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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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 10%. 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.
Free-cash-flow coverage unavailable. Last year: $79.3M dividends + $0 buybacks = $79.3M returned.
2 consecutive years of dividend increases · -3%/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.
EOD close · as of 2026-10-21
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 | $877.9M 100.0% | $888.5M 100.0% | $848.3M 100.0% | $1.11B 100.0% | $793.6M 100.0% | $460.3M 100.0% | $478.1M 100.0% | $380.4M 100.0% | $412.4M 100.0% | $468.2M 100.0% |
| Selling, General & Admin | $10.1M 1.2% | $13.3M 1.5% | $9.7M 1.1% | $9.7M 0.9% | $6.9M 0.9% | $4.1M 0.9% | $3.1M 0.6% | $2.9M 0.8% | $3.2M 0.8% | $7.3M 1.6% |
| Operating Income | $456.2M 52.0% | $489.7M 55.1% | $595.0M 70.1% | $662.2M 59.5% | $441.4M 55.6% | $60.3M 13.1% | $173.1M 36.2% | $117.2M 30.8% | $137.0M 33.2% | $166.1M 35.5% |
| Interest Expense | $90.2M 10.3% | $117.1M 13.2% | $126.8M 14.9% | $107.2M 9.6% | $72.3M 9.1% | $66.5M 14.5% | $88.3M 18.5% | $61.4M 16.1% | $55.9M 13.6% | $49.9M 10.7% |
| Interest & Investment Income | $19.3M 2.2% | $31.7M 3.6% | $30.1M 3.5% | $6.0M 0.5% | $1.6M 0.2% | $1.8M 0.4% | $3.3M 0.7% | $3.5M 0.9% | $2.6M 0.6% | $1.6M 0.3% |
| Other Income (Expense), net | -$59.6M -6.8% | -$82.4M -9.3% | -$76.1M -9.0% | -$107.6M -9.7% | -$6.2M -0.8% | -$51.5M -11.2% | -$74.1M -15.5% | -$49.9M -13.1% | -$64.1M -15.6% | -$84.4M -18.0% |
| Net Income | $364.6M 41.5% | $319.9M 36.0% | $385.7M 45.5% | $555.0M 49.8% | $435.1M 54.8% | $8.9M 1.9% | $99.0M 20.7% | $67.2M 17.7% | $72.9M 17.7% | $81.7M 17.5% |
| Per Share | ||||||||||
| EPS (Basic) | $2.86 | $2.44 | $2.95 | $4.26 | $3.28 | -$0.18 | — | — | — | — |
| Weighted Avg Shares (Basic) | 120.2M | 119.3M | 120.3M | 123.0M | 123.1M | 120.7M | — | — | — | — |
| Weighted Avg Shares (Diluted) | — | — | — | — | — | — | — | 0 | — | — |
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 2 positive fiscal years (FY2023, FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $14.00 today, the market must believe free cash flow compounds -8.8%/yr for a decade (off $434.5M on the 3-yr avg basis).
On the basis ($427.4M) the requirement is -8.6%/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 · 0.12B shares (market data) · net debt $995.0M
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean 20.2% · volatility σ 46% · implied rate exceeded in 5/8 yrs
Central path = implied -8.8%/yr growth; shaded band = ±1σ (46%) 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $519.8M covers the $270.8M due within a year 1.9× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (20-F).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~6.0% on $1.51B of debt.
Cash of $519.8M fully covers short-term debt of $268.1M.
Mostly long-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 2026-10-21
Where each multiple sits in its own 14-yr range · 58th 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
ROE 17% against ROIC 10% — 7% 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 15.9% — 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 5.7× 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 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 0.8 | 0.6 | 0.9 | 0.9 | 0.9 | 1.1 | 1.5 | 1.2 |
| Operating Income | 30.8 | 36.2 | 13.1 | 55.6 | 59.5 | 70.1 | 55.1 | 52.0 |
| Net Income | 17.7 | 20.7 | 1.9 | 54.8 | 49.8 | 45.5 | 36.0 | 41.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CMRE: 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.