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Insufficient data to determine institutional momentum.
Data as of Q3 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.
The same 2 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $9.32 today, the market must believe free cash flow compounds 25.1%/yr for a decade (off $2.5M on the SBC-adjusted basis).
On the basis ($11.7M) the requirement is 3.9%/yr. The difference is what charging stock compensation costs.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.02B shares (market data) · net debt $2.3M
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.
Top 13 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 17 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NUTX | $1.4B | 20.1× | 4.4× | 1.6× | 82.4% | 50.8% | 8.1% | 21.5% | 19.0% | -0.5× | 22 |
| LQDT | $1.4B | 52.1× | 31.2× | 3.0× | 31.2% | 43.8% | 5.9% | 13.8% | 13.8% | 0.0× | 51 |
| RSKD | $1.2B | — | — | 3.4× | 5.2% | 51.7% | -8.0% | -9.4% | -9.4% | — | 9 |
| AHG | $1.1B | 133.0× | — | 82.4× | -6.4% | -0.1% | -135% | -10.3% | -10.3% | — | — |
| QNST | $981M | 12.2× | 23.8× | 0.8× | 18.3% | 11.3% | 6.3% | 25.1% | 20.7% | -1.5× | 41 |
| PAYS | $810M | 110.3× | 50.8× | 9.9× | 40.5% | 59.4% | 9.2% | 15.6% | 13.4% | -0.8× | 23 |
| PHR | $778M | 313.3× | 28.8× | 1.6× | 14.5% | — | 0.5% | 0.7% | 0.7% | -2.5× | 31 |
| MAX | $749M | 36.2× | 38.2× | 0.7× | 28.8% | 15.0% | 2.3% | 616% | 16.3% | 4.8× | 22 |
| CASS | $686M | 20.6× | — | 3.6× | 5.3% | — | 18.4% | 14.5% | 14.5% | — | 41 |
| PRTH | $647M | 11.5× | 7.9× | 0.7× | 8.3% | — | 5.8% | -55.5% | 5.9% | 4.7× | 20 |
| RMNI | $372M | 10.2× | 5.0× | 0.9× | -1.7% | 60.4% | 8.8% | -137% | 92.4% | -0.8× | 16 |
| FVRR | $325M | 16.2× | 14.8× | 0.8× | 10.1% | 81.6% | 4.9% | 5.1% | 5.1% | -9.3× | 23 |
| PSFE | $291M | — | 7.6× | 0.2× | -0.2% | 56.4% | -10.7% | -27.9% | -5.6% | 6.8× | — |
| IMXI | $260M | 8.0× | 3.9× | 0.4× | -7.7% | — | 5.4% | 20.3% | 9.2% | 0.4× | 22 |
| ALIT | $242M | — | — | 0.1× | -3.0% | 33.8% | -137% | -297% | -102% | — | — |
| CNDT | $241M | — | — | 0.1× | -9.4% | 18.1% | -5.6% | -24.8% | -12.4% | — | 29 |
| DHX | $210M | — | 82.6× | 1.6× | -9.9% | 84.7% | -10.6% | -14.3% | -10.9% | 9.4× | 7 |
| OPRX | $176M | 34.7× | 15.2× | 1.6× | 18.8% | 67.3% | 4.7% | 4.0% | 3.3% | 0.2× | 11 |
Peers = companies sharing OPRX's sector (Services-Business Services, 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.
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 $18.7M 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.
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: 3%. 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.
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 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109.4M 100.0% | $92.1M 100.0% | $71.5M 100.0% | $62.5M 100.0% | $61.3M 100.0% | $43.3M 100.0% | $24.6M 100.0% | $21.2M 100.0% | $12.1M 100.0% | $7.8M 100.0% |
| Cost of Revenue | $35.8M 32.7% | $32.7M 35.5% | $28.6M 40.0% | $23.5M 37.6% | $25.7M 41.9% | $19.2M 44.3% | $9.2M 37.2% | $9.0M 42.4% | — | — |
| Gross Profit | $73.6M 67.3% | $59.4M 64.5% | $42.9M 60.0% | $39.0M 62.4% | $35.6M 58.1% | $24.1M 55.7% | $15.4M 62.8% | $12.2M 57.6% | $6.0M 49.1% | $4.3M 56.0% |
| Research & Development | $0 0.0% | $0 0.0% | — | — | — | $0 0.0% | $1.6M 6.5% | $0 0.0% | — | — |
| Selling, General & Admin | — | — | — | $33.5M 53.6% | $27.7M 45.2% | — | — | — | — | — |
| Total Operating Expenses | $61.9M 56.6% | $73.1M 79.3% | $69.3M 96.9% | $51.3M 82.1% | $35.3M 57.6% | $26.2M 60.6% | $19.1M 77.8% | $12.0M 56.7% | $8.1M 66.6% | $5.9M 76.4% |
| Operating Income | $11.7M 10.7% | -$13.7M -14.9% | -$26.4M -36.9% | -$12.3M -19.7% | $361K 0.6% | -$2.1M -4.9% | -$3.7M -15.0% | $180K 0.8% | -$2.1M -17.6% | -$1.6M -20.4% |
| Interest Expense | $5.3M 4.8% | $6.2M 6.7% | $1.5M 2.0% | — | — | — | — | — | — | — |
| Interest & Investment Income | $353K 0.3% | $329K 0.4% | $2.2M 3.1% | $852K 1.4% | $17K 0.0% | $69K 0.2% | $288K 1.2% | $46K 0.2% | $26K 0.2% | $42K 0.5% |
| Other Income (Expense), net | -$4.7M -4.3% | -$5.7M -6.2% | $1.2M 1.7% | $852K 1.4% | $17K 0.0% | -$72K -0.2% | -$347K -1.4% | $46K 0.2% | $26K 0.2% | $42K 0.5% |
| Pretax Income | $7.0M 6.4% | -$19.4M -21.0% | -$25.2M -35.2% | -$11.4M -18.3% | $378K 0.6% | -$2.2M -5.1% | -$4.0M -16.4% | $226K 1.1% | -$2.1M -17.3% | -$1.5M -19.9% |
| Income Tax Expense | $1.8M 1.7% | $725K 0.8% | -$7.6M -10.6% | — | — | — | -$898K -3.7% | — | — | — |
| Net Income | $5.1M 4.7% | -$20.1M -21.8% | -$17.6M -24.6% | -$11.4M -18.3% | $378K 0.6% | -$2.2M -5.1% | -$3.1M -12.8% | $226K 1.1% | -$2.1M -17.3% | -$1.5M -19.9% |
| Per Share | ||||||||||
| EPS (Basic) | $0.28 | -$1.10 | -$1.03 | -$0.64 | $0.02 | -$0.15 | -$0.23 | $0.02 | -$0.21 | -$0.05 |
| EPS (Diluted) | $0.27 | -$1.10 | -$1.03 | -$0.64 | $0.02 | -$0.15 | -$0.23 | $0.02 | -$0.21 | — |
| Weighted Avg Shares (Basic) | 18.6M | 18.3M | 17.1M | 17.8M | 17.2M | 14.8M | 13.4M | 10.8M | 9.8M | 29.7M |
| Weighted Avg Shares (Diluted) | 19.0M | 18.3M | 17.1M | 17.8M | 17.7M | 14.8M | 13.4M | 11.9M | 9.8M | — |
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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $23.4M (at 2025-12-31) covers all $19.7M of scheduled principal — no refinancing pressure. 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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~20.6% on $25.7M of debt.
Cash of $23.4M fully covers short-term debt of $4.3M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
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.
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 14-yr range · 4th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-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 4% 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 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 42.4 | 37.2 | 44.3 | 41.9 | 37.6 | 40.0 | 35.5 | 32.7 |
| Gross Profit | 57.6 | 62.8 | 55.7 | 58.1 | 62.4 | 60.0 | 64.5 | 67.3 |
| R&D | 0.0 | 6.5 | 0.0 | — | — | — | 0.0 | 0.0 |
| SG&A | — | — | — | 45.2 | 53.6 | — | — | — |
| Operating Income | 0.8 | -15.0 | -4.9 | 0.6 | -19.7 | -36.9 | -14.9 | 10.7 |
| Income Tax | — | -3.7 | — | — | — | -10.6 | 0.8 | 1.7 |
| Net Income | 1.1 | -12.8 | -5.1 | 0.6 | -18.3 | -24.6 | -21.8 | 4.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on OPRX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -8.55pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -10.1% | 15.1% (today's — no rate published for this year) | -25.1pts |
| FY2020 | -3.9% | 15.1% (today's — no rate published for this year) | -18.9pts |
| FY2021 | 0.6% | 15.1% (today's — no rate published for this year) | -14.5pts |
| FY2022 | -8.3% | 15.1% (today's — no rate published for this year) | -23.4pts |
| FY2023 | -12.9% | 13.1% | -26.0pts |
| FY2024 | -7.3% | 17.9% | -25.3pts |
| FY2025 | 6.5% | 14.3% | -7.8pts |
| Now | 3.3% | 15.1% | -11.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 56.0% | -20.4% | -19.9% |
| FY2017 | 49.1% | -17.6% | -17.3% |
| FY2018 | 57.6% | 0.8% | 1.1% |
| FY2019 | 62.8% | -15.0% | -12.8% |
| FY2020 | 55.7% | -4.9% | -5.1% |
| FY2021 | 58.1% | 0.6% | 0.6% |
| FY2022 | 62.4% | -19.7% | -18.3% |
| FY2023 | 60.0% | -36.9% | -24.6% |
| FY2024 | 64.5% | -14.9% | -21.8% |
| FY2025 | 67.3% | 10.7% | 4.7% |
Return on equity (4%) 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.
$71M of goodwill — 53% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 13.91% against 6.5% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Stressed coverage of 1.5x sits between comfortable and thin.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.21x |
| 5% | 2.10x |
| 10% | 1.99x |
| 15% | 1.88x |
| 20% | 1.77x |
| 25% | 1.66x |
| 30% | 1.55x |
| 35% | 1.44x |
| 40% | 1.33x |
| 45% | 1.21x |
| 50% | 1.10x |
| 55% | 0.99x |
| 60% | 0.88x |
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.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $9.37, free cash flow must compound 25.19%/yr for 10 years. It has no positive compounding record after stock compensation to compare against.
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
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 |
|---|---|---|---|---|---|
| 2026-10-01 | D'Silva Andrew J. Chief Business Officer | Tax withholding | 414 | $8.39 | $3k |
| 2026-09-01 | D'Silva Andrew J. Chief Business Officer | Tax withholding | 1,432 | $7.86 | $11k |
| 2026-08-21 | Merrell Brendan W. CHIEF OPERATING OFFICER | Tax withholding | 1,020 | $7.71 | $8k |
| 2026-08-21 | Silvestro Stephen L Chief Executive Officer | Tax withholding | 1,737 | $7.71 | $13k |
| 2026-08-21 |
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.
Odence-Ford Marion Chief Legal & Admin Officer |
| Tax withholding |
| 1,529 |
| $7.71 |
| $12k |
| 2026-08-21 | D'Silva Andrew J. Chief Business Officer | Tax withholding | 1,243 | $7.71 | $10k |
| 2026-08-21 | Stelmakh Edward Chief Finance & Strat Officer | Tax withholding | 1,381 | $7.71 | $11k |
| 2026-08-20 | Silvestro Stephen L Chief Executive Officer | Grant | 79,200 | $0.00 | $0 |
| 2026-08-20 | D'Silva Andrew J. Chief Business Officer | Grant | 57,600 | $0.00 | $0 |
| 2026-08-20 | Merrell Brendan W. CHIEF OPERATING OFFICER | Grant | 57,600 | $0.00 | $0 |
| 2026-08-20 | Odence-Ford Marion Chief Legal & Admin Officer | Grant | 57,600 | $0.00 | $0 |
| 2026-06-09 | Klema Cathy Director | Grant | 34,517 | $0.00 | $0 |
| 2026-06-09 | Lang James Paul Director | Grant | 34,517 | $0.00 | $0 |
| 2026-06-09 | Presti Mariyamma Varghese Director | Grant | 17,258 | $0.00 | $0 |
| 2026-06-09 | Spangler Patrick D Director | Grant | 34,517 | $0.00 | $0 |
| 2026-06-09 | Vos Ellen O'Connor Director | Grant | 34,517 | $0.00 | $0 |
| 2026-06-09 | Wasson Gregory D Director | Grant | 34,517 | $0.00 | $0 |
| 2026-05-15 | 2 co-filers Chief Commercial Officer | Tax withholding | 914 | $5.21 | $5k |
| 2026-05-15 | Silvestro Stephen L Chief Executive Officer | Tax withholding | 5,219 | $5.21 | $27k |
| 2026-05-15 | 2 co-filers Chief Commercial Officer | Tax withholding | 879 | $5.21 | $5k |
| 2026-05-01 | Presti Mariyamma Varghese Director | Grant35d late | 13,060 | $0.00 | $0 |
| 2026-02-11 | 3 co-filers Chief Legal & Admin Officer | Option exercise | 4,000 | — | — |
| 2026-02-11 | 3 co-filers Chief Legal & Admin Officer | Tax withholding | 1,386 | $9.23 | $13k |
| 2026-02-11 | 3 co-filers Chief Legal & Admin Officer | Option exercise | 4,000 | $0.00 | — |
| 2025-12-23 | Greco Theresa Chief Commercial Officer | Tax withholding | 1,420 | $12.74 | $18k |
| 2025-12-23 | Silvestro Stephen L Chief Executive Officer | Tax withholding | 3,361 | $12.74 | $43k |
| 2025-12-23 | Odence-Ford Marion Chief Legal & Admin Officer | Tax withholding | 4,051 | $12.74 | $52k |
| 2025-12-23 | Besch Doug Chief Product & Tech Officer | Tax withholding | 4,079 | $12.74 | $52k |
| 2025-12-23 | Stelmakh Edward Chief Finance & Strat Officer | Tax withholding | 3,658 | $12.74 | $47k |
| 2025-12-19 | 3 co-filers Chief Legal & Admin Officer | Option exercise | 3,928 | $0.00 | $0 |
| 2025-12-19 | 3 co-filers Chief Finance & Strat Officer | Option exercise | 5,237 | $0.00 | $0 |
| 2025-12-19 | 3 co-filers Chief Executive Officer | Option exercise | 6,546 | $0.00 | $0 |
| 2025-12-19 | Merrell Brendan W. CHIEF OPERATING OFFICER | Tax withholding | 289 | $13.51 | $4k |
| 2025-12-19 | D'Silva Andrew J. Chief Business Officer | Tax withholding | 703 | $13.51 | $9k |
| 2025-12-19 | 3 co-filers Chief Product & Tech Officer | Option exercise | 1,964 | $0.00 | $0 |
| 2025-12-19 | 3 co-filers Chief Executive Officer | Tax withholding | 1,594 | $13.51 | $22k |
| 2025-12-19 | 3 co-filers Chief Product & Tech Officer | Tax withholding | 581 | $13.51 | $8k |
| 2025-12-19 | 3 co-filers Chief Legal & Admin Officer | Tax withholding | 1,153 | $13.51 | $16k |
| 2025-12-19 | 3 co-filers Chief Finance & Strat Officer | Tax withholding | 1,388 | $13.51 | $19k |
| 2025-12-19 | 3 co-filers Chief Executive Officer | Option exercise | 6,546 | $0.00 | — |