908 Devices Inc.

MASS

$10.04

-2.81%

N/A-$0.29

Healthcare

Medical - Specialties

NASDAQ

Active Trading

908 Devices Inc. provides purpose-built handheld mass spectrometry and fourier transform infrared (FTIR) devices for use in vital health and safety applications. ...

Key Metrics of MASS

Snapshot

Latest / TTM · 6 periods

Market Cap

$411.91M

ROCE

-18.9%

EV / EBITDA

-11.87x

-3.4% YoY

FCF Yield

0.1%

+13.1% YoY

Cash Conversion Cycle

209.6d

Current Ratio

2.67

Quick take

TTM —

Positive CCC

Key Metrics

Latest / TTM · 6 periods

Valuation trend

Valuation trend table

Metric	2021	2022	2023	2024	2025	TTM
Market CapTotal market value of all shares outstanding.	$723.27M	$239.97M	$361.41M	$74.97M	$190.14M	$411.91M
Enterprise ValueCompany value including debt and cash adjustments.	$520.05M	$71.06M	$246.32M	$37.54M	$93.88M	$353.19M
EV / SalesHow many dollars investors pay per dollar of sales.	12.32x	1.52x	4.90x	0.63x	1.67x	5.81x
EV / EBITDAValuation multiple versus operating earnings before non-cash charges.	-25.05x	-2.23x	-6.12x	-0.86x	-3.25x	-11.87x
Net Debt / EBITDALeverage ratio using net debt divided by EBITDA.	9.79	5.31	2.86	0.85	3.33	1.97

Returns + ROCE gauge

ROCE latest

-18.9%

Prev year -15.5%

Returns + ROCE gauge table

Metric	2021	2022	2023	2024	2025	TTM
ROEProfit generated from shareholders' equity.	-10.3%	-17.6%	-22.0%	-63.0%	-25.5%	-25.5%
ROAProfit generated from total assets.	-8.5%	-13.8%	-17.9%	-45.3%	-19.3%	-17.5%
ROICReturn generated on invested operating capital.	-8.9%	-15.1%	-23.7%	-36.2%	-21.4%	-23.3%
ROCEOperating return on long-term capital used.	-9.0%	-15.8%	-23.7%	-57.1%	-15.5%	-18.9%
Earnings YieldEarnings as a percentage of market value.	-3.1%	-14.0%	-10.1%	-96.3%	-19.3%	-9.1%

Cash flow quality

Cash flow quality table

Metric	2021	2022	2023	2024	2025	TTM
FCFFCash flow available to all capital providers.	$-29.33M	$-22.85M	$-26.90M	$-30.85M	$-24.64M	$494,000
FCFECash flow available to equity holders after debt flows.	$-29.86M	$-22.98M	$-42.10M	$-30.85M	$-24.64M	$494,000
FCF YieldFree cash flow divided by market capitalization.	-4.1%	-9.6%	-7.5%	-41.1%	-13.0%	0.1%
Income QualityHow well accounting earnings are backed by cash flow.	1.31	0.62	0.69	0.42	-1.22	-0.04
Capex / OCFShare of operating cash flow spent on capital expenditures.	-2.5%	-9.8%	-8.2%	-2.0%	-4.0%	63.9%

Operating efficiency

Operating efficiency table

Metric	2021	2022	2023	2024	2025	TTM
DSOAverage days to collect cash from customers.	143.3d	78.2d	65.3d	77.3d	73.6d	70.3d
DIOAverage days inventory stays before being sold.	152.3d	219.3d	218.9d	198.7d	161.3d	171.7d
DPOAverage days the company takes to pay suppliers.	26.4d	24.5d	17.5d	25.3d	104.6d	32.4d
Operating CycleTime from buying inventory to collecting receivables.	295.7d	297.4d	284.2d	276.0d	234.8d	242.0d
Cash Conversion CycleNet days cash is tied in operations.	269.3d	273.0d	266.8d	250.7d	130.3d	209.6d

Snapshot

Latest / TTM: —

Market Cap

$411.91M

ROE

-25.5%

FCF Yield

0.1%

Current Ratio

2.67

Upstream

Micronit Microtechnologies BVMilliporeSigma (Merck KGaA)ETR:MRKSpecialty Electronics & PCB Manufacturers (Multiple Unnamed Suppliers)Specialty Glass & Materials Suppliers (Unnamed)Proprietary Vacuum Pump & Ion Trap Component Manufacturers (In-House Assembly Outsourced Sub-components)General Electric (GE HealthCare / legacy GE components supply chain)NASDAQ:GEHC

Downstream

United States Department of Defense (US Army, US Air Force)United States Department of Homeland Security (Customs & Border Protection, ICE)Drug Enforcement Administration (DEA)NATO Support and Procurement Agency (NSPA)U.S. State & Local Law Enforcement AgenciesRepligen CorporationNASDAQ:RGEN Thermo Fisher Scientific Inc.NYSE:TMOUnnamed Large Analytical Instrumentation CompanySouthern Scientific LtdSartorius Korea Biotech Co. Ltd. (subsidiary of Sartorius AG)ETR:SRT3Rhenium LtdNoster Tec SRLIner-Tech

Proxies

Repligen CorporationNASDAQ:RGEN Thermo Fisher Scientific Inc.NYSE:TMOMerck KGaA (MilliporeSigma)ETR:MRKSartorius AGETR:SRT3

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908 Devices Inc.

Key Metrics of MASS

Key Metrics

Valuation trend

Returns + ROCE gauge

Cash flow quality

Operating efficiency

Snapshot

Supply Chain of MASS

Upstream

Downstream

Proxies

Key Metrics of MASS

Key Metrics

Valuation trend

Returns + ROCE gauge

Cash flow quality

Operating efficiency

Snapshot

Supply Chain of MASS

Upstream

Downstream

Proxies