NORTECH SYSTEMS INC NSYS
Systems Incorporated, ("the Company", "we", "our") organized in 1990, is a provider of engineering
design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies and components headquartered
in Maple Grove, Minnesota, a suburb of Minneapolis, Minnesota. We maintain facilities and operations in Minnesota in the United States;
of US Dollars.
Last close
11.71
2026-09-04
Market cap
$33.4M
2026-06-30 share count
52-week range
6.50 - 18.01
Valuation FY2025 figures against the last close
P/S0.3x
P/E—
P/FCF16.1x
EV/EBITDA14.9x
Dividend yield—
Diluted EPS-0.09
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $118.4M | $128.1M | $139.3M | $134.1M | $115.2M | $104.1M | $116.3M | $113.4M | $112.3M | $116.6M |
| Cost of revenue | $100.4M | $111.4M | $116.2M | $113.6M | $99.3M | $94.4M | $103.8M | $100.1M | $100.2M | $102.8M |
| Gross profit | $18.0M | $16.7M | $23.1M | $20.5M | $15.9M | $9.7M | $12.6M | $13.3M | $12.1M | $13.8M |
| R&D | $1.2M | $1.2M | $1.2M | $1.5M | $483.0K | $0 | — | — | — | — |
| SG&A | $10.8M | $11.7M | $12.4M | $11.4M | $10.0M | $9.3M | $9.6M | $8.4M | $8.1M | $8.3M |
| Total operating expenses | $17.0M | $16.9M | $17.2M | $16.6M | $13.6M | $10.3M | $12.4M | $12.1M | $13.4M | $13.2M |
| Operating income | $975.0K | -$195.0K | $6.0M | $3.9M | $2.3M | -$616.0K | $224.0K | $1.2M | -$1.3M | $629.1K |
| Interest expense | $964.0K | $744.0K | $487.0K | $411.0K | $430.0K | $620.0K | $1.0M | $757.0K | $628.0K | $550.3K |
| Pre-tax income | $11.0K | -$939.0K | $5.5M | $3.5M | $8.0M | -$1.2M | -$819.0K | $492.0K | -$2.1M | $78.8K |
| Income tax | $263.0K | $356.0K | $1.4M | $1.5M | $859.0K | $310.0K | $409.0K | $326.0K | $375.0K | $35.0K |
| Net income | -$252.0K | -$1.3M | $6.9M | $2.0M | $7.2M | -$1.5M | -$1.2M | $166.0K | -$2.4M | $43.8K |
| EPS, basic | -0.09 | -0.47 | 2.53 | 0.75 | 2.68 | -0.58 | -0.46 | 0.06 | -0.89 | 0.02 |
| EPS, diluted | -0.09 | -0.47 | 2.38 | 0.70 | 2.54 | -0.58 | -0.46 | 0.06 | -0.89 | 0.02 |
| Shares, diluted (wtd. avg.) | $2.8M | $2.8M | $2.9M | $2.9M | $2.8M | $2.7M | $2.7M | $2.7M | $2.7M | $2.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.7M | $916.0K | $960.0K | $1.0M | $643.0K | $352.0K | $351.0K | $947.0K | $779.0K | $268.0K |
| Receivables | $17.0M | $14.9M | $19.3M | $16.0M | $14.5M | $15.6M | $18.6M | $20.1M | $17.4M | $17.3M |
| Inventory | $20.7M | $21.6M | $21.7M | $22.4M | $19.4M | $13.9M | $14.3M | $17.0M | $18.5M | $20.7M |
| Total current assets | $56.1M | $55.3M | $58.8M | $54.9M | $51.8M | $41.0M | $43.3M | $45.9M | $37.8M | $39.5M |
| Property, plant and equipment | $5.2M | $6.2M | $6.5M | $6.4M | $5.8M | $6.4M | $9.6M | $10.2M | $10.2M | $10.3M |
| Goodwill | — | — | — | — | — | — | $2.4M | $2.4M | $2.4M | $3.3M |
| Other intangibles | $71.0K | $89.0K | $263.0K | $422.0K | $501.0K | $1.2M | $1.3M | $1.5M | $1.7M | $1.9M |
| Total assets | $71.9M | $72.4M | $75.1M | $69.5M | $67.1M | $57.6M | $61.4M | $60.0M | $52.1M | $55.5M |
| Accounts payable | $12.8M | $11.6M | $15.9M | $14.8M | $12.7M | $11.2M | $14.0M | $18.1M | $11.7M | $13.8M |
| Short-term debt | — | — | — | — | $0 | $1.2M | $444.0K | $780.0K | $1.0M | $1.6M |
| Total current liabilities | $29.8M | $21.4M | $26.6M | $26.4M | $22.3M | $19.5M | $22.2M | $24.9M | $18.0M | $20.3M |
| Long-term debt | — | — | — | — | — | $5.9M | $3.2M | $3.6M | $4.4M | $4.9M |
| Total liabilities | $37.4M | $38.4M | $39.8M | $41.5M | $41.0M | $38.9M | $41.4M | $38.9M | $32.3M | $33.2M |
| Retained earnings | $17.1M | $17.4M | $18.7M | $11.8M | $9.8M | $2.7M | $4.2M | $5.4M | $3.9M | $6.3M |
| Total equity | $34.5M | $34.0M | $35.3M | $28.1M | $26.1M | $18.7M | $20.0M | $21.1M | $19.8M | $22.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.7M | -$2.2M | $1.8M | $5.4M | -$4.5M | $1.4M | $997.0K | $2.4M | $806.0K | $3.5M |
| Depreciation and amortisation | $1.3M | $1.6M | $1.9M | $1.8M | $1.8M | $2.0M | $1.9M | $1.9M | $2.2M | $2.1M |
| Stock-based compensation | $503.0K | $461.0K | $423.0K | $334.0K | $111.0K | $68.0K | $261.0K | $126.0K | $43.0K | $994 |
| Capital expenditure | $661.0K | $1.3M | $1.3M | $2.4M | $1.3M | $485.0K | $719.0K | $1.4M | $813.0K | $2.0M |
| Investing cash flow | -$157.0K | -$1.3M | -$1.3M | -$2.4M | -$730.0K | $5.5M | -$758.0K | -$1.4M | -$258.0K | -$2.0M |
| Financing cash flow | -$1.9M | $2.8M | -$1.3M | -$2.7M | $3.9M | -$4.0M | -$525.0K | -$889.0K | -$38.0K | -$1.4M |
| Buybacks | — | — | — | — | — | — | $130.0K | $276.0K | $30.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-016795.
Others in SIC 3679
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| VRT | Vertiv Holdings Co | $108.00B | 82.3x | 27.7% |
| AEIS | ADVANCED ENERGY INDUSTRIES INC | $11.25B | 73.2x | 21.4% |
| VICR | VICOR CORP | $8.57B | 72.2x | 13.5% |
| PI | IMPINJ INC | $5.27B | — | -1.4% |
| VREX | Varex Imaging Corp | $779.3M | — | 4.1% |
| MPTI | M-tron Industries, Inc. | $324.1M | 28.5x | 11.0% |
| ESP | ESPEY MFG & ELECTRONICS CORP | $189.8M | 21.0x | -90.5% |
| LGL | LGL GROUP INC | $94.6M | 68.2x | 10.2% |