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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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Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
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.
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.
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 2026-10-29
How a revenue dollar becomes profit — FY2026
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 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0M 100.0% | $2.7M 100.0% | $571K 100.0% | $38K 100.0% | $120K 100.0% | $0 | $0 | $0 | $0 | $0 |
| Cost of Revenue | $2.1M 69.9% | $1.1M 40.8% | $193K 33.8% | $0 0.0% | — | — | — | $0 | $0 | $0 |
| Cost of Products | — | — | — | — | — | — | — | — | $37K | $0 |
| Gross Profit | $911K 30.1% | $1.6M 59.2% | $378K 66.2% | $38K 100.0% | — | — | — | $0 | $0 | $0 |
| Selling, General & Admin | $734K 24.3% | $158K 5.9% | $87K 15.2% | $62K 163.8% | $133K 111.1% | $52K | $72K | $72K | $49K | $7K |
| Total Operating Expenses | $907K 30.0% | $367K 13.8% | $172K 30.2% | $62K 163.8% | $133K 111.1% | $52K | $72K | $72K | $49K | -$7K |
| Operating Income | $4K 0.1% | $1.2M 45.4% | $206K 36.0% | -$24K -63.8% | -$13K -11.1% | -$52K | -$72K | -$72K | -$49K | — |
| Interest Expense | $0 0.0% | $5K 0.2% | $0 0.0% | — | — | — | — | — | — | — |
| Other Income (Expense), net | $3K 0.1% | -$4K -0.2% | $105 0.0% | $0 0.0% | — | — | — | — | — | — |
| Pretax Income | $7K 0.2% | $1.2M 45.2% | $206K 36.0% | -$24K -63.8% | $140K 116.4% | -$52K | -$72K | -$72K | — | — |
| Income Tax Expense | $44K 1.5% | $354K 13.3% | $65K 11.4% | $0 0.0% | $0 0.0% | $0 | $0 | $0 | $0 | — |
| Net Income | -$37K -1.2% | $851K 32.0% | $141K 24.7% | -$24K -63.8% | $140K 116.4% | -$52K | -$72K | -$106K | -$2K | -$7K |
| Per Share | ||||||||||
| EPS (Basic) | -$0.00 | $0.10 | $0.01 | $0.00 | $0.02 | -$0.01 | — | — | — | — |
| EPS (Diluted) | — | $0.03 | $0.01 | $0.00 | $0.02 | -$0.01 | — | — | — | — |
| Weighted Avg Shares (Basic) | 8.3M | 8.3M | 10.6M | 5.9M | 5.9M | 5.9M | — | — | — | — |
| Weighted Avg Shares (Diluted) | — | 25.0M | 10.6M | 5.9M | 5.9M | 5.9M | — | — | 4.8M | 3.5M |
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.
EOD close · as of 2026-10-29
Where each multiple sits in its own 4-yr range · 29th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 4-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE -2% against ROIC -2% — 0% 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 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | — | — | — | — | 0.0 | 33.8 | 40.8 | 69.9 |
| Gross Profit | — | — | — | — | 100.0 | 66.2 | 59.2 | 30.1 |
| SG&A | — | — | — | 111.1 | 163.8 | 15.2 | 5.9 | 24.3 |
| Operating Income | — | — | — | -11.1 | -63.8 | 36.0 | 45.4 | 0.1 |
| Income Tax | — | — | — | 0.0 | 0.0 | 11.4 | 13.3 | 1.5 |
| Net Income | — | — | — | 116.4 | -63.8 | 24.7 | 32.0 | -1.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VNOV: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Interest last disclosed in FY2025 (no longer broken out).
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. Educational — not a recommendation.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.