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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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Ranked against 18 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VREX | $783M | — | — | 0.9× | 4.1% | 34.4% | -8.3% | -14.9% | -8.4% | — | 29 |
| DQ | $762M | — | — | 1.1× | -35.3% | -20.7% | -25.6% | -3.9% | -3.9% | — | 11 |
| AOSL | $749M | — | 72.3× | 1.1× | -2.5% | 22.3% | -6.2% | -5.3% | -5.3% | — | 39 |
| KE | $648M | 23.9× | 6.5× | 0.5× | -3.7% | 8.2% | 2.0% | 4.8% | 4.0% | 0.3× | 29 |
| CSIQ | $635M | — | 12.8× | 0.1× | -6.6% | 18.3% | -1.9% | -3.7% | -0.9% | 11.8× | 29 |
| MEI | $550M | — | 10.9× | 0.5× | -2.8% | 19.8% | -3.5% | -5.3% | -3.6% | 2.7× | 23 |
| JKS | $431M | — | — | 0.1× | -25.9% | 2.2% | -6.8% | -28.3% | -28.3% | — | 13 |
| INDI | $413M | — | — | 1.9× | 0.3% | 39.9% | -65.8% | -40.0% | -20.1% | — | 39 |
| NVEC | $397M | 26.1× | 24.1× | 15.1× | 1.8% | 78.7% | 57.7% | 26.1% | 26.1% | -0.1× | 23 |
| LAES | $353M | — | — | 19.4× | 66.2% | 47.3% | -187% | -7.4% | -7.4% | — | 18 |
| MRAM | $351M | — | — | 6.4× | 9.5% | 51.2% | -1.1% | -0.9% | -0.8% | — | 17 |
| MPTI | $300M | 26.3× | 24.5× | 5.5× | 11.0% | — | 15.5% | 13.4% | 13.4% | -1.8× | 18 |
| MX | $196M | — | — | 1.1× | -8.9% | 17.6% | -16.6% | -12.0% | -10.1% | — | 4 |
| VLN | $178M | — | — | 2.5× | 22.1% | 62.4% | -44.7% | -30.1% | -30.1% | — | — |
| QUIK | $169M | — | — | 12.3× | -29.9% | 22.0% | -108% | -65.9% | -58.2% | — | 16 |
| ESP | $169M | 14.3× | 13.9× | 3.7× | 4.9% | 35.3% | 24.2% | 18.5% | 18.5% | 0.0× | 15 |
| GSIT | $165M | — | — | 6.6× | 22.4% | 54.5% | -52.7% | -16.2% | -16.2% | — | 13 |
| ALMU | $155M | — | — | 34.8× | -4.4% | 35.2% | -205% | -16.1% | -16.1% | — | 15 |
| NSYS | $31M | — | 12.9× | 2.5× | -15.0% | — | -2.1% | -0.7% | -0.7% | -0.7× | — |
Peers = companies sharing NSYS's sector (Electronic Components, NEC) 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.
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: -1%. 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 $1.7M (at 2025-12-31) covers the $660K due within a year 2.5× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
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.
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 $2.1M 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2023, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $10.40 today, the market must believe free cash flow compounds 7.4%/yr for a decade (off $1.3M on the 3-yr avg basis).
On the basis ($821K) the requirement is 13.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 7.4% is more conservative than its 8-yr track record.
Default is 9.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.00B shares (market data) · net debt -$1.7M
mean -436.8% · volatility σ 414% · implied rate exceeded in 0/4 yrs
Central path = implied 7.4%/yr growth; shaded band = ±1σ (414%) 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
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 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.2M 100.0% | $14.4M 100.0% | $13.4M 100.0% | $134.1M 100.0% | $115.2M 100.0% | $104.1M 100.0% | — | $116.3M 100.0% | $113.4M 100.0% | $112.3M 100.0% |
| Cost of Revenue | $100.4M 821.3% | $111.4M 775.2% | $116.2M 865.4% | $113.6M 84.7% | $99.3M 86.2% | $94.4M 90.7% | — | $103.8M 89.2% | $100.1M 88.3% | $100.2M 89.2% |
| Gross Profit | $18.0M 147.4% | $16.7M 116.4% | $23.1M 172.0% | $20.5M 15.3% | $15.9M 13.8% | $9.7M 9.3% | — | $12.6M 10.8% | $13.3M 11.7% | $12.1M 10.8% |
| Research & Development | $1.2M 9.6% | $1.2M 8.3% | $1.2M 8.9% | $1.5M 1.1% | $483K 0.4% | $0 0.0% | — | — | — | — |
| Selling, General & Admin | $10.8M 88.3% | $11.7M 81.5% | $12.4M 92.0% | $11.4M 8.5% | $10.0M 8.7% | $9.3M 8.9% | — | $9.6M 8.3% | $8.4M 7.4% | $8.1M 7.2% |
| Total Operating Expenses | $17.0M 139.4% | $16.9M 117.7% | $17.2M 127.7% | $16.6M 12.4% | $13.6M 11.8% | $10.3M 9.9% | — | $12.4M 10.6% | $12.1M 10.6% | $13.4M 11.9% |
| Operating Income | $975K 8.0% | -$195K -1.4% | $6.0M 44.3% | $3.9M 2.9% | $2.3M 2.0% | -$616K -0.6% | — | $224K 0.2% | $1.2M 1.1% | -$1.3M -1.1% |
| Interest Expense | $964K 7.9% | $744K 5.2% | $487K 3.6% | $411K 0.3% | $430K 0.4% | $620K 0.6% | — | $1.0M 0.9% | $757K 0.7% | $628K 0.6% |
| Other Income (Expense), net | — | — | -$487K -3.6% | -$411K -0.3% | $5.7M 5.0% | -$620K -0.6% | — | — | — | — |
| Pretax Income | $11K 0.1% | -$939K -6.5% | $5.5M 40.7% | $3.5M 2.6% | $8.0M 7.0% | -$1.2M -1.2% | — | -$819K -0.7% | $492K 0.4% | -$2.1M -1.8% |
| Income Tax Expense | $263K 2.2% | $356K 2.5% | -$1.4M -10.5% | $1.5M 1.1% | $859K 0.7% | $310K 0.3% | — | $409K 0.4% | $326K 0.3% | $375K 0.3% |
| Net Income | -$252K -2.1% | -$1.3M -9.0% | $6.9M 51.2% | $2.0M 1.5% | $7.2M 6.2% | -$1.5M -1.5% | $413K | -$1.2M -1.1% | $166K 0.1% | -$2.4M -2.2% |
| Per Share | ||||||||||
| EPS (Basic) | -$0.09 | -$0.47 | $2.53 | $0.75 | $2.68 | -$0.58 | — | -$0.46 | $0.06 | -$0.89 |
| EPS (Diluted) | -$0.09 | -$0.47 | $2.38 | $0.70 | $2.54 | -$0.58 | — | -$0.46 | $0.06 | -$0.89 |
| Weighted Avg Shares (Basic) | 2.8M | 2.8M | 2.7M | 2.7M | 2.7M | 2.7M | — | 2.7M | 2.7M | 2.7M |
| Weighted Avg Shares (Diluted) | 2.8M | 2.8M | 2.9M | 2.9M | 2.8M | 2.7M | — | 2.7M | 2.7M | 2.7M |
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.
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 2026-10-30
Where each multiple sits in its own 15-yr range · 86th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 15-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 -1% against ROIC -1% — 0% 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
High operating leverage: profit moved 40.1× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 89.2 | — | 90.7 | 86.2 | 84.7 | 865.4 | 775.2 | 821.3 |
| Gross Profit | 10.8 | — | 9.3 | 13.8 | 15.3 | 172.0 | 116.4 | 147.4 |
| R&D | — | — | 0.0 | 0.4 | 1.1 | 8.9 | 8.3 | 9.6 |
| SG&A | 8.3 | — | 8.9 | 8.7 | 8.5 | 92.0 | 81.5 | 88.3 |
| Operating Income | 0.2 | — | -0.6 | 2.0 | 2.9 | 44.3 | -1.4 | 8.0 |
| Income Tax | 0.4 | — | 0.3 | 0.7 | 1.1 | -10.5 | 2.5 | 2.2 |
| Net Income | -1.1 | — | -1.5 | 6.2 | 1.5 | 51.2 | -9.0 | -2.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NSYS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -7.8pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | -1.2% | 9.4% (today's — no rate published for this year) | -10.6pts |
| FY2021 | 4.3% | 6.9% | -2.7pts |
| FY2022 | 7.2% | 7.8% | -0.6pts |
| FY2023 | 9.7% | 7.9% | 1.8pts |
| FY2024 | -0.3% | 9.2% | -9.6pts |
| FY2025 | 1.6% | 8.4% | -6.8pts |
| Now | -0.7% | 9.4% | -10.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 10.8% | -1.1% | -2.2% |
| FY2018 | 11.7% | 1.1% | 0.1% |
| FY2019 | 10.8% | 0.2% | -1.1% |
| FY2020 | 9.3% | -0.6% | -1.5% |
| FY2021 | 13.8% | 2.0% | 6.2% |
| FY2022 | 15.3% | 2.9% | 1.5% |
| FY2023 | 172.0% | 44.3% | 51.2% |
| FY2024 | 116.4% | -1.4% | -9.0% |
| FY2025 | 147.4% | 8.0% | -2.1% |
Return on equity (-1%) and return on invested capital (-1%) 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.
Net margin is -206.24% against 149.86% 3 years ago — a step down the business has not recovered, whatever the spread says today.
Cash conversion of 0.25x sits below the level that would make the earnings clearly cash-backed.
Reported free cash flow is $2M; after share-based compensation it is $2M. The difference is a real cost that the cash flow statement adds back.
Stressed coverage falls to 0.7x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 1.01x |
| 5% | 0.96x |
| 10% | 0.91x |
| 15% | 0.86x |
| 20% | 0.81x |
| 25% | 0.76x |
| 30% | 0.71x |
| 35% | 0.66x |
| 40% | 0.61x |
| 45% | 0.56x |
| 50% | 0.51x |
| 55% | 0.46x |
| 60% | 0.40x |
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 3.1x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $10.95, free cash flow must compound 11.59%/yr for 10 years. It has done 18.85%/yr over 5 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −764.2% | 11.6% |
| FY2023 | −84.0% | 11.6% |
| FY2024 | −825.8% | 11.6% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The implied rate of 11.59% has not been achieved in any of the last 3 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$252,000 | −$252,000 |
| Share-based comp | $503,000 | $251,000 |
| Other non-cash & working capital | $2M | $3M |
| Operating cash flow | $3M | $3M |
| Capex | −$661,000 | $2M |
| Free cash flow | $2M | $2M |
| FCF after SBC | $2M | $2M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | not reported | -18.7% | not reported |
| FY2021 | 10.6% | -6.9% | -17.5 points |
| FY2022 | 16.5% | 9.8% | -6.7 points |
| FY2023 | -90.0% | 20.7% | 110.7 points |
| FY2024 | 7.0% | -22.8% | -29.9 points |
| FY2025 | -15.0% | 14.3% | 29.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | not reported | not reported | not reported | not reported |
| FY2020 | 54.8 days | 53.8 days | 43.4 days | 65.1 days |
| FY2021 | 46.1 days | 71.4 days | 46.7 days | 70.8 days |
| FY2022 | 43.5 days | 72.1 days | 47.5 days | 68 days |
| FY2023 | 524 days | 68 days | 50 days | 542 days |
| FY2024 | 377.8 days | 70.9 days | 37.9 days | 410.7 days |
| FY2025 | 507.8 days | 75.3 days | 46.6 days | 536.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | not reported |
| FY2020 | -5.0 percent |
| FY2021 | 17.4 percent |
| FY2022 | -4.9 percent |
| FY2023 | 6.8 percent |
| FY2024 | 1.3 percent |
| FY2025 | -4.2 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 3 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
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.