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Institutional accumulation: ownership increased +0.96% quarter-over-quarter.
Data as of Q1 2026
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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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $14.32 today, the market must believe free cash flow compounds -15.1%/yr for a decade (off $75M normalized FCF).
2-stage DCF · 0.03B shares · net debt -$100M
mean 402.6% · volatility σ 1198% · implied rate exceeded in 4/7 yrs
Central path = implied -15.1%/yr growth; shaded band = ±1σ (1198%) 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.
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 2026-08-05 · 15d old
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.28B 100.0% | $1.17B 100.0% | $964.7M 100.0% | $769.5M 100.0% | $654.1M 100.0% | $498.5M 100.0% | $719.1M 100.0% | $410.1M 100.0% | $292.6M 100.0% | $213.2M 100.0% |
| Gross Profit | $162.3M 12.6% | $210.0M 18.0% | $154.8M 16.1% | $101.5M 13.2% | $90.4M 13.8% | $92.2M 18.5% | $96.4M 13.4% | $69.1M 16.8% | $39.6M 13.6% | $32.3M 15.2% |
| Selling, General & Admin | $50.3M 3.9% | $54.6M 4.7% | $56.8M 5.9% | $29.9M 3.9% | $35.4M 5.4% | $24.4M 4.9% | $36.9M 5.1% | $37.1M 9.0% | $25.3M 8.6% | $27.2M 12.8% |
| Operating Income | $109.2M 8.5% | $153.3M 13.1% | $96.3M 10.0% | $71.2M 9.2% | $55.1M 8.4% | $67.1M 13.5% | $58.8M 8.2% | $30.0M 7.3% | $13.4M 4.6% | $3.9M 1.8% |
| Interest Expense | $58.9M 4.6% | $59.3M 5.1% | $36.9M 3.8% | $24.5M 3.2% | $19.1M 2.9% | $18.8M 3.8% | $21.7M 3.0% | $8.8M 2.1% | $7.1M 2.4% | $6.0M 2.8% |
| Interest & Investment Income | — | — | — | $24K 0.0% | $62K 0.0% | $181K 0.0% | $107K 0.0% | $175K 0.0% | $144K 0.0% | $194K 0.1% |
| Other Income (Expense), net | -$945K -0.1% | -$812K -0.1% | -$1.2M -0.1% | -$810K -0.1% | — | — | — | — | $0 0.0% | $1.4M 0.6% |
| Pretax Income | $56.5M 4.4% | $60.0M 5.1% | $86.0M 8.9% | $84.4M 11.0% | $60.7M 9.3% | $60.5M 12.1% | $40.0M 5.6% | $21.4M 5.2% | $6.5M 2.2% | -$494K -0.2% |
| Income Tax Expense | $22.6M 1.8% | $16.0M 1.4% | $22.8M 2.4% | $17.1M 2.2% | $9.3M 1.4% | $11.3M 2.3% | $2.9M 0.4% | $6.1M 1.5% | $1.2M 0.4% | -$49K -0.0% |
| Net Income | $33.8M 2.6% | $44.0M 3.8% | $63.1M 6.5% | $67.4M 8.8% | $51.4M 7.9% | $49.2M 9.9% | $36.9M 5.1% | $15.3M 3.7% | $5.3M 1.8% | -$445K -0.2% |
| Per Share | ||||||||||
| EPS (Basic) | $1.18 | $1.64 | $2.38 | $2.46 | $1.81 | $1.75 | $1.45 | $0.61 | $0.20 | $-0.01 |
| EPS (Diluted) | $1.14 | $1.51 | $2.09 | $2.15 | $1.64 | $1.60 | $1.23 | $0.54 | $0.18 | $-0.01 |
| Weighted Avg Shares (Basic) | 28.7M | 26.8M | 26.6M | 27.4M | 28.3M | 28.2M | 25.4M | 25.0M | 26.7M | 30.0M |
| Weighted Avg Shares (Diluted) | 32.3M | 33.1M | 33.0M | 34.0M | 33.9M | 32.3M | 32.8M | 31.4M | 29.6M | 30.0M |
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.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
4/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash conversion lags reported earnings — watch accruals. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $13M dividends + $38M buybacks = $52M returned on -$17M FCF.
7 consecutive years of dividend increases · 26%/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 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 7%. 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $100M covers the $16M due within a year 6.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2020-12-31 (40-F).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
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. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-08-05
Where each multiple sits in its own 16-yr range · 44th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 16-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
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
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 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Gross Profit | 16.8 | 13.4 | 18.5 | 13.8 | 13.2 | 16.1 | 18.0 | 12.6 |
| SG&A | 9.0 | 5.1 | 4.9 | 5.4 | 3.9 | 5.9 | 4.7 | 3.9 |
| Operating Income | 7.3 | 8.2 | 13.5 | 8.4 | 9.2 | 10.0 | 13.1 | 8.5 |
| Income Tax | 1.5 | 0.4 | 2.3 | 1.4 | 2.2 | 2.4 | 1.4 | 1.8 |
| Net Income | 3.7 | 5.1 | 9.9 | 7.9 | 8.8 | 6.5 | 3.8 | 2.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NOA: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Top 40 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
Ranked against 243 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EC | $673.9B | — | — | — | — | — | — | — | — | — | 154 |
| XOM | $633.7B | 22.6× | — | 1.9× | -5.0% | — | 8.7% | 11.1% | 10.7% | — | 4,568 |
| CVX | $344.7B | 28.1× | — | 1.8× | -6.8% | 42.8% | 6.5% | 6.6% | 6.6% | — | 4,121 |
| RYDAF | $253.5B | — | — | — | — | — | — | — | — | — | 5 |
| TTE | $187.0B | — | — | — | — | — | — | — | — | — | 951 |
| COP | $144.0B | 18.1× | — | 2.4× | 7.7% | 62.1% | 13.6% | 12.4% | 12.2% | — | 2,450 |
| STOHF | $99.4B | — | — | — | — | — | — | — | — | — | 3 |
| VLO | $93.4B | 40.0× | 17.9× | 0.8× | -5.5% | 4.4% | 1.9% | 9.9% | 7.1% | 1.7× | 1,781 |
| CNQ | $93.2B | — | — | — | — | — | — | — | — | — | 709 |
| MPC | $90.8B | 22.5× | 7.8× | 0.7× | -4.4% | 10.0% | 3.0% | 23.4% | 20.6% | 0.2× | 1,802 |
| WMB | $87.7B | 33.6× | 17.8× | 7.3× | 13.8% | — | 21.9% | 20.4% | 6.3% | 4.4× | 1,736 |
| EIPAF | $84.0B | — | — | — | — | — | — | — | — | — | 2 |
| PSX | $82.2B | 18.8× | — | 0.6× | -7.5% | 12.3% | 3.3% | 15.1% | 8.9% | — | 2,041 |
| SU | $75.0B | — | — | — | — | — | — | — | — | — | 724 |
| SLB | $74.6B | 21.2× | — | 2.1× | -1.6% | — | 9.4% | 12.9% | 9.4% | — | 1,624 |
| EOG | $72.9B | 14.7× | 7.1× | 3.2× | -4.5% | — | 22.0% | 16.7% | 13.2% | 0.7× | 1,525 |
| BKR | $61.2B | — | — | 2.2× | -0.3% | — | 9.3% | 13.7% | 10.1% | — | 1,095 |
| IMO | $60.7B | 19.3× | — | 1.3× | -8.6% | — | 6.9% | 14.7% | 12.7% | — | 394 |
| LNG | $56.0B | 10.6× | 7.4× | 2.8× | 27.2% | — | 34.0% | 85.8% | 22.1% | 2.2× | 1,303 |
| TRGP | $55.8B | 30.6× | 15.1× | 3.3× | 3.9% | 38.3% | 11.3% | 62.7% | 9.4% | 3.6× | 979 |
| OKE | $54.9B | 16.1× | 11.9× | 1.6× | 55.0% | 30.5% | 10.1% | 15.1% | 6.3% | 4.4× | 1,622 |
| FANG | $53.0B | 32.5× | 10.7× | 3.5× | 35.8% | — | 10.3% | 4.2% | 3.0% | 2.3× | 1,141 |
| CVE | $52.2B | — | — | — | — | — | — | — | — | — | 437 |
| WOPEF | $42.7B | — | — | — | — | — | — | — | — | — | 3 |
| CCJ | $41.1B | — | — | — | — | — | — | — | — | — | 970 |
| NOA | $413M | 12.6× | 1.0× | 0.3× | 10.2% | 12.6% | 2.6% | 7.4% | 7.4% | — | 76 |
Peers = companies sharing NOA's sector (Energy) 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.