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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
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NPCE | $422M | — | — | 4.2× | 25.1% | 77.2% | -21.5% | -113% | -27.5% | — | 8 |
| CARL | $408M | — | — | 8.1× | 85.9% | 75.3% | -58.7% | -30.0% | -25.9% | — | 11 |
| SI | $398M | — | — | 8.4× | 49.6% | 76.5% | -85.3% | -28.7% | -25.9% | — | 10 |
| OFIX | $369M | — | — | 0.5× | 2.9% | 68.8% | -11.2% | -20.5% | -15.2% | — | 18 |
| EMBC | $354M | 3.9× | 5.4× | 0.3× | -3.8% | 62.6% | 8.8% | -14.7% | 12.8% | 4.2× | 90 |
| CLPT | $342M | — | — | 9.3× | 17.8% | 61.4% | -69.1% | -91.1% | -33.1% | — | 14 |
| TMCI | $288M | — | — | 1.4× | 1.6% | 79.8% | -27.7% | -67.6% | -40.8% | — | 19 |
| ANIK | $280M | — | — | 2.5× | -5.9% | 56.6% | -9.6% | -7.6% | -7.6% | — | 23 |
| INFU | $280M | 45.4× | 12.2× | 1.9× | 6.4% | 56.0% | 4.6% | 11.6% | 8.6% | 0.7× | 14 |
| OSUR | $272M | — | — | 2.4× | -38.1% | 41.9% | -59.8% | -20.2% | -20.2% | — | 20 |
| PROF | $240M | 4.7× | — | 14.9× | 50.7% | 70.8% | -264% | -64.1% | -60.0% | — | 7 |
| UTMD | $194M | 19.6× | 8.8× | 5.0× | -5.8% | 57.1% | 29.3% | 9.5% | 9.5% | -7.0× | 23 |
| PDEX | $188M | 14.1× | 13.7× | 2.4× | 16.5% | 31.4% | 17.6% | 28.7% | 21.0% | 0.7× | 11 |
| STIM | $171M | — | — | 1.1× | 99.2% | 48.5% | -26.1% | -174% | -44.2% | — | 8 |
| KRMD | $138M | — | — | 3.4× | 22.2% | 62.3% | -6.4% | -15.5% | -15.5% | — | 6 |
| LUNG | $129M | — | — | 1.4× | 8.0% | 74.2% | -59.7% | -99.8% | -59.2% | — | 9 |
| APYX | $110M | — | — | 2.1× | 9.9% | 62.5% | -21.2% | -77.1% | -22.7% | — | 5 |
| SNWV | $44M | 12.6× | 9.2× | 1.0× | 35.0% | 77.1% | 26.8% | 730% | 50.2% | 1.7× | 3 |
Peers = companies sharing SNWV's sector (Surgical & Medical Instruments & Apparatus) 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.
The same 2 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
On the SBC-adjusted basis free cash flow is -$1.2M — there is nothing left to discount once stock compensation is charged, so no growth rate can be solved for. The 3-yr avg basis gives $1.9M over those same years — the whole difference is the stock compensation.
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 $1.9M 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 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: 50%. 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.
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 | $44.1M 100.0% | $32.6M 100.0% | $20.4M 100.0% | $16.7M 100.0% | $13.0M 100.0% | $4.1M 100.0% | $1.5M 100.0% | $1.9M 100.0% | $739K 100.0% | $1.4M 100.0% |
| Cost of Revenue | $10.1M 22.9% | $8.1M 24.8% | $6.0M 29.6% | $4.3M 25.9% | $5.0M 38.3% | $1.2M 28.6% | $539K 35.3% | $694K 37.5% | $242K 32.8% | $565K 41.1% |
| Gross Profit | $34.0M 77.1% | $24.6M 75.2% | $14.4M 70.4% | $12.4M 74.1% | $8.0M 61.7% | $2.9M 71.4% | $490K 32.0% | $1.2M 62.5% | $497K 67.2% | — |
| Research & Development | $1.4M 3.1% | $673K 2.1% | $579K 2.8% | $567K 3.4% | $1.1M 8.5% | $1.2M 30.7% | $1.2M 77.3% | $982K 53.1% | $1.3M 175.0% | $1.1M 82.0% |
| Selling, General & Admin | $19.4M 44.0% | $12.9M 39.6% | $8.7M 42.5% | $12.6M 75.0% | $11.7M 89.9% | $13.7M 338.3% | $6.4M 421.3% | $6.8M 368.2% | $3.0M 406.8% | $2.7M 194.3% |
| Total Operating Expenses | $29.0M 65.9% | $20.7M 63.4% | $14.9M 73.1% | $21.4M 127.6% | $22.2M 170.4% | $28.1M 692.5% | $9.3M 607.3% | $8.3M 450.6% | $4.3M 585.1% | $4.1M 299.9% |
| Operating Income | $4.9M 11.2% | $3.8M 11.8% | -$540K -2.6% | -$9.0M -53.5% | -$14.1M -108.7% | -$25.2M -621.1% | -$8.8M -575.3% | -$7.2M -388.1% | -$3.8M -517.8% | -$3.3M -241.0% |
| Interest Expense | — | $12.6M 38.5% | — | $12.8M 76.3% | $6.9M 52.9% | $2.0M 49.9% | $1.8M 120.1% | $4.5M 243.0% | $1.1M 154.3% | $855K 62.1% |
| Other Income (Expense), net | $7.0M 15.8% | -$36.9M -113.1% | -$25.3M -123.9% | -$1.3M -8.0% | -$13.1M -100.6% | -$5.7M -141.4% | -$1.6M -107.0% | -$4.5M -240.6% | -$1.7M -232.0% | -$3.1M -226.9% |
| Pretax Income | $11.9M 27.0% | -$33.1M -101.3% | — | — | — | — | — | — | — | — |
| Income Tax Expense | $86K 0.2% | $27K 0.1% | $4K 0.0% | $2K 0.0% | $28K 0.2% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% |
| Net Income | $11.8M 26.8% | -$33.1M -101.4% | -$25.8M -126.5% | -$10.3M -61.5% | -$27.3M -209.5% | -$30.9M -762.6% | -$10.4M -682.3% | -$11.6M -628.7% | -$5.5M -749.9% | -$6.4M -467.9% |
| Per Share | ||||||||||
| EPS (Basic) | $1.38 | -$7.41 | -$12.19 | -$0.02 | -$0.05 | -$0.08 | -$0.05 | — | — | — |
| EPS (Diluted) | $0.41 | -$7.41 | -$12.19 | -$0.02 | -$0.05 | -$0.08 | -$0.05 | — | — | — |
| Weighted Avg Shares (Basic) | 8.6M | 4.5M | 2.1M | 549.5M | 518.4M | 378.1M | 203.6M | — | — | — |
| Weighted Avg Shares (Diluted) | 9.1M | 4.5M | 2.1M | 549.5M | 518.4M | 378.1M | 203.6M | — | — | — |
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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $12.0M (at 2025-12-31) covers the $4.3M due within a year 2.8× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-03-31 (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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Interest last disclosed in FY2024 (no longer broken out).
Cash of $12.0M fully covers short-term debt of $5.8M.
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.
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.
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 |
|---|---|---|---|---|---|
| 2026-09-30 | Miller Ian D. Director | Grant | 12,697 | $0.00 | — |
| 2026-09-30 | Tyler James Director | Grant | 11,286 | $0.00 | — |
| 2026-09-30 | Blizard Jeffrey Director | Grant | 11,286 | $0.00 | — |
| 2026-09-30 | Bazar Gregory Matthew Director | Grant |
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.
| 11,286 |
| $0.00 |
| — |
| 2026-09-30 | Frank Morgan C. Chief Executive Officer | Grant | 11,286 | $0.00 | — |
| 2026-06-30 | Bazar Gregory Matthew Director | Grant | 5,524 | $0.00 | — |
| 2026-06-30 | Blizard Jeffrey Director | Grant | 5,524 | $0.00 | — |
| 2026-06-30 | Tyler James Director | Grant | 5,524 | $0.00 | — |
| 2026-06-30 | Miller Ian D. Director | Grant | 6,215 | $0.00 | — |
| 2026-06-30 | Frank Morgan C. Chief Executive Officer | Grant | 5,524 | $0.00 | — |
| 2026-05-01 | 4 co-filers Group filing | Open-market saleindirect | 10,081 | $16.11 | $162k |
| 2026-05-01 | 4 co-filers Group filing | Open-market saleindirect | 500 | $16.11 | $8k |
| 2026-04-30 | 4 co-filers Group filing | Open-market saleindirect | 24,000 | $16.15 | $388k |
| 2026-04-30 | 4 co-filers Group filing | Open-market saleindirect | 1,000 | $16.15 | $16k |
| 2026-04-29 | 4 co-filers Group filing | Open-market saleindirect | 23,360 | $17.25 | $403k |
| 2026-04-29 | 4 co-filers Group filing | Open-market saleindirect | 1,000 | $17.25 | $17k |
| 2026-04-28 | 4 co-filers Group filing | Open-market saleindirect | 43,788 | $18.47 | $809k |
| 2026-04-28 | 4 co-filers Group filing | Open-market saleindirect | 2,500 | $18.47 | $46k |
| 2026-04-21 | 3 co-filers Group filing | Open-market saleindirect | 202 | $20.50 | $4k |
| 2026-04-17 | 3 co-filers Group filing | Open-market saleindirect | 11,267 | $20.46 | $231k |
| 2026-04-17 | 3 co-filers Group filing | Open-market saleindirect | 5,000 | $20.46 | $102k |
| 2026-03-31 | Bazar Gregory Matthew Director | Grant | 3,208 | $0.00 | — |
| 2026-03-31 | Blizard Jeffrey Director | Grant | 3,208 | $0.00 | — |
| 2026-03-31 | Tyler James Director | Grant | 3,208 | $0.00 | — |
| 2026-03-31 | Miller Ian D. Director | Grant | 3,609 | $0.00 | — |
| 2026-03-31 | Frank Morgan C. Chief Executive Officer | Grant | 3,208 | $0.00 | — |
| 2026-01-30 | Wern David Timothy Exec VP of Sales | Grant | 2,500 | $0.00 | — |
| 2026-01-30 | Frank Morgan C. Chief Executive Officer | Grant | 24,000 | $0.00 | — |
| 2025-12-31 | Bazar Gregory Matthew Director | Grant1d late | 1,540 | $0.00 | — |
| 2025-12-31 | Blizard Jeffrey Director | Grant1d late | 1,540 | $0.00 | — |
| 2025-12-31 | Tyler James Director | Grant1d late | 1,540 | $0.00 | — |
| 2025-12-31 | Miller Ian D. Director | Grant1d late | 1,733 | $0.00 | — |
| 2025-12-31 | Frank Morgan C. Chief Executive Officer | Grant1d late | 1,540 | $0.00 | — |
| 2025-12-12 | 10 co-filers Group filing | Open-market saleindirect | 6,500 | $21.04 | $137k |
| 2025-12-11 | 10 co-filers Group filing | Open-market saleindirect | 13,500 | $31.28 | $422k |
| 2025-12-10 | 20 co-filers Group filing | Open-market saleindirect | 8,625 | $30.39 | $262k |
| 2025-12-09 | 20 co-filers Group filing | Open-market saleindirect | 8,785 | $30.58 | $269k |
| 2025-12-08 | 20 co-filers Group filing | Open-market saleindirect | 125,400 | $30.75 | $3.9m |
| 2025-12-08 | 20 co-filers Group filing | Open-market sale | 2,000 | $31.60 | $63k |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 4th 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 730% against ROIC 50% — 679% 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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 37.5 | 35.3 | 28.6 | 38.3 | 25.9 | 29.6 | 24.8 | 22.9 |
| Gross Profit | 62.5 | 32.0 | 71.4 | 61.7 | 74.1 | 70.4 | 75.2 | 77.1 |
| R&D | 53.1 | 77.3 | 30.7 | 8.5 | 3.4 | 2.8 | 2.1 | 3.1 |
| SG&A | 368.2 | 421.3 | 338.3 | 89.9 | 75.0 | 42.5 | 39.6 | 44.0 |
| Operating Income | -388.1 | -575.3 | -621.1 | -108.7 | -53.5 | -2.6 | 11.8 | 11.2 |
| Income Tax | 0.0 | 0.0 | 0.0 | 0.2 | 0.0 | 0.0 | 0.1 | 0.2 |
| Net Income | -628.7 | -682.3 | -762.6 | -209.5 | -61.5 | -126.5 | -101.4 | 26.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SNWV: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 4097.06pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | -138.3% | 27.7% (today's — no rate published for this year) | -165.9pts |
| FY2025 | 39.0% | 27.7% (today's — no rate published for this year) | 11.3pts |
| Now | 50.2% | 27.7% | 22.6pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 58.9% | -241.0% | -467.9% |
| FY2017 | 67.2% | -517.8% | -749.9% |
| FY2018 | 62.5% | -388.1% | -628.7% |
| FY2019 | 32.0% | -575.3% | -682.3% |
| FY2020 | 71.4% | -621.1% | -762.6% |
| FY2021 | 61.7% | -108.7% | -209.5% |
| FY2022 | 74.1% | -53.5% | -61.5% |
| FY2023 | 70.4% | -2.6% | -126.5% |
| FY2024 | 75.2% | 11.8% | -101.4% |
| FY2025 | 77.1% | 11.2% | 26.8% |
Leverage and buybacks account for 679 points of the 730% return on equity in FY2025. The business earns 50% on the capital it employs; the rest is balance sheet.
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.
The spread was positive in only 1 of the last 2 years.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Stressed coverage falls to 0.3x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 0.39x |
| 5% | 0.37x |
| 10% | 0.35x |
| 15% | 0.33x |
| 20% | 0.31x |
| 25% | 0.30x |
| 30% | 0.28x |
| 35% | 0.26x |
| 40% | 0.24x |
| 45% | 0.22x |
| 50% | 0.20x |
| 55% | 0.18x |
| 60% | 0.16x |
Ladder as of 2026-03-31 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. 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.
Once stock compensation is charged, free cash flow averages -$1M over the last 2 years — there is nothing left to discount, so no growth rate can be solved for. Before the charge it averages $2M.
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.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: positive_free_cash_flow.