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Data as of Q3 2026
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A reverse discounted cash flow is not shown for a company with no positive EBITDA.
No positive EBITDA in the recent record, so there is no return on capital to compare against its cost.
Classified from the filings: EBITDA negative in each of the last 2 years.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $13.6M buybacks = $13.6M returned on $29.4M 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: -38%. 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 $53.2M (at 2025-12-31) covers all $6.9M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2012-09-30 (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).
Thin coverage — earnings barely cover interest.
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. 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 | $164.8M 100.0% | $108.3M 100.0% | $145.4M 100.0% | $216.9M 100.0% | $242.4M 100.0% | $179.9M 100.0% | $159.2M 100.0% | $138.0M 100.0% | $107.7M 100.0% | $134.9M 100.0% |
| Cost of Revenue | $103.8M 63.0% | $73.8M 68.2% | $92.4M 63.6% | $137.8M 63.6% | $156.4M 64.5% | $117.5M 65.3% | $106.9M 67.1% | $85.0M 61.6% | $67.2M 62.3% | $91.4M 67.8% |
| Cost of Products | — | — | — | — | — | — | — | — | $17.2M 16.0% | $13.8M 10.3% |
| Cost of Services | — | — | — | — | — | — | — | — | $50.0M 46.4% | $77.6M 57.5% |
| Gross Profit | $61.0M 37.0% | $34.4M 31.8% | $52.9M 36.4% | $79.0M 36.4% | $86.0M 35.5% | $62.4M 34.7% | $52.3M 32.9% | — | — | — |
| Research & Development | $7.1M 4.3% | $8.4M 7.8% | $11.8M 8.1% | $16.9M 7.8% | $19.1M 7.9% | $14.2M 7.9% | $10.6M 6.7% | $8.8M 6.3% | — | — |
| Selling, General & Admin | $78.9M 47.9% | $75.5M 69.7% | $81.0M 55.7% | $132.9M 61.3% | $127.5M 52.6% | $62.1M 34.5% | $47.3M 29.7% | $44.0M 31.9% | $40.2M 37.3% | $41.3M 30.6% |
| Total Operating Expenses | $100.9M 61.2% | $90.3M 83.4% | $93.3M 64.1% | — | — | — | — | — | — | — |
| Operating Income | -$39.9M -24.2% | -$55.9M -51.6% | -$40.3M -27.7% | -$53.9M -24.8% | -$41.5M -17.1% | $297K 0.2% | $5.0M 3.2% | $9.0M 6.5% | $414K 0.4% | $2.1M 1.6% |
| Interest Expense | $553K 0.3% | $644K 0.6% | $786K 0.5% | $874K 0.4% | $777K 0.3% | $7.3M 4.0% | $7.5M 4.7% | $7.3M 5.3% | $6.7M 6.2% | $5.5M 4.1% |
| Other Income (Expense), net | $3.2M 2.0% | $4.0M 3.7% | $6.7M 4.6% | $1.4M 0.6% | -$921K -0.4% | -$255K -0.1% | $201K 0.1% | $12K 0.0% | $11K 0.0% | $18K 0.0% |
| Pretax Income | -$37.2M -22.6% | -$52.5M -48.5% | -$34.4M -23.7% | -$53.4M -24.6% | -$43.2M -17.8% | $6.8M 3.8% | -$2.2M -1.4% | $1.8M 1.3% | -$6.3M -5.8% | -$3.3M -2.5% |
| Income Tax Expense | -$663K -0.4% | $26K 0.0% | $36K 0.0% | $54K 0.0% | -$28K -0.0% | -$46K -0.0% | -$104K -0.1% | $31K 0.0% | -$2.8M -2.6% | $334K 0.2% |
| Net Income | -$36.5M -22.2% | -$52.5M -48.5% | -$34.4M -23.7% | -$53.4M -24.6% | -$43.1M -17.8% | $1.7M 0.9% | -$6.4M -4.0% | -$1.6M -1.2% | -$5.8M -5.4% | -$7.2M -5.3% |
| Per Share | ||||||||||
| EPS (Basic) | -$0.50 | -$0.73 | -$0.50 | -$0.79 | -$0.65 | $0.04 | -$0.17 | -$0.04 | — | — |
| EPS (Diluted) | -$0.50 | -$0.73 | -$0.50 | -$0.79 | -$0.65 | $0.04 | -$0.17 | -$0.04 | — | — |
| Weighted Avg Shares (Basic) | 72.9M | 71.8M | 69.3M | 67.6M | 66.4M | 41.6M | 37.7M | 36.8M | — | — |
| Weighted Avg Shares (Diluted) | 72.9M | 71.8M | 69.3M | 67.6M | 66.4M | 42.9M | 37.7M | 36.8M | — | — |
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.
Ranked against 19 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IOT | $24.6B | — | — | 15.2× | 29.6% | 76.7% | -0.6% | -0.6% | -0.6% | — | 146 |
| LDOS | $17.9B | 12.8× | 7.0× | 1.0× | 3.1% | 18.0% | 8.4% | 29.5% | 29.3% | -0.5× | 206 |
| CACI | $14.9B | 28.0× | 19.7× | 1.6× | 10.9% | — | 5.6% | 12.0% | 5.7% | 4.7× | 161 |
| GDDY | $14.8B | 18.9× | 15.0× | 3.0× | 8.3% | — | 17.7% | 407% | 21.9% | 3.0× | 164 |
| JKHY | $11.3B | 23.1× | 16.8× | 4.5× | 7.1% | 43.7% | 19.8% | 24.5% | 24.0% | 0.1× | 195 |
| LNWO | $6.7B | 27.0× | 10.8× | 2.0× | 4.0% | 73.3% | 8.3% | 113% | 5.1% | 4.6× | 2 |
| OTEX | $6.5B | 10.3× | — | 1.2× | 1.5% | 73.7% | 12.3% | 16.0% | 6.6% | — | 42 |
| SAIC | $6.4B | 19.7× | 15.7× | 0.9× | -2.9% | 12.0% | 4.9% | 23.9% | 9.0% | 4.2× | 109 |
| WAY | $5.4B | 45.9× | 17.4× | 4.9× | 16.5% | — | 10.2% | 2.9% | 2.1% | 3.6× | 69 |
| PSN | $5.3B | 23.0× | 13.3× | 0.8× | -5.7% | 22.5% | 3.8% | 9.1% | 6.2% | 1.7× | 57 |
| AGYS | $3.3B | 84.5× | 67.2× | 10.2× | 15.9% | 62.6% | 12.1% | 11.9% | 11.9% | -2.5× | 51 |
| KD | $3.0B | 16.3× | — | 0.2× | 0.2% | 21.8% | 1.3% | 16.9% | 2.9% | — | 179 |
| NTCT | $2.8B | 29.5× | 13.2× | 3.3× | 4.5% | 79.4% | 11.1% | 5.8% | 5.8% | -3.5× | 61 |
| PONY | $2.0B | — | — | 22.4× | 20.0% | 15.7% | -149% | -8.1% | -8.1% | — | 18 |
| OSPN | $946M | 13.7× | 15.0× | 3.9× | 0.0% | 73.8% | 30.0% | 26.8% | 26.8% | -1.2× | 31 |
| TLS | $405M | — | — | 2.5× | 52.2% | 37.0% | -22.2% | -38.1% | -38.1% | — | 24 |
| SLP | $374M | — | — | 4.7× | 13.1% | 58.4% | -81.7% | -51.9% | -51.9% | — | 25 |
| SMRT | $260M | — | — | 1.7× | -12.9% | 32.7% | -39.8% | -26.1% | -26.1% | — | 11 |
| DMRC | $199M | — | — | 5.9× | -11.7% | 61.6% | -95.3% | -80.3% | -80.3% | — | — |
| UIS | $190M | — | 4.8× | 0.1× | -2.9% | 28.2% | -17.4% | 120% | -78.9% | 2.9× | 23 |
Peers = companies sharing TLS's sector (Services-Computer Integrated Systems Design) 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.
Top 31 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
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 6-yr range · 67th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 6-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 -38% against ROIC -38% — 0% 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 -32.8% — 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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 61.6 | 67.1 | 65.3 | 64.5 | 63.6 | 63.6 | 68.2 | 63.0 |
| Gross Profit | — | 32.9 | 34.7 | 35.5 | 36.4 | 36.4 | 31.8 | 37.0 |
| R&D | 6.3 | 6.7 | 7.9 | 7.9 | 7.8 | 8.1 | 7.8 | 4.3 |
| SG&A | 31.9 | 29.7 | 34.5 | 52.6 | 61.3 | 55.7 | 69.7 | 47.9 |
| Operating Income | 6.5 | 3.2 | 0.2 | -17.1 | -24.8 | -27.7 | -51.6 | -24.2 |
| Income Tax | 0.0 | -0.1 | -0.0 | -0.0 | 0.0 | 0.0 | 0.0 | -0.4 |
| Net Income | -1.2 | -4.0 | 0.9 | -17.8 | -24.6 | -23.7 | -48.5 | -22.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TLS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 32.2% | 1.6% | -5.3% |
| FY2017 | 37.7% | 0.4% | -5.4% |
| FY2018 | 38.4% | 6.5% | -1.2% |
| FY2019 | 32.9% | 3.2% | -4.0% |
| FY2020 | 34.7% | 0.2% | 0.9% |
| FY2021 | 35.5% | -17.1% | -17.8% |
| FY2022 | 36.4% | -24.8% | -24.6% |
| FY2023 | 36.4% | -27.7% | -23.7% |
| FY2024 | 31.8% | -51.6% | -48.5% |
| FY2025 | 37.0% | -24.2% | -22.2% |
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: positive EBIT.
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.
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 2012-09-30, 5144 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2012-09-30 (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.
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.
Once stock compensation is charged, free cash flow averages -$12M over the last 2 years — there is nothing left to discount, so no growth rate can be solved for. Before the charge it averages $15M.
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.
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 |
|---|---|---|---|---|---|
| 2026-09-21 | Wood John B Chairman and CEO | Open-market saleindirect | 96,151 | $4.05 | $389k |
| 2026-09-18 | Bendza Gary Mark EVP, CFO | Open-market sale | 174,539 | $4.05 | $707k |
| 2026-09-11 | Bendza Gary Mark EVP, CFO | Open-market sale | 25,461 | $4.33 | $110k |
| 2026-09-09 | Bendza Gary Mark |
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.
| Open-market sale |
| 200,000 |
| $4.55 |
| $910k |
| 2026-09-02 | Robbins Edward Hutchinson Jr. EVP, General Counsel | Open-market sale | 62,398 | $4.73 | $295k |
| 2026-08-21 | Dockery Derrick D. Director | Open-market sale | 12,000 | $4.43 | $53k |
| 2026-08-14 | Terreri Donald Joseph Controller, Chief Acct Officer | Tax withholding | 1,382 | $4.54 | $6k |
| 2026-08-12 | Dockery Derrick D. Director | Open-market sale | 11,000 | $4.34 | $48k |
| 2026-06-26 | 3 co-filers EVP, CFO | Open-market sale | 80,140 | $4.41 | $353k |
| 2026-06-25 | 3 co-filers EVP, CFO | Open-market sale | 97,976 | $4.19 | $411k |
| 2026-06-24 | Dockery Derrick D. Director | Open-market sale | 7,000 | $4.36 | $31k |
| 2026-06-24 | 3 co-filers EVP, CFO | Open-market sale | 71,884 | $4.36 | $313k |
| 2026-06-22 | Jacobs Bradley W. Director | Open-market sale | 55,772 | $4.31 | $240k |
| 2026-05-28 | Dockery Derrick D. Director | Open-market sale | 8,000 | $4.78 | $38k |
| 2026-05-26 | 2 co-filers EVP, General Counsel | Grant | 92,225 | $0.00 | $0 |
| 2026-05-26 | Terreri Donald Joseph Controller, Chief Acct Officer | Grant | 13,288 | $0.00 | $0 |
| 2026-05-26 | 2 co-filers VP, Human Resources | Grant | 33,001 | $0.00 | $0 |
| 2026-05-26 | 2 co-filers VP, Chief Info Tech Officer | Grant | 52,787 | $0.00 | $0 |
| 2026-05-26 | Dockery Derrick D. Director | Grant | 34,091 | $0.00 | $0 |
| 2026-05-26 | Jacobs Bradley W. Director | Grant | 34,091 | $0.00 | $0 |
| 2026-05-26 | 2 co-filers EVP, CFO | Grant | 123,477 | $0.00 | $0 |
| 2026-05-26 | Schaufeld Fredrick Director | Grant | 34,091 | $0.00 | $0 |
| 2026-05-26 | Carroll Bonnie Lynn Director | Grant | 34,091 | $0.00 | $0 |
| 2026-05-26 | Maluda John W Director | Grant | 34,091 | $0.00 | $0 |
| 2026-05-26 | 2 co-filers EVP, Security Solutions | Grant | 106,763 | $0.00 | $0 |
| 2026-05-26 | 2 co-filers Chairman and CEO | Grant | 362,734 | $0.00 | $0 |
| 2026-05-26 | Borland David Director | Grant | 34,091 | $0.00 | $0 |
| 2026-05-26 | 2 co-filers EVP, General Counsel | Grant | 138,337 | $0.00 | — |
| 2026-05-26 | 2 co-filers VP, Human Resources | Grant | 12,942 | $0.00 | — |
| 2026-05-26 | 2 co-filers EVP, Security Solutions | Grant | 160,145 | $0.00 | — |
| 2026-05-26 | 2 co-filers EVP, CFO | Grant | 185,216 | $0.00 | — |
| 2026-05-26 | 2 co-filers VP, Chief Info Tech Officer | Grant | 19,004 | $0.00 | — |
| 2026-05-26 | 2 co-filers Chairman and CEO | Grant | 544,101 | $0.00 | — |
| 2026-05-16 | Hill Donna K. VP, Human Resources | Tax withholding | 2,310 | $4.20 | $10k |
| 2026-05-16 | Cooke Malcolm G. VP, Chief Info Tech Officer | Tax withholding | 2,548 | $4.20 | $11k |
| 2026-05-16 | Bendza Gary Mark EVP, CFO | Tax withholding | 98,019 | $4.20 | $412k |
| 2026-05-16 | Griffin Mark D EVP, Security Solutions | Tax withholding | 77,097 | $4.20 | $324k |
| 2026-05-16 | Robbins Edward Hutchinson Jr. EVP, General Counsel | Tax withholding | 59,675 | $4.20 | $251k |
| 2026-05-14 | Dockery Derrick D. Director | Open-market sale | 18,000 | $4.14 | $75k |
| 2026-03-19 | Dockery Derrick D. Director | Open-market sale | 4,100 | $4.18 | $17k |