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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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How management deployed cash over 8 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: -397%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 8 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).
Thin coverage — earnings barely cover interest. Effective rate ~1283.3% on $12K of debt.
Cash of $2.6M fully covers short-term debt of $12K.
Mostly short-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
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 -$6.2M 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.
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.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $5.9M 100.0% | $21.3M 100.0% | — | $21.5M 100.0% | — | — | — |
| Cost of Revenue | — | $4.9M 83.1% | $21.6M 101.6% | — | $22.2M 103.1% | — | — | — |
| Gross Profit | — | $999K 16.9% | -$343K -1.6% | — | -$661K -3.1% | — | — | — |
| Selling, General & Admin | $28.1M | $6.7M 113.5% | — | — | — | — | — | — |
| Total Operating Expenses | $32.6M | $7.1M 120.1% | $14.7M 68.8% | — | $10.5M 48.7% | — | — | — |
| Operating Income | -$32.6M | -$7.1M -120.1% | -$14.7M -68.8% | -$1.2M | -$11.1M -51.8% | -$671K | -$148K | -$21K |
| Interest Expense | $154K | $387K 6.5% | $2K 0.0% | — | $1K 0.0% | — | — | — |
| Interest & Investment Income | — | — | $2K 0.0% | $65K | $159 0.0% | $5K | $3K | — |
| Other Income (Expense), net | $109.2M | -$273K -4.6% | -$563 -0.0% | $235K | -$703K -3.3% | $72K | -$170K | — |
| Pretax Income | $76.6M | -$7.4M -124.8% | -$17.4M -81.8% | — | -$11.8M -55.1% | — | — | — |
| Income Tax Expense | $9K | $0 0.0% | — | — | — | — | — | — |
| Net Income | $78.5M | -$8.5M -144.1% | -$17.4M -81.8% | -$968K | -$11.8M -55.1% | -$599K | -$318K | -$21K |
| Per Share | ||||||||
| EPS (Basic) | $8.45 | -$4.93 | -$13.84 | -$0.21 | -$1.21 | -$0.10 | — | — |
| EPS (Diluted) | $7.96 | -$4.93 | -$13.84 | -$0.21 | -$1.21 | -$0.10 | — | — |
| Weighted Avg Shares (Basic) | 8.4M | 1.7M | 1.3M | 4.6M | 9.8M | 6.1M | — | — |
| Weighted Avg Shares (Diluted) | 9.2M | 1.7M | 1.3M | 4.6M | 9.8M | 6.1M | — | — |
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.
EOD close · as of 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -397% against ROIC -397% — 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
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | — | — | — | 103.1 | — | 101.6 | 83.1 | — |
| Gross Profit | — | — | — | -3.1 | — | -1.6 | 16.9 | — |
| SG&A | — | — | — | — | — | — | 113.5 | — |
| Operating Income | — | — | — | -51.8 | — | -68.8 | -120.1 | — |
| Income Tax | — | — | — | — | — | — | 0.0 | — |
| Net Income | — | — | — | -55.1 | — | -81.8 | -144.1 | — |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DFNSW: 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.