The checklist Warren Buffett-style investors use. Annual numbers for 2025.
4/4Strong
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.15.8%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$783.8M
PassShare count not growingNot diluting owners. Falling means buybacks.-1.9% in 3 years
Revenue
$4.1B
+7.8% vs prior year
5-year growth
+8.4%/yr
revenue, per year
Total debt
$2.0B
Current ratio
1.84x
short-term assets / bills due
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: return on equity 15%+, debt under half of equity, gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Sep 30, 2026
Reported Oct 22Before open6:03 am ET
Revenue
$1.2B
+9.6% YoY
EPS
$2.59
vs $2.18
Op. margin
24.3%
+2.5 pts
Gross margin
46.8%
+1.0 pts
Free cash flow
$304.3M
Share count
-1.5%
vs a year ago
Insider rating
Last 90 days
29Selling
2 insiders sold $1.9M (not pre-planned)
50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.
Weekly insider trend
13 weeks agoBoughtSoldThis week
Filing buzz
Last 7 days vs normal
74/ 100
This week
4
Normal week
1.4
vs normal
2.9x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady+3.1%
Institutions added 3.1% to their holdings. 329 bought, 367 sold. 2 quarters of net buying in a row.
Shares held by institutions86.4M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
-1.3%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
0.9x · $2.0B debt
Shares outstandingLatest reported
84M
Earnings reports
Last 12
Next reportAround Feb 16, 2027 (est.)Estimated from the same quarter last year
Results filedOct 22
Results filedJul 23
Results filedApr 28
Results filedFeb 17
Results filedOct 23, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days