The checklist Warren Buffett-style investors use. Annual numbers for 2025.
3/3Mixed
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.63.8%
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.$310.2M
Revenue
$469.9M
+6.9% vs prior year
5-year growth
+6.5%/yr
revenue, per year
Total debt
$4.7M
Current ratio
3.88x
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 Jun 30, 2026
Reported Aug 4
Revenue
$149.0M
-6.6% YoY
Op. margin
73.9%
-2.8 pts
Free cash flow
$93.0M
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
1.0
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+4.3%
Institutions added 4.3% to their holdings. 80 bought, 58 sold. 7 quarters of net buying in a row.
Shares held by institutions45.4M
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
$5.5M debt
Earnings reports
Last 12
Next reportIn 6 days (est.)Estimated from the same quarter last year
Results filedAug 4
Results filedMay 5
Results filedFeb 24
Results filedNov 4, 2025
Results filedAug 5, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days