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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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Ranked against 18 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NUTX | $1.4B | 20.1× | 4.4× | 1.6× | 82.4% | 50.8% | 8.1% | 21.5% | 19.0% | -0.5× | 22 |
| LQDT | $1.4B | 52.1× | 31.2× | 3.0× | 31.2% | 43.8% | 5.9% | 13.8% | 13.8% | 0.0× | 51 |
| RSKD | $1.2B | — | — | 3.4× | 5.2% | 51.7% | -8.0% | -9.4% | -9.4% | — | 9 |
| AHG | $1.1B | 133.0× | — | 82.4× | -6.4% | -0.1% | -135% | -10.3% | -10.3% | — | — |
| QNST | $981M | 12.2× | 23.8× | 0.8× | 18.3% | 11.3% | 6.3% | 25.1% | 20.7% | -1.5× | 41 |
| PAYS | $810M | 110.3× | 50.8× | 9.9× | 40.5% | 59.4% | 9.2% | 15.6% | 13.4% | -0.8× | 23 |
| PHR | $778M | 313.3× | 28.8× | 1.6× | 14.5% | — | 0.5% | 0.7% | 0.7% | -2.5× | 31 |
| MAX | $749M | 36.2× | 38.2× | 0.7× | 28.8% | 15.0% | 2.3% | 616% | 16.3% | 4.8× | 22 |
| CASS | $686M | 20.6× | — | 3.6× | 5.3% | — | 18.4% | 14.5% | 14.5% | — | 41 |
| PRTH | $647M | 11.5× | 7.9× | 0.7× | 8.3% | — | 5.8% | -55.5% | 5.9% | 4.7× | 20 |
| RMNI | $372M | 10.2× | 5.0× | 0.9× | -1.7% | 60.4% | 8.8% | -137% | 92.4% | -0.8× | 16 |
| FVRR | $325M | 16.2× | 14.8× | 0.8× | 10.1% | 81.6% | 4.9% | 5.1% | 5.1% | -9.3× | 23 |
| PSFE | $291M | — | 7.6× | 0.2× | -0.2% | 56.4% | -10.7% | -27.9% | -5.6% | 6.8× | — |
| IMXI | $260M | 8.0× | 3.9× | 0.4× | -7.7% | — | 5.4% | 20.3% | 9.2% | 0.4× | 22 |
| ALIT | $242M | — | — | 0.1× | -3.0% | 33.8% | -137% | -297% | -102% | — | — |
| CNDT | $241M | — | — | 0.1× | -9.4% | 18.1% | -5.6% | -24.8% | -12.4% | — | 29 |
| DHX | $210M | — | 82.6× | 1.6× | -9.9% | 84.7% | -10.6% | -14.3% | -10.9% | 9.4× | 7 |
| OPRX | $176M | 34.7× | 15.2× | 1.6× | 18.8% | 67.3% | 4.7% | 4.0% | 3.3% | 0.2× | 11 |
| QMCI | $14M | — | — | 0.7× | 8.1% | 46.8% | -11.4% | 276% | 276% | — | — |
Peers = companies sharing QMCI's sector (Services-Business Services, NEC) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
How management deployed cash over 10 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: 276%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 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.
Insufficient EBITDA/debt history.
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. 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 $1.0M 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.
A reverse discounted cash flow is not shown for a company with no positive EBITDA.
No positive EBITDA in the recent record, so there is no return on capital to compare against its cost. Equity is negative, so debt/equity and ROE invert their signs and read as the opposite of what they mean.
Classified from the filings: EBITDA negative in each of the last 2 years.
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 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.3M 100.0% | $18.7M 100.0% | $18.9M 100.0% | $17.5M 100.0% | $15.2M 100.0% | $12.4M 100.0% | $11.8M 100.0% | $11.1M 100.0% | $9.5M 100.0% | — |
| Cost of Revenue | $10.8M 53.2% | $9.9M 52.7% | $9.3M 49.0% | $9.0M 51.2% | $8.4M 55.6% | $6.7M 54.0% | $5.8M 49.0% | $5.5M 49.7% | $5.2M 54.9% | $5.1M |
| Gross Profit | $9.5M 46.8% | $8.9M 47.3% | $9.6M 51.0% | $8.6M 48.8% | $6.7M 44.4% | $5.7M 46.0% | $6.0M 51.0% | $5.6M 50.3% | $4.3M 45.1% | $3.8M |
| Selling, General & Admin | $3.2M 15.8% | $3.6M 19.4% | $3.3M 17.7% | $3.0M 17.2% | $2.5M 16.7% | $2.5M 20.0% | $2.3M 19.3% | $2.0M 18.4% | $2.0M 21.2% | $2.0M |
| Total Operating Expenses | $11.6M 57.2% | $10.2M 54.2% | $9.2M 48.8% | $8.1M 46.0% | $6.8M 44.5% | $6.3M 51.1% | $5.4M 45.9% | $5.1M 45.8% | $4.6M 48.8% | $4.4M |
| Operating Income | -$2.1M -10.4% | -$1.3M -6.8% | $411K 2.2% | $491K 2.8% | -$22K -0.1% | -$644K -5.2% | $600K 5.1% | $500K 4.5% | -$349K -3.7% | -$613K |
| Interest Expense | $54K 0.3% | $3K 0.0% | $2K 0.0% | $3K 0.0% | $3K 0.0% | — | — | — | — | — |
| Other Income (Expense), net | -$171K -0.8% | $101K 0.5% | -$47K -0.2% | -$43K -0.2% | — | -$373 -0.0% | -$38K -0.3% | $1K 0.0% | -$1.2M -12.2% | -$1.1M |
| Pretax Income | -$2.3M -11.2% | -$1.2M -6.3% | $365K 1.9% | $448K 2.6% | — | -$644K -5.2% | $562K 4.8% | $501K 4.5% | -$1.5M -15.9% | -$1.7M |
| Income Tax Expense | $48K 0.2% | $147K 0.8% | $3K 0.0% | $3K 0.0% | -$3K -0.0% | -$2K -0.0% | $3K 0.0% | $3K 0.0% | $3K 0.0% | $3K |
| Net Income | -$2.3M -11.4% | -$1.3M -7.1% | $362K 1.9% | $444K 2.5% | $212K 1.4% | -$646K -5.2% | $559K 4.7% | $498K 4.5% | -$1.5M -15.9% | -$1.7M |
| Per Share | ||||||||||
| EPS (Basic) | — | -$0.01 | $0.00 | $0.00 | $0.00 | -$0.01 | $0.01 | $0.01 | -$0.02 | — |
| EPS (Diluted) | -$0.03 | -$0.01 | $0.00 | $0.00 | $0.00 | -$0.01 | $0.00 | $0.00 | -$0.02 | — |
| Weighted Avg Shares (Basic) | 90.5M | 90.5M | 90.5M | 90.5M | 90.5M | 90.5M | 90.5M | 90.5M | 90.5M | — |
| Weighted Avg Shares (Diluted) | 90.5M | 90.5M | 120.7M | 119.4M | 119.3M | 90.5M | 118.7M | 113.4M | 90.5M | — |
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 20th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-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 276% against ROIC 276% — 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 -805.7% — 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
High operating leverage: profit moved 7.9× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 49.7 | 49.0 | 54.0 | 55.6 | 51.2 | 49.0 | 52.7 | 53.2 |
| Gross Profit | 50.3 | 51.0 | 46.0 | 44.4 | 48.8 | 51.0 | 47.3 | 46.8 |
| SG&A | 18.4 | 19.3 | 20.0 | 16.7 | 17.2 | 17.7 | 19.4 | 15.8 |
| Operating Income | 4.5 | 5.1 | -5.2 | -0.1 | 2.8 | 2.2 | -6.8 | -10.4 |
| Income Tax | 0.0 | 0.0 | -0.0 | -0.0 | 0.0 | 0.0 | 0.8 | 0.2 |
| Net Income | 4.5 | 4.7 | -5.2 | 1.4 | 2.5 | 1.9 | -7.1 | -11.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on QMCI: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 45.1% | -3.7% | -15.9% |
| FY2018 | 50.3% | 4.5% | 4.5% |
| FY2019 | 51.0% | 5.1% | 4.7% |
| FY2020 | 46.0% | -5.2% | -5.2% |
| FY2021 | 44.4% | -0.1% | 1.4% |
| FY2022 | 48.8% | 2.8% | 2.5% |
| FY2023 | 51.0% | 2.2% | 1.9% |
| FY2024 | 47.3% | -6.8% | -7.1% |
| FY2025 | 46.8% | -10.4% | -11.4% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 6.87x of reported profit into cash — adequate, without much margin.
Capex has been below depreciation for 7 consecutive years (0.29x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $0.15, free cash flow must compound -11.1%/yr for 10 years. It has done -5.15%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −17.1% | −11.1% |
| FY2021 | 72.9% | −11.1% |
| FY2022 | 44.2% | −11.1% |
| FY2023 | 3.0% | −11.1% |
| FY2024 | 18.8% | −11.1% |
| FY2025 | −71.2% | −11.1% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$2M | −$2M |
| Share-based comp | $61,494 | −$2M |
| Other non-cash & working capital | $3M | $1M |
| Operating cash flow | $1M | $1M |
| Capex | −$56,562 | $1M |
| Free cash flow | $1M | $1M |
| FCF after SBC | $987,880 | $987,880 |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 5.2% | 2.6% | -2.6 points |
| FY2021 | 22.4% | -10.6% | -33.0 points |
| FY2022 | 15.5% | 45.9% | 30.3 points |
| FY2023 | 7.9% | 26.9% | 19.0 points |
| FY2024 | -0.9% | -11.9% | -11.1 points |
| FY2025 | 8.1% | 18.3% | 10.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 21.1 days | not reported | 81.2 days | -60.1 days |
| FY2020 | 20.6 days | not reported | 110.4 days | -89.8 days |
| FY2021 | 15 days | not reported | 105.3 days | -90.3 days |
| FY2022 | 19 days | not reported | 102.2 days | -83.3 days |
| FY2023 | 22.3 days | not reported | 87.1 days | -64.8 days |
| FY2024 | 19.8 days | not reported | 131.8 days | -112 days |
| FY2025 | 21.7 days | not reported | 154.8 days | -133.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -27.3 percent |
| FY2020 | -39.9 percent |
| FY2021 | -34.9 percent |
| FY2022 | -41.1 percent |
| FY2023 | -38.8 percent |
| FY2024 | -66.2 percent |
| FY2025 | -59.3 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 7 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.