Loading institutional data...
Loading institutional data...
Held by 231 of 5,944 reporting institutions (93th percentile) — extremely crowded.
Data as of Q1 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading quality & risk...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $8.15 today, the market must believe free cash flow compounds 9.1%/yr for a decade (off $95M normalized FCF).
The market's 9.1% is more optimistic than its 9-yr track record.
2-stage DCF · 0.21B shares · net debt $378M
mean -64.7% · volatility σ 93% · implied rate exceeded in 1/6 yrs
Central path = implied 9.1%/yr growth; shaded band = ±1σ (93%) 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.
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.
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.
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 | $291.7M 100.0% | $349.7M 100.0% | $391.7M 100.0% | $339.3M 100.0% | $191.1M 100.0% | $354.6M 100.0% | $317.2M 100.0% | $289.0M 100.0% | $297.1M 100.0% | $357.5M 100.0% |
| Cost of Revenue | $109.9M 37.7% | $124.6M 35.6% | $129.5M 33.1% | $170.5M 50.2% | $128.3M 67.1% | $121.1M 34.1% | $141.8M 44.7% | $165.0M 57.1% | $142.5M 47.9% | $126.0M 35.2% |
| Cost of Services | — | — | — | — | — | — | — | — | $142.5M 47.9% | $126.0M 35.2% |
| Selling, General & Admin | $28.1M 9.6% | $28.8M 8.2% | $22.9M 5.8% | $18.8M 5.5% | $15.6M 8.2% | $17.6M 5.0% | $13.5M 4.2% | $12.7M 4.4% | $12.6M 4.2% | $12.3M 3.4% |
| Operating Income | $46.3M 15.9% | $77.3M 22.1% | $127.9M 32.7% | $41.9M 12.3% | -$144.5M -75.6% | $81.2M 22.9% | $32.0M 10.1% | -$38.6M -13.4% | -$175.7M -59.1% | $53.3M 14.9% |
| Interest Expense | $35.8M 12.3% | $30.7M 8.8% | $30.5M 7.8% | $27.1M 8.0% | $26.4M 13.8% | $31.5M 8.9% | $38.4M 12.1% | $34.5M 12.0% | $20.5M 6.9% | $11.2M 3.1% |
| Interest & Investment Income | $1.6M 0.6% | $731K 0.2% | $1.3M 0.3% | $266K 0.1% | $3K 0.0% | $96K 0.0% | $298K 0.1% | $334K 0.1% | $347K 0.1% | $215K 0.1% |
| Other Income (Expense), net | -$34.0M -11.7% | -$30.7M -8.8% | -$29.1M -7.4% | -$26.7M -7.9% | -$26.8M -14.0% | -$31.1M -8.8% | -$42.3M -13.3% | -$48.9M -16.9% | -$20.8M -7.0% | -$11.1M -3.1% |
| Pretax Income | $12.3M 4.2% | $46.6M 13.3% | $98.8M 25.2% | $15.1M 4.5% | -$171.3M -89.6% | $50.1M 14.1% | -$10.3M -3.2% | -$87.6M -30.3% | -$196.5M -66.1% | $42.3M 11.8% |
| Income Tax Expense | $48K 0.0% | -$10K -0.0% | $120K 0.0% | $23K 0.0% | $59K 0.0% | $64K 0.0% | $71K 0.0% | $79K 0.0% | $83K 0.0% | $102K 0.0% |
| Net Income | $12.3M 4.2% | $46.6M 13.3% | $98.7M 25.2% | $15.1M 4.5% | -$171.3M -89.7% | $50.0M 14.1% | -$10.4M -3.3% | -$95.3M -33.0% | -$205.0M -69.0% | -$4.5M -1.2% |
| Per Share | ||||||||||
| EPS (Basic) | $0.06 | $0.22 | $0.47 | $0.07 | $-1.05 | $0.34 | $-0.07 | $-0.67 | $-1.97 | $-0.05 |
| EPS (Diluted) | $0.06 | $0.22 | $0.47 | $0.07 | $-1.05 | $0.34 | $-0.07 | $-0.67 | $-1.97 | $-0.05 |
| Weighted Avg Shares (Basic) | 211.8M | 209.2M | 208.8M | 202.0M | 162.5M | 149.3M | 142.6M | 142.0M | 103.8M | 92.5M |
| Weighted Avg Shares (Diluted) | 211.8M | 209.9M | 208.8M | 202.0M | 162.5M | 149.3M | 142.6M | 142.0M | 103.8M | 92.5M |
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.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Earnings are backed by cash (FCF ≥ net income) — high quality. 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.
The dividend exceeds free cash flow (427%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $85M dividends + $0 buybacks = $85M returned on $20M 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).
Insufficient data. Current ROIC on all capital: 1%. 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).
Thin coverage — earnings barely cover interest. Effective rate ~8.4% on $424M of debt.
Cash of $46M fully covers short-term debt of $35M.
Mostly long-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 2026-09-17
Where each multiple sits in its own 14-yr range · 93th 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
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 2.4× 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 | 57.1 | 44.7 | 34.1 | 67.1 | 50.2 | 33.1 | 35.6 | 37.7 |
| SG&A | 4.4 | 4.2 | 5.0 | 8.2 | 5.5 | 5.8 | 8.2 | 9.6 |
| Operating Income | -13.4 | 10.1 | 22.9 | -75.6 | 12.3 | 32.7 | 22.1 | 15.9 |
| Income Tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.0 | 0.0 |
| Net Income | -33.0 | -3.3 | 14.1 | -89.7 | 4.5 | 25.2 | 13.3 | 4.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NAT: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 651 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LTM | $29.49T | — | — | — | — | — | — | — | — | — | 160 |
| CAT | $371.6B | 42.5× | 29.7× | 5.5× | 4.3% | 33.8% | 13.1% | 41.7% | 15.4% | 2.7× | 3,616 |
| GE | $328.8B | 38.5× | — | 7.2× | 18.5% | — | 19.0% | 46.6% | 22.2% | — | 3,077 |
| RTX | $259.8B | 39.0× | 18.5× | 2.9× | 9.7% | — | 7.6% | 10.3% | 10.3% | 0.0× | 3,277 |
| BA | $199.4B | 79.4× | 40.2× | 2.2× | 34.5% | 4.8% | 2.5% | 41.0% | 3.3% | 10.0× | 2,435 |
| DE | $185.4B | 37.1× | — | 4.1× | -11.7% | — | 11.0% | 19.4% | 12.6% | — | 2,491 |
| ABBNY | $177.4B | 47.9× | 31.6× | 5.5× | 9.5% | 34.8% | 11.9% | 28.5% | 20.4% | 0.9× | 48 |
| UNP | $167.6B | 23.6× | 16.1× | 6.8× | 1.1% | — | 29.1% | 38.7% | 14.2% | 2.6× | 2,648 |
| ETN | $158.8B | 39.2× | — | 5.8× | 10.3% | 37.6% | 14.9% | 21.0% | 13.9% | — | 2,398 |
| HON | $131.2B | 28.1× | 16.1× | 3.5× | 7.8% | 36.9% | 12.6% | 34.0% | 9.8% | 3.6× | 2,694 |
| LMT | $123.2B | 25.0× | 16.1× | 1.6× | 5.6% | 10.2% | 6.7% | 74.6% | 17.7% | 2.5× | 2,807 |
| PH | $118.7B | 34.1× | 26.8× | 6.0× | -0.4% | 36.9% | 17.8% | 25.8% | 16.7% | 1.6× | 1,845 |
| ADP | $108.3B | 24.9× | — | 4.9× | 6.7% | 46.4% | 20.1% | 73.2% | 40.1% | — | 2,179 |
| GD | $96.2B | 23.0× | 16.9× | 1.8× | 10.1% | — | 8.0% | 16.4% | 12.5% | 1.3× | 2,123 |
| TT | $94.4B | 32.6× | 23.3× | 4.4× | 7.5% | — | 13.7% | 34.0% | 22.1% | 1.1× | 1,658 |
| VRT | $92.4B | 70.8× | 43.8× | 9.0× | 27.7% | 36.3% | 13.0% | 33.8% | 19.4% | 1.4× | 1,748 |
| PWR | $92.2B | 90.7× | 45.8× | 3.2× | 20.3% | 15.0% | 3.6% | 11.5% | 10.6% | 0.4× | 1,659 |
| JCI | $91.9B | 28.0× | — | 3.9× | 2.8% | 36.4% | 13.9% | 25.5% | 14.4% | — | 1,487 |
| HWM | $90.7B | 60.9× | 39.9× | 11.0× | 11.1% | — | 18.3% | 28.2% | 17.9% | 1.3× | 1,399 |
| CSX | $89.1B | 31.1× | 14.4× | 6.3× | -3.1% | — | 20.5% | 22.0% | 22.0% | — | 1,791 |
| MMM | $87.3B | 27.4× | 16.8× | 3.5× | 1.5% | 39.9% | 13.0% | 69.1% | 18.8% | 2.1× | 2,051 |
| WM | $86.0B | 31.8× | 12.1× | 3.4× | 14.2% | 40.4% | 10.7% | 27.1% | 25.3% | 0.1× | 2,262 |
| UPS | $85.0B | 15.3× | 9.5× | 1.0× | -2.6% | — | 6.3% | 34.3% | 13.8% | 2.2× | 2,025 |
| EMR | $83.0B | 36.5× | — | 4.6× | 3.0% | 52.8% | 12.7% | 11.3% | 6.9% | — | 2,112 |
| CTAS | $79.8B | 45.0× | 28.7× | 7.7× | 7.7% | 50.0% | 17.5% | 38.7% | 25.5% | 0.8× | 1,366 |
| NAT | $1.7B | 135.8× | 20.2× | 5.9× | -16.6% | 62.3% | 4.2% | 2.8% | 1.4% | 4.1× | 231 |
Peers = companies sharing NAT's sector (Industrials) 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.