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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 10 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: 23%. 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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $100.0M buybacks = $100.0M returned on $202.7M 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 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.37B 100.0% | $2.36B 100.0% | $1.78B 100.0% | $1.60B 100.0% | — | $1.43B 100.0% | $2.05B 100.0% | $1.71B 100.0% | $1.84B 100.0% | $2.78B 100.0% |
| Cost of Revenue | $1.63B 68.8% | $1.76B 74.5% | $1.54B 86.5% | $1.38B 86.3% | — | — | $1.81B 88.0% | $1.32B 77.4% | $1.19B 64.5% | — |
| Selling, General & Admin | $97.1M 4.1% | $116.3M 4.9% | $99.3M 5.6% | $80.9M 5.0% | — | $214.6M 15.0% | $188.9M 9.2% | $102.7M 6.0% | $157.8M 8.6% | $100.8M 3.6% |
| Total Operating Expenses | $1.90B 80.2% | $2.00B 84.6% | $1.74B 97.7% | $1.38B 86.3% | — | $1.47B 103.0% | $1.81B 88.0% | $1.32B 77.4% | $1.19B 64.5% | $1.85B 66.5% |
| Operating Income | $477.0M 20.1% | $352.3M 14.9% | $53.5M 3.0% | $37.2M 2.3% | — | -$4.33B -303.7% | -$669.8M -32.6% | -$235.9M -13.8% | -$132.0M -7.2% | $929.3M 33.5% |
| Interest Expense | — | — | — | — | — | $290.6M 20.4% | $428.3M 20.9% | $282.7M 16.6% | $224.2M 12.2% | $228.8M 8.2% |
| Other Income (Expense), net | $75.3M 3.2% | $17.9M 0.8% | $30.7M 1.7% | $187.7M 11.7% | — | -$782.5M -54.8% | $606.0M 29.5% | -$303.0M -17.8% | -$64.0M -3.5% | $68.2M 2.5% |
| Pretax Income | $552.3M 23.3% | $370.2M 15.7% | $84.2M 4.7% | $224.9M 14.0% | — | -$5.12B -358.5% | -$63.8M -3.1% | -$538.9M -31.6% | -$196.0M -10.6% | $997.5M 35.9% |
| Income Tax Expense | -$426.8M -18.0% | $400K 0.0% | -$782.6M -43.9% | $43.1M 2.7% | — | -$259.4M -18.2% | $128.4M 6.3% | $89.6M 5.3% | $109.2M 5.9% | $108.5M 3.9% |
| Net Income | $979.1M 41.3% | $866.8M 36.7% | $181.8M 10.2% | -$4.49B -280.0% | $369.8M | -$4.86B -340.2% | -$198.0M -9.6% | -$639.7M -37.5% | -$303.7M -16.5% | $890.2M 32.1% |
| Per Share | ||||||||||
| EPS (Basic) | $13.92 | $5.18 | $11.68 | $2.35 | — | -$24.42 | — | — | — | — |
| EPS (Diluted) | $13.86 | $5.12 | $11.51 | $2.33 | — | -$24.42 | — | — | — | — |
| Weighted Avg Shares (Basic) | 70.6M | 72.1M | 74.1M | 75.1M | — | 198.9M | — | — | — | — |
| Weighted Avg Shares (Diluted) | 70.9M | 72.9M | 75.2M | 75.6M | 199.6M | 198.9M | — | — | — | — |
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 1 positive fiscal year (FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $91.72 today, the market must believe free cash flow compounds 14.9%/yr for a decade (off $202.7M on the 3-yr avg basis).
On the basis ($177.5M) the requirement is 16.7%/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 $486.6M
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.
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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $599.4M (at 2025-12-31) covers the $0 due within a year 599400000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2017-09-30 (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).
Thin coverage — earnings barely cover interest. Interest last disclosed in FY2020 (no longer broken out).
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.
EOD close · as of 2026-10-21
Where each multiple sits in its own 5-yr range · 48th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-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 31% against ROIC 23% — 8% 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 36.3% — 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
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 77.4 | 88.0 | — | — | 86.3 | 86.5 | 74.5 | 68.8 |
| SG&A | 6.0 | 9.2 | 15.0 | — | 5.0 | 5.6 | 4.9 | 4.1 |
| Operating Income | -13.8 | -32.6 | -303.7 | — | 2.3 | 3.0 | 14.9 | 20.1 |
| Income Tax | 5.3 | 6.3 | -18.2 | — | 2.7 | -43.9 | 0.0 | -18.0 |
| Net Income | -37.5 | -9.6 | -340.2 | — | -280.0 | 10.2 | 36.7 | 41.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VAL: 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.