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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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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.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 46%. 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.
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 -$3.4M 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.
EOD close · as of 2026-10-21
How a revenue dollar becomes profit — FY2026
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 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $106.0M 100.0% | $85.6M 100.0% | $91.2M 100.0% | $73.9M 100.0% | $64.0M 100.0% | $67.6M 100.0% | $68.9M 100.0% | $83.4M 100.0% | $82.8M 100.0% | $77.2M 100.0% |
| Cost of Revenue | $72.1M 68.0% | $62.3M 72.8% | $76.9M 84.3% | $64.8M 87.7% | $58.3M 91.2% | $63.1M 93.4% | $59.9M 86.9% | $74.0M 88.7% | $67.9M 81.9% | $75.4M 97.7% |
| Cost of Products | — | — | — | — | — | — | — | — | $56.6M 68.3% | $64.5M 83.5% |
| Cost of Services | — | — | — | — | — | — | — | — | $11.3M 13.6% | $10.9M 14.2% |
| Gross Profit | $33.9M 32.0% | $23.3M 27.2% | $14.3M 15.7% | $9.1M 12.3% | $5.6M 8.8% | $4.5M 6.6% | $9.0M 13.1% | $9.5M 11.3% | $15.0M 18.1% | $1.8M 2.3% |
| Research & Development | $3.6M 3.4% | $2.7M 3.1% | $2.5M 2.7% | $2.4M 3.2% | $3.4M 5.3% | $2.4M 3.6% | $3.6M 5.3% | $3.6M 4.3% | $4.0M 4.9% | $5.4M 7.0% |
| Selling, General & Admin | $26.9M 25.3% | $26.2M 30.6% | $32.2M 35.3% | $25.1M 34.0% | $22.2M 34.8% | $18.4M 27.2% | $22.2M 32.2% | $21.0M 25.1% | $19.6M 23.7% | $20.7M 26.8% |
| Total Operating Expenses | $30.5M 28.8% | $28.9M 33.7% | $34.6M 38.0% | $27.5M 37.3% | $25.6M 40.0% | $20.8M 30.8% | $25.9M 37.5% | $24.6M 29.4% | $23.6M 28.5% | $26.0M 33.7% |
| Operating Income | $3.4M 3.2% | -$5.6M -6.5% | -$20.4M -22.3% | -$18.5M -25.0% | -$20.0M -31.2% | -$16.3M -24.1% | -$16.8M -24.4% | -$15.1M -18.1% | -$8.7M -10.5% | -$24.3M -31.4% |
| Interest Expense | $4.1M 3.9% | $3.9M 4.6% | $5.5M 6.1% | $6.2M 8.3% | $5.0M 7.8% | $5.2M 7.6% | $5.2M 7.5% | $1.5M 1.8% | $606K 0.7% | $536K 0.7% |
| Interest & Investment Income | $242K 0.2% | $186K 0.2% | $110K 0.1% | $141K 0.2% | $21K 0.0% | $30K 0.0% | $8K 0.0% | — | $9K 0.0% | $31K 0.0% |
| Other Income (Expense), net | $3.3M 3.1% | $2.3M 2.7% | $674K 0.7% | -$33K -0.0% | $642K 1.0% | $5.0M 7.4% | $133K 0.2% | -$43K -0.1% | -$2K -0.0% | -$49K -0.1% |
| Pretax Income | $2.8M 2.6% | -$7.0M -8.2% | $7.4M 8.1% | -$24.5M -33.2% | -$22.4M -34.9% | -$20.7M -30.7% | -$21.9M -31.8% | -$16.7M -20.0% | -$10.0M -12.1% | -$25.2M -32.7% |
| Income Tax Expense | -$54K -0.1% | $175K 0.2% | $14K 0.0% | $7K 0.0% | $19K 0.0% | $19K 0.0% | $12K 0.0% | $8K 0.0% | $18K 0.0% | $19K 0.0% |
| Net Income | $2.8M 2.6% | -$7.2M -8.4% | $7.4M 8.1% | -$24.5M -33.2% | -$22.4M -35.0% | -$20.8M -30.7% | -$21.9M -31.8% | -$16.7M -20.0% | -$10.0M -12.1% | -$25.2M -32.7% |
| Per Share | ||||||||||
| EPS (Basic) | -$3.21 | -$0.38 | $0.39 | -$1.43 | -$1.52 | -$1.84 | — | — | — | — |
| EPS (Diluted) | -$3.21 | -$0.38 | $0.39 | -$1.43 | -$1.52 | -$1.84 | — | — | — | — |
| Weighted Avg Shares (Basic) | 20.8M | 19.1M | 18.8M | 17.2M | 14.7M | 11.3M | — | — | — | — |
| Weighted Avg Shares (Diluted) | 20.8M | 19.1M | 18.8M | 17.2M | 14.7M | 11.3M | — | — | — | — |
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.
Average free cash flow across the last 1 positive fiscal year (FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $3.25 today, the market must believe free cash flow compounds 7.0%/yr for a decade (off $6.8M on the 3-yr avg basis).
On the basis ($6.5M) the requirement is 7.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.03B shares (market data) · net debt $22.5M
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.
EOD close · as of 2026-10-21
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE -6% against ROIC 46% — -52% 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 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 88.7 | 86.9 | 93.4 | 91.2 | 87.7 | 84.3 | 72.8 | 68.0 |
| Gross Profit | 11.3 | 13.1 | 6.6 | 8.8 | 12.3 | 15.7 | 27.2 | 32.0 |
| R&D | 4.3 | 5.3 | 3.6 | 5.3 | 3.2 | 2.7 | 3.1 | 3.4 |
| SG&A | 25.1 | 32.2 | 27.2 | 34.8 | 34.0 | 35.3 | 30.6 | 25.3 |
| Operating Income | -18.1 | -24.4 | -24.1 | -31.2 | -25.0 | -22.3 | -6.5 | 3.2 |
| Income Tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | -0.1 |
| Net Income | -20.0 | -31.8 | -30.7 | -35.0 | -33.2 | 8.1 | -8.4 | 2.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CEPL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~8.2% on $50.6M of debt.
Cash of $28.2M fully covers short-term debt of $25.3M.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.