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Insufficient data to determine institutional momentum.
Data as of Q3 2026
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What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $147.2M dividends + $0 buybacks = $147.2M returned on -$193.8M FCF.
3 consecutive years of dividend increases · 5%/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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 5%. 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 $29.0M (at 2026-03-31) covers the $0 due within a year 29045000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2026-03-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
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.” Effective rate ~5.6% on $770.9M of debt. Interest last disclosed in FY2024 (no longer broken out).
Cash vs short-term debt unavailable.
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.
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.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2026
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2013 | FY2012 | FY2011 | FY2010 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | $10.8M 100.0% | $9.3M 100.0% | $7.6M 100.0% | $6.1M 100.0% |
| Selling, General & Admin | $7.0M | $6.2M | $5.2M | $4.6M | $4.1M | $3.1M | — | — | — | — |
| Total Operating Expenses | — | — | — | — | — | — | $8.3M 77.0% | $6.7M 71.5% | $5.6M 74.5% | $3.9M 63.9% |
| Interest Expense | — | — | $43.1M | $28.9M | $19.9M | $17.9M | — | — | — | — |
| Income Tax Expense | $1.1M | $2.3M | $944K | $329K | $615K | $2.4M | $1.1M 10.4% | $1.2M 13.4% | $24.6M 324.8% | $815K 13.3% |
| Net Income | $135.5M | $118.2M | $110.0M | $68.7M | $42.7M | $50.9M | — | — | — | — |
| Per Share | ||||||||||
| EPS (Basic) | $1.98 | $1.47 | $2.05 | $2.29 | $1.87 | $1.66 | — | — | — | — |
| EPS (Diluted) | $1.90 | $1.47 | $2.05 | $2.29 | $1.87 | $1.66 | — | — | — | — |
| Weighted Avg Shares (Basic) | 56.5M | 47.4M | 40.7M | 30.0M | 22.8M | 19.1M | — | — | — | — |
| Weighted Avg Shares (Diluted) | 65.8M | 51.2M | 40.7M | 30.0M | 22.8M | 19.1M | — | — | — | — |
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.
Top 40 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 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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-01 | Thomas William R Iii Director | Open-market buy | 2,170 | $23.04 | $50k |
| 2026-08-10 | Thomas William R Iii Director | Grant | 1,989 | $0.00 | $0 |
| 2026-08-10 | Battist Christine Director | Grant | 1,989 | $0.00 | $0 |
| 2026-08-10 | Furst Jack D Director | Grant |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| 1,989 |
| $0.00 |
| $0 |
| 2026-08-10 | Rogers-Windsor Ramona Lynn Director | Grant | 1,989 | $0.00 | $0 |
| 2026-08-10 | Brooks David R Director | Grant | 1,989 | $0.00 | $0 |
| 2026-06-30 | Rogers-Windsor Ramona Lynn Director | Open-market buy | 211 | $23.70 | $5k |
| 2026-06-17 | Battist Christine Director | Open-market buy | 860 | $23.23 | $20k |
| 2026-06-10 | 3 co-filers Senior Managing Director & CIO | Tax withholding | 9,588 | $23.54 | $226k |
| 2026-06-10 | 3 co-filers President and CEO | Tax withholding | 11,705 | $23.54 | $276k |
| 2026-06-10 | 3 co-filers Chief Financial Officer | Tax withholding | 3,688 | $23.54 | $87k |
| 2026-06-09 | 3 co-filers Senior Managing Director & CIO | Tax withholding | 11,349 | $23.28 | $264k |
| 2026-06-09 | 3 co-filers President and CEO | Tax withholding | 13,765 | $23.28 | $320k |
| 2026-06-09 | 3 co-filers Chief Financial Officer | Tax withholding | 4,492 | $23.28 | $105k |
| 2026-06-09 | 3 co-filers President and CEO | Grant | 140,000 | $0.00 | $0 |
| 2026-06-09 | 3 co-filers Senior Managing Director & CIO | Grant | 100,000 | $0.00 | $0 |
| 2026-06-09 | 3 co-filers Chief Financial Officer | Grant | 75,000 | $0.00 | $0 |
| 2026-06-05 | 2 co-filers Group filing | Open-market sale | 4,661 | $23.29 | $109k |
| 2026-06-05 | 2 co-filers Group filing | Open-market buy | 5,000 | $23.40 | $117k |
| 2026-06-01 | Rogers-Windsor Ramona Lynn Director | Open-market buy | 213 | $23.42 | $5k |
| 2026-02-27 | Sarner Michael Scott President and CEO | Open-market buy | 2,695 | $21.90 | $59k |
| 2026-02-09 | Battist Christine Director | Open-market buy | 600 | $23.16 | $14k |
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 2026-10-30
Where each multiple sits in its own 8-yr range · 84th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 8-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 11% against ROIC 5% — 6% 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
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2012 | FY2013 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Income Tax | 13.4 | 10.4 | — | — | — | — | — | — |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CSWC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
Leverage and buybacks account for 6 points of the 11% return on equity in FY2026. The business earns 5% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: tax_rate.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Reported free cash flow is -$194M; after share-based compensation it is -$199M. 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.
Ladder as of 2026-06-30 (10-Q); cash from the 2026-03-31 balance sheet; FCF from FY2026. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2026-03-31. 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.
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.
| Step | Amount | Running total |
|---|---|---|
| Net income | $113M | $113M |
| Share-based comp | $5M | $118M |
| Other non-cash & working capital | −$311M | −$194M |
| Operating cash flow | −$194M | −$194M |
| Capex | −$286,000 | −$194M |
| Free cash flow | −$194M | −$194M |
| FCF after SBC | −$199M | −$199M |
| Fiscal year | Accruals / assets |
|---|---|
| FY2013 | not reported |
| FY2021 | not reported |
| FY2022 | 23.1 percent |
| FY2023 | 20.7 percent |
| FY2024 | 17.5 percent |
| FY2025 | 15.3 percent |
| FY2026 | 14.1 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 6 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
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 (FY2026) 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.