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.27.8%
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.$2.6B
Revenue
$10.8B
+23.6% vs prior year
5-year growth
+11.8%/yr
revenue, per year
Total debt
$14.2B
Current ratio
0.78x
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 6
Revenue
$2.6B
+5.2% YoY
Op. margin
51.9%
+22.8 pts
Free cash flow
$433.0M
Share count
0.0%
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
65/ 100
This week
1
Normal week
0.6
vs normal
1.8x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady0.0%
Institutions added 0.0% to their holdings. 76 bought, 63 sold.
Shares held by institutions226.7M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
0.0%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
$14.4B debt
Shares outstandingLatest reported
484M
Earnings reports
Last 12
Next reportIn 1 days (est.)Estimated from the same quarter last year
Results filedAug 6
Results filedMay 7
Results filedFeb 26
Results filedOct 30, 2025
Results filedAug 7, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days