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.30.7%
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.$2.2B
Revenue
$3.8B
+6.6% vs prior year
5-year growth
+6.7%/yr
revenue, per year
Total debt
$8.2B
Current ratio
1.34x
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 Mar 31, 2026
Reported Aug 5
Revenue
$1.1B
+22.5% YoY
Op. margin
41.8%
-2.9 pts
Free cash flow
$469.9M
Share count
+3.3%
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
0.5
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+8.1%
Institutions added 8.1% to their holdings. 158 bought, 113 sold. 4 quarters of net buying in a row.
Shares held by institutions177.9M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+0.8%
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
$8.2B debt
Shares outstandingLatest reported
394M
Why low risk
2 offering filings in 6 months (may sell new shares)
Earnings reports
Last 12
Next reportIn 6 days (est.)Estimated from the same quarter last year
Results filedAug 5
Results filedMay 6
Results filedFeb 18
Results filedNov 4, 2025
Results filedAug 6, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days