Loading institutional data...
Loading institutional data...
Insufficient data to determine institutional momentum.
Data as of Q3 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading insider activity...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Ranked against 39 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LXRX | $632M | — | — | 12.7× | 60.2% | 99.4% | -101% | -46.8% | -31.2% | — | 18 |
| ACRS | $615M | — | — | 78.6× | -58.2% | 73.3% | -830% | -63.0% | -63.0% | — | 20 |
| ZVRA | $610M | 7.6× | — | 5.7× | 351% | — | 78.2% | 53.8% | 38.4% | — | 27 |
| MYGN | $607M | — | — | 0.7× | -1.6% | 69.9% | -44.4% | -99.4% | -75.0% | — | 23 |
| IRWD | $578M | 23.3× | 3.6× | 1.9× | -15.7% | — | 8.1% | -9.2% | -9.2% | -2.2× | 36 |
| TROX | $575M | — | 72.6× | 0.2× | -5.7% | 9.3% | -16.2% | -33.1% | -10.2% | — | 37 |
| PBYI | $539M | 17.1× | 14.7× | 2.4× | -0.9% | 74.5% | 13.6% | 23.9% | 17.7% | 0.4× | 31 |
| AMRN | $509M | — | — | 2.4× | -6.5% | 56.6% | -18.2% | -8.4% | -8.4% | — | 9 |
| GYRE | $484M | 228.0× | 31.1× | 4.2× | 10.2% | 95.4% | 8.5% | 15.8% | 15.8% | -3.5× | 7 |
| SVA | $465M | — | — | 1.2× | 6.8% | 67.9% | -51.5% | -4.5% | -4.0% | — | 2 |
| LXFR | $461M | 61.5× | 14.5× | 1.2× | -1.9% | 23.2% | 2.0% | 3.4% | 2.9% | 0.9× | 23 |
| TKNO | $454M | — | — | 11.2× | 7.4% | 33.2% | -42.6% | -25.1% | -21.1% | — | 11 |
| CRMD | $447M | 2.8× | 2.0× | 1.4× | 617% | 88.5% | 52.3% | 40.2% | 40.2% | -1.0× | 24 |
| ASIX | $415M | 8.5× | — | 0.3× | 0.3% | 10.8% | 3.2% | 6.0% | 6.0% | — | 65 |
| AUTL | $405M | — | — | 5.4× | 645% | -27.8% | -381% | -161% | -161% | — | 10 |
| VHI | $400M | — | — | 0.2× | -1.3% | 14.2% | -2.8% | -5.6% | -5.6% | — | 15 |
| VREOF | $385M | — | 18.8× | 1.4× | 170% | 47.3% | -25.3% | -22.2% | -22.2% | -6.8× | — |
| TLRY | $374M | — | — | 0.4× | 11.5% | 28.4% | -13.3% | -7.5% | -7.0% | — | 55 |
| EBS | $349M | 7.3× | 3.6× | 0.5× | -28.8% | 56.1% | 7.1% | 10.1% | 4.8% | 1.9× | 29 |
| NL | $348M | — | 16.6× | 2.2× | 8.5% | 30.4% | -23.9% | -10.5% | -10.5% | -7.7× | 13 |
| OEC | $317M | — | 7.7× | 0.2× | -3.8% | 19.9% | -3.9% | -18.2% | -5.2% | 5.7× | 24 |
| ASPI | $310M | — | — | 13.0× | 476% | 14.3% | -670% | -78.3% | -77.5% | — | 24 |
| ALTO | $283M | 22.8× | 10.4× | 0.3× | -4.9% | 3.8% | 1.5% | 5.4% | 4.1% | 1.7× | 16 |
| QTTB | $265M | 3.7× | 12.6× | 4.9× | — | — | 55.5% | 71.0% | 71.0% | -2.8× | 3 |
| USNA | $264M | 24.7× | 1.5× | 0.3× | 8.3% | 78.3% | 1.2% | 2.0% | 2.0% | -2.3× | 18 |
Peers = companies sharing VHI's sector (Industrial Inorganic Chemicals) 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.
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.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $9.1M dividends + $0 buybacks = $9.1M returned on -$82.1M 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 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: -6%. 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $214.0M (at 2025-12-31) covers the $34.2M due within a year 6.3× over. Scheduled principal only (excludes interest & revolver draws). As of 2012-12-31 (10-K). 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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
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. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $14.11 today, the market must believe free cash flow compounds 3.0%/yr for a decade (off $13.1M on the 3-yr avg basis).
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.03B shares (market data) · net debt -$214.0M
mean 37.5% · volatility σ 465% · implied rate exceeded in 3/7 yrs
Central path = implied 3.0%/yr growth; shaded band = ±1σ (465%) 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.
Top 17 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
EOD close · as of 2026-10-30
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 | $2.08B 100.0% | $2.10B 100.0% | $1.92B 100.0% | $2.22B 100.0% | $2.30B 100.0% | $1.85B 100.0% | $1.90B 100.0% | $1.82B 100.0% | $1.88B 100.0% | $1.52B 100.0% |
| Cost of Revenue | $1.78B 85.8% | $1.68B 79.8% | $1.68B 87.2% | $1.73B 77.9% | $1.72B 74.7% | $1.44B 77.7% | $1.46B 77.1% | $1.21B 66.5% | $1.27B 67.4% | $1.21B 79.7% |
| Cost of Products | — | — | — | — | — | — | — | — | $1.28B 68.0% | $1.22B 80.2% |
| Gross Profit | $295.4M 14.2% | $424.5M 20.2% | $245.2M 12.8% | $490.4M 22.1% | $580.2M 25.3% | $412.1M 22.3% | $434.6M 22.9% | $609.2M 33.5% | $612.9M 32.6% | $307.9M 20.3% |
| Research & Development | $17.0M 0.8% | $14.0M 0.7% | $18.0M 0.9% | $16.0M 0.7% | $17.0M 0.7% | $16.0M 0.9% | $17.0M 0.9% | $16.0M 0.9% | $19.0M 1.0% | $13.0M 0.9% |
| Selling, General & Admin | $312.3M 15.0% | $256.2M 12.2% | $277.4M 14.4% | $304.0M 13.7% | $311.9M 13.6% | $283.6M 15.3% | $294.2M 15.5% | $310.0M 17.0% | $262.6M 14.0% | $232.6M 15.3% |
| Total Operating Expenses | $2.18B 104.9% | $1.92B 91.3% | $2.00B 103.9% | $2.10B 94.3% | $2.08B 90.5% | $1.78B 96.1% | $1.83B 96.6% | $1.65B 90.8% | $1.61B 85.8% | $1.52B 100.0% |
| Operating Income | $63.3M 3.0% | $210.7M 10.0% | $34.2M 1.8% | $239.4M 10.8% | $318.6M 13.9% | $186.1M 10.1% | $192.7M 10.2% | $370.7M 20.4% | $380.3M 20.2% | $119.2M 7.8% |
| Interest Expense | $57.1M 2.7% | $49.9M 2.4% | $28.3M 1.5% | $27.9M 1.3% | $32.5M 1.4% | $36.2M 2.0% | $40.8M 2.2% | $55.7M 3.1% | $58.9M 3.1% | $58.1M 3.8% |
| Interest & Investment Income | $16.6M 0.8% | $22.0M 1.0% | $21.3M 1.1% | $10.4M 0.5% | $4.0M 0.2% | $4.7M 0.3% | — | — | — | — |
| Other Income (Expense), net | $2.5M 0.1% | $4.6M 0.2% | $2.7M 0.1% | $3.0M 0.1% | $2.0M 0.1% | $1.9M 0.1% | — | — | — | — |
| Pretax Income | -$43.0M -2.1% | $244.2M 11.6% | -$19.5M -1.0% | $169.9M 7.6% | $257.8M 11.2% | $100.6M 5.4% | $104.7M 5.5% | $236.2M 13.0% | $291.8M 15.5% | $39.6M 2.6% |
| Income Tax Expense | $11.9M 0.6% | $82.9M 3.9% | -$24.6M -1.3% | $36.8M 1.7% | $60.1M 2.6% | $15.9M 0.9% | $26.5M 1.4% | -$30.7M -1.7% | -$120.0M -6.4% | $18.6M 1.2% |
| Net Income | -$57.6M -2.8% | $108.0M 5.1% | -$9.9M -0.5% | $87.2M 3.9% | $127.2M 5.5% | $55.2M 3.0% | $49.2M 2.6% | $262.2M 14.4% | $207.5M 11.0% | -$15.9M -1.0% |
| Per Share | ||||||||||
| EPS (Basic) | -$2.02 | $3.79 | -$0.35 | $3.06 | $4.46 | $1.94 | $1.73 | — | — | — |
| EPS (Diluted) | -$2.02 | $3.79 | -$0.35 | $3.06 | $4.46 | $1.94 | $1.73 | — | — | — |
| Weighted Avg Shares (Basic) | 29 | 29 | 29 | 29 | 28.5M | 28.5M | 28.5M | — | — | — |
| Weighted Avg Shares (Diluted) | 29 | 29 | 29 | 29 | 28.5M | 28.5M | 28.5M | — | — | — |
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.
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.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-21 | Hill Randy L Director | Grant | 3,150 | $12.66 | $40k |
| 2026-05-21 | Norris Gina A. Director | Grant | 3,150 | $12.66 | $40k |
| 2026-05-21 | Tidlund Mary A. Director | Grant | 3,150 | $12.66 | $40k |
| 2026-05-21 | Feehan Loretta J. Director | Grant | 3,150 | $12.66 | $40k |
| 2026-05-21 | Herrington Terri Director | Grant | 3,150 | $12.66 | $40k |
| 2026-05-21 | Barry Thomas E Director | Grant | 3,150 | $12.66 | $40k |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 7th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-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 -6% against ROIC -6% — 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 53.0× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 66.5 | 77.1 | 77.7 | 74.7 | 77.9 | 87.2 | 79.8 | 85.8 |
| Gross Profit | 33.5 | 22.9 | 22.3 | 25.3 | 22.1 | 12.8 | 20.2 | 14.2 |
| R&D | 0.9 | 0.9 | 0.9 | 0.7 | 0.7 | 0.9 | 0.7 | 0.8 |
| SG&A | 17.0 | 15.5 | 15.3 | 13.6 | 13.7 | 14.4 | 12.2 | 15.0 |
| Operating Income | 20.4 | 10.2 | 10.1 | 13.9 | 10.8 | 1.8 | 10.0 | 3.0 |
| Income Tax | -1.7 | 1.4 | 0.9 | 2.6 | 1.7 | -1.3 | 3.9 | 0.6 |
| Net Income | 14.4 | 2.6 | 3.0 | 5.5 | 3.9 | -0.5 | 5.1 | -2.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VHI: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -14.41pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 77.8% | 19.6% (today's — no rate published for this year) | 58.2pts |
| FY2020 | 60.6% | 19.6% (today's — no rate published for this year) | 41.0pts |
| FY2021 | 119.5% | 11.9% | 107.5pts |
| FY2022 | 32.3% | 13.5% | 18.8pts |
| FY2023 | 4.2% | 12.9% | -8.7pts |
| FY2024 | 20.7% | 21.8% | -1.1pts |
| FY2025 | 5.4% | 20.4% | -15.1pts |
| Now | -5.6% | 19.6% | -25.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 20.3% | 7.8% | -1.0% |
| FY2017 | 32.6% | 20.2% | 11.0% |
| FY2018 | 33.5% | 20.4% | 14.4% |
| FY2019 | 22.9% | 10.2% | 2.6% |
| FY2020 | 22.3% | 10.1% | 3.0% |
| FY2021 | 25.3% | 13.9% | 5.5% |
| FY2022 | 22.1% | 10.8% | 3.9% |
| FY2023 | 12.8% | 1.8% | -0.5% |
| FY2024 | 20.2% | 10.0% | 5.1% |
| FY2025 | 14.2% | 3.0% | -2.8% |
Return on equity (-6%) and return on invested capital (-6%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$382M of goodwill — 42% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 8.9% against 5.15% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.36x of reported profit into free cash flow over 5 years, with accruals negative.
Conversion has deteriorated: 0.95x over three years against 1.36x over 5.
Missing from our data, so excluded from this answer: share_based_compensation.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
This schedule comes from a filing dated 2012-12-31, 5053 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2012-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $14.11, free cash flow must compound 4.4%/yr for 10 years. It has no positive compounding record to compare against, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −26.1% | 4.4% |
| FY2021 | 356.3% | 4.4% |
| FY2022 | −108.3% | 4.4% |
| FY2025 | −726.7% | 4.4% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM (share count from the last fiscal year — the TTM window reports none).
The achieved growth rate spans a reporting-basis change in FY2023, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$58M | −$58M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $22M | −$36M |
| Operating cash flow | −$36M | −$36M |
| Capex | −$47M | −$82M |
| Free cash flow | −$82M | −$82M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -2.5% | not reported | not reported |
| FY2021 | 24.1% | not reported | not reported |
| FY2022 | -3.2% | not reported | not reported |
| FY2023 | -13.5% | not reported | not reported |
| FY2024 | 9.5% | not reported | not reported |
| FY2025 | -1.3% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.6 percent |
| FY2020 | -3.4 percent |
| FY2021 | -11.1 percent |
| FY2022 | 1.8 percent |
| FY2023 | -0.5 percent |
| FY2024 | 2.3 percent |
| FY2025 | -0.8 percent |