A Business at a Glance
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NORTECH SYSTEMS INC
NSYS
$40M
Mkt Cap
$14.25
-0.63%
NORTECH SYSTEMS INC (NSYS) has a 5-year average return on invested capital (ROIC) of 9.8%. This is below average and may indicate limited pricing power.
NORTECH SYSTEMS INC (NSYS) has a market capitalization of $40M. It is classified as a small-cap stock.
NORTECH SYSTEMS INC (NSYS) does not currently pay a regular dividend.
NORTECH SYSTEMS INC (NSYS) operates in the Electronic Components, Nec industry, within the Technology sector.
NORTECH SYSTEMS INC (NSYS) reported annual revenue of $118 million in its most recent fiscal year, based on SEC EDGAR filings.
NORTECH SYSTEMS INC (NSYS) has a net profit margin of -0.2%. The company is currently unprofitable.
NORTECH SYSTEMS INC (NSYS) generated $2 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Item 1. Business Nortech Systems Incorporated, (“the Company”, “we”, “our”) organized in December 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; Monterrey, Mexico; and Suzhou, China. We offer a full range of value-added engineering, technical and manufacturing services and support including project management, designing, testing, prototyping, manufacturing, supply chain management and post-market services. Our manufacturing and engineering services include complex electromedical and electromechanical products including medical devices, wire and cable assemblies, printed circuit board assemblies, complex higher-level assemblies and other box builds for a wide range of industries.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 118M | 118M | 128M | 139M | 134M | 115M |
| Net Income | -252K | -252K | -1.3M | 6.9M | 2.0M | 7.2M |
| EPS | $-0.09 | $-0.09 | $-0.47 | $2.38 | $0.70 | $2.54 |
| Free Cash Flow | 2.1M | 2.1M | -3.5M | 485K | 3.0M | -5.8M |
| ROIC | -53.7% | 1.4% | -0.4% | 14.4% | 6.0% | 27.7% |
| Gross Margin | 15.2% | 15.2% | 13.1% | 16.6% | 15.3% | 13.8% |
| Debt/Equity | 0.25 | 0.25 | 0.53 | 0.40 | 0.59 | 0.75 |
| Dividends/Share | $0.00 | $0.00 | - | - | - | - |
| Operating Income | 975K | 975K | -195K | 6.0M | 3.9M | 2.3M |
| Operating Margin | 0.8% | 0.8% | -0.2% | 4.3% | 2.9% | 2.0% |
| ROE | -0.7% | -0.7% | -3.7% | 21.7% | 7.4% | 31.9% |
| Shares Outstanding | 3M | 3M | 3M | 3M | 3M | 3M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 112M | 115M | 117M | 112M | 113M | 116M | 104M | 115M | 134M | 139M | 128M | 118M | 118M |
| Gross Margin | 11.9% | 10.5% | 11.9% | 10.8% | 11.7% | 10.8% | 9.3% | 13.8% | 15.3% | 16.6% | 13.1% | 15.2% | 15.2% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 483K | 1.5M | 1.2M | 1.2M | 1.2M | 1.2M |
| SG&A | 6.9M | 7.2M | 8.3M | 8.1M | 8.4M | 9.6M | 9.3M | 10M | 11M | 12M | 12M | 11M | 11M |
| EBIT | 1.3M | -422K | 629K | -1.3M | 1.2M | 224K | -616K | 2.3M | 3.9M | 6.0M | -195K | 975K | 975K |
| Op. Margin | 1.2% | -0.4% | 0.5% | -1.1% | 1.1% | 0.2% | -0.6% | 2.0% | 2.9% | 4.3% | -0.2% | 0.8% | 0.8% |
| Net Income | 880K | -571K | 44K | -2.4M | 166K | -1.2M | -1.5M | 7.2M | 2.0M | 6.9M | -1.3M | -252K | -252K |
| Net Margin | 0.8% | -0.5% | 0.0% | -2.2% | 0.1% | -1.1% | -1.5% | 6.2% | 1.5% | 4.9% | -1.0% | -0.2% | -0.2% |
| Non-Recurring | -2K | -1K | -2K | 1.3M | 0 | -32K | 6.2M | 468K | 15K | 0 | 594K | 266K | 266K |
| Returns on Capital | |||||||||||||
| ROIC | 3.8% | -2.1% | 1.0% | -9.5% | 2.2% | 0.6% | -6.5% | 27.7% | 6.0% | 14.4% | -0.4% | 1.4% | -53.7% |
| ROE | 3.9% | -2.5% | 0.2% | -11.6% | 0.8% | -6.0% | -8.0% | 31.9% | 7.4% | 21.7% | -3.7% | -0.7% | -0.7% |
| ROA | 1.9% | -1.1% | 0.1% | -4.5% | 0.3% | -2.0% | -2.6% | 11.5% | 2.9% | 9.5% | -1.8% | -0.3% | -0.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.6M | 3.4M | 3.5M | 806K | 2.4M | 997K | 1.4M | -4.5M | 5.4M | 1.8M | -2.3M | 2.7M | 2.7M |
| Free Cash Flow | -606K | 1.7M | 1.6M | -7K | 1.0M | 278K | 878K | -5.8M | 3.0M | 485K | -3.5M | 2.1M | 2.1M |
| Owner Earnings | -479K | 1.1M | 1.2M | -1.7M | 222K | -1.4M | -898K | -6.6M | 3.1M | -704K | -4.4M | 952K | 952K |
| CapEx | 2.2M | 1.7M | 2.0M | 813K | 1.4M | 719K | 485K | 1.3M | 2.4M | 1.3M | 1.3M | 661K | 661K |
| Maint. CapEx | 2.0M | 2.3M | 2.3M | 2.4M | 2.1M | 2.1M | 2.2M | 1.9M | 1.9M | 2.1M | 1.7M | 1.3M | 1.3M |
| Growth CapEx | 157K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 452K | 0 | 0 | 0 | 0 |
| D&A | 2.0M | 2.3M | 2.3M | 2.4M | 2.1M | 2.1M | 2.2M | 1.9M | 1.9M | 2.1M | 1.7M | 1.3M | 1.3M |
| CapEx/OCF | 138.4% | 49.7% | 55.4% | 100.9% | 57.3% | 72.1% | 35.6% | N/A | 43.9% | 72.6% | N/A | N/A | 24.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 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 |
| Share Buybacks | 0 | 0 | 0 | 30K | 276K | 130K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | 0.3% | 2.8% | 0.9% | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 30K | 3K | 0 | 43K | 126K | 261K | 68K | 111K | 334K | 423K | 461K | 503K | 503K |
| Debt Repayment | 667K | 1.0M | 1.5M | 5.9M | 1.4M | 856K | 2.7M | 1.1M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 13M | 15M | 14M | 13M | 13M | 19M | 20M | 19M | 15M | 13M | 17M | 7.1M | 7.1M |
| Cash & Equiv. | 66K | 0 | 268K | 473K | 480K | 351K | 352K | 643K | 1.0M | 960K | 916K | 1.7M | 1.7M |
| Long-Term Debt | 4.1M | 6.0M | 4.9M | 4.4M | 3.6M | 3.2M | 5.9M | 916K | 565K | 209K | 311K | 626K | 626K |
| Debt/Equity | 0.56 | 0.68 | 0.62 | 0.70 | 0.65 | 0.95 | 1.07 | 0.75 | 0.59 | 0.40 | 0.53 | 0.25 | 0.25 |
| Interest Coverage | 3.6 | -0.9 | 1.1 | -2.0 | 1.6 | 0.2 | -1.0 | 5.3 | 9.5 | 12.2 | -0.3 | 1.0 | 1.0 |
| Equity | 23M | 22M | 22M | 20M | 21M | 20M | 19M | 26M | 28M | 35M | 34M | 35M | 35M |
| Total Assets | 49M | 57M | 56M | 52M | 60M | 61M | 58M | 67M | 70M | 75M | 72M | 72M | 72M |
| Total Liabilities | 26M | 34M | 33M | 32M | 39M | 41M | 39M | 41M | 41M | 40M | 38M | 37M | 37M |
| Intangibles | 34K | 2.1M | 1.9M | 1.7M | 1.5M | 1.3M | 1.2M | 501K | 422K | 263K | 89K | 71K | 71K |
| Retained Earnings | 6.9M | 6.3M | 6.3M | 3.9M | 5.4M | 4.2M | 2.7M | 9.8M | 12M | 19M | 17M | 17M | 17M |
| Working Capital | 24M | 21M | 19M | 20M | 21M | 21M | 22M | 29M | 28M | 32M | 34M | 26M | 26M |
| Current Assets | 37M | 40M | 39M | 38M | 46M | 43M | 41M | 52M | 55M | 59M | 55M | 56M | 56M |
| Current Liabilities | 13M | 20M | 20M | 18M | 25M | 22M | 20M | 22M | 26M | 27M | 21M | 30M | 30M |
| Per Share Data | |||||||||||||
| EPS | 0.32 | -0.21 | 0.02 | -0.89 | 0.06 | -0.46 | -0.58 | 2.54 | 0.70 | 2.38 | -0.47 | -0.09 | -0.09 |
| Owner EPS | -0.17 | 0.41 | 0.57 | -0.60 | 0.08 | -0.53 | -0.34 | -2.34 | 1.10 | -0.24 | -1.61 | 0.34 | 0.34 |
| Book Value | 8.30 | 8.19 | 10.20 | 7.21 | 7.62 | 7.48 | 7.02 | 9.27 | 9.78 | 12.24 | 12.34 | 12.34 | 12.34 |
| Cash Flow/Share | 0.57 | 1.24 | 1.61 | 0.29 | 0.88 | 0.37 | 0.51 | -1.61 | 1.88 | 0.61 | -0.82 | 0.98 | 0.37 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 |
| Shares Out. | 2.8M | 2.7M | 2.2M | 2.7M | 2.8M | 2.7M | 2.7M | 2.8M | 2.9M | 2.9M | 2.8M | 2.8M | 2.8M |
| Valuation | |||||||||||||
| P/E Ratio | 18.0 | N/A | 188.5 | N/A | 59.7 | N/A | N/A | 4.0 | 17.3 | 4.2 | N/A | N/A | -158.3 |
| P/FCF | N/A | 6.3 | 5.2 | N/A | 9.5 | 51.4 | 19.0 | N/A | 11.4 | 60.0 | N/A | N/A | 19.2 |
| EV/EBIT | 15.5 | N/A | 23.0 | N/A | 11.1 | 78.4 | N/A | 16.2 | 10.4 | 5.7 | N/A | N/A | 48.2 |
| Price/Book | 0.7 | 0.5 | 0.4 | 0.5 | 0.5 | 0.7 | 0.9 | 1.1 | 1.2 | 0.8 | 0.9 | N/A | 1.2 |
| Price/Sales | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.2 | 0.3 | N/A | 0.3 |
| FCF Yield | -3.8% | 15.9% | 19.1% | -0.1% | 10.5% | 1.9% | 5.3% | -20.5% | 8.7% | 1.7% | -12.2% | N/A | 5.2% |
| Market Cap | 16M | 11M | 8.3M | 11M | 9.9M | 14M | 17M | 28M | 35M | 29M | 29M | 0 | 40M |
| Avg. Price | 5.24 | 4.61 | 3.84 | 3.74 | 3.76 | 3.88 | 4.33 | 8.96 | 11.75 | 10.49 | 12.34 | 0.00 | 14.25 |
| Year-End Price | 5.75 | 3.93 | 3.77 | 3.96 | 3.58 | 5.35 | 6.25 | 10.10 | 12.09 | 10.07 | 10.50 | 0.00 | 14.25 |
NORTECH SYSTEMS INC passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 9.8% with a gross margin of 14.8%. At current prices, the estimated annualized return to fair value is +30.0%.
NORTECH SYSTEMS INC (NSYS) has a debt-to-equity ratio of 0.25. This indicates a conservatively financed balance sheet.
NORTECH SYSTEMS INC (NSYS) reported earnings per share (EPS) of $-0.09 in its most recent fiscal year.
NORTECH SYSTEMS INC (NSYS) has a return on equity (ROE) of -0.7%. A negative ROE may indicate losses or negative equity.
NORTECH SYSTEMS INC (NSYS) has a 5-year average gross margin of 14.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for NORTECH SYSTEMS INC (NSYS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NORTECH SYSTEMS INC (NSYS) has a book value per share of $12.34, based on its most recent annual SEC filing.
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