Loading institutional data...
Loading institutional data...
Held by 215 of 5,944 reporting institutions (92th percentile) — extremely crowded.
Data as of Q1 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading quality & risk...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -31%. 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 2026-08-05 · 15d old
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.08B 100.0% | $922.7M 100.0% | $1.15B 100.0% | $1.03B 100.0% | $563.0M 100.0% | $506.5M 100.0% | $530.1M 100.0% | $529.3M 100.0% | $666.9M 100.0% | $636.8M 100.0% |
| Cost of Revenue | $668.9M 61.7% | $598.6M 64.9% | $818.0M 71.2% | $698.3M 68.1% | $344.6M 61.2% | $289.0M 57.0% | $310.9M 58.7% | $325.7M 61.5% | $363.3M 54.5% | $345.5M 54.2% |
| Cost of Products | — | — | — | — | — | — | — | — | $279.5M 41.9% | $270.7M 42.5% |
| Cost of Services | — | — | — | — | — | — | — | — | $83.7M 12.6% | $74.7M 11.7% |
| Gross Profit | $415.0M 38.3% | $324.2M 35.1% | $331.1M 28.8% | $327.3M 31.9% | $218.4M 38.8% | $217.6M 43.0% | $219.2M 41.3% | $203.6M 38.5% | $303.6M 45.5% | $291.3M 45.8% |
| Research & Development | $204.3M 18.8% | $221.5M 24.0% | $258.3M 22.5% | $173.8M 16.9% | $108.7M 19.3% | $113.3M 22.4% | $126.2M 23.8% | $124.5M 23.5% | $130.7M 19.6% | $124.9M 19.6% |
| Selling, General & Admin | $226.3M 20.9% | $232.9M 25.2% | $258.6M 22.5% | $208.9M 20.4% | $124.4M 22.1% | $114.0M 22.5% | $130.3M 24.6% | $124.4M 23.5% | $135.6M 20.3% | $131.8M 20.7% |
| Operating Income | -$15.6M -1.4% | -$427.6M -46.3% | -$223.7M -19.5% | -$72.8M -7.1% | -$14.7M -2.6% | -$9.8M -1.9% | -$40.0M -7.5% | -$45.4M -8.6% | $37.4M 5.6% | $34.6M 5.4% |
| Interest Expense | $19.3M 1.8% | $22.1M 2.4% | $16.3M 1.4% | $3.4M 0.3% | $34K 0.0% | $5K 0.0% | $511K 0.1% | $533K 0.1% | $556K 0.1% | $572K 0.1% |
| Other Income (Expense), net | -$1.6M -0.2% | $246K 0.0% | $1.3M 0.1% | $14.5M 1.4% | $3.8M 0.7% | -$3.3M -0.6% | $1.5M 0.3% | $1.3M 0.2% | -$1.2M -0.2% | -$489K -0.1% |
| Pretax Income | -$31.3M -2.9% | -$442.7M -48.0% | -$233.6M -20.3% | -$71.0M -6.9% | -$6.3M -1.1% | -$6.2M -1.2% | -$24.8M -4.7% | -$33.4M -6.3% | $44.7M 6.7% | $46.9M 7.4% |
| Income Tax Expense | $5.0M 0.5% | $7.3M 0.8% | $28.3M 2.5% | -$62.1M -6.1% | $2.3M 0.4% | -$8.6M -1.7% | $28.2M 5.3% | -$14.0M -2.7% | $20.8M 3.1% | $11.7M 1.8% |
| Net Income | -$45.7M -4.2% | -$459.9M -49.8% | -$268.9M -23.4% | -$2.0M -0.2% | -$8.6M -1.5% | $2.4M 0.5% | -$53.0M -10.0% | -$19.3M -3.7% | $23.8M 3.6% | $35.2M 5.5% |
| Per Share | ||||||||||
| EPS (Basic) | $-0.52 | $-5.79 | $-3.43 | $-0.03 | $-0.18 | $0.05 | $-1.11 | $-0.40 | $0.50 | $0.72 |
| EPS (Diluted) | $-0.52 | $-5.79 | $-3.43 | $-0.03 | $-0.18 | $0.05 | $-1.11 | $-0.40 | $0.49 | $0.72 |
| Weighted Avg Shares (Basic) | 79.7M | 78.9M | 78.4M | 62.3M | 48.6M | 48.0M | 47.8M | 47.9M | 48.2M | 48.7M |
| Weighted Avg Shares (Diluted) | 79.7M | 78.9M | 78.4M | 62.3M | 48.6M | 48.3M | 47.8M | 47.9M | 48.7M | 48.9M |
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $7.91 today, the market must believe free cash flow compounds -8.3%/yr for a decade (off $84M normalized FCF).
The market's -8.3% is more conservative than its 9-yr track record.
2-stage DCF · 0.08B shares · net debt -$96M
mean -153.7% · volatility σ 211% · implied rate exceeded in 1/3 yrs
Central path = implied -8.3%/yr growth; shaded band = ±1σ (211%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
5/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $98M 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 much the company owes, how it's trended, and how comfortably it's serviced.
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. Educational — not a recommendation.
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
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.
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 2026-08-05
No standout strengths flagged.
Where each multiple sits in its own 14-yr range · 31th 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
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
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 | 61.5 | 58.7 | 57.0 | 61.2 | 68.1 | 71.2 | 64.9 | 61.7 |
| Gross Profit | 38.5 | 41.3 | 43.0 | 38.8 | 31.9 | 28.8 | 35.1 | 38.3 |
| R&D | 23.5 | 23.8 | 22.4 | 19.3 | 16.9 | 22.5 | 24.0 | 18.8 |
| SG&A | 23.5 | 24.6 | 22.5 | 22.1 | 20.4 | 22.5 | 25.2 | 20.9 |
| Operating Income | -8.6 | -7.5 | -1.9 | -2.6 | -7.1 | -19.5 | -46.3 | -1.4 |
| Income Tax | -2.7 | 5.3 | -1.7 | 0.4 | -6.1 | 2.5 | 0.8 | 0.5 |
| Net Income | -3.7 | -10.0 | 0.5 | -1.5 | -0.2 | -23.4 | -49.8 | -4.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ADTN: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 768 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NVDA | $5.33T | 44.7× | 40.0× | 24.7× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | 0.1× | 5,582 |
| AAPL | $4.59T | 41.7× | 32.0× | 11.0× | 6.4% | 46.9% | 26.9% | 152% | 73.7% | 0.5× | 5,858 |
| MSFT | $3.62T | 27.2× | 19.1× | 10.9× | 17.8% | 67.9% | 40.3% | 30.2% | 28.2% | 0.2× | 5,944 |
| AVGO | $1.98T | 87.7× | 78.0× | 31.0× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 2.5× | 4,442 |
| MU | $1.00T | 117.7× | 55.4× | 26.8× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.7× | 2,894 |
| AMD | $785.7B | 181.9× | 185.9× | 22.7× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | 0.8× | 3,059 |
| ASMLF | $649.1B | 68.2× | 51.8× | 19.9× | 15.6% | 52.8% | 29.4% | 49.0% | 43.1% | 0.2× | 2 |
| INTC | $504.7B | — | 62.9× | 9.6× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 5.5× | 2,495 |
| CSCO | $481.1B | 47.6× | 40.2× | 8.5× | 5.3% | 64.9% | 18.0% | 21.7% | 13.6% | 2.3× | 3,560 |
| AMAT | $423.7B | 61.7× | 48.7× | 14.9× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | 0.8× | 2,826 |
| LRCX | $390.0B | 74.1× | 62.2× | 21.2× | 23.7% | 48.7% | 29.1% | 54.3% | 39.5% | 0.6× | 2,500 |
| PLTR | $378.8B | 251.5× | 262.1× | 84.7× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | — | 2,883 |
| RPAY | $342.2B | — | — | 1106.6× | -1.2% | 75.0% | -83.0% | -53.0% | -33.6% | -1.1× | 142 |
| DELL | $301.7B | 53.3× | 28.8× | 2.7× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 2.8× | 1,564 |
| ARM | $292.2B | 323.0× | 251.9× | 59.4× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | — | 730 |
| TXN | $252.4B | 51.0× | 33.1× | 14.3× | 13.0% | 57.0% | 28.3% | 30.7% | 16.8% | 1.7× | 2,345 |
| ANET | $247.8B | 71.7× | 62.6× | 27.5× | 28.6% | 64.1% | 0.0% | 0.0% | 0.0% | — | 1,930 |
| UMC | $242.3B | — | — | — | — | — | — | — | — | — | 302 |
| PANW | $242.3B | 226.7× | 151.3× | 26.3× | 14.9% | 73.4% | 12.3% | 14.5% | 14.5% | — | 2,374 |
| SAPGF | $241.4B | — | — | — | — | — | — | — | — | — | 7 |
| IBM | $221.0B | 21.1× | — | 3.3× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | — | 3,351 |
| APH | $211.2B | 51.5× | 29.5× | 9.1× | 51.7% | 36.9% | 18.5% | 31.8% | 31.8% | — | 2,017 |
| SNDK | $197.2B | — | — | 26.8× | 10.4% | 30.1% | -22.3% | -17.8% | -14.9% | -1.5× | 1,127 |
| SHOP | $187.4B | 153.4× | 124.0× | 16.2× | 30.1% | 48.1% | 10.7% | 9.1% | 9.1% | — | 1,642 |
| ADI | $184.9B | 82.8× | 57.2× | 16.8× | 16.9% | 61.5% | 20.6% | 6.7% | 5.3% | 2.6× | 2,030 |
| ADTN | $632M | — | 7.0× | 0.6× | 17.5% | 38.3% | -4.2% | -31.3% | -31.3% | — | 215 |
Peers = companies sharing ADTN's sector (Technology) 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.