The checklist Warren Buffett-style investors use. Annual numbers for 2025.
3/5Mixed
MissReturn on equity 15%+Earns a lot on the money owners have in the business.6.8%
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.46.7%
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.$142.5M
PassShare count not growingNot diluting owners. Falling means buybacks.-16.1% in 3 years
Revenue
$271.6M
-10.6% vs prior year
5-year growth
-0.5%/yr
revenue, per year
Free cash flow
$142.5M
52.5% of revenue
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: debt under half of equity, gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 11
Revenue
$44.4M
-37.4% YoY
EPS
$0.11
vs $0.12
Free cash flow
$33.9M
Share count
-5.5%
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
52/ 100
This week
1
Normal week
0.9
vs normal
1.1x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady-5.4%
Institutions cut 5.4% from their holdings. 144 bought, 130 sold.
Shares held by institutions81.1M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
-3.2%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
No debt reported
Shares outstandingLatest reported
128M
Why low risk
Revenue down 10.6% from the year before
Earnings reports
Last 12
Next reportIn 3 days (est.)Estimated from the same quarter last year
Results filedAug 11
Results filedApr 29
Results filedFeb 11
Results filedOct 31, 2025
Results filedJul 30, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days