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Insufficient data to determine institutional momentum.
Data as of Q3 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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $37.6M buybacks = $37.6M returned on $3.8M 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.
Operating income fell despite reinvestment — a warning on capital productivity. 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.
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 of $66.7M fully covers short-term debt of $0.
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $17.31 today, the market must believe free cash flow compounds 23.1%/yr for a decade (off $3.2M on the SBC-adjusted basis).
On the basis ($27.4M) the requirement is -5.5%/yr. The difference is what charging stock compensation costs.
Default is 8.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.02B shares (market data) · net debt -$66.7M
mean 19.2% · volatility σ 129% · implied rate exceeded in 4/9 yrs
Central path = implied 23.1%/yr growth; shaded band = ±1σ (129%) 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.
Top 19 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
Ranked against 39 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EVCM | $1.6B | 91.5× | 15.7× | 2.7× | 4.8% | — | 3.0% | 2.5% | 1.4% | 3.1× | 16 |
| XZO | $1.6B | 17.9× | 11.9× | 7.3× | 62.0% | 60.4% | 38.1% | 32.6% | 32.6% | -2.8× | 11 |
| CXM | $1.6B | 75.7× | 23.9× | 1.8× | 7.6% | 67.4% | 2.7% | 3.9% | 3.9% | -2.8× | 39 |
| PD | $1.4B | 9.3× | 81.8× | 2.8× | 5.4% | 84.9% | 35.2% | 68.4% | 25.7% | 9.7× | 49 |
| ALKT | $1.4B | — | — | 3.1× | 32.9% | 57.8% | -10.7% | -13.2% | -13.2% | — | 33 |
| COUR | $1.3B | — | — | 1.8× | 9.0% | 54.6% | -6.7% | -8.0% | -8.0% | — | 36 |
| GTM | $1.3B | 11.8× | 9.6× | 1.0× | 2.9% | 84.0% | 9.9% | 8.2% | 4.4% | 4.5× | 56 |
| RDVT | $1.3B | 88.4× | 52.4× | 14.3× | 20.0% | — | 14.6% | 13.0% | 13.0% | -1.8× | 35 |
| BBAI | $1.3B | — | — | 10.1× | -19.3% | 22.3% | -230% | -48.0% | -40.9% | — | 57 |
| RPD | $1.2B | 47.4× | 15.9× | 1.3× | 1.9% | 70.3% | 2.7% | 15.1% | 15.1% | -4.3× | 40 |
| TUYA | $1.0B | 18.4× | 10.0× | 3.2× | 7.8% | 48.2% | 18.0% | 5.7% | 5.7% | — | 7 |
| NABL | $979M | — | 16.1× | 1.9× | 9.3% | 76.9% | -3.7% | -2.3% | -1.6% | 3.6× | 27 |
| RCAT | $771M | — | — | 18.9× | 128% | 3.1% | -177% | -29.3% | -29.3% | — | 54 |
| GDYN | $770M | 86.3× | 41.5× | 1.9× | 17.5% | 34.6% | 2.3% | 1.8% | 1.8% | — | 33 |
| SPT | $740M | — | — | 1.6× | 12.7% | 77.6% | -9.5% | -21.3% | -17.8% | — | 26 |
| CGNT | $723M | — | 24.0× | 1.8× | 14.1% | 72.4% | -0.2% | -0.3% | -0.3% | -4.6× | 12 |
| CCSI | $691M | 8.7× | 7.0× | 2.0× | -0.2% | 79.8% | 24.2% | 614% | 14.8% | 2.9× | 29 |
| VTEX | $666M | 37.3× | 30.4× | 2.8× | 6.1% | 77.5% | 8.3% | 8.6% | 8.6% | -0.7× | 6 |
| MOMO | $638M | 13.1× | — | 0.4× | 2.4% | 37.8% | 7.8% | 7.3% | 7.3% | -3.8× | 13 |
| WEAV | $595M | — | — | 2.5× | 17.0% | 72.1% | -11.7% | -34.1% | -34.1% | — | 31 |
| BLZE | $540M | — | — | 3.7× | 14.3% | 60.9% | -17.6% | -30.8% | -30.8% | -14.8× | 23 |
| DDD | $487M | 15.4× | — | 1.3× | -12.1% | 33.9% | 7.7% | 12.4% | 9.0% | — | 38 |
| API | $376M | 222.5× | — | 2.7× | 5.9% | 66.4% | 6.8% | 1.7% | 1.5% | — | 3 |
| CRNC | $370M | — | 86.3× | 1.5× | -24.0% | 72.7% | -7.4% | -12.4% | -5.3% | — | 32 |
| LAW | $344M | — | — | 2.2× | 8.3% | 74.9% | -28.3% | -34.6% | -34.6% | — | 20 |
| IIIV | $312M | 24.0× | 7.7× | 1.5× | 11.5% | — | 8.4% | 4.6% | 4.6% | -2.1× | 16 |
Peers = companies sharing IIIV's sector (Services-Prepackaged Software) 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.
EOD close · as of 2026-10-29
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 | $213.2M 100.0% | $191.2M 100.0% | $189.7M 100.0% | $187.8M 100.0% | $224.1M 100.0% | $150.1M 100.0% | $376.3M 100.0% | $323.5M 100.0% | $262.6M 100.0% | $199.6M 100.0% |
| Cost of Revenue | — | — | — | — | $0 0.0% | $0 0.0% | $242.9M 64.5% | $214.5M 66.3% | $189.1M 72.0% | $141.0M 70.6% |
| Gross Profit | — | — | $333.3M 175.7% | $282.7M 150.6% | $195.3M 87.2% | $123.4M 82.2% | $106.9M 28.4% | $83.2M 25.7% | $56.8M 21.6% | $45.6M 22.8% |
| Selling, General & Admin | $114.7M 53.8% | $100.8M 52.7% | $106.0M 55.9% | $156.7M 83.4% | $134.9M 60.2% | $78.3M 52.2% | $62.9M 16.7% | $40.6M 12.5% | $27.2M 10.4% | $20.4M 10.2% |
| Total Operating Expenses | $209.4M 98.2% | $186.9M 97.7% | $194.1M 102.3% | $210.9M 112.3% | $224.1M 100.0% | $142.4M 94.8% | $369.9M 98.3% | $311.1M 96.2% | $255.0M 97.1% | $195.7M 98.0% |
| Operating Income | $3.8M 1.8% | $4.4M 2.3% | -$4.4M -2.3% | -$23.1M -12.3% | -$12K -0.0% | $7.8M 5.2% | $6.4M 1.7% | $12.4M 3.8% | $7.6M 2.9% | $4.0M 2.0% |
| Other Income (Expense), net | $7.1M 3.3% | -$25.9M -13.5% | -$23.9M -12.6% | -$15.8M -8.4% | -$7.2M -3.2% | -$11.5M -7.7% | -$6.0M -1.6% | -$17.0M -5.3% | -$6.5M -2.5% | -$5.8M -2.9% |
| Pretax Income | $10.9M 5.1% | -$21.5M -11.2% | -$28.3M -14.9% | -$38.9M -20.7% | -$7.2M -3.2% | -$3.8M -2.5% | $386K 0.1% | -$4.6M -1.4% | $1.1M 0.4% | -$1.9M -0.9% |
| Income Tax Expense | $5.3M 2.5% | -$5.5M -2.9% | -$3.5M -1.8% | $152K 0.1% | $623K 0.3% | -$2.8M -1.9% | -$177K -0.0% | $337K 0.1% | $177K 0.1% | $243K 0.1% |
| Net Income | $17.9M 8.4% | $113.3M 59.3% | -$811K -0.4% | -$17.1M -9.1% | -$4.5M -2.0% | -$419K -0.3% | -$3.0M -0.8% | -$6.9M -2.1% | $902K 0.3% | -$2.1M -1.0% |
| Per Share | ||||||||||
| EPS (Basic) | $0.75 | $4.84 | -$0.04 | -$0.77 | -$0.21 | -$0.03 | -$0.29 | $0.08 | — | — |
| EPS (Diluted) | $0.72 | $4.73 | -$0.07 | -$0.77 | -$0.22 | -$0.03 | -$0.29 | $0.08 | — | — |
| Weighted Avg Shares (Basic) | 23.9M | 23.4M | 23.1M | 22.2M | 21.0M | 14.8M | 10.5M | 8.8M | — | — |
| Weighted Avg Shares (Diluted) | 34.2M | 33.9M | 33.2M | 22.2M | 31.7M | 27.4M | 10.5M | 26.9M | — | — |
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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-20 | Smith Geoffrey C. Chief Financial Officer | Tax withholding | 1,476 | $14.78 | $22k |
| 2026-05-14 | Daily Gregory S Chief Executive Officer | Open-market buyindirect | 50,000 | $19.23 | $962k |
| 2026-03-06 | Christians Paul Chief Revenue Officer | Open-market sale | 6,122 | $23.23 | $142k |
| 2026-02-11 | 2 co-filers President - Public Sector | Tax withholding | 2,456 | $21.88 | $54k |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| 2026-02-11 | 2 co-filers Chief Revenue Officer | Tax withholding | 3,878 | $21.88 | $85k |
| 2026-02-11 | 2 co-filers Chief Financial Officer | Tax withholding | 4,338 | $21.88 | $95k |
| 2026-02-11 | 2 co-filers President | Tax withholding | 4,626 | $21.88 | $101k |
| 2026-02-11 | 2 co-filers General Counsel and Secretary | Tax withholding | 3,349 | $21.88 | $73k |
| 2026-02-11 | 2 co-filers Chief Strategy Officer | Tax withholding | 4,337 | $21.88 | $95k |
| 2026-02-10 | Harrison John C. Director | Grant | 6,496 | $0.00 | $0 |
| 2026-02-10 | Jenkins Decosta Director | Grant | 6,496 | $0.00 | $0 |
| 2026-02-10 | Courtney Elizabeth S. Director | Grant | 6,496 | $0.00 | $0 |
| 2026-02-10 | Mckenna Timothy Director | Grant | 6,496 | $0.00 | $0 |
| 2026-02-10 | Morgan David K. Director | Grant | 6,496 | $0.00 | $0 |
| 2026-02-10 | Wilds David M Director | Grant | 6,496 | $0.00 | $0 |
| 2026-02-10 | 2 co-filers President - Public Sector | Grant | 135,000 | $0.00 | — |
| 2026-02-10 | 2 co-filers Chief Financial Officer | Grant | 180,000 | $0.00 | — |
| 2026-02-10 | 2 co-filers President | Grant | 180,000 | $0.00 | — |
| 2026-02-10 | 2 co-filers General Counsel and Secretary | Grant | 135,000 | $0.00 | — |
| 2026-02-10 | 2 co-filers Chief Strategy Officer | Grant | 180,000 | $0.00 | — |
| 2026-02-10 | 2 co-filers Chief Revenue Officer | Grant | 135,000 | $0.00 | — |
| 2025-12-10 | 4 co-filers Group filing | Otherindirect | 7,550 | $0.00 | $0 |
| 2025-12-10 | 4 co-filers Group filing | Other | 7,550 | $0.00 | $0 |
| 2025-12-10 | 4 co-filers Group filing | Otherindirect | 7,550 | $24.50 | — |
| 2025-12-10 | 4 co-filers Group filing | Other | 7,550 | $24.50 | — |
| 2025-12-03 | Christians Paul Chief Revenue Officer | Open-market sale | 9,000 | $23.27 | $209k |
| 2025-11-26 | Christians Paul Chief Revenue Officer | Open-market sale | 3,292 | $23.78 | $78k |
| 2025-11-21 | Stanford Frederick President | Open-market sale | 11,347 | $24.21 | $275k |
| 2025-11-16 | 4 co-filers Chief Revenue Officer | Tax withholding40d late | 305 | $28.85 | $9k |
| 2025-11-14 | Stanford Frederick President | Grant | 15,000 | $0.00 | $0 |
| 2025-11-14 | Smith Geoffrey C. Chief Financial Officer | Grant | 15,000 | $0.00 | $0 |
| 2025-11-14 | Laisure Christopher President - Public Sector | Tax withholding42d late | 5,903 | $30.75 | $182k |
| 2025-11-14 | Stanford Frederick President | Tax withholding42d late | 3,653 | $30.75 | $112k |
| 2025-11-14 | Maple Paul General Counsel and Secretary | Tax withholding42d late | 5,903 | $30.75 | $182k |
| 2025-11-14 | Whitson Clay M Chief Strategy Officer | Tax withholding42d late | 5,903 | $30.75 | $182k |
| 2025-11-14 | Laisure Christopher President - Public Sector | Grant | 15,000 | $0.00 | $0 |
| 2025-11-14 | Whitson Clay M Chief Strategy Officer | Grant | 15,000 | $0.00 | $0 |
| 2025-11-14 | Maple Paul General Counsel and Secretary | Grant | 15,000 | $0.00 | $0 |
| 2025-11-14 | Christians Paul Chief Revenue Officer | Grant | 15,000 | $0.00 | $0 |
| 2025-11-14 | 2 co-filers Chief Financial Officer | Tax withholding42d late | 7,403 | $30.75 | $228k |
EOD close · as of 2026-10-29
Where each multiple sits in its own 8-yr range · 13th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 8-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 5% against ROIC 5% — 0% 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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 66.3 | 64.5 | 0.0 | 0.0 | — | — | — | — |
| Gross Profit | 25.7 | 28.4 | 82.2 | 87.2 | 150.6 | 175.7 | — | — |
| SG&A | 12.5 | 16.7 | 52.2 | 60.2 | 83.4 | 55.9 | 52.7 | 53.8 |
| Operating Income | 3.8 | 1.7 | 5.2 | -0.0 | -12.3 | -2.3 | 2.3 | 1.8 |
| Income Tax | 0.1 | -0.0 | -1.9 | 0.3 | 0.1 | -1.8 | -2.9 | 2.5 |
| Net Income | -2.1 | -0.8 | -0.3 | -2.0 | -9.1 | -0.4 | 59.3 | 8.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on IIIV: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -8.07pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 2.0% | 8.8% (today's — no rate published for this year) | -6.8pts |
| FY2020 | 2.3% | 8.8% (today's — no rate published for this year) | -6.5pts |
| FY2021 | 0.0% | 8.8% (today's — no rate published for this year) | -8.8pts |
| FY2022 | -3.1% | 8.8% (today's — no rate published for this year) | -11.9pts |
| FY2023 | -0.5% | 8.8% (today's — no rate published for this year) | -9.3pts |
| FY2024 | 0.8% | 8.8% (today's — no rate published for this year) | -8.0pts |
| FY2025 | 0.8% | 8.8% (today's — no rate published for this year) | -8.0pts |
| Now | 4.6% | 8.8% | -4.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 22.8% | 2.0% | -1.0% |
| FY2017 | 21.6% | 2.9% | 0.3% |
| FY2018 | 25.7% | 3.8% | -2.1% |
| FY2019 | 28.4% | 1.7% | -0.8% |
| FY2020 | 82.2% | 5.2% | -0.3% |
| FY2021 | 87.2% | -0.0% | -2.0% |
| FY2022 | 150.6% | -12.3% | -9.1% |
| FY2023 | 175.7% | -2.3% | -0.4% |
| FY2024 | not reported | 2.3% | 59.3% |
| FY2025 | not reported | 1.8% | 8.4% |
Return on equity (5%) 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.
$282M of goodwill — 78% 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.
ROIC ex-goodwill is 3.41% against 0.73% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Balance sheet at 2025-09-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
At $17.31, free cash flow must compound 23.34%/yr for 10 years. It has no positive compounding record after stock compensation to compare against, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −47.3% | 23.3% |
| FY2021 | 109.9% | 23.3% |
| FY2022 | −29.8% | 23.3% |
| FY2023 | −66.7% | 23.3% |
| FY2024 | 275.5% | 23.3% |
| FY2025 | −176.4% | 23.3% |
The achieved growth rate spans a reporting-basis change in FY2022, so part of it measures the restatement rather than the business.