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Data as of Q3 2026
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Ranked against 17 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LQDT | $1.4B | 51.3× | 30.7× | 2.9× | 31.2% | 43.8% | 5.9% | 13.8% | 13.8% | 0.0× | 51 |
| NUTX | $1.4B | 19.1× | 4.1× | 1.6× | 82.4% | 50.8% | 8.1% | 21.5% | 19.0% | -0.5× | 22 |
| RSKD | $1.1B | — | — | 3.3× | 5.2% | 51.7% | -8.0% | -9.4% | -9.4% | — | 9 |
| AHG | $1.1B | 126.0× | — | 78.0× | -6.4% | -0.1% | -135% | -10.3% | -10.3% | — | — |
| QNST | $996M | 12.4× | 24.2× | 0.8× | 18.3% | 11.3% | 6.3% | 25.1% | 20.7% | -1.5× | 41 |
| MAX | $873M | 37.8× | 43.8× | 0.8× | 28.8% | 15.0% | 2.3% | 616% | 16.3% | 4.8× | 22 |
| PAYS | $787M | 107.2× | 49.3× | 9.6× | 40.5% | 59.4% | 9.2% | 15.6% | 13.4% | -0.8× | 23 |
| PHR | $772M | 311.0× | 28.5× | 1.6× | 14.5% | — | 0.5% | 0.7% | 0.7% | -2.5× | 31 |
| CASS | $674M | 20.2× | — | 3.5× | 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 | $463M | 12.7× | 6.4× | 1.1× | -1.7% | 60.4% | 8.8% | -137% | 92.4% | -0.8× | 16 |
| FVRR | $302M | 15.0× | 13.1× | 0.7× | 10.1% | 81.6% | 4.9% | 5.1% | 5.1% | -9.3× | 23 |
| PSFE | $293M | — | 7.6× | 0.2× | -0.2% | 56.4% | -10.7% | -27.9% | -5.6% | 6.8× | — |
| IMXI | $277M | 8.5× | 4.2× | 0.5× | -7.7% | — | 5.4% | 20.3% | 9.2% | 0.4× | 22 |
| CNDT | $240M | — | — | 0.1× | -9.4% | 18.1% | -5.6% | -24.8% | -12.4% | — | 29 |
| ALIT | $236M | — | — | 0.1× | -3.0% | 33.8% | -137% | -297% | -102% | — | — |
| DHX | $196M | — | 77.8× | 1.5× | -9.9% | 84.7% | -10.6% | -14.3% | -10.9% | 9.4× | 7 |
| OPRX | $176M | 34.5× | 15.1× | 1.6× | 18.8% | 67.3% | 4.7% | 4.0% | 3.3% | 0.2× | 11 |
Peers = companies sharing RMNI'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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2023, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $4.96 today, the market must believe free cash flow compounds 0.9%/yr for a decade (off $30.5M on the 3-yr avg basis).
On the basis ($18.7M) the requirement is 7.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 0.9% is more conservative than its 8-yr track record.
Default is 9.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.09B shares (market data) · net debt -$52.8M
mean -128.1% · volatility σ 349% · implied rate exceeded in 2/7 yrs
Central path = implied 0.9%/yr growth; shaded band = ±1σ (349%) 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.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $7.6M buybacks = $7.6M returned on $55.6M 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 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 92%. 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.
Cash of $21.9M covers the $15.5M due within a year 1.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2017-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~9.2% on $67.2M of debt.
Cash of $120.0M fully covers short-term debt of $4.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
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
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 | $421.5M 100.0% | $428.8M 100.0% | $431.5M 100.0% | $409.7M 100.0% | $374.4M 100.0% | $326.8M 100.0% | $281.1M 100.0% | $253.5M 100.0% | $214.9M 100.0% | $160.2M 100.0% |
| Cost of Revenue | $166.9M 39.6% | $167.7M 39.1% | $162.5M 37.7% | $152.4M 37.2% | $136.5M 36.4% | $126.2M 38.6% | $105.1M 37.4% | $96.0M 37.9% | $82.9M 38.6% | $67.0M 41.9% |
| Gross Profit | $254.6M 60.4% | $261.0M 60.9% | $269.0M 62.3% | $257.3M 62.8% | $238.0M 63.6% | $200.6M 61.4% | $175.9M 62.6% | $157.5M 62.1% | $132.0M 61.4% | $93.1M 58.1% |
| Selling, General & Admin | $70.0M 16.6% | $73.1M 17.0% | $73.0M 16.9% | $75.4M 18.4% | $64.2M 17.1% | $52.2M 16.0% | $47.4M 16.9% | $37.2M 14.7% | $36.1M 16.8% | $36.2M 22.6% |
| Total Operating Expenses | $194.7M 46.2% | $293.1M 68.4% | $225.2M 52.2% | $249.2M 60.8% | $211.2M 56.4% | $182.7M 55.9% | $153.8M 54.7% | $128.0M 50.5% | $106.7M 49.7% | $79.2M 49.4% |
| Operating Income | $59.9M 14.2% | -$32.1M -7.5% | $43.8M 10.1% | $8.1M 2.0% | $26.8M 7.2% | $17.9M 5.5% | $22.1M 7.9% | $29.5M 11.6% | $25.3M 11.8% | $13.9M 8.7% |
| Interest Expense | $6.2M 1.5% | $6.3M 1.5% | $5.5M 1.3% | $4.3M 1.0% | $1.6M 0.4% | $77K 0.0% | $398K 0.1% | $32.5M 12.8% | $43.4M 20.2% | $13.4M 8.3% |
| Interest & Investment Income | — | — | — | — | — | — | — | — | — | $485K 0.3% |
| Other Income (Expense), net | $1.9M 0.4% | $1.8M 0.4% | $3.0M 0.7% | -$13K -0.0% | -$1.6M -0.4% | -$258K -0.1% | -$1.5M -0.5% | -$2.2M -0.9% | $291K 0.1% | -$1.8M -1.1% |
| Pretax Income | $55.6M 13.2% | -$36.6M -8.5% | $41.2M 9.6% | $3.8M 0.9% | $19.4M 5.2% | $16.2M 4.9% | $24.1M 8.6% | -$62.0M -24.4% | -$48.7M -22.7% | -$11.4M -7.1% |
| Income Tax Expense | $18.5M 4.4% | -$371K -0.1% | $15.2M 3.5% | $6.3M 1.5% | -$55.8M -14.9% | $4.6M 1.4% | $2.7M 1.0% | $2.0M 0.8% | $1.3M 0.6% | $1.5M 1.0% |
| Net Income | $37.1M 8.8% | -$36.3M -8.5% | $26.1M 6.0% | -$2.5M -0.6% | $75.2M 20.1% | $11.6M 3.5% | $21.4M 7.6% | -$64.0M -25.2% | -$50.0M -23.3% | -$12.9M -8.1% |
| Per Share | ||||||||||
| EPS (Basic) | $0.40 | -$0.40 | $0.29 | -$0.03 | $0.54 | -$0.21 | -$0.06 | — | — | — |
| EPS (Diluted) | $0.39 | -$0.40 | $0.29 | -$0.03 | $0.51 | -$0.21 | -$0.06 | — | — | — |
| Weighted Avg Shares (Basic) | 91.7M | 90.5M | 89.1M | 87.7M | 84.3M | 71.2M | 66.0M | — | — | — |
| Weighted Avg Shares (Diluted) | 94.5M | 90.5M | 89.5M | 87.7M | 89.0M | 71.2M | 66.0M | — | — | — |
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 11-yr range · 55th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 11-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 -137% against ROIC 92% — -230% 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
High operating leverage: profit moved 170.2× 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 | 37.9 | 37.4 | 38.6 | 36.4 | 37.2 | 37.7 | 39.1 | 39.6 |
| Gross Profit | 62.1 | 62.6 | 61.4 | 63.6 | 62.8 | 62.3 | 60.9 | 60.4 |
| SG&A | 14.7 | 16.9 | 16.0 | 17.1 | 18.4 | 16.9 | 17.0 | 16.6 |
| Operating Income | 11.6 | 7.9 | 5.5 | 7.2 | 2.0 | 10.1 | -7.5 | 14.2 |
| Income Tax | 0.8 | 1.0 | 1.4 | -14.9 | 1.5 | 3.5 | -0.1 | 4.4 |
| Net Income | -25.2 | 7.6 | 3.5 | 20.1 | -0.6 | 6.0 | -8.5 | 8.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on RMNI: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Top 18 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 58.1% | 8.7% | -8.1% |
| FY2017 | 61.4% | 11.8% | -23.3% |
| FY2018 | 62.1% | 11.6% | -25.2% |
| FY2019 | 62.6% | 7.9% | 7.6% |
| FY2020 | 61.4% | 5.5% | 3.5% |
| FY2021 | 63.6% | 7.2% | 20.1% |
| FY2022 | 62.8% | 2.0% | -0.6% |
| FY2023 | 62.3% | 10.1% | 6.0% |
| FY2024 | 60.9% | -7.5% | -8.5% |
| FY2025 | 60.4% | 14.2% | 8.8% |
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 1.39x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $56M; after share-based compensation it is $45M. The difference is a real cost that the cash flow statement adds back.
Covers interest 6.8x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 9.74x |
| 5% | 9.25x |
| 10% | 8.77x |
| 15% | 8.28x |
| 20% | 7.79x |
| 25% | 7.30x |
| 30% | 6.82x |
| 35% | 6.33x |
| 40% | 5.84x |
| 45% | 5.36x |
| 50% | 4.87x |
| 55% | 4.38x |
| 60% | 3.90x |
This schedule comes from a filing dated 2017-12-31, 3225 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2017-12-31 (10-K); cash from the 2017-12-31 balance sheet; FCF from FY2017.
Balance sheet at 2017-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $3.99, free cash flow must compound -1.47%/yr for 10 years. It has done 20.13%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 119.4% | −1.5% |
| FY2021 | 59.6% | −1.5% |
| FY2022 | −52.9% | −1.5% |
| FY2023 | −82.8% | −1.5% |
| FY2024 | −903.6% | −1.5% |
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 2 of the last 5 years.
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.
| Step | Amount | Running total |
|---|---|---|
| Net income | $37M | $37M |
| Share-based comp | $11M | $48M |
| Other non-cash & working capital | $12M | $60M |
| Operating cash flow | $60M | $60M |
| Capex | −$5M | $56M |
| Free cash flow | $56M | $56M |
| FCF after SBC | $45M | $45M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 16.3% | 5.7% | -10.6 points |
| FY2021 | 14.6% | 14.8% | 0.3 points |
| FY2022 | 9.4% | -14.3% | -23.7 points |
| FY2023 | 5.3% | 2.9% | -2.5 points |
| FY2024 | -0.6% | 9.5% | 10.2 points |
| FY2025 | -1.7% | 4.7% | 6.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 144.9 days | not reported | 8 days | 136.9 days |
| FY2020 | 131.7 days | not reported | 9.4 days | 122.4 days |
| FY2021 | 132 days | not reported | 15.3 days | 116.8 days |
| FY2022 | 103.4 days | not reported | 19.3 days | 84.2 days |
| FY2023 | 101 days | not reported | 13.5 days | 87.6 days |
| FY2024 | 111.3 days | not reported | 11.5 days | 99.9 days |
| FY2025 | 118.5 days | not reported | 12.6 days | 105.9 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 0.5 percent |
| FY2020 | -10.9 percent |
| FY2021 | 2.1 percent |
| FY2022 | -9.6 percent |
| FY2023 | 3.5 percent |
| FY2024 | 0.7 percent |
| FY2025 | -5.5 percent |
Below the line, the asset base is being consumed faster than it is replaced.
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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
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.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-08 | 2 co-filers EVP & Chief Delivery Officer | Grant | 25,000 | $0.00 | — |
| 2026-10-08 | 2 co-filers EVP & Chief Delivery Officer | Grant | 25,000 | $0.00 | — |
| 2026-10-01 | 9 co-filers EVP & Chief Revenue Officer | Grant | 66,667 | $0.00 | — |
| 2026-10-01 | 9 co-filers EVP & Chief Revenue Officer | Grant | 18,301 | $0.00 | — |
| 2026-10-01 | 9 co-filers EVP & Chief Revenue Officer | Grant | 25,116 | $0.00 | — |
| 2026-10-01 | 9 co-filers EVP & Chief Revenue Officer | Grant | 100,000 | $0.00 | — |
| 2026-10-01 | 9 co-filers EVP & Chief Revenue Officer | Grant | 100,002 | $0.00 | — |
| 2026-10-01 | 9 co-filers EVP & Chief Revenue Officer | Grant | 66,667 | $0.00 | — |
| 2026-10-01 | 9 co-filers EVP & Chief Revenue Officer | Grant | 22,989 | $0.00 | — |
| 2026-10-01 | 9 co-filers EVP & Chief Revenue Officer | Grant | 11,264 | $0.00 | — |
| 2026-10-01 | 9 co-filers EVP & Chief Revenue Officer | Grant | 32,258 | $0.00 | — |
| 2026-09-21 | 3 co-filers EVP & Chief Marketing Officer | Open-market sale | 4,884 | $4.36 | $21k |
| 2026-09-20 | 3 co-filers EVP & Chief Marketing Officer | Option exercise | 13,333 | $0.00 | $0 |
| 2026-09-20 | 3 co-filers EVP & Chief Marketing Officer | Option exercise | 13,333 | $0.00 | — |
| 2026-09-04 | 3 co-filers President, CEO & Chairman | Open-market saleindirect | 89,639 | $5.02 | $450k |
| 2026-09-03 | 3 co-filers President, CEO & Chairman | Open-market saleindirect | 41,366 | $5.16 | $214k |
| 2026-09-02 | 3 co-filers President, CEO & Chairman | Open-market saleindirect | 191,702 | $5.18 | $992k |
| 2026-08-17 | 2 co-filers EVP & Chief Operating Officer | Grant | 150,000 | $0.00 | — |
| 2026-08-17 | 2 co-filers EVP & Chief Operating Officer | Grant | 150,000 | $0.00 | — |
| 2026-08-07 | Lyskawa Nancy EVP & Chief Client Officer | Grant | 25,000 | $0.00 | — |
| 2026-06-03 | 3 co-filers Group filing | Grant | 44,117 | $0.00 | — |
| 2026-06-03 | 3 co-filers Group filing | Grant | 44,117 | $0.00 | — |
| 2026-06-03 | 3 co-filers Group filing | Grant | 44,117 | $0.00 | — |
| 2026-06-03 | 3 co-filers Group filing | Grant | 44,117 | $0.00 | — |
| 2026-06-02 | 3 co-filers Group filing | Option exercise | 55,727 | $0.00 | $0 |
| 2026-06-02 | 3 co-filers Group filing | Option exercise | 55,727 | $0.00 | $0 |
| 2026-06-02 | 3 co-filers Group filing | Option exercise | 55,727 | $0.00 | $0 |
| 2026-06-02 | 3 co-filers Group filing | Option exercise | 55,727 | $0.00 | $0 |
| 2026-06-02 | 3 co-filers Group filing | Option exercise | 55,727 | $0.00 | — |
| 2026-06-02 | 3 co-filers Group filing | Option exercise | 55,727 | $0.00 | — |
| 2026-06-02 | 3 co-filers Group filing | Option exercise | 55,727 | $0.00 | — |
| 2026-06-02 | 3 co-filers Group filing | Option exercise | 55,727 | $0.00 | — |
| 2026-05-06 | 6 co-filers EVP,ChiefRecurringRev.Officer | Option exercise | 16,194 | $0.00 | $0 |
| 2026-05-06 | 6 co-filers EVP & Chief Financial Officer | Option exercise | 53,980 | $0.00 | $0 |
| 2026-05-06 | 6 co-filers EVP & Chief Client Officer | Option exercise | 16,194 | $0.00 | $0 |
| 2026-05-06 | 6 co-filers President, CEO & Chairman | Option exercise | 97,165 | $0.00 | $0 |
| 2026-05-06 | 6 co-filers EVP & Chief Marketing Officer | Option exercise | 16,194 | $0.00 | $0 |
| 2026-05-06 | 6 co-filers EVP & Chief Client Officer | Option exercise | 4,534 | $0.00 | $0 |
| 2026-05-06 | 6 co-filers EVP & Chief Financial Officer | Option exercise | 15,115 | $0.00 | $0 |
| 2026-05-06 | 6 co-filers President, CEO & Chairman | Option exercise | 45,344 | $0.00 | $0 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.