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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.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
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 -$116.8M 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: 40%. 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 $359K is below the $611K due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2024-09-30 (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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~15.0% on $2.1M of debt. Interest last disclosed in FY2017 (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.
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 9-yr range · 22th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 9-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 37% against ROIC 40% — -2% 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 -55.7% — 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
High operating leverage: profit moved 1.8× 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 | 97.3 | 92.6 | 82.9 | 62.7 | 61.6 | 64.9 | 73.9 | 322.2 |
| Gross Profit | 2.7 | 7.4 | 17.1 | 37.3 | 38.4 | 35.1 | 26.1 | -222.2 |
| R&D | 13.7 | 0.9 | 0.0 | 2.8 | 3.3 | 8.2 | 10.3 | 12.3 |
| SG&A | 212.6 | 45.4 | 400.3 | 403.3 | 177.5 | 285.4 | 435.6 | 190.0 |
| Operating Income | -227.0 | -41.5 | -463.1 | -378.1 | -973.4 | -444.1 | -423.5 | -651.3 |
| Income Tax | — | — | -246.0 | 10.8 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net Income | -220.5 | -41.0 | -315.0 | -374.6 | -972.4 | -443.1 | -473.2 | -658.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AZIO: 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.
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 | $5.9M 100.0% | $1.9M 100.0% | $2.9M 100.0% | $4.5M 100.0% | $2.0M 100.0% | $89K 100.0% | $12.6M 100.0% | $5.0M 100.0% | $425K 100.0% | $68K 100.0% |
| Cost of Revenue | $19.1M 322.2% | $1.4M 73.9% | $1.9M 64.9% | $2.8M 61.6% | $1.3M 62.7% | $74K 82.9% | $11.6M 92.6% | $4.9M 97.3% | $479K 112.7% | $50K 73.5% |
| Gross Profit | -$13.2M -222.2% | $489K 26.1% | $1.0M 35.1% | $1.7M 38.4% | $761K 37.3% | $15K 17.1% | $934K 7.4% | $133K 2.7% | -$54K -12.7% | $18K 26.5% |
| Research & Development | $732K 12.3% | $193K 10.3% | $236K 8.2% | $150K 3.3% | $58K 2.8% | $0 0.0% | $109K 0.9% | $686K 13.7% | $587K 138.1% | $37K 54.8% |
| Selling, General & Admin | $11.3M 190.0% | $8.1M 435.6% | $8.2M 285.4% | $8.0M 177.5% | $8.2M 403.3% | $355K 400.3% | $5.7M 45.4% | $10.7M 212.6% | $18.7M 4401.2% | $9.4M 13820.6% |
| Total Operating Expenses | $25.5M 429.1% | $8.4M 449.7% | $13.7M 479.3% | $45.6M 1011.8% | $8.5M 415.4% | $426K 480.2% | $6.1M 48.9% | $11.5M 229.7% | $21.5M 5069.2% | $9.6M 14047.1% |
| Operating Income | -$38.7M -651.3% | -$7.9M -423.5% | -$12.7M -444.1% | -$43.8M -973.4% | -$7.7M -378.1% | -$411K -463.1% | -$5.2M -41.5% | -$11.4M -227.0% | -$21.6M -5081.9% | -$9.5M -14020.6% |
| Interest Expense | — | — | — | — | — | — | — | — | $322K 75.8% | $1.1M 1688.2% |
| Other Income (Expense), net | -$446K -7.5% | -$929K -49.7% | $31K 1.1% | $43K 1.0% | $293K 14.3% | $4K 4.7% | $60K 0.5% | $327K 6.5% | -$302K -71.1% | -$1.2M -1692.6% |
| Pretax Income | -$39.1M -658.8% | -$8.8M -473.2% | -$12.7M -443.1% | -$43.8M -972.4% | -$7.4M -363.8% | -$407K -458.5% | -$5.2M -41.0% | -$11.0M -220.5% | -$21.9M -5152.9% | -$10.7M -15713.2% |
| Income Tax Expense | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $221K 10.8% | -$218K -246.0% | — | — | $3K 0.7% | — |
| Net Income | -$39.1M -658.8% | -$8.8M -473.2% | -$12.7M -443.1% | -$43.8M -972.4% | -$7.7M -374.6% | -$280K -315.0% | -$5.2M -41.0% | -$11.0M -220.5% | -$21.9M -5153.6% | -$10.7M -15713.2% |
| Per Share | ||||||||||
| EPS (Basic) | -$11.54 | -$5.46 | -$0.84 | -$2.92 | -$0.67 | — | — | — | — | — |
| Weighted Avg Shares (Basic) | 3.4M | 1.6M | 15.1M | 15.0M | 11.5M | — | — | — | — | — |
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.