Loading institutional data...
Loading institutional data...
Insufficient data to determine institutional momentum.
Data as of Q2 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
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...
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.
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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (560000%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $22.4M dividends + $1.5M buybacks = $23.9M returned on $4K FCF.
1 consecutive years of dividend increases · 9%/yr.
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 balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -24%. 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $112K is below the $3.6M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2021-12-26 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash of $19.0M fully covers short-term debt of $0.
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.
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 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $93.3M 100.0% | $104.4M 100.0% | $125.1M 100.0% | $298.4M 100.0% | $239.0M 100.0% | $207.1M 100.0% | $219.8M 100.0% | $286.9M 100.0% | $272.6M 100.0% | $253.9M 100.0% |
| Cost of Revenue | $60.0M 64.3% | $66.0M 63.2% | $75.3M 60.2% | $194.9M 65.3% | $158.1M 66.1% | $141.1M 68.1% | $149.9M 68.2% | $210.3M 73.3% | $204.2M 74.9% | $193.8M 76.3% |
| Cost of Services | — | — | — | — | — | — | — | — | $204.2M 74.9% | $193.8M 76.3% |
| Gross Profit | $33.3M 35.7% | $38.4M 36.8% | $49.8M 39.8% | $103.5M 34.7% | $80.9M 33.9% | $66.0M 31.9% | $69.8M 31.8% | $76.6M 26.7% | $68.4M 25.1% | $60.1M 23.7% |
| Selling, General & Admin | $41.1M 44.1% | $42.9M 41.1% | $45.4M 36.3% | $83.2M 27.9% | $65.1M 27.2% | $55.2M 26.7% | $50.2M 22.9% | $51.1M 17.8% | $44.6M 16.4% | $37.8M 14.9% |
| Operating Income | -$8.9M -9.5% | -$5.9M -5.6% | $3.1M 2.5% | $16.3M 5.5% | $14.5M 6.1% | -$1.2M -0.6% | $14.9M 6.8% | $24.3M 8.5% | $17.8M 6.5% | $15.5M 6.1% |
| Pretax Income | -$13.4M -14.4% | -$10.8M -10.3% | -$2.9M -2.3% | $14.9M 5.0% | $13.1M 5.5% | -$2.8M -1.4% | $12.8M 5.8% | $21.4M 7.5% | $14.5M 5.3% | $11.2M 4.4% |
| Income Tax Expense | -$1.3M -1.4% | -$370K -0.4% | -$2.9M -2.3% | $8.5M 2.8% | -$3.6M -1.5% | $513K 0.2% | $4.3M 2.0% | $3.9M 1.3% | $8.7M 3.2% | $4.3M 1.7% |
| Net Income | -$11.4M -12.2% | -$3.3M -3.2% | -$10.2M -8.2% | $25.4M 8.5% | $14.1M 5.9% | $1.4M 0.7% | $13.2M 6.0% | $17.5M 6.1% | $5.8M 2.1% | $6.9M 2.7% |
| Per Share | ||||||||||
| EPS (Basic) | -$1.04 | -$0.31 | -$0.95 | $2.43 | $1.36 | $0.14 | $1.29 | $1.83 | $0.67 | $0.85 |
| EPS (Diluted) | -$1.04 | -$0.31 | -$0.95 | $2.42 | $1.35 | $0.14 | $1.28 | $1.79 | $0.65 | $0.82 |
| Weighted Avg Shares (Basic) | 11.0M | 10.9M | 10.8M | 10.4M | 10.4M | 10.3M | 10.2M | 9.6M | 8.7M | 8.1M |
| Weighted Avg Shares (Diluted) | 11.0M | 10.9M | 10.8M | 10.5M | 10.4M | 10.3M | 10.4M | 9.8M | 9.0M | 8.4M |
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.
EOD close · as of 2026-10-08
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -24% against ROIC -24% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -17.5% — the two diverge when buybacks or issuance move equity during the year.
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 | FY2023 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 73.3 | 68.2 | 68.1 | 66.1 | 65.3 | 60.2 | 63.2 | 64.3 |
| Gross Profit | 26.7 | 31.8 | 31.9 | 33.9 | 34.7 | 39.8 | 36.8 | 35.7 |
| SG&A | 17.8 | 22.9 | 26.7 | 27.2 | 27.9 | 36.3 | 41.1 | 44.1 |
| Operating Income | 8.5 | 6.8 | -0.6 | 6.1 | 5.5 | 2.5 | -5.6 | -9.5 |
| Income Tax | 1.3 | 2.0 | 0.2 | -1.5 | 2.8 | -2.3 | -0.4 | -1.4 |
| Net Income | 6.1 | 6.0 | 0.7 | 5.9 | 8.5 | -8.2 | -3.2 | -12.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BGSF: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Top 34 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 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.
Earns -32.87pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 18.3% | 10.5% (today's — no rate published for this year) | 7.8pts |
| FY2020 | -1.2% | 10.5% (today's — no rate published for this year) | -11.7pts |
| FY2021 | 13.4% | 10.5% (today's — no rate published for this year) | 2.9pts |
| FY2023 | 11.2% | 10.5% (today's — no rate published for this year) | 0.7pts |
| FY2023 | 2.5% | 10.5% (today's — no rate published for this year) | -8.1pts |
| FY2024 | -4.9% | 10.5% (today's — no rate published for this year) | -15.4pts |
| FY2025 | -28.1% | 10.5% (today's — no rate published for this year) | -38.6pts |
| Now | -23.8% | 10.5% | -34.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 23.7% | 6.1% | 2.7% |
| FY2017 | 25.1% | 6.5% | 2.1% |
| FY2018 | 26.7% | 8.5% | 6.1% |
| FY2019 | 31.8% | 6.8% | 6.0% |
| FY2020 | 31.9% | -0.6% | 0.7% |
| FY2021 | 33.9% | 6.1% | 5.9% |
| FY2023 | 34.7% | 5.5% | 8.5% |
| FY2023 | 39.8% | 2.5% | -8.2% |
| FY2024 | 36.8% | -5.6% | -3.2% |
| FY2025 | 35.7% | -9.5% | -12.2% |
$1M of goodwill — 3% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is -23.0% against -22.38% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 3.73x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $4,000; after share-based compensation it is -$1M. The difference is a real cost that the cash flow statement adds back.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
This schedule comes from a filing dated 2021-12-26, 1748 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2021-12-26 (10-K); cash from the 2021-12-26 balance sheet; FCF from FY2021.
Balance sheet at 2021-12-26. 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, interest_expense.
At $4.70, free cash flow must compound -25.21%/yr for 10 years. It has done -74.87%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 27.1% | −25.2% |
| FY2021 | −82.9% | −25.2% |
| FY2023 | −470.1% | −25.2% |
| FY2024 | 27.0% | −25.2% |
| FY2025 | −100.0% | −25.2% |
The implied rate has been matched or beaten in 2 of the last 5 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$11M | −$11M |
| Share-based comp | $1M | −$10M |
| Other non-cash & working capital | $11M | $142,000 |
| Operating cash flow | $142,000 | $142,000 |
| Capex | −$138,000 | $4,000 |
| Free cash flow | $4,000 | $4,000 |
| FCF after SBC | −$1M | −$1M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -5.8% | -16.7% | -11.0 points |
| FY2021 | 15.4% | 46.5% | 31.1 points |
| FY2023 | 24.9% | 37.8% | 13.0 points |
| FY2023 | -58.1% | -55.4% | 2.7 points |
| FY2024 | -16.5% | -42.2% | -25.7 points |
| FY2025 | -10.6% | -30.4% | -19.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 65.5 days | not reported | 1.2 days | 64.3 days |
| FY2020 | 57.9 days | not reported | 0.6 days | 57.3 days |
| FY2021 | 73.4 days | not reported | 0.9 days | 72.5 days |
| FY2023 | 81.1 days | not reported | 1.1 days | 80 days |
| FY2023 | 86.4 days | not reported | 0.5 days | 85.9 days |
| FY2024 | 59.8 days | not reported | 0.4 days | 59.3 days |
| FY2025 | 46.5 days | not reported | 3.1 days | 43.5 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.1 percent |
| FY2020 | -16.0 percent |
| FY2021 | 5.0 percent |
| FY2023 | 16.7 percent |
| FY2023 | -17.1 percent |
| FY2024 | -18.5 percent |
| FY2025 | -20.0 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.