The checklist Warren Buffett-style investors use. Annual numbers for 2025.
2/4Mixed
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.12.9%
MissProfitable every yearSteady profits, not one good year.9 of 10 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$1.4B
PassShare count not growingNot diluting owners. Falling means buybacks.+0.9% in 3 years
Revenue
$9.2B
+8.4% vs prior year
5-year growth
+10.9%/yr
revenue, per year
Total debt
$18.9B
Current ratio
0.86x
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 Mar 31, 2026
Reported Aug 7
Revenue
$2.8B
+10.8% YoY
EPS
$0.60
vs $0.56
Op. margin
26.9%
-0.2 pts
Free cash flow
-$501.0M
Share count
+2.1%
vs a year ago
Insider rating
Last 90 days
47Mixed
Pre-planned sales of $190K (weaker signal)
50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.
Weekly insider trend
13 weeks agoBoughtSoldThis week
Filing buzz
Last 7 days vs normal
0/ 100
This week
0
Normal week
1.4
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+5.1%
Institutions added 5.1% to their holdings. 563 bought, 361 sold.
Shares held by institutions686.3M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+0.7%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
1.3x · $20.0B debt
Shares outstandingLatest reported
752M
Earnings reports
Last 12
Next reportIn 7 days (est.)Estimated from the same quarter last year
Results filedAug 7
Results filedMay 8
Results filedFeb 20
Results filedNov 5, 2025
Results filedJul 31, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days