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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.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -11%. 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 -$3.1M 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 |
|---|---|---|---|---|
| Revenue | $3.0M 100.0% | $3.3M 100.0% | $3.6M 100.0% | $3.0M 100.0% |
| Total Operating Expenses | $7.4M 248.6% | $3.5M 105.5% | $3.3M 92.9% | $2.5M 84.4% |
| Operating Income | -$4.4M -148.6% | -$182K -5.5% | $253K 7.1% | $468K 15.6% |
| Interest Expense | $4K 0.2% | $26K 0.8% | $30K 0.9% | $36K 1.2% |
| Other Income (Expense), net | $638K 21.5% | $19K 0.6% | -$2K -0.1% | -$27K -0.9% |
| Pretax Income | -$3.8M -127.1% | -$163K -4.9% | $251K 7.1% | $441K 14.7% |
| Income Tax Expense | -$91K -3.1% | $21K 0.6% | -$135K -3.8% | $118K 3.9% |
| Net Income | -$3.7M -124.0% | -$184K -5.6% | $386K 10.9% | $323K 10.7% |
| Per Share | ||||
| EPS (Basic) | -$0.27 | -$0.02 | $0.04 | $0.03 |
| EPS (Diluted) | -$0.27 | -$0.02 | $0.04 | $0.03 |
| Weighted Avg Shares (Basic) | 13.9M | 10.9M | 10.9M | 10.9M |
| Weighted Avg Shares (Diluted) | 13.9M | 10.9M | 10.9M | 10.9M |
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 (FY2023). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $1.69 today, the market must believe free cash flow compounds 49.0%/yr for a decade (off $700K on the 3-yr avg basis).
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.17B shares (market data) · net debt -$28.7M
mean -7.7% · volatility σ 138% · implied rate exceeded in 1/2 yrs
Central path = implied 49.0%/yr growth; shaded band = ±1σ (138%) 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.
Cash of $457K covers all $174K of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2024-12-31 (10-K).
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. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -11% against ROIC -11% — 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 -21.8% — 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 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Operating Income | 15.6 | 7.1 | -5.5 | -148.6 |
| Income Tax | 3.9 | -3.8 | 0.6 | -3.1 |
| Net Income | 10.7 | 10.9 | -5.6 | -124.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on PUSA: 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.