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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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Ranked against 25 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| QCOM | $198.0B | 37.0× | 14.8× | 4.5× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 0.7× | 1,051 |
| LITE | $83.3B | — | 126.8× | 27.6× | 83.2% | 41.7% | -230% | -149% | -110% | -0.6× | 380 |
| MSI | $81.4B | 38.6× | 26.2× | 7.0× | 8.0% | 51.7% | 18.4% | 89.4% | 18.6% | 2.3× | 450 |
| CIEN | $49.6B | 411.1× | 165.7× | 10.4× | 18.8% | 42.0% | 2.6% | 4.5% | 2.9% | 1.5× | 296 |
| UI | $36.7B | 38.3× | 30.0× | 11.2× | 27.2% | 46.2% | 29.3% | 66.7% | 66.7% | -0.4× | 71 |
| FN | $12.5B | 26.7× | 22.9× | 2.7× | 35.7% | 12.0% | 10.2% | 19.3% | 19.3% | -0.7× | 150 |
| ESE | $6.3B | 21.2× | 26.2× | 5.8× | 19.2% | 42.1% | 27.3% | 19.4% | 17.3% | 0.3× | 91 |
| PL | $5.2B | — | — | 16.9× | 25.9% | 56.1% | -80.2% | -131% | -131% | — | 71 |
| ONDS | $4.0B | — | — | 79.0× | 605% | 39.7% | -261% | -30.2% | -30.2% | — | 98 |
| VISN | $1.5B | 0.7× | 119.0× | 0.8× | 39.7% | 49.5% | — | -227% | 36.5% | — | 48 |
| NSSC | $1.4B | 33.3× | 27.4× | 7.1× | 11.4% | 59.2% | 21.3% | 22.5% | 22.5% | -2.7× | 52 |
| HLIT | $1.2B | — | 46.3× | 3.3× | -26.2% | 48.5% | -12.0% | -11.3% | -8.7% | -0.5× | 48 |
| UMAC | $863M | — | — | 77.1× | 101% | 34.9% | -171% | -11.0% | -11.0% | — | 36 |
| NTGR | $640M | — | — | 0.9× | 3.8% | 38.0% | -2.6% | -3.6% | -3.6% | — | 29 |
| GILT | $620M | 23.7× | 9.6× | 1.4× | 47.9% | 29.5% | 4.6% | 4.1% | 4.1% | -3.5× | 17 |
| ADTN | $565M | — | 6.1× | 0.5× | 17.5% | 38.3% | -4.2% | -31.3% | -31.3% | -1.2× | 27 |
| CLFD | $452M | — | 52.2× | 3.0× | 19.6% | 33.7% | -5.4% | -3.1% | -3.1% | -2.6× | 19 |
| AIOT | $384M | — | 7.9× | 0.9× | 22.4% | 55.5% | -4.6% | -4.3% | -2.7% | 3.0× | 24 |
| TBCH | $295M | 21.4× | 10.4× | 0.9× | -14.2% | 37.3% | 4.9% | 12.2% | 8.6% | 1.2× | 20 |
| AUDC | $280M | 37.4× | 13.2× | 1.1× | 1.4% | 65.0% | 3.6% | 5.2% | 5.2% | -2.5× | 4 |
| BKTI | $273M | 21.0× | 14.1× | 3.2× | 12.5% | 48.8% | 15.7% | 30.3% | 30.3% | -1.3× | 12 |
| AVNW | $266M | 109.0× | 12.9× | 0.6× | 1.2% | 31.5% | 0.6% | 0.9% | 0.7% | 1.1× | 19 |
| CRNT | $199M | — | 9.9× | 0.6× | -14.1% | 33.8% | -0.6% | -1.2% | -1.1% | -1.1× | 11 |
| VUZI | $192M | — | — | 30.6× | 9.1% | -16.9% | -514% | -131% | -131% | — | 14 |
| RSKIA | $101M | 8.9× | 13.4× | 4.1× | 10.3% | 48.1% | 45.8% | 18.0% | 18.0% | -0.7× | — |
| TRCK | $19M | — | 11.3× | 0.5× | -4.5% | 49.7% | -5.3% | 16.3% | -6.0% | 7.6× | — |
Peers = companies sharing TRCK's sector (Communications Equipment, 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $4.1M (at 2025-09-30) covers the $0 due within a year 4098114.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-09-30, 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. Effective rate ~5.5% on $42.7M of debt.
Cash of $4.1M fully covers short-term debt of $0.
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.
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 $4.1M 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.
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 | FY2022 | FY2021 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $35.2M 100.0% | $36.9M 100.0% | $34.5M 100.0% | $37.0M 100.0% | — | $39.7M 100.0% | — | $33.9M 100.0% | $34.0M 100.0% | $30.6M 100.0% |
| Cost of Revenue | $17.7M 50.3% | $19.7M 53.3% | $19.2M 55.6% | $19.6M 53.1% | — | $18.6M 46.8% | — | $15.2M 45.0% | $15.0M 44.1% | $13.4M 43.7% |
| Gross Profit | $17.5M 49.7% | $17.2M 46.7% | $15.3M 44.4% | $17.4M 46.9% | — | $21.1M 53.2% | — | $18.6M 55.0% | $19.0M 55.9% | $17.2M 56.3% |
| Research & Development | $2.8M 8.0% | $2.7M 7.5% | $2.7M 7.9% | $2.4M 6.6% | — | $1.5M 3.9% | — | $1.2M 3.5% | $1.3M 3.9% | $862K 2.8% |
| Selling, General & Admin | $8.8M 24.9% | $11.5M 31.2% | $10.3M 29.8% | $12.5M 33.7% | — | $10.2M 25.8% | — | $10.4M 30.6% | $12.2M 36.0% | $14.0M 45.7% |
| Total Operating Expenses | $16.3M 46.2% | $19.1M 51.8% | $16.8M 48.8% | $19.5M 52.6% | — | $16.4M 41.3% | — | $15.9M 46.9% | $17.9M 52.5% | $18.9M 61.7% |
| Operating Income | $1.2M 3.5% | -$1.9M -5.1% | -$1.5M -4.5% | -$2.1M -5.7% | — | $4.7M 11.9% | — | $2.8M 8.1% | $1.2M 3.4% | -$1.7M -5.4% |
| Interest Expense | $2.3M 6.6% | $2.0M 5.5% | $2.0M 5.7% | $2.0M 5.4% | — | $2.2M 5.5% | — | $2.5M 7.4% | $2.4M 7.1% | $3.0M 9.8% |
| Other Income (Expense), net | -$3.0M -8.6% | -$1.8M -4.8% | -$1.2M -3.5% | -$4.4M -11.9% | — | -$554K -1.4% | — | -$2.1M -6.2% | -$2.8M -8.4% | -$3.2M -10.4% |
| Pretax Income | -$1.8M -5.1% | -$3.7M -10.0% | -$2.8M -8.0% | -$6.5M -17.6% | — | $4.2M 10.5% | — | $675K 2.0% | -$1.7M -4.9% | -$4.8M -15.8% |
| Income Tax Expense | $104K 0.3% | -$589K -1.6% | $628K 1.8% | $883K 2.4% | — | $717K 1.8% | — | $793K 2.3% | $884K 2.6% | $593K 1.9% |
| Net Income | -$1.9M -5.3% | -$3.1M -8.4% | -$3.4M -9.8% | -$7.4M -20.0% | -$305K | $3.4M 8.7% | $3.4M | -$119K -0.4% | -$2.6M -7.5% | -$5.4M -17.8% |
| Per Share | ||||||||||
| EPS (Basic) | -$0.16 | -$0.26 | -$0.30 | -$0.64 | — | $0.30 | — | -$0.01 | — | — |
| EPS (Diluted) | -$0.16 | -$0.26 | -$0.30 | $0.64 | — | $0.29 | — | -$0.01 | — | — |
| Weighted Avg Shares (Basic) | 11.9M | 11.9M | 11.9M | 11.6M | — | 11.5M | — | 11.4M | — | — |
| Weighted Avg Shares (Diluted) | 11.9M | 11.9M | 11.9M | 11.6M | — | 12.0M | — | 11.4M | — | — |
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.
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 $0.46 today, the market must believe free cash flow compounds 3.2%/yr for a decade (off $4.2M on the 3-yr avg basis).
On the basis ($4.1M) the requirement is 3.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 3.2% is more optimistic than its 9-yr track record.
Default is 10.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.04B shares (market data) · net debt $38.6M
mean 89.5% · volatility σ 207% · implied rate exceeded in 2/5 yrs
Central path = implied 3.2%/yr growth; shaded band = ±1σ (207%) 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.
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
Where each multiple sits in its own 16-yr range · 27th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 16-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 16% against ROIC -6% — 22% 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 36.6× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2021 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 45.0 | — | 46.8 | — | 53.1 | 55.6 | 53.3 | 50.3 |
| Gross Profit | 55.0 | — | 53.2 | — | 46.9 | 44.4 | 46.7 | 49.7 |
| R&D | 3.5 | — | 3.9 | — | 6.6 | 7.9 | 7.5 | 8.0 |
| SG&A | 30.6 | — | 25.8 | — | 33.7 | 29.8 | 31.2 | 24.9 |
| Operating Income | 8.1 | — | 11.9 | — | -5.7 | -4.5 | -5.1 | 3.5 |
| Income Tax | 2.3 | — | 1.8 | — | 2.4 | 1.8 | -1.6 | 0.3 |
| Net Income | -0.4 | — | 8.7 | — | -20.0 | -9.8 | -8.4 | -5.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TRCK: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -7.18pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2021 | 8.5% | 5.1% | 3.4pts |
| FY2022 | -4.3% | 8.6% | -12.9pts |
| FY2023 | -3.4% | 10.5% | -13.9pts |
| FY2024 | -4.6% | 9.8% | -14.4pts |
| FY2025 | 3.0% | 9.3% | -6.2pts |
| Now | -6.0% | 10.3% | -16.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2018 | 56.3% | -5.4% | -17.8% |
| FY2019 | 55.9% | 3.4% | -7.5% |
| FY2020 | 55.0% | 8.1% | -0.4% |
| FY2021 | 53.2% | 11.9% | 8.7% |
| FY2022 | 46.9% | -5.7% | -20.0% |
| FY2023 | 44.4% | -4.5% | -9.8% |
| FY2024 | 46.7% | -5.1% | -8.4% |
| FY2025 | 49.7% | 3.5% | -5.3% |
$8M of goodwill — 30% 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 4.47% against 3.13% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
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 0.4x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 0.53x |
| 5% | 0.51x |
| 10% | 0.48x |
| 15% | 0.45x |
| 20% | 0.43x |
| 25% | 0.40x |
| 30% | 0.37x |
| 35% | 0.35x |
| 40% | 0.32x |
| 45% | 0.29x |
| 50% | 0.27x |
| 55% | 0.24x |
| 60% | 0.21x |
Ladder as of 2026-06-30 (10-Q); cash from the 2025-09-30 balance sheet; FCF from FY2025.
Balance sheet at 2025-09-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 7.7x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $0.46, free cash flow must compound 3.34%/yr for 10 years. It has done -3.29%/yr over 4 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2022 | −85.4% | 3.3% |
| FY2023 | 459.5% | 3.3% |
| FY2024 | 20.8% | 3.3% |
| FY2025 | −11.4% | 3.3% |
The implied rate has been matched or beaten in 2 of the last 4 years.