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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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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $2.40 today, the market must believe free cash flow compounds 4.6%/yr for a decade (off $615K on the 3-yr avg basis).
The market's 4.6% is more optimistic than its 2-yr track record.
Default is 11.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.00B shares (market data) · net debt -$314K
mean -47.7% · volatility σ 72% · implied rate exceeded in 0/2 yrs
Central path = implied 4.6%/yr growth; shaded band = ±1σ (72%) 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.
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 $14K 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.
EOD close · as of 2026-10-30
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 |
|---|---|---|---|
| Revenue | $4.8M 100.0% | $859K 100.0% | $37K 100.0% |
| Cost of Revenue | $2.4M 50.2% | $31K 3.6% | $7K 19.8% |
| Gross Profit | $2.4M 49.8% | $828K 96.4% | $30K 80.2% |
| Selling, General & Admin | $478K 9.9% | $11K 1.3% | $12K 31.7% |
| Total Operating Expenses | $478K 9.9% | $11K 1.3% | $12K 31.7% |
| Operating Income | $1.9M 39.9% | $818K 95.1% | $18K 48.6% |
| Other Income (Expense), net | -$22K -0.4% | $0 0.0% | -$2K -6.0% |
| Pretax Income | $1.9M 39.5% | $818K 95.1% | $16K 42.5% |
| Income Tax Expense | $431K 8.9% | $115K 13.4% | $2K 4.8% |
| Net Income | $765K 15.8% | $1.5M 180.2% | $996K 2682.9% |
| Per Share | |||
| EPS (Basic) | $0.07 | $0.15 | $0.10 |
| EPS (Diluted) | $0.07 | $0.15 | $0.10 |
| Weighted Avg Shares (Basic) | 10.6M | 10.0M | 10.0M |
| Weighted Avg Shares (Diluted) | 10.6M | 10.0M | 10.0M |
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.
Insufficient EBITDA/debt history.
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 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.
Ranked against 8 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ZS | $40.4B | — | — | 12.1× | 25.4% | 76.8% | -1.9% | -2.4% | -2.4% | — | 232 |
| CTSH | $28.2B | 13.7× | 6.8× | 1.3× | 7.0% | — | 10.6% | 14.9% | 14.3% | -0.3× | 242 |
| EPAM | $6.9B | 20.0× | 9.9× | 1.3× | 15.4% | 28.8% | 6.9% | 10.3% | 10.2% | -2.2× | 107 |
| DOX | $6.5B | 14.6× | 9.0× | 1.3× | 2.4% | 35.1% | 9.9% | 14.3% | 12.0% | 0.4× | 101 |
| DOCS | $6.0B | 34.3× | 25.2× | 9.3× | 13.1% | 89.1% | 30.4% | 20.6% | 20.6% | -1.0× | 78 |
| ISSC | $444M | 28.2× | 19.5× | 5.3× | 78.6% | 48.1% | 18.5% | 24.2% | 17.6% | 0.9× | 19 |
| PERI | $365M | — | 99.1× | 0.8× | -11.7% | — | -1.8% | -1.2% | -1.2% | — | 11 |
| RDNW | $203M | — | 43.4× | 0.2× | -10.5% | 27.5% | -4.8% | 419% | -26.9% | — | 8 |
| MASK | $2M | 9.7× | — | 0.5× | 463% | 49.8% | 15.8% | 14.3% | 14.3% | — | — |
Peers = companies sharing MASK's sector (Services-Computer Programming Services) 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 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 14% against ROIC 14% — 0% 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 18.9% — 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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Cost of Revenue | 19.8 | 3.6 | 50.2 |
| Gross Profit | 80.2 | 96.4 | 49.8 |
| SG&A | 31.7 | 1.3 | 9.9 |
| Operating Income | 48.6 | 95.1 | 39.9 |
| Income Tax | 4.8 | 13.4 | 8.9 |
| Net Income | 2682.9 | 180.2 | 15.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MASK: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 20.35pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2023 | 1.3% | 10.3% | -9.0pts |
| FY2024 | 25.1% | 11.0% | 14.1pts |
| FY2025 | 31.6% | 10.5% | 21.1pts |
| Now | 14.3% | 11.2% | 3.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2023 | 80.2% | 48.6% | 2682.9% |
| FY2024 | 96.4% | 95.1% | 180.2% |
| FY2025 | 49.8% | 39.9% | 15.8% |
Return on equity (14%) and return on invested capital (14%) 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.
Beta was borrowed from the sector median — too little price history to measure this company's own, so WACC is an estimate of an estimate.
Cash conversion of 0.51x sits below the level that would make the earnings clearly cash-backed.
Shares outstanding are up 6% since FY2023 — 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.
No debt, so there is no leverage path to distress.
Balance sheet at 2025-06-30. 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.
At $0.68, free cash flow must compound -16.69%/yr for 10 years. It has done -87.61%/yr over 2 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2024 | 3.1% | −16.7% |
| FY2025 | −98.5% | −16.7% |
The implied rate has been matched or beaten in 1 of the last 2 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $764,919 | $764,919 |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$751,087 | $13,832 |
| Operating cash flow | $13,832 | $13,832 |
| Capex | $0 | $13,832 |
| Free cash flow | $13,832 | $13,832 |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2024 | 2214.4% | not reported | not reported |
| FY2025 | 462.7% | 496.2% | 33.5 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2023 | 0 days | not reported | not reported | not reported |
| FY2024 | 229.4 days | not reported | 0 days | 229.4 days |
| FY2025 | 243 days | not reported | 0.5 days | 242.6 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2023 | not reported |
| FY2024 | 16.0 percent |
| FY2025 | 8.0 percent |