The checklist Warren Buffett-style investors use. Annual numbers for 2025.
4/4Strong
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.11.0%
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.$8.6B
PassShare count not growingNot diluting owners. Falling means buybacks.-0.5% in 3 years
Revenue
$52.6B
-6.4% vs prior year
5-year growth
+14.1%/yr
revenue, per year
Total debt
$34.4B
Current ratio
1.04x
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, gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Jul 30
Revenue
$18.3B
+60.8% YoY
Op. margin
12.3%
-3.5 pts
Gross margin
22.5%
-8.0 pts
Free cash flow
$2.0B
Share count
-0.2%
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
0/ 100
This week
0
Normal week
0.5
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+2.5%
Institutions added 2.5% to their holdings. 637 bought, 537 sold.
Shares held by institutions544.5M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
-0.2%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
$33.2B debt
Shares outstandingLatest reported
2.2B
Earnings reports
Last 12
Next reportIn 2 days (est.)Estimated from the same quarter last year
Results filedJul 30
Results filedApr 28
Results filedFeb 3
Results filedOct 30, 2025
Results filedJul 28, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days