The checklist Warren Buffett-style investors use. Annual numbers for 2025.
1/6Weak
MissReturn on equity 15%+Earns a lot on the money owners have in the business.7.5%
MissDebt under half of equityNot relying on borrowed money.0.84x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.11.6%
MissProfitable every yearSteady profits, not one good year.6 of 10 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$58.6M
MissShare count not growingNot diluting owners. Falling means buybacks.+3.2% in 3 years
Revenue
$172.3M
+9.9% vs prior year
5-year growth
+20.4%/yr
revenue, per year
Total debt
$230.0M
0.84x equity
Current ratio
2.33x
short-term assets / bills due
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 12
Revenue
$51.4M
+24.2% YoY
EPS
$0.30
vs $0.41
Op. margin
19.3%
-4.7 pts
Free cash flow
$6.6M
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
0.5
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+7.4%
Institutions added 7.4% to their holdings. 96 bought, 54 sold. 5 quarters of net buying in a row.
Shares held by institutions11.3M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+1.2%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
1.1x · $328.0M debt
Shares outstandingLatest reported
13M
Why moderate risk
1 offering filing in 6 months (may sell new shares)
Auditor change
Earnings reports
Last 12
Next reportAround Nov 9 (est.)Estimated from the same quarter last year
Results filedAug 12
Results filedAug 10
Results filedMay 13
Results filedMay 11
Results filedMar 18
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days