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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 9 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: -40%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 9 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 -$16.1M 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 2026-10-20
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 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $159.6M 100.0% | $177.3M 100.0% | $226.8M 100.0% | $296.9M 100.0% | $335.9M 100.0% | $278.5M 100.0% | $267.0M 100.0% | $241.8M 100.0% | $216.7M 100.0% |
| Cost of Revenue | $95.5M 59.8% | $114.4M 64.5% | $149.9M 66.1% | $151.8M 51.1% | $175.1M 52.1% | $139.0M 49.9% | $135.8M 50.9% | $126.3M 52.2% | $106.0M 48.9% |
| Gross Profit | $64.2M 40.2% | $62.9M 35.5% | $76.8M 33.9% | $145.1M 48.9% | $160.8M 47.9% | $139.4M 50.1% | $131.2M 49.1% | $115.5M 47.8% | $110.7M 51.1% |
| Research & Development | $32.9M 20.6% | $39.3M 22.2% | $53.5M 23.6% | $49.9M 16.8% | $51.3M 15.3% | $46.4M 16.7% | $47.7M 17.9% | $38.9M 16.1% | $32.2M 14.9% |
| Selling, General & Admin | $26.4M 16.6% | $26.0M 14.7% | $28.1M 12.4% | $25.0M 8.4% | $25.1M 7.5% | $24.7M 8.9% | $30.1M 11.3% | $18.8M 7.8% | $17.6M 8.1% |
| Total Operating Expenses | $92.1M 57.7% | $133.3M 75.2% | $130.7M 57.6% | $125.3M 42.2% | $124.4M 37.0% | $115.5M 41.5% | $129.9M 48.7% | $109.1M 45.1% | $95.8M 44.2% |
| Operating Income | -$28.0M -17.5% | -$70.4M -39.7% | -$53.8M -23.7% | $19.9M 6.7% | $36.4M 10.8% | $23.9M 8.6% | $1.3M 0.5% | $6.4M 2.6% | $14.9M 6.9% |
| Interest Expense | $9.0M 5.7% | $5.8M 3.3% | $2.5M 1.1% | $2.0M 0.7% | $4.3M 1.3% | $5.3M 1.9% | $8.1M 3.0% | $8.1M 3.4% | $5.0M 2.3% |
| Other Income (Expense), net | -$7K -0.0% | -$52K -0.0% | -$271K -0.1% | $114K 0.0% | -$244K -0.1% | -$491K -0.2% | -$546K -0.2% | -$550K -0.2% | — |
| Pretax Income | -$37.0M -23.2% | -$76.3M -43.0% | -$56.6M -25.0% | $18.0M 6.1% | $31.9M 9.5% | $18.1M 6.5% | -$7.3M -2.7% | -$2.3M -1.0% | $9.4M 4.3% |
| Income Tax Expense | $1.5M 1.0% | -$1.9M -1.0% | $17.5M 7.7% | -$2.2M -0.7% | -$5.5M -1.6% | -$444K -0.2% | $10.3M 3.8% | -$799K -0.3% | -$418K -0.2% |
| Net Income | -$38.5M -24.1% | -$74.5M -42.0% | -$74.1M -32.7% | $20.2M 6.8% | $37.4M 11.1% | $18.6M 6.7% | -$17.6M -6.6% | -$1.5M -0.6% | $9.1M 4.2% |
| Per Share | |||||||||
| EPS (Basic) | -$1.34 | -$2.65 | -$2.69 | $0.75 | $1.42 | $0.72 | -$0.89 | -$0.11 | — |
| EPS (Diluted) | -$1.34 | -$2.65 | -$2.69 | $0.72 | $1.31 | $0.70 | -$0.89 | -$0.11 | — |
| Weighted Avg Shares (Basic) | 28.8M | 28.1M | 27.5M | 26.9M | 26.4M | 25.7M | 19.7M | 13.6M | — |
| Weighted Avg Shares (Diluted) | 28.8M | 28.1M | 27.5M | 28.0M | 28.6M | 26.4M | 19.7M | 13.6M | — |
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.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $11.1M (at 2025-12-31) covers the $3.9M due within a year 2.8× over. Scheduled principal only (excludes interest & revolver draws). As of 2024-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~6.8% on $132.8M of debt.
Cash of $11.1M is below short-term debt of $66.4M — relies on refinancing/operations.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
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 2026-10-20
Where each multiple sits in its own 7-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 7-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 107% against ROIC -40% — 147% 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
High operating leverage: profit moved 6.1× 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 | 52.2 | 50.9 | 49.9 | 52.1 | 51.1 | 66.1 | 64.5 | 59.8 |
| Gross Profit | 47.8 | 49.1 | 50.1 | 47.9 | 48.9 | 33.9 | 35.5 | 40.2 |
| R&D | 16.1 | 17.9 | 16.7 | 15.3 | 16.8 | 23.6 | 22.2 | 20.6 |
| SG&A | 7.8 | 11.3 | 8.9 | 7.5 | 8.4 | 12.4 | 14.7 | 16.6 |
| Operating Income | 2.6 | 0.5 | 8.6 | 10.8 | 6.7 | -23.7 | -39.7 | -17.5 |
| Income Tax | -0.3 | 3.8 | -0.2 | -1.6 | -0.7 | 7.7 | -1.0 | 1.0 |
| Net Income | -0.6 | -6.6 | 6.7 | 11.1 | 6.8 | -32.7 | -42.0 | -24.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CMBMF: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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.