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    Steven Ralston

    Research Analyst at Zacks Small-Cap Research

    Steven Ralston, CFA, is Senior Analyst and Director of Research at Zacks Small-Cap Research, where he leverages more than 30 years of investment experience to cover a broad range of small-cap companies, including U-Haul Holding Co and VolitionRX Ltd, across sectors such as basic and precious materials, industrials, energy, and biotechnology. Noted for the depth of his financial modeling and sector expertise, Ralston has produced comprehensive equity research, contributed to valuation models, and delivered targeted investment calls, although specific public metrics on investment returns or analyst rankings are not disclosed. Ralston began his investment career with Merrill Lynch, held research and portfolio management roles at First National Bank of Maryland and BlackRock, and joined Zacks in 2004, steadily advancing to his current leadership position. He holds a Bachelor of Science degree in Management Science from MIT and is a Chartered Financial Analyst (CFA) charterholder.

    Steven Ralston's questions to U-Haul Holding Co /NV/ (UHAL) leadership

    Steven Ralston's questions to U-Haul Holding Co /NV/ (UHAL) leadership • Q1 2026

    Question

    Steven Ralston from Zacks Small Cap Research inquired about the long-term growth potential of the U-Box segment, asking for an estimate of how much of its potential has been realized and its current penetration across U-Haul's location network.

    Answer

    Samuel Shoen, Vice Chairman & U-Box Project Manager, responded that it is too early to quantify the full potential but expressed optimism that U-Box could eventually be as large as the traditional U-Haul business. He stated that U-Box is in its infancy and is available at approximately 5-10% of total outlets (including dealers) and about half of company-owned stores, emphasizing that the build-out is still in its early stages even in major markets.

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    Steven Ralston's questions to U-Haul Holding Co /NV/ (UHAL) leadership • Q4 2025

    Question

    Steven Ralston from Zacks Small Cap Research asked for confirmation that strong Q4 results indicate a strengthening top-line business and inquired about the CEO's outlook. He also sought commentary on the nature of depreciation expense.

    Answer

    Chairman & CEO Edward Joe Shoen confirmed that business is picking up, citing consumer optimism and a willingness to accept modest rate increases. He differentiated depreciation, calling self-storage depreciation "money in the bank" while acknowledging equipment depreciation is a real cost driven by anomalous OEM pricing, which he believes is normalizing.

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    Steven Ralston's questions to U-Haul Holding Co /NV/ (UHAL) leadership • Q3 2025

    Question

    Steven Ralston from Zacks Investment Research asked about the drivers of strong revenue growth, the effectiveness of cost controls, the sustainability of the record self-storage development pipeline, and the dynamics of the U-Box business, particularly the growth in storage versus rentals.

    Answer

    Chairman Edward Shoen confirmed a favorable pricing environment but stressed a focus on value for customers amidst rising costs. He noted that cost control measures have a delayed impact on financial results and that the current pace of storage development is likely unsustainable. CFO Jason Berg added that recent storage growth was boosted by acquisitions and the completion of ground-up projects. Executive Samuel Shoen highlighted that the company is improving its ability to market the U-Box product's versatility for storage, which he sees as its most exciting long-term potential.

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    Steven Ralston's questions to U-Haul Holding Co /NV/ (UHAL) leadership • Q2 2025

    Question

    Steven Ralston inquired about the sustainability of recent improvements in the self-moving rental business and asked for an outlook on the deteriorating year-over-year rate gains in the self-storage segment.

    Answer

    Chairman Edward Shoen responded that he does not foresee significant changes in the moving rental business over the next two quarters, noting that while a new trailer model is forthcoming, he remains uncertain about a broader market pickup. Regarding self-storage, Shoen attributed weaker rate gains to the company adding new units faster than it can fill them and to aggressive industry-wide promotions. He expressed confidence that U-Haul would outperform peers long-term but was hesitant to predict a near-term return to double-digit growth.

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    Steven Ralston's questions to VOLITIONRX (VNRX) leadership

    Steven Ralston's questions to VOLITIONRX (VNRX) leadership • Q1 2025

    Question

    Steven Ralston of Zacks asked about the level of operational engagement with Nu.Q Vet partners, the sustainability of deep cuts in R&D and marketing expenses, and the revenue timing for the new Nu.Q Discover human study contract.

    Answer

    CEO Cameron Reynolds explained that large Nu.Q Vet partners do not share detailed sales data due to commercial sensitivity. Regarding expenses, CFO Terig Hughes and Executive Louise Batchelor Day stated the cost reductions are sustainable, partly by attending conferences without costly booths. For the Nu.Q Discover contract, Day noted revenue will be spread over two years, while Reynolds emphasized the deal's significance despite confidentiality clauses.

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    Steven Ralston's questions to VOLITIONRX (VNRX) leadership • Q1 2025

    Question

    Steven Ralston from Zacks Investment Research questioned the level of operational engagement with Nu.Q Vet partners, the sustainability of reduced R&D and marketing costs, and the revenue timeline for the new Nu.Q Discover human study contract.

    Answer

    CEO Cameron Reynolds explained that large Nu.Q Vet partners do not share detailed sales data due to its commercially sensitive nature. CFO Terig Hughes and executive Louise Batchelor Day affirmed that lower marketing spend is sustainable, as the company is saving costs by attending conferences for networking without renting expensive booths. Day also clarified that revenue from the Nu.Q Discover study will be spread over its two-year duration, starting in Q2.

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    Steven Ralston's questions to VOLITIONRX (VNRX) leadership • Q1 2025

    Question

    Steven Ralston of Zacks Investment Research asked about the level of sales data visibility from Nu.Q Vet partners, the sustainability of the 44-45% cost reductions in R&D and marketing, and the expected revenue timing from the new Nu.Q Discover human study contract.

    Answer

    CEO Cameron Reynolds stated that large Nu.Q Vet partners do not typically provide detailed sales flow data due to its commercial sensitivity. CFO Terig Hughes and Executive Louise Batchelor Day confirmed the lower marketing spend is sustainable, as it is budgeted for the year and supported by cost-saving measures like forgoing expensive conference booths. Regarding the Nu.Q Discover contract, Day explained that revenue will be recognized over the study's two-year duration, beginning in Q2 2025.

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    Steven Ralston's questions to VOLITIONRX (VNRX) leadership • Q1 2025

    Question

    Steven Ralston from Zacks Investment Research asked about the level of operational engagement and sales data received from Nu.Q Vet partners, the sustainability of the significant drop in marketing expenses, and the timing of revenue from the new Nu.Q Discover human study contract.

    Answer

    CEO Cameron Reynolds stated that large Nu.Q Vet partners do not typically share detailed sales data due to its commercially sensitive nature. CFO Terig Hughes and executive Louise Batchelor Day explained that marketing costs are budgeted to be lower and are being managed by attending conferences for networking without incurring the high cost of booths. Regarding the Nu.Q Discover contract, Louise Batchelor Day clarified that revenue will be recognized over the study's two-year duration, starting in Q2, while Cameron Reynolds added that the contract is with a large company and represents 'very meaningful' revenue.

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    Steven Ralston's questions to VOLITIONRX (VNRX) leadership • Q1 2025

    Question

    Steven Ralston asked about the level of operational engagement and sales data received from Nu.Q Vet partners, the sustainability of reduced R&D and marketing costs, and the expected revenue timing from the new Nu.Q Discover human study contract.

    Answer

    CEO Cameron Reynolds explained that large vet partners do not share detailed sales data due to its commercial sensitivity. On costs, CFO Terig Hughes and Executive Louise Batchelor Day confirmed the lower spending is sustainable, aided by strategies like attending conferences for networking without renting costly booths. Regarding the Nu.Q Discover contract, Day stated revenue will be recognized over the study's two-year duration, while Reynolds emphasized the deal's significance despite being unable to disclose the partner's name.

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    Steven Ralston's questions to VOLITIONRX (VNRX) leadership • Q1 2025

    Question

    Steven Ralston asked about the level of operational engagement and sales data received from Nu.Q Vet partners, the sustainability of reduced R&D and marketing costs, and the expected timing for revenue recognition from the new Nu.Q Discover human study contract.

    Answer

    CEO Cameron Reynolds stated that while they track kit orders, large Nu.Q Vet partners do not typically share detailed, commercially sensitive sales data. CFO Terig Hughes and Executive Louise Batchelor Day explained that lower marketing costs are sustainable as they focus on networking at conferences rather than costly booths. Regarding the Nu.Q Discover contract, Day clarified that revenue will be recognized over the study's two-year duration, starting in Q2 2025.

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    Steven Ralston's questions to VOLITIONRX (VNRX) leadership • Q4 2024

    Question

    Steven Ralston questioned how increased data sharing at conferences impacts activity in the licensing data rooms, asked about the current average contract size for Nu.Q Discover, and sought more detail on the new 500-patient validation study in Taiwan.

    Answer

    CEO Cameron Reynolds stated that the vast amount of new data is crucial for advancing discussions with large diagnostic companies in the data rooms, with interest being driven from both top-level negotiations and bottom-up via key opinion leaders. He noted Nu.Q Discover contracts are progressing from tens of thousands to the mid-hundreds of thousands of dollars. Regarding the Taiwan study, Reynolds explained its goal is to replicate previous outstanding results, which could lead to the test's rapid inclusion in the national screening program without further studies.

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    Steven Ralston's questions to VOLITIONRX (VNRX) leadership • Q3 2024

    Question

    Steven Ralston from Zacks Investment Research asked about the Nu.Q Vet sales ramp, seeking to understand the mix between initial stocking and actual sell-through. He also inquired about the progress of the cost-cutting program and the nature of activity in the confidential data rooms set up for potential licensing partners.

    Answer

    CFO Terig Hughes stated that sales are a mix of stocking and sell-through, and precise sell-through data is difficult to obtain from distributors, contributing to potential lumpiness. President and Group CEO Cameron Reynolds added that the key focus is on securing large human licensing deals. On cost-cutting, Hughes noted about half the savings have been realized, with the full-year impact expected in 2025. Reynolds described the data rooms as being actively used by a small number of very large players in both sepsis and oncology, with discussions progressing well.

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    Steven Ralston's questions to VOLITIONRX (VNRX) leadership • Q2 2024

    Question

    Steven Ralston of Zacks Small-Cap Research asked for a breakdown of vet product revenue strength, clarification on the G&A expense reduction timeline, details on the trigger for the 'A warrants' in the recent financing, the use of a cash management program, and the number of papers being presented at ESMO 2024.

    Answer

    CFO Terig Hughes explained that a revenue breakdown is not yet provided due to lumpy sales, and that G&A expense reductions will occur over the next few months, though more slowly than R&D cuts. President and CEO Cameron Reynolds stated the 'A warrant' trigger is a commercial deal in the human space, which he views as a "very realistic possibility." Hughes confirmed they use interest-bearing accounts for cash management. Chief Medical Officer Dr. Andrew Retter clarified one paper on lung cancer will be presented at ESMO, and Reynolds highlighted a more significant upcoming satellite symposium on sepsis at the European Society of Intensive Care in October.

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    Steven Ralston's questions to Xinyuan Real Estate (XIN) leadership

    Steven Ralston's questions to Xinyuan Real Estate (XIN) leadership • Q3 2020

    Question

    Steven Ralston of Zacks inquired about the operational status of the Hudson Garden project in New York, including the Target store opening and the residential unit sales process. He also asked for details on the pre-sales strategy for new projects in Zhengzhou and Qingdao, the names of upcoming Q4 projects, and clarification on an $83 million gain from a property disposal.

    Answer

    CFO Brian Chen confirmed that the Target store at Hudson Garden is expected to open soon, pending any COVID-19 related changes. He detailed that while residential pre-sales to Chinese clients were positive, travel restrictions are a challenge, and model units are now open in New York. For the China projects, Chen explained that most sales occur on-site, even with client referrals. He identified the Q4 projects as the Beijing Tongzhou project and Xinyuan Chang'an Palace. Finally, he clarified the $83 million gain was from the sale of a developed investment property in Zhengzhou.

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    Steven Ralston's questions to Xinyuan Real Estate (XIN) leadership • Q2 2020

    Question

    Steven Ralston from Zacks asked for clarification on the impact of COVID-19 on Xinyuan, particularly in the Zhengzhou region. He questioned whether the sales slowdown was due to delayed customer purchasing, project completion delays, or reduced disposable income, and if the company anticipated a recovery driven by pent-up demand.

    Answer

    CFO Brian Chen explained that the COVID-19 impact was multifaceted, involving the closure of sales offices, halts in construction that delayed pre-sales permits, and initial consumer hesitancy for large purchases. Chen affirmed that management views this as a temporary delay rather than a permanent loss of business, expressing confidence that pent-up demand in their key Tier 1 and Tier 2 city markets would fuel a strong recovery in the second half of the year.

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