The checklist Warren Buffett-style investors use. Annual numbers for 2025.
3/6Mixed
MissReturn on equity 15%+Earns a lot on the money owners have in the business.6.5%
MissDebt under half of equityNot relying on borrowed money.3.68x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.35.0%
MissProfitable every yearSteady profits, not one good year.8 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$4.1M
PassShare count not growingNot diluting owners. Falling means buybacks.-15.9% in 3 years
Revenue
$79.9M
-4.2% vs prior year
5-year growth
+9.7%/yr
revenue, per year
Total debt
$1.6B
3.68x equity
Free cash flow
$4.1M
5.1% of revenue
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Jul 29
Revenue
$21.0M
-4.1% YoY
EPS
-$1.87
vs -$0.10
Free cash flow
$5.5M
Share count
-7.7%
vs a year ago
Insider rating
Last 90 days
No open-market insider buys or sells in the last 90 days.
Weekly insider trend
No trades to chart yet.
Filing buzz
Last 7 days vs normal
0/ 100
This week
1
Normal week
3.2
vs normal
0.3x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▼Distributing-4.8%
Institutions cut 4.8% from their holdings. 22 bought, 30 sold. 3 quarters of net selling in a row.
Shares held by institutions3.0M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
-5.7%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
4.3x · $1.8B debt
Shares outstandingLatest reported
7M
Why moderate risk
High debt: 4.34x equity
5 offering filings in 6 months (may sell new shares)
Auditor change
Earnings reports
Last 12
Next reportIn 0 days (est.)Estimated from the same quarter last year
Results filedJul 29
Results filedApr 30
Results filedMar 4
Results filedOct 29, 2025
Results filedJul 30, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days