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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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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 -$1.2M 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.
How management deployed cash over 4 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: 406%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 4 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. 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 |
|---|---|---|---|---|
| Revenue | $66K 100.0% | $4K 100.0% | $13K 100.0% | $34K 100.0% |
| Cost of Revenue | $0 0.0% | $4K 87.0% | $6K 45.3% | $28K 80.4% |
| Gross Profit | $66K 100.0% | $553 13.0% | $7K 54.7% | $7K 19.6% |
| Selling, General & Admin | $6.3M 9547.4% | $3.1M 73803.1% | $1.9M 14386.4% | $21K 59.5% |
| Total Operating Expenses | $6.5M 9956.0% | $3.3M 78214.3% | $1.9M 14693.6% | $1.1M 3129.6% |
| Operating Income | -$6.6M -10090.6% | -$3.3M -78721.8% | -$1.9M -14826.9% | -$1.1M -3109.8% |
| Interest Expense | — | — | $27K 204.2% | $15K 42.7% |
| Interest & Investment Income | $3K 4.5% | $6K 129.7% | $2K 16.2% | $74 0.2% |
| Other Income (Expense), net | -$154K -234.6% | -$22K -520.5% | -$24K -188.0% | $74 0.2% |
| Income Tax Expense | $0 0.0% | $0 0.0% | — | — |
| Net Income | -$6.6M -10090.6% | -$3.3M -78721.8% | -$1.9M -14826.9% | -$1.1M -3109.8% |
| Per Share | ||||
| EPS (Basic) | -$0.04 | -$0.01 | -$0.01 | -$0.01 |
| EPS (Diluted) | -$0.04 | -$0.01 | -$0.01 | -$0.01 |
| Weighted Avg Shares (Basic) | 152.1M | 394.0M | 352.4M | 100.2M |
| Weighted Avg Shares (Diluted) | 152.1M | 394.0M | 352.4M | 100.2M |
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. Interest last disclosed in FY2023 (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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 4-yr range · 0th 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 406% against ROIC 406% — 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 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Cost of Revenue | 80.4 | 45.3 | 87.0 | 0.0 |
| Gross Profit | 19.6 | 54.7 | 13.0 | 100.0 |
| SG&A | 59.5 | 14386.4 | 73803.1 | 9547.4 |
| Operating Income | -3109.8 | -14826.9 | -78721.8 | -10090.6 |
| Income Tax | — | — | 0.0 | 0.0 |
| Net Income | -3109.8 | -14826.9 | -78721.8 | -10090.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on HNOI: 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.
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.