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.21.5%
MissProfitable every yearSteady profits, not one good year.3 of 5 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$140.8M
MissShare count not growingNot diluting owners. Falling means buybacks.+22.6% in 3 years
Revenue
$439.9M
+27.6% vs prior year
Total debt
$395.9M
Current ratio
1.96x
short-term assets / bills due
Free cash flow
$140.8M
32.0% 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 Aug 6
Revenue
$138.1M
+32.5% YoY
EPS
$0.10
vs $0.08
Op. margin
23.5%
+0.1 pts
Free cash flow
$40.8M
Share count
-10.4%
vs a year ago
Insider rating
Last 90 days
43Mixed
Pre-planned sales of $14.2M (weaker signal)
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
0/ 100
This week
0
Normal week
1.7
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+14.0%
Institutions added 14.0% to their holdings. 91 bought, 78 sold. 2 quarters of net buying in a row.
Shares held by institutions40.4M
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
Owes more than it owns
Shares outstandingLatest reported
174M
Why low risk
1 offering filing in 6 months (may sell new shares)