CAPS · Capstone Holding Corp.
Capstone Holding Corp., through its subsidiaries, engages in the distribution and installation of building products in the United States and Canada. It operates in two segments, TotalStone and Carolina Stone. The company offers manufactured stone veneer under the Cultured Stone, Dutch Quality Stone, and Toro Stone brand names; natural stone under the Pangaea Stone brand name; panelized stone system under the Interloc brand name; mechanically attached stone veneer systems under the Beon Stone brand name; moisture management system under the D-Rain brand name; landscape and hardscape products under the Aura Natural Landscapes brand name; and modular masonry fireplaces under the Isokern brand name. It serves masonry dealers, brick distributors, landscape yards, hearth and home dealers, building material dealers, contractors, builders, and homeowners. The company was formerly known as Capstone Therapeutics Corp. and changed its name to Capstone Holding Corp. in February 2022. Capstone Holding Corp. was incorporated in 1987 and is headquartered in Alsip, Illinois.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $0.32 |
| SO | 12.6M |
| Options | 3.0M |
| Warrants | 0.5M |
| FD SO | 16.1M |
| MC | $5.2M |
| Cash | $0.4M |
| Total debt | $13.6M ⚠ |
| EV | $18.3M |
| TTM Multiples | |
|---|---|
| EV / Revenue | — |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 1.5% |
| Insiders | 42.8% |
| # Institutions | 9 |
| Analysts | 1 |
| Consensus | — |
| Avg target | $3.00 |
| Short % float | 4.4% |
| Days to cover | 1.13 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-19. 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 2026-08-12 — 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 2026-07-31; the float denominator can be unreliable on tiny floats.
Debt figure uncertain — $8.4M of liabilities are neither recognized debt nor a named non-debt item. Verify against the filing before relying on EV.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 12.64 | — | 13.65 | 12.85 |
| Revenue YoY % | 60.0% | — | 10.8% | (0.3%) |
| Cost of Revenue | 9.67 | — | 10.40 | 9.72 |
| Gross Profit | 2.97 | 3.08 | 3.25 | 3.13 |
| Gross Profit YoY % | 124.2% | 49.0% | 8.7% | 13.2% |
| Gross Margin % | 23.5% | — | 23.8% | 24.4% |
| SG&A | 4.47 | 4.86 | 3.37 | 3.39 |
| Operating Expense | 4.47 | 11.61 | 4.02 | 3.39 |
| Operating Income | (1.50) | (8.53) | (0.77) | (0.26) |
| Operating Income YoY % | (4.8%) | (2351.1%) | (286.0%) | (1957.1%) |
| Operating Margin % | (11.8%) | — | (5.6%) | (2.0%) |
| EBITDA | (1.34) | — | (0.65) | (0.15) |
| EBITDA Margin % | (10.6%) | — | (4.8%) | (1.1%) |
| Interest Expense | 0.89 | 2.55 | 0.59 | 0.44 |
| Other Income / (Expense) | — | (5.71) | (0.65) | — |
| Pretax Income | (1.91) | (16.79) | (2.01) | (0.70) |
| Tax Provision | 0.00 | — | — | — |
| Net Income | (1.92) | (16.79) | (2.01) | (0.70) |
| Net Margin % | (15.2%) | — | (14.8%) | (5.4%) |
| Diluted EPS | — | — | -$0.35 | -$0.13 |
| Basic EPS | -$0.21 | -$2.67 | -$0.35 | -$0.13 |
| Diluted Avg Shares | — | — | 5.7 | 5.4 |
| Basic Avg Shares | 9.3 | — | 5.7 | 5.4 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/18 | |
|---|---|---|---|---|---|
| Total Revenue | 51.62 | 46.88 | 44.88 | 48.35 | (2.00) |
| Revenue YoY % | 10.1% | 4.5% | (7.2%) | 2517.7% | — |
| Cost of Revenue | 39.18 | 36.09 | 35.31 | 38.74 | — |
| Gross Profit | 12.44 | 10.79 | 9.57 | 9.61 | — |
| Gross Profit YoY % | 15.2% | 12.8% | (0.4%) | — | — |
| Gross Margin % | 24.1% | 23.0% | 21.3% | 19.9% | — |
| SG&A | 16.09 | 14.37 | 10.21 | 10.87 | 0.55 |
| R&D | — | — | — | — | 0.05 |
| Operating Expense | 23.49 | 21.78 | 10.21 | 10.87 | — |
| Operating Income | (11.05) | (10.99) | (0.64) | (1.26) | 0.18 |
| Operating Income YoY % | (0.6%) | (1621.9%) | 49.2% | (793.9%) | — |
| Operating Margin % | (21.4%) | (23.4%) | (1.4%) | (2.6%) | (9.1%) |
| EBITDA | (10.62) | (10.60) | (0.33) | (0.80) | — |
| EBITDA Margin % | (20.6%) | (22.6%) | (0.7%) | (1.6%) | — |
| Interest Expense | 4.48 | 3.89 | 1.48 | 1.67 | — |
| Other Income / (Expense) | (5.88) | 0.82 | — | (0.66) | — |
| Pretax Income | (21.41) | (14.05) | (2.12) | (3.58) | 0.43 |
| Tax Provision | 7.18 | 7.18 | 0.44 | 0.23 | 0.05 |
| Net Income | (21.42) | (21.23) | (2.56) | (3.82) | 0.38 |
| Net Margin % | (41.5%) | (45.3%) | (5.7%) | (7.9%) | (19.0%) |
| Diluted EPS | — | — | -$34.87 | -$36.39 | — |
| Basic EPS | -$3.36 | -$4.12 | -$34.87 | -$36.39 | — |
| Diluted Avg Shares | — | — | 0.2 | 0.2 | — |
| Basic Avg Shares | 9.3 | 5.3 | 0.2 | 0.2 | — |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 0.42 | 0.73 | 0.73 | 0.77 |
| Receivables | 6.90 | 4.86 | 5.77 | 5.49 |
| Inventory | 18.06 | 17.06 | 12.17 | 9.59 |
| Other Current Assets | 0.61 | — | — | 0.68 |
| Total Current Assets | 25.98 | 23.00 | 19.11 | 16.53 |
| Net PPE | 2.00 | 2.08 | 1.70 | 1.47 |
| Operating Lease ROU | 4.92 | 5.40 | 3.88 | 3.19 |
| Goodwill | 18.46 | 18.46 | 26.03 | 23.29 |
| Intangible Assets | 1.81 | 1.84 | — | — |
| Other Assets | 0.63 | 0.59 | 7.76 | 7.42 |
| Total Assets | 53.80 | 51.38 | 58.48 | 51.88 |
| Accounts Payable | — | — | 5.48 | 3.60 |
| Current Debt | 4.39 | 4.01 | 3.72 | 2.91 |
| Current Lease Liabilities | 1.50 | — | 1.22 | 0.83 |
| Other Current Liabilities | 21.54 | 19.22 | 9.60 | 9.64 |
| Total Current Liabilities | 27.43 | 23.22 | 20.02 | 16.97 |
| Long-term Debt | 8.79 | 9.04 | 7.23 | 5.83 |
| Long-term Lease Liabilities | 3.49 | 3.83 | 2.81 | 2.46 |
| Other Liabilities | 2.86 | 2.82 | 1.27 | — |
| Total Liabilities | 42.57 | 38.92 | 31.33 | 25.61 |
| Retained Earnings | (219.95) | (218.04) | (201.25) | (199.24) |
| Total Equity | 11.22 | 12.45 | 27.16 | 26.27 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/18 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 0.42 | 0.73 | 0.01 | 0.05 | 1.34 |
| Receivables | 6.90 | 4.86 | 2.76 | 2.58 | — |
| Inventory | 18.06 | 17.06 | 9.63 | 13.75 | — |
| Other Current Assets | 0.61 | — | — | 0.70 | — |
| Total Current Assets | 25.98 | 23.00 | 12.80 | 17.08 | 1.44 |
| Net PPE | 2.00 | 2.08 | 1.59 | 1.76 | 0.00 |
| Operating Lease ROU | 4.92 | 5.40 | 2.07 | 2.92 | — |
| Goodwill | 18.46 | 18.46 | 23.29 | 23.29 | — |
| Intangible Assets | 1.81 | 1.84 | 0.05 | — | 0.04 |
| Other Assets | 0.63 | 0.59 | 7.42 | 7.66 | — |
| Total Assets | 53.80 | 51.38 | 47.22 | 52.70 | 1.48 |
| Accounts Payable | — | — | 3.30 | 2.58 | 0.24 |
| Current Debt | 4.39 | 4.01 | 1.85 | 3.61 | — |
| Current Lease Liabilities | 1.50 | — | 0.74 | 0.89 | — |
| Other Current Liabilities | 21.54 | 19.22 | 6.65 | 8.90 | — |
| Total Current Liabilities | 27.43 | 23.22 | 12.55 | 15.97 | 0.25 |
| Long-term Debt | 8.79 | 9.04 | 6.32 | 5.11 | 2.48 |
| Long-term Lease Liabilities | 3.49 | 3.83 | 1.44 | 2.14 | — |
| Other Liabilities | 2.86 | 2.82 | — | — | — |
| Total Liabilities | 42.57 | 38.92 | 20.66 | 23.58 | 2.72 |
| Retained Earnings | (219.95) | (218.04) | (196.10) | (190.61) | (191.75) |
| Total Equity | 11.22 | 12.45 | 26.56 | 29.12 | (1.24) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (1.92) | (16.79) | (2.01) | (0.70) |
| D&A | 0.16 | — | 0.12 | 0.11 |
| Δ Working Cap & Other | (1.03) | 16.37 | 1.90 | (1.14) |
| Operating Cash Flow | (2.79) | (0.42) | 0.00 | (1.72) |
| CapEx | (0.03) | (0.12) | 0.00 | 0.01 |
| Other Investing | — | (4.35) | (2.44) | — |
| Investing Cash Flow | (0.03) | (4.47) | (2.44) | 0.01 |
| Debt Issuance | — | 3.25 | — | — |
| Debt Repayment | (0.01) | — | — | — |
| Stock Issuance | 0.00 | 0.00 | (0.00) | 1.78 |
| Other Financing | 2.52 | 1.72 | 2.40 | (1.04) |
| Financing Cash Flow | 2.51 | 4.96 | 2.40 | 0.74 |
| Free Cash Flow | (2.82) | (0.54) | 0.00 | (1.71) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/18 | |
|---|---|---|---|---|---|
| Net Income | (21.42) | (21.23) | (2.56) | (3.82) | 0.38 |
| D&A | 0.44 | 0.39 | 0.31 | 0.46 | — |
| Stock-Based Comp | — | 0.00 | 0.00 | — | 0.01 |
| Δ Working Cap & Other | 16.05 | 16.43 | 6.12 | 5.01 | (0.33) |
| Operating Cash Flow | (4.93) | (4.41) | 3.87 | 1.65 | 0.07 |
| CapEx | (0.13) | (0.12) | (0.12) | (0.21) | — |
| Other Investing | (6.79) | (6.79) | — | — | — |
| Investing Cash Flow | (6.92) | (6.91) | (0.19) | (0.21) | 0.00 |
| Debt Issuance | — | 6.25 | 0.00 | — | — |
| Debt Repayment | (0.08) | (0.98) | (1.00) | — | — |
| Stock Issuance | 1.78 | 5.03 | 0.00 | — | 0.00 |
| Other Financing | 8.91 | 1.82 | (2.72) | (1.41) | — |
| Financing Cash Flow | 10.61 | 12.12 | (3.72) | (1.41) | 0.00 |
| Free Cash Flow | (5.07) | (4.53) | 3.75 | 1.44 | — |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 0.95 | 0.99 | 0.95 | 0.97 |
| Quick Ratio | 0.29 | 0.26 | 0.35 | 0.41 |
| Debt / Equity | 3.79 | 3.13 | 1.15 | 0.97 |
| EBITDA Margin % | (10.6%) | — | (4.8%) | (1.1%) |
| Working Capital | (1.44) | (0.22) | (0.91) | (0.44) |
| Net Debt | 8.38 | 8.32 | 6.50 | 5.05 |
| ROE % | (17.1%) | (134.8%) | (7.4%) | (2.7%) |
| ROA % | (3.6%) | (32.7%) | (3.4%) | (1.3%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/18 | |
|---|---|---|---|---|---|
| Current Ratio | 0.95 | 0.99 | 1.02 | 1.07 | 5.85 |
| Quick Ratio | 0.29 | 0.26 | 0.25 | 0.21 | — |
| Debt / Equity | 3.79 | 3.13 | 0.78 | 0.81 | -2.19 |
| EBITDA Margin % | (20.6%) | (22.6%) | (0.7%) | (1.6%) | — |
| Working Capital | (1.44) | (0.22) | 0.25 | 1.11 | 1.19 |
| Net Debt | 8.38 | 8.32 | 6.31 | 5.06 | 1.13 |
| ROE % | (190.8%) | (170.5%) | (9.6%) | (13.1%) | (30.5%) |
| ROA % | (39.8%) | (41.3%) | (5.4%) | (7.2%) | 25.7% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-08-11 | FELDMAN FREDRIC J | Director | 2026-08-07 | A | 105,124 | — | $0 |
| 2026-08-11 | Grotke Kevin Allan | Officer (President & CEO of TotalStone) | 2026-08-07 | A | 515,495 | — | $0 |
| 2026-08-11 | HOLLIMAN JOHN M III | Director | 2026-08-07 | A | 305,248 | — | $0 |
| 2026-08-11 | HOWSE ELWOOD D | Director | 2026-08-07 | A | 105,124 | — | $0 |
| 2026-08-11 | Lipman Matthew E. | Director, Officer (Chief Executive Officer), 10% Owner | 2026-08-07 | A | 1,094,648 | — | $0 |
| 2026-08-11 | SCHULTZ EDWARD CHRISTOPHER | Officer (Chief Financial Officer) | 2026-08-07 | A | 310,310 | — | $0 |
| 2026-08-11 | Strout Gordon Lewis Jr | Director | 2026-08-07 | A | 357,810 | — | $0 |
| 2026-08-11 | TOPOREK MICHAEL | Director | 2026-08-07 | A | 1,094,647 | — | $0 |
| 2026-08-11 | FELDMAN FREDRIC J | Director | 2026-03-30 | A | 95,000 | — | $0 |
| 2026-08-11 | HOLLIMAN JOHN M III | Director | 2026-03-30 | A | 95,000 | — | $0 |
| 2026-08-11 | HOWSE ELWOOD D | Director | 2026-03-30 | A | 95,000 | — | $0 |
| 2026-08-11 | Strout Gordon Lewis Jr | Director | 2026-03-30 | A | 142,500 | — | $0 |
| 2026-08-11 | Strout Gordon Lewis Jr | Director | 2025-03-07 | J | 822,128 | — | $0 |
| 2026-08-11 | Strout Gordon Lewis Jr | Director | 2025-03-07 | P | 41,500 | $4.00 | $166,000 |
| 2026-07-24 | TOPOREK MICHAEL | Director | 2026-03-30 | A | 356,250 | — | $0 |
| 2026-07-24 | TOPOREK MICHAEL | Director | 2025-03-07 | P | 41,750 | $4.00 | $167,000 |
| 2026-07-22 | Lipman Matthew E. | Director, Officer (Chief Executive Officer), 10% Owner | 2026-03-30 | A | 356,250 | — | $0 |
| 2026-07-22 | SCHULTZ EDWARD CHRISTOPHER | Officer (Chief Financial Officer) | 2026-03-30 | A | 190,000 | — | $0 |
| 2026-07-22 | Lipman Matthew E. | Director, Officer (Chief Executive Officer), 10% Owner | 2025-03-07 | P | 41,750 | $4.00 | $167,000 |
| 2026-04-01 | SCHULTZ EDWARD CHRISTOPHER | Officer (Chief Financial Officer) | 2026-03-30 | A | 190,000 | $0.65 | $123,310 |
| 2026-04-01 | Lipman Matthew E. | Director, Officer (Chief Executive Officer), 10% Owner | 2026-03-30 | A | 356,250 | $0.65 | $231,206 |
| 2026-04-01 | TOPOREK MICHAEL | Director | 2026-03-30 | A | 356,250 | $0.65 | $231,206 |