The checklist Warren Buffett-style investors use. Annual numbers for 2025.
2/3Mixed
MissReturn on equity 15%+Earns a lot on the money owners have in the business.14.6%
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.17.4%
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$140.7M
Revenue
$424.3M
+23.4% vs prior year
Free cash flow
$140.7M
33.2% of revenue
From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. Not in this company's SEC data, so not scored: debt under half of equity, profitable every year, share count not growing. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Sep 30, 2026
Reported Oct 21After close4:03 pm ET
Revenue
$125.6M
+8.2% YoY
EPS
$0.29
vs $0.45
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
62Buying
1 insider bought $24K
Chris Schenk grew their stake 40%
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
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-7.0%
Institutions cut 7.0% from their holdings. 46 bought, 36 sold. 3 quarters of net selling in a row.
Shares held by institutions5.5M
Sep '24Jun '26
Safety check
From SEC filings
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
Total liabilities $993.2M
Shares outstandingLatest reported
48M
Earnings reports
Last 7
Next reportAround Feb 18, 2027 (est.)Estimated from the same quarter last year
Results filedOct 21
Results filedJul 29
Results filedJul 10
Results filedApr 29
Results filedFeb 19
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days
No offerings, red flags or new big holders. Clean record.