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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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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 $41.9M 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 3 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: 9%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 3 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 $1.20B (at 2025-12-31) covers all $105.0M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (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.
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.”
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.
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 |
|---|---|---|---|
| Revenue | $506.9M 100.0% | $340.9M 100.0% | $209.5M 100.0% |
| Research & Development | $64.9M 12.8% | $62.7M 18.4% | $49.2M 23.5% |
| Selling, General & Admin | $132.0M 26.0% | $104.3M 30.6% | $58.8M 28.1% |
| Total Operating Expenses | $389.3M 76.8% | $331.6M 97.3% | $259.0M 123.6% |
| Operating Income | $117.5M 23.2% | $9.2M 2.7% | -$49.4M -23.6% |
| Other Income (Expense), net | -$3.9M -0.8% | $12.9M 3.8% | -$2.9M -1.4% |
| Pretax Income | $113.7M 22.4% | $22.1M 6.5% | -$52.3M -25.0% |
| Income Tax Expense | -$20.6M -4.1% | $2.2M 0.6% | $102K 0.0% |
| Net Income | $133.9M 26.4% | $17.2M 5.0% | -$47.9M -22.9% |
| Per Share | |||
| EPS (Basic) | $0.54 | $0.00 | -$0.93 |
| EPS (Diluted) | $0.44 | $0.00 | -$0.93 |
| Weighted Avg Shares (Basic) | 114.4M | 65.0M | 51.3M |
| Weighted Avg Shares (Diluted) | 141.8M | 72.6M | 51.3M |
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.
No current price collected.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 11% against ROIC 9% — 2% 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 16.9% — 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 24.1× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| R&D | 23.5 | 18.4 | 12.8 |
| SG&A | 28.1 | 30.6 | 26.0 |
| Operating Income | -23.6 | 2.7 | 23.2 |
| Income Tax | 0.0 | 0.6 | -4.1 |
| Net Income | -22.9 | 5.0 | 26.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FGRS: 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.