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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 + $345K buybacks = $345K returned on -$3K 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: -12%. 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
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 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $135.0M 100.0% | $109.4M 100.0% | $103.2M 100.0% | $93.3M 100.0% | $78.4M 100.0% | $61.0M 100.0% | $59.9M 100.0% | $52.1M 100.0% | $44.6M 100.0% | $176.6M 100.0% |
| Selling, General & Admin | $61.2M 45.4% | $44.9M 41.1% | $41.8M 40.5% | $43.5M 46.7% | $45.2M 57.7% | $42.1M 69.0% | $36.3M 60.5% | $29.7M 57.1% | $27.3M 61.2% | $41.6M 23.6% |
| Total Operating Expenses | $137.4M 101.8% | $107.2M 98.0% | $102.3M 99.1% | $96.9M 103.8% | $78.9M 100.6% | $66.2M 108.6% | $61.4M 102.4% | $54.4M 104.4% | $48.9M 109.7% | $183.5M 103.9% |
| Operating Income | -$2.4M -1.8% | $2.2M 2.0% | $954K 0.9% | -$3.6M -3.8% | -$474K -0.6% | -$5.2M -8.6% | -$1.4M -2.4% | -$2.3M -4.4% | $6.8M 15.2% | -$7.1M -4.0% |
| Interest Expense | $5.4M 4.0% | $4.8M 4.4% | $6.3M 6.1% | $8.1M 8.7% | $6.2M 7.9% | $7.7M 12.7% | $9.0M 15.0% | $7.4M 14.2% | $6.3M 14.2% | $4.5M 2.5% |
| Interest & Investment Income | $1.4M 1.0% | $1.3M 1.2% | $1.0M 1.0% | $556K 0.6% | $242K 0.3% | $310K 0.5% | $484K 0.8% | $236K 0.5% | $190K 0.4% | $794K 0.4% |
| Other Income (Expense), net | $377K 0.3% | $192K 0.2% | -$1.5M -1.5% | -$206K -0.2% | $16K 0.0% | $332K 0.5% | -$8.5M -14.2% | -$9.0M -17.2% | -$10.5M -23.6% | -$7.6M -4.3% |
| Pretax Income | -$14.0M -10.4% | -$8.3M -7.6% | $23.7M 22.9% | $35.0M 37.5% | -$6.6M -8.5% | -$6.5M -10.7% | -$3.1M -5.2% | -$21.9M -42.1% | -$12.5M -28.1% | -$10.5M -5.9% |
| Income Tax Expense | -$3.8M -2.8% | -$147K -0.1% | -$1.9M -1.8% | $4.8M 5.2% | -$3.9M -5.0% | -$1.1M -1.8% | -$363K -0.6% | $315K 0.6% | -$16.7M -37.4% | -$9.7M -5.5% |
| Net Income | -$10K -0.0% | -$8K -0.0% | $24K 0.0% | $15.1M 16.2% | $1.9M 2.4% | -$7.8M -12.8% | -$6.9M -11.5% | -$30.7M -59.0% | -$16.9M -38.0% | $522K 0.3% |
| Per Share | ||||||||||
| EPS (Basic) | -$0.43 | -$0.35 | $0.91 | $1.06 | -$0.04 | -$0.35 | -$0.32 | -$1.41 | -$0.79 | $0.01 |
| EPS (Diluted) | -$0.43 | -$0.35 | $0.89 | $0.98 | -$0.04 | -$0.35 | -$0.32 | -$1.41 | -$0.79 | $0.01 |
| Weighted Avg Shares (Basic) | 27.9M | 27.2M | 25.7M | 23.0M | 22.5M | 22.2M | 21.9M | 21.7M | 21.5M | 20.0M |
| Weighted Avg Shares (Diluted) | 27.9M | 27.2M | 26.4M | 25.3M | 22.5M | 22.2M | 21.9M | 21.7M | 21.5M | 20.0M |
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $9.62 today, the market must believe free cash flow compounds 47.1%/yr for a decade (off $1.1M on the 3-yr avg basis).
On the basis (-$718K) the requirement is off the scale. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.03B shares (market data) · net debt $62.4M
mean -165.1% · volatility σ 369% · implied rate exceeded in 1/3 yrs
Central path = implied 47.1%/yr growth; shaded band = ±1σ (369%) 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $8.3M is below the $15.0M due within a year — relies on refinancing or operating cash flow. 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~7.7% on $70.7M of debt.
Cash of $8.3M is below short-term debt of $11.7M — relies on refinancing/operations.
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.
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.
EOD close · as of 2026-10-21
Where each multiple sits in its own 14-yr range · 73th 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 -68% against ROIC -12% — -56% 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 -86.9% — 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
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 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 57.1 | 60.5 | 69.0 | 57.7 | 46.7 | 40.5 | 41.1 | 45.4 |
| Operating Income | -4.4 | -2.4 | -8.6 | -0.6 | -3.8 | 0.9 | 2.0 | -1.8 |
| Income Tax | 0.6 | -0.6 | -1.8 | -5.0 | 5.2 | -1.8 | -0.1 | -2.8 |
| Net Income | -59.0 | -11.5 | -12.8 | 2.4 | 16.2 | 0.0 | -0.0 | -0.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on KWY: 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.