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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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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2025, FY2026, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $89.15 today, the market must believe free cash flow compounds 14.4%/yr for a decade (off $230.7M on the 3-yr avg basis).
On the basis ($173.7M) the requirement is 18.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 14.4% is more conservative than its 6-yr track record.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.08B shares (market data) · net debt $457.0M
mean 88.9% · volatility σ 212% · implied rate exceeded in 4/6 yrs
Central path = implied 14.4%/yr growth; shaded band = ±1σ (212%) 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.
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.
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 $312.0M 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 7 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 9%. 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.
EOD close · as of 2026-10-21
Where each multiple sits in its own 5-yr range · 95th 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?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 19% against ROIC 9% — 10% 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 21.5% — 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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2021 | FY2021 | FY2022 | FY2023 | FY2025 | FY2026 | FY2026 |
|---|---|---|---|---|---|---|---|
| Cost of Revenue | 72.5 | 71.0 | 59.3 | 64.4 | 63.7 | 63.3 | 63.6 |
| Gross Profit | 27.5 | 29.0 | 40.7 | 35.6 | 36.3 | 36.7 | 36.4 |
| SG&A | 29.8 | 30.9 | 27.9 | 28.1 | 32.3 | 31.7 | 32.2 |
| Operating Income | -11.9 | -1.9 | 12.8 | 7.5 | 4.0 | 5.0 | 4.1 |
| Income Tax | -0.0 | -0.6 | 2.9 | 1.2 | 0.5 | 0.8 | 0.3 |
| Net Income | -11.9 | -1.3 | 9.5 | 5.5 | 1.8 | 2.6 | 2.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VSXY: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $518.0M covers the $4.0M due within a year 129.5× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-01-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~7.2% on $975.0M of debt.
Cash of $518.0M fully covers short-term debt of $4.0M.
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.
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.
EOD close · as of 2026-10-21
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 | FY2026 | FY2025 | FY2023 | FY2022 | FY2021 | FY2021 |
|---|---|---|---|---|---|---|---|
| Revenue | $6.55B 100.0% | $6.23B 100.0% | $6.18B 100.0% | $6.34B 100.0% | $6.79B 100.0% | $5.41B 100.0% | $7.51B 100.0% |
| Cost of Revenue | $4.17B 63.6% | $3.95B 63.3% | $3.94B 63.7% | $4.09B 64.4% | $4.03B 59.3% | $3.84B 71.0% | $5.45B 72.5% |
| Gross Profit | $2.38B 36.4% | $2.28B 36.7% | $2.24B 36.3% | $2.26B 35.6% | $2.76B 40.7% | $1.57B 29.0% | $2.06B 27.5% |
| Selling, General & Admin | $2.11B 32.2% | $1.97B 31.7% | $2.00B 32.3% | $1.78B 28.1% | $1.89B 27.9% | $1.67B 30.9% | $2.23B 29.8% |
| Operating Income | $271.0M 4.1% | $310.0M 5.0% | $246.0M 4.0% | $478.0M 7.5% | $870.0M 12.8% | -$101.0M -1.9% | -$892.0M -11.9% |
| Interest Expense | $70.0M 1.1% | $86.0M 1.4% | $99.0M 1.6% | $60.0M 0.9% | $27.0M 0.4% | $6.0M 0.1% | $8.0M 0.1% |
| Other Income (Expense), net | $7.0M 0.1% | -$3.0M -0.0% | $0 0.0% | -$1.0M -0.0% | $0 0.0% | $1.0M 0.0% | $1.0M 0.0% |
| Pretax Income | $208.0M 3.2% | $221.0M 3.5% | $147.0M 2.4% | $417.0M 6.6% | $843.0M 12.4% | -$106.0M -2.0% | -$899.0M -12.0% |
| Income Tax Expense | $19.0M 0.3% | $52.0M 0.8% | $31.0M 0.5% | $79.0M 1.2% | $197.0M 2.9% | -$34.0M -0.6% | -$2.0M -0.0% |
| Net Income | $161.0M 2.5% | $165.0M 2.6% | $109.0M 1.8% | $348.0M 5.5% | $646.0M 9.5% | -$72.0M -1.3% | -$897.0M -11.9% |
| Per Share | |||||||
| EPS (Basic) | $2.00 | $2.11 | $1.41 | $4.24 | $7.34 | -$0.82 | -$10.16 |
| EPS (Diluted) | $1.93 | $2.05 | $1.39 | $4.14 | $7.18 | -$0.82 | -$10.16 |
| Weighted Avg Shares (Basic) | 80.0M | 79.0M | 78.0M | 82.0M | 88.0M | 88.0M | 88.0M |
| Weighted Avg Shares (Diluted) | 83.0M | 81.0M | 79.0M | 84.0M | 90.0M | 88.0M | 88.0M |
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.