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.21.8%
PassProfitable every yearSteady profits, not one good year.9 of 9 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$728.2M
Revenue
$1.6B
+8.4% vs prior year
5-year growth
+8.2%/yr
revenue, per year
Total debt
$3.8B
Current ratio
0.85x
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 3
Revenue
$399.0M
-3.7% YoY
Op. margin
63.5%
+0.7 pts
Free cash flow
$255.5M
Share count
-2.1%
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
■Steady-1.2%
Institutions cut 1.2% from their holdings. 149 bought, 115 sold. 3 quarters of net selling in a row.
Shares held by institutions114.7M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+31.1%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
$3.7B debt
Shares outstandingLatest reported
128M
Why moderate risk
Share count growing 31.1% a year (dilution)
Earnings reports
Last 12
Next reportIn 5 days (est.)Estimated from the same quarter last year
Results filedAug 3
Results filedMay 4
Results filedFeb 2
Results filedNov 3, 2025
Results filedJul 30, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days