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Held by 263 of 6,047 reporting institutions (93th percentile) — extremely crowded.
Data as of Q2 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $74.93 today, the market must believe free cash flow compounds 20.3%/yr for a decade (off $72.9M on the 3-yr avg basis).
On the basis ($58.9M) the requirement is 23.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 20.3% is more optimistic than its 9-yr track record.
Default is 11.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.04B shares (market data) · net debt $137.3M
mean -73.0% · volatility σ 287% · implied rate exceeded in 4/8 yrs
Central path = implied 20.3%/yr growth; shaded band = ±1σ (287%) 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.
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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $6.9M buybacks = $6.9M returned on $105.3M 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.
Modest payoff on reinvested capital. 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 $31.7M covers the $17.5M due within a year 1.8× over. Scheduled principal only (excludes interest & revolver draws). As of 2023-09-30 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~4.0% on $159.2M of debt.
Cash of $21.9M fully covers short-term debt of $0.
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.
EOD close · as of 2026-10-08
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 | $430.2M 100.0% | $424.0M 100.0% | $444.8M 100.0% | $388.2M 100.0% | $308.6M 100.0% | $279.3M 100.0% | $254.2M 100.0% | $226.9M 100.0% | $181.3M 100.0% | $203.0M 100.0% |
| Cost of Revenue | $159.5M 37.1% | $174.1M 41.1% | $192.6M 43.3% | $171.9M 44.3% | $142.0M 46.0% | $135.3M 48.4% | $135.2M 53.2% | $117.8M 51.9% | $94.1M 51.9% | $103.3M 50.9% |
| Cost of Products | — | — | — | — | — | — | — | — | $85.4M 47.1% | $97.8M 48.2% |
| Cost of Services | — | — | — | — | — | — | — | — | $7.6M 4.2% | $4.7M 2.3% |
| Gross Profit | $270.7M 62.9% | $249.9M 58.9% | $252.2M 56.7% | $216.3M 55.7% | $166.7M 54.0% | $144.0M 51.6% | $119.0M 46.8% | $109.1M 48.1% | $87.2M 48.1% | $99.7M 49.1% |
| Selling, General & Admin | $58.9M 13.7% | $58.3M 13.7% | $61.8M 13.9% | $58.8M 15.1% | $41.8M 13.6% | $36.1M 12.9% | $25.7M 10.1% | $28.3M 12.5% | $13.3M 7.4% | $17.0M 8.4% |
| Total Operating Expenses | $214.4M 49.8% | $201.8M 47.6% | $202.1M 45.4% | $178.1M 45.9% | $156.1M 50.6% | $132.7M 47.5% | $109.0M 42.9% | $106.3M 46.8% | $78.4M 43.2% | $82.6M 40.7% |
| Operating Income | $56.3M 13.1% | $48.1M 11.3% | $50.1M 11.3% | $38.2M 9.8% | $10.5M 3.4% | $11.3M 4.1% | $10.1M 4.0% | $2.8M 1.2% | $8.9M 4.9% | $17.1M 8.4% |
| Interest Expense | $6.3M 1.5% | $15.4M 3.6% | $25.2M 5.7% | $19.7M 5.1% | $1.4M 0.4% | $3.6M 1.3% | $102K 0.0% | $25K 0.0% | $48K 0.0% | $291K 0.1% |
| Interest & Investment Income | — | — | — | $11K 0.0% | $10K 0.0% | $304K 0.1% | $733K 0.3% | $445K 0.2% | $656K 0.4% | $545K 0.3% |
| Other Income (Expense), net | -$54K -0.0% | -$94K -0.0% | $59K 0.0% | $98K 0.0% | -$144K -0.0% | -$566K -0.2% | $442K 0.2% | $48K 0.0% | $76K 0.0% | -$669K -0.3% |
| Pretax Income | $49.9M 11.6% | $22.9M 5.4% | $24.9M 5.6% | $18.6M 4.8% | $9.0M 2.9% | $7.5M 2.7% | $11.1M 4.4% | $3.3M 1.4% | $9.6M 5.3% | $16.7M 8.2% |
| Income Tax Expense | $9.1M 2.1% | $353K 0.1% | $148K 0.0% | -$755K -0.2% | -$1.4M -0.4% | -$948K -0.3% | $1.2M 0.5% | $1.6M 0.7% | $147K 0.1% | $3.2M 1.6% |
| Net Income | $40.8M 9.5% | $22.5M 5.3% | $24.8M 5.6% | $19.4M 5.0% | $10.4M 3.4% | $8.4M 3.0% | $10.0M 3.9% | $1.6M 0.7% | $9.4M 5.2% | $16.7M 8.2% |
| Per Share | ||||||||||
| EPS (Basic) | $1.10 | $0.62 | $0.69 | $0.55 | $0.32 | $0.29 | $0.36 | $0.06 | $0.36 | $0.65 |
| EPS (Diluted) | $1.08 | $0.61 | $0.67 | $0.54 | $0.31 | $0.28 | $0.35 | $0.06 | $0.35 | $0.64 |
| Weighted Avg Shares (Basic) | 37.0M | 36.3M | 35.8M | 35.0M | 32.1M | 28.8M | 27.9M | 27.1M | 26.4M | 25.8M |
| Weighted Avg Shares (Diluted) | 37.7M | 37.0M | 36.9M | 36.0M | 33.4M | 29.5M | 28.6M | 27.7M | 27.1M | 26.3M |
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.
Ranked against 17 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HPE | $95.7B | — | 48.8× | 2.8× | 13.8% | — | 0.2% | 0.2% | 0.1% | 7.2× | 1,400 |
| P | $50.9B | 277.6× | 198.8× | 13.9× | 15.6% | 70.4% | 5.1% | 13.0% | 13.0% | -3.4× | — |
| NTAP | $46.3B | 37.1× | 25.2× | 7.4× | 5.6% | 78.5% | 20.5% | 94.4% | 33.2% | 0.2× | 931 |
| SMCI | $29.5B | 13.8× | 9.2× | 0.8× | 77.8% | 10.8% | 5.7% | 15.4% | 12.0% | -1.2× | 771 |
| HPQ | $29.1B | 12.2× | 8.6× | 0.5× | 3.2% | 20.6% | 4.6% | -731% | 27.1% | 1.5× | 1,047 |
| FFIV | $26.4B | 39.5× | 29.2× | 8.6× | 9.7% | 81.4% | 22.4% | 19.3% | 19.3% | -1.6× | 800 |
| LOGI | $14.6B | 21.3× | 15.4× | 3.0× | 6.3% | 43.2% | 14.7% | 32.2% | 32.2% | -2.1× | 377 |
| NATL | $3.4B | 21.3× | 7.5× | 0.8× | 1.1% | — | 3.7% | 40.2% | 5.1% | 3.0× | 347 |
| EXTR | $3.3B | 79.3× | 40.8× | 2.5× | 12.6% | 61.5% | 3.3% | 47.5% | 16.7% | -0.6× | 331 |
| DGII | $2.9B | 69.6× | 33.1× | 6.6× | 1.5% | 62.9% | 9.5% | 6.4% | 5.1% | 1.5× | 263 |
| DBD | $2.2B | 25.6× | 7.5× | 0.6× | 1.5% | 25.3% | 2.5% | 8.6% | 4.6% | 1.5× | 207 |
| ATEN | $2.1B | 50.0× | 35.8× | 7.1× | 11.0% | 79.3% | 14.5% | 19.9% | 9.8% | 2.4× | 298 |
| OMCL | $1.6B | — | 16.7× | 1.4× | 6.5% | 42.5% | 0.2% | 0.2% | 0.2% | -2.3× | 292 |
| CRSR | $1.5B | — | 93.2× | 1.0× | 11.9% | 28.9% | -1.1% | -2.6% | -2.1% | 1.5× | 215 |
| VYX | $926M | 22.4× | 7.0× | 0.3× | -4.6% | — | 2.3% | 6.5% | 3.0% | 3.4× | 290 |
| EVLV | $844M | — | — | 5.8× | 40.5% | 51.6% | -22.7% | -27.7% | -22.4% | — | 254 |
| MITK | $788M | 91.9× | 51.9× | 4.4× | 4.4% | — | 4.9% | 3.7% | 1.6% | 8.3× | 185 |
| SSYS | $722M | — | — | 1.3× | -3.7% | 41.2% | -18.9% | -12.4% | -12.4% | — | 149 |
Peers = companies sharing DGII's sector (Computer Communications Equipment) 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.
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
EOD close · as of 2026-10-08
Earns -4.46pts against its cost of capital — capital is being consumed, not created.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 49.1% | 8.4% | 8.2% |
| FY2017 | 48.1% | 4.9% | 5.2% |
| FY2018 | 48.1% | 1.2% | 0.7% |
| FY2019 | 46.8% | 4.0% | 3.9% |
| FY2020 | 51.6% | 4.1% | 3.0% |
| FY2021 | 54.0% | 3.4% | 3.4% |
| FY2022 | 55.7% | 9.8% | 5.0% |
| FY2023 | 56.7% | 11.3% | 5.6% |
| FY2024 | 58.9% | 11.3% | 5.3% |
| FY2025 | 62.9% | 13.1% | 9.5% |
ROIC ex-goodwill is 14.97% against 6.88% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Where each multiple sits in its own 14-yr range · 96th 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 6% against ROIC 5% — 1% 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 11.7× 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 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 51.9 | 53.2 | 48.4 | 46.0 | 44.3 | 43.3 | 41.1 | 37.1 |
| Gross Profit | 48.1 | 46.8 | 51.6 | 54.0 | 55.7 | 56.7 | 58.9 | 62.9 |
| SG&A | 12.5 | 10.1 | 12.9 | 13.6 | 15.1 | 13.9 | 13.7 | 13.7 |
| Operating Income | 1.2 | 4.0 | 4.1 | 3.4 | 9.8 | 11.3 | 11.3 | 13.1 |
| Income Tax | 0.7 | 0.5 | -0.3 | -0.4 | -0.2 | 0.0 | 0.1 | 2.1 |
| Net Income | 0.7 | 3.9 | 3.0 | 3.4 | 5.0 | 5.6 | 5.3 | 9.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DGII: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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.
Return on equity (6%) and return on invested capital (5%) 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.
$412M of goodwill — 54% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 3.6% | 11.3% (today's — no rate published for this year) | -7.8pts |
| FY2020 | 2.6% | 11.3% (today's — no rate published for this year) | -8.7pts |
| FY2021 | 2.5% | 8.1% | -5.6pts |
| FY2022 | 4.9% | 9.0% | -4.1pts |
| FY2023 | 6.3% | 10.1% | -3.8pts |
| FY2024 | 6.4% | 10.2% | -3.7pts |
| FY2025 | 6.6% | 9.6% | -3.0pts |
| Now | 5.1% | 11.3% | -6.2pts |
Converts 2.94x of reported profit into cash — adequate, without much margin.
| Step | Amount | Running total |
|---|---|---|
| Net income | $41M | $41M |
| Share-based comp | $15M | $56M |
| Other non-cash & working capital | $52M | $108M |
| Operating cash flow | $108M | $108M |
| Capex | −$3M | $105M |
| Free cash flow | $105M | $105M |
| FCF after SBC | $90M | $90M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 9.9% | 5.0% | -4.9 points |
| FY2021 | 10.5% | -26.1% | -36.7 points |
| FY2022 | 25.8% | 15.3% | -10.4 points |
| FY2023 | 14.6% | 11.0% | -3.6 points |
| FY2024 | -4.7% | 24.4% | 29.0 points |
| FY2025 | 1.5% | -8.9% | -10.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 81 days | 107.4 days | 57.2 days | 131.2 days |
| FY2020 | 77.4 days | 139.1 days | 75.7 days | 140.8 days |
| FY2021 | 51.7 days | 112.9 days | 58.1 days | 106.6 days |
| FY2022 | 47.4 days | 155.4 days | 68.7 days | 134.2 days |
| FY2023 | 45.9 days | 141 days | 32.5 days | 154.4 days |
| FY2024 | 59.9 days | 111.8 days | 49.8 days | 122 days |
| FY2025 | 53.8 days | 89 days | 82.1 days | 60.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.8 percent |
| FY2020 | -4.9 percent |
| FY2021 | -7.6 percent |
| FY2022 | -2.1 percent |
| FY2023 | -1.4 percent |
| FY2024 | -7.4 percent |
| FY2025 | -7.3 percent |
Reported free cash flow is $105M; after share-based compensation it is $90M. The difference is a real cost that the cash flow statement adds back.
Covers interest 6.2x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 8.91x |
| 5% | 8.46x |
| 10% | 8.02x |
| 15% | 7.57x |
| 20% | 7.13x |
| 25% | 6.68x |
| 30% | 6.24x |
| 35% | 5.79x |
| 40% | 5.34x |
| 45% | 4.90x |
| 50% | 4.45x |
| 55% | 4.01x |
| 60% | 3.56x |
This schedule comes from a filing dated 2023-09-30, 1105 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2023-09-30 (10-K); cash from the 2023-09-30 balance sheet; FCF from FY2023.
Balance sheet at 2023-09-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $75.21, free cash flow must compound 20.43%/yr for 10 years. It has done 32.31%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 71.1% | 20.4% |
| FY2021 | 65.2% | 20.4% |
| FY2022 | −35.5% | 20.4% |
| FY2023 | −9.4% | 20.4% |
| FY2024 | 149.5% | 20.4% |
| FY2025 | 30.3% | 20.4% |
The implied rate has been matched or beaten in 4 of the last 6 years.
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 (FY2025) 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.