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Institutional distribution: ownership decreased -0.97% 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $26.35 today, the market must believe free cash flow compounds 8.1%/yr for a decade (off $10M normalized FCF).
The market's 8.1% is more conservative than its 9-yr track record.
2-stage DCF · 0.01B shares · net debt -$15M
mean 19.4% · volatility σ 140% · implied rate exceeded in 3/7 yrs
Central path = implied 8.1%/yr growth; shaded band = ±1σ (140%) 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.
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
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 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $64.0M 100.0% | $54.7M 100.0% | $48.1M 100.0% | $41.7M 100.0% | $35.8M 100.0% | $32.5M 100.0% | $31.3M 100.0% | $28.3M 100.0% | $25.9M 100.0% | $23.0M 100.0% |
| Cost of Revenue | $14.0M 21.9% | $13.0M 23.7% | $11.5M 24.0% | $10.2M 24.5% | $8.5M 23.6% | $7.3M 22.4% | $7.5M 23.8% | $6.5M 23.1% | $5.3M 20.5% | $5.1M 22.3% |
| Gross Profit | $50.0M 78.1% | $41.7M 76.3% | $36.5M 76.0% | $31.4M 75.5% | $27.3M 76.4% | $25.2M 77.6% | $23.8M 76.2% | $21.8M 76.9% | $20.6M 79.5% | $17.9M 77.7% |
| Research & Development | $996K 1.6% | $656K 1.2% | $916K 1.9% | $1.4M 3.3% | $1.7M 4.8% | $1.1M 3.2% | $583K 1.9% | $251K 0.9% | $597K 2.3% | $380K 1.7% |
| Selling, General & Admin | $39.3M 61.4% | $34.5M 63.0% | $31.6M 65.7% | $27.1M 65.1% | $22.4M 62.8% | $19.9M 61.4% | $20.4M 65.3% | $18.8M 66.4% | $16.4M 63.4% | $14.4M 62.6% |
| Total Operating Expenses | $40.3M 63.0% | $35.1M 64.2% | $32.5M 67.6% | $28.5M 68.3% | $24.2M 67.6% | $20.1M 61.8% | $21.0M 67.2% | $19.1M 67.3% | $17.0M 65.7% | $14.8M 64.2% |
| Operating Income | $9.7M 15.1% | $6.6M 12.0% | $4.0M 8.3% | $3.0M 7.1% | $3.1M 8.8% | $5.1M 15.8% | $2.8M 9.0% | $2.7M 9.6% | $3.6M 13.8% | $3.1M 13.5% |
| Interest & Investment Income | — | — | — | — | — | — | — | — | $17K 0.1% | $13K 0.1% |
| Pretax Income | $10.3M 16.1% | $7.0M 12.9% | $4.1M 8.5% | $3.0M 7.2% | $3.2M 8.9% | $5.2M 16.1% | $2.9M 9.3% | $2.7M 9.7% | $3.5M 13.6% | $3.0M 13.2% |
| Income Tax Expense | $2.7M 4.3% | $1.9M 3.4% | $920K 1.9% | $692K 1.7% | $805K 2.3% | $1.1M 3.3% | $940K 3.0% | $901K 3.2% | $1.3M 5.0% | $830K 3.6% |
| Net Income | $7.5M 11.8% | $5.2M 9.4% | $3.2M 6.6% | $2.3M 5.5% | $2.4M 6.6% | $4.2M 12.8% | $2.0M 6.3% | $1.8M 6.5% | $2.2M 8.6% | $2.2M 9.6% |
| Per Share | ||||||||||
| EPS (Basic) | $0.89 | $0.60 | $0.37 | $0.27 | $0.28 | $0.50 | $0.24 | $0.22 | $0.27 | $0.27 |
| EPS (Diluted) | $0.85 | $0.58 | $0.36 | $0.26 | $0.27 | $0.47 | $0.23 | $0.21 | $0.26 | $0.27 |
| Weighted Avg Shares (Basic) | 8.5M | 8.6M | 8.5M | 8.5M | 8.6M | 8.4M | 8.3M | 8.2M | 8.2M | 8.1M |
| Weighted Avg Shares (Diluted) | 8.9M | 8.9M | 8.7M | 8.8M | 8.9M | 8.8M | 8.6M | 8.6M | 8.5M | 8.2M |
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.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
7/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
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).
Coverage data unavailable.
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 + $10M buybacks = $10M returned on $11M 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 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 17%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
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.
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.
EOD close · as of 2026-09-17
Nothing notable to watch.
No material risks flagged.
Where each multiple sits in its own 14-yr range · 84th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-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
High operating leverage: profit moved 2.8× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 23.1 | 23.8 | 22.4 | 23.6 | 24.5 | 24.0 | 23.7 | 21.9 |
| Gross Profit | 76.9 | 76.2 | 77.6 | 76.4 | 75.5 | 76.0 | 76.3 | 78.1 |
| R&D | 0.9 | 1.9 | 3.2 | 4.8 | 3.3 | 1.9 | 1.2 | 1.6 |
| SG&A | 66.4 | 65.3 | 61.4 | 62.8 | 65.1 | 65.7 | 63.0 | 61.4 |
| Operating Income | 9.6 | 9.0 | 15.8 | 8.8 | 7.1 | 8.3 | 12.0 | 15.1 |
| Income Tax | 3.2 | 3.0 | 3.3 | 2.3 | 1.7 | 1.9 | 3.4 | 4.3 |
| Net Income | 6.5 | 6.3 | 12.8 | 6.6 | 5.5 | 6.6 | 9.4 | 11.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ELMD: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 1085 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.24T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.03T | 50.2× | — | 15.9× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $894.1B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $650.5B | 24.5× | — | 6.9× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $467.1B | 111.9× | 33.4× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $362.6B | 19.9× | — | 5.6× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $340.0B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $257.7B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $244.5B | 36.5× | 31.5× | 5.5× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $204.6B | 26.7× | 17.6× | 5.6× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $187.3B | 22.3× | 20.4× | 6.4× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.0B | 27.5× | 19.2× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $156.1B | 20.2× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $150.2B | 42.1× | 31.0× | 6.1× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $136.2B | 48.7× | 37.5× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $130.4B | 33.5× | 28.6× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $127.8B | 18.2× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.5B | 24.8× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| CVS | $114.7B | 64.9× | 11.5× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $108.8B | 33.9× | 18.7× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $103.4B | 23.1× | 16.3× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.4B | 15.1× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.4B | 16.4× | 15.5× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $81.0B | 18.7× | 19.4× | 5.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| CI | $72.7B | 12.4× | 5.5× | 0.3× | 11.2% | 21.8% | 2.2% | 14.3% | 14.1% | 0.0× | 1,583 |
| ELMD | $220M | 31.0× | 19.1× | 3.4× | 17.0% | 78.1% | 11.8% | 17.4% | 17.4% | — | 99 |
Peers = companies sharing ELMD's sector (Healthcare) 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.