The checklist Warren Buffett-style investors use. Annual numbers for 2025.
3/4Mixed
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.19.8%
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.$182.7M
MissShare count not growingNot diluting owners. Falling means buybacks.+3.5% in 3 years
Revenue
$471.9M
+6.1% vs prior year
5-year growth
+7.4%/yr
revenue, per year
Free cash flow
$182.7M
38.7% of revenue
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 6
Revenue
$132.6M
+12.2% YoY
EPS
$0.18
vs $0.07
Free cash flow
$39.1M
Share count
+4.4%
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
0.2
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady-1.9%
Institutions cut 1.9% from their holdings. 144 bought, 96 sold.
Shares held by institutions122.5M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+2.3%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
Total liabilities $2.0B
Shares outstandingLatest reported
126M
Earnings reports
Last 12
Next reportIn 0 days (est.)Estimated from the same quarter last year
Results filedAug 6
Results filedApr 29
Results filedFeb 11
Results filedOct 29, 2025
Results filedJul 30, 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.