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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 -$50.8M 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 6 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: -101%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. 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
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 |
|---|---|---|---|---|---|---|
| Revenue | $4.6M 100.0% | $5.7M 100.0% | $3.9M 100.0% | $3.9M 100.0% | $763K 100.0% | $569K 100.0% |
| Cost of Revenue | — | $729K 12.9% | $2.3M 60.0% | $2.4M 60.9% | $232K 30.4% | $893K 156.9% |
| Research & Development | $19.0M 414.4% | $16.2M 286.5% | $19.5M 505.0% | $17.1M 434.5% | $9.5M 1240.5% | $8.8M 1542.5% |
| Selling, General & Admin | $39.6M 865.1% | $33.5M 591.1% | $30.3M 785.2% | $36.9M 940.6% | $13.6M 1776.5% | $13.3M 2329.7% |
| Total Operating Expenses | $74.8M 1635.8% | $65.8M 1160.1% | $67.4M 1745.0% | $69.5M 1769.3% | $43.2M 5660.8% | $30.0M 5279.1% |
| Operating Income | -$70.2M -1535.8% | -$60.1M -1060.1% | -$63.5M -1645.0% | -$65.5M -1669.3% | -$42.4M -5560.8% | -$29.5M -5179.1% |
| Interest Expense | — | — | — | — | $17.8M 2338.4% | $10.0M 1764.0% |
| Other Income (Expense), net | -$9.1M -198.1% | $970K 17.1% | -$220K -5.7% | -$184K -4.7% | -$26K -3.4% | -$188K -33.0% |
| Pretax Income | -$189.1M -4134.2% | -$101.7M -1794.1% | -$71.5M -1851.7% | -$40.1M -1022.5% | -$144.6M -18953.3% | -$137.3M -24129.7% |
| Income Tax Expense | $198K 4.3% | $173K 3.1% | $221K 5.7% | -$28K -0.7% | $52K 6.8% | $38K 6.7% |
| Net Income | -$189.3M -4138.5% | -$101.9M -1797.1% | -$71.7M -1857.5% | -$40.1M -1021.8% | -$144.7M -18960.2% | -$137.3M -24136.4% |
| Per Share | ||||||
| EPS (Basic) | -$1.42 | -$0.84 | -$0.66 | -$0.40 | -$6.73 | — |
| EPS (Diluted) | -$1.42 | -$0.84 | -$0.66 | -$0.40 | -$6.73 | — |
| Weighted Avg Shares (Basic) | 133K | 122K | 108.0M | 101.0M | 24K | — |
| Weighted Avg Shares (Diluted) | 133K | 122K | 108.0M | 101.0M | 24K | — |
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.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
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. Interest last disclosed in FY2021 (no longer broken out).
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.
EOD close · as of 2026-10-21
Where each multiple sits in its own 6-yr range · 50th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 6-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 219% against ROIC -101% — 320% 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 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cost of Revenue | 156.9 | 30.4 | 60.9 | 60.0 | 12.9 | — |
| R&D | 1542.5 | 1240.5 | 434.5 | 505.0 | 286.5 | 414.4 |
| SG&A | 2329.7 | 1776.5 | 940.6 | 785.2 | 591.1 | 865.1 |
| Operating Income | -5179.1 | -5560.8 | -1669.3 | -1645.0 | -1060.1 | -1535.8 |
| Income Tax | 6.7 | 6.8 | -0.7 | 5.7 | 3.1 | 4.3 |
| Net Income | -24136.4 | -18960.2 | -1021.8 | -1857.5 | -1797.1 | -4138.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NN: 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.