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Insufficient data to determine institutional momentum.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
No trend data available for this metric.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $21.4M buybacks = $21.4M returned on $173.6M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 2%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-08
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $163.0M 100.0% | $102.9M 100.0% | $100.5M 100.0% | $4.17B 100.0% | $4.12B 100.0% | $4.04B 100.0% | $4.02B 100.0% | $3.97B 100.0% | $3.89B 100.0% | $3.99B 100.0% |
| Cost of Revenue | $79.5M 48.8% | $73.0M 70.9% | $67.9M 67.6% | — | — | — | — | — | $1.07B 27.5% | $1.08B 27.1% |
| Cost of Products | — | — | — | — | — | — | — | — | $1.07B 27.5% | $1.08B 27.1% |
| Cost of Services | — | — | — | — | — | — | — | — | $732.0M 18.8% | $760.0M 19.0% |
| Selling, General & Admin | $84.4M 51.8% | $102.6M 99.6% | $101.4M 100.9% | $1.41B 33.8% | $1.34B 32.6% | $1.37B 33.9% | $1.41B 35.0% | $1.39B 35.0% | $1.41B 36.3% | $1.48B 37.1% |
| Total Operating Expenses | $255.5M 156.8% | $363.3M 352.9% | $212.7M 211.7% | $4.10B 98.3% | $3.95B 95.9% | $3.86B 95.7% | $3.91B 97.2% | $3.81B 96.0% | $4.19B 107.8% | $3.94B 98.8% |
| Operating Income | -$92.5M -56.8% | -$260.3M -252.9% | -$112.2M -111.7% | $69.0M 1.7% | $170.0M 4.1% | $173.0M 4.3% | $112.0M 2.8% | $158.0M 4.0% | -$304.0M -7.8% | $48.0M 1.2% |
| Interest Expense | $28.2M 17.3% | $12.4M 12.1% | $14.6M 14.5% | $163.0M 3.9% | $175.0M 4.2% | $112.0M 2.8% | $110.0M 2.7% | $116.0M 2.9% | $113.0M 2.9% | $113.0M 2.8% |
| Other Income (Expense), net | $233.7M 143.4% | $160.6M 156.0% | $153.5M 152.7% | $3.0M 0.1% | $10.0M 0.2% | $77.0M 1.9% | $73.0M 1.8% | $57.0M 1.4% | $32.0M 0.8% | $34.0M 0.9% |
| Pretax Income | $141.1M 86.6% | -$99.7M -96.9% | $41.2M 41.0% | $72.0M 1.7% | $180.0M 4.4% | $250.0M 6.2% | $185.0M 4.6% | $215.0M 5.4% | -$272.0M -7.0% | $82.0M 2.1% |
| Income Tax Expense | -$31.1M -19.1% | -$19.3M -18.7% | $32.9M 32.7% | $37.0M 0.9% | $20.0M 0.5% | $17.0M 0.4% | $52.0M 1.3% | $51.0M 1.3% | -$287.0M -7.4% | $33.0M 0.8% |
| Net Income | $69.2M 42.5% | -$31.6M -30.7% | $57.9M 57.6% | $34.8M 0.8% | $159.8M 3.9% | $229.0M 5.7% | $127.0M 3.2% | $150.0M 3.8% | $12.0M 0.3% | $48.0M 1.2% |
| Per Share | ||||||||||
| EPS (Basic) | $0.57 | -$0.46 | $0.64 | $0.35 | $1.80 | $2.66 | $1.47 | $1.75 | $0.14 | $0.56 |
| EPS (Diluted) | $0.56 | -$0.46 | $0.63 | $0.35 | $1.77 | $2.62 | $1.44 | $1.72 | $0.14 | $0.56 |
| Weighted Avg Shares (Basic) | 85.9M | 85.6M | 85.2M | 85.0M | 86.0M | 86.0M | 86.0M | 86.0M | 85.0M | 85.0M |
| Weighted Avg Shares (Diluted) | 87.3M | 85.6M | 86.7M | 86.0M | 87.0M | 87.0M | 88.0M | 87.0M | 86.0M | 85.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
A reverse discounted cash flow is not shown for a company with no positive EBITDA.
No positive EBITDA in the recent record, so there is no return on capital to compare against its cost.
Classified from the filings: EBITDA negative in each of the last 2 years.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $113.4M covers the $4.1M due within a year 27.7× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-08
Where each multiple sits in its own 14-yr range · 87th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 2% against ROIC 2% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | — | — | — | — | — | 67.6 | 70.9 | 48.8 |
| SG&A | 35.0 | 35.0 | 33.9 | 32.6 | 33.8 | 100.9 | 99.6 | 51.8 |
| Operating Income | 4.0 | 2.8 | 4.3 | 4.1 | 1.7 | -111.7 | -252.9 | -56.8 |
| Income Tax | 1.3 | 1.3 | 0.4 | 0.5 | 0.9 | 32.7 | -18.7 | -19.1 |
| Net Income | 3.8 | 3.2 | 5.7 | 3.9 | 0.8 | 57.6 | -30.7 | 42.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AD: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Ranked against 11 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VZ | $192.6B | 11.4× | 7.0× | 1.4× | 2.5% | — | 12.4% | 16.2% | 7.0% | 2.7× | 3,043 |
| TMUS | $183.8B | 17.6× | 8.3× | 2.1× | 8.5% | — | 12.4% | 18.6% | 7.6% | 2.5× | 1,605 |
| T | $170.4B | 8.2× | 6.6× | 1.4× | 2.7% | — | 17.5% | 17.4% | 8.1% | 2.8× | 2,601 |
| LUMN | $5.7B | — | 2.4× | 0.5× | -5.4% | 46.5% | -14.0% | 156% | 156% | -0.5× | 613 |
| TDS | $3.9B | — | 15.3× | 3.2× | -5.3% | — | -0.5% | -0.1% | -0.1% | -3.7× | 340 |
| AD | $2.9B | 60.1× | — | 17.9× | 58.3% | 51.2% | 29.9% | 1.9% | 1.9% | — | 140 |
| IDT | $2.0B | 26.8× | 14.8× | 1.6× | 2.1% | 36.2% | 6.2% | 24.9% | 24.9% | -1.9× | 195 |
| UNIT | $1.8B | 1.5× | 14.4× | 0.8× | 91.5% | — | 58.4% | 343% | 13.2% | 12.1× | 276 |
| SHEN | $638M | — | 11.6× | 1.8× | 9.1% | — | -9.2% | -3.7% | -2.2% | 5.7× | 182 |
| ATNI | $438M | — | 5.6× | 0.6× | -0.2% | — | -2.0% | -3.4% | -1.5% | 2.9× | 131 |
| SPOK | $231M | 14.8× | — | 1.7× | 1.5% | 78.7% | 11.4% | 10.8% | 10.8% | — | 132 |
| CXDO | $197M | 37.0× | 40.1× | 2.9× | 12.0% | — | 7.4% | 7.9% | 7.9% | 0.0× | 123 |
Peers = companies sharing AD's sector (Radiotelephone Communications) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 72.9% | 1.2% | 1.2% |
| FY2017 | 72.5% | -7.8% | 0.3% |
| FY2018 | not reported | 4.0% | 3.8% |
| FY2019 | not reported | 2.8% | 3.2% |
| FY2020 | not reported | 4.3% | 5.7% |
| FY2021 | not reported | 4.1% | 3.8% |
| FY2022 | not reported | 1.7% | 0.7% |
| FY2023 | 32.4% | -111.7% | 54.2% |
| FY2024 | 29.1% | -252.9% | -38.3% |
| FY2025 | 51.2% | -56.8% | 29.9% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Free cash flow of $174M exceeds revenue of $163M, so the cash flow statement is carrying customer balances rather than earnings. Cash conversion cannot be read here.
Banks, brokers, insurers and payment companies run customer money through operating cash flow. Treat free cash flow, FCF yield and any DCF on this company as unreliable.
Missing from our data, so excluded from this answer: free cash flow attributable to the company.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $33.66, free cash flow must compound -12.33%/yr for 10 years. It has done 15.27%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 235.1% | −12.3% |
| FY2021 | −68.5% | −12.3% |
| FY2022 | 194.9% | −12.3% |
| FY2023 | 259.2% | −12.3% |
| FY2024 | 4.6% | −12.3% |
| FY2025 | −79.9% | −12.3% |
The achieved growth rate spans a reporting-basis change in FY2023, so part of it measures the restatement rather than the business.