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Insufficient data to determine institutional momentum.
Data as of Q3 2026
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What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 74% of free cash flow — sustainable but with limited headroom. Last year: $320.4M dividends + $20.0M buybacks = $340.4M returned on $432.2M FCF.
3 consecutive years of dividend increases · 70%/yr.
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 5 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 3%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 5 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. 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).
Coverage is adequate but not comfortable. Effective rate ~8.2% on $1.98B of debt.
Cash vs short-term debt unavailable.
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.
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. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2020 |
|---|---|---|---|---|---|
| Revenue | $3.29B 100.0% | $3.06B 100.0% | $2.59B 100.0% | $1.41B 100.0% | $964.3M 100.0% |
| Selling, General & Admin | $133.1M 4.1% | $140.5M 4.6% | $128.4M 5.0% | $82.2M 5.8% | $121.2M 12.6% |
| Total Operating Expenses | $2.87B 87.4% | $2.45B 80.2% | $2.01B 77.8% | $1.19B 83.8% | $5.04B 522.8% |
| Operating Income | $415.6M 12.6% | $604.0M 19.8% | $574.7M 22.2% | $228.8M 16.2% | -$4.08B -422.8% |
| Interest Expense | $162.4M 4.9% | $94.2M 3.1% | $59.1M 2.3% | $42.7M 3.0% | $164.7M 17.1% |
| Pretax Income | $273.1M 8.3% | $492.3M 16.1% | $512.2M 19.8% | $191.5M 13.5% | -$4.24B -439.6% |
| Income Tax Expense | $56.4M 1.7% | $44.0M 1.4% | $30.3M 1.2% | $22.6M 1.6% | -$260.4M -27.0% |
| Net Income | $216.7M 6.6% | $448.4M 14.7% | $481.9M 18.6% | $168.9M 11.9% | -$3.98B -412.6% |
| Per Share | |||||
| EPS (Basic) | $1.36 | $3.01 | $3.48 | $1.99 | -$15.86 |
| EPS (Diluted) | $1.35 | $2.96 | $3.32 | $1.73 | -$15.86 |
| Weighted Avg Shares (Basic) | 158.9M | 148.7M | 138.4M | 85.1M | 250.8M |
| Weighted Avg Shares (Diluted) | 160.2M | 151.6M | 145.2M | 97.6M | 250.8M |
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.
No current price collected.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 5% against ROIC 3% — 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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| SG&A | 12.6 | 5.8 | 5.0 | 4.6 | 4.1 |
| Operating Income | -422.8 | 16.2 | 22.2 | 19.8 | 12.6 |
| Income Tax | -27.0 | 1.6 | 1.2 | 1.4 | 1.7 |
| Net Income | -412.6 | 11.9 | 18.6 | 14.7 | 6.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NE-WTA: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2020 | not reported | -422.8% | -412.6% |
| FY2022 | not reported | 16.2% | 11.9% |
| FY2023 | not reported | 22.2% | 18.6% |
| FY2024 | not reported | 19.8% | 14.7% |
| FY2025 | not reported | 12.6% | 6.6% |
Return on equity (5%) and return on invested capital (3%) 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.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: beta, market_cap.
Converts 0.79x of reported profit into cash — adequate, without much margin.
Only 4 profitable years available, so the average is shorter than the five the threshold assumes.
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.
No current price or share count, so the market's assumption cannot be solved for.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: market_cap.
| Step | Amount | Running total |
|---|---|---|
| Net income | $217M | $217M |
| Share-based comp | $31M | $247M |
| Other non-cash & working capital | $704M | $952M |
| Operating cash flow | $952M | $952M |
| Capex | −$520M | $432M |
| Free cash flow | $432M | $432M |
| FCF after SBC | $402M | $402M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2022 | 46.6% | not reported | not reported |
| FY2023 | 83.1% | 17.1% | -66.1 points |
| FY2024 | 18.1% | 45.2% | 27.1 points |
| FY2025 | 7.5% | -26.0% | -33.5 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | not reported | not reported | not reported | not reported |
| FY2022 | 121 days | not reported | not reported | not reported |
| FY2023 | 77.4 days | not reported | not reported | not reported |
| FY2024 | 95.1 days | not reported | not reported | not reported |
| FY2025 | 65.5 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | not reported |
| FY2022 | -2.1 percent |
| FY2023 | -1.7 percent |
| FY2024 | -2.6 percent |
| FY2025 | -9.8 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-04 | Eifler Robert W. President & CEO | Gift | 21,750 | $0.00 | $0 |
| 2026-06-15 | 2 co-filers President & CEO | Open-market sale | 32,929 | $45.40 | $1.5m |
| 2026-06-15 | 2 co-filers President & CEO | Open-market sale | 17,071 | $45.71 | $780k |
| 2026-05-15 | 2 co-filers Group filing | Open-market sale | 3,500 | $52.63 | $184k |
| 2026-05-15 | 2 co-filers Group filing | Open-market sale | 1,500 | $52.60 | $79k |
| 2026-05-12 | Sledge Charles M Director | Open-market saleindirect | 724 | $51.61 | $37k |
| 2026-05-06 | Denton Blake SVP, Marketing & Contracts | Open-market sale | 30,000 | $49.31 | $1.5m |
| 2026-05-05 | Kawaja Joey M SVP, Operations | Open-market sale | 40,000 | $49.85 | $2.0m |
| 2026-04-30 | Howard Jennie SVP, Gen. Counsel & Corp. Sec. | Open-market sale | 2,486 | $51.08 | $127k |
| 2026-04-29 | 3 co-filers Group filing | Option exercise | 3,649 | $0.00 | $0 |
| 2026-04-29 | 3 co-filers Group filing | Option exercise | 3,649 | $50.95 | — |
| 2026-04-29 | 3 co-filers Group filing | Option exercise | 2,433 | — | — |
| 2026-04-28 | Alting Caroline SVP, Ops. Excellence & Sust | Open-market sale | 15,340 | $52.75 | $809k |
| 2026-03-18 | 2 co-filers EVP and CFO | Open-market sale | 102,839 | $46.43 | $4.8m |
| 2026-03-18 | 2 co-filers President & CEO | Open-market sale | 72,753 | $46.43 | $3.4m |
| 2026-03-18 | 2 co-filers President & CEO | Open-market sale | 27,247 | $47.11 | $1.3m |
| 2026-03-18 | 2 co-filers EVP and CFO | Open-market sale | 47,161 | $47.07 | $2.2m |
| 2026-03-02 | 2 co-filers SVP, Marketing & Contracts | Open-market sale | 5,000 | $44.82 | $224k |
| 2026-03-02 | 2 co-filers SVP, Marketing & Contracts | Open-market sale | 14,334 | $45.29 | $649k |
| 2026-02-19 | Barker Richard B. EVP and CFO | Open-market sale | 20,000 | $42.96 | $859k |
| 2026-02-19 | Sledge Charles M Director | Open-market saleindirect | 2,083 | $44.63 | $93k |
| 2026-02-17 | 3 co-filers SVP, Human Resources | Open-market sale | 3,453 | $43.56 | $150k |
| 2026-02-17 | 3 co-filers SVP, Marketing & Contracts | Open-market sale | 23,255 | $43.50 | $1.0m |
| 2026-02-13 | 3 co-filers SVP, Operations | Open-market sale | 19,725 | $43.51 | $858k |
| 2026-02-13 | 3 co-filers SVP, Gen. Counsel & Corp. Sec. | Open-market sale | 6,094 | $42.00 | $256k |
| 2026-02-13 | 3 co-filers SVP, Ops. Excellence & Sust | Open-market sale | 4,195 | $43.60 | $183k |
| 2026-02-12 | 3 co-filers SVP, Operations | Grant | 19,849 | — | — |
| 2026-02-12 | 2 co-filers President & CEO | Option exercise | 113,663 | — | — |
| 2026-02-12 | 3 co-filers SVP, Gen. Counsel & Corp. Sec. | Grant | 13,531 | — | — |
| 2026-02-12 | 3 co-filers SVP, Marketing & Contracts | Grant | 19,846 | — | — |
| 2026-02-12 | 3 co-filers SVP, Human Resources | Option exercise | 10,824 | — | — |
| 2026-02-12 | 2 co-filers EVP and CFO | Grant | 36,083 | — | — |
| 2026-02-12 | 3 co-filers SVP, Ops. Excellence & Sust | Grant | 19,846 | — | — |
| 2026-02-12 | 2 co-filers President & CEO | Tax withholding | 44,727 | $42.10 | $1.9m |
| 2026-02-12 | 3 co-filers SVP, Operations | Tax withholding | 7,810 | $42.10 | $329k |
| 2026-02-12 | 3 co-filers SVP, Gen. Counsel & Corp. Sec. | Tax withholding | 5,325 | $42.10 | $224k |
| 2026-02-12 | 3 co-filers SVP, Human Resources | Tax withholding | 4,260 | $42.10 | $179k |
| 2026-02-12 | 3 co-filers SVP, Ops. Excellence & Sust | Tax withholding | 7,810 | $42.10 | $329k |
| 2026-02-12 | 2 co-filers EVP and CFO | Tax withholding | 14,199 | $42.10 | $598k |
| 2026-02-12 | 3 co-filers SVP, Marketing & Contracts | Tax withholding | 7,810 | $42.10 | $329k |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.