Loading institutional data...
Loading institutional data...
Insufficient data to determine institutional momentum.
Data as of Q3 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading insider activity...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 1 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
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 is easily covered by operating profit. Interest last disclosed in FY2022 (no longer broken out).
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.
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 -$6.7M 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 2026-10-30
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 | FY2022 |
|---|---|---|---|---|
| Revenue | $8.6M 100.0% | $8.2M 100.0% | $6.7M 100.0% | $23.5M 100.0% |
| Cost of Revenue | $1.1M 12.8% | $2.3M 28.1% | $3.4M 49.9% | $11.0M 46.6% |
| Gross Profit | $7.5M 87.2% | $5.9M 71.9% | $3.4M 50.1% | $12.6M 53.4% |
| Research & Development | $201K 2.3% | $454K 5.5% | $135K 2.0% | $200K 0.8% |
| Selling, General & Admin | $1.6M 18.2% | $3.4M 42.0% | $1.3M 18.9% | $2.2M 9.2% |
| Total Operating Expenses | $1.8M 20.5% | $3.9M 47.5% | $1.4M 20.9% | $2.4M 10.1% |
| Operating Income | $5.8M 66.7% | $2.0M 24.4% | $2.0M 29.2% | $10.2M 43.3% |
| Interest Expense | — | — | — | $8K 0.0% |
| Interest & Investment Income | $142K 1.6% | $338K 4.1% | $165K 2.5% | $42K 0.2% |
| Other Income (Expense), net | $636K 7.4% | $377K 4.6% | $293K 4.4% | -$184K -0.8% |
| Pretax Income | $6.4M 74.1% | $2.4M 29.0% | $2.3M 33.6% | $10.0M 42.5% |
| Income Tax Expense | $0 0.0% | $0 0.0% | $0 0.0% | — |
| Net Income | $6.4M 74.1% | $2.4M 29.0% | $2.3M 33.6% | $10.0M 42.5% |
| Per Share | ||||
| EPS (Basic) | $0.15 | $0.06 | $0.10 | $100112.00 |
| EPS (Diluted) | $0.15 | $0.06 | $0.10 | $100112.00 |
| Weighted Avg Shares (Basic) | 43.7M | 42.3M | 21.4M | 100 |
| Weighted Avg Shares (Diluted) | 43.7M | 42.3M | 21.4M | — |
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 $3.36 today, the market must believe free cash flow compounds 32.8%/yr for a decade (off $1.5M on the 3-yr avg basis).
Default is 11.6% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.04B shares (market data) · net debt -$7.8M
mean -124.1% · volatility σ 280% · implied rate exceeded in 1/3 yrs
Central path = implied 32.8%/yr growth; shaded band = ±1σ (280%) 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.
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 21% against ROIC 21% — 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 27.0% — 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 33.5× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Cost of Revenue | 46.6 | 49.9 | 28.1 | 12.8 |
| Gross Profit | 53.4 | 50.1 | 71.9 | 87.2 |
| R&D | 0.8 | 2.0 | 5.5 | 2.3 |
| SG&A | 9.2 | 18.9 | 42.0 | 18.2 |
| Operating Income | 43.3 | 29.2 | 24.4 | 66.7 |
| Income Tax | — | 0.0 | 0.0 | 0.0 |
| Net Income | 42.5 | 33.6 | 29.0 | 74.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NNNN: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Ranked against 24 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CRMD | $447M | 2.8× | 2.0× | 1.4× | 617% | 88.5% | 52.3% | 40.2% | 40.2% | -1.0× | 24 |
| AUTL | $405M | — | — | 5.4× | 645% | -27.8% | -381% | -161% | -161% | — | 10 |
| VREOF | $385M | — | 18.8× | 1.4× | 170% | 47.3% | -25.3% | -22.2% | -22.2% | -6.8× | — |
| TLRY | $374M | — | — | 0.4× | 11.5% | 28.4% | -13.3% | -7.5% | -7.0% | — | 55 |
| EBS | $349M | 7.3× | 3.6× | 0.5× | -28.8% | 56.1% | 7.1% | 10.1% | 4.8% | 1.9× | 29 |
| QTTB | $265M | 3.7× | 12.6× | 4.9× | — | — | 55.5% | 71.0% | 71.0% | -2.8× | 3 |
| USNA | $264M | 24.7× | 1.5× | 0.3× | 8.3% | 78.3% | 1.2% | 2.0% | 2.0% | -2.3× | 18 |
| ELTP | $248M | 7.7× | 4.3× | 1.7× | 77.1% | 50.4% | 30.1% | 45.4% | 45.4% | -0.6× | — |
| SIGA | $218M | 9.5× | 2.6× | 2.3× | -31.8% | 68.6% | 24.6% | 11.7% | 11.7% | -6.4× | 25 |
| PYXS | $216M | — | — | 15.6× | -14.2% | 82.8% | -575% | -149% | -149% | — | 10 |
| NATR | $216M | 11.6× | 3.1× | 0.5× | 5.7% | 72.4% | 4.1% | 12.1% | 12.1% | -2.4× | 19 |
| CRLBF | $212M | — | 28.1× | 0.3× | -9.5% | 49.5% | -20.6% | -39.8% | -17.6% | 17.9× | 3 |
| PLX | $209M | — | — | 4.0× | -1.2% | 48.8% | -12.5% | -13.7% | -13.7% | — | 14 |
| GLAS | $205M | — | — | 1.1× | -9.4% | 42.3% | -16.3% | -40.1% | -20.8% | — | — |
| AKBA | $196M | — | 2.4× | 0.8× | 47.5% | 83.3% | -2.3% | -16.4% | -6.6% | -5.5× | 27 |
| CGEN | $188M | 5.2× | 3.0× | 2.6× | 161% | 87.3% | 48.6% | 34.4% | 34.4% | -2.9× | 12 |
| WHWK | $185M | — | — | 25.9× | -72.5% | 89.4% | -288% | -15.1% | -15.1% | — | 10 |
| NAGE | $184M | 11.7× | 10.9× | 1.4× | 29.9% | 64.3% | 13.4% | 22.7% | 22.7% | 0.0× | 15 |
| MGNX | $153M | — | — | 1.0× | -0.3% | 100% | -49.9% | -134% | -134% | — | 18 |
| NNNN | $147M | 22.9× | — | 17.1× | 5.6% | 87.2% | 74.1% | 21.2% | 21.2% | — | 1 |
| DERM | $146M | — | — | 2.4× | 10.2% | 66.2% | -18.5% | -35.9% | -20.0% | — | 4 |
| CHRS | $128M | 0.6× | — | 3.0× | 59.8% | 67.2% | — | 275% | 275% | — | 21 |
| BGM | $127M | — | — | 3.4× | 51.1% | 16.6% | -52.6% | -5.1% | -5.1% | — | — |
| VXRT | $105M | 6.1× | 1.9× | 0.4× | 727% | — | 6.9% | 18.6% | 18.6% | -3.0× | 2 |
| BDTX | $102M | 4.6× | 6.3× | 1.5× | — | — | 32.0% | 19.9% | 19.9% | -1.6× | 16 |
Peers = companies sharing NNNN's sector (In Vitro & In Vivo Diagnostic Substances) 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.
The spread has compressed 3 years running.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2022 | 53.4% | 43.3% | 42.5% |
| FY2023 | 50.1% | 29.2% | 33.6% |
| FY2024 | 71.9% | 24.4% | 29.0% |
| FY2025 | 87.2% | 66.7% | 74.1% |
The spread has been narrowing over the last three years.
Return on equity (21%) and return on invested capital (21%) 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.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2022 | 81.3% | 10.4% | 70.9pts |
| FY2023 | 37.2% | 10.4% | 26.8pts |
| FY2024 | 35.7% | 11.7% | 24.0pts |
| FY2025 | 25.6% | 10.8% | 14.8pts |
| Now | 21.2% | 11.6% | 9.6pts |
Cash conversion of 0.17x sits below the level that would make the earnings clearly cash-backed.
| Step | Amount | Running total |
|---|---|---|
| Net income | $6M | $6M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$13M | −$7M |
| Operating cash flow | −$7M | −$7M |
| Capex | $0 | −$7M |
| Free cash flow | −$7M | −$7M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2023 | -71.5% | not reported | not reported |
| FY2024 | 21.9% | -43.5% | -65.5 points |
| FY2025 | 5.6% | 243.3% | 237.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2022 | not reported | not reported | not reported | not reported |
| FY2023 | 102.5 days | not reported | 90.1 days | 12.4 days |
| FY2024 | 47.5 days | not reported | 257.9 days | -210.5 days |
| FY2025 | 154.3 days | not reported | 0 days | 154.3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2022 | not reported |
| FY2023 | 8.6 percent |
| FY2024 | 1.6 percent |
| FY2025 | 43.5 percent |
Shares outstanding are up 42291102% since FY2022 — 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 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Cash burn, not leverage, is the risk for a debt-free company — see question 2 for cash conversion.
At $3.36, free cash flow must compound 32.84%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2023 | −79.8% | 32.8% |
| FY2024 | 131.6% | 32.8% |
| FY2025 | −423.9% | 32.8% |
The implied rate has been matched or beaten in 1 of the last 3 years.