AMS · AMERICAN SHARED HOSPITAL SERVICES

American Shared Hospital Services provides technology solutions for stereotactic radiosurgery and advanced radiation therapy equipment and services. It operates in two segments: Leasing and Direct Patient Service. The company leases nine Gamma Knife systems and one proton beam radiation therapy (PBRT) system; and provides planning, installation, reimbursement, and marketing support services. It also owns and operates two single-unit Gamma Knife facilities that provides radiosurgery services directly to the patient. The company markets its solutions to cancer treatment centers, health systems, and cancer networks worldwide. American Shared Hospital Services was founded in 1980 and is based in San Francisco, California.

Cap structure and valuation

Cap structure
SP	$1.43
SO	6.6M
Options	0.0M
Warrants	0.0M
FD SO	6.6M
MC	$9.5M

Cash	$5.0M
Total debt	$16.8M
EV	$21.4M

TTM Multiples
EV / Revenue	0.7x
EV / EBITDA	9.1x
MC / Net Income	—
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	15.0%
Insiders	34.7%
# Institutions	21
Analysts	1
Consensus	—
Avg target	$4.00

Short % float	2.3%
Days to cover	0.40

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-11. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	7.08	7.73	7.17	7.07
Revenue YoY %	15.9%	(14.8%)	2.5%	0.2%
Cost of Revenue	5.80	6.82	5.58	5.44
Gross Profit	1.29	0.91	1.59	1.63
Gross Profit YoY %	36.7%	(71.7%)	15.8%	(34.0%)
Gross Margin %	18.2%	11.7%	22.1%	23.1%

SG&A	1.91	1.99	1.54	1.75
Operating Expense	2.21	2.31	1.93	2.17

Operating Income	(0.92)	(1.40)	(0.34)	(0.54)
Operating Income YoY %	28.9%	23.4%	61.3%	(54300.0%)
Operating Margin %	(13.0%)	(18.1%)	(4.8%)	(7.7%)
EBITDA	0.37	(0.10)	1.11	0.96
EBITDA Margin %	5.2%	(1.3%)	15.5%	13.6%

Interest Expense	0.30	0.32	0.39	0.43
Other Income / (Expense)	—	0.52	—	—
Pretax Income	(0.87)	(1.21)	(0.28)	(0.50)
Tax Provision	0.09	(0.20)	0.05	(0.02)
Net Income	(0.96)	(1.01)	(0.33)	(0.48)
Net Income to Common	(0.61)	(0.63)	(0.02)	(0.28)
Net Margin %	(13.6%)	(13.0%)	(4.6%)	(6.8%)

Diluted EPS	-$0.09	-$0.09	$0.00	-$0.04
Basic EPS	-$0.09	-$0.09	$0.00	-$0.04
Diluted Avg Shares	6.7	—	6.6	6.6
Basic Avg Shares	6.7	—	6.6	6.6

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	29.05	28.08	28.34	21.32	19.75
Revenue YoY %	3.5%	(0.9%)	32.9%	8.0%	—
Cost of Revenue	23.64	23.02	19.16	11.98	11.36
Gross Profit	5.41	5.06	9.19	9.34	8.38
Gross Profit YoY %	6.8%	(44.9%)	(1.7%)	11.5%	—
Gross Margin %	18.6%	18.0%	32.4%	43.8%	42.4%

SG&A	7.18	7.08	7.41	7.02	5.14
Operating Expense	8.62	8.65	11.99	9.07	5.95

Operating Income	(3.21)	(3.59)	(2.81)	0.27	2.43
Operating Income YoY %	10.5%	(27.9%)	(1138.9%)	(88.9%)	—
Operating Margin %	(11.1%)	(12.8%)	(9.9%)	1.3%	12.3%
EBITDA	2.35	2.13	3.37	5.43	7.21
EBITDA Margin %	8.1%	7.6%	11.9%	25.5%	36.5%

Interest Expense	1.44	1.57	1.50	1.11	0.81
Other Income / (Expense)	1.80	1.94	5.54	1.54	0.89
Pretax Income	(2.85)	(3.22)	1.24	0.70	2.52
Tax Provision	(0.08)	(0.49)	(0.29)	0.43	0.96
Net Income	(2.78)	(2.73)	1.53	0.27	1.55
Net Income to Common	(1.54)	(1.55)	2.19	0.61	1.33
Net Margin %	(9.6%)	(9.7%)	5.4%	1.2%	7.9%

Diluted EPS	-$0.22	-$0.23	$0.33	$0.10	$0.21
Basic EPS	-$0.22	-$0.23	$0.34	$0.10	$0.21
Diluted Avg Shares	6.7	6.6	6.7	6.4	6.3
Basic Avg Shares	6.7	6.6	6.5	6.4	6.3

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	4.97	3.46	5.09	11.08
Receivables	10.57	10.52	11.81	9.58
Other Current Assets	2.73	3.74	3.69	3.78
Total Current Assets	18.27	17.72	20.59	24.43

Operating Lease ROU	3.61	3.65	3.75	3.01
Goodwill	1.26	1.26	1.26	1.26
Intangible Assets	0.08	0.08	0.08	0.08
Other Assets	31.50	32.77	33.95	34.71
Total Assets	54.73	55.48	59.63	63.49

Accounts Payable	1.08	0.61	1.11	0.81
Current Debt	16.84	17.29	18.18	9.87
Current Lease Liabilities	0.16	0.15	0.13	0.09
Other Current Liabilities	5.64	5.39	6.38	10.10
Total Current Liabilities	23.72	23.44	25.80	20.86
Long-term Debt	—	0.00	0.00	9.22
Long-term Lease Liabilities	4.19	4.23	4.30	3.64
Other Liabilities	—	—	0.92	0.92
Total Liabilities	28.02	27.79	31.03	34.65

Retained Earnings	3.65	4.26	4.89	4.91
Total Equity	26.70	27.69	28.60	28.85

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	4.97	3.46	11.03	13.69	12.34
Receivables	10.57	10.52	11.61	4.34	3.80
Other Current Assets	2.73	3.74	3.62	2.42	2.59
Total Current Assets	18.27	17.72	26.26	20.46	18.72

Operating Lease ROU	3.61	3.65	1.01	0.06	0.32
Goodwill	1.26	1.26	1.26	1.26	1.26
Intangible Assets	0.08	0.08	0.08	0.08	0.08
Other Assets	31.50	32.77	31.58	26.31	23.57
Total Assets	54.73	55.48	60.20	48.16	43.96

Accounts Payable	1.08	0.61	1.56	0.32	0.23
Current Debt	16.84	17.29	2.84	2.08	1.26
Current Lease Liabilities	0.16	0.15	0.23	0.06	0.29
Other Current Liabilities	5.64	5.39	5.78	8.32	3.39
Total Current Liabilities	23.72	23.44	10.40	10.78	5.17
Long-term Debt	—	0.00	17.34	11.04	12.21
Long-term Lease Liabilities	4.19	4.23	1.50	0.00	0.06
Other Liabilities	—	—	0.92	—	0.89
Total Liabilities	28.02	27.79	30.17	21.88	18.33

Retained Earnings	3.65	4.26	5.82	3.63	3.02
Total Equity	26.70	27.69	30.03	26.28	25.62

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(0.96)	(1.01)	(0.33)	(0.48)
D&A	1.29	1.30	1.45	1.51
Stock-Based Comp	0.10	0.10	0.10	0.11
Δ Working Cap & Other	1.72	(1.10)	0.45	(1.52)
Operating Cash Flow	2.15	(0.70)	1.67	(0.37)

CapEx	(0.04)	1.98	(3.70)	(1.90)
Acquisitions	—	0.00	0.00	—
Investing Cash Flow	(0.04)	1.98	(3.70)	(1.90)

Debt Issuance	—	0.00	0.00	0.00
Debt Repayment	(0.47)	(0.91)	(0.93)	(0.89)
Other Financing	—	(2.00)	(3.02)	3.00
Financing Cash Flow	(0.60)	(2.91)	(3.96)	2.11

Free Cash Flow	2.11	1.28	(2.03)	(2.27)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(2.78)	(2.73)	1.53	0.27	1.55
D&A	5.56	5.71	6.17	5.17	4.78
Stock-Based Comp	0.42	0.40	0.37	0.39	0.40
Δ Working Cap & Other	(0.45)	(0.29)	(7.91)	(0.10)	0.50
Operating Cash Flow	2.74	3.10	0.17	5.72	7.24

CapEx	(3.66)	(7.63)	(7.94)	(6.27)	(0.39)
Acquisitions	—	0.00	0.54	0.00	—
Investing Cash Flow	(3.66)	(7.63)	(7.11)	(6.27)	(0.39)

Debt Issuance	—	0.00	9.86	1.75	0.00
Debt Repayment	(3.21)	(3.01)	(2.73)	(2.13)	(2.03)
Other Financing	(2.15)	—	(2.72)	2.29	(0.62)
Financing Cash Flow	(5.35)	(3.03)	4.41	1.91	(2.66)

Free Cash Flow	(0.92)	(4.54)	(7.77)	(0.56)	6.85

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	0.77	0.76	0.80	1.17
Quick Ratio	—	—	—	—
Debt / Equity	1.05	1.00	1.09	1.20
EBITDA Margin %	5.2%	(1.3%)	15.5%	13.6%
Working Capital	(5.45)	(5.72)	(5.21)	3.57
Net Debt	—	(3.46)	(5.09)	(1.86)
ROE %	(3.6%)	(3.6%)	(1.2%)	(1.7%)
ROA %	(1.8%)	(1.8%)	(0.6%)	(0.8%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	0.77	0.76	2.52	1.90	3.62
Quick Ratio	—	—	—	—	—
Debt / Equity	1.05	1.00	1.00	0.83	0.72
EBITDA Margin %	8.1%	7.6%	11.9%	25.5%	36.5%
Working Capital	(5.45)	(5.72)	15.85	9.68	13.55
Net Debt	—	(3.46)	6.32	(2.65)	(0.13)
ROE %	(10.4%)	(9.8%)	5.1%	1.0%	6.1%
ROA %	(5.1%)	(4.9%)	2.5%	0.6%	3.5%

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-06-24	Stachowiak Raymond C	Director, Officer (Executive Chairman), 10% Owner	2026-06-22	P	586,468	$2.28	$1,337,147
2026-04-15	Stachowiak Raymond C	Director, Officer (Executive Chairman), 10% Owner	2026-03-26	A	100,000	—	$0
2025-06-30	Stachowiak Raymond C	Director, Officer (Executive Chairman), 10% Owner	2025-06-26	A	110,000	—	$0
2025-05-02	Tagawa Craig Kenji	Officer (President)	2025-04-30	A	5,613	—	$0
2024-12-23	Frech Raymond Scott	Officer (Chief Financial Officer)	2024-12-19	A	50,000	—	$0
2024-10-31	Delanois Gary	Officer (Chief Operating Officer)	2024-10-14	A	120,000	—	$0