The checklist Warren Buffett-style investors use. Annual numbers for 2025.
2/3Mixed
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.14.2%
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.$387.9M
Revenue
$2.2B
-10.4% vs prior year
5-year growth
+10.6%/yr
revenue, per year
Total debt
$450.8M
Current ratio
2.10x
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, share count not growing, gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Sep 30, 2026
Reported Oct 26Before open8:00 am ET
Revenue
$603.0M
+5.5% YoY
Op. margin
24.5%
+6.1 pts
From the press release, checked against last year's SEC filing. Cash flow and share count update with the 10-Q.
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
67/ 100
This week
1
Normal week
0.5
vs normal
2.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady-1.9%
Institutions cut 1.9% from their holdings. 71 bought, 69 sold.
Shares held by institutions19.7M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+0.4%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
$579.6M debt
Shares outstandingLatest reported
129M
Why low risk
Revenue down 10.4% from the year before
Earnings reports
Last 12
Next reportAround Feb 1, 2027 (est.)Estimated from the same quarter last year
Results filedOct 26
Results filedJul 27
Results filedApr 27
Results filedFeb 2
Results filedOct 27, 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.