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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 1 positive fiscal year (FY2023). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $7.91 today, the market must believe free cash flow compounds 6.6%/yr for a decade (off $1.4M on the 3-yr avg basis).
On the basis ($954K) the requirement is 11.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.00B shares (market data) · net debt $10.0M
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.
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 -$213K 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 5 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: -21%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 5 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~11.2% on $11.9M of debt.
Cash of $1.9M is below short-term debt of $11.9M — relies on refinancing/operations.
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 4-yr range · 62th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 4-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 -36% against ROIC -21% — -14% 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 -31.1% — 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 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cost of Revenue | 82.3 | 80.5 | 72.6 | 73.1 | 73.0 |
| Gross Profit | 17.7 | 19.5 | 27.4 | 26.9 | 27.0 |
| R&D | 0.4 | 0.7 | 1.2 | 1.3 | 1.1 |
| SG&A | 3.4 | 4.8 | 7.2 | 7.7 | 8.5 |
| Operating Income | 4.2 | 3.1 | 2.0 | -1.6 | -1.8 |
| Income Tax | 0.5 | 0.5 | 0.7 | -0.4 | 2.1 |
| Net Income | 4.3 | 2.3 | 0.6 | -0.9 | -4.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FGI: 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 |
|---|---|---|---|---|---|
| Revenue | $130.5M 100.0% | $131.8M 100.0% | $117.2M 100.0% | $161.7M 100.0% | $181.9M 100.0% |
| Cost of Revenue | $95.3M 73.0% | $96.4M 73.1% | $85.2M 72.6% | $130.2M 80.5% | $149.7M 82.3% |
| Gross Profit | $35.3M 27.0% | $35.4M 26.9% | $32.1M 27.4% | $31.5M 19.5% | $32.2M 17.7% |
| Research & Development | $1.4M 1.1% | $1.7M 1.3% | $1.4M 1.2% | $1.1M 0.7% | $646K 0.4% |
| Selling, General & Admin | $11.1M 8.5% | $10.2M 7.7% | $8.4M 7.2% | $7.8M 4.8% | $6.2M 3.4% |
| Total Operating Expenses | $37.7M 28.8% | $37.5M 28.5% | $29.8M 25.4% | $26.4M 16.3% | $24.5M 13.5% |
| Operating Income | -$2.4M -1.8% | -$2.1M -1.6% | $2.3M 2.0% | $5.1M 3.1% | $7.7M 4.2% |
| Interest Expense | $1.3M 1.0% | $1.2M 0.9% | $750K 0.6% | $601K 0.4% | $411K 0.2% |
| Interest & Investment Income | — | — | $11K 0.0% | $3K 0.0% | $37K 0.0% |
| Other Income (Expense), net | -$1.9M -1.5% | -$183K -0.1% | -$917K -0.8% | -$551K -0.3% | $1.1M 0.6% |
| Pretax Income | -$4.3M -3.3% | -$2.3M -1.7% | $1.4M 1.2% | $4.5M 2.8% | $8.9M 4.9% |
| Income Tax Expense | $2.8M 2.1% | -$548K -0.4% | $808K 0.7% | $861K 0.5% | $962K 0.5% |
| Net Income | -$6.1M -4.7% | -$1.2M -0.9% | $734K 0.6% | $3.7M 2.3% | $7.9M 4.3% |
| Per Share | |||||
| EPS (Basic) | -$3.20 | -$0.63 | $0.08 | $0.39 | $1.13 |
| EPS (Diluted) | -$3.20 | -$0.63 | $0.07 | $0.39 | $1.13 |
| Weighted Avg Shares (Basic) | 1.9M | 1.9M | 9.5M | 9.3M | 7.0M |
| Weighted Avg Shares (Diluted) | 1.9M | 1.9M | 9.8M | 9.3M | 7.0M |
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.
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.