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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 + $0 buybacks = $0 returned on -$1.9M 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 3 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: 13%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 3 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. 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 2026-10-08 · 23d old
How a revenue dollar becomes profit — FY2026
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 | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue | $18.2M 100.0% | $78.7M 100.0% | $67.0M 100.0% |
| Selling, General & Admin | $2.8M 15.1% | $10.2M 12.9% | $3.5M 5.3% |
| Total Operating Expenses | $15.9M 87.4% | $71.1M 90.3% | $55.6M 83.0% |
| Operating Income | $2.3M 12.6% | $7.6M 9.7% | $11.4M 17.0% |
| Interest Expense | $31K 0.2% | — | $2K 0.0% |
| Interest & Investment Income | $288K 1.6% | $3.2M 4.0% | $1.4M 2.1% |
| Other Income (Expense), net | $295K 1.6% | $2.9M 3.7% | $1.4M 2.1% |
| Pretax Income | $2.6M 14.3% | $10.5M 13.4% | $12.8M 19.0% |
| Income Tax Expense | $466K 2.6% | $2.3M 2.9% | $2.8M 4.2% |
| Net Income | $2.1M 11.7% | $8.3M 10.5% | $9.9M 14.8% |
| Per Share | |||
| EPS (Basic) | $0.92 | $7.60 | $9.94 |
| EPS (Diluted) | $0.92 | $7.60 | $9.94 |
| Weighted Avg Shares (Basic) | 2.3M | 1.1M | 1.0M |
| Weighted Avg Shares (Diluted) | 2.3M | 1.1M | 1.0M |
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.
EOD close · as of 2026-10-08
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 13% against ROIC 13% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 16.1% — the two diverge when buybacks or issuance move equity during the year.
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 1.7× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| SG&A | 5.3 | 12.9 | 15.1 |
| Operating Income | 17.0 | 9.7 | 12.6 |
| Income Tax | 4.2 | 2.9 | 2.6 |
| Net Income | 14.8 | 10.5 | 11.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on RAY: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $2.63 today, the market must believe free cash flow compounds -14.1%/yr for a decade (off $1.4M on the 3-yr avg basis).
Default is 11.6% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.01B shares (market data) · net debt -$10.0M
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean -195.9% · volatility σ 192% · implied rate exceeded in 0/2 yrs
Central path = implied -14.1%/yr growth; shaded band = ±1σ (192%) 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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
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. Educational — not a recommendation.
Ranked against 31 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ADTN | $532M | — | 5.7× | 0.5× | 17.5% | 38.3% | -4.2% | -31.3% | -31.3% | -1.2× | 27 |
| MEI | $525M | — | 10.5× | 0.5× | -2.8% | 19.8% | -3.5% | -5.3% | -3.6% | 2.7× | 23 |
| JKS | $452M | — | — | 0.1× | -25.9% | 2.2% | -6.8% | -28.3% | -28.3% | — | 13 |
| HBB | $436M | 16.6× | 10.3× | 0.7× | -7.3% | 25.7% | 4.4% | 14.5% | 11.4% | 0.1× | 15 |
| CLFD | $435M | — | 50.2× | 2.9× | 19.6% | 33.7% | -5.4% | -3.1% | -3.1% | -2.6× | 19 |
| AIOT | $388M | — | 7.9× | 0.9× | 22.4% | 55.5% | -4.6% | -4.3% | -2.7% | 3.0× | 24 |
| INDI | $382M | — | — | 1.8× | 0.3% | 39.9% | -65.8% | -40.0% | -20.1% | — | 39 |
| NVEC | $376M | 24.7× | 22.8× | 14.3× | 1.8% | 78.7% | 57.7% | 26.1% | 26.1% | -0.1× | 23 |
| MRAM | $332M | — | — | 6.0× | 9.5% | 51.2% | -1.1% | -0.9% | -0.8% | — | 17 |
| LAES | $331M | — | — | 18.1× | 66.2% | 47.3% | -187% | -7.4% | -7.4% | — | 18 |
| SES | $293M | — | — | 14.0× | 929% | 53.8% | -348% | -34.0% | -33.9% | — | 17 |
| MPTI | $288M | 25.3× | 23.4× | 5.3× | 11.0% | — | 15.5% | 13.4% | 13.4% | -1.8× | 18 |
| TBCH | $287M | 20.8× | 10.2× | 0.9× | -14.2% | 37.3% | 4.9% | 12.2% | 8.6% | 1.2× | 20 |
| AUDC | $269M | 35.9× | 12.6× | 1.1× | 1.4% | 65.0% | 3.6% | 5.2% | 5.2% | -2.5× | 4 |
| ULBI | $260M | — | — | 1.4× | 16.2% | 24.1% | -3.1% | -4.5% | -3.3% | — | 5 |
| AVNW | $259M | 106.2× | 12.6× | 0.6× | 1.2% | 31.5% | 0.6% | 0.9% | 0.7% | 1.1× | 19 |
| BKTI | $257M | 19.8× | 13.2× | 3.0× | 12.5% | 48.8% | 15.7% | 30.3% | 30.3% | -1.3× | 12 |
| MVST | $220M | — | — | 0.5× | 12.6% | 28.6% | -6.8% | -7.1% | -5.7% | — | 14 |
| ATER | $197M | — | — | 2.9× | -30.4% | 56.8% | -27.5% | -125% | -125% | — | 2 |
| CRNT | $188M | — | 9.3× | 0.6× | -14.1% | 33.8% | -0.6% | -1.2% | -1.1% | -1.1× | 11 |
| MX | $180M | — | — | 1.0× | -8.9% | 17.6% | -16.6% | -12.0% | -10.1% | — | 4 |
| VUZI | $179M | — | — | 28.5× | 9.1% | -16.9% | -514% | -131% | -131% | — | 14 |
| VLN | $164M | — | — | 2.3× | 22.1% | 62.4% | -44.7% | -30.1% | -30.1% | — | — |
| ESP | $162M | 13.7× | 13.4× | 3.5× | 4.9% | 35.3% | 24.2% | 18.5% | 18.5% | 0.0× | 15 |
| QUIK | $160M | — | — | 11.6× | -29.9% | 22.0% | -108% | -65.9% | -58.2% | — | 16 |
| RAY | $15M | 2.9× | — | 0.8× | 79.8% | — | 11.7% | 12.9% | 12.9% | — | — |
Peers = companies sharing RAY's sector (Household Appliances) 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.
Earns 14.76pts above its cost of capital, without much margin of safety.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2024 | not reported | 17.0% | 14.8% |
| FY2025 | not reported | 9.7% | 10.5% |
| FY2026 | not reported | 12.6% | 11.7% |
Return on equity (13%) and return on invested capital (13%) are within a couple of points in FY2026, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$6M of goodwill — 81% 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 135.44% against 26.36% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Cash conversion of 0.49x sits below the level that would make the earnings clearly cash-backed.
Accruals are 14.44% of assets — profit is running ahead of cash, which is the earliest quality warning available.
Missing from our data, so excluded from this answer: share_based_compensation.
No debt, so there is no leverage path to distress.
Balance sheet at 2026-03-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Cash burn, not leverage, is the risk for a debt-free company — see question 2 for cash conversion.
At $2.63, free cash flow must compound -14.15%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2025 | −60.3% | −14.1% |
| FY2026 | −331.5% | −14.1% |
The implied rate of -14.15% has not been achieved in any of the last 2 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2M | $2M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$4M | −$2M |
| Operating cash flow | −$2M | −$2M |
| Capex | $0 | −$2M |
| Free cash flow | −$2M | −$2M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2025 | 18.3% | -43.7% | -62.0 points |
| FY2026 | 79.8% | 725.8% | 646.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2024 | 79.3 days | not reported | not reported | not reported |
| FY2025 | 37.8 days | not reported | not reported | not reported |
| FY2026 | 173.4 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2024 | -10.0 percent |
| FY2025 | 2.2 percent |
| FY2026 | 14.4 percent |