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.11.4%
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.$1.4B
Revenue
$9.4B
+12.2% vs prior year
5-year growth
+13.7%/yr
revenue, per year
Total debt
$13.3B
Current ratio
0.98x
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 6
Revenue
$2.5B
+4.6% YoY
Op. margin
28.4%
+8.4 pts
Free cash flow
$479.0M
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
0.2
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
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
2.5x · $13.3B debt
Shares outstandingLatest reported
352M
Why low risk
High debt: 2.46x equity
Earnings reports
Last 12
Next reportIn 2 days (est.)Estimated from the same quarter last year
Results filedAug 6
Results filedMay 6
Results filedFeb 12
Results filedOct 30, 2025
Results filedAug 7, 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.