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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.
The dividend is comfortably covered — only 20% of free cash flow, leaving room to grow it and fund buybacks. Last year: $1.6M dividends + $1.8M buybacks = $3.4M returned on $8.2M 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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 14%. 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 — 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 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.3M 100.0% | $22.6M 100.0% | $20.5M 100.0% | $19.1M 100.0% | $18.0M 100.0% | $21.0M 100.0% | $20.0M 100.0% | $21.2M 100.0% | $22.0M 100.0% | $18.9M 100.0% |
| Cost of Revenue | $3.3M 14.2% | $3.7M 16.3% | $3.4M 16.7% | $3.3M 17.3% | $3.2M 17.7% | $6.9M 32.8% | $7.0M 34.9% | $5.8M 27.5% | $6.6M 29.9% | $5.3M 28.1% |
| Selling, General & Admin | $5.7M 24.6% | $5.6M 24.8% | $5.3M 26.1% | $4.7M 24.5% | $4.7M 26.1% | $5.2M 24.8% | $4.9M 24.7% | $4.7M 22.4% | $4.9M 22.2% | $4.1M 21.8% |
| Total Operating Expenses | $15.4M 66.3% | $16.4M 72.5% | $15.4M 75.4% | $14.0M 73.3% | $13.6M 75.5% | $18.1M 86.2% | $18.6M 92.6% | $17.2M 81.2% | $18.5M 84.0% | $15.0M 79.4% |
| Operating Income | $7.8M 33.7% | $6.2M 27.5% | $5.0M 24.6% | $5.1M 26.7% | $4.4M 24.5% | $2.9M 13.8% | $1.5M 7.4% | $4.0M 18.8% | $3.5M 16.0% | $3.9M 20.6% |
| Interest Expense | $38K 0.2% | $49K 0.2% | $28K 0.1% | $61K 0.3% | $44K 0.2% | $107K 0.5% | $68K 0.3% | $43K 0.2% | $167K 0.8% | — |
| Interest & Investment Income | $1.5M 6.6% | $1.4M 6.1% | $1.3M 6.2% | $822K 4.3% | $199K 1.1% | $237K 1.1% | — | — | — | — |
| Other Income (Expense), net | — | — | $0 0.0% | $70K 0.4% | -$89K -0.5% | $1.1M 5.3% | — | — | — | — |
| Pretax Income | $9.5M 40.9% | $7.7M 33.9% | $6.3M 31.0% | $5.9M 31.0% | $4.1M 22.9% | $4.2M 20.0% | $1.6M 8.2% | $4.0M 19.1% | $3.5M 15.9% | $3.9M 20.5% |
| Income Tax Expense | $1.9M 8.4% | $676K 3.0% | $374K 1.8% | $321K 1.7% | $130K 0.7% | $77K 0.4% | $42K 0.2% | $143K 0.7% | $105K 0.5% | $108K 0.6% |
| Net Income | $7.4M 31.8% | $6.6M 29.3% | $5.4M 26.4% | $5.6M 29.3% | $4.0M 22.2% | $4.1M 19.6% | $1.6M 8.0% | $3.9M 18.4% | $3.4M 15.5% | $3.8M 19.9% |
| Per Share | ||||||||||
| EPS (Basic) | $0.41 | $0.36 | $0.30 | $0.27 | $0.18 | $0.18 | $0.05 | $0.17 | $0.14 | $0.15 |
| EPS (Diluted) | $0.39 | $0.35 | $0.29 | $0.27 | $0.18 | $0.18 | $0.05 | $0.16 | $0.14 | $0.15 |
| Weighted Avg Shares (Basic) | 18.2M | 18.3M | 18.2M | 18.4M | 19.1M | 19.5M | 19.7M | 19.8M | 19.6M | 19.4M |
| Weighted Avg Shares (Diluted) | 19.0M | 19.1M | 18.9M | 18.8M | 19.4M | 19.8M | 19.9M | 20.4M | 20.3M | 20.3M |
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 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $7.04 today, the market must believe free cash flow compounds 1.7%/yr for a decade (off $7.8M on the 3-yr avg basis).
On the basis ($7.4M) the requirement is 2.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 1.7% is more conservative than its 9-yr track record.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.02B shares (market data) · net debt -$27.0M
mean 81.9% · volatility σ 181% · implied rate exceeded in 7/9 yrs
Central path = implied 1.7%/yr growth; shaded band = ±1σ (181%) 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~13.1% on $294K of debt.
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.
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 16-yr range · 17th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 16-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 14% against ROIC 14% — 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 8.6× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 27.5 | 34.9 | 32.8 | 17.7 | 17.3 | 16.7 | 16.3 | 14.2 |
| SG&A | 22.4 | 24.7 | 24.8 | 26.1 | 24.5 | 26.1 | 24.8 | 24.6 |
| Operating Income | 18.8 | 7.4 | 13.8 | 24.5 | 26.7 | 24.6 | 27.5 | 33.7 |
| Income Tax | 0.7 | 0.2 | 0.4 | 0.7 | 1.7 | 1.8 | 3.0 | 8.4 |
| Net Income | 18.4 | 8.0 | 19.6 | 22.2 | 29.3 | 26.4 | 29.3 | 31.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TRAK: 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.