The checklist Warren Buffett-style investors use. Annual numbers for 2025.
2/4Mixed
MissReturn on equity 15%+Earns a lot on the money owners have in the business.8.7%
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.12.2%
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.$477.8M
Revenue
$19.5B
-11.0% vs prior year
5-year growth
+35.7%/yr
revenue, per year
Free cash flow
$477.8M
2.5% of revenue
From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. Not in this company's SEC data, so not scored: debt under half of equity, share count not growing. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Jul 30
Revenue
$5.7B
+12.5% YoY
Free cash flow
$3.3B
Share count
+0.8%
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
79/ 100
This week
4
Normal week
1.1
vs normal
3.7x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+3.8%
Institutions added 3.8% to their holdings. 615 bought, 584 sold.
Shares held by institutions549.5M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+1.5%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
Total liabilities $334.0B
Shares outstandingLatest reported
898M
Why low risk
Revenue down 11% from the year before
Earnings reports
Last 12
Next reportAround Nov 6 (est.)Estimated from the same quarter last year
Results filedJul 30
Results filedMay 5
Results filedFeb 5
Results filedNov 7, 2025
Results filedJul 31, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days
No offerings, red flags or new big holders. Clean record.
Insider trades
Open-market buys and sells, last 90 days
No open-market buys or sells in 90 days. Grants and option exercises are left out.
"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.