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...
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 1 year 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.
On the SBC-adjusted basis free cash flow is -$18.1M — there is nothing left to discount once stock compensation is charged, so no growth rate can be solved for. The 3-yr avg basis gives $3.4M over those same years — the whole difference is the stock compensation.
mean 1398.9% · volatility σ 2640%
Central path = implied —/yr growth; shaded band = ±1σ (2640%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Ranked against 39 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BRZE | $5.2B | — | — | 7.0× | 24.4% | 67.1% | -17.8% | -21.0% | -21.0% | — | 41 |
| CCC | $4.5B | — | — | 4.3× | 11.9% | 73.5% | 0.2% | 0.1% | 0.1% | — | 71 |
| BILL | $4.2B | — | — | 2.5× | 13.0% | 80.9% | -0.7% | -0.3% | -0.2% | — | 71 |
| FSLY | $4.1B | — | — | 6.5× | 14.8% | 57.1% | -19.5% | -13.1% | -9.4% | — | 48 |
| QTWO | $4.1B | 81.6× | 39.7× | 5.1× | 14.1% | 54.1% | 6.5% | 7.9% | 7.9% | -3.9× | 74 |
| MNDY | $4.0B | 42.3× | — | 3.3× | 26.7% | 89.2% | 9.6% | 9.5% | 9.5% | — | 37 |
| FRSH | $3.9B | 23.8× | 85.7× | 4.7× | 16.4% | 85.0% | 21.9% | 17.8% | 17.8% | -14.6× | 53 |
| AVPT | $3.7B | 115.7× | 88.5× | 8.8× | 26.9% | 74.1% | 8.3% | 7.3% | 7.3% | -13.3× | 41 |
| ALRM | $3.3B | 27.1× | 15.9× | 3.2× | 7.6% | 66.1% | 13.0% | 15.5% | 15.5% | -6.6× | 64 |
| TDC | $3.2B | 25.6× | 10.9× | 1.9× | -5.0% | 59.4% | 7.8% | 56.5% | 19.0% | -0.1× | 97 |
| SPSC | $3.1B | 34.9× | 21.1× | 4.1× | 17.8% | 69.2% | 12.4% | 9.6% | 9.6% | -1.1× | 69 |
| CLBT | $3.1B | 39.6× | 37.8× | 6.5× | 18.6% | 84.2% | 16.5% | 16.2% | 16.2% | -1.6× | 27 |
| INTA | $3.0B | — | — | 5.2× | 14.6% | 75.8% | -7.1% | -13.0% | -13.0% | — | 48 |
| VIA | $2.9B | — | — | 6.7× | 28.6% | 39.6% | -22.2% | -15.4% | -15.4% | — | 25 |
| ASAN | $2.6B | — | — | 3.3× | 9.2% | 89.0% | -23.9% | -123% | -97.0% | — | 40 |
| KC | $2.4B | — | 10.2× | 1.8× | 28.2% | 15.7% | -9.8% | -10.0% | -6.0% | 0.2× | 11 |
| BLKB | $2.4B | 22.2× | 17.2× | 2.1× | -2.3% | 58.8% | 10.2% | 135% | 9.6% | 5.3× | 59 |
| NCNO | $2.4B | 449.0× | 54.4× | 4.0× | 10.0% | 60.6% | 0.9% | 0.5% | 0.4% | 2.7× | 59 |
| PRCH | $2.4B | — | 44.6× | 4.9× | 10.2% | 70.5% | -0.7% | 13.7% | -0.9% | 5.7× | 29 |
| AMPL | $2.3B | — | — | 6.6× | 14.7% | 74.0% | -25.8% | -36.1% | -36.1% | — | 28 |
| BL | $2.0B | 86.4× | 27.1× | 2.8× | 7.2% | 75.2% | 3.5% | 7.4% | 7.4% | -6.7× | 53 |
| SOUN | $1.9B | — | — | 11.5× | 99.4% | 42.4% | -8.3% | -3.0% | -3.0% | — | 104 |
| PDFS | $1.9B | — | 196.2× | 8.8× | 22.0% | 72.3% | -0.3% | -0.2% | -0.2% | 2.5× | 51 |
| MQ | $1.9B | — | — | 3.0× | 23.3% | 70.0% | -2.2% | -1.8% | -1.8% | — | — |
| PRGS | $1.8B | 27.1× | 19.7× | 1.9× | 29.8% | 80.8% | 7.5% | 15.3% | 3.9% | 8.2× | 62 |
Peers = companies sharing PDFS's sector (Services-Prepackaged Software) 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 + $244K buybacks = $244K returned on -$8.6M 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.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -0%. 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 $42.2M (at 2025-12-31) covers the $4.4M due within a year 9.7× 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. Effective rate ~5.9% on $67.0M of debt.
Cash of $42.2M fully covers short-term debt of $2.2M.
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 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.
EOD close · as of 2026-10-29
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 | $219.0M 100.0% | $179.5M 100.0% | $165.8M 100.0% | $148.5M 100.0% | $111.1M 100.0% | $88.0M 100.0% | $85.6M 100.0% | $85.8M 100.0% | $101.9M 100.0% | $107.5M 100.0% |
| Cost of Revenue | $60.6M 27.7% | $54.1M 30.2% | $51.7M 31.2% | $47.9M 32.2% | $44.2M 39.8% | $36.8M 41.8% | $33.5M 39.1% | $42.8M 49.9% | $47.5M 46.6% | $44.4M 41.4% |
| Gross Profit | $158.4M 72.3% | $125.3M 69.8% | $114.1M 68.8% | $100.6M 67.8% | — | — | — | $43.0M 50.1% | $54.4M 53.4% | $63.0M 58.6% |
| Research & Development | $64.2M 29.3% | $53.6M 29.8% | $50.7M 30.6% | $56.1M 37.8% | $43.8M 39.4% | $34.7M 39.4% | $32.7M 38.3% | $28.0M 32.6% | $30.1M 29.5% | $27.6M 25.6% |
| Selling, General & Admin | $84.7M 38.7% | $69.9M 39.0% | $62.2M 37.5% | $45.3M 30.5% | $37.6M 33.9% | $32.7M 37.1% | $26.3M 30.7% | $23.9M 27.9% | $23.7M 23.2% | $22.1M 20.5% |
| Total Operating Expenses | — | — | — | — | — | — | — | $52.9M 61.7% | $54.2M 53.2% | $50.0M 46.6% |
| Operating Income | $5.8M 2.7% | $935K 0.5% | -$151K -0.1% | — | — | — | — | -$10.0M -11.6% | $190K 0.2% | $13.0M 12.1% |
| Interest Expense | $4.0M 1.8% | $0 0.0% | $0 0.0% | — | — | — | — | — | — | — |
| Interest & Investment Income | $1.5M 0.7% | $5.6M 3.1% | $5.5M 3.3% | $2.6M 1.7% | $683K 0.6% | — | — | — | — | — |
| Other Income (Expense), net | $1.3M 0.6% | $5.6M 3.1% | $5.0M 3.0% | — | $683K 0.6% | -$1.3M -1.4% | $276K 0.3% | $493K 0.6% | -$264K -0.3% | -$10K -0.0% |
| Pretax Income | $3.2M 1.5% | $6.6M 3.7% | $4.9M 2.9% | $470K 0.3% | -$18.3M -16.5% | -$18.1M -20.5% | -$7.4M -8.6% | -$9.5M -11.0% | -$74K -0.1% | $13.0M 12.1% |
| Income Tax Expense | $3.8M 1.8% | $2.5M 1.4% | $1.8M 1.1% | $3.9M 2.6% | $3.2M 2.9% | $22.3M 25.3% | -$1.9M -2.3% | -$1.7M -2.0% | $1.3M 1.2% | $3.9M 3.6% |
| Net Income | -$600K -0.3% | $4.1M 2.3% | $3.1M 1.9% | -$3.4M -2.3% | -$21.5M -19.4% | -$40.4M -45.8% | -$5.4M -6.3% | -$7.7M -9.0% | -$1.3M -1.3% | $9.1M 8.5% |
| Per Share | ||||||||||
| EPS (Basic) | -$0.02 | $0.11 | $0.08 | -$0.09 | -$0.58 | -$1.17 | -$0.17 | -$0.24 | -$0.04 | $0.29 |
| EPS (Diluted) | -$0.02 | $0.10 | $0.08 | -$0.09 | -$0.58 | -$1.17 | -$0.17 | -$0.24 | -$0.04 | $0.28 |
| Weighted Avg Shares (Basic) | 39.3M | 38.6M | 38.0M | 37.3M | 37.1M | 34.5M | 32.4M | 32.2M | 32.0M | 31.4M |
| Weighted Avg Shares (Diluted) | 39.3M | 39.0M | 38.9M | 37.3M | 37.1M | 34.5M | 32.4M | 32.2M | 32.0M | 32.4M |
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.
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
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.
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 |
|---|---|---|---|---|---|
| 2026-09-01 | Kibarian John Kachig President and CEO | Grant43d late | 71,000 | $0.00 | — |
| 2026-09-01 | Raza Adnan EVP, Finance and CFO | Grant43d late | 70,000 | $0.00 | — |
| 2026-09-01 | Strojwas Andrzej Chief Technology Officer | Grant43d late | 20,000 | $0.00 | — |
| 2026-09-01 | Michaels Kimon EVP of Products and Solutions | Grant43d late | 71,000 |
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.
| $0.00 |
| — |
| 2026-08-31 | Strojwas Andrzej Chief Technology Officer | Open-market sale | 3,394 | $44.41 | $151k |
| 2026-08-12 | Zhang Shuo Director | Open-market sale | 1,501 | $51.47 | $77k |
| 2026-07-01 | Gustafson Michael B Director | Grant | 2,689 | — | — |
| 2026-07-01 | 2 co-filers Chief Technology Officer | Tax withholding | 1,356 | $66.88 | $91k |
| 2026-07-01 | Zhang Shuo Director | Grant | 2,689 | — | — |
| 2026-07-01 | Chan Chi-Foon Director | Grant | 2,689 | — | — |
| 2026-07-01 | Bronson Joseph R Director | Grant | 2,689 | — | — |
| 2026-07-01 | Li Ye Jane Director | Grant | 2,689 | — | — |
| 2026-07-01 | Erba Nancy Director | Grant | 2,689 | — | — |
| 2026-07-01 | 2 co-filers EVP, Finance and CFO | Tax withholding | 6,010 | $66.88 | $402k |
| 2026-07-01 | 2 co-filers Chief Technology Officer | Grant | 5,360 | — | — |
| 2026-07-01 | 2 co-filers EVP, Finance and CFO | Grant | 23,450 | — | — |
| 2026-01-01 | Strojwas Andrzej Chief Technology Officer | Tax withholding | 2,762 | $28.53 | $79k |
| 2026-01-01 | Raza Adnan EVP, Finance and CFO | Tax withholding | 5,498 | $28.53 | $157k |
| 2025-12-09 | Michaels Kimon EVP of Products and Solutions | Giftindirect | 5,070 | $0.00 | $0 |
EOD close · as of 2026-10-29
Where each multiple sits in its own 14-yr range · 88th 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 -0% against ROIC -0% — -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 23.8× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 49.9 | 39.1 | 41.8 | 39.8 | 32.2 | 31.2 | 30.2 | 27.7 |
| Gross Profit | 50.1 | — | — | — | 67.8 | 68.8 | 69.8 | 72.3 |
| R&D | 32.6 | 38.3 | 39.4 | 39.4 | 37.8 | 30.6 | 29.8 | 29.3 |
| SG&A | 27.9 | 30.7 | 37.1 | 33.9 | 30.5 | 37.5 | 39.0 | 38.7 |
| Operating Income | -11.6 | — | — | — | — | -0.1 | 0.5 | 2.7 |
| Income Tax | -2.0 | -2.3 | 25.3 | 2.9 | 2.6 | 1.1 | 1.4 | 1.8 |
| Net Income | -9.0 | -6.3 | -45.8 | -19.4 | -2.3 | 1.9 | 2.3 | -0.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on PDFS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -11.49pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2023 | -0.1% | 12.8% (today's — no rate published for this year) | -12.9pts |
| FY2024 | 0.4% | 12.8% (today's — no rate published for this year) | -12.4pts |
| FY2025 | 1.3% | 11.9% | -10.5pts |
| Now | -0.2% | 12.8% | -13.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 58.6% | 12.1% | 8.5% |
| FY2017 | 53.4% | 0.2% | -1.3% |
| FY2018 | 50.1% | -11.6% | -9.0% |
| FY2019 | 60.9% | not reported | -6.3% |
| FY2020 | 58.2% | not reported | -45.8% |
| FY2021 | 60.2% | not reported | -19.3% |
| FY2022 | 67.8% | not reported | -2.3% |
| FY2023 | 68.8% | -0.1% | 1.9% |
| FY2024 | 69.8% | 0.5% | 2.3% |
| FY2025 | 72.3% | 2.7% | -0.3% |
Return on equity (-0%) and return on invested capital (-0%) 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.
$95M of goodwill — 30% 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.
ROIC ex-goodwill is 1.87% against 1.3% 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 falls to 1.0x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 1.48x |
| 5% | 1.40x |
| 10% | 1.33x |
| 15% | 1.26x |
| 20% | 1.18x |
| 25% | 1.11x |
| 30% | 1.03x |
| 35% | 0.96x |
| 40% | 0.89x |
| 45% | 0.81x |
| 50% | 0.74x |
| 55% | 0.67x |
| 60% | 0.59x |
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Free cash flow is negative, so debt service depends on the cash balance rather than on the business.
Once stock compensation is charged, free cash flow averages -$18M over the last 1 year — there is nothing left to discount, so no growth rate can be solved for. Before the charge it averages $3M.
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.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: positive_free_cash_flow.