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Institutional distribution: ownership decreased -0.88% 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 2026-09-17
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 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $141.1M 100.0% | $133.3M 100.0% | $141.5M 100.0% | $160.7M 100.0% | $168.0M 100.0% | $133.6M 100.0% | $64.4M 100.0% | $43.7M 100.0% |
| Cost of Revenue | $47.4M 33.6% | $47.8M 35.9% | $52.1M 36.8% | $61.2M 38.1% | $64.0M 38.1% | $47.2M 35.3% | $20.4M 31.7% | $12.6M 28.9% |
| Gross Profit | $93.7M 66.4% | $85.4M 64.1% | $89.5M 63.2% | $99.4M 61.9% | $104.0M 61.9% | $86.4M 64.7% | $44.0M 68.3% | $31.0M 71.1% |
| Research & Development | $55.5M 39.3% | $80.3M 60.3% | $77.7M 54.9% | $114.5M 71.3% | $110.7M 65.9% | $49.5M 37.1% | $23.6M 36.7% | $14.4M 33.0% |
| Selling, General & Admin | $22.7M 16.1% | $32.8M 24.6% | $35.0M 24.7% | $38.7M 24.1% | $30.3M 18.1% | $18.0M 13.5% | $7.2M 11.1% | $5.4M 12.3% |
| Total Operating Expenses | $104.5M 74.1% | $140.3M 105.3% | $146.6M 103.6% | $206.9M 128.8% | $187.3M 111.5% | $93.2M 69.8% | $50.2M 77.9% | $31.8M 72.8% |
| Operating Income | -$9.4M -6.7% | -$53.3M -40.0% | -$87.3M -61.7% | -$115.8M -72.1% | -$80.7M -48.0% | -$5.2M -3.9% | -$6.1M -9.5% | $263K 0.6% |
| Interest Expense | $36K 0.0% | $253K 0.2% | $20K 0.0% | — | — | — | — | — |
| Interest & Investment Income | $0 0.0% | $0 0.0% | $105K 0.1% | $401K 0.2% | $295K 0.2% | $0 0.0% | $0 0.0% | — |
| Pretax Income | $9.9M 7.0% | -$39.0M -29.3% | -$86.8M -61.3% | -$120.0M -74.7% | -$71.8M -42.8% | -$2.6M -1.9% | -$5.4M -8.3% | $481K 1.1% |
| Income Tax Expense | $323K 0.2% | $258K 0.2% | $422K 0.3% | $663K 0.4% | $840K 0.5% | $562K 0.4% | $801K 1.2% | $105K 0.2% |
| Net Income | $9.5M 6.8% | -$42.7M -32.1% | -$87.2M -61.6% | -$120.4M -74.9% | -$72.4M -43.1% | -$3.1M -2.3% | -$6.2M -9.6% | $376K 0.9% |
| Per Share | ||||||||
| EPS (Basic) | $0.03 | $-0.11 | $-0.22 | $-0.27 | $-0.16 | $-0.76 | — | — |
| EPS (Diluted) | $0.02 | $-0.11 | $-0.22 | $-0.27 | $-0.16 | $-0.76 | — | — |
| Weighted Avg Shares (Basic) | 367.9M | 373.1M | 398.4M | 446.4M | 440.9M | 268.8M | — | — |
| Weighted Avg Shares (Diluted) | 395.4M | 373.1M | 398.4M | 446.4M | 440.9M | 268.8M | — | — |
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $4.05 today, the market must believe free cash flow compounds 21.7%/yr for a decade (off $26M normalized FCF).
2-stage DCF · 0.35B shares · net debt $5M
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.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage falling 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 $26M 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 8 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: 1%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 8 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 $75M covers the $0 due within a year 75446000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (20-F).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~0.0% on $80M of debt.
Cash vs short-term debt unavailable.
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 2026-09-17
No material risks flagged.
Where each multiple sits in its own 6-yr range · 25th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 6-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
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 | 28.9 | 31.7 | 35.3 | 38.1 | 38.1 | 36.8 | 35.9 | 33.6 |
| Gross Profit | 71.1 | 68.3 | 64.7 | 61.9 | 61.9 | 63.2 | 64.1 | 66.4 |
| R&D | 33.0 | 36.7 | 37.1 | 65.9 | 71.3 | 54.9 | 60.3 | 39.3 |
| SG&A | 12.3 | 11.1 | 13.5 | 18.1 | 24.1 | 24.7 | 24.6 | 16.1 |
| Operating Income | 0.6 | -9.5 | -3.9 | -48.0 | -72.1 | -61.7 | -40.0 | -6.7 |
| Income Tax | 0.2 | 1.2 | 0.4 | 0.5 | 0.4 | 0.3 | 0.2 | 0.2 |
| Net Income | 0.9 | -9.6 | -2.3 | -43.1 | -74.9 | -61.6 | -32.1 | 6.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on API: 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.
Ranked against 743 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TSM | $11.16T | — | — | — | — | — | — | — | — | — | 3,121 |
| NVDA | $5.33T | 44.8× | 40.0× | 24.7× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | 0.1× | 5,582 |
| AAPL | $4.98T | 45.2× | 34.8× | 12.0× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.6× | 5,858 |
| MSFT | $3.70T | 27.7× | 19.6× | 11.1× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.2× | 5,944 |
| AVGO | $1.65T | 72.8× | 65.1× | 25.8× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 2.5× | 4,442 |
| MU | $1.10T | 128.8× | 60.7× | 29.3× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.7× | 2,894 |
| AMD | $888.5B | 205.7× | 210.2× | 25.6× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | 0.8× | 3,059 |
| INTC | $543.3B | — | 67.4× | 10.3× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 5.5× | 2,495 |
| CSCO | $436.6B | 43.2× | 36.6× | 7.7× | 5.3% | 64.9% | 18.0% | 21.7% | 13.6% | 2.3× | 3,560 |
| PLTR | $421.4B | 279.8× | 291.6× | 94.2× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | — | 2,883 |
| DELL | $383.6B | 67.8× | 36.1× | 3.4× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 2.8× | 1,564 |
| LRCX | $341.7B | 64.9× | 54.5× | 18.5× | 23.7% | 48.7% | 29.1% | 54.3% | 37.4% | 0.7× | 2,500 |
| RPAY | $338.0B | — | — | 1092.8× | -1.2% | 75.0% | -83.0% | -53.0% | -28.2% | -1.7× | 142 |
| AMAT | $331.0B | 48.2× | 38.1× | 11.7× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | 0.8× | 2,826 |
| UMC | $307.4B | — | — | — | — | — | — | — | — | — | 302 |
| ARM | $281.9B | 311.6× | 242.9× | 57.3× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | — | 730 |
| SAP | $262.5B | — | — | — | — | — | — | — | — | — | 794 |
| ANET | $250.7B | 72.6× | 63.3× | 27.8× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | — | 1,930 |
| PANW | $250.5B | 234.4× | 156.5× | 27.2× | 14.9% | 73.4% | 12.3% | 14.5% | 14.5% | — | 2,374 |
| SNDK | $235.7B | — | — | 32.0× | 10.4% | 30.1% | -22.3% | -17.8% | -14.8% | -1.5× | 1,127 |
| TXN | $234.6B | 47.4× | 30.9× | 13.3× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.8× | 2,345 |
| CRM | $225.6B | 31.1× | 24.4× | 5.4× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 1.5× | 2,547 |
| IBM | $222.8B | 21.3× | — | 3.3× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | — | 3,351 |
| MRVL | $204.0B | 78.4× | 133.3× | 24.9× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 2.9× | 1,477 |
| QCOM | $202.7B | 37.7× | 15.2× | 4.6× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 1.1× | 2,611 |
| API | $1.4B | 202.5× | — | 10.0× | 5.9% | 66.4% | 6.8% | 1.7% | 1.5% | -10.9× | 63 |
Peers = companies sharing API's sector (Technology) 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.