The checklist Warren Buffett-style investors use. Annual numbers for 2025.
4/5Strong
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.13.6%
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.$121.2M
PassShare count not growingNot diluting owners. Falling means buybacks.-8.0% in 3 years
PassGross margin 40%+Pricing power: sells for well above what it costs to make.49.5%
Revenue
$719.9M
-1.7% vs prior year
5-year growth
+15.5%/yr
revenue, per year
Total debt
$619.7M
Current ratio
4.02x
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. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 6
Revenue
$183.9M
+5.4% YoY
EPS
$0.67
vs $0.64
Op. margin
21.6%
-2.6 pts
Gross margin
50.8%
+1.2 pts
Free cash flow
$42.7M
Share count
-8.1%
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
0.9
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▼Distributing-11.7%
Institutions cut 11.7% from their holdings. 94 bought, 107 sold. 2 quarters of net selling in a row.
Shares held by institutions28.3M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
-4.5%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
0.8x · $609.6M debt
Shares outstandingLatest reported
43M
Earnings reports
Last 12
Next reportAround Nov 5 (est.)Estimated from the same quarter last year
Results filedAug 6
Results filedMay 7
Results filedFeb 26
Results filedNov 6, 2025
Results filedAug 7, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days
No offerings, red flags or new big holders. Clean record.
Insider trades
Open-market buys and sells, last 90 days
No open-market buys or sells in 90 days. Grants and option exercises are left out.
"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.
Latest filings
Straight from SEC EDGAR
SoldWilliam J PetersCFO, EVP & TREASURER, Director