The checklist Warren Buffett-style investors use. Annual numbers for 2025.
3/6Mixed
MissReturn on equity 15%+Earns a lot on the money owners have in the business.9.4%
MissDebt under half of equityNot relying on borrowed money.0.98x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.35.4%
MissProfitable every yearSteady profits, not one good year.5 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$429.7M
PassShare count not growingNot diluting owners. Falling means buybacks.-0.3% in 3 years
Revenue
$844.4M
+0.8% vs prior year
5-year growth
+25.9%/yr
revenue, per year
Total debt
$3.0B
0.98x equity
Free cash flow
$429.7M
50.9% of revenue
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: 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
$196.3M
-8.0% YoY
EPS
$0.79
vs $0.50
Free cash flow
$126.8M
Share count
-7.6%
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
1
Normal week
0.4
vs normal
2.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▼Distributing-2.0%
Institutions cut 2.0% from their holdings. 175 bought, 176 sold. 3 quarters of net selling in a row.
Shares held by institutions205.6M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
-3.0%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
1.0x · $2.8B debt
Shares outstandingLatest reported
200M
Why low risk
1 offering filing in 6 months (may sell new shares)
Earnings reports
Last 12
Next reportIn 1 days (est.)Estimated from the same quarter last year
Results filedJul 30
Results filedApr 29
Results filedFeb 17
Results filedOct 29, 2025
Results filedJul 30, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days