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Data as of Q3 2026
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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 $17.0M 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 5 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: -15%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 5 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 $11.6M is below the $28.0M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2024-12-31, 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 ~5.4% on $19.4M of debt. Interest last disclosed in FY2022 (no longer broken out).
Cash of $11.6M is below short-term debt of $1.43B — relies on refinancing/operations.
Mostly short-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 — FY2024
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 | FY2024 | FY2023 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $872.7M 100.0% | — | — | — | — |
| Gross Profit | $188.8M 21.6% | $39.9M | — | $43.7M | — |
| Research & Development | $300K 0.0% | $900K | — | $1.1M | — |
| Selling, General & Admin | — | — | — | $2.6M | $2.4M |
| Operating Income | -$105.4M -12.1% | $1.1M | — | -$1.9M | -$2.7M |
| Interest Expense | — | — | — | $1.1M | — |
| Interest & Investment Income | — | — | — | $1.2M | $18K |
| Other Income (Expense), net | $515K 0.1% | $929K | — | $804K | — |
| Pretax Income | -$205.1M -23.5% | -$5.0M | — | -$5.4M | — |
| Income Tax Expense | $10.0M 1.1% | $606K | — | $2.6M | — |
| Net Income | -$215.2M -24.7% | -$11.0M | -$13.1M | -$7.9M | -$1.7M |
| Per Share | |||||
| EPS (Basic) | $0.41 | $0.49 | — | -$0.36 | — |
| EPS (Diluted) | $0.41 | $0.49 | — | -$0.36 | — |
| Weighted Avg Shares (Basic) | 30.2M | 22.5M | — | 21.8M | — |
| Weighted Avg Shares (Diluted) | 30.2M | 22.5M | — | 21.8M | — |
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.
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.
Top 4 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
No trend data available for this metric.
Ranked against 18 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LQDT | $1.4B | 51.3× | 30.7× | 2.9× | 31.2% | 43.8% | 5.9% | 13.8% | 13.8% | 0.0× | 51 |
| NUTX | $1.4B | 19.1× | 4.1× | 1.6× | 82.4% | 50.8% | 8.1% | 21.5% | 19.0% | -0.5× | 22 |
| RSKD | $1.1B | — | — | 3.3× | 5.2% | 51.7% | -8.0% | -9.4% | -9.4% | — | 9 |
| AHG | $1.1B | 126.0× | — | 78.0× | -6.4% | -0.1% | -135% | -10.3% | -10.3% | — | — |
| QNST | $996M | 12.4× | 24.2× | 0.8× | 18.3% | 11.3% | 6.3% | 25.1% | 20.7% | -1.5× | 41 |
| MAX | $873M | 37.8× | 43.8× | 0.8× | 28.8% | 15.0% | 2.3% | 616% | 16.3% | 4.8× | 22 |
| PAYS | $787M | 107.2× | 49.3× | 9.6× | 40.5% | 59.4% | 9.2% | 15.6% | 13.4% | -0.8× | 23 |
| PHR | $772M | 311.0× | 28.5× | 1.6× | 14.5% | — | 0.5% | 0.7% | 0.7% | -2.5× | 31 |
| CASS | $674M | 20.2× | — | 3.5× | 5.3% | — | 18.4% | 14.5% | 14.5% | — | 41 |
| PRTH | $647M | 11.5× | 7.9× | 0.7× | 8.3% | — | 5.8% | -55.5% | 5.9% | 4.7× | 20 |
| RMNI | $463M | 12.7× | 6.4× | 1.1× | -1.7% | 60.4% | 8.8% | -137% | 92.4% | -0.8× | 16 |
| FVRR | $302M | 15.0× | 13.1× | 0.7× | 10.1% | 81.6% | 4.9% | 5.1% | 5.1% | -9.3× | 23 |
| PSFE | $293M | — | 7.6× | 0.2× | -0.2% | 56.4% | -10.7% | -27.9% | -5.6% | 6.8× | — |
| IMXI | $277M | 8.5× | 4.2× | 0.5× | -7.7% | — | 5.4% | 20.3% | 9.2% | 0.4× | 22 |
| CNDT | $240M | — | — | 0.1× | -9.4% | 18.1% | -5.6% | -24.8% | -12.4% | — | 29 |
| ALIT | $236M | — | — | 0.1× | -3.0% | 33.8% | -137% | -297% | -102% | — | — |
| DHX | $196M | — | 77.8× | 1.5× | -9.9% | 84.7% | -10.6% | -14.3% | -10.9% | 9.4× | 7 |
| OPRX | $176M | 34.5× | 15.1× | 1.6× | 18.8% | 67.3% | 4.7% | 4.0% | 3.3% | 0.2× | 11 |
| XBP | $37M | 6.4× | — | 0.0× | — | 21.6% | -24.7% | 14.8% | -15.2% | — | 3 |
Peers = companies sharing XBP's sector (Services-Business Services, 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $2.64 today, the market must believe free cash flow compounds 37.6%/yr for a decade (off $17.0M on the 3-yr avg basis).
On the basis ($15.4M) the requirement is 39.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 37.6% is more conservative than its 3-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 · 0.01B shares (market data) · net debt $2.86B
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.
EOD close · as of 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2024 · every deduction from revenue to net income
DuPont — the three levers
ROE 15% against ROIC -15% — 30% 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
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2021 | FY2022 | FY2023 | FY2023 | FY2024 |
|---|---|---|---|---|---|
| Gross Profit | — | — | — | — | 21.6 |
| R&D | — | — | — | — | 0.0 |
| Operating Income | — | — | — | — | -12.1 |
| Income Tax | — | — | — | — | 1.1 |
| Net Income | — | — | — | — | -24.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on XBP: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
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: tax_rate.
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.
Ladder as of 2026-06-30 (10-Q); cash from the 2024-12-31 balance sheet; FCF from FY2024.
Balance sheet at 2024-12-31. 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, interest_expense.
At $2.64, free cash flow must compound 37.87%/yr for 10 years. It has done 119.46%/yr over 2 years.
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
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 |
|---|---|---|---|---|---|
| 2026-09-17 | Reynolds James Director | Grant | 55,031 | $0.00 | $0 |
| 2026-09-17 | Pryor Robert Director | Grant | 55,031 | $0.00 | $0 |
| 2026-09-17 | Srivastava Sanjay Director | Grant | 66,823 | $0.00 | $0 |
| 2026-09-17 | Paolillo Regina Director | Grant | 55,031 | $0.00 | $0 |
| 2026-09-17 | Chadha Par Director |
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.
| Grant |
| 70,754 |
| $0.00 |
| $0 |
| 2026-09-15 | Avramovic Dejan Chief Financial Officer | Open-market buy | 8,833 | $2.83 | $25k |
| 2026-09-15 | 5 co-filers Group filing | Open-market buyindirect | 72,394 | $2.83 | $205k |
| 2026-09-15 | 18 co-filers Group filing | Open-market buyindirect | 325,319 | $2.83 | $921k |
| 2026-09-15 | Chadha Par Director | Open-market buyindirect | 204,946 | $2.83 | $580k |
| 2026-09-15 | Jonovic Andrej Chief Executive Officer | Open-market buy | 31,500 | $2.83 | $89k |
| 2026-09-15 | 18 co-filers Group filing | Open-market buyindirect | 202,287 | $2.83 | $572k |
| 2026-05-19 | Klein Randal T Director | Open-market buy | 25,000 | $2.44 | $61k |
| 2026-04-30 | Jonovic Andrej Chief Executive Officer | Grant | 50,000 | $0.00 | $0 |
| 2026-04-30 | 2 co-filers Chief Financial Officer | Grant | 32,500 | $0.00 | $0 |
| 2026-04-30 | 3 co-filers President | Tax withholding | 9,187 | $2.90 | $27k |
| 2026-04-30 | 3 co-filers President | Grant | 12,500 | $0.00 | $0 |
| 2026-02-13 | 3 co-filers President | Tax withholding75d late | 6,424 | $7.73 | $50k |
| 2026-02-13 | 2 co-filers Chief Financial Officer | Tax withholding75d late | 3,006 | $7.73 | $23k |