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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.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 9%. 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 -$22.7M 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 2026-11-06
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 | $3.18B 100.0% | $2.93B 100.0% | $3.01B 100.0% | $2.65B 100.0% | $2.02B 100.0% | $2.13B 100.0% | $3.04B 100.0% | $3.06B 100.0% | $2.56B 100.0% | $2.23B 100.0% |
| Cost of Revenue | — | — | $1.79B 59.6% | $1.67B 62.8% | $1.29B 63.8% | $1.33B 62.5% | $1.93B 63.4% | $1.98B 64.7% | $1.72B 67.0% | $1.34B 60.3% |
| Research & Development | $53.1M 1.7% | $57.1M 1.9% | $56.3M 1.9% | $49.9M 1.9% | $35.2M 1.7% | $33.6M 1.6% | $50.4M 1.7% | $56.1M 1.8% | $51.1M 2.0% | $33.6M 1.5% |
| Selling, General & Admin | $304.6M 9.6% | $249.3M 8.5% | $244.1M 8.1% | $228.4M 8.6% | $213.6M 10.6% | $203.5M 9.5% | $258.7M 8.5% | $265.8M 8.7% | $251.2M 9.8% | $227.6M 10.2% |
| Total Operating Expenses | $2.67B 84.0% | $3.00B 102.4% | $2.92B 97.2% | $2.91B 109.8% | $2.51B 124.3% | $2.84B 133.1% | $3.64B 119.7% | $3.57B 116.7% | $3.15B 122.7% | $3.21B 143.9% |
| Operating Income | $471.1M 14.8% | $416.8M 14.2% | $433.7M 14.4% | $44.3M 1.7% | -$80.8M -4.0% | -$171.5M -8.0% | $89.1M 2.9% | $58.6M 1.9% | -$141.9M -5.5% | -$118.3M -5.3% |
| Interest Expense | $215.4M 6.8% | $210.9M 7.2% | $185.3M 6.2% | $177.9M 6.7% | $171.5M 8.5% | $206.3M 9.7% | $204.3M 6.7% | $227.1M 7.4% | $222.9M 8.7% | $185.4M 8.3% |
| Other Income (Expense), net | -$12.2M -0.4% | -$9.9M -0.3% | $15.2M 0.5% | -$6.6M -0.2% | -$1.7M -0.1% | $170K 0.0% | -$33.2M -1.1% | -$29.5M -1.0% | -$14.9M -0.6% | -$44.2M -2.0% |
| Pretax Income | $537.5M 16.9% | -$31.0M -1.1% | $129.1M 4.3% | -$245.7M -9.3% | -$488.1M -24.2% | -$705.6M -33.1% | -$588.9M -19.4% | -$518.8M -17.0% | -$580.1M -22.6% | -$1.20B -53.8% |
| Income Tax Expense | $163.1M 5.1% | $56.9M 1.9% | $79.2M 2.6% | $61.5M 2.3% | $55.6M 2.8% | $57.3M 2.7% | $91.6M 3.0% | $79.3M 2.6% | -$83.0M -3.2% | -$186.8M -8.4% |
| Net Income | $286.6M 9.0% | -$176.1M -6.0% | -$11.8M -0.4% | -$350.3M -13.2% | -$572.9M -28.4% | -$805.6M -37.8% | -$702.9M -23.1% | -$640.9M -21.0% | -$546.8M -21.3% | -$1.03B -46.2% |
| Per Share | ||||||||||
| EPS (Basic) | $18.75 | -$22.37 | -$5.49 | -$40.52 | -$76.58 | -$118.69 | -$105.39 | -$99.61 | -$1.90 | -$3.64 |
| EPS (Diluted) | $17.39 | -$22.37 | -$5.49 | -$40.52 | -$76.58 | -$118.69 | -$105.39 | -$99.61 | -$1.90 | -$3.64 |
| Weighted Avg Shares (Basic) | 13.2M | 9.2M | 9.2M | 8.9M | 7.6M | 7.1M | 7.0M | 6.7M | 280.7M | 276.5M |
| Weighted Avg Shares (Diluted) | 14.4M | 9.2M | 9.2M | 8.9M | 7.6M | 7.1M | 7.0M | 6.7M | 280.7M | 276.5M |
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 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 $73.20 today, the market must believe free cash flow compounds 20.1%/yr for a decade (off $55.3M on the 3-yr avg basis).
On the basis ($39.1M) the requirement is 24.9%/yr. 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 · 0.02B shares (market data) · net debt $1.55B
mean -128.7% · volatility σ 179% · implied rate exceeded in 1/7 yrs
Central path = implied 20.1%/yr growth; shaded band = ±1σ (179%) 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 $940.7M covers the $379.1M due within a year 2.5× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~8.6% on $2.49B of debt.
Cash of $940.7M fully covers short-term debt of $377.5M.
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 2026-11-06
Where each multiple sits in its own 14-yr range · 39th 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 49% against ROIC 9% — 39% 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 79.0% — 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
High operating leverage: profit moved 1.5× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 64.7 | 63.4 | 62.5 | 63.8 | 62.8 | 59.6 | — | — |
| R&D | 1.8 | 1.7 | 1.6 | 1.7 | 1.9 | 1.9 | 1.9 | 1.7 |
| SG&A | 8.7 | 8.5 | 9.5 | 10.6 | 8.6 | 8.1 | 8.5 | 9.6 |
| Operating Income | 1.9 | 2.9 | -8.0 | -4.0 | 1.7 | 14.4 | 14.2 | 14.8 |
| Income Tax | 2.6 | 3.0 | 2.7 | 2.8 | 2.3 | 2.6 | 1.9 | 5.1 |
| Net Income | -21.0 | -23.1 | -37.8 | -28.4 | -13.2 | -0.4 | -6.0 | 9.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NBR: 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.