Loading institutional data...
Loading institutional data...
Insufficient data to determine institutional momentum.
Data as of Q3 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading insider activity...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $6.86 today, the market must believe free cash flow compounds 12.4%/yr for a decade (off $4.5M on the 3-yr avg basis).
On the basis ($1.9M) the requirement is 24.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 12.4% is more optimistic than its 9-yr track record.
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 -$67.5M
mean -34.9% · volatility σ 184% · implied rate exceeded in 2/6 yrs
Central path = implied 12.4%/yr growth; shaded band = ±1σ (184%) 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.
Ranked against 16 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BAH | $10.0B | 12.2× | 11.1× | 0.9× | -6.4% | 52.7% | 7.6% | 77.0% | 16.9% | 2.7× | 118 |
| G | $6.5B | 12.4× | 8.8× | 1.3× | 6.6% | 36.0% | 10.9% | 21.7% | 13.5% | 0.8× | 112 |
| FCN | $5.0B | 22.0× | 11.7× | 1.3× | 2.4% | 32.1% | 7.1% | 15.6% | 12.9% | 0.2× | 66 |
| EXPO | $3.7B | 37.8× | — | 6.4× | 4.2% | — | 18.2% | 27.2% | 27.2% | — | 76 |
| HURN | $3.1B | 33.0× | 16.9× | 1.8× | 11.7% | — | 6.2% | 19.9% | 10.1% | 2.3× | 48 |
| ASTH | $1.8B | 79.6× | 19.5× | 0.6× | 56.4% | — | 0.7% | 2.9% | 1.2% | 4.9× | 35 |
| ICFI | $1.7B | 19.4× | 10.4× | 0.9× | -7.3% | 37.2% | 4.9% | 8.9% | 6.4% | 1.9× | 35 |
| BWMN | $711M | 58.7× | 20.6× | 1.4× | 14.9% | 53.4% | 2.6% | 4.9% | 4.0% | 1.3× | 22 |
| ONT | $523M | — | 33.3× | 0.6× | 19.3% | 40.3% | -0.1% | -0.2% | -0.1% | 11.5× | — |
| HCKT | $314M | 27.4× | 12.9× | 1.0× | -2.6% | 38.3% | 4.2% | 19.0% | 9.0% | 2.0× | 31 |
| PPHC | $309M | — | — | 1.7× | 24.7% | 10.0% | -20.9% | -52.1% | -32.0% | — | 10 |
| III | $294M | 32.0× | 14.6× | 1.2× | -1.2% | 43.1% | 3.8% | 9.9% | 6.1% | 1.4× | 32 |
| RMR | $292M | 16.6× | 5.1× | 0.4× | -22.0% | — | 2.5% | 7.7% | 6.5% | -0.3× | 36 |
| SUPX | $267M | — | — | 74.2× | 23.9% | 10.2% | -590% | -107% | -104% | — | 1 |
| TSSI | $215M | 13.6× | 14.7× | 0.9× | 65.9% | 13.2% | 6.2% | 19.7% | 16.0% | -6.7× | 18 |
| EGG | $140M | 252.0× | — | 31.5× | 12.2% | 68.8% | 12.6% | 3.5% | 3.5% | — | — |
| RTB | $115M | — | — | 10.3× | -38.7% | 47.7% | -157% | -65.9% | -65.9% | — | — |
Peers = companies sharing TSSI's sector (Services-Management Consulting Services) 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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $4.9M buybacks = $4.9M returned on $2.1M 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.
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).
Insufficient data. Current ROIC on all capital: 16%. 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 $85.5M (at 2025-12-31) covers all $16.4M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2026-03-31 (10-Q/A). 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).
Coverage is adequate but not comfortable. Effective rate ~33.4% on $8.2M of debt. Interest last disclosed in FY2024 (no longer broken out).
Cash of $85.5M fully covers short-term debt of $4.0M.
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.
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 | $245.7M 100.0% | $148.1M 100.0% | $54.4M 100.0% | $30.6M 100.0% | $27.4M 100.0% | $45.1M 100.0% | $32.8M 100.0% | $22.3M 100.0% | $18.3M 100.0% | $27.4M 100.0% |
| Cost of Revenue | $213.3M 86.8% | $125.8M 84.9% | $43.4M 79.8% | $21.7M 70.7% | $21.0M 76.8% | $38.3M 84.9% | $26.2M 79.9% | $13.9M 62.0% | — | — |
| Cost of Services | — | — | — | — | — | — | — | $13.9M 62.0% | $10.6M 57.8% | $20.2M 73.7% |
| Gross Profit | $32.4M 13.2% | $22.4M 15.1% | $11.0M 20.2% | $9.0M 29.3% | $6.4M 23.2% | $6.8M 15.1% | $6.6M 20.1% | $8.5M 38.0% | $7.7M 42.2% | $7.2M 26.3% |
| Selling, General & Admin | $20.6M 8.4% | $13.2M 8.9% | $8.9M 16.4% | $7.7M 25.1% | $6.7M 24.3% | $6.7M 14.8% | $5.7M 17.5% | $6.4M 28.5% | $6.5M 35.3% | $8.1M 29.8% |
| Total Operating Expenses | $26.1M 10.6% | $16.6M 11.2% | $11.2M 20.6% | — | — | — | — | — | — | — |
| Operating Income | $6.3M 2.6% | $5.8M 3.9% | -$221K -0.4% | $914K 3.0% | -$831K -3.0% | -$400K -0.9% | $480K 1.5% | $2.9M 12.8% | $1.1M 6.0% | -$633K -2.3% |
| Interest Expense | — | $2.7M 1.8% | $2.0M 3.6% | $931K 3.0% | $430K 1.6% | $367K 0.8% | $313K 1.0% | $403K 1.8% | $328K 1.8% | $365K 1.3% |
| Interest & Investment Income | $1.7M 0.7% | $562K 0.4% | $0 0.0% | — | — | — | — | — | — | — |
| Other Income (Expense), net | — | $194K 0.1% | $0 0.0% | $33K 0.1% | $29K 0.1% | $896K 2.0% | — | — | -$3K -0.0% | -$6K -0.0% |
| Pretax Income | $7.5M 3.1% | $6.1M 4.1% | $134K 0.2% | -$17K -0.1% | -$1.2M -4.5% | $129K 0.3% | $167K 0.5% | $2.5M 11.0% | $775K 4.2% | -$1.0M -3.7% |
| Income Tax Expense | -$7.6M -3.1% | $158K 0.1% | $60K 0.1% | $56K 0.2% | $65K 0.2% | $50K 0.1% | $41K 0.1% | $26K 0.1% | $9K 0.0% | $19K 0.1% |
| Net Income | $15.1M 6.2% | $6.0M 4.0% | $74K 0.1% | -$73K -0.2% | -$1.3M -4.7% | $79K 0.2% | $126K 0.4% | $2.4M 10.9% | $766K 4.2% | -$1.0M -3.7% |
| Per Share | ||||||||||
| EPS (Basic) | $0.61 | $0.27 | $0.00 | $0.00 | -$0.07 | $0.00 | $0.01 | $0.16 | $0.05 | -$0.07 |
| EPS (Diluted) | $0.56 | $0.24 | $0.00 | $0.00 | -$0.07 | $0.00 | $0.01 | $0.13 | $0.05 | -$0.07 |
| Weighted Avg Shares (Basic) | — | — | 21.6M | 20.1M | 18.4M | 17.8M | 17.4M | 15.5M | 15.5M | 15.4M |
| Weighted Avg Shares (Diluted) | 27.2M | 25.1M | 22.0M | 20.1M | 18.4M | 21.0M | 20.9M | 18.7M | 16.5M | 15.4M |
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.
Top 20 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
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 44th 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 20% against ROIC 16% — 4% 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 36.1% — 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
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 | 62.0 | 79.9 | 84.9 | 76.8 | 70.7 | 79.8 | 84.9 | 86.8 |
| Gross Profit | 38.0 | 20.1 | 15.1 | 23.2 | 29.3 | 20.2 | 15.1 | 13.2 |
| SG&A | 28.5 | 17.5 | 14.8 | 24.3 | 25.1 | 16.4 | 8.9 | 8.4 |
| Operating Income | 12.8 | 1.5 | -0.9 | -3.0 | 3.0 | -0.4 | 3.9 | 2.6 |
| Income Tax | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | 0.1 | -3.1 |
| Net Income | 10.9 | 0.4 | 0.2 | -4.7 | -0.2 | 0.1 | 4.0 | 6.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TSSI: 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 -3.73pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2021 | -18.9% | 7.3% | -26.2pts |
| FY2024 | 29.4% | 14.2% | 15.3pts |
| FY2025 | 16.8% | 16.7% (today's — no rate published for this year) | 0.1pts |
| Now | 16.0% | 16.7% | -0.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 26.3% | -2.3% | -3.7% |
| FY2017 | 42.2% | 6.0% | 4.2% |
| FY2018 | 38.0% | 12.8% | 10.9% |
| FY2019 | 20.1% | 1.5% | 0.4% |
| FY2020 | 15.1% | -0.9% | 0.2% |
| FY2021 | 23.2% | -3.0% | -4.7% |
| FY2022 | 29.3% | 3.0% | -0.2% |
| FY2023 | 20.2% | -0.4% | 0.1% |
| FY2024 | 15.1% | 3.9% | 4.0% |
| FY2025 | 13.2% | 2.6% | 6.2% |
Leverage and buybacks account for 4 points of the 20% return on equity in FY2025. The business earns 16% 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.
$780,000 of goodwill — 2% 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.
Margins have compressed 3 years running even as the spread stayed positive.
Converts 5.36x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $2M; after share-based compensation it is -$2M. The difference is a real cost that the cash flow statement adds back.
Stressed coverage of 1.6x sits between comfortable and thin.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.31x |
| 5% | 2.19x |
| 10% | 2.08x |
| 15% | 1.96x |
| 20% | 1.85x |
| 25% | 1.73x |
| 30% | 1.62x |
| 35% | 1.50x |
| 40% | 1.39x |
| 45% | 1.27x |
| 50% | 1.15x |
| 55% | 1.04x |
| 60% | 0.92x |
Ladder as of 2026-03-31 (10-Q/A); 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.
Operating leases are $23,623,000 of the $41,637,000 total — a fixed obligation that does not appear in a headline debt figure.
At $7.63, free cash flow must compound 16.58%/yr for 10 years. It has done -2.19%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 296.6% | 16.6% |
| FY2021 | −209.5% | 16.6% |
| FY2023 | −160.1% | 16.6% |
| FY2025 | −68.9% | 16.6% |
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.
The achieved growth rate spans a reporting-basis change in FY2023, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $15M | $15M |
| Share-based comp | $4M | $19M |
| Other non-cash & working capital | $16M | $35M |
| Operating cash flow | $35M | $35M |
| Capex | −$33M | $2M |
| Free cash flow | $2M | $2M |
| FCF after SBC | −$2M | −$2M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 37.5% | not reported | not reported |
| FY2021 | -39.2% | not reported | not reported |
| FY2022 | 11.8% | not reported | not reported |
| FY2023 | 77.6% | not reported | not reported |
| FY2024 | 172.3% | not reported | not reported |
| FY2025 | 65.9% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -16.4 percent |
| FY2020 | -41.7 percent |
| FY2021 | 47.5 percent |
| FY2022 | -47.1 percent |
| FY2023 | 32.6 percent |
| FY2024 | -9.7 percent |
| FY2025 | -10.7 percent |
Below the line, the asset base is being consumed faster than it is replaced.
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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
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.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-27 | Marrott Karl Todd Chief Operating Officer | Tax withholding | 49,188 | $11.32 | $557k |
| 2026-06-07 | Chism Daniel M Chief Financial Officer | Tax withholding116d late | 15,317 | $13.38 | $205k |
| 2026-06-02 | 2 co-filers Group filing | Open-market saleindirect | 100,000 | $15.48 | $1.5m |
| 2026-06-01 | Brennan Kieran Senior Vice President | Open-market sale | 10,000 | $16.00 | $160k |
| 2026-05-29 | 2 co-filers Group filing | Open-market saleindirect | 200,000 | $16.07 | $3.2m |
| 2026-05-06 | Dewan Darryll E Chief Executive Officer | 10b5-1 plan sale | 50,000 | $17.00 | $850k |
| 2026-04-22 | Dewan Darryll E Chief Executive Officer | 10b5-1 plan sale | 50,000 | $16.00 | $800k |
| 2026-04-17 | 2 co-filers Chief Operating Officer | 10b5-1 plan sale | 23,636 | $15.11 | $357k |
| 2026-04-16 | Marrott Karl Todd Chief Operating Officer | 10b5-1 plan sale | 800 | $15.00 | $12k |
| 2026-04-14 | Dewan Darryll E Chief Executive Officer | 10b5-1 plan sale | 50,000 | $15.00 | $750k |
| 2026-04-14 | 2 co-filers Chief Operating Officer | 10b5-1 plan sale | 15,213 | $15.03 | $229k |
| 2026-04-14 | Chism Daniel M Chief Financial Officer | 10b5-1 plan sale | 25,000 | $15.00 | $375k |
| 2026-03-23 | 2 co-filers Chief Financial Officer | Grant | 5,000 | $0.00 | $0 |
| 2026-03-23 | 2 co-filers Senior Vice President | Grant | 2,500 | $0.00 | $0 |
| 2026-03-23 | Dewan Darryll E Chief Executive Officer | Grant | 5,000 | $0.00 | $0 |
| 2026-03-23 | 2 co-filers Chief Operating Officer | Grant | 5,000 | $0.00 | $0 |
| 2026-03-23 | 2 co-filers Chief Operating Officer | Tax withholding | 609 | $12.40 | $8k |
| 2026-03-23 | 2 co-filers Chief Financial Officer | Tax withholding | 609 | $12.40 | $8k |
| 2026-03-23 | 2 co-filers Senior Vice President | Tax withholding | 304 | $12.40 | $4k |
| 2026-03-16 | Brennan Kieran Senior Vice President | Open-market sale | 12,000 | $12.27 | $147k |
| 2026-02-24 | Marrott Karl Todd Chief Operating Officer | Tax withholding | 8,117 | $8.45 | $69k |
| 2026-02-24 | Brennan Kieran Senior Vice President | Tax withholding | 9,019 | $8.45 | $76k |
| 2026-01-29 | Dewan Darryll E Chief Executive Officer | Tax withholding | 25,960 | $11.20 | $291k |
| 2026-01-16 | Dewan Darryll E Chief Executive Officer | Tax withholding | 26,903 | $12.05 | $324k |
| 2026-01-16 | Chism Daniel M Chief Financial Officer | Tax withholding | 12,175 | $12.05 | $147k |
| 2026-01-16 | Marrott Karl Todd Chief Operating Officer | Tax withholding | 12,175 | $12.05 | $147k |
| 2026-01-14 | Brennan Kieran Senior Vice President | Grant | 12,181 | $0.00 | $0 |
| 2026-01-14 | Chism Daniel M Chief Financial Officer | Grant | 33,113 | $0.00 | $0 |
| 2026-01-14 | Dewan Darryll E Chief Executive Officer | Grant | 37,843 | $0.00 | $0 |
| 2026-01-14 | Fahy Michael John Director | Grant | 3,784 | $0.00 | $0 |
| 2026-01-14 | Marrott Karl Todd Chief Operating Officer | Grant | 29,801 | $0.00 | $0 |
| 2026-01-14 | Metzler Richard M. Director | Grant | 3,784 | $0.00 | $0 |
| 2026-01-14 | Mohindra Vivek Director | Grant | 3,784 | $0.00 | $0 |
| 2026-01-14 | Woodward Peter H Director | Grant | 3,784 | $0.00 | $0 |
| 2026-01-08 | 2 co-filers Chief Financial Officer | Option exercise | 41,667 | $1.72 | $72k |
| 2026-01-08 | 2 co-filers Chief Financial Officer | Option exercise | 41,667 | $0.00 | — |
| 2026-01-01 | Marrott Karl Todd Chief Operating Officer | Tax withholding | 13,539 | $7.07 | $96k |
| 2026-01-01 | Dewan Darryll E Chief Executive Officer | Tax withholding | 13,539 | $7.07 | $96k |
| 2025-12-11 | 2 co-filers Group filing | Open-market saleindirect | 21,700 | $8.30 | $180k |
| 2025-12-09 | 2 co-filers Group filing | Open-market saleindirect | 30,000 | $8.82 | $265k |
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.