The checklist Warren Buffett-style investors use. Annual numbers for 2025.
2/4Mixed
MissDebt under half of equityNot relying on borrowed money.25.06x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.58.4%
MissProfitable every yearSteady profits, not one good year.3 of 5 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$350.2M
Revenue
$2.2B
+91.5% vs prior year
Total debt
$9.5B
25.06x equity
Current ratio
0.74x
short-term assets / bills due
Free cash flow
$350.2M
15.7% of revenue
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: return on equity 15%+, 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 Jul 30
Revenue
$909.7M
+202.5% YoY
EPS
-$0.68
vs -$0.07
Op. margin
3.5%
-44.7 pts
Free cash flow
$78.5M
Share count
+75.9%
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
0.9
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady-1.3%
Institutions cut 1.3% from their holdings. 140 bought, 115 sold.
Shares held by institutions225.9M
Sep '24Jun '26
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
65.9x · $10.6B debt
Shares outstandingLatest reported
243M
Why low risk
High debt: 65.92x equity
Earnings reports
Last 5
Next reportIn 7 days (est.)Estimated from the same quarter last year
Results filedJul 30
Results filedMay 11
Results filedMar 2
Results filedNov 4, 2025
Results filedAug 5, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days