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Institutional distribution: ownership decreased -1.60% quarter-over-quarter.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 11 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $422.0M 100.0% | $541.5M 100.0% | $580.0M 100.0% | $586.1M 100.0% | $529.3M 100.0% | — |
| Cost of Revenue | $313.2M 74.2% | $387.7M 71.6% | $406.0M 70.0% | $458.6M 78.2% | $315.6M 59.6% | — |
| Gross Profit | $108.8M 25.8% | $153.8M 28.4% | $174.0M 30.0% | $127.5M 21.8% | $213.7M 40.4% | -$118K |
| Research & Development | $63.3M 15.0% | $111.7M 20.6% | $161.2M 27.8% | $93.7M 16.0% | $107.0M 20.2% | — |
| Selling, General & Admin | $21.0M 5.0% | $19.7M 3.6% | $24.9M 4.3% | $34.5M 5.9% | $34.0M 6.4% | — |
| Total Operating Expenses | $86.4M 20.5% | $133.6M 24.7% | $419.2M 72.3% | $180.3M 30.8% | $161.7M 30.6% | $118K |
| Operating Income | $22.4M 5.3% | $20.1M 3.7% | -$245.2M -42.3% | -$52.9M -9.0% | $51.9M 9.8% | — |
| Interest & Investment Income | — | — | — | — | $3K 0.0% | — |
| Other Income (Expense), net | $112.5M 26.7% | $38.4M 7.1% | -$23.5M -4.1% | $2.5M 0.4% | $3.4M 0.6% | — |
| Pretax Income | $134.9M 32.0% | $58.5M 10.8% | -$268.7M -46.3% | -$50.3M -8.6% | $55.3M 10.4% | -$118K |
| Income Tax Expense | $7.3M 1.7% | $6.1M 1.1% | -$2.5M -0.4% | -$3.8M -0.6% | $547K 0.1% | — |
| Net Income | $127.6M 30.2% | $52.4M 9.7% | -$266.2M -45.9% | -$46.5M -7.9% | $54.7M 10.3% | -$118K |
| Per Share | ||||||
| EPS (Basic) | $2.12 | $10.52 | $-11758.59 | $-2350.08 | $13.96 | — |
| EPS (Diluted) | $2.12 | $3.99 | $-11758.59 | $-2350.08 | $13.96 | — |
| Weighted Avg Shares (Basic) | 7.7M | 3.7M | 23K | 20K | 4.0M | — |
| Weighted Avg Shares (Diluted) | 7.7M | 9.7M | 23K | 20K | 4.0M | — |
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.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
4/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81 · book equity (no price)
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
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.
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 6 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: 5%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
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.
No current price collected.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cost of Revenue | — | 59.6 | 78.2 | 70.0 | 71.6 | 74.2 |
| Gross Profit | — | 40.4 | 21.8 | 30.0 | 28.4 | 25.8 |
| R&D | — | 20.2 | 16.0 | 27.8 | 20.6 | 15.0 |
| SG&A | — | 6.4 | 5.9 | 4.3 | 3.6 | 5.0 |
| Operating Income | — | 9.8 | -9.0 | -42.3 | 3.7 | 5.3 |
| Income Tax | — | 0.1 | -0.6 | -0.4 | 1.1 | 1.7 |
| Net Income | — | 10.3 | -7.9 | -45.9 | 9.7 | 30.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VENAF: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.