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Institutional distribution: ownership decreased -1.47% 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.
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 · 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 |
|---|---|---|---|---|
| Revenue | $847.9M 100.0% | $771.5M 100.0% | $662.2M 100.0% | $3.56B 100.0% |
| Cost of Revenue | $686.6M 81.0% | $611.4M 79.2% | $483.6M 73.0% | $372.1M 10.4% |
| Gross Profit | $161.3M 19.0% | $160.1M 20.8% | $178.6M 27.0% | $993.9M 27.9% |
| Research & Development | $123.3M 14.5% | $174.9M 22.7% | $177.7M 26.8% | $1.33B 37.4% |
| Selling, General & Admin | $93.8M 11.1% | $108.2M 14.0% | $131.7M 19.9% | $1.31B 36.8% |
| Total Operating Expenses | $216.0M 25.5% | $283.0M 36.7% | $308.6M 46.6% | $2.62B 73.6% |
| Operating Income | -$54.8M -6.5% | -$122.9M -15.9% | -$130.0M -19.6% | -$1.63B -45.7% |
| Interest Expense | $23.8M 2.8% | $18.6M 2.4% | $11.2M 1.7% | $44.5M 1.3% |
| Interest & Investment Income | $3.7M 0.4% | $3.1M 0.4% | $4.3M 0.7% | $13.8M 0.4% |
| Other Income (Expense), net | $5.9M 0.7% | $2.8M 0.4% | $1.7M 0.3% | $152.8M 4.3% |
| Pretax Income | -$67.7M -8.0% | -$137.5M -17.8% | -$144.4M -21.8% | -$1.58B -44.3% |
| Income Tax Expense | $1.2M 0.1% | $210K 0.0% | -$525K -0.1% | $29.1M 0.8% |
| Net Income | -$66.0M -7.8% | -$129.8M -16.8% | -$133.3M -20.1% | -$1.56B -43.9% |
| Per Share | ||||
| EPS (Basic) | $-0.20 | $-0.39 | $-0.40 | $-8.02 |
| EPS (Diluted) | $-0.20 | $-0.39 | $-0.40 | $-8.02 |
| Weighted Avg Shares (Basic) | 338.7M | 336.6M | 337.4M | 239.3M |
| Weighted Avg Shares (Diluted) | 338.7M | 336.6M | 337.4M | 239.3M |
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.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
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
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. 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 -$107M 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 4 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: -236%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 4 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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~7.7% on $311M of debt.
Cash of $87M is below short-term debt of $311M — relies on refinancing/operations.
Mostly short-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-08-05
Where each multiple sits in its own 4-yr range · 50th 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?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
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 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Cost of Revenue | 10.4 | 73.0 | 79.2 | 81.0 |
| Gross Profit | 27.9 | 27.0 | 20.8 | 19.0 |
| R&D | 37.4 | 26.8 | 22.7 | 14.5 |
| SG&A | 36.8 | 19.9 | 14.0 | 11.1 |
| Operating Income | -45.7 | -19.6 | -15.9 | -6.5 |
| Income Tax | 0.8 | -0.1 | 0.0 | 0.1 |
| Net Income | -43.9 | -20.1 | -16.8 | -7.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ECXWW: 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.