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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.
Free-cash-flow coverage unavailable. Last year: $4.8M dividends + $0 buybacks = $4.8M returned.
1 consecutive years of dividend increases.
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 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: 100%. 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).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
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.
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range
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 100% against ROIC 100% — 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
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 12.0 | 26.3 | 40.0 | 36.2 | 46.0 | 41.8 | 33.7 | — |
| Gross Profit | 88.0 | 73.7 | 60.0 | 63.8 | 54.0 | 58.2 | 66.3 | — |
| R&D | 2.1 | 2.8 | 2.9 | 0.4 | 1.2 | 0.3 | 0.4 | — |
| SG&A | 46.6 | 80.5 | 59.7 | 71.0 | 52.0 | 52.1 | 75.4 | — |
| Operating Income | -62.9 | -142.4 | -64.7 | -86.8 | -100.1 | -39.2 | -75.4 | — |
| Income Tax | 0.0 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | — |
| Net Income | -52.3 | -146.4 | -111.1 | -57.1 | -73.6 | -92.2 | -73.8 | — |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SDEV: 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.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $9.8M 100.0% | $10.5M 100.0% | $14.4M 100.0% | $10.2M 100.0% | $9.9M 100.0% | $6.6M 100.0% | $12.5M 100.0% | $18.2M 100.0% | $11.9M 100.0% |
| Cost of Revenue | — | $3.3M 33.7% | $4.4M 41.8% | $6.6M 46.0% | $3.7M 36.2% | $4.0M 40.0% | $1.7M 26.3% | $1.5M 12.0% | $2.8M 15.3% | $2.5M 20.7% |
| Cost of Products | — | — | — | — | — | — | — | — | $2.8M 15.3% | $2.5M 20.7% |
| Gross Profit | — | $6.5M 66.3% | $6.1M 58.2% | $7.8M 54.0% | $6.5M 63.8% | $6.0M 60.0% | $4.9M 73.7% | $11.0M 88.0% | $15.4M 84.7% | $9.4M 79.3% |
| Research & Development | — | $42K 0.4% | $34K 0.3% | $174K 1.2% | $44K 0.4% | $285K 2.9% | $184K 2.8% | $259K 2.1% | $410K 2.2% | $1.4M 11.5% |
| Selling, General & Admin | $7.6M | $7.4M 75.4% | $5.4M 52.1% | $7.5M 52.0% | $7.2M 71.0% | $5.9M 59.7% | $5.3M 80.5% | $5.8M 46.6% | $8.6M 47.4% | $7.2M 60.8% |
| Total Operating Expenses | $8.4M | $7.4M 75.4% | $10.2M 97.4% | $22.2M 154.1% | $15.4M 150.7% | $12.4M 124.7% | $14.3M 216.1% | $18.9M 150.9% | $22.8M 124.8% | $20.4M 171.6% |
| Operating Income | -$8.4M | -$7.4M -75.4% | -$4.1M -39.2% | -$14.4M -100.1% | -$8.9M -86.8% | -$6.4M -64.7% | -$9.4M -142.4% | -$7.9M -62.9% | -$7.3M -40.1% | -$11.0M -92.3% |
| Other Income (Expense), net | -$20K | -$581K -5.9% | -$369K -3.5% | -$276K -1.9% | -$1.6M -15.5% | $605K 6.1% | -$1.4M -21.6% | $19K 0.2% | $12K 0.1% | -$68K -0.6% |
| Pretax Income | — | — | -$9.6M -92.2% | -$10.6M -73.6% | -$5.8M -57.1% | -$11.0M -111.1% | -$9.7M -146.3% | -$6.5M -52.3% | -$7.4M -40.6% | -$13.1M -110.5% |
| Income Tax Expense | $0 | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $5K 0.1% | $6K 0.1% | $4K 0.0% | $3K 0.0% | $2K 0.0% |
| Net Income | -$630.8M | -$7.2M -73.8% | -$9.6M -92.2% | -$10.6M -73.6% | -$5.8M -57.1% | -$11.0M -111.1% | -$9.7M -146.4% | -$6.5M -52.3% | -$7.4M -40.6% | -$13.2M -110.5% |
| Per Share | ||||||||||
| EPS (Basic) | -$108.39 | -$12.68 | -$139.14 | -$10.10 | -$5.26 | -$0.31 | -$0.48 | -$0.39 | -$0.48 | -$1.40 |
| EPS (Diluted) | — | — | — | — | — | -$0.31 | -$0.48 | -$0.46 | -$0.48 | -$1.40 |
| Weighted Avg Shares (Basic) | 5.8M | 679K | 120K | 1.6M | 1.2M | 35.1M | 21.6M | 16.9M | 15.3M | 9.4M |
| Weighted Avg Shares (Diluted) | — | — | — | — | — | 35.1M | 21.6M | 17.1M | 15.3M | 9.4M |
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.