olivLaw · US equity research
Sono-Tek Corporation SOTK
Special Industry Machinery, NEC · SIC 3559 · Vertical: Special Industry Machinery, NEC (SIC 3559)
Sono-Tek Corporation designs and manufactures ultrasonic coating systems used in microelectronics, medical devices and alternative energy. The company reported record revenue in fiscal 2026 and, in the first half of fiscal 2027, sales growth driven mainly by the medical sector, while alternative energy sales fell sharply.
At the close of 30 Oct 2026, Sono-Tek Corporation (SOTK) stock was 4.81 USD (−7.50% on the day), with market capitalisation 75.8 m USD, P/E 38.4 on diluted EPS of 0.13 USD over the last 12 months, beta 0.39, 52-week range 3.60–7.16 USD. Latest reported quarter (Q2 2027): revenue of 5.2 m USD (+1.3% YoY), net income of 366.3 k USD (−13.5% YoY), diluted EPS 0.02 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.6
- weak (30–45)
- Bollinger (20, 2)
- 4.37 – 7.55
- in the lower half of the band · %B 0.14 · band width 53.3%
- SMA 50 / 200
- 5.37 / 4.87
- mixed trend
- MACD (12, 26, 9)
- -0.14 / 0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.5% | −0.9% | −17.5 pp | — |
| 3 months | −7.0% | +1.2% | −8.2 pp | — |
| 6 months | −7.1% | +4.8% | −12.0 pp | — |
| Year to date | +16.5% | +10.7% | +5.7 pp | — |
| 1 year | +4.6% | +11.1% | −6.5 pp | +27.6% |
| 3 years | −4.4% | +80.7% | −85.1 pp | +14.5% |
| 5 years | −18.1% | +64.6% | −82.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 31 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.2 m | 5.1 m | 5.1 m | 5.2 m | 5.0 m | 5.6 m | 5.7 m | 5.2 m |
| Cost of revenue | 2.8 m | 2.7 m | 2.5 m | 2.6 m | 2.5 m | 2.8 m | 2.4 m | 2.5 m |
| Gross profit | 2.3 m | 2.4 m | 2.7 m | 2.6 m | 2.5 m | 2.8 m | 3.2 m | 2.8 m |
| Research & development | 627.5 k | 669.6 k | 668.5 k | 627.3 k | 638.4 k | 619.8 k | 617.0 k | 679.2 k |
| Operating income | 197.6 k | 288.1 k | 483.4 k | 421.2 k | 319.0 k | 601.5 k | 897.2 k | 381.5 k |
| Depreciation & amortisation | 192.8 k ≈ | 171.4 k | 153.7 k | 159.8 k ≈ | 195.0 k ≈ | 160.7 k | 118.6 k | 124.0 k ≈ |
| Income tax | 39.8 k | 86.4 k | 118.6 k | 102.5 k | 86.8 k | 153.5 k | 244.3 k | 131.7 k |
| Net income | 274.2 k | 327.7 k | 485.0 k | 423.7 k | 340.0 k | 557.0 k | 741.2 k | 366.3 k |
| Diluted EPS | 0.02 | 0.02 ≈ | 0.03 | 0.03 | 0.02 | 0.04 ≈ | 0.05 | 0.02 |
| Operating cash flow | 1.3 m ≈ | -674.3 k | -922.3 k | -176.8 k ≈ | 1.2 m ≈ | 3.1 m | 1.9 m | 1.2 m ≈ |
| Capex | 212.4 k ≈ | 65.7 k | 52.2 k | 60.5 k ≈ | 68.1 k ≈ | 43.7 k | 81.5 k | 21.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 24 percentile of its own 37-quarter history (min 22.3, median 63.1, max 622.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.6 m | 15.4 m | 14.8 m | 17.1 m | 15.1 m | 19.7 m | 20.5 m | 20.9 m |
| Revenue YoY | +5.5% | +32.3% | −3.4% | +15.5% | −12.1% | +30.8% | +4.1% | +2.0% |
| Net income | 161.6 k | 1.1 m | 1.1 m | 2.5 m | 635.9 k | 1.4 m | 1.3 m | 1.8 m |
| Net income YoY | −56.1% | +585.4% | +1.2% | +126.9% | −75.0% | +126.7% | −11.7% | +41.8% |
| Diluted EPS | 0.01 | 0.07 | 0.07 | 0.16 | 0.04 | 0.09 | 0.08 | 0.11 |
| Diluted EPS YoY | −50.0% | +600.0% | 0.0% | +128.6% | −75.0% | +125.0% | −11.1% | +37.5% |
| net % | 1.4% | 7.2% | 7.6% | 14.8% | 4.2% | 7.3% | 6.2% | 8.6% |
| Free cash flow | -656.2 k | 2.5 m | 380.8 k | 2.0 m | 769.2 k | 369.2 k | 56.2 k | 3.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 28 Feb 2026
- Cash
- 7.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 19.8 m USD
- Total assets
- 26.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.46x
- ROE
- 9.6%
- ROA
- 7.2%
- FCF margin
- 14.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 14.8 m | 17.1 m | 15.1 m | 19.7 m | 20.5 m | 20.9 m | SEC (XBRL)· 28 May 2026verified |
| Cost of revenue | 7.8 m | 8.5 m | 7.4 m | 9.9 m | 10.8 m | 10.3 m | SEC (XBRL)· 28 May 2026verified |
| Gross profit | 7.0 m | 8.6 m | 7.7 m | 9.8 m | 9.7 m | 10.6 m | SEC (XBRL)· 28 May 2026verified |
| Research & development | 1.6 m | 1.7 m | 2.1 m | 2.9 m | 2.7 m | 2.6 m | SEC (XBRL)· 28 May 2026verified |
| Operating income | 1.3 m | 1.9 m | 683.0 k | 1.2 m | 1.0 m | 1.8 m | SEC (XBRL)· 28 May 2026verified |
| Depreciation & amortisation | 463.1 k | 435.5 k | 510.9 k | 597.2 k | 700.5 k | 669.3 k | SEC (XBRL)· 28 May 2026verified |
| EBITDA | 1.8 m ≈ | 2.3 m ≈ | 1.2 m ≈ | 1.8 m ≈ | 1.7 m ≈ | 2.5 m ≈ | SEC (XBRL)· 28 May 2026derived |
| Interest expense | 39.8 k | — | — | — | — | — | SEC (XBRL)· 28 May 2021verified |
| Income tax | 227.2 k | 361.6 k | 154.0 k | 303.1 k | 260.7 k | 461.4 k | SEC (XBRL)· 28 May 2026verified |
| Net income | 1.1 m | 2.5 m | 635.9 k | 1.4 m | 1.3 m | 1.8 m | SEC (XBRL)· 28 May 2026verified |
| Diluted EPS | 0.07 | 0.16 | 0.04 | 0.09 | 0.08 | 0.11 | SEC (XBRL)· 28 May 2026verified |
| Weighted average diluted shares | 15.7 m | 15.6 m | 15.8 m | 15.8 m | 15.8 m | 15.7 m | SEC (XBRL)· 28 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 4.1 m | 4.8 m | 3.4 m | 2.1 m | 5.2 m | 7.3 m | SEC (XBRL)· 28 May 2026verified |
| Receivables | 1.8 m | 1.1 m | 1.6 m | 1.5 m | 2.3 m | 3.4 m | SEC (XBRL)· 28 May 2026verified |
| Inventories | 2.6 m | 2.4 m | 3.2 m | 5.2 m | 4.5 m | 3.9 m | SEC (XBRL)· 28 May 2026verified |
| Current assets | 13.2 m | 14.5 m | 16.6 m | 18.7 m | 19.0 m | 22.8 m | SEC (XBRL)· 28 May 2026verified |
| Property, plant & equipment, net | 2.7 m | 2.6 m | 2.6 m | 2.8 m | 2.6 m | 2.2 m | SEC (XBRL)· 28 May 2026verified |
| Intangibles (excl. goodwill) | 95.5 k | 76.0 k | 57.2 k | 47.6 k | 37.4 k | 29.8 k | SEC (XBRL)· 28 May 2026verified |
| Total assets | 16.4 m | 17.6 m | 20.2 m | 23.1 m | 23.4 m | 26.4 m | SEC (XBRL)· 28 May 2026verified |
| Accounts payable | 1.3 m | 684.5 k | 810.9 k | 1.0 m | 859.5 k | 1.0 m | SEC (XBRL)· 28 May 2026verified |
| Long-term debt | 1.0 m | — | — | — | — | — | SEC (XBRL)· 28 May 2021verified |
| Current liabilities | 4.3 m | 3.7 m | 5.5 m | 6.6 m | 5.5 m | 6.6 m | SEC (XBRL)· 28 May 2026verified |
| Total liabilities | 5.5 m | 3.9 m | 5.5 m | 6.9 m | 5.6 m | 6.6 m | SEC (XBRL)· 28 May 2026verified |
| Equity | 11.0 m † | 13.7 m † | 14.6 m † | 16.3 m † | 17.8 m † | 19.8 m † | SEC (XBRL)· 28 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 725.2 k | 2.3 m | 1.3 m | 1.2 m | 525.0 k | 3.2 m | SEC (XBRL)· 28 May 2026verified |
| Capex | 344.4 k | 326.9 k | 555.9 k | 794.7 k | 468.8 k | 224.6 k | SEC (XBRL)· 28 May 2026verified |
| Free cash flow | 380.8 k ≈ | 2.0 m ≈ | 769.2 k ≈ | 369.2 k ≈ | 56.2 k ≈ | 3.0 m ≈ | SEC (XBRL)· 28 May 2026derived |
| Investing cash flow | -594.6 k | -1.6 m | -2.8 m | -2.4 m | 2.6 m | -968.0 k | SEC (XBRL)· 28 May 2026verified |
| Financing cash flow | 293.9 k | 68.8 k | — | — | -7.9 k | -140.5 k | SEC (XBRL)· 28 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 75.8 m USD
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.25 – 4.34 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.25 – 4.34 (Mid 3.17)7 companies used · median multiple 25.3x · quartiles 17.9x – 34.6xACLS, ACMR, ASYS, CRCT, CVV, ERII, LRCX
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.3% | 42 (vs peers) | 12% |
| FCF conversion · Quality | 360.8% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 11.6% | 96 (on a fixed band) | 16% |
| EPS CAGR 3Y · Growth | 40.1% | 100 (on a fixed band) | 16% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.4x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 38.4x | 25 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.5% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth98/100 · 2/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation58/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SONO TEK CORP (SOTK). Latest full fiscal year: 2026; data up to 2026-08-31.
Figures computed from the financial statements: revenue 20.9 m USD in 2026; YoY growth 2.0%; net margin 9.3%; ROE 10.1%.
The estimated value range is 2.25–4.34 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.17 USD, the price of 4.81 USD leaves a potential of -34.1% (value / price − 1) and a margin of safety of -51.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 360.8%
- Revenue CAGR 3Y: 11.6%
- EPS CAGR 3Y: 40.1%
- Current ratio: 4.4x
- FCF yield: 9.5%
What contradicts it
- P/E (TTM): 38.4x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Special Industry Machinery, NEC (SIC 3559) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LRCXLam Research Corporation | 298.7 bn | 35.6 | 70.1% | 32.3% | +26.0% | +52% / +306% |
| ACLSAxcelis Technologies Inc | 3.1 bn | 33.5 | 8.9% | 10.7% | −17.6% | +26% / −22% |
| VECOVeeco Instruments Inc | 2.4 bn | 108.5 | 2.6% | 3.4% | −7.4% | +35% / +62% |
| AZTAAzenta, Inc. | 1.7 bn | — | -7.7% | -20.0% | +3.6% | +29% / −14% |
| CRCTCricut, Inc. | 1.3 bn | 14.3 | 25.9% | 12.7% | −0.5% | +15% / −29% |
| ACMRACM Research, Inc. | 644.6 m | 21.5 | 10.6% | 14.5% | +15.2% | +10% / +234% |
| ERIIEnergy Recovery, Inc. | 355.3 m | 25.3 | 8.6% | 12.7% | −6.9% | −59% / −54% |
| ASYSAmtech Systems, Inc. | 223.2 m | 48.2 | 4.8% | 4.9% | −21.6% | +61% / +78% |
| VELOVelo3D, Inc. | 210.9 m | — | -61.5% | -89.6% | +12.1% | +18% / −99% |
| SOTKSono Tek Corp | 75.8 m | 38.4 | 10.1% | 9.3% | +2.0% | +5% / −4% |
| TRTTrio-Tech International | 50.6 m | — | -0.1% | -0.1% | +71.6% | +32% / +43% |
| CVVCvd Equipment Corporation | 27.2 m | 2.7 | 32.7% | 62.0% | −4.1% | +0% / −32% |
| ASMLAsml Holding NV | — | — | 50.5% | 29.4% | +15.6% | +48% / +162% |
1- and 3-year price returns: for SOTK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.09 Total return -36% · Per year -36% | 5.44 Total return 13% · Per year 13% | 8.18 Total return 70% · Per year 70% |
| 3 years | 3.44 Total return -28% · Per year -11% | 6.78 Total return 41% · Per year 12% | 11.11 Total return 131% · Per year 32% |
| 5 years | 3.83 Total return -20% · Per year -4% | 8.43 Total return 75% · Per year 12% | 15.10 Total return 214% · Per year 26% |
- Exit P/E± 1.69
- Net margin± 1.19
- Annual revenue growth± 0.91
- Annual dilution± 0.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sono-Tek Corporation designs and manufactures ultrasonic coating systems used in microelectronics, medical devices and alternative energy. The company reported record revenue in fiscal 2026 and, in the first half of fiscal 2027, sales growth driven mainly by the medical sector, while alternative energy sales fell sharply.
SWOT
Strengths
- Patented technology, solid application engineering, a reputation for quality and a balance sheet with no debt.
- Strong growth in the medical sector and a customer base spread across several industries.
- Rising gross margins, supported by a favorable product mix and direct sales in the United States.
Weaknesses
- Reliance on a few large customers for high value systems makes revenue uneven.
- Alternative energy sales fell sharply and do not always offset losses in other segments.
- Operating expenses rose, and operating income was below prior levels in some quarters.
Opportunities
- New orders received after the quarter end could support revenue in the following fiscal year.
- Expanding medical applications and developing production systems could open new markets.
- Emerging markets with lower competition could provide new revenue if the technology is adopted.
Threats
- Changes in government policy on clean energy could reduce demand for certain systems.
- Trade tariffs and international tensions could affect sales outside North America.
- Competitors with cheaper solutions could press prices and margins.
Risks
- Customer concentrationhigh
Large orders for production systems can create significant swings from quarter to quarter, especially when a single customer accounts for a large part of shipments.
- Energy policyhigh
Policy changes in the clean energy sector could reduce demand for electrolysis and hydrogen systems.
- Trade tariffsmedium
New tariffs and trade restrictions could reduce international sales and raise costs.
- Operating costsmedium
Rising salary and administrative costs could reduce profit if revenue does not grow enough.
- Delivery of guidancelow
Guidance for flat to modest growth depends on the timing of several large orders, which could slip.
Investment thesis
What would need to be true (bull case)
- If the medical sector keeps growing and recent orders convert into shipments, revenue in the following fiscal year could be stronger, and the debt-free balance sheet offers flexibility.
- Rising margins and a more favorable product mix could support profitability even with relatively stable sales.
- The shift toward higher-priced production systems could win a larger market share if customers move from research to production.
What would break the thesis
- If revenue stays dependent on a few large orders, weak quarters could recur and outweigh gains in other segments.
- The decline in alternative energy could continue if government support does not return, and the company might not replace the lost revenue quickly.
- Rising operating expenses could reduce operating income if sales do not rise as expected.
What to watch
- Shipment of post-quarter orders and their conversion into fiscal 2028 revenue2027
- Trend of medical market sales and stability of the product mixQ3 2027
- Level of backlog and the trend of alternative energy salesnext 10-Q
- Confirmation of flat to modest revenue growth guidance for fiscal 2027next 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sono-Tek designs and manufactures ultrasonic coating systems that apply thin, precise layers to parts in microelectronics, alternative energy, medical and industrial markets. The technology began with coating blood collection tubes and later extended to printed circuit boards and glass. The company is increasingly focused on complete production systems with higher prices rather than simply selling nozzles and components. Net sales were 20.9 million USD in fiscal 2026 1 and 10.89 million USD in the first half of fiscal 2027 3.
The company operates from Milton, New York, where its production facilities are also located, and has a sales and service office in Singapore and an application laboratory in Guangzhou. Sales are made through a direct sales force, independent distributors and sales representatives. In fiscal 2026, 33% of sales came from outside the United States and Canada 1. Research and development spending was 12% of sales in fiscal 2026 1.
The strategy aims to extend ultrasonic coating technology into new applications, grow revenue through more efficient production processes, and develop technologies that solve customers' difficult problems. The company carries no debt, which gives it financial flexibility for organic investment.
Segments
Integrated coating and multi-axis systems
Integrated coating systems grew strongly in fiscal 2026, mainly due to shipments of several high price production systems to a key solar energy customer. Multi-axis systems declined in the same year due to weaker demand for electrolysis applications. In the first half of fiscal 2027, multi-axis systems grew on strong sales of stent-coating systems to the U.S. medical market.
Medical market
Medical market sales rose 54% in fiscal 2026 1 and continued to grow strongly in the first half of fiscal 2027 on balloon and stent coating systems. This market has become the main growth driver of the company.
Alternative energy
Alternative energy sales fell in fiscal 2026 because of lower demand for electrolysis systems, influenced by changes in government policy. In the first half of fiscal 2027 the decline deepened, reflecting significant shifts in U.S. government policy and spending on clean energy 3.
Market context
The ultrasonic coating market is niche, with applications in microelectronics, medicine, solar energy and fuel cells. The company's growth depends on adoption of these technologies as customers move from research to series production. The company notes that competition is lower in emerging applications than in established markets 1. Prices of larger systems sometimes exceed 300,000 USD 2.
Market developments are influenced by government policy in the clean energy sector and by trade tariffs, which can affect international sales. The company reports that international sales are affected by trade policy changes, including new tariffs 1.
Trends
- Medical growthtailwind
Demand for medical coating systems, including for balloons and stents, has supported the company's growth in recent reported periods.
- Shift to production systemsmixed
The move from component sales to complete systems with higher prices could improve margins but makes revenue more uneven from quarter to quarter.
- Clean energy policyheadwind
Reduced government incentives have lowered demand for electrolysis and green hydrogen systems.
- Tariffs and tradeheadwind
Changes in trade policy and new tariffs could affect sales outside the United States and Canada.
Competitive position
The company competes with alternative coating technologies and with global and regional manufacturers of nozzles and other products, on the basis of price, quality, product features, application engineering and service. In emerging markets competition is lower due to the uniqueness of the ultrasonic technology.
The company's advantage lies in its reputation for quality, application engineering and custom solutions. If competitors offer comparable systems at lower prices, the company's margins could come under pressure.
- Alternative coating technologies
Competing coating technologies, mentioned generically in the company's report without a named provider.
- Global nozzle manufacturers
Global manufacturers competing on price, quality and service, not individually identified in the source.
- Regional nozzle manufacturers
Regional manufacturers with similar offerings that compete in local markets.
- Local distributors and equipment makers
Local players that may offer cheaper solutions for standard industrial applications.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report14 Oct 2026
- Current report14 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report20 Aug 2026Results of operations · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement22 Jul 2026
- Quarterly report08 Jul 2026
- Current report08 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Annual report28 May 2026
- Current report28 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report13 Jan 2026
- Current report13 Jan 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-02-28 · SEC / Sono-Tek Corporation · 28 May 2026
- [2] Form 10-Q, quarter ended 2026-08-31 · SEC / Sono-Tek Corporation · 14 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Sono-Tek Corporation · 14 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.