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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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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $315.0M buybacks = $315.0M returned.
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 8 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: -2%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 8 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 2026-10-21
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 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.39B 100.0% | $2.62B 100.0% | $4.37B 100.0% | $5.24B 100.0% | $3.70B 100.0% | $2.76B 100.0% | $2.51B 100.0% | $2.37B 100.0% |
| Cost of Revenue | $809.8M 33.8% | $1.00B 38.2% | $1.22B 27.9% | $1.50B 28.6% | $1.30B 35.0% | $726.1M 26.3% | $531.4M 21.2% | $437.8M 18.4% |
| Research & Development | $196.0M 8.2% | $228.3M 8.7% | $237.9M 5.5% | $244.2M 4.7% | $230.8M 6.2% | $185.3M 6.7% | $132.6M 5.3% | $140.3M 5.9% |
| Selling, General & Admin | $418.5M 17.5% | $499.1M 19.0% | $518.7M 11.9% | $518.2M 9.9% | $797.4M 21.6% | $745.2M 27.0% | $573.1M 22.8% | $538.5M 22.7% |
| Total Operating Expenses | $2.49B 104.1% | $2.65B 101.1% | $3.16B 72.3% | $3.70B 70.7% | $3.84B 103.7% | $3.30B 119.4% | $2.50B 99.8% | $2.30B 96.8% |
| Operating Income | -$97.4M -4.1% | -$28.7M -1.1% | -$237.8M -5.4% | -$355.1M -6.8% | -$137.1M -3.7% | -$537.7M -19.4% | $5.7M 0.2% | $75.3M 3.2% |
| Interest Expense | $120.0M 5.0% | $135.7M 5.2% | $157.6M 3.6% | $110.2M 2.1% | $34.3M 0.9% | $16.2M 0.6% | $11.9M 0.5% | $13.1M 0.6% |
| Interest & Investment Income | $46.6M 1.9% | $66.9M 2.6% | $54.0M 1.2% | $20.4M 0.4% | $1.4M 0.0% | $7.2M 0.3% | $15.2M 0.6% | $9.1M 0.4% |
| Other Income (Expense), net | $16.4M 0.7% | $98.5M 3.8% | $46.6M 1.1% | -$219.0M -4.2% | $111.9M 3.0% | -$42.6M -1.5% | $40.5M 1.6% | $282.7M 11.9% |
| Pretax Income | -$81.9M -3.4% | -$715.0M -27.3% | $393.0M 9.0% | -$1.39B -26.5% | $729.8M 19.7% | $244.2M 8.8% | $34.3M 1.4% | $344.9M 14.5% |
| Income Tax Expense | $34.8M 1.5% | -$141.9M -5.4% | $98.2M 2.2% | -$311.3M -5.9% | $139.0M 3.8% | -$45.7M -1.7% | -$47.3M -1.9% | $22.6M 1.0% |
| Net Income | -$104.0M -4.3% | -$539.9M -20.6% | $265.9M 6.1% | -$1.17B -22.4% | $597.5M 16.2% | $269.7M 9.8% | $22.9M 0.9% | $246.8M 10.4% |
| Per Share | ||||||||
| EPS (Basic) | -$1.30 | -$6.49 | $3.07 | -$13.55 | $6.70 | $3.16 | $0.27 | $2.90 |
| EPS (Diluted) | -$1.30 | -$6.49 | $2.97 | -$13.55 | $6.31 | $2.97 | $0.27 | $2.90 |
| Weighted Avg Shares (Basic) | 80.1M | 83.1M | 83.6M | 86.3M | 86.2M | 85.4M | 85.1M | 85.1M |
| Weighted Avg Shares (Diluted) | 80.1M | 83.1M | 86.5M | 86.3M | 91.8M | 90.9M | 85.1M | 85.1M |
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 $38.92 today, the market must believe free cash flow compounds 4.3%/yr for a decade (off $217.7M on the 3-yr avg basis).
On the basis ($142.1M) the requirement is 10.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.07B shares (market data) · net debt $484.5M
mean 54.5% · volatility σ 173% · implied rate exceeded in 1/3 yrs
Central path = implied 4.3%/yr growth; shaded band = ±1σ (173%) 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $941.3M covers the $24.5M due within a year 38.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~8.4% on $1.43B of debt.
Cash of $941.3M fully covers short-term debt of $24.5M.
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 2026-10-21
Where each multiple sits in its own 8-yr range · 25th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 8-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 -2% against ROIC -2% — -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 | 18.4 | 21.2 | 26.3 | 35.0 | 28.6 | 27.9 | 38.2 | 33.8 |
| R&D | 5.9 | 5.3 | 6.7 | 6.2 | 4.7 | 5.5 | 8.7 | 8.2 |
| SG&A | 22.7 | 22.8 | 27.0 | 21.6 | 9.9 | 11.9 | 19.0 | 17.5 |
| Operating Income | 3.2 | 0.2 | -19.4 | -3.7 | -6.8 | -5.4 | -1.1 | -4.1 |
| Income Tax | 1.0 | -1.9 | -1.7 | 3.8 | -5.9 | 2.2 | -5.4 | 1.5 |
| Net Income | 10.4 | 0.9 | 9.8 | 16.2 | -22.4 | 6.1 | -20.6 | -4.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on PPLI: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.