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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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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: 1%. 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.
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 -$3.68B 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 2026-10-21
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 | $529.8M 100.0% | $91.5M 100.0% | $9.8M 100.0% | $13.5M 100.0% | $356.17B 100.0% | $218.34B 100.0% | $175.39B 100.0% | $127.66B 100.0% | $94.05B 100.0% | $75.92B 100.0% |
| Cost of Revenue | $166.2M 31.4% | $43.7M 47.8% | $19.6M 200.0% | $28.4M 210.4% | $173.95B 48.8% | $85.73B 39.3% | $55.79B 31.8% | $35.89B 28.1% | $23.95B 25.5% | $19.75B 26.0% |
| Research & Development | $177.3M 33.5% | $114.8M 125.5% | $87.1M 888.8% | $58.3M 431.9% | $48.46B 13.6% | $36.34B 16.6% | $29.21B 16.7% | $22.58B 17.7% | $18.87B 20.1% | $15.83B 20.9% |
| Selling, General & Admin | $380.1M 71.7% | $255.5M 279.2% | $159.5M 1627.6% | $57.3M 424.4% | $122.92B 34.5% | $62.91B 28.8% | $50.30B 28.7% | $36.21B 28.4% | $27.16B 28.9% | $17.89B 23.6% |
| Total Operating Expenses | $1.14B 215.5% | $491.1M 536.7% | $295.5M 3015.3% | $171.5M 1270.4% | $369.45B 103.7% | $202.67B 92.8% | $150.83B 86.0% | $106.81B 83.7% | $81.21B 86.3% | $63.08B 83.1% |
| Operating Income | -$611.7M -115.5% | -$399.6M -436.7% | -$285.7M -2915.3% | -$158.0M -1170.4% | -$13.28B -3.7% | $15.67B 7.2% | $24.56B 14.0% | $20.84B 16.3% | $12.84B 13.7% | $12.85B 16.9% |
| Interest Expense | $61.5M 11.6% | $0 0.0% | $121.1M 1235.7% | $3.40B 25155.6% | $3.71B 1.0% | $2.37B 1.1% | $74.0M 0.0% | $945.0M 0.7% | $897.0M 1.0% | $1.21B 1.6% |
| Interest & Investment Income | $31.8M 6.0% | $63.6M 69.5% | $3.3M 33.7% | $1.0M 7.4% | $4.62B 1.3% | $3.87B 1.8% | $3.31B 1.9% | $3.38B 2.6% | $2.91B 3.1% | $2.86B 3.8% |
| Other Income (Expense), net | $80.6M 15.2% | -$17.4M -19.0% | -$3.7M -37.8% | -$7.9M -58.5% | -$1.22B -0.3% | $2.32B 1.1% | -$1.19B -0.7% | $1.13B 0.9% | -$1.11B -1.2% | -$3.40B -4.5% |
| Pretax Income | $13.8M 2.6% | -$353.0M -385.8% | -$297.0M -3030.6% | -$178.9M -1325.2% | -$7.22B -2.0% | $36.54B 16.7% | $22.72B 13.0% | $52.46B 41.1% | $14.10B 15.0% | $11.11B 14.6% |
| Income Tax Expense | $4.0M 0.8% | -$1.0M -1.1% | $2.0M 20.4% | $1.1M 8.1% | $7.43B 2.1% | $13.19B 6.0% | $11.66B 6.6% | $8.20B 6.4% | $5.02B 5.3% | $4.32B 5.7% |
| Net Income | $82.5M 15.6% | -$641.4M -701.0% | $241.3M 2462.2% | $745.6M 5523.0% | -$14.67B -4.1% | $24.71B 11.3% | $11.06B 6.3% | $44.26B 34.7% | $9.08B 9.7% | $6.78B 8.9% |
| Per Share | ||||||||||
| EPS (Basic) | $0.34 | -$2.28 | $0.65 | $2.03 | -$40.48 | $72.52 | $38.80 | $140.77 | $28.33 | $21.19 |
| EPS (Diluted) | $0.33 | -$2.28 | $0.65 | $1.59 | -$40.48 | $69.77 | $37.81 | $137.20 | $27.77 | $20.84 |
| Weighted Avg Shares (Basic) | 242.5M | 281.0M | 370.8M | 368.0M | 362.4M | 340.8M | 327.1M | 326.7M | 324.7M | 320.8M |
| Weighted Avg Shares (Diluted) | 247.7M | 281.0M | 370.8M | 368.0M | 362.4M | 353.4M | 335.4M | 335.2M | 331.2M | 326.1M |
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.
The same 1 year 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 $171.57 today, the market must believe free cash flow compounds 24.0%/yr for a decade (off $718.1M on the SBC-adjusted basis).
On the basis ($746.9M) the requirement is 23.4%/yr. The difference is what charging stock compensation costs.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.27B shares (market data) · net debt $449.6M
mean -128.7% · volatility σ 91% · implied rate exceeded in 0/4 yrs
Central path = implied 24.0%/yr growth; shaded band = ±1σ (91%) 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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~1.5% on $4.13B of debt.
Cash of $3.68B fully covers short-term debt of $24.5M.
Mostly long-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.
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
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 2% against ROIC 1% — 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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 28.1 | 31.8 | 39.3 | 48.8 | 210.4 | 200.0 | 47.8 | 31.4 |
| R&D | 17.7 | 16.7 | 16.6 | 13.6 | 431.9 | 888.8 | 125.5 | 33.5 |
| SG&A | 28.4 | 28.7 | 28.8 | 34.5 | 424.4 | 1627.6 | 279.2 | 71.7 |
| Operating Income | 16.3 | 14.0 | 7.2 | -3.7 | -1170.4 | -2915.3 | -436.7 | -115.5 |
| Income Tax | 6.4 | 6.6 | 6.0 | 2.1 | 8.1 | 20.4 | -1.1 | 0.8 |
| Net Income | 34.7 | 6.3 | 11.3 | -4.1 | 5523.0 | 2462.2 | -701.0 | 15.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NBIS: 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.