The checklist Warren Buffett-style investors use. Annual numbers for 2025.
4/5Strong
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.12.9%
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.$4.3B
MissShare count not growingNot diluting owners. Falling means buybacks.+1.1% in 3 years
PassGross margin 40%+Pricing power: sells for well above what it costs to make.64.0%
Revenue
$25.1B
+11.2% vs prior year
5-year growth
+11.8%/yr
revenue, per year
Total debt
$14.9B
Current ratio
1.89x
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
$6.6B
+9.4% YoY
EPS
$3.30
vs $2.29
Op. margin
25.2%
+6.7 pts
Gross margin
68.3%
+4.5 pts
Free cash flow
$1.1B
Share count
-0.1%
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
1.2
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+2.8%
Institutions added 2.8% to their holdings. 1058 bought, 1025 sold.
Shares held by institutions307.8M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+0.3%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
0.6x · $14.2B debt
Shares outstandingLatest reported
384M
Earnings reports
Last 12
Next reportIn 2 days (est.)Estimated from the same quarter last year
Results filedJul 30
Results filedApr 30
Results filedJan 29
Results filedOct 30, 2025
Results filedJul 31, 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.