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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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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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
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 -$1.2M 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.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 74%. 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 2026-10-09
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 | $30.2M 100.0% | $5.2M 100.0% | $3.4M 100.0% | $2.6M 100.0% | $4.3M 100.0% | $4.2M 100.0% | $3.5M 100.0% | $2.9M 100.0% | $3.2M 100.0% | $4.0M 100.0% |
| Cost of Revenue | — | — | $3.1M 90.2% | $3.3M 127.3% | $2.3M 53.3% | — | — | — | $1.6M 50.2% | $1.7M 41.2% |
| Cost of Products | — | — | — | — | — | — | — | — | $1.6M 50.2% | $1.7M 41.2% |
| Cost of Services | — | — | — | — | — | — | — | — | $520K 16.2% | $631K 15.7% |
| Research & Development | $7K 0.0% | $49K 0.9% | $4.7M 138.5% | $8.2M 313.5% | $10.9M 253.4% | $10.0M 236.4% | $5.1M 146.4% | $5.7M 192.7% | $6.9M 214.4% | $8.6M 214.0% |
| Selling, General & Admin | $3.1M 10.4% | $4.5M 87.4% | $8.1M 236.4% | $8.9M 340.7% | $9.9M 230.7% | $8.8M 208.8% | $6.3M 178.7% | $7.1M 239.9% | $6.7M 208.4% | $6.6M 164.0% |
| Total Operating Expenses | $6.2M 20.4% | $4.9M 93.8% | $34.2M 999.5% | $37.2M 1425.8% | $27.6M 640.5% | $26.9M 639.1% | $15.8M 450.7% | $16.1M 547.3% | $18.5M 575.4% | $23.0M 572.2% |
| Operating Income | $24.0M 79.6% | $325K 6.2% | -$30.7M -899.5% | -$34.6M -1325.8% | -$23.3M -540.5% | -$22.7M -539.1% | -$12.3M -350.7% | -$13.2M -447.3% | -$15.3M -475.4% | -$19.0M -472.2% |
| Interest Expense | $11K 0.0% | $8K 0.1% | $1.8M 53.8% | $3.3M 124.9% | $4.8M 111.5% | $3.4M 80.7% | $188K 5.4% | $191K 6.5% | $234K 7.3% | $143K 3.6% |
| Other Income (Expense), net | $406K 1.3% | $11.8M 228.0% | -$1.9M -56.2% | -$2.7M -104.2% | -$11.5M -266.8% | -$3.4M -79.7% | -$175K -5.0% | -$188K -6.4% | -$154K -4.8% | -$157K -3.9% |
| Pretax Income | $24.4M 80.9% | $12.2M 234.2% | -$32.7M -955.7% | -$37.3M -1430.0% | -$34.8M -807.3% | -$26.1M -618.8% | -$12.4M -355.8% | -$13.4M -453.7% | -$15.4M -480.2% | -$19.2M -476.1% |
| Income Tax Expense | $814K 2.7% | $177K 3.4% | — | — | $44K 1.0% | $132K 3.1% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% |
| Net Income | $23.6M 78.2% | $12.0M 230.8% | -$32.7M -955.7% | -$37.3M -1430.0% | -$34.8M -808.3% | -$26.2M -621.9% | -$12.4M -355.8% | -$13.4M -453.7% | -$15.4M -480.2% | -$19.2M -476.1% |
| Per Share | ||||||||||
| EPS (Basic) | $2.33 | $2.44 | -$41.47 | -$152.70 | -$22.89 | — | — | — | — | — |
| EPS (Diluted) | $2.32 | $2.30 | -$41.47 | -$152.70 | -$22.89 | — | — | — | — | — |
| Weighted Avg Shares (Basic) | 10.1M | 4.7M | 788K | 244K | 1.8M | — | — | — | — | — |
| Weighted Avg Shares (Diluted) | 10.1M | 5.2M | 788K | 244K | 1.8M | — | — | — | — | — |
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 2026-10-09
Where each multiple sits in its own 11-yr range · 14th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 11-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 74% against ROIC 74% — 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 120.4% — 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
High operating leverage: profit moved 15.2× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | — | — | — | 53.3 | 127.3 | 90.2 | — | — |
| R&D | 192.7 | 146.4 | 236.4 | 253.4 | 313.5 | 138.5 | 0.9 | 0.0 |
| SG&A | 239.9 | 178.7 | 208.8 | 230.7 | 340.7 | 236.4 | 87.4 | 10.4 |
| Operating Income | -447.3 | -350.7 | -539.1 | -540.5 | -1325.8 | -899.5 | 6.2 | 79.6 |
| Income Tax | 0.0 | 0.0 | 3.1 | 1.0 | — | — | 3.4 | 2.7 |
| Net Income | -453.7 | -355.8 | -621.9 | -808.3 | -1430.0 | -955.7 | 230.8 | 78.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CFOR: 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).
Interest is easily covered by operating profit.
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.
Ranked against 10 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DGX | $25.7B | 26.6× | 14.6× | 2.3× | 11.8% | 33.2% | 9.0% | 13.8% | 7.7% | 2.5× | 1,063 |
| LH | $25.3B | 29.8× | 14.7× | 1.8× | 7.2% | 28.8% | 6.3% | 10.2% | 6.2% | 2.5× | 1,003 |
| CAI | $8.4B | — | 117.8× | 10.3× | 97.0% | — | -8.4% | -11.8% | -7.1% | -6.2× | 244 |
| RDNT | $5.6B | — | 27.6× | 2.7× | 11.5% | — | -0.9% | -1.7% | -0.9% | 1.5× | 318 |
| BLLN | $4.4B | — | 172.4× | 14.4× | 100.0% | 68.3% | 2.4% | 1.6% | 1.4% | -19.1× | 153 |
| VCYT | $3.6B | 55.2× | 41.3× | 7.0× | 16.0% | 70.1% | 12.8% | 5.1% | 5.1% | -4.6× | 350 |
| PSNL | $1.7B | — | — | 24.5× | -17.7% | 22.7% | -117% | -31.1% | -31.1% | — | 156 |
| CSTL | $1.0B | — | — | 2.9× | 3.7% | 79.4% | -7.0% | -5.1% | -5.0% | — | 174 |
| FLGT | $598M | — | — | 1.9× | 13.8% | 40.6% | -18.8% | -5.4% | -5.4% | — | 139 |
| XGN | $204M | — | — | 3.1× | 19.7% | 58.3% | -30.0% | -114% | -49.4% | — | 56 |
| CFOR | $50M | 1.7× | 2.0× | 1.6× | 481% | — | 78.2% | 74.1% | 74.1% | -0.0× | — |
Peers = companies sharing CFOR's sector (Services-Medical Laboratories) 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.
Earns 58.9pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -248.8% | 11.2% (today's — no rate published for this year) | -260.0pts |
| FY2020 | -72.1% | 11.2% (today's — no rate published for this year) | -83.3pts |
| FY2021 | -74.7% | 6.1% | -80.8pts |
| FY2022 | -224.8% | 13.2% | -238.0pts |
| FY2023 | -7528.6% | 11.6% | -7540.2pts |
| FY2024 | 3.9% | 10.7% | -6.9pts |
| FY2025 | 69.6% | 10.2% | 59.4pts |
| Now | 74.1% | 11.2% | 62.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 58.8% | -472.2% | -476.1% |
| FY2017 | 49.8% | -475.4% | -480.2% |
| FY2018 | not reported | -447.3% | -453.7% |
| FY2019 | not reported | -350.7% | -355.8% |
| FY2020 | not reported | -539.1% | -621.9% |
| FY2021 | 46.7% | -540.5% | -808.3% |
| FY2022 | -27.3% | -1325.8% | -1430.0% |
| FY2023 | 9.8% | -899.5% | -955.7% |
| FY2024 | not reported | 6.2% | 230.8% |
| FY2025 | not reported | 79.6% | 78.2% |
Return on equity (74%) and return on invested capital (74%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
Beta was borrowed from the sector median — too little price history to measure this company's own, so WACC is an estimate of an estimate.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Covers interest 1495.7x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2136.78x |
| 5% | 2029.94x |
| 10% | 1923.10x |
| 15% | 1816.26x |
| 20% | 1709.42x |
| 25% | 1602.58x |
| 30% | 1495.75x |
| 35% | 1388.91x |
| 40% | 1282.07x |
| 45% | 1175.23x |
| 50% | 1068.39x |
| 55% | 961.55x |
| 60% | 854.71x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Free cash flow is negative, so debt service depends on the cash balance rather than on the business.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.