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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 1 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
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| SGRP | $19M | — | — | 0.1× | -16.8% | 15.9% | -18.1% | — | -110% | — | 1 |
Peers = companies sharing SGRP'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 1 positive fiscal year (FY2023). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $0.68 today, the market must believe free cash flow compounds -7.6%/yr for a decade (off $5.6M on the 3-yr avg basis).
On the basis ($5.3M) the requirement is -6.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.03B shares (market data) · net debt $18.5M
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 -16.7% · volatility σ 599% · implied rate exceeded in 2/6 yrs
Central path = implied -7.6%/yr growth; shaded band = ±1σ (599%) 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.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$21.4M 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: -110%. 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 $3.3M (at 2025-12-31) covers all $0 of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2022-09-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~4.9% on $6.9M of debt. Interest last disclosed in FY2017 (no longer broken out).
Cash of $3.3M is below short-term debt of $20.4M — relies on refinancing/operations.
Mostly short-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.
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
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 | $136.1M 100.0% | $163.6M 100.0% | $187.9M 100.0% | $261.3M 100.0% | $255.7M 100.0% | $230.5M 100.0% | $252.9M 100.0% | $229.2M 100.0% | $181.4M 100.0% | $134.3M 100.0% |
| Cost of Revenue | $114.4M 84.1% | $130.0M 79.5% | $138.2M 73.6% | $201.5M 77.1% | $200.8M 78.5% | $185.3M 80.4% | $203.6M 80.5% | $184.9M 80.7% | $144.6M 79.7% | $104.8M 78.0% |
| Gross Profit | $21.7M 15.9% | $33.6M 20.5% | $44.4M 23.7% | $51.0M 19.5% | $47.5M 18.6% | $45.2M 19.6% | $49.3M 19.5% | $44.3M 19.3% | $36.8M 20.3% | $29.5M 22.0% |
| Selling, General & Admin | $32.2M 23.7% | $33.9M 20.7% | $36.6M 19.5% | $41.1M 15.7% | $36.8M 14.4% | $33.3M 14.5% | $36.9M 14.6% | $38.4M 16.8% | $30.6M 16.9% | $25.2M 18.8% |
| Operating Income | -$16.9M -12.4% | $700K 0.4% | $5.6M 3.0% | $5.4M 2.1% | $4.2M 1.6% | $9.7M 4.2% | $10.2M 4.0% | $3.7M 1.6% | $4.1M 2.3% | $2.2M 1.6% |
| Interest Expense | — | — | — | — | — | — | — | — | $337K 0.2% | $133K 0.1% |
| Other Income (Expense), net | -$1.2M -0.9% | -$171K -0.1% | -$346K -0.2% | $482K 0.2% | $510K 0.2% | $242K 0.1% | $266K 0.1% | $406K 0.2% | $401K 0.2% | $128K 0.1% |
| Pretax Income | -$20.6M -15.1% | -$1.7M -1.0% | $3.0M 1.6% | — | — | — | — | — | — | — |
| Income Tax Expense | $4.1M 3.0% | $144K 0.1% | $648K 0.3% | $2.8M 1.1% | $2.1M 0.8% | $312K 0.1% | $3.6M 1.4% | $1.4M 0.6% | $3.0M 1.6% | $441K 0.3% |
| Net Income | -$24.6M -18.1% | -$3.1M -1.9% | $3.9M 2.1% | -$732K -0.3% | $2.0M 0.8% | $3.4M 1.5% | $2.4M 1.0% | -$1.6M -0.7% | -$923K -0.5% | $173K 0.1% |
| Per Share | ||||||||||
| EPS (Basic) | -$1.04 | -$0.13 | $0.17 | -$0.03 | -$0.08 | $0.16 | $0.12 | -$0.07 | -$0.04 | $0.01 |
| EPS (Diluted) | -$1.04 | -$0.13 | $0.16 | -$0.03 | -$0.08 | $0.16 | $0.11 | -$0.07 | -$0.04 | $0.01 |
| Weighted Avg Shares (Basic) | 23.6M | 23.6M | 23.3M | 22.1M | 21.3M | 21.1M | 20.9M | 20.7M | 20.6M | 20.6M |
| Weighted Avg Shares (Diluted) | 23.6M | 23.6M | 24.5M | 22.1M | 21.3M | 21.2M | 21.2M | 20.7M | 20.6M | 21.3M |
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 · 64th 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 -3959% against ROIC -110% — -3849% 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 -197.6% — 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 149.5× 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 | 80.7 | 80.5 | 80.4 | 78.5 | 77.1 | 73.6 | 79.5 | 84.1 |
| Gross Profit | 19.3 | 19.5 | 19.6 | 18.6 | 19.5 | 23.7 | 20.5 | 15.9 |
| SG&A | 16.8 | 14.6 | 14.5 | 14.4 | 15.7 | 19.5 | 20.7 | 23.7 |
| Operating Income | 1.6 | 4.0 | 4.2 | 1.6 | 2.1 | 3.0 | 0.4 | -12.4 |
| Income Tax | 0.6 | 1.4 | 0.1 | 0.8 | 1.1 | 0.3 | 0.1 | 3.0 |
| Net Income | -0.7 | 1.0 | 1.5 | 0.8 | -0.3 | 2.1 | -1.9 | -18.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SGRP: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -45.72pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 24.8% | 4.8% (today's — no rate published for this year) | 20.0pts |
| FY2020 | 28.3% | 4.8% (today's — no rate published for this year) | 23.5pts |
| FY2021 | 11.8% | 4.8% (today's — no rate published for this year) | 6.9pts |
| FY2022 | 9.8% | 4.8% (today's — no rate published for this year) | 5.0pts |
| FY2023 | 8.3% | 4.8% (today's — no rate published for this year) | 3.5pts |
| FY2024 | 1.8% | 4.8% (today's — no rate published for this year) | -3.0pts |
| FY2025 | -44.1% | 4.8% (today's — no rate published for this year) | -48.9pts |
| Now | -110.2% | 4.8% | -115.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 22.0% | 1.6% | 0.1% |
| FY2017 | 20.3% | 2.3% | -0.5% |
| FY2018 | 19.3% | 1.6% | -0.7% |
| FY2019 | 19.5% | 4.0% | 1.0% |
| FY2020 | 19.6% | 4.2% | 1.5% |
| FY2021 | 18.6% | 1.6% | 0.8% |
| FY2022 | 19.5% | 2.1% | -0.3% |
| FY2023 | 23.7% | 3.0% | 2.1% |
| FY2024 | 20.5% | 0.4% | -1.9% |
| FY2025 | 15.9% | -12.4% | -18.1% |
Return on equity is 3849 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$856,000 of goodwill — 3% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is -42.16% against -40.91% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.50x of reported profit into free cash flow over 4 years, with accruals negative.
Reported free cash flow is -$21M; after share-based compensation it is -$22M. The difference is a real cost that the cash flow statement adds back.
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 2022-09-30, 1492 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2022-09-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
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, interest_expense.
At $0.68, free cash flow must compound -5.78%/yr for 10 years. It has no positive compounding record to compare against, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 51.0% | −5.8% |
| FY2021 | −87.4% | −5.8% |
| FY2022 | −854.2% | −5.8% |
| FY2024 | −131.9% | −5.8% |
The achieved growth rate spans a reporting-basis change in FY2021, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$25M | −$25M |
| Share-based comp | $140,000 | −$24M |
| Other non-cash & working capital | $6M | −$18M |
| Operating cash flow | −$18M | −$18M |
| Capex | −$3M | −$21M |
| Free cash flow | −$21M | −$21M |
| FCF after SBC | −$22M | −$22M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -8.8% | -4.8% | 4.0 points |
| FY2021 | 10.9% | 15.5% | 4.5 points |
| FY2022 | 2.2% | 17.6% | 15.5 points |
| FY2023 | -28.1% | -32.3% | -4.3 points |
| FY2024 | -12.9% | -42.5% | -29.6 points |
| FY2025 | -16.8% | 9.0% | 25.9 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 71.2 days | not reported | 16.5 days | 54.7 days |
| FY2020 | 74.3 days | not reported | 15.5 days | 58.8 days |
| FY2021 | 77.3 days | not reported | 16.3 days | 61.1 days |
| FY2022 | 89 days | not reported | 19.2 days | 69.8 days |
| FY2023 | 83.7 days | not reported | not reported | not reported |
| FY2024 | 55.2 days | not reported | 24.6 days | 30.6 days |
| FY2025 | 72.4 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.7 percent |
| FY2020 | -6.5 percent |
| FY2021 | -0.7 percent |
| FY2022 | 4.6 percent |
| FY2023 | -3.2 percent |
| FY2024 | -4.4 percent |
| FY2025 | -14.0 percent |
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.
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 |
|---|---|---|---|---|---|
| 2026-09-29 | Houston Linda M Director | Grant | 110,000 | — | — |
| 2026-09-29 | Cook Timothy Patrick Director | Grant | 110,000 | — | — |
| 2026-09-29 | Bode John B Director | Grant | 110,000 | — | — |
| 2026-09-17 | Linnane William Chief Executive Officer | Grant | 200,000 | — | — |
| 2026-07-30 | Brown Robert G/ |
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.
| Gift |
| 135,000 |
| — |
| — |
| 2026-07-01 | Bartels William H 10% owner | Open-market sale10d late | 4,709,837 | — | — |
| 2026-06-24 | Brown Robert G/ 10% owner | Gift | 4,000 | — | — |
| 2026-06-11 | Brown Robert G/ 10% owner | Open-market sale | 10,000 | $0.85 | $9k |
| 2026-05-01 | Hennen Steven Michael Chief Financial Officer | Open-market buy | 78,000 | $0.64 | $50k |
| 2026-03-10 | Brown Robert G/ 10% owner | Gift | 100 | — | — |
| 2025-12-19 | Hennen Steven Michael Chief Financial Officer | Open-market buy6d late | 55,000 | $0.78 | $43k |