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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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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 $39.47 today, the market must believe free cash flow compounds -6.3%/yr for a decade (off $356.6M on the 3-yr avg basis).
On the basis ($311.9M) the requirement is -4.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -6.3% is more conservative than its 9-yr track record.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.04B shares (market data) · net debt $1.01B
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 14.4% · volatility σ 42% · implied rate exceeded in 6/9 yrs
Central path = implied -6.3%/yr growth; shaded band = ±1σ (42%) 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 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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $170.1M buybacks = $170.1M returned on $288.1M 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.
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: 4%. 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 2026-10-21
Where each multiple sits in its own 14-yr range · 0th 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 4% — 2% 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 8.4× 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 | 69.9 | 71.6 | 73.0 | 71.5 | 70.1 | 71.2 | 71.1 | 71.1 |
| Gross Profit | 30.1 | 28.4 | 27.0 | 28.5 | 29.9 | 28.8 | 28.9 | 28.9 |
| SG&A | 20.7 | 18.9 | 17.6 | 18.4 | 19.5 | 19.0 | 20.0 | 21.5 |
| Operating Income | 7.7 | 8.1 | 8.0 | 8.8 | 8.9 | 8.2 | 7.4 | 5.8 |
| Income Tax | 1.4 | 1.6 | 1.8 | 2.0 | 2.1 | 1.8 | 1.6 | 1.2 |
| Net Income | 4.6 | 5.1 | 5.7 | 10.2 | 5.9 | 4.9 | 4.3 | 2.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EFOR: 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.
Cash of $161.2M (at 2025-12-31) covers all $12.4M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2015-06-30 (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).
Coverage is adequate but not comfortable. Effective rate ~5.8% on $1.17B of debt.
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.
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.
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. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.98B 100.0% | $4.10B 100.0% | $4.45B 100.0% | $4.58B 100.0% | $4.01B 100.0% | $3.50B 100.0% | $3.42B 100.0% | $3.40B 100.0% | $2.63B 100.0% | $2.44B 100.0% |
| Cost of Revenue | $2.83B 71.1% | $2.92B 71.1% | $3.17B 71.2% | $3.21B 70.1% | $2.87B 71.5% | $2.55B 73.0% | $2.44B 71.6% | $2.38B 69.9% | $1.78B 67.6% | $1.65B 67.4% |
| Cost of Services | — | — | — | — | — | — | — | — | $1.78B 67.6% | $1.65B 67.4% |
| Gross Profit | $1.15B 28.9% | $1.18B 28.9% | $1.28B 28.8% | $1.37B 29.9% | $1.14B 28.5% | $947.2M 27.0% | $971.5M 28.4% | $1.02B 30.1% | $850.1M 32.4% | $795.2M 32.6% |
| Selling, General & Admin | $854.0M 21.5% | $821.2M 20.0% | $844.2M 19.0% | $895.0M 19.5% | $735.8M 18.4% | $615.0M 17.6% | $645.0M 18.9% | $705.0M 20.7% | $592.0M 22.5% | $565.8M 23.2% |
| Operating Income | $230.3M 5.8% | $304.4M 7.4% | $364.1M 8.2% | $409.5M 8.9% | $350.9M 8.8% | $281.2M 8.0% | $276.2M 8.1% | $260.2M 7.7% | $224.7M 8.6% | $189.7M 7.8% |
| Interest Expense | $67.7M 1.7% | $64.3M 1.6% | $66.4M 1.5% | $45.9M 1.0% | $37.5M 0.9% | $39.7M 1.1% | $52.9M 1.5% | $56.0M 1.6% | $27.6M 1.1% | $32.3M 1.3% |
| Pretax Income | $162.6M 4.1% | $240.1M 5.9% | $297.7M 6.7% | $363.6M 7.9% | $313.4M 7.8% | $241.5M 6.9% | $204.4M 6.0% | $204.2M 6.0% | $197.1M 7.5% | $157.4M 6.4% |
| Income Tax Expense | $49.1M 1.2% | $64.9M 1.6% | $78.4M 1.8% | $96.7M 2.1% | $81.6M 2.0% | $63.9M 1.8% | $54.7M 1.6% | $46.2M 1.4% | $39.2M 1.5% | $60.2M 2.5% |
| Net Income | $113.5M 2.9% | $175.2M 4.3% | $219.3M 4.9% | $268.1M 5.9% | $409.9M 10.2% | $200.3M 5.7% | $174.7M 5.1% | $157.7M 4.6% | $157.7M 6.0% | $97.2M 4.0% |
| Per Share | ||||||||||
| EPS (Basic) | $2.62 | $3.88 | $4.54 | $5.30 | $7.78 | $3.80 | $3.31 | $3.02 | $3.01 | $1.83 |
| EPS (Diluted) | $2.60 | $3.83 | $4.50 | $5.23 | $7.66 | $3.76 | $3.28 | $2.98 | $2.97 | $1.81 |
| Weighted Avg Shares (Basic) | 43.4M | 45.2M | 48.3M | 50.6M | 52.7M | 52.7M | 52.8M | 52.3M | 52.5M | 53.2M |
| Weighted Avg Shares (Diluted) | 43.6M | 45.7M | 48.7M | 51.3M | 53.5M | 53.3M | 53.4M | 53.1M | 53.2M | 53.7M |
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.