The checklist Warren Buffett-style investors use. Annual numbers for 2025.
2/3Mixed
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.29.9%
MissProfitable every yearSteady profits, not one good year.6 of 9 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$246.5M
Revenue
$333.8M
+7.9% vs prior year
5-year growth
+29.8%/yr
revenue, per year
Total debt
$441.5M
Current ratio
8.64x
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 7
Revenue
$112.5M
+30.0% YoY
Op. margin
53.1%
+9.4 pts
Free cash flow
$68.3M
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
0.9
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady-2.0%
Institutions cut 2.0% from their holdings. 117 bought, 64 sold.
Shares held by institutions31.4M
Sep '24Jun '26
Safety check
From SEC filings
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
$478.7M debt
Shares outstandingLatest reported
27M
Why low risk
8 offering filings in 6 months (may sell new shares)
Earnings reports
Last 12
Next reportAround Nov 5 (est.)Estimated from the same quarter last year
Results filedAug 7
Results filedMay 7
Results filedFeb 26
Results filedNov 6, 2025
Results filedAug 7, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days