A profitable company with growing sales. Institutions are trimming.
Going well
Sales up 90% in the latest quarter vs a year ago
Profitable, keeps 43% of sales as profit
Brings in more cash than it spends
Watch out for
Revenue down 95.6% from the year before
Money moves
No insider buying or selling in the last 30 days
Institutions cut 7.4% from their holdings in the quarter ending June 2026 (65 bought, 77 sold)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$33.46-0.2% that day
Company value
$1.8B
Share price times all shares
Price vs profit (P/E)
5.4x
You pay about $5 for each $1 of yearly profit
Price vs sales
8.3x
Company value is 8.3 times a year of sales
Cash vs value
23%
Cash as a share of company value
Debt vs value
38%
Debt as a share of company value
From AD's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Jun '26
$54.1M+90% vs a year earlier
Sep '23Tap a barJun '26
Last 12 months: $213.5M, up 99% from the 12 months before. Over 5 years, sales shrank about 47% a year.
What the price assumes
Your guesses, our math
Move the sliders to your own view of AD. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$793M
Profit in 5 years$79M
Price these guesses point to$11.35-66% vs $33.46 todayAbout -19% a year, before dividends
What today's price needs: with a 10% margin and a 8x P/E, sales would have to grow about 61% a year for 5 years just to match today's price.
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
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.1.9%
PassDebt under half of equityNot relying on borrowed money.0.26x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.42.5%
MissProfitable every yearSteady profits, not one good year.9 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$173.6M
MissShare count not growingNot diluting owners. Falling means buybacks.+1.5% in 3 years
Revenue
$163.0M
-95.6% vs prior year
5-year growth
-47.4%/yr
revenue, per year
Total debt
$670.3M
0.26x equity
Current ratio
0.72x
short-term assets / bills due
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 Aug 7
Revenue
$54.1M
+89.5% YoY
EPS
$4.15
vs $0.36
Op. margin
738.4%
+802.2 pts
Gross margin
56.5%
+24.5 pts
Free cash flow
-$48.6M
Share count
-1.5%
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
0
Normal week
0.5
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▼Distributing-7.4%
Institutions cut 7.4% from their holdings. 65 bought, 77 sold.
Shares held by institutions17.9M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+0.5%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
0.5x · $666.8M debt
Shares outstandingLatest reported
53M
Earnings reports
Last 12
Next reportAround Nov 6 (est.)Estimated from the same quarter last year
Results filedAug 7
Results filedMay 8
Results filedFeb 20
Results filedNov 7, 2025
Results filedAug 11, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days