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Institutional accumulation: ownership increased +1.53% quarter-over-quarter.
Data as of Q1 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.
EOD close · as of 2026-08-05 · 44d old
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $176.5M 100.0% | $274.2M 100.0% | $302.0M 100.0% | $283.9M 100.0% | $261.7M 100.0% | $196.6M 100.0% |
| Cost of Revenue | $158.1M 89.6% | $246.9M 90.0% | $273.4M 90.5% | $254.7M 89.7% | $219.3M 83.8% | $156.2M 79.4% |
| Gross Profit | $18.4M 10.4% | $27.3M 10.0% | $28.5M 9.5% | $29.2M 10.3% | $42.4M 16.2% | $40.4M 20.6% |
| Selling, General & Admin | $22.0M 12.4% | $35.1M 12.8% | $27.3M 9.0% | $26.9M 9.5% | $39.0M 14.9% | $30.5M 15.5% |
| Total Operating Expenses | $22.0M 12.4% | $35.1M 12.8% | $27.3M 9.0% | $26.9M 9.5% | $39.0M 14.9% | $30.5M 15.5% |
| Operating Income | -$3.6M -2.0% | -$7.8M -2.8% | $1.2M 0.4% | $2.3M 0.8% | $3.4M 1.3% | $9.9M 5.0% |
| Interest Expense | $14.3M 8.1% | $12.8M 4.7% | $14.0M 4.6% | $12.5M 4.4% | $10.4M 4.0% | $6.8M 3.5% |
| Interest & Investment Income | $52K 0.0% | $31K 0.0% | $37K 0.0% | $34K 0.0% | $543K 0.2% | $3K 0.0% |
| Other Income (Expense), net | -$7.2M -4.1% | -$13.9M -5.1% | -$13.2M -4.4% | -$19.2M -6.8% | -$11.3M -4.3% | -$9.9M -5.0% |
| Pretax Income | -$10.7M -6.1% | -$21.7M -7.9% | -$12.0M -4.0% | -$17.0M -6.0% | -$7.9M -3.0% | $4K 0.0% |
| Income Tax Expense | $1.4M 0.8% | $1.7M 0.6% | $589K 0.2% | -$1.8M -0.6% | -$89K -0.0% | $143K 0.1% |
| Net Income | -$14.9M -8.4% | -$24.3M -8.9% | -$12.7M -4.2% | -$19.1M -6.7% | -$8.0M -3.1% | -$110K -0.1% |
| Per Share | ||||||
| EPS (Basic) | — | — | $-0.47 | $-0.72 | $-0.38 | $-0.22 |
| EPS (Diluted) | — | — | $-0.47 | $-0.72 | $-0.38 | — |
| Weighted Avg Shares (Basic) | 26.9M | 26.9M | 26.9M | 26.6M | 20.6M | 619K |
| Weighted Avg Shares (Diluted) | 26.9M | 26.9M | 26.9M | 26.6M | 20.6M | — |
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.
To be worth $0.84 today, the market must believe free cash flow compounds -34.7%/yr for a decade (off $23M normalized FCF).
2-stage DCF · 0.03B shares · net debt $12M
mean -54.9% · volatility σ 65% · implied rate exceeded in 1/2 yrs
Central path = implied -34.7%/yr growth; shaded band = ±1σ (65%) 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.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage rising year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
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 -$161000 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 6 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: -45%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 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 $14M covers the $9M due within a year 1.6× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (20-F).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~54.3% on $26M of debt.
Cash of $14M fully covers short-term debt of $9M.
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.
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 2026-08-05
No standout strengths flagged.
Where each multiple sits in its own 5-yr range · 65th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-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
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.5× 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 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cost of Revenue | 79.4 | 83.8 | 89.7 | 90.5 | 90.0 | 89.6 |
| Gross Profit | 20.6 | 16.2 | 10.3 | 9.5 | 10.0 | 10.4 |
| SG&A | 15.5 | 14.9 | 9.5 | 9.0 | 12.8 | 12.4 |
| Operating Income | 5.0 | 1.3 | 0.8 | 0.4 | -2.8 | -2.0 |
| Income Tax | 0.1 | -0.0 | -0.6 | 0.2 | 0.6 | 0.8 |
| Net Income | -0.1 | -3.1 | -6.7 | -4.2 | -8.9 | -8.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AFRIW: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
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.