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Data as of Q3 2026
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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.
Top 3 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
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $8.10 today, the market must believe free cash flow compounds -14.4%/yr for a decade (off $7.8M on the 3-yr avg basis).
The market's -14.4% is more optimistic than its 9-yr track record.
Default is 10.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.01B shares (market data) · net debt -$17.5M
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean -26.4% · volatility σ 50% · implied rate exceeded in 4/8 yrs
Central path = implied -14.4%/yr growth; shaded band = ±1σ (50%) 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (265%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $6.4M dividends + $0 buybacks = $6.4M returned on $2.4M 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).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -5%. 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 $51.4M covers all $10.0M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2020-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~8.7% on $5.0M of debt.
Cash vs short-term debt unavailable.
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.
Ranked against 37 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CCZ | $238.6B | 12.0× | 8.9× | 1.9× | -0.0% | — | 16.2% | 20.6% | 10.2% | 2.4× | — |
| VZ | $185.4B | 11.0× | 6.9× | 1.3× | 2.5% | — | 12.4% | 16.2% | 7.0% | 2.7× | 1,167 |
| TMUS | $165.7B | 16.1× | 7.8× | 1.9× | 8.5% | — | 12.4% | 18.6% | 7.6% | 2.5× | 487 |
| T | $144.2B | 7.0× | 6.0× | 1.1× | 2.7% | — | 17.5% | 17.4% | 8.1% | 2.8× | 1,004 |
| WBD | $77.6B | 106.7× | 16.5× | 2.1× | -5.1% | — | 1.9% | 2.0% | 1.1% | 4.4× | 367 |
| ROKU | $23.0B | 262.9× | — | 4.9× | 15.2% | 43.8% | 1.9% | 3.3% | 3.3% | — | 179 |
| CHTR | $12.8B | 3.1× | 5.1× | 0.2× | -0.6% | — | 9.1% | 31.1% | 4.5% | 4.5× | 192 |
| GSAT | $10.7B | — | 114.4× | 39.1× | 9.0% | — | -3.2% | -2.4% | -1.0% | 0.4× | 56 |
| VSAT | $10.6B | — | 7.8× | 2.3× | 2.7% | — | -0.7% | -0.7% | -0.7% | -1.5× | 106 |
| SIRI | $9.8B | 13.0× | 10.2× | 1.1× | -1.6% | 52.4% | 9.4% | 7.0% | 3.8% | 5.1× | 148 |
| NXST | $5.3B | 57.1× | 8.6× | 1.1× | -8.5% | — | 2.2% | 5.3% | 1.3% | 4.6× | 108 |
| LUMN | $5.0B | — | 2.1× | 0.4× | -5.4% | 46.5% | -14.0% | 156% | 156% | -0.5× | 144 |
| IRDM | $4.8B | 42.4× | 14.4× | 5.5× | 4.9% | — | 13.1% | 24.7% | 5.1% | 3.7× | 104 |
| TDS | $3.9B | — | 15.4× | 3.2× | -5.3% | — | -0.5% | -0.1% | -0.1% | -3.7× | 63 |
| AD | $2.8B | 58.7× | — | 17.4× | 58.3% | 51.2% | 29.9% | 1.9% | 1.9% | — | 20 |
| LBTYA | $2.7B | — | — | 0.5× | 12.4% | 65.8% | -146% | -73.3% | -39.0% | — | — |
| ADEA | $2.4B | 21.7× | 15.3× | 5.3× | 17.9% | — | 25.1% | 23.1% | 12.4% | 1.9× | 57 |
| CALX | $2.3B | 141.6× | 56.2× | 2.3× | 20.3% | 56.8% | 1.8% | 2.1% | 2.1% | -3.7× | 49 |
| IDT | $2.0B | 23.7× | 12.7× | 1.6× | 5.4% | 38.3% | 6.7% | 23.0% | 23.0% | -1.6× | 30 |
| ZD | $1.9B | 47.6× | 5.3× | 1.3× | 3.5% | 85.8% | 3.3% | 2.7% | 1.8% | 0.7× | 53 |
| LILA | $1.7B | — | 9.4× | 0.4× | -0.1% | 78.0% | -13.8% | -110% | -6.6% | 7.8× | — |
| UNIT | $1.2B | 1.0× | 13.7× | 0.6× | 91.5% | — | 58.4% | 343% | 13.2% | 12.1× | 57 |
| NMAX | $1.0B | — | — | 5.5× | 10.7% | 39.3% | -52.6% | -93.8% | -93.8% | — | 52 |
| SBGI | $926M | — | 10.5× | 0.3× | -10.7% | — | -3.5% | -25.3% | -2.3% | 8.3× | 29 |
| SHEN | $563M | — | 10.9× | 1.6× | 9.1% | — | -9.2% | -3.7% | -2.2% | 5.7× | 23 |
| SGA | $51M | — | — | 0.5× | -5.1% | — | -7.4% | -5.2% | -5.0% | — | 3 |
Peers = companies sharing SGA's sector (Radio Broadcasting Stations) 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.
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 | $107.1M 100.0% | $112.9M 100.0% | $115.5M 100.0% | $114.9M 100.0% | $108.3M 100.0% | $95.8M 100.0% | $123.1M 100.0% | $124.8M 100.0% | $118.1M 100.0% | $119.0M 100.0% |
| Selling, General & Admin | $12.3M 11.5% | $12.4M 11.0% | $11.0M 9.5% | $14.3M 12.4% | $10.0M 9.3% | $11.6M 12.1% | $11.5M 9.3% | $11.4M 9.1% | $11.7M 9.9% | $11.0M 9.2% |
| Total Operating Expenses | $118.2M 110.3% | $110.6M 97.9% | $104.0M 90.1% | $101.8M 88.6% | $93.3M 86.1% | $97.1M 101.3% | $104.3M 84.7% | $105.1M 84.2% | $100.9M 85.4% | $96.4M 81.1% |
| Operating Income | -$11.0M -10.3% | $2.4M 2.1% | $11.5M 9.9% | $13.1M 11.4% | $15.1M 13.9% | -$1.2M -1.3% | $18.8M 15.3% | $19.7M 15.8% | $17.2M 14.6% | $22.5M 18.9% |
| Interest Expense | $434K 0.4% | $348K 0.3% | $173K 0.1% | $130K 0.1% | $284K 0.3% | $340K 0.4% | $735K 0.6% | $946K 0.8% | $903K 0.8% | $744K 0.6% |
| Interest & Investment Income | $904K 0.8% | $1.0M 0.9% | $1.4M 1.2% | $410K 0.4% | $16K 0.0% | $148K 0.2% | $610K 0.5% | $631K 0.5% | $0 0.0% | $0 0.0% |
| Other Income (Expense), net | $105K 0.1% | $1.5M 1.3% | $119K 0.1% | $652K 0.6% | $634K 0.6% | $233K 0.2% | $16K 0.0% | $23K 0.0% | $0 0.0% | $0 0.0% |
| Pretax Income | -$10.5M -9.8% | $4.6M 4.0% | $12.9M 11.1% | $14.0M 12.2% | $15.4M 14.2% | -$1.2M -1.3% | $18.7M 15.2% | $19.4M 15.5% | $16.3M 13.8% | $21.8M 18.3% |
| Income Tax Expense | -$2.6M -2.4% | $1.1M 1.0% | $3.4M 2.9% | $4.8M 4.2% | $4.3M 3.9% | $705K 0.7% | $5.4M 4.4% | $5.7M 4.6% | -$5.9M -5.0% | $8.9M 7.5% |
| Net Income | -$7.9M -7.4% | $3.5M 3.1% | $9.5M 8.2% | $9.2M 8.0% | $11.2M 10.3% | -$1.9M -2.0% | $13.3M 10.8% | $13.7M 11.0% | $54.7M 46.3% | $18.2M 15.3% |
| Per Share | ||||||||||
| EPS (Basic) | -$1.22 | $0.55 | $1.55 | $1.52 | $1.85 | -$0.32 | $2.23 | $2.30 | $9.27 | $3.10 |
| EPS (Diluted) | -$1.22 | $0.55 | $1.55 | $1.52 | $1.85 | -$0.32 | $2.23 | $2.30 | $9.27 | $3.09 |
| Weighted Avg Shares (Basic) | 6.2M | 6.1M | 6.0M | 6.0M | 5.9M | 5.9M | 5.8M | 5.8M | 5.8M | 5.8M |
| Weighted Avg Shares (Diluted) | 6.2M | 6.1M | 6.0M | 6.0M | 5.9M | 5.9M | 5.8M | 5.8M | 5.8M | 5.8M |
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 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 -5% against ROIC -5% — -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
High operating leverage: profit moved 110.6× 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 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 9.1 | 9.3 | 12.1 | 9.3 | 12.4 | 9.5 | 11.0 | 11.5 |
| Operating Income | 15.8 | 15.3 | -1.3 | 13.9 | 11.4 | 9.9 | 2.1 | -10.3 |
| Income Tax | 4.6 | 4.4 | 0.7 | 3.9 | 4.2 | 2.9 | 1.0 | -2.4 |
| Net Income | 11.0 | 10.8 | -2.0 | 10.3 | 8.0 | 8.2 | 3.1 | -7.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SGA: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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.
Earns -15.42pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 8.4% | 10.0% (today's — no rate published for this year) | -1.6pts |
| FY2020 | -0.6% | 10.0% (today's — no rate published for this year) | -10.6pts |
| FY2021 | 7.5% | 10.0% (today's — no rate published for this year) | -2.5pts |
| FY2022 | 6.5% | 10.0% (today's — no rate published for this year) | -3.5pts |
| FY2023 | 5.8% | 10.0% (today's — no rate published for this year) | -4.3pts |
| FY2024 | 1.1% | 8.1% | -7.1pts |
| FY2025 | -5.6% | 8.6% | -14.2pts |
| Now | -5.0% | 10.0% | -15.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 18.9% | 15.3% |
| FY2017 | not reported | 14.6% | 46.3% |
| FY2018 | not reported | 15.8% | 11.0% |
| FY2019 | not reported | 15.3% | 10.8% |
| FY2020 | not reported | -1.3% | -2.0% |
| FY2021 | not reported | 13.9% | 10.3% |
| FY2022 | not reported | 11.4% | 8.0% |
| FY2023 | not reported | 9.9% | 8.2% |
| FY2024 | not reported | 2.1% | 3.1% |
| FY2025 | not reported | -10.3% | -7.4% |
Return on equity (-5%) and return on invested capital (-5%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
ROIC ex-goodwill is -5.43% against -5.43% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.62x of reported profit into free cash flow over 5 years, with accruals negative.
Capex has been below depreciation for 3 consecutive years (0.80x 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.
Missing from our data, so excluded from this answer: share_based_compensation.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
This schedule comes from a filing dated 2020-12-31, 2130 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2020-12-31 (10-K); cash from the 2020-12-31 balance sheet; FCF from FY2020.
Balance sheet at 2020-12-31. 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 $8.10, free cash flow must compound -12.0%/yr for 10 years. It has done -29.42%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −50.1% | −12.0% |
| FY2021 | 54.8% | −12.0% |
| FY2022 | −26.5% | −12.0% |
| FY2023 | −1.0% | −12.0% |
| FY2024 | −9.2% | −12.0% |
| FY2025 | −75.8% | −12.0% |
The implied rate has been matched or beaten in 3 of the last 6 years.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-02-25 |
| Step | Amount | Running total |
|---|---|---|
| Net income | −$8M | −$8M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $13M | $5M |
| Operating cash flow | $5M | $5M |
| Capex | −$3M | $2M |
| Free cash flow | $2M | $2M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -22.1% | -17.0% | 5.1 points |
| FY2021 | 13.1% | 3.4% | -9.7 points |
| FY2022 | 6.0% | 7.2% | 1.2 points |
| FY2023 | 0.5% | -1.5% | -2.1 points |
| FY2024 | -2.2% | -7.2% | -4.9 points |
| FY2025 | -5.1% | -12.0% | -6.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 56.2 days | not reported | not reported | not reported |
| FY2020 | 59.9 days | not reported | not reported | not reported |
| FY2021 | 54.8 days | not reported | not reported | not reported |
| FY2022 | 55.4 days | not reported | not reported | not reported |
| FY2023 | 54.3 days | not reported | not reported | not reported |
| FY2024 | 51.5 days | not reported | not reported | not reported |
| FY2025 | 47.8 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.8 percent |
| FY2020 | -5.7 percent |
| FY2021 | -3.2 percent |
| FY2022 | -3.3 percent |
| FY2023 | -2.5 percent |
| FY2024 | -4.7 percent |
| FY2025 | -6.6 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 3 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.
Edward K. Christian Trust 10% owner |
| Open-market sale |
| 5,665 |
| $12.07 |
| $68k |
| 2025-12-15 | Bobinski Catherine A SVP, CHIEF ACCOUNTING OFFICER | Tax withholding | 2,088 | $11.44 | $24k |
| 2025-12-15 | Bush Samuel D EVP, TREASURER & CFO | Tax withholding | 3,216 | $11.44 | $37k |
| 2025-12-15 | Leland Wayne CHIEF OPERATING OFFICER | Tax withholding | 1,912 | $11.44 | $22k |
| 2025-12-15 | Forgy Christopher PRESIDENT & CEO | Tax withholding | 9,316 | $11.44 | $107k |
| 2025-12-10 | Bobinski Catherine A SVP, CHIEF ACCOUNTING OFFICER | Grant | 6,292 | $0.00 | $0 |
| 2025-12-10 | Forgy Christopher PRESIDENT & CEO | Grant | 30,412 | $0.00 | $0 |
| 2025-12-10 | Leland Wayne CHIEF OPERATING OFFICER | Grant | 8,054 | $0.00 | $0 |
| 2025-12-10 | Bush Samuel D EVP, TREASURER & CFO | Grant | 10,319 | $0.00 | $0 |
| 2025-12-10 | Schechter Michael W Director | Grant | 4,446 | $0.00 | $0 |
| 2025-12-10 | Scafidi Michael Director | Grant | 2,960 | $0.00 | $0 |
| 2025-12-10 | Sutherland Gregory David Director | Grant | 1,112 | $0.00 | $0 |
| 2025-12-10 | Coppedge Roy F Iii Director | Grant | 4,446 | $0.00 | $0 |
| 2025-12-10 | Clarke Timothy J. Director | Grant | 4,446 | $0.00 | $0 |
| 2025-12-10 | Brown Clarke Roger Jr Director | Grant | 4,446 | $0.00 | $0 |
| 2025-12-10 | Lada Warren S Director | Grant | 4,446 | $0.00 | $0 |
| 2025-11-06 | Bobinski Catherine A SVP, CHIEF ACCOUNTING OFFICER | Tax withholding | 564 | $12.11 | $7k |
| 2025-11-06 | Leland Wayne CHIEF OPERATING OFFICER | Tax withholding | 276 | $12.11 | $3k |
| 2025-11-06 | Forgy Christopher PRESIDENT & CEO | Tax withholding | 760 | $12.11 | $9k |
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.