The checklist Warren Buffett-style investors use. Annual numbers for 2025.
4/4Strong
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.25.9%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$683.2M
PassShare count not growingNot diluting owners. Falling means buybacks.0.0% in 3 years
Revenue
$2.3B
+2.7% vs prior year
5-year growth
+7.6%/yr
revenue, per year
Total debt
$3.4B
Current ratio
0.58x
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, 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
$616.7M
+6.5% YoY
EPS
$1.58
vs $1.52
Op. margin
33.7%
-0.4 pts
Gross margin
68.5%
+0.7 pts
Free cash flow
$209.7M
Share count
-0.1%
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
0/ 100
This week
0
Normal week
0.5
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady0.0%
Institutions added 0.0% to their holdings. 416 bought, 275 sold. 3 quarters of net selling in a row.
Shares held by institutions85.8M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
-0.2%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
3.5x · $3.5B debt
Shares outstandingLatest reported
102M
Why low risk
High debt: 3.53x equity
Earnings reports
Last 12
Next reportAround Nov 5 (est.)Estimated from the same quarter last year
Results filedAug 6
Results filedMay 7
Results filedFeb 20
Results filedNov 6, 2025
Results filedAug 8, 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.