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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 -$2.2M 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 4 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 2%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 4 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 2026-10-29
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.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $33.5M 100.0% | $44.9M 100.0% | $51.4M 100.0% | $49.9M 100.0% |
| Cost of Revenue | $27.6M 82.3% | $33.5M 74.6% | $40.5M 78.8% | $39.6M 79.4% |
| Gross Profit | $5.9M 17.7% | $11.4M 25.4% | $10.9M 21.2% | $10.3M 20.6% |
| Research & Development | $1.5M 4.3% | $1.4M 3.1% | $1.4M 2.7% | $1.5M 3.1% |
| Selling, General & Admin | $3.7M 11.1% | $3.2M 7.2% | $3.0M 5.7% | $2.8M 5.6% |
| Total Operating Expenses | $7.0M 20.8% | $10.9M 24.4% | $7.0M 13.7% | $6.5M 13.0% |
| Operating Income | -$1.1M -3.2% | $456K 1.0% | $3.9M 7.5% | $3.8M 7.7% |
| Interest Expense | $521K 1.6% | $556K 1.2% | $407K 0.8% | $339K 0.7% |
| Other Income (Expense), net | $2.1M 6.1% | -$553K -1.2% | -$391K -0.8% | -$253K -0.5% |
| Pretax Income | $991K 3.0% | -$97K -0.2% | $3.5M 6.8% | $3.6M 7.2% |
| Income Tax Expense | $434K 1.3% | $264K 0.6% | $447K 0.9% | $502K 1.0% |
| Net Income | $557K 1.7% | -$361K -0.8% | $3.0M 5.9% | $3.1M 6.2% |
| Per Share | ||||
| EPS (Basic) | $0.03 | -$0.02 | $0.15 | $0.15 |
| EPS (Diluted) | $0.03 | -$0.02 | $0.15 | $0.15 |
| Weighted Avg Shares (Basic) | 22.2M | 20.0M | 20.0M | 20.0M |
| Weighted Avg Shares (Diluted) | 22.2M | 20.0M | 20.0M | 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.
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).
Thin coverage — earnings barely cover interest. Effective rate ~4.1% on $12.7M of debt.
Cash of $4.5M is below short-term debt of $10.9M — relies on refinancing/operations.
Mostly short-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Ranked against 14 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NUE | $62.5B | 36.6× | — | 1.9× | 5.7% | 11.9% | 5.4% | 8.3% | 8.3% | — | 501 |
| STLD | $36.1B | 31.7× | 19.5× | 2.0× | 3.6% | 13.2% | 6.5% | 13.2% | 9.0% | 1.7× | 298 |
| ATI | $23.8B | 61.4× | 29.0× | 5.2× | 5.2% | 22.0% | 8.8% | 22.4% | 22.0% | -0.5× | 218 |
| CRS | $14.8B | 28.4× | 17.8× | 4.7× | 8.6% | 30.6% | 17.0% | 23.8% | 18.2% | 0.3× | 195 |
| CMC | $7.2B | 11.2× | — | 0.8× | 20.5% | 18.6% | 7.0% | 14.0% | 8.2% | — | 120 |
| WOR | $3.2B | 20.5× | 29.9× | 2.3× | 19.7% | 27.4% | 11.3% | 15.2% | 11.7% | 2.4× | 73 |
| WS | $2.2B | 247.6× | 32.1× | 0.6× | 11.3% | 11.7% | 0.2% | 0.8% | 0.7% | 2.0× | 52 |
| ROCK | $1.2B | — | 7.1× | 1.1× | 11.0% | 26.9% | -3.9% | -4.7% | -4.7% | -0.8× | 46 |
| NWPX | $944M | 27.5× | — | 1.8× | 6.8% | 19.7% | 6.7% | 9.0% | 8.7% | — | 33 |
| SXC | $936M | — | 14.0× | 0.5× | -5.1% | — | -2.4% | -7.4% | -3.4% | 5.5× | 38 |
| MTUS | $888M | — | 12.7× | 0.8× | 6.9% | 8.2% | -0.1% | -0.2% | -0.2% | -2.7× | 43 |
| IIIN | $561M | 13.8× | 7.2× | 0.9× | 22.4% | 14.4% | 6.3% | 11.0% | 11.0% | -0.5× | 36 |
| TWI | $317M | — | 8.2× | 0.2× | -0.9% | 13.9% | -3.5% | -12.3% | -5.7% | 4.6× | 27 |
| FRD | $311M | 49.6× | 48.6× | 0.7× | -13.9% | 0.6% | 1.4% | 4.6% | 4.6% | -0.6× | 11 |
| LUD | $88M | 130.0× | — | 2.6× | -25.3% | 17.7% | 1.7% | 2.5% | 1.6% | — | — |
Peers = companies sharing LUD's sector (Steel Pipe & Tubes) 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2023, FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $3.90 today, the market must believe free cash flow compounds 17.5%/yr for a decade (off $3.0M on the 3-yr avg basis).
Default is 11.6% — 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 $8.2M
mean 14.3% · volatility σ 232% · implied rate exceeded in 1/2 yrs
Central path = implied 17.5%/yr growth; shaded band = ±1σ (232%) 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.
EOD close · as of 2026-10-29
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 3% against ROIC 2% — 1% 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
High operating leverage: profit moved 13.2× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Cost of Revenue | 79.4 | 78.8 | 74.6 | 82.3 |
| Gross Profit | 20.6 | 21.2 | 25.4 | 17.7 |
| R&D | 3.1 | 2.7 | 3.1 | 4.3 |
| SG&A | 5.6 | 5.7 | 7.2 | 11.1 |
| Operating Income | 7.7 | 7.5 | 1.0 | -3.2 |
| Income Tax | 1.0 | 0.9 | 0.6 | 1.3 |
| Net Income | 6.2 | 5.9 | -0.8 | 1.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on LUD: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -14.12pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2022 | 25.6% | 11.6% (today's — no rate published for this year) | 14.1pts |
| FY2023 | 14.2% | 9.6% | 4.6pts |
| FY2024 | 2.0% | 11.5% | -9.5pts |
| FY2025 | -2.6% | 10.7% | -13.2pts |
| Now | 1.6% | 11.6% | -10.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2022 | 20.6% | 7.7% | 6.2% |
| FY2023 | 21.2% | 7.5% | 5.9% |
| FY2024 | 25.4% | 1.0% | -0.8% |
| FY2025 | 17.7% | -3.2% | 1.7% |
Return on equity (3%) and return on invested capital (2%) 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.
ROIC ex-goodwill is -2.56% against -2.56% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Shares outstanding are up 13% since FY2022 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Missing from our data, so excluded from this answer: share_based_compensation.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Balance sheet at 2025-12-31. 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: ebitda.
At $3.90, free cash flow must compound 17.56%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2024 | 178.2% | 17.6% |
| FY2025 | −149.5% | 17.6% |
The implied rate has been matched or beaten in 1 of the last 2 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $556,829 | $556,829 |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$2M | −$2M |
| Operating cash flow | −$2M | −$2M |
| Capex | −$458,221 | −$2M |
| Free cash flow | −$2M | −$2M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2023 | 3.2% | not reported | not reported |
| FY2024 | -12.8% | -20.7% | -7.9 points |
| FY2025 | -25.3% | 2.4% | 27.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2022 | not reported | not reported | not reported | not reported |
| FY2023 | 117.8 days | 50.2 days | 108.8 days | 59.3 days |
| FY2024 | 107.1 days | 53.1 days | 94.6 days | 65.6 days |
| FY2025 | 146.8 days | 62.2 days | 139.7 days | 69.3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2022 | not reported |
| FY2023 | -0.6 percent |
| FY2024 | -14.8 percent |
| FY2025 | 4.6 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 1 year to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.