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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.
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 $6.54 today, the market must believe free cash flow compounds 22.0%/yr for a decade (off $245.7M on the 3-yr avg basis).
On the basis ($206.0M) the requirement is 24.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 22.0% is more optimistic than its 9-yr track record.
Default is 13.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.23B shares (market data) · net debt $6.65B
mean 3.0% · volatility σ 76% · implied rate exceeded in 1/8 yrs
Central path = implied 22.0%/yr growth; shaded band = ±1σ (76%) 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 $252.6M 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.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 37%. 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 | $1.93B 100.0% | $1.38B 100.0% | $1.86B 100.0% | $5.79B 100.0% | $6.74B 100.0% | $8.44B 100.0% | $8.35B 100.0% | $4.57B 100.0% | $4.56B 100.0% | $4.92B 100.0% |
| Cost of Revenue | $975.7M 50.5% | $777.5M 56.2% | $963.5M 51.7% | $3.80B 65.7% | $4.30B 63.8% | $5.69B 67.4% | $5.94B 71.2% | $2.94B 64.2% | $2.86B 62.6% | $2.89B 58.8% |
| Gross Profit | $955.9M 49.5% | $605.1M 43.8% | $900.3M 48.3% | $1.99B 34.3% | $2.44B 36.2% | $2.75B 32.6% | $2.40B 28.8% | $1.63B 35.8% | $1.71B 37.4% | — |
| Research & Development | $283.5M 14.7% | $247.5M 17.9% | $318.8M 17.1% | $451.6M 7.8% | $565.0M 8.4% | $703.3M 8.3% | $578.5M 6.9% | $185.7M 4.1% | $185.6M 4.1% | $201.3M 4.1% |
| Selling, General & Admin | $497.4M 25.8% | $472.0M 34.1% | $512.4M 27.5% | $907.8M 15.7% | $1.08B 16.1% | $1.17B 13.9% | $1.28B 15.3% | $674.0M 14.8% | $733.1M 16.1% | $881.7M 17.9% |
| Total Operating Expenses | $943.8M 48.9% | $921.3M 66.6% | $1.56B 83.7% | $2.92B 50.5% | $2.24B 33.3% | $2.80B 33.2% | $2.91B 34.9% | $1.18B 25.9% | $1.23B 27.0% | $4.36B 88.5% |
| Operating Income | $47.6M 2.5% | -$291.7M -21.1% | -$659.6M -35.4% | -$935.3M -16.2% | $196.6M 2.9% | -$51.8M -0.6% | -$508.5M -6.1% | $450.0M 9.9% | $472.0M 10.3% | $567.6M 11.5% |
| Interest Expense | — | $686.9M 49.7% | $675.8M 36.3% | $588.9M 10.2% | $561.2M 8.3% | $577.8M 6.8% | $577.2M 6.9% | $242.0M 5.3% | $257.0M 5.6% | $277.5M 5.6% |
| Interest & Investment Income | $16.7M 0.9% | $10.9M 0.8% | $11.1M 0.6% | $2.8M 0.0% | $1.9M 0.0% | $4.4M 0.1% | $18.1M 0.2% | $7.0M 0.2% | $4.2M 0.1% | $5.5M 0.1% |
| Other Income (Expense), net | -$9.4M -0.5% | $7.9M 0.6% | $75.5M 4.1% | $0 0.0% | -$26.5M -0.4% | -$29.3M -0.3% | -$6.4M -0.1% | -$44.3M -1.0% | -$9.4M -0.2% | -$23.1M -0.5% |
| Pretax Income | $54.9M 2.8% | -$272.9M -19.7% | -$573.0M -30.7% | -$1.52B -26.3% | -$389.2M -5.8% | -$654.5M -7.8% | -$1.07B -12.9% | $170.7M 3.7% | $209.8M 4.6% | $272.6M 5.5% |
| Income Tax Expense | -$269.4M -13.9% | -$66.9M -4.8% | $79.8M 4.3% | -$91.3M -1.6% | -$39.2M -0.6% | -$81.1M -1.0% | -$144.5M -1.7% | $30.5M 0.7% | $16.0M 0.4% | $49.7M 1.0% |
| Net Income | $2.28B 118.2% | -$315.5M -22.8% | -$1.51B -80.8% | -$1.29B -22.2% | -$462.6M -6.9% | -$573.4M -6.8% | -$929.5M -11.1% | $140.2M 3.1% | $193.8M 4.2% | $222.8M 4.5% |
| Per Share | ||||||||||
| EPS (Basic) | $10.09 | -$1.78 | -$7.44 | -$6.49 | -$2.55 | -$3.20 | -$5.02 | $0.73 | $1.01 | $1.16 |
| EPS (Diluted) | $9.63 | -$1.78 | -$7.44 | -$6.49 | -$2.55 | -$3.20 | -$5.02 | $0.72 | $0.98 | $1.13 |
| Weighted Avg Shares (Basic) | 219.5M | 214.4M | 210.9M | 207.4M | 203.6M | 196.8M | 193.7M | 192.0M | 192.4M | 192.5M |
| Weighted Avg Shares (Diluted) | 230.0M | 214.4M | 210.9M | 207.4M | 203.6M | 196.8M | 193.7M | 195.3M | 196.8M | 196.5M |
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 $613.5M (at 2025-12-31) covers the $0 due within a year 613500000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-09-30 (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. Effective rate ~7.4% on $9.24B of debt. Interest last disclosed in FY2024 (no longer broken out).
Cash of $613.5M 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.
Ranked against 12 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 | $176.0B | 32.9× | 13.3× | 4.0× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 0.7× | 1,051 |
| MSI | $81.3B | 38.5× | 26.2× | 7.0× | 8.0% | 51.7% | 18.4% | 89.4% | 18.6% | 2.3× | 450 |
| UI | $34.1B | 35.6× | 27.9× | 10.4× | 27.2% | 46.2% | 29.3% | 66.7% | 66.7% | -0.4× | 71 |
| PL | $4.9B | — | — | 15.9× | 25.9% | 56.1% | -80.2% | -131% | -131% | — | 71 |
| ONDS | $3.7B | — | — | 72.5× | 605% | 39.7% | -261% | -30.2% | -30.2% | — | 98 |
| VISN | $1.5B | 0.7× | 118.5× | 0.8× | 39.7% | 49.5% | — | -227% | 36.5% | — | 48 |
| HLIT | $1.1B | — | 43.9× | 3.1× | -26.2% | 48.5% | -12.0% | -11.3% | -8.7% | -0.5× | 48 |
| UMAC | $776M | — | — | 69.3× | 101% | 34.9% | -171% | -11.0% | -11.0% | — | 36 |
| GILT | $599M | 22.9× | 9.2× | 1.3× | 47.9% | 29.5% | 4.6% | 4.1% | 4.1% | -3.5× | 17 |
| AVNW | $259M | 106.2× | 12.6× | 0.6× | 1.2% | 31.5% | 0.6% | 0.9% | 0.7% | 1.1× | 19 |
| BKTI | $257M | 19.8× | 13.2× | 3.0× | 12.5% | 48.8% | 15.7% | 30.3% | 30.3% | -1.3× | 12 |
| CRNT | $188M | — | 9.3× | 0.6× | -14.1% | 33.8% | -0.6% | -1.2% | -1.1% | -1.1× | 11 |
| VUZI | $179M | — | — | 28.5× | 9.1% | -16.9% | -514% | -131% | -131% | — | 14 |
Peers = companies sharing VISN's sector (Radio & Tv Broadcasting & Communications Equipment) 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 40 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 13-yr range · 72th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 13-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 -227% against ROIC 37% — -264% 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
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 | 64.2 | 71.2 | 67.4 | 63.8 | 65.7 | 51.7 | 56.2 | 50.5 |
| Gross Profit | 35.8 | 28.8 | 32.6 | 36.2 | 34.3 | 48.3 | 43.8 | 49.5 |
| R&D | 4.1 | 6.9 | 8.3 | 8.4 | 7.8 | 17.1 | 17.9 | 14.7 |
| SG&A | 14.8 | 15.3 | 13.9 | 16.1 | 15.7 | 27.5 | 34.1 | 25.8 |
| Operating Income | 9.9 | -6.1 | -0.6 | 2.9 | -16.2 | -35.4 | -21.1 | 2.5 |
| Income Tax | 0.7 | -1.7 | -1.0 | -0.6 | -1.6 | 4.3 | -4.8 | -13.9 |
| Net Income | 3.1 | -11.1 | -6.8 | -6.9 | -22.2 | -80.8 | -22.8 | 118.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VISN: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -12.56pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -4.9% | 13.8% (today's — no rate published for this year) | -18.7pts |
| FY2020 | -0.5% | 13.8% (today's — no rate published for this year) | -14.3pts |
| FY2021 | 2.1% | 10.3% | -8.2pts |
| FY2022 | -11.9% | 12.7% | -24.6pts |
| FY2023 | -11.1% | 12.6% | -23.7pts |
| FY2024 | -5.3% | 12.8% | -18.1pts |
| FY2025 | 0.8% | 13.8% (today's — no rate published for this year) | -13.0pts |
| Now | 36.5% | 13.8% | 22.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 41.2% | 11.5% | 4.5% |
| FY2017 | 37.4% | 10.3% | 4.2% |
| FY2018 | 35.8% | 9.9% | 3.1% |
| FY2019 | 28.8% | -6.1% | -11.1% |
| FY2020 | 32.6% | -0.6% | -6.8% |
| FY2021 | 36.2% | 2.9% | -6.9% |
| FY2022 | 34.3% | -16.2% | -22.2% |
| FY2023 | 48.3% | -35.4% | -80.8% |
| FY2024 | 43.8% | -21.1% | -22.8% |
| FY2025 | 49.5% | 2.5% | 118.2% |
$269M of goodwill — 7% 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.
The spread was positive in only 0 of the last 5 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 0.0x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 0.07x |
| 5% | 0.07x |
| 10% | 0.06x |
| 15% | 0.06x |
| 20% | 0.06x |
| 25% | 0.05x |
| 30% | 0.05x |
| 35% | 0.05x |
| 40% | 0.04x |
| 45% | 0.04x |
| 50% | 0.03x |
| 55% | 0.03x |
| 60% | 0.03x |
Ladder as of 2025-09-30 (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.
Net debt is 97.2x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $6.54, free cash flow must compound 22.09%/yr for 10 years. It has done -10.53%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −36.0% | 22.1% |
| FY2021 | −102.9% | 22.1% |
| FY2023 | 166.7% | 22.1% |
| FY2024 | 4.7% | 22.1% |
| FY2025 | 1.9% | 22.1% |
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 FY2021, so part of it measures the restatement rather than the business.
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 |
|---|---|---|---|---|---|
| 2026-09-02 | Krause L William Director | Open-market sale | 23,864 | $6.27 | $150k |
| 2026-08-28 | Krause L William Director | Open-market sale | 176,136 | $6.75 | $1.2m |
| 2026-08-10 | Krause L William Director | Gift | 102,300 | $0.00 | $0 |
| 2026-08-10 | Gilstrap Charles A SVP, Treasury, Tax & CAO | Open-market buy | 10,000 | $10.75 | $108k |
| 2026-06-01 |
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.
Sucharczuk Guy SVP & Pres., Aurora Networks |
| Grant |
| 48,900 |
| $0.00 |
| $0 |
| 2026-06-01 | 2 co-filers Group filing | Grant | 53,000 | $0.00 | $0 |
| 2026-06-01 | Gilstrap Charles A SVP, Treasury, Tax & CAO | Grant | 16,300 | $0.00 | $0 |
| 2026-06-01 | Lorentzen Kyle David EVP & CFO | Grant | 159,000 | $0.00 | $0 |
| 2026-06-01 | 2 co-filers SVP & Pres., RUCKUS Networks | Grant | 16,300 | $0.00 | $0 |
| 2026-06-01 | 2 co-filers President and CEO | Grant | 407,500 | $0.00 | $0 |
| 2026-06-01 | Bowen Krista R. SVP, GC & Chief Admin Officer | Grant | 48,900 | $0.00 | $0 |
| 2026-06-01 | 2 co-filers Group filing | Tax withholding | 168,746 | $12.27 | $2.1m |
| 2026-06-01 | 2 co-filers President and CEO | Tax withholding | 647,157 | $12.27 | $7.9m |
| 2026-06-01 | 2 co-filers SVP & Pres., RUCKUS Networks | Tax withholding | 100,442 | $12.27 | $1.2m |
| 2026-05-07 | Krause L William Director | Grant | 16,807 | $0.00 | $0 |
| 2026-05-07 | Maguire Joanne M Director | Grant | 16,807 | $0.00 | $0 |
| 2026-05-07 | Yates Timothy T Director | Grant | 16,807 | $0.00 | $0 |
| 2026-05-07 | Roman Derrick A. Director | Grant | 16,807 | $0.00 | $0 |
| 2026-05-07 | Manning Tom Director | Grant | 16,807 | $0.00 | $0 |
| 2026-05-07 | Gray Stephen C Director | Grant | 16,807 | $0.00 | $0 |
| 2026-02-24 | Gilstrap Charles A SVP, Treasury, Tax & CAO | Grant | 677 | $0.00 | $0 |
| 2026-02-24 | Bowen Krista R. SVP, GC & Chief Admin Officer | Grant | 757 | $0.00 | $0 |
| 2026-02-24 | Sucharczuk Guy SVP & Pres., Aurora Networks | Grant | 2,184 | $0.00 | $0 |
| 2026-02-24 | Giordano Bartolomeo SVP & Pres., RUCKUS Networks | Grant | 2,184 | $0.00 | $0 |
| 2026-02-24 | Lorentzen Kyle David EVP & CFO | Grant | 5,181 | $0.00 | $0 |
| 2026-02-24 | Watts Claudius E. Iv Director | Grant | 2,365 | $0.00 | $0 |
| 2026-02-24 | Treadway Charles L. President and CEO | Grant | 18,171 | $0.00 | $0 |
| 2026-01-08 | 2 co-filers SVP, GC & Chief Admin Officer | Grant | 4,248 | $0.00 | $0 |
| 2026-01-08 | 3 co-filers SVP and Chief HR Officer | Grant | 11,207 | $0.00 | $0 |
| 2026-01-08 | 3 co-filers SVP, Treasury, Tax & CAO | Grant | 19,546 | $0.00 | $0 |
| 2026-01-08 | 3 co-filers EVP & CFO | Grant | 29,041 | $0.00 | $0 |
| 2026-01-08 | 3 co-filers Group filing | Grant | 68,255 | $0.00 | $0 |
| 2026-01-08 | 3 co-filers SVP & President, CCS | Grant | 20,678 | $0.00 | $0 |
| 2026-01-08 | 3 co-filers SVP & President, NICS | Grant | 12,243 | $0.00 | $0 |
| 2026-01-08 | 3 co-filers President and CEO | Grant | 101,847 | $0.00 | $0 |
| 2026-01-08 | 3 co-filers SVP & President, ANS | Grant | 12,243 | $0.00 | $0 |
| 2026-01-08 | 3 co-filers EVP & CFO | Grant | 20,075 | $0.00 | $0 |
| 2026-01-08 | 2 co-filers SVP, GC & Chief Admin Officer | Grant | 66,266 | $0.00 | $0 |
| 2026-01-08 | 3 co-filers SVP, Treasury, Tax & CAO | Grant | 10,237 | $0.00 | $0 |
| 2026-01-08 | 3 co-filers SVP & President, CCS | Grant | 14,300 | $0.00 | $0 |