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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Zelluna ASA's Sloan Ratio for the quarter that ended in Mar. 2026 was 10.23%.
Warning Sign:
When sloan ratio (-28.07)% higher than 25% or lower than -25%, earnings are more likely to be made up of accruals.
As of Mar. 2026, Zelluna ASA has a Sloan Ratio of 10.23%, indicating earnings are more likely to be made up of accruals.
Zelluna ASA (OSTO:ULTIo) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Mar. 2026, Zelluna ASA has a Sloan Ratio of 10.23%, indicating earnings are more likely to be made up of accruals.
Zelluna ASA Sloan Ratio % Related Terms
Zelluna ASA Sloan Ratio % Historical Data
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The historical data trend for Zelluna ASA's Sloan Ratio % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
OSTO:ULTIO vs VRTX, REGN, RVMD: Sloan Ratio % Comparison
For the Biotechnology subindustry, Zelluna ASA's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Zelluna ASA Sloan Ratio % vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Zelluna ASA's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Zelluna ASA's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Zelluna ASA's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
Zelluna ASA's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was -37.537 (Jun. 2025 ) + -39.263 (Sep. 2025 ) + -34.605 (Dec. 2025 ) + -20.369 (Mar. 2026 ) = kr-131.77 Mil.
Zelluna ASA's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was -59.38 (Jun. 2025 ) + -28.959 (Sep. 2025 ) + -25.206 (Dec. 2025 ) + -28.587 (Mar. 2026 ) = kr-142.13 Mil.
Zelluna ASA's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was 1.193 (Jun. 2025 ) + 0.392 (Sep. 2025 ) + 0.863 (Dec. 2025 ) + 0.151 (Mar. 2026 ) = kr2.60 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Zelluna ASA (OSTO:ULTIO) has a Sloan Ratio % of 10.23% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Zelluna ASA and its competitors.
Is Zelluna ASA's Sloan Ratio % too high?
Zelluna ASA's current Sloan Ratio % is 10.23%. Overall, Zelluna ASA has a GF Score™ of 29/100, reflecting its overall financial health beyond just this single metric.
How does Zelluna ASA's Sloan Ratio % compare to VRTX and REGN?
Zelluna ASA's Sloan Ratio % of 10.23% can be compared against companies in the Biotechnology industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Biotechnology company?
A good Sloan Ratio % depends on the Biotechnology industry context. However, Sloan Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Zelluna ASA and its competitors. Zelluna ASA's current Sloan Ratio % is 10.23%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zelluna ASA stock overvalued right now?
Zelluna ASA (OSTO:ULTIO) has a current Sloan Ratio % of 10.23%. The current Sloan Ratio % is 10.23%. Zelluna ASA's overall GF Score™ is 29/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Zelluna ASA (OSTO:ULTIO), the current Sloan Ratio % is 10.23% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Zelluna ASA is a biotechnology company established to eliminate solid cancers by unleashing the powerful elements of the immune system through pioneering the development of T cell receptor (TCR) guided natural killer (NK) cell therapies (TCR-NK). Its TCR-NK products are composed of healthy donor-derived NK cells that are genetically engineered to express a tumour-specific TCR that enable the TCR-NK cells to identify and eliminate cancer cells in the body of the patient. Its programme ZI-MA4-1, the first MAGE-A4-targeting TCR-NK therapy for solid tumours with high unmet medical need. Its other programmes include ZI-KL1-1, and ZI-PR-1.
29GF Score
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