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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 -$28.0M 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.
Modest payoff on reinvested capital. Current ROIC on all capital: 2%. 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.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2024
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 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|
| Revenue | $688.6M 100.0% | $633.1M 100.0% | $702.1M 100.0% |
| Cost of Revenue | $672.6M 97.7% | $621.0M 98.1% | $688.8M 98.1% |
| Gross Profit | $16.0M 2.3% | $12.1M 1.9% | $13.3M 1.9% |
| Selling, General & Admin | $5.2M 0.8% | $5.1M 0.8% | $5.7M 0.8% |
| Total Operating Expenses | $10.0M 1.5% | $9.5M 1.5% | $8.8M 1.2% |
| Operating Income | $6.0M 0.9% | $2.6M 0.4% | $4.5M 0.6% |
| Interest Expense | $4.6M 0.7% | $2.2M 0.3% | $2.0M 0.3% |
| Other Income (Expense), net | -$2.5M -0.4% | $1.1M 0.2% | -$1.3M -0.2% |
| Pretax Income | $3.5M 0.5% | $3.7M 0.6% | $3.2M 0.5% |
| Income Tax Expense | $1.4M 0.2% | $774K 0.1% | -$9K -0.0% |
| Net Income | $1.9M 0.3% | $2.0M 0.3% | $2.4M 0.3% |
| Per Share | |||
| EPS (Basic) | $0.09 | $0.10 | $0.12 |
| EPS (Diluted) | $0.09 | $0.10 | $0.12 |
| Weighted Avg Shares (Basic) | 20.0M | 20.0M | 20.0M |
| Weighted Avg Shares (Diluted) | 20.0M | 20.0M | 20.0M |
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 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2024 · every deduction from revenue to net income
DuPont — the three levers
ROE 10% against ROIC 2% — 9% 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 14.9× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Cost of Revenue | 98.1 | 98.1 | 97.7 |
| Gross Profit | 1.9 | 1.9 | 2.3 |
| SG&A | 0.8 | 0.8 | 0.8 |
| Operating Income | 0.6 | 0.4 | 0.9 |
| Income Tax | -0.0 | 0.1 | 0.2 |
| Net Income | 0.3 | 0.3 | 0.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TMDE: 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.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $16.1M (at 2024-12-31) covers all $934K of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2025-06-30 (20-F/A). The cash figure is from 2024-12-31, 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 ~5.8% on $79.8M of debt.
Cash of $16.1M is below short-term debt of $79.3M — relies on refinancing/operations.
Mostly short-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.
Ranked against 22 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MCK | $116.0B | 25.9× | 18.2× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 0.4× | 672 |
| COR | $63.1B | 41.6× | 18.1× | 0.2× | 9.3% | 3.6% | 0.5% | 103% | 17.0% | 0.9× | — |
| CAH | $58.0B | 34.6× | 14.9× | 0.2× | 14.2% | 3.8% | 0.7% | -59.5% | -59.5% | -1.4× | 463 |
| SYY | $40.8B | 22.6× | 9.9× | 0.5× | 3.9% | 18.5% | 2.1% | 65.9% | 65.9% | -0.5× | 516 |
| USFD | $22.4B | 35.2× | 16.6× | 0.6× | 4.1% | 17.4% | 1.7% | 15.7% | 7.1% | 3.1× | 154 |
| PFGC | $15.6B | 43.3× | 14.3× | 0.2× | 7.2% | 11.9% | 0.5% | 7.3% | 3.6% | 3.4× | 125 |
| DPZ | $10.3B | 17.9× | — | 2.1× | 5.0% | 40.0% | 12.2% | -15.4% | -15.5% | — | 181 |
| CHEF | $4.5B | 62.0× | 25.9× | 1.1× | 9.4% | 24.2% | 1.7% | 12.0% | 5.3% | 3.2× | 66 |
| SEB | $3.7B | 7.6× | 8.1× | 0.4× | 7.1% | 7.1% | 5.1% | 9.6% | 8.1% | 1.4× | 32 |
| ASH | $3.4B | — | — | 1.9× | -13.7% | 30.1% | -46.3% | -44.4% | -25.7% | — | 73 |
| HWKN | $3.2B | 39.0× | 19.6× | 2.9× | 11.2% | 22.6% | 7.5% | 15.3% | 10.5% | 1.4× | 55 |
| CENT | $2.9B | 17.9× | 9.4× | 0.9× | -2.2% | 31.9% | 5.2% | 10.3% | 5.9% | 0.9× | 35 |
| UNFI | $2.8B | 34.2× | 8.3× | 0.1× | -2.0% | 13.5% | 0.3% | 5.2% | 2.6% | 3.0× | 63 |
| ANDE | $2.2B | — | — | 0.2× | -2.2% | 6.5% | 0.9% | 7.7% | 4.7% | — | 72 |
| VSTS | $2.0B | — | 14.9× | 0.7× | -2.5% | — | -1.5% | -4.6% | -2.0% | 5.4× | 54 |
| WKC | $1.9B | — | — | 0.1× | -12.5% | 2.6% | -1.7% | -47.3% | -30.8% | — | 63 |
| HLF | $1.4B | 5.9× | 5.2× | 0.3× | 0.9% | 77.9% | 4.5% | -44.3% | 15.5% | 2.8× | 33 |
| UVV | $1.0B | 31.9× | 8.4× | 0.4× | -1.3% | 16.4% | 1.1% | 2.3% | 1.4% | 3.8× | 45 |
| CAPL | $859M | 22.1× | 8.3× | 0.2× | -10.6% | 11.0% | 1.1% | — | — | 3.7× | 11 |
| AGCC | $635M | 387.7× | — | — | 145% | 30.4% | 9.8% | 6.2% | 2.7% | — | — |
| WEYS | $501M | 21.8× | 12.7× | 1.8× | -4.9% | 43.2% | 8.4% | 9.6% | 9.6% | -3.0× | 16 |
| NUS | $226M | 1.5× | 1.8× | 0.1× | -14.3% | 69.4% | 10.8% | 19.9% | 15.6% | -0.1× | 27 |
| TMDE | $15M | 6.9× | 7.3× | 0.0× | 8.8% | 2.3% | 0.3% | 10.5% | 1.9% | 5.9× | — |
Peers = companies sharing TMDE's sector (Wholesale-Petroleum & Petroleum Products (No Bulk Stations)) 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 -6.07pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2022 | 17.8% | 11.1% (today's — no rate published for this year) | 6.7pts |
| FY2023 | 4.9% | 10.2% | -5.3pts |
| FY2024 | 5.0% | 10.8% | -5.8pts |
| Now | 1.9% | 11.1% | -9.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2022 | 1.9% | 0.6% | 0.3% |
| FY2023 | 1.9% | 0.4% | 0.3% |
| FY2024 | 2.3% | 0.9% | 0.3% |
Leverage and buybacks account for 9 points of the 10% return on equity in FY2024. The business earns 2% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
The spread has been narrowing over the last three years.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Accruals are 23.77% 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.
Stressed coverage falls to 0.9x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 1.30x |
| 5% | 1.24x |
| 10% | 1.17x |
| 15% | 1.11x |
| 20% | 1.04x |
| 25% | 0.98x |
| 30% | 0.91x |
| 35% | 0.85x |
| 40% | 0.78x |
| 45% | 0.72x |
| 50% | 0.65x |
| 55% | 0.59x |
| 60% | 0.52x |
This schedule comes from a filing dated 2025-06-30, 488 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2025-06-30 (20-F/A); cash from the 2024-12-31 balance sheet; FCF from FY2024. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2024-12-31. 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.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
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: free_cash_flow.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2M | $2M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$26M | −$24M |
| Operating cash flow | −$24M | −$24M |
| Capex | −$4M | −$28M |
| Free cash flow | −$28M | −$28M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2023 | -9.8% | not reported | not reported |
| FY2024 | 8.8% | -9.9% | -18.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2022 | not reported | not reported | not reported | not reported |
| FY2023 | 13 days | 9.3 days | 30.7 days | -8.4 days |
| FY2024 | 10.8 days | 5.2 days | 4 days | 12 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2022 | not reported |
| FY2023 | 1.3 percent |
| FY2024 | 23.8 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 2 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.