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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 4 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 14%. 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.
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 $905K 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.
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
How a revenue dollar becomes profit — FY2026
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 | FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue | $9.7M 100.0% | $9.1M 100.0% | $5.0M 100.0% | $1000K 100.0% |
| Cost of Revenue | $4.6M 47.3% | $4.3M 47.1% | -$2.6M -51.3% | -$418K -41.8% |
| Gross Profit | $5.1M 52.7% | $4.8M 52.9% | $2.4M 48.7% | $582K 58.2% |
| Research & Development | $150K 1.5% | $91K 1.0% | -$22K -0.4% | -$65K -6.5% |
| Selling, General & Admin | $2.3M 23.8% | $1.3M 14.8% | -$1.7M -33.3% | -$648K -64.8% |
| Total Operating Expenses | -$4.0M -41.5% | -$1.6M -17.9% | -$1.8M -36.7% | -$820K -82.1% |
| Operating Income | $1.1M 11.2% | $3.2M 35.0% | $601K 12.0% | -$239K -23.9% |
| Interest Expense | $88K 0.9% | $176K 1.9% | -$277K -5.5% | -$227K -22.7% |
| Interest & Investment Income | $72K 0.7% | $73K 0.8% | $61K 1.2% | $23K 2.3% |
| Other Income (Expense), net | -$25K -0.3% | -$167K -1.8% | -$854K -17.0% | -$153K -15.3% |
| Pretax Income | $1.1M 11.0% | $3.0M 33.2% | -$254K -5.1% | -$391K -39.2% |
| Income Tax Expense | -$275K -2.8% | -$865K -9.5% | -$151K -3.0% | $39K 3.9% |
| Net Income | $795K 8.2% | $2.2M 23.7% | -$405K -8.1% | -$353K -35.3% |
| Per Share | ||||
| EPS (Basic) | $0.07 | $0.18 | -$0.03 | -$0.03 |
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 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $5.00 today, the market must believe free cash flow compounds 29.7%/yr for a decade (off $569K on the 3-yr avg basis).
The market's 29.7% is more conservative than its 2-yr track record.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.01B shares (market data) · net debt -$2.8M
mean 3247.7% · volatility σ 4572% · implied rate exceeded in 1/2 yrs
Central path = implied 29.7%/yr growth; shaded band = ±1σ (4572%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
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).
Interest is easily covered by operating profit.
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 2026-10-29
Where each multiple sits in its own 3-yr range · 11th 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?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 14% against ROIC 14% — 0% 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 15.9% — 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 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Cost of Revenue | -41.8 | -51.3 | 47.1 | 47.3 |
| Gross Profit | 58.2 | 48.7 | 52.9 | 52.7 |
| R&D | -6.5 | -0.4 | 1.0 | 1.5 |
| SG&A | -64.8 | -33.3 | 14.8 | 23.8 |
| Operating Income | -23.9 | 12.0 | 35.0 | 11.2 |
| Income Tax | 3.9 | -3.0 | -9.5 | -2.8 |
| Net Income | -35.3 | -8.1 | 23.7 | 8.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MDNC: 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.