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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 9 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: 49%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 9 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 $543K 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 2026-10-30
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 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.4M 100.0% | $31.2M 100.0% | $69.9M 100.0% | $66.3M 100.0% | $62.1M 100.0% | $25.8M 100.0% | $24.2M 100.0% | $20.1M 100.0% | $12.3M 100.0% |
| Cost of Revenue | $17.2M 99.0% | $31.6M 101.2% | $60.0M 85.8% | $54.1M 81.7% | $47.4M 76.2% | $20.1M 77.9% | $17.6M 72.6% | $13.9M 69.3% | $9.2M 75.2% |
| Gross Profit | $175K 1.0% | -$389K -1.2% | $9.9M 14.2% | $12.2M 18.3% | $14.8M 23.8% | $5.7M 22.1% | $6.6M 27.4% | $6.2M 30.7% | $3.1M 24.8% |
| Selling, General & Admin | $17.3M 99.3% | $21.0M 67.3% | $25.3M 36.2% | $22.3M 33.6% | $12.9M 20.7% | $6.7M 25.8% | $9.2M 38.1% | $7.7M 38.5% | $4.9M 40.1% |
| Total Operating Expenses | $18.2M 104.5% | $28.0M 89.8% | $33.2M 47.5% | $27.1M 40.9% | $15.0M 24.1% | $8.5M 32.7% | $12.5M 51.6% | $10.0M 49.7% | $5.4M 44.0% |
| Operating Income | -$18.0M -103.5% | -$28.4M -91.1% | -$23.3M -33.3% | -$14.9M -22.5% | -$205K -0.3% | -$2.7M -10.6% | -$5.9M -24.2% | -$3.8M -19.0% | -$2.4M -19.2% |
| Interest Expense | — | — | — | $0 0.0% | $636K 1.0% | — | $704K 2.9% | $120K 0.6% | $217K 1.8% |
| Interest & Investment Income | $526 0.0% | $2K 0.0% | $174K 0.2% | $329K 0.5% | $24K 0.0% | — | — | — | — |
| Other Income (Expense), net | -$3.7M -21.2% | -$968K -3.1% | -$2.1M -2.9% | -$1.3M -2.0% | -$671K -1.1% | -$2.3M -9.0% | -$2.5M -10.3% | -$95K -0.5% | -$214K -1.7% |
| Pretax Income | -$21.7M -124.7% | -$29.4M -94.2% | -$25.3M -36.2% | -$16.2M -24.5% | -$876K -1.4% | -$5.1M -19.6% | -$8.4M -34.5% | -$3.9M -19.4% | — |
| Income Tax Expense | -$15K -0.1% | -$30K -0.1% | $94K 0.1% | -$983K -1.5% | $0 0.0% | — | $0 0.0% | $0 0.0% | $0 0.0% |
| Net Income | -$22.1M -127.0% | -$36.5M -117.0% | -$25.4M -36.4% | -$15.3M -23.0% | -$876K -1.4% | -$5.1M -19.6% | -$8.4M -34.5% | -$3.9M -19.4% | -$2.6M -21.0% |
| Per Share | |||||||||
| EPS (Basic) | -$41.83 | -$73.12 | -$2.34 | -$1.41 | -$0.09 | — | — | — | — |
| EPS (Diluted) | — | -$2.62 | -$2.34 | -$1.41 | -$0.09 | — | — | — | — |
| Weighted Avg Shares (Basic) | 528K | 499K | 10.9M | 10.8M | 10.0M | — | — | — | — |
| Weighted Avg Shares (Diluted) | 528K | 499K | 10.9M | 10.8M | 10.0M | — | — | — | — |
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.
Average free cash flow across the last 1 positive fiscal year (FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $0.02 today, the market must believe free cash flow compounds -31.5%/yr for a decade (off $543K on the 3-yr avg basis).
On the basis (-$284K) the requirement is off the scale. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -31.5% is more conservative than its 8-yr track record.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.06B shares (market data) · net debt -$11K
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
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.
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. Interest last disclosed in FY2021 (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 7-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 7-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 49% against ROIC 49% — 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 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 69.3 | 72.6 | 77.9 | 76.2 | 81.7 | 85.8 | 101.2 | 99.0 |
| Gross Profit | 30.7 | 27.4 | 22.1 | 23.8 | 18.3 | 14.2 | -1.2 | 1.0 |
| SG&A | 38.5 | 38.1 | 25.8 | 20.7 | 33.6 | 36.2 | 67.3 | 99.3 |
| Operating Income | -19.0 | -24.2 | -10.6 | -0.3 | -22.5 | -33.3 | -91.1 | -103.5 |
| Income Tax | 0.0 | 0.0 | — | 0.0 | -1.5 | 0.1 | -0.1 | -0.1 |
| Net Income | -19.4 | -34.5 | -19.6 | -1.4 | -23.0 | -36.4 | -117.0 | -127.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FLZH: 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.