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.7.0%
MissDebt under half of equityNot relying on borrowed money.4.20x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.12.4%
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.-$1.3B
MissShare count not growingNot diluting owners. Falling means buybacks.+13.4% in 3 years
Revenue
$4.6B
-6.7% vs prior year
5-year growth
+22.4%/yr
revenue, per year
Total debt
$35.4B
4.20x equity
Free cash flow
-$1.3B
-28.1% of revenue
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
New results, as stated in the press release
Reported Oct 23Before open7:24 am ET
EPS
$0.38
Revenue and EPS as the company states them. Margins, cash flow and share count fill in with the 10-Q.
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
50/ 100
This week
1
Normal week
1.0
vs normal
1.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady-1.5%
Institutions cut 1.5% from their holdings. 234 bought, 244 sold.
Shares held by institutions328.3M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+4.9%
Cash runwayAt last year's cash burn
15 months
Debt to equityLatest balance sheet: debt compared with what owners have
4.2x · $36.0B debt
Shares outstandingLatest reported
558M
Why moderate risk
High debt: 4.23x equity
Earnings reports
Last 12
Next reportAround Feb 2, 2027 (est.)Estimated from the same quarter last year
Results filedOct 23
Results filedJul 28
Results filedApr 28
Results filedFeb 3
Results filedOct 30, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days