SKIN
SkinHealth Systems Inc.
Next earnings Aug 5, 2026 (after close) · consensus $-0.02 EPS, $75.8M rev
Last earnings -2.5% on 2026-05-07
$0.69
▼ -2.83%$0.69▼ -64.12%
over 1Y
L $0.58EODHDH $2.63
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-2.8%
1W+6.1%
1M+1.4%
3M-13.1%
YTD-49.1%
1Y-63.1%
Hold
Conviction
Horizon
Medium (3–12mo)
Street · 14 analysts
Hold
Distressed-priced Hydrafacial turnaround: 65% gross margins and positive cash flow, but shrinking revenue and a debt clock ticking.
Price / Market cap $0.71 / $91.1M · 2026-06-30
SkinHealth (the Beauty Health Company, anchored by Hydrafacial) is a structurally sound brand inside a financially stressed shell. The franchise quality is real: gross margin of 65.3% on $196M gross profit (+7.7% YoY even as revenue fell), and operations now generate cash — operating cash flow of $37.5M (+132%) against just $303K of capex. Losses are narrowing fast across the board: net income improved to -$9.52M (+67%), operating income to -$20.8M (+69%), and diluted EPS to -$0.16. At $0.71 and a 0.3x P/S, the market is pricing this as a melting ice cube, not a franchise — that gap is the entire bull case.
The problem is the top line and the balance sheet. Revenue has fallen three straight years from the FY2023 peak of $398M to $301M (-10% YoY), and the MD&A names the causes plainly: the Q2-2025 decision to discontinue direct China sales (handed to a distributor) and ongoing remediation of 'older models of Syndeo' delivery systems. This is not a one-off — it's a shrinking installed-base/consumables flywheel. Layered on top is leverage of 7.19x liabilities/equity ($439M liabilities vs. $61.1M equity) and a -$517M accumulated deficit. Most alarming, current liabilities jumped +173% to $186M while total liabilities fell — the classic signature of convertible/term debt rolling into the current bucket, i.e. a maturity wall inside 12 months.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $260M | $366M | $398M | $334M | $301M |
| Gross profit | $179M | $249M | $155M | $182M | $196M |
| Operating income | -$39.9M | -$25.8M | -$131M | -$67.8M | -$20.8M |
| Net income | -$379M | $44.2M | -$100M | -$29.1M | -$9.52M |
| Diluted EPS | -$3.71 | -$0.23 | -$0.76 | -$0.36 | -$0.16 |
| Net margin | -145.6% | 12.1% | -25.2% | -8.7% | -3.2% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value-$144M
EV / EBITDA—
EV / Sales-0.5
EV / FCF-3.9
P / FCF2.4
PEG (trailing)—
Earnings yield-10.8%
FCF yield42.0%
Quality & risk
ROIC (est.)-26.9%
Free cash flow$37.2M
Total debt—
Net cash$233M
Altman Z-Score-0.57 distress
Piotroski F-Score5/8
Capital returns
Buyback yield0.0%
Dividend yield (est.)—
Shareholder yield0.0%
Shares Δ YoY+2.0%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Other event2026-06-22
Other-events disclosure (Item 8.01); no financial impact specified
- 8-K Shareholder vote2026-06-16
Annual-meeting voting results reported (Item 5.07); routine governance
- 8-K/A Amended 8-K2026-05-21
Amends a prior 8-K to add/revise disclosure; no new material change
- 8-K Delisting notice2026-05-12
Received delisting/continued-listing deficiency notice with stock at $0.71
- 8-K Earnings results2026-05-07
Q1 FY26: revenue declining but losses narrowing, OCF positive
- 10-Q Quarterly report2026-05-07
Q1 FY26: revenue declining but losses narrowing, OCF positive
- 8-K Officer / director change2026-05-06
Executive/board change disclosed (Item 5.02); leadership transition
- DEF 14A Proxy statement2026-04-24
Annual proxy: director slate, exec pay and auditor up for vote
- 8-K Officer / director change2026-04-22
Officer/director change plus bylaw amendment and Reg FD update
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-172026-06-22open ↗8-KPeriod ending 2026-06-102026-06-16open ↗8-K/APeriod ending 2026-05-052026-05-21open ↗144Filing2026-05-20open ↗8-KPeriod ending 2026-05-082026-05-12open ↗SCHEDULE 13D/AFiling2026-05-11open ↗10-QPeriod ending 2026-03-312026-05-07open ↗8-KPeriod ending 2026-05-072026-05-07open ↗8-KPeriod ending 2026-05-052026-05-06open ↗SCHEDULE 13G/AFiling2026-05-06open ↗ARSPeriod ending 2025-12-312026-04-24open ↗DEF 14APeriod ending 2026-06-102026-04-24open ↗
Frequently asked
- Is SkinHealth Systems Inc. (SKIN) a buy?
- SKIN currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Distressed-priced Hydrafacial turnaround: 65% gross margins and positive cash flow, but shrinking revenue and a debt clock ticking.
- What is SkinHealth Systems Inc.'s quality score?
- SKIN scores 51.509803921568626/100 (grade C-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001818093, latest 10-Q filed 2026-05-07) · EODHD · analysis by claude-code · as of 6/30/2026, 12:24:08 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.