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.12.2%
PassProfitable every yearSteady profits, not one good year.5 of 5 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$507.0M
Revenue
$1.2B
+21.2% vs prior year
Total debt
$1.1B
Current ratio
1.05x
short-term assets / bills due
Free cash flow
$507.0M
43.1% of revenue
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 6
Revenue
$406.0M
+40.7% YoY
EPS
$0.58
vs $0.76
Op. margin
30.2%
-8.4 pts
Free cash flow
$153.7M
Share count
+41.9%
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
0.4
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady-9.9%
Institutions cut 9.9% from their holdings. 48 bought, 21 sold. 3 quarters of net selling in a row.
Shares held by institutions25.9M
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