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Institutional distribution: ownership decreased -0.74% quarter-over-quarter.
Data as of Q1 2026
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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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Top 14 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 2026-08-04 · 43d old
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $56.5M 100.0% | $290.3M 100.0% | $203.5M 100.0% | $487.9M 100.0% | $358.6M 100.0% | — |
| Cost of Revenue | $44.5M 78.7% | $224.9M 77.5% | $129.3M 63.5% | $264.7M 54.2% | $108.6M 30.3% | — |
| Gross Profit | $85.9M 152.0% | $65.4M 22.5% | $74.3M 36.5% | $223.3M 45.8% | $250.0M 69.7% | — |
| Research & Development | $8.0M 14.1% | $174.4M 60.1% | $78.7M 38.6% | $331.3M 67.9% | $145.3M 40.5% | — |
| Selling, General & Admin | $19.2M 34.0% | $23.3M 8.0% | $65.4M 32.1% | $22.9M 4.7% | $20.1M 5.6% | $0 |
| Total Operating Expenses | $83.3M 147.3% | $203.6M 70.1% | $151.2M 74.3% | $361.6M 74.1% | $171.2M 47.7% | $32K |
| Operating Income | $365K 0.6% | -$138.2M -47.6% | -$76.9M -37.8% | -$138.3M -28.4% | $78.8M 22.0% | — |
| Interest Expense | — | — | — | — | $50K 0.0% | — |
| Other Income (Expense), net | -$52.8M -93.4% | $76.5M 26.3% | -$8.8M -4.3% | $1.1M 0.2% | $1.6M 0.4% | $0 |
| Pretax Income | -$50.2M -88.8% | -$61.7M -21.3% | -$85.7M -42.1% | -$137.3M -28.1% | $80.4M 22.4% | -$32K |
| Income Tax Expense | — | $2.5M 0.9% | -$4.1M -2.0% | -$826K -0.2% | -$795K -0.2% | $0 |
| Net Income | -$50.2M -88.8% | -$64.2M -22.1% | -$81.6M -40.1% | -$136.5M -28.0% | $81.2M 22.7% | -$32K |
| Per Share | ||||||
| EPS (Basic) | $-0.56 | $-198.19 | $-12420.98 | $-1362.63 | $6.15 | — |
| EPS (Diluted) | $-4.00 | $-198.19 | $-12420.98 | $-1362.63 | $6.15 | — |
| Weighted Avg Shares (Basic) | 13.2M | 320K | 7K | 100K | 13.2M | — |
| Weighted Avg Shares (Diluted) | 13.2M | 320K | 7K | 100K | 13.2M | — |
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.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
1/2 of the 9 checks — 7 couldn't be scored (see above), so the score is out of the 2 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
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.
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 6 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Interest last disclosed in FY2021 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-08-04
No standout strengths flagged.
No material risks flagged.
Where each multiple sits in its own 5-yr range · 60th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-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
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cost of Revenue | — | 30.3 | 54.2 | 63.5 | 77.5 | 78.7 |
| Gross Profit | — | 69.7 | 45.8 | 36.5 | 22.5 | 152.0 |
| R&D | — | 40.5 | 67.9 | 38.6 | 60.1 | 14.1 |
| SG&A | — | 5.6 | 4.7 | 32.1 | 8.0 | 34.0 |
| Operating Income | — | 22.0 | -28.4 | -37.8 | -47.6 | 0.6 |
| Income Tax | — | -0.2 | -0.2 | -2.0 | 0.9 | — |
| Net Income | — | 22.7 | -28.0 | -40.1 | -22.1 | -88.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on HOLOW: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
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.