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.38.1%
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.$4.1B
Revenue
$13.0B
+8.9% vs prior year
5-year growth
+11.4%/yr
revenue, per year
Total debt
$24.2B
Current ratio
1.23x
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 4
Revenue
$3.3B
+10.3% YoY
Op. margin
41.6%
-1.5 pts
Free cash flow
$877.0M
Share count
-0.5%
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
1.6
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady-2.8%
Institutions cut 2.8% from their holdings. 293 bought, 206 sold.
Shares held by institutions196.3M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+0.4%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
$24.4B debt
Shares outstandingLatest reported
1.0B
Earnings reports
Last 12
Next reportIn 7 days (est.)Estimated from the same quarter last year
Results filedAug 4
Results filedMay 5
Results filedApr 13
Results filedFeb 3
Results filedNov 4, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days