The checklist Warren Buffett-style investors use. Annual numbers for 2025.
2/4Mixed
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.38.3%
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.$421.0M
MissShare count not growingNot diluting owners. Falling means buybacks.+1.9% in 3 years
Revenue
$718.4M
+2.9% vs prior year
5-year growth
+11.6%/yr
revenue, per year
Total debt
$2.9B
Free cash flow
$421.0M
58.6% of revenue
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 29
Revenue
$196.1M
+10.1% YoY
EPS
$0.79
vs $0.91
Op. margin
54.6%
-7.9 pts
Free cash flow
-$328.8M
Share count
+0.6%
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
0.8
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+4.0%
Institutions added 4.0% to their holdings. 241 bought, 197 sold. 2 quarters of net buying in a row.
Shares held by institutions63.5M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+0.6%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
1.4x · $3.3B debt
Shares outstandingLatest reported
77M
Earnings reports
Last 12
Next reportIn 0 days (est.)Estimated from the same quarter last year
Results filedJul 29
Results filedMay 6
Results filedFeb 25
Results filedOct 29, 2025
Results filedJul 30, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days