The checklist Warren Buffett-style investors use. Annual numbers for 2025.
4/4Strong
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.12.7%
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.$37.1B
PassShare count not growingNot diluting owners. Falling means buybacks.+0.6% in 3 years
Revenue
$138.2B
+2.5% vs prior year
5-year growth
+1.5%/yr
revenue, per year
Total debt
$18.6B
Current ratio
0.91x
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, gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Sep 30, 2026
Reported Oct 26Before open7:00 am ET
Revenue
$34.3B
+1.5% YoY
Op. margin
25.2%
+1.2 pts
From the press release, checked against last year's SEC filing. Cash flow and share count update with the 10-Q.
Insider rating
Last 90 days
47Mixed
Pre-planned sales of $198K (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
61/ 100
This week
9
Normal week
5.6
vs normal
1.6x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+3.1%
Institutions added 3.1% to their holdings. 1534 bought, 1483 sold.
Shares held by institutions2.87B
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
-0.4%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
1.4x · $143.4B debt
Shares outstandingLatest reported
4.2B
Earnings reports
Last 12
Next reportAround Jan 29, 2027 (est.)Estimated from the same quarter last year
Results filedOct 26
Results filedJul 24
Results filedApr 27
Results filedJan 30
Results filedOct 29, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days
No offerings, red flags or new big holders. Clean record.