The checklist Warren Buffett-style investors use. Annual numbers for 2025.
5/5Strong
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.14.9%
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.$295.4M
PassShare count not growingNot diluting owners. Falling means buybacks.-0.2% in 3 years
PassGross margin 40%+Pricing power: sells for well above what it costs to make.46.5%
Revenue
$1.9B
+3.7% vs prior year
5-year growth
+6.8%/yr
revenue, per year
Total debt
$580.9M
Current ratio
3.01x
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. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Jul 30
Revenue
$503.3M
+6.2% YoY
EPS
$2.23
vs $1.59
Op. margin
22.2%
+4.1 pts
Gross margin
49.5%
+2.9 pts
Free cash flow
$82.7M
Share count
-1.7%
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
1.0
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+3.1%
Institutions added 3.1% to their holdings. 235 bought, 184 sold.
Shares held by institutions35.3M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
-0.6%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
0.4x · $599.7M debt
Shares outstandingLatest reported
39M
Earnings reports
Last 12
Next reportIn 0 days (est.)Estimated from the same quarter last year
Results filedJul 30
Results filedMay 4
Results filedFeb 11
Results filedOct 28, 2025
Results filedAug 4, 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.