnings is meaningless. It happens to be last-in-rank when measured against competitors.
Price-to-Tangible-Book-Value is a fairly complex metric. Run again in analytical mode if you're interested in a technical explanation. It remains impressive in relation to peers.
In the past twelve months, the company neither generated nor consumed funds. Whatever funds it could get, it reinvested in the business, which stands mediocre against similar companies.
The company usually generates more than enough genuine funds to cover up for its business needs. Surplus cash may be used to repay loans, to eventually buy new businesses, or to reward investors. Considering the financial position and stock price, at the current price the share might be interesting. It's still great when measured against industry firms.
In the past twelve months, the company hasn't rewarded investors, considering both dividends and share on the pie of earnings. It came up close to average when compared to peer ventures.
The company is drowned in loans. It almost belongs more to the creditors than the stockholders. The situation may be dire. It looks bottom tier against similar enterprises.
Considering the past twelve months, traditional Price-to-Earnings relation has been negative, as the company lost money. It ranks last-in-rank when measured against peer companies.
Comparing the current stock price with the past twelve-months revenues gives a very low relationship. One common cause includes profitability being very poor. It looks impressive in relation to rival firms.
The stock price is significantly below the accounting book value. Unless profitability is extremely low, the stock may be selling at a large discount. Pay attention to the other key indicators for hints. The company remains top-notch against peer firms.
In the past twelve months, the operating business lost significant money. It happens to be weak when measured against industry peers.
In an alternate metric of bang for the buck, the company has usually shown a somewhat low earnings power ability when measured against the current stock price and financial position. It's still in a weak position compared to peer companies.

Total score: 3.7

Company at a glance: Cyanotech Corporation (CYAN)

Sector, industry: Consumer Defensive, Packaged Foods

Market Cap: 0.01 billions

Revenues TTM: 0.03 billions

Cyanotech Corporation engages in the cultivation, production, and sale of natural products derived from microalgae worldwide. The company's products include BioAstin Hawaiian Astaxanthin, a dietary antioxidant to enhance skin, and to support eye, joint and immune health, as well as used as a human dietary supplement and dietary ingredient; and Hawaiian Spirulina Pacifica, a nutrient-rich dietary supplement, which is used for extra energy, strengthened immune system, cardiovascular benefits, and as a source of antioxidant carotenoids. It also provides contract extraction services. The company sells its products through distributors, retailers, and online channels; direct to consumers; and in bulk form to manufacturers, formulators, and distributors in the health foods, nutraceuticals, and dietary supplement markets. Cyanotech Corporation was incorporated in 1983 and is headquartered in Kailua-Kona, Hawaii.