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F-star Therapeutics NasdaqCM:FSTX Stock Report

Last Price


Market Cap







28 Sep, 2022


Company Financials +
FSTX fundamental analysis
Snowflake Score
Future Growth2/6
Past Performance0/6
Financial Health5/6

FSTX Stock Overview

F-star Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops tetravalent bispecific antibodies for cancer therapy.

F-star Therapeutics Competitors

Price History & Performance

Summary of all time highs, changes and price drops for F-star Therapeutics
Historical stock prices
Current Share PriceUS$5.30
52 Week HighUS$7.67
52 Week LowUS$2.07
1 Month Change-21.13%
3 Month Change-15.34%
1 Year Change-24.07%
3 Year Changen/a
5 Year Changen/a
Change since IPO30.54%

Recent News & Updates

Sep 22

F-star Therapeutics: Running Into A National Security Roadblock

Summary Regulatory approval of F-star Therapeutics, Inc.'s merger is not looking good. FSTX is currently facing significant resistance from the United States Committee on Foreign Investment and the U.K. National Security and Investment Act. While the upside is significant if the deal is approved, so is the downside. Therefore, given the risk/reward, it is best to avoid FSTX. Regulatory approval of F-star Therapeutics, Inc.'s (FSTX) merger is not looking good. The company, which agreed to go-private in June, is currently facing significant resistance from the United States Committee on Foreign Investment ("CFIUS") and the U.K. National Security and Investment Act ("NSIA"). Given the level of scrutiny, it is highly speculative the deal closes under current terms. If the deal succeeds, then there is a ~21% upside; but if it breaks, the FSTX's stock could plummet more than 35%. Given the risk/reward of this transaction, it is probably best to avoid FSTX. The Transaction FSTX, a cancer-focused clinical-stage biopharmaceutical company headquartered in the U.K. and incorporated in Delaware, agreed to be taken private by invoX Pharma, a wholly owned subsidiary of Sino Biopharm, a Chinese pharmaceutical conglomerate. The parties agreed to a $7.12/sh in cash sale price, which values FSTX at ~$161m. Overall, this is a relatively small transaction. Other than national security risks, there are no glaring concerns that might derail the transaction. The HSR Act has already expired and the transaction does not rely on financing. Furthermore, a vote is not required because this transaction is structured as a tender offer. The parties have already received greater than 50% of shares tendered, which is enough to consummate the transaction. National Security Review Both CFIUS and NSIA have extended their respective investigations into the transaction. On September 15, FSTX filed a notice with the SEC updating the public that CFIUS' review "will continue for an additional forty-five (45) calendar days" and NSIA required "an additional review period of thirty (30) working days" in order to assess the transactions. Moreover, both agencies left the door open for further investigation beyond stated periods. What is driving increased scrutiny from the security agencies is classified, but it is safe to assume that it is because the acquirer is Chinese. Since 2018, the U.S. and other western democracies began eschewing Chinese advances in emerging technologies via global acquisitions. To this end, the U.S. legislature empowered CFIUS through The Foreign Risk Review Modernization Act of 2018 ("FIRRMA") to increase scrutiny of transactions like the FSTX-Sino Pharm deal. It is rare that deals are formally prohibited on national security grounds. In the U.S., an executive order issued by the president is required to block a CFIUS-related transaction. What is more likely is for the company's to withdraw the transaction if the parties cannot satisfy security concerns. Timeline CFIUS and NSIA only has a finite amount of time to review a transaction. For CFIUS, the 45-day investigation period that was recently announced is the final phase before either: a) CFIUS approves the transaction; b) the parties decide to withdraw and restructure the deal; c) the parties abandon the transaction; or d) it is sent to the president for his decision within 15 days.

Sep 15

F-star Therapeutics falls on extended CFIUS review for Sino-Biopharma sale

F-star Therapeutics Inc. (NASDAQ:FSTX) dropped 2% after the company disclosed that a national security review of its sale to Sino-Biopharma (OTCPK:SBHMY) has moved into an extended review. The CFIUS review of the deal is expected to continue for another 45 days, according to a regulatory filing. The filing also disclosed that the deal was informed of an extended review in mid-August by the UK foreign investment authority. China's Sino Biopharmaceutical's (OTCPK:SBHMY) unit invoX Pharma agreed to acquire F-star Therapeutics (FSTX) in a $161M all-cash deal in late June. The deal is expected to close in H2 2022.

Jul 29

F-star Therapeutics: A Merger Arbitrage Opportunity Expected To Close Soon

F-star Therapeutics announced in June that they would be acquired by InvoX, causing shares to soar. InvoX is pricing their bid at $7.12 a share; the offer is set to close on the third of August. As of the time of writing, the stock currently trades at $6.20, representing a discount of ~14%. With the deal set to close in under a week, the current discount creates the perfect merger arbitrage opportunity for prospective investors looking for a quick gain. Introduction F-star Therapeutics (FSTX) is a clinical stage biotech company which initially showed a lot of promise when it was listed on the NASDAQ through a merger in 2020. Specializing in immunotherapy based cancer treatments, F-Star entered several different partnerships with other larger and more established players in the field such as Denali Pharmaceuticals (DNLI) and Merck (MRK). Unique to F-Star was their proprietary tetravalent bi-specific antibody platform which allowed their cancer treatments to target two antigens simultaneously, thus increasing the likelihood of an immune response to cancer. And in late June this year, the final chapter of F-Star's short journey as a publicly traded company was inked. InvoX - an international subsidiary of Sinopharm (SHTDY) - announced that they would be acquiring all of F-Star in an all cash tender offer deal. Following the announcement, InvoX quickly submitted the 14-D9 filing and other SEC documents necessary to trigger the official tender offer to shareholders in early July. Their offer valued F-Star at ~$161 million, which translates into $7.12 per share. Prior to the announcement of the deal, shares of F-Star traded in the $3 range. And today, the stock trades at ~$6.20 at the time of writing. Purchasing shares before the official deadline to tender your shares and then calling your broker to tender your shares will lock in a quick profit - any share bought prior will return $7.12 in cash Thesis With the deadline to officially tender your shares due to close by the end of August 3rd, there exists a timely opportunity to profit between the current share price of the stock and the merger price. Those who buy the stock now will reap the rewards shortly after the results of the vote are announced. This merger arbitrage opportunity does not come without risks, although I believe that the market is pricing in too much risk at this current valuation. Given the amount of time which has passed since the announcement of the deal without any regulatory intervention - coupled with the nature of the deal itself - I believe it has a very high chance of successfully closing. At the moment, the stock trades at ~14% discount to the tender offer price; such a disparity arises from uncertainty, creating a profitable opportunity for those interested in betting that the deal will close. Uncertainty with these situations stem from three main risks: one or both of the parties call the deal off, there could be regulatory intervention, or a majority of F-star shareholders may simply choose to not tender their shares. All three situations are, in my view, highly unlikely to actually occur. At the moment, it appears that the market is highly exaggerating the possibility of the deal falling through. The palpable fear in the broader equity markets and the especially brutal bear market in the biotech sector has dampened risk appetites. However, for those interested in betting against fear and on rationality, I believe this opportunity presents a favorable risk-reward profile. Those who have that stomach should seriously consider initiating a long position in F-star Therapeutics. Why I Find It Unlikely That Either Parties Will Call It Off Sometimes, these deals fall through because one or both parties decided to back out of the transaction. This can happen for many reasons. Maybe changing market circumstances made the deal no longer possible. Shareholder activism could jettison it. Or further due diligence may reveal information previously unknown, torpedoing the deal as a result. None of these three situations are likely to occur before the tender deadline. For one, nothing has materially changed in the market and broader economy which would shuttle this deal. Yes, the economy is contracting, but the economy was already trending in a negative direction when the deal was being considered and by the time it was formally announced. InvoX and F-Star also begun evaluating and considering this deal since last year in November. As a part of that consideration, F-star shared their confidential data while in the midst of negotiating several different price points. For InvoX to go back on their word after settling on this final price point would require them to pay a reverse break-up fee, damaging their reputation in the process. In the time which has passed since the deal was announced, no major shareholder opposition from either side has emerged to challenge the deal; no institution or grassroots campaign has formed to protest the terms. The tender offer had unanimous approval from both boards of directors. There exists no challenge from within and no external challenger. Regulatory Intervention? One seemingly serious worry is that regulatory intervention could kill the acquisition. This possibility, although appearing pronounced at first glance due to InvoX being a Chinese related entity, is actually quite unlikely in my view. Both the relevant U.S and U.K regulatory authorities have been informed, and the Chinese regulatory authorities are unlikely to attempt to block the deal - considering how this would not be an asset being acquired from a Chinese corporate entity. The Committee on Foreign Investment in The United States (CFIUS) is the body to watch for this deal. If any intervention were to come, it would likely come from the CFIUS. This body was greatly empowered under the Trump presidency; several foreign deals were blocked as a result. And that hawkish trend does not seem to be abating under the Biden presidency. Make no mistake, InvoX being a Chinese related entity will likely draw more eyes to this transaction. But the nature of the transaction gives it a greater ability to withstand scrutiny. For one, this is not a big deal by any means. F-Star is only being acquired for ~$161 million. When you factor in the net cash they have on hand - a little over ~$59 million - then that would only yield an enterprise value of $102 million for the tender offer. Larger fish attract more attention than small winnows. And this would be a small winnow. F-Star is also not in an industry that has national security relevance. F-Star does not store the sensitive private information of Americans, nor does it construct vital materials or products relevant to our national security interests, such as semiconductor chips. This is just a tiny unprofitable biotech company with an unproven approach to cancer immunotherapy. InvoX acquiring F-Star would not threaten American security interests or give them any dominant market power. For the CFIUS to object to the tender offer, they would have to substantiate their concern with valid reasons. So far, no objections have been raised. Will They Tender? The last situation that would kill the transaction is the least likely in my view. For everything to close, the final internal hurdle to clear is the collective shareholder vote on the tender offer itself: shareholders have the opportunity to vote in favor of the deal by tendering their shares by the August 3rd deadline. If a majority of the shareholders, over 50%, tender their shares, then it will close. If that bar is not surpassed, then the tender offer will be rejected. I believe that the vast majority of the shareholders will decide to tender their shares, as it is the rational option; it would maximize shareholder value in an uncertain macroeconomic environment. With only ~$69 million in cash and cash equivalents on hand and multiple clinical trials to fund, existing shareholders could face massive dilution if F-Star were to go it alone. And with no stream of revenue and public equity prices falling over the past year, it would simply be impractical for the company to continue having to raise funds from secondary markets. The most prudent option would be to sell the company and return the cash to stockholders. Locking in a concrete outcome would be a great win for the company.

Jul 20

F-star enters license deal with Takeda for a cancer immune therapy antibody

F-star Therapeutics (NASDAQ:FSTX) on Wednesday said it had entered into a licensing agreement with Japanese pharmaceutical major Takeda (NYSE:TAK) to develop a cancer immune therapy. As per the terms of the deal, FSTX will grant Takeda a worldwide license to research, develop and commercialize an antibody against a cancer target using F-star's (FSTX) Fcab and mAb2 platforms. FSTX will get an upfront license fee of $1M, and will be eligible to get up to $40M in milestone payments. FSTX stock was marginally higher in early trading, while U.S.-listed shares of TAK were -0.6% at $14.58.

Shareholder Returns

FSTXUS BiotechsUS Market

Return vs Industry: FSTX exceeded the US Biotechs industry which returned -27.4% over the past year.

Return vs Market: FSTX underperformed the US Market which returned -22.1% over the past year.

Price Volatility

Is FSTX's price volatile compared to industry and market?
FSTX volatility
FSTX Average Weekly Movement3.9%
Biotechs Industry Average Movement11.1%
Market Average Movement6.9%
10% most volatile stocks in US Market15.8%
10% least volatile stocks in US Market2.8%

Stable Share Price: FSTX is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: FSTX's weekly volatility has decreased from 13% to 4% over the past year.

About the Company

200286Eliot Forster

F-star Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops tetravalent bispecific antibodies for cancer therapy. Its medicines are used in immuno-oncology treatments. The company’s principal product candidate is FS118 and is being evaluated in a proof-of-concept Phase 2 trial in PD-1/PD-L1 acquired resistance head and neck cancer patients.

F-star Therapeutics Fundamentals Summary

How do F-star Therapeutics's earnings and revenue compare to its market cap?
FSTX fundamental statistics
Market CapUS$114.42m
Earnings (TTM)-US$37.13m
Revenue (TTM)US$20.80m


P/S Ratio


P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FSTX income statement (TTM)
Cost of RevenueUS$0
Gross ProfitUS$20.80m
Other ExpensesUS$57.93m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)-1.72
Gross Margin100.00%
Net Profit Margin-178.51%
Debt/Equity Ratio13.6%

How did FSTX perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.


Is FSTX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 2/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FSTX?

Other financial metrics that can be useful for relative valuation.

FSTX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue3.6x
Enterprise Value/EBITDA-2.5x
PEG Ration/a

Price to Sales Ratio vs Peers

How does FSTX's PS Ratio compare to its peers?

FSTX PS Ratio vs Peers
The above table shows the PS ratio for FSTX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average5.5x
VACC Vaccitech
STTK Shattuck Labs
XBIT XBiotech
SYRS Syros Pharmaceuticals
FSTX F-star Therapeutics

Price-To-Sales vs Peers: FSTX is expensive based on its Price-To-Sales Ratio (5.5x) compared to the peer average (5.5x).

Price to Earnings Ratio vs Industry

How does FSTX's PE Ratio compare vs other companies in the US Biotechs Industry?

Price-To-Sales vs Industry: FSTX is good value based on its Price-To-Sales Ratio (5.5x) compared to the US Biotechs industry average (12.7x)

Price to Sales Ratio vs Fair Ratio

What is FSTX's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FSTX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5.5x
Fair PS Ratio13.4x

Price-To-Sales vs Fair Ratio: FSTX is good value based on its Price-To-Sales Ratio (5.5x) compared to the estimated Fair Price-To-Sales Ratio (13.4x).

Share Price vs Fair Value

What is the Fair Price of FSTX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate FSTX's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate FSTX's fair value for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is F-star Therapeutics forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score


Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: FSTX is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: FSTX is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: FSTX is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: FSTX's revenue (35.5% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: FSTX's revenue (35.5% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if FSTX's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has F-star Therapeutics performed over the past 5 years?

Past Performance Score


Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FSTX is currently unprofitable.

Growing Profit Margin: FSTX is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: FSTX is unprofitable, and losses have increased over the past 5 years at a rate of 42.1% per year.

Accelerating Growth: Unable to compare FSTX's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: FSTX is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (29.2%).

Return on Equity

High ROE: FSTX has a negative Return on Equity (-51.83%), as it is currently unprofitable.

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Financial Health

How is F-star Therapeutics's financial position?

Financial Health Score


Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: FSTX's short term assets ($64.9M) exceed its short term liabilities ($15.3M).

Long Term Liabilities: FSTX's short term assets ($64.9M) exceed its long term liabilities ($13.7M).

Debt to Equity History and Analysis

Debt Level: FSTX has more cash than its total debt.

Reducing Debt: Insufficient data to determine if FSTX's debt to equity ratio has reduced over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: FSTX has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: FSTX has sufficient cash runway for 1.2 years if free cash flow continues to reduce at historical rates of 41.2% each year.

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What is F-star Therapeutics's current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

F-star Therapeutics Dividend Yield vs Market
How does F-star Therapeutics dividend yield compare to the market?
SegmentDividend Yield
Company (F-star Therapeutics)n/a
Market Bottom 25% (US)1.6%
Market Top 25% (US)4.6%
Industry Average (Biotechs)2.7%
Analyst forecast in 3 Years (F-star Therapeutics)n/a

Notable Dividend: Unable to evaluate FSTX's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate FSTX's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if FSTX's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if FSTX's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as FSTX has not reported any payouts.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Eliot Forster (56 yo)

no data




Dr. Eliot Richard Forster, Ph D, MBA, serves as CEO and President at F-star Therapeutics, Inc. since, November 20, 2020 and serves as its Director. Dr. Forster served as Interim Supervisory Director at Imm...

CEO Compensation Analysis

Eliot Forster's Compensation vs F-star Therapeutics Earnings
How has Eliot Forster's remuneration changed compared to F-star Therapeutics's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a


Mar 31 2022n/an/a


Dec 31 2021US$3mUS$665k


Sep 30 2021n/an/a


Jun 30 2021n/an/a


Mar 31 2021n/an/a


Dec 31 2020US$5mUS$645k


Sep 30 2020n/an/a


Jun 30 2020n/an/a


Mar 31 2020n/an/a


Dec 31 2019US$2mUS$436k


Compensation vs Market: Eliot's total compensation ($USD2.80M) is above average for companies of similar size in the US market ($USD784.47K).

Compensation vs Earnings: Eliot's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: FSTX's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.

Board Members

Experienced Board: FSTX's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of FSTX?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders687,2743.2%
General Public10,017,07146.4%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 4.7%.

Top Shareholders

Top 25 shareholders own 47.33% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Ridgeback Capital Management, LLC
The Vanguard Group, Inc.
889,253$4.7m48.6%no data
SR One Capital Management, LP
Rock Springs Capital Management LP
Aescap Venture
T. Rowe Price Group, Inc.
609,654$3.2m-22.79%no data
Atlas Venture L.P.
Dafna Capital Management, LLC
Accomplice Management LLC
Russell Investment Management, LLC
374,550$2.0m-37.72%no data
BlackRock, Inc.
296,853$1.6m0.31%no data
Eliot Forster
279,537$1.5m518.75%no data
Wells Fargo & Company, Securities and Brokerage Investments
214,586$1.1m0%no data
Citadel Advisors LLC
209,395$1.1m-28.53%no data
CM-CIC Asset Management Société anonyme
Geode Capital Management, LLC
178,939$948.4k23.04%no data
GAMCO Investors, Inc.
168,828$894.8k0%no data
Renaissance Technologies LLC
167,411$887.3k-32.8%no data
AlphaCentric Advisors LLC
Susquehanna International Group, LLP, Asset Management Arm
147,934$784.1k0%no data
Radhakrishna Iyer
123,393$654.0k0%no data
Barclays Bank PLC, Securities Investments
117,058$620.4k55.68%no data
Gabelli & Company Investment Advisers, Inc.
Maven Securities Limited
Ergoteles LLC

Company Information

F-star Therapeutics, Inc.'s employee growth, exchange listings and data sources

Key Information

  • Name: F-star Therapeutics, Inc.
  • Ticker: FSTX
  • Exchange: NasdaqCM
  • Founded: 2002
  • Industry: Biotechnology
  • Sector: Pharmaceuticals & Biotech
  • Implied Market Cap: US$114.418m
  • Shares outstanding: 21.59m
  • Website:

Number of Employees


  • F-star Therapeutics, Inc.
  • Eddeva B920
  • Babraham Research Campus
  • Cambridge
  • Cambridgeshire
  • CB22 3AT
  • United Kingdom


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FSTXNasdaqCM (Nasdaq Capital Market)YesShare CapitalUSUSDNov 2020
S4BADB (Deutsche Boerse AG)YesShare CapitalDEEURNov 2020

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/28 00:00
End of Day Share Price2022/09/28 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.