Overview

Returns a historical Dilution Rating for a ticker on a specified date. The data provides a historical view of the company's cash runway, offering capacity, financing history, and potential dilution from existing securities.

When to use

• Add dilution-risk context to historical trades, small-cap gap events, and other trading research.
• Study how a company's cash needs, ability to raise capital, and offering risk changed over time.
• Compare historical financing and dilution profiles across companies.

Key parameters

• ticker (required) — a single symbol. Use the most recent symbol the company traded under, including when requesting earlier dates.
• date (required) — the requested historical date in YYYY-MM-DD format.

Understanding the ratings

Overall offering risk

overall_offering_risk assesses the risk of a registered offering or financing transaction that would result in immediate dilution. This includes:

• Offerings registered on an S-1 or F-1.
• Shelf takedowns from an S-3 or F-3.
• At-the-market (ATM) sales from an effective S-3 or F-3 shelf.
• Warrant inducement deals, where holders are offered an incentive, such as a reduced exercise price, to exercise their warrants for cash.

Private placements do not count toward this definition of offering risk. The rating combines the company's financing needs, offering ability, offering history, and dilution profile into a High, Medium, or Low assessment.

Cash need

cash_need assesses the company's need to raise capital based on its estimated cash runway.

• Low: 24 or more months of cash runway.
• Medium: 6 to less than 24 months of cash runway.
• High: Less than 6 months of cash runway.

Supporting fields include estimated_cash, cash_burn, and cash_remaining_months.

Offering ability and shelf capacity

offering_ability assesses the company's ability to raise capital through registered offerings, including available shelf capacity and pending primary offering registrations.

shelf_capacity takes baby shelf limitations into account. Historical capacity is reconstructed using our historical float data and offering history to estimate the amount the company could raise under its shelf on the requested date.

has_pending_s1 indicates a pending primary offering registration, including applicable S-1, F-1, or 1-A filings.

Offering frequency

offering_frequency tracks how often the company conducts registered offerings or uses its ATM facility over the preceding two years.

• Low: 1 or fewer offerings or ATM usages.
• Medium: 2–3 offerings or ATM usages.
• High: 4 or more offerings or ATM usages, suggesting frequent capital raises.

Dilution risk

dilution assesses potential dilution relative to outstanding shares, factoring in warrants, convertibles (within 200% of the stock price or with variable-rate adjustments), and ATM capacity.

Equity lines are excluded because beneficial ownership limits prevent major single-day impact, although they can pressure the stock over time.

• Low: Potential dilution is 20% or less of outstanding shares.
• Medium: Potential dilution is greater than 20% and up to 50% of outstanding shares.
• High: Potential dilution exceeds 50% of outstanding shares, indicating significant potential impact.

Supporting response fields

The response includes descriptions for the component ratings: cash_need_desc, offering_ability_desc, offering_frequency_desc, and dilution_desc. It also includes offering_count_2y and regsho, a boolean indicating Nasdaq REG SHO threshold-list status.

Ticker changes and symbol accuracy

We are currently reconciling historical ticker changes across the dataset. Until that work is complete, use our Ticker Changes endpoint to identify the most recent symbol a company traded under, and use that symbol when requesting historical dilution data—even for dates when the company traded under an older symbol. Requests using an old symbol may return incomplete or inaccurate data.