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Institutional distribution: ownership decreased -0.92% quarter-over-quarter.
Data as of Q1 2026
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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
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81 · book equity (no price)
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash conversion lags reported earnings — watch accruals. Lower/negative accruals = higher quality (Sloan).
Comfortably covers interest; leverage rising year-over-year.
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 on -$28M 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 6 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 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.
Cash of $238M covers all $119M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (20-F).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.0% on $92M of debt.
Cash of $238M fully covers short-term debt of $64M.
Mostly short-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.
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.
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 | $432.9M 100.0% | $2.08B 100.0% | $0 | $0 | $15.7M 100.0% | $415.5M 100.0% |
| Cost of Revenue | $252.0M 58.2% | $1.19B 57.4% | $1.22B | $730.7M | $339.0M 2165.3% | $176.6M 42.5% |
| Gross Profit | $180.9M 41.8% | $884.6M 42.6% | $661.4M | $472.0M | $381.8M 2438.8% | $238.9M 57.5% |
| Research & Development | $114.0M 26.3% | $855.6M 41.2% | $790.5M | $555.2M | $368.4M 2353.5% | $229.7M 55.3% |
| Selling, General & Admin | $41.3M 9.5% | $316.9M 15.3% | $320.1M | $201.0M | $236.7M 1512.1% | $76.6M 18.4% |
| Total Operating Expenses | $156.8M 36.2% | $1.09B 52.5% | $1.23B | $850.2M | $647.1M 4133.4% | $340.7M 82.0% |
| Operating Income | $24.1M 5.6% | -$204.9M -9.9% | -$571.6M | -$378.2M | -$265.3M -1694.6% | -$101.8M -24.5% |
| Interest Expense | $2.7M 0.6% | $12.8M 0.6% | $432K | $0 | — | — |
| Other Income (Expense), net | $26.4M 6.1% | -$2.5M -0.1% | $34K | -$2.2M | $118K 0.8% | -$828K -0.2% |
| Pretax Income | $466.7M 107.8% | -$101.2M -4.9% | -$475.3M | -$300.8M | -$245.9M -1571.0% | -$107.4M -25.9% |
| Income Tax Expense | $4.4M 1.0% | $1.1M 0.1% | $658K | -$66K | -$1.1M -7.1% | -$199K -0.0% |
| Net Income | $62.3M 14.4% | -$102.4M -4.9% | -$476.0M | -$300.8M | -$244.8M -1563.9% | -$107.2M -25.8% |
| Per Share | ||||||
| EPS (Basic) | $0.45 | $-0.79 | $-3.81 | $-6.47 | $-23.39 | $-1.19 |
| EPS (Diluted) | $0.43 | $-0.79 | $-3.81 | $-6.47 | $-23.39 | $-1.19 |
| Weighted Avg Shares (Basic) | 139.1M | 129.2M | 124.8M | 115.5M | 105.0M | 89.9M |
| Weighted Avg Shares (Diluted) | 146.4M | 129.2M | 124.8M | 115.5M | 105.0M | 89.9M |
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.
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.
No current price collected.
No standout strengths flagged.
Where each multiple sits in its own 3-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 3-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
Returns are margin-driven, not leverage-driven — higher quality.
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
High operating leverage: profit moved 1.4× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cost of Revenue | 42.5 | 2165.3 | — | — | 57.4 | 58.2 |
| Gross Profit | 57.5 | 2438.8 | — | — | 42.6 | 41.8 |
| R&D | 55.3 | 2353.5 | — | — | 41.2 | 26.3 |
| SG&A | 18.4 | 1512.1 | — | — | 15.3 | 9.5 |
| Operating Income | -24.5 | -1694.6 | — | — | -9.9 | 5.6 |
| Income Tax | -0.0 | -7.1 | — | — | 0.1 | 1.0 |
| Net Income | -25.8 | -1563.9 | — | — | -4.9 | 14.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on HSAI: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.