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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 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: 58%. 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.
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 -$615K 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.
EOD close · as of 2026-10-29
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 | FY2020 | FY2019 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $988K 100.0% | $461K 100.0% | $307K 100.0% | $56K 100.0% | $119K 100.0% | $225K 100.0% | — | $4.5M 100.0% | — | $2.4M 100.0% |
| Cost of Revenue | $852K 86.3% | $323K 70.0% | $239K 77.7% | $39K 70.1% | $38K 31.9% | $82K 36.5% | — | $272 0.0% | — | $7K 0.3% |
| Gross Profit | $136K 13.7% | $138K 30.0% | $69K 22.3% | $17K 29.9% | $81K 68.1% | $143K 63.5% | — | $4.5M 100.0% | — | $2.4M 99.7% |
| Research & Development | $113K 11.5% | $39K 8.5% | $57K 18.4% | $62K 110.9% | $81K 68.4% | $119K 53.0% | — | — | — | — |
| Selling, General & Admin | $37K 3.8% | $142K 30.8% | $93K 30.2% | $74K 133.4% | $60K 50.4% | $49K 21.9% | — | — | — | — |
| Total Operating Expenses | $1.0M 101.6% | $706K 153.2% | $831K 270.4% | $1.2M 2165.0% | $742K 625.6% | $344K 152.7% | — | $2.6M 56.7% | — | $2.6M 108.6% |
| Operating Income | -$869K -87.9% | -$568K -123.2% | -$762K -248.1% | -$1.2M -2135.1% | -$661K -557.5% | -$201K -89.2% | — | $2.0M 43.2% | — | -$215K -8.9% |
| Interest Expense | $619K 62.7% | $734K 159.1% | $174K 56.6% | $70K 126.7% | $9K 7.7% | $1K 0.5% | — | — | — | — |
| Interest & Investment Income | — | — | — | $12 0.0% | — | — | — | — | — | — |
| Other Income (Expense), net | -$4.0M -408.3% | -$1.7M -364.5% | -$168K -54.6% | -$290K -522.8% | -$15K -12.3% | $2K 0.9% | — | $63K 1.4% | — | -$4K -0.2% |
| Pretax Income | -$4.9M -496.2% | -$2.2M -487.7% | -$930K -302.7% | -$1.5M -2657.9% | -$676K -569.8% | -$199K -88.2% | — | $2.0M 44.7% | — | -$219K -9.1% |
| Net Income | -$4.9M -496.2% | -$2.2M -487.7% | -$930K -302.7% | -$1.5M -2657.9% | -$676K -569.8% | -$199K -88.2% | $2.0M | $2.0M 44.7% | -$219K | -$219K -9.1% |
| Per Share | ||||||||||
| EPS (Basic) | — | — | -$0.01 | -$0.03 | $0.02 | $0.05 | — | $0.17 | — | — |
| EPS (Diluted) | — | — | -$0.01 | -$0.03 | $0.02 | $0.04 | — | $0.17 | — | — |
| Weighted Avg Shares (Basic) | — | — | 106.5M | 50.0M | 13.3M | 13.4M | — | 12.0M | — | — |
| Weighted Avg Shares (Diluted) | — | — | 106.5M | 50.0M | 13.5M | 13.8M | — | 12.0M | — | — |
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.
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).
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. 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 2026-10-29
Where each multiple sits in its own 3-yr range · 33th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 3-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 58% against ROIC 58% — 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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 0.0 | — | 36.5 | 31.9 | 70.1 | 77.7 | 70.0 | 86.3 |
| Gross Profit | 100.0 | — | 63.5 | 68.1 | 29.9 | 22.3 | 30.0 | 13.7 |
| R&D | — | — | 53.0 | 68.4 | 110.9 | 18.4 | 8.5 | 11.5 |
| SG&A | — | — | 21.9 | 50.4 | 133.4 | 30.2 | 30.8 | 3.8 |
| Operating Income | 43.2 | — | -89.2 | -557.5 | -2135.1 | -248.1 | -123.2 | -87.9 |
| Net Income | 44.7 | — | -88.2 | -569.8 | -2657.9 | -302.7 | -487.7 | -496.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DWAY: 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.