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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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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 -$446K 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 balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -12%. 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.
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 | $16.7M 100.0% | $9.7M 100.0% | $11.1M 100.0% | $12.7M 100.0% | $12.6M 100.0% | $11.4M 100.0% | $22.0M 100.0% | $81.2M 100.0% | $106.5M 100.0% | $92.6M 100.0% |
| Cost of Revenue | $12.5M 75.0% | $5.4M 56.1% | $6.9M 62.4% | $20.5M 161.1% | $7.0M 56.0% | $31.2M 275.3% | $20.7M 94.1% | $65.8M 81.1% | $86.1M 80.8% | $79.1M 85.4% |
| Gross Profit | $4.2M 25.0% | $4.2M 43.9% | $4.2M 37.6% | -$7.8M -61.1% | $5.5M 44.0% | -$19.9M -175.3% | $1.3M 5.9% | $15.4M 18.9% | $20.4M 19.2% | $13.5M 14.6% |
| Research & Development | — | $2.0M 20.6% | $3.1M 28.1% | $11K 0.1% | $110K 0.9% | $34K 0.3% | — | — | — | — |
| Selling, General & Admin | $4.7M 28.3% | $6.1M 62.5% | $5.1M 45.6% | $5.5M 43.5% | $5.7M 45.0% | $4.7M 41.1% | $5.5M 25.0% | $6.6M 8.1% | $9.5M 8.9% | $9.0M 9.7% |
| Total Operating Expenses | $6.1M 36.6% | $9.6M 99.2% | $10.6M 95.5% | $8.4M 66.2% | $9.4M 74.7% | $6.4M 56.5% | $7.1M 32.3% | $10.5M 13.0% | $13.6M 12.8% | $14.3M 15.4% |
| Operating Income | -$1.9M -11.5% | -$5.4M -55.4% | -$6.4M -57.9% | -$16.2M -127.3% | -$3.9M -30.7% | -$26.3M -231.8% | -$5.8M -26.4% | $4.8M 5.9% | $6.8M 6.4% | -$766K -0.8% |
| Interest Expense | — | — | — | — | — | — | — | $170K 0.2% | $174K 0.2% | $284K 0.3% |
| Other Income (Expense), net | -$2.1M -12.4% | -$196K -2.0% | -$574K -5.2% | -$851K -6.7% | -$201K -1.6% | -$96K -0.8% | -$89K -0.4% | -$307K -0.4% | $797 0.0% | $47K 0.1% |
| Pretax Income | -$4.0M -23.9% | -$5.6M -57.4% | -$7.0M -63.1% | -$17.1M -134.0% | -$4.1M -32.3% | -$26.4M -232.6% | -$5.9M -26.8% | $4.5M 5.6% | $6.5M 6.1% | -$1.1M -1.2% |
| Income Tax Expense | -$581K -3.5% | $3K 0.0% | $731K 6.6% | $2K 0.0% | $164K 1.3% | -$649K -5.7% | $251K 1.1% | -$739K -0.9% | $2.8M 2.6% | -$837K -0.9% |
| Net Income | -$3.4M -20.4% | -$5.6M -57.4% | -$7.7M -69.7% | -$17.1M -134.2% | -$20.0M -159.0% | -$26.1M -229.8% | -$8.6M -39.1% | $5.3M 6.5% | $3.8M 3.5% | -$1.1M -1.2% |
| Per Share | ||||||||||
| EPS (Basic) | -$0.17 | -$1.48 | -$4.96 | -$12.34 | -$3.27 | -$4.54 | -$1.52 | $0.93 | $0.14 | -$0.04 |
| EPS (Diluted) | -$0.17 | -$1.48 | -$4.96 | -$12.34 | — | -$4.54 | -$1.52 | $0.93 | $0.14 | -$0.04 |
| Weighted Avg Shares (Basic) | 20.7M | 3.8M | 1.6M | 1.4M | 6.1M | — | 5.7M | 5.7M | 27.7M | 25.4M |
| Weighted Avg Shares (Diluted) | 20.7M | 3.8M | 1.6M | 1.4M | — | 5.7M | 5.7M | 5.7M | 27.8M | 25.4M |
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.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
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 is easily covered by operating profit. Interest last disclosed in FY2018 (no longer broken out).
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.
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 96th 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 -12% against ROIC -12% — 0% 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 -22.0% — 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 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 81.1 | 94.1 | 275.3 | 56.0 | 161.1 | 62.4 | 56.1 | 75.0 |
| Gross Profit | 18.9 | 5.9 | -175.3 | 44.0 | -61.1 | 37.6 | 43.9 | 25.0 |
| R&D | — | — | 0.3 | 0.9 | 0.1 | 28.1 | 20.6 | — |
| SG&A | 8.1 | 25.0 | 41.1 | 45.0 | 43.5 | 45.6 | 62.5 | 28.3 |
| Operating Income | 5.9 | -26.4 | -231.8 | -30.7 | -127.3 | -57.9 | -55.4 | -11.5 |
| Income Tax | -0.9 | 1.1 | -5.7 | 1.3 | 0.0 | 6.6 | 0.0 | -3.5 |
| Net Income | 6.5 | -39.1 | -229.8 | -159.0 | -134.2 | -69.7 | -57.4 | -20.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on XMAX: 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.