# Sophia Genetics (SOPH.US)

Canonical: https://gigainvestors.com/s/SOPH

Analysis as of: 2026-10-16T07:32:02.713Z. Financial observations: FY2019–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $7.29 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 8

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2019: -1.27×

- FY2020: -1.32×

- FY2021: -1.77×

- FY2022: -1.85×

- FY2023: -1.20×

- FY2024: -1.02×

- FY2025: -0.92×

- LTM to Jun 2026: -0.85×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -230.7%

- ROIC, second-lowest year: -573.4%

- Typical minus recent gross margin: 3.8 pp

- Typical gross margin (annual median): 65.7%

- Recent gross margin (lower of latest and 3-year median): 61.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.5%

- ROIC including acquisitions, ten-year median: -229.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -573.4%

- FY2020: -1626.4%

- FY2021: -380.5%

- FY2022: -230.7%

- FY2023: -156.4%

- FY2024: -138.6%

- FY2025: -184.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$375M

- Net income, five-year total: -$382M

- Return on incremental invested capital: -373.2%

- Working capital / revenue, annual change: -3.1 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$74M

- FY2022: -$90M

- FY2023: -$79M

- FY2024: -$62M

- FY2025: -$70M

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -573.4% vs -156.4%

- Per-share earnings: -0.93 to -1.17 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 9.8%

- Diluted shares, 5-year annual growth: 9.8%

- Per-share value change: -$0.24

- Per-share value, starting three-year median: -$0.93

- Per-share value, ending three-year median: -$1.17

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -573.4%

- ROIC, last three-year median: -156.4%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$0.89

- FY2020: -$0.93

- FY2021: -$1.33

- FY2022: -$1.36

- FY2023: -$1.22

- FY2024: -$0.95

- FY2025: -$1.17

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -25.1%

- Receivables to sales index (DSRI): 1.80×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.76×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -4.1%

- FY2020: -5.8%

- FY2021: -4.9%

- FY2022: -7.1%

- FY2023: -14.7%

- FY2024: -12.7%

- FY2025: -25.1%

## Holders

- [Chuck Akre](https://gigainvestors.com/AC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 49% since Oct 2021 · sales +11.5%

Story as of 2026-10-16T09:59:36.914Z; price observation 2026-10-15.

- 2025-08-06: SOPHiA GENETICS reaffirms $72M–$76M 2025 revenue guidance as AstraZeneca deal drives BioPharma outlook ([seekingalpha.com](https://seekingalpha.com/news/4479425-sophia-genetics-reaffirms-72m-76m-2025-revenue-guidance-as-astrazeneca-deal-drives-biopharma?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +11.5%; source https://www.sec.gov/Archives/edgar/data/1840706/000184070626000006/soph-20251231.htm; observed 2026-03-03.

- FY2019: $25M 

- FY2020: $28M 

- FY2021: $40M 

- FY2022: $48M 

- FY2023: $62M 

- FY2024: $65M 

- FY2025: $77M 

- FY2026: $86M 

### Gross margin · FY2025

gross margin 61.9%; source https://www.sec.gov/Archives/edgar/data/1840706/000184070626000006/soph-20251231.htm; observed 2026-03-03.

- FY2019: 70.3% 

- FY2020: 62.3% 

- FY2021: 62.4% 

- FY2022: 65.7% 

- FY2023: 68.8% 

- FY2024: 67.4% 

- FY2025: 61.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in health information services; annual sales are USD 77.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/1840706/000184070626000006/soph-20251231.htm (filed 2026-03-03); FY2025: revenue 77271000; grossProfit 47814000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); SOPH.US: SOPHiA GENETICS SA operates as a cloud-native software technology company in the healthcare space. It offers SOPHiA DDM platform, a cloud-native software platform for analyzing data and generating insights from multimodal data sets and diagnostic modalities. Its SOPHiA DDM platform and related solutions, applications, products, and services are used by hospitals, laboratories, and biopharmaceutical companies through its own sales force as well as distributors and industry collaborators in Switzerland, France, Italy, rest of Europe, North America, the United States, Latin America, and the Asia-pacific. The company has a partnership with Synnovis to bring blood-based cancer testing to patients in the United Kingdom and a collaboration with AstraZeneca to develop, validate, and deploy two companion diagnostics (CDx) supporting precision oncology therapies. The company was incorporated in 2011 and is based in Rolle, Switzerland.

### Why customers stay

Margins ranged from 61.9% to 68.8% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); FY2023: grossProfit / revenue = 68.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); FY2024: grossProfit / revenue = 67.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1840706/000184070626000006/soph-20251231.htm (filed 2026-03-03); FY2025: grossProfit / revenue = 61.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); 7-year return on capital observations [[2019,-5.734426708633094],[2020,-16.264168502202644],[2021,-3.8051684409109283],[2022,-2.3070584910052205],[2023,-1.5641134601645807],[2024,-1.3856639966273188],[2025,-1.8479798812664907]]; median -2.3070584910052205. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 6.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); SOPH.US SharesStats.PercentInsiders = 6.768000000000001 percentage points; cache date 2026-10-05.

### What the price says

The price is 6.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); Closing price 7.29 USD; reporting-to-trading FX 1; FY2025 annual sales per share 1.1440803786387692; price multiple 6.371929923904181. FY2025 cash earnings/share -1.0370768599005313. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-07: $15.65 per share

- 2021-08: $19.77 per share

- 2021-09: $17.53 per share

- 2021-10: $14.19 per share

- 2021-11: $13.98 per share

- 2021-12: $14.10 per share

- 2022-01: $11.70 per share

- 2022-02: $12.80 per share

- 2022-03: $7.73 per share

- 2022-04: $6.43 per share

- 2022-05: $4.20 per share

- 2022-06: $3.62 per share

- 2022-07: $3.45 per share

- 2022-08: $3.29 per share

- 2022-09: $2.63 per share

- 2022-10: $2.20 per share

- 2022-11: $2.31 per share

- 2022-12: $2.06 per share

- 2023-01: $3.00 per share

- 2023-02: $2.60 per share

- 2023-03: $4.97 per share

- 2023-04: $4.84 per share

- 2023-05: $4.61 per share

- 2023-06: $4.48 per share

- 2023-07: $3.80 per share

- 2023-08: $2.44 per share

- 2023-09: $2.55 per share

- 2023-10: $3.69 per share

- 2023-11: $4.02 per share

- 2023-12: $4.71 per share

- 2024-01: $4.59 per share

- 2024-02: $5.00 per share

- 2024-03: $4.93 per share

- 2024-04: $5.10 per share

- 2024-05: $4.99 per share

- 2024-06: $4.58 per share

- 2024-07: $4.40 per share

- 2024-08: $3.84 per share

- 2024-09: $3.65 per share

- 2024-10: $3.58 per share

- 2024-11: $3.41 per share

- 2024-12: $3.07 per share

- 2025-01: $3.50 per share

- 2025-02: $3.67 per share

- 2025-03: $3.32 per share

- 2025-04: $3.05 per share

- 2025-05: $3.00 per share

- 2025-06: $3.10 per share

- 2025-07: $3.13 per share

- 2025-08: $3.46 per share

- 2025-09: $4.76 per share

- 2025-10: $5.00 per share

- 2025-11: $4.92 per share

- 2025-12: $4.67 per share

- 2026-01: $5.25 per share

- 2026-02: $4.50 per share

- 2026-03: $4.95 per share

- 2026-04: $5.22 per share

- 2026-05: $5.05 per share

- 2026-06: $5.77 per share

- 2026-07: $5.67 per share

- 2026-08: $8.40 per share

- 2026-09: $8.38 per share

- 2026-10: $7.29 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1840706/000184070626000006/soph-20251231.htm); period 2025-12-31, filed 2026-03-03.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.