The checklist Warren Buffett-style investors use. Annual numbers for 2025.
2/3Mixed
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.11.2%
MissProfitable every yearSteady profits, not one good year.6 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$277.0M
Revenue
$998.1M
+5.0% vs prior year
5-year growth
+8.4%/yr
revenue, per year
Total debt
$2.5B
Current ratio
1.27x
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 4
Revenue
$342.1M
+36.8% YoY
Op. margin
29.3%
-1.3 pts
Free cash flow
$108.3M
Share count
+18.1%
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
■Steady+0.5%
Institutions added 0.5% to their holdings. 64 bought, 30 sold. 2 quarters of net buying in a row.
Shares held by institutions54.0M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+13.8%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
$2.9B debt
Shares outstandingLatest reported
145M
Why moderate risk
Share count growing 13.8% a year (dilution)
1 offering filing in 6 months (may sell new shares)
Earnings reports
Last 12
Next reportIn 7 days (est.)Estimated from the same quarter last year
Results filedAug 4
Results filedMay 5
Results filedFeb 17
Results filedNov 5, 2025
Results filedAug 6, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days