The checklist Warren Buffett-style investors use. Annual numbers for 2025.
3/3Mixed
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.50.1%
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.$23.1B
Revenue
$40.0B
+11.3% vs prior year
5-year growth
+12.9%/yr
revenue, per year
Total debt
$21.2B
Free cash flow
$23.1B
57.6% of revenue
From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. Not in this company's SEC data, so not scored: return on equity 15%+, debt under half of equity, share count not growing. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Mar 31, 2026
Reported Oct 27After close4:05 pm ET
The numbers below are the quarter before. The new quarter's full numbers come with the 10-Q. Read the press release ↗
Revenue
$11.2B
+17.1% YoY
Op. margin
64.4%
+7.8 pts
Free cash flow
$2.6B
Insider rating
Last 90 days
44Mixed
Pre-planned sales of $2.1M (weaker signal)
50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.
Weekly insider trend
13 weeks agoBoughtSoldThis week
Filing buzz
Last 7 days vs normal
0/ 100
This week
1
Normal week
1.5
vs normal
0.7x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady+1.8%
Institutions added 1.8% to their holdings. 2247 bought, 1874 sold.
Shares held by institutions1.49B
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
0.7x · $24.0B debt
Shares outstandingLatest reported
469M
Earnings reports
Last 12
Next reportAround Jan 28, 2027 (est.)Estimated from the same quarter last year
Results filedOct 27
Results filedJul 28
Results filedApr 28
Results filedJan 29
Results filedOct 28, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days
No offerings, red flags or new big holders. Clean record.