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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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How management deployed cash over 7 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: -10%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 7 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 $255.5M (at 2025-12-31) covers all $200.0M of scheduled principal — no refinancing pressure. 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).
Coverage is adequate but not comfortable. Effective rate ~46.4% on $136.7M of debt.
Cash vs short-term debt unavailable.
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.
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 $228.6M 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.
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 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.18B 100.0% | $1.19B 100.0% | $1.13B 100.0% | $1.22B 100.0% | $931.9M 100.0% | $521.5M 100.0% | $252.8M 100.0% |
| Cost of Revenue | $470.0M 39.8% | $470.7M 39.7% | $540.6M 47.9% | $529.1M 43.4% | $365.4M 39.2% | $135.1M 25.9% | $61.0M 24.1% |
| Gross Profit | $711.2M 60.2% | $715.7M 60.3% | $588.6M 52.1% | $689.1M 56.6% | $566.6M 60.8% | $386.4M 74.1% | $191.8M 75.9% |
| Selling, General & Admin | $445.2M 37.7% | $510.5M 43.0% | $386.2M 34.2% | $169.5M 13.9% | $99.5M 10.7% | $36.1M 6.9% | $14.1M 5.6% |
| Total Operating Expenses | $567.7M 48.1% | $618.0M 52.1% | $810.2M 71.8% | $639.0M 52.5% | $362.5M 38.9% | $168.1M 32.2% | $78.6M 31.1% |
| Operating Income | $143.5M 12.1% | $97.8M 8.2% | -$221.6M -19.6% | $50.2M 4.1% | $204.1M 21.9% | $218.3M 41.9% | $113.3M 44.8% |
| Interest Expense | $63.5M 5.4% | $62.2M 5.2% | $81.6M 7.2% | $73.4M 6.0% | $29.1M 3.1% | $20.2M 3.9% | $9.1M 3.6% |
| Interest & Investment Income | $14.5M 1.2% | $14.7M 1.2% | $6.2M 0.5% | $1.6M 0.1% | $205K 0.0% | — | — |
| Other Income (Expense), net | -$52.0M -4.4% | -$55.1M -4.6% | -$62.9M -5.6% | -$69.4M -5.7% | -$27.8M -3.0% | -$60.9M -11.7% | -$9.6M -3.8% |
| Pretax Income | $91.5M 7.7% | $42.7M 3.6% | -$284.5M -25.2% | -$19.2M -1.6% | $176.2M 18.9% | $157.4M 30.2% | $103.7M 41.0% |
| Income Tax Expense | $208.1M 17.6% | $197.6M 16.7% | $151.4M 13.4% | $163.4M 13.4% | $145.7M 15.6% | $94.5M 18.1% | $50.6M 20.0% |
| Net Income | -$116.4M -9.9% | -$155.1M -13.1% | -$526.8M -46.7% | -$246.1M -20.2% | $18.0M 1.9% | $63.0M 12.1% | $53.1M 21.0% |
| Per Share | |||||||
| EPS (Basic) | -$0.58 | -$0.79 | -$2.28 | -$0.95 | $0.22 | $0.55 | $0.48 |
| EPS (Diluted) | -$0.58 | -$0.79 | -$2.28 | -$0.95 | $0.21 | $0.53 | $0.46 |
| Weighted Avg Shares (Basic) | 191.3M | 190.0M | 189.0M | 188.0M | 139.4M | 113.6M | 110.2M |
| Weighted Avg Shares (Diluted) | 191.3M | 190.0M | 189.0M | 188.0M | 146.8M | 118.3M | 115.3M |
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 (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $11.00 today, the market must believe free cash flow compounds -0.4%/yr for a decade (off $179.7M on the 3-yr avg basis).
On the basis ($162.6M) the requirement is 1.0%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -0.4% is more conservative than its 2-yr track record.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.19B shares (market data) · net debt -$118.8M
mean 22.8% · volatility σ 43% · implied rate exceeded in 1/2 yrs
Central path = implied -0.4%/yr growth; shaded band = ±1σ (43%) 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.
EOD close · as of 2026-10-21
Where each multiple sits in its own 7-yr range · 57th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 7-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 -11% against ROIC -10% — -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
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Cost of Revenue | 24.1 | 25.9 | 39.2 | 43.4 | 47.9 | 39.7 | 39.8 |
| Gross Profit | 75.9 | 74.1 | 60.8 | 56.6 | 52.1 | 60.3 | 60.2 |
| SG&A | 5.6 | 6.9 | 10.7 | 13.9 | 34.2 | 43.0 | 37.7 |
| Operating Income | 44.8 | 41.9 | 21.9 | 4.1 | -19.6 | 8.2 | 12.1 |
| Income Tax | 20.0 | 18.1 | 15.6 | 13.4 | 13.4 | 16.7 | 17.6 |
| Net Income | 21.0 | 12.1 | 1.9 | -20.2 | -46.7 | -13.1 | -9.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TRLV: 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.
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.