Pro-Dex Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Despite a healthy balance sheet, consistently positive operating results, and no going-concern warning, we rate Pro-Dex red because a single, unnamed customer carries 79 percent of revenue (9M fiscal 2026, through March 31, 2026) — a documented existential dependency on one counterparty. Should this customer walk away, the company's own risk disclosure says the impact on its business, financial condition, and results would be "severely" felt. That is a substance risk, not a price question — whether the stock is attractive at its current price is for the scanners to decide, not this light. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Pro-Dex is a solidly built niche manufacturer with two faces: profitable, balance-sheet-strong, and free of going-concern warnings on one side — existentially dependent on a single, unnamed customer (79 percent of revenue, 9M fiscal 2026) and a profit-distorting stock portfolio overseen by the chairman's own Investment Committee on the other. The widely cited 39 percent profit jump is mostly a one-time gain from selling a stake, not an operating improvement. Not investment advice.
Customer concentration
A single, contractually unnamed customer supplied 79 percent of revenue in the first nine months of fiscal year 2026 (through March 31, 2026) — the top three customers combined reached as much as 94 percent in fiscal year 2025. The supply contract extended through the end of 2028 with minimum purchase volumes eases this risk but does not eliminate it.
Earnings quality
Reported net income rose 39 percent in the first nine months of fiscal year 2026 — adjusted for gains from the company's own stock and equity portfolio, only about 4 percent of that growth remained. In the third quarter, the adjusted figure actually turned negative, roughly minus 11 percent.
Balance sheet & liquidity
No going-concern doubt, cash of $9.99 million as of March 31, 2026 (up from just $0.42 million at the June 30, 2025 fiscal year-end), an $11.0 million undrawn credit line, and an Altman Z-Score of 11.8 (as of August 31, 2026) point to solid financial substance.
Governance
An Investment Committee chaired by the chairman invests company funds, even borrowed funds, in shares of Air T, Inc., a company the same chairman runs as CEO; the CEO sold roughly 10 percent of his shares in May 2026, while not a single open-market insider purchase is documented. Add to that a 2023 restatement and two years of documented material weaknesses in internal controls.
Operating growth
Revenue grew from $38.0 million (fiscal year 2021) to $66.6 million (fiscal year 2025), and adjusted pretax income rose every single year over the same period. Subsidiary APM (since February 2026) adds a second leg in defense and aerospace machining.
Worth Noting
Data cut-off: all metrics are drawn from the 10-Q for the third quarter of fiscal year 2026 (period ended March 31, 2026, filed April 30, 2026); price and market data as of August 31, 2026.
Fiscal year end June 30: fiscal year 2026 ended June 30, 2026. The corresponding annual report (10-K) was still outstanding as this analysis was written — all fiscal 2026 figures come from the most recent quarterly report and press releases.
Mix-up risk: the ticker PDEX is also used by the cryptocurrency "Polkadex." Pro-Dex, Inc. and Polkadex have no connection to one another.
Stock Watch
This analysis is as of September 1, 2026. Stock Watch will tell you what's changed at PDEX since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 23.90 $ to 73.40 $ · Last price: 69.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Medical Instruments & Supplies
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Pro-Dex Inc PDEX | 0.2 | 17.7 | 11.1 | 31.4 | – | 23.7 | 112.5 |
| Intuitive Surgical Inc ISRG | 135.7 | 47.7 | 29.5 | 66.7 | 30.9 | 20.5 | -11.6 |
| Becton Dickinson and Company BDX | 50.0 | 33.0 | 13.4 | 46.9 | 14.7 | 8.2 | 27.3 |
| Medline Inc. MDLN | 43.2 | 26.7 | 14.0 | 25.1 | 5.4 | 11.5 | – |
| ResMed Inc RMD | 32.7 | 22.2 | 14.6 | 61.6 | 35.3 | 9.8 | -15.4 |
| West Pharmaceutical Services Inc WST | 25.4 | 50.2 | 28.3 | 36.8 | 21.7 | 6.3 | 43.3 |
| Solventum Corp. SOLV | 15.1 | 10.8 | 8.2 | 54.8 | 5.6 | 0.9 | 18.2 |
| Baxter International Inc BAX | 11.6 | – | 26.1 | 34.1 | 6.0 | 5.7 | -0.6 |
| Align Technology Inc ALGN | 11.1 | 25.6 | 10.9 | 70.7 | 16.6 | 0.9 | 15.7 |
| Median of companies shown | 25.4 | 26.2 | 14.0 | 46.9 | 15.7 | 8.2 | 16.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 22 | 3 | 5 | 1.25 | 3 | 14 | 16 |
| 2018 | 22 | 2 | 2 | 0.37 | 3 | 17 | 20 |
| 2019 | 27 | 5 | 4 | 0.97 | 3 | 17 | 26 |
| 2020 | 35 | 7 | 6 | 1.50 | 6 | 19 | 31 |
| 2021 | 42 | 5 | 5 | 1.16 | -2 | 25 | 49 |
| 2022 | 42 | 5 | 5 | 1.21 | -1 | 25 | 49 |
| 2023 | 46 | 6 | 7 | 1.95 | 5 | 32 | 52 |
| 2024 | 54 | 7 | 2 | 0.60 | 6 | 31 | 52 |
| 2025 | 67 | 11 | 9 | 2.67 | -2 | 37 | 61 |
| 2026 | 78 | 13 | 14 | 4.12 | 7 | 48 | 75 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.64 | 308.00 | 17 | 33.40 | 12.10 | -4 | -5 |
| 2025: Q1 | 0.98 | 415.80 | 17 | 21.80 | 18.80 | 1 | 1 |
| 2025: Q2 | 0.37 | -24.60 | 18 | 16.40 | 6.80 | 0 | 0 |
| 2025: Q3 | 1.40 | 86.70 | 19 | 24.40 | 25.30 | 2 | 2 |
| 2025: Q4 | 0.68 | 7.20 | 19 | 11.10 | 11.70 | 4 | 4 |
| 2026: Q1 | 1.23 | 25.50 | 20 | 14.60 | 19.70 | 2 | 2 |
| 2026: Q2 | 0.85 | 129.70 | 20 | 16.60 | 14.20 | 0 | -1 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 3.09 | 3.09 – 3.09 | 83 | -25.0% | 1 |
| 06/30/2028 | 3.36 | 3.36 – 3.36 | 87 | 8.7% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 14.2% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $6.9M |
|---|---|
| Market cap | $222.0M |
| Free cash flow in year ten | $26.0M |
| Terminal value as a share of market value | 61.7% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Keine KI-Umsätze und keine operative KI-Nutzung in den geprüften Filings; einzige KI-Erwähnung ist ein Risikofaktor im Quartalsbericht Q1 FY2026 über eine mutmaßlich KI-generierte Falschmeldung samt Ticker-Verwechslung mit dem Krypto-Token Polkadex — ein Kapitalmarkt-, kein Geschäftsmodellrisiko.
View the full file — quotes, sources, reviewed filings
„Artificial intelligence (“AI”) may be generating information that is used incorrectly and may lead to an adverse effect on our business."
Künstliche Intelligenz („KI“) erzeugt möglicherweise Informationen, die falsch verwendet werden, und kann zu einer nachteiligen Auswirkung auf unser Geschäft führen.
10-Q · 2025-10-30 · View SEC filing
„While we have no way of knowing for certain that AI led to the generation of the press release, it seems possible to us that misinformation was attributable to AI."
Wir können zwar nicht mit Sicherheit wissen, ob KI die Erstellung der Pressemitteilung veranlasst hat, doch erscheint es uns möglich, dass die Falschinformation auf KI zurückzuführen war.
10-Q · 2025-10-30 · View SEC filing
Filings Reviewed: 10-K 2025-09-04 · 10-K 2024-09-05 · 10-K 2023-10-13 · 10-Q 2026-04-30 · 10-Q 2026-01-29 · 10-Q 2025-10-30
Rated on September 1, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 18.9%
- More than 10% revenue growth is expected for the coming year 6.0%
- Share count grows by less than 3% a year -3.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 25.2%
- Gross margin at 40% or higher and without meaningful erosion 31.4%
- Goodwill from acquisitions does not grow faster than revenue 8.8%
- Net debt below twice EBITDA 0.6 x EBITDA
- Operating cash flow covers the profits of the last three years -13 m
- Return on capital at 15% or higher, or up versus two years ago 21.1%
- Insiders hold at least 10% or are net buyers 36.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 15.1%
- Exp. sales growth 3Y > 5% 5.8%
- EBIT growth 10Y > 5% 18.9%
- Exp. EBIT growth 3Y > 5% -9.7%
- Net debt < 4x EBIT 0.7x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 27.6%
- Return on equity > 15% 33.8%
- ROCE > 15% 21.1%
- Expected return > 10% -6.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | Van Kirk Richard Lee Jr | Chief Executive Officer | Sell | 475 | 59.62 | 28,320 |
| Sep 11, 2026 | Van Kirk Richard Lee Jr | Chief Executive Officer | Sell | 290 | 58.94 | 17,093 |
| Sep 9, 2026 | Van Kirk Richard Lee Jr | Chief Executive Officer | Sell | 4,768 | 59.45 | 283,458 |
| Sep 9, 2026 | Van Kirk Richard Lee Jr | Chief Executive Officer | Sell | 806 | 58.66 | 47,279 |
| Sep 9, 2026 | Van Kirk Richard Lee Jr | Chief Executive Officer | Sell | 300 | 64.70 | 19,410 |
| Sep 9, 2026 | Van Kirk Richard Lee Jr | Chief Executive Officer | Sell | 2,144 | 63.85 | 136,894 |
| Sep 9, 2026 | Van Kirk Richard Lee Jr | Chief Executive Officer | Sell | 935 | 62.93 | 58,840 |
| Sep 9, 2026 | Van Kirk Richard Lee Jr | Chief Executive Officer | Sell | 1,157 | 61.88 | 71,595 |
| Sep 9, 2026 | Van Kirk Richard Lee Jr | Chief Executive Officer | Sell | 4,274 | 60.72 | 259,517 |
| Sep 9, 2026 | Van Kirk Richard Lee Jr | Chief Executive Officer | Sell | 2,691 | 59.84 | 161,029 |
The company
About the Company
Pro-Dex, Inc. entwirft, entwickelt, fertigt und verkauft motorisierte chirurgische Instrumente für Medizinprodukte-Erstausrüster weltweit.
- Employees
- 201
- Headquarters
- Irvine, CA
- Address
- 2361 McGaw Avenue, 92614 Irvine, United States
- Phone
- 949 769 3200
- Website
- pro-dex.com
- IPO Date
- 08/18/1995
- ISIN
- US74265M2052
- Stock Split
- 1:3 on 06/18/2010
Management
| Name | Title | Birth Year |
|---|---|---|
| Richard Lee Van Kirk Jr. | CEO, President, COO & Director | 1961 |
| Alisha K. Charlton | CFO & Corporate Secretary | 1970 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/03/2026 PRO DEX INC (PDEX): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/28/2026 PRO DEX INC (PDEX): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.