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Institutional distribution: ownership decreased -0.56% quarter-over-quarter.
Data as of Q1 2026
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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
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 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 -$439M 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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: -85%. 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.
EOD close · as of 2026-08-04 · 45d 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 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $12.51B 100.0% | $65.73B 100.0% | $167.2M 100.0% | $122.7M 100.0% | $57.9M 100.0% | $16.26B 100.0% | $7.82B 100.0% | $720.1M 100.0% |
| Cost of Revenue | $10.81B 86.4% | $59.24B 90.1% | $52.57B 31442.8% | $44.12B 35965.2% | $29.31B 50629.5% | $14.38B 88.5% | $9.02B 115.3% | $757.3M 105.2% |
| Gross Profit | $1.70B 13.6% | $6.49B 9.9% | $3.05B 1825.5% | $5.14B 4192.8% | $6.82B 11781.2% | $1.87B 11.5% | -$1.20B -15.3% | -$255.9M -35.5% |
| Research & Development | $1.52B 12.1% | $13.04B 19.8% | $13.43B 8034.1% | $10.84B 8832.4% | $4.59B 7930.5% | $2.49B 15.3% | $4.43B 56.6% | $4.00B 555.2% |
| Selling, General & Admin | $2.30B 18.4% | $15.74B 23.9% | $12.88B 7707.0% | $10.54B 8588.6% | $6.88B 11879.1% | $3.93B 24.2% | $5.45B 69.7% | $5.34B 741.8% |
| Total Operating Expenses | $3.71B 29.7% | $28.37B 43.2% | $25.71B 15376.8% | $20.78B 16941.2% | $11.32B 19546.7% | $6.48B 39.9% | $9.88B 126.3% | $9.34B 1297.0% |
| Operating Income | -$2.01B -16.0% | -$21.87B -33.3% | -$22.66B -13551.4% | -$15.64B -12748.4% | -$4.50B -7765.5% | -$4.61B -28.3% | -$11.08B -141.6% | -$9.60B -1332.5% |
| Interest Expense | $126.6M 1.0% | $798.4M 1.2% | $403.5M 241.4% | $333.2M 271.6% | $637.4M 1100.9% | $426.0M 2.6% | $370.5M 4.7% | $123.6M 17.2% |
| Interest & Investment Income | — | — | — | — | — | — | — | $19.4M 2.7% |
| Other Income (Expense), net | $64.5M 0.5% | -$98.1M -0.1% | $155.2M 92.8% | -$283.0M -230.6% | $184.7M 319.0% | -$364.9M -2.2% | $66.2M 0.8% | -$21.3M -3.0% |
| Pretax Income | -$2.12B -16.9% | -$22.42B -34.1% | -$20.46B -12237.7% | -$14.38B -11722.5% | -$3.97B -6864.6% | -$5.30B -32.6% | -$11.29B -144.3% | -$9.62B -1335.5% |
| Income Tax Expense | $17.4M 0.1% | -$22.8M -0.0% | $260.8M 156.0% | $55.1M 44.9% | $42.3M 73.0% | $6.4M 0.0% | $7.9M 0.1% | $22.0M 3.1% |
| Net Income | -$2.14B -17.1% | -$22.40B -34.1% | -$20.72B -12393.7% | -$14.44B -11767.4% | -$4.02B -6937.6% | -$5.30B -32.6% | -$11.30B -144.4% | -$9.64B -1338.5% |
| Per Share | ||||||||
| EPS (Basic) | $-0.98 | $-11.03 | $-12.44 | $-8.89 | $-6.72 | $-4.74 | $-11.08 | — |
| EPS (Diluted) | $-0.98 | $-11.03 | $-12.44 | $-8.89 | $-6.72 | $-4.74 | $-11.08 | — |
| Weighted Avg Shares (Basic) | 2.27B | 2.05B | 1.70B | 1.64B | 1.57B | 1.18B | 1.03B | — |
| Weighted Avg Shares (Diluted) | 2.27B | 2.05B | 1.70B | 1.64B | 1.57B | 1.18B | 1.03B | — |
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.
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.
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 ~6.6% on $1.9B of debt.
Cash of $1.6B fully covers short-term debt of $671M.
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 2026-08-04
Where each multiple sits in its own 4-yr range · 38th 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
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 | 105.2 | 115.3 | 88.5 | 50629.5 | 35965.2 | 31442.8 | 90.1 | 86.4 |
| Gross Profit | -35.5 | -15.3 | 11.5 | 11781.2 | 4192.8 | 1825.5 | 9.9 | 13.6 |
| R&D | 555.2 | 56.6 | 15.3 | 7930.5 | 8832.4 | 8034.1 | 19.8 | 12.1 |
| SG&A | 741.8 | 69.7 | 24.2 | 11879.1 | 8588.6 | 7707.0 | 23.9 | 18.4 |
| Operating Income | -1332.5 | -141.6 | -28.3 | -7765.5 | -12748.4 | -13551.4 | -33.3 | -16.0 |
| Income Tax | 3.1 | 0.1 | 0.0 | 73.0 | 44.9 | 156.0 | -0.0 | 0.1 |
| Net Income | -1338.5 | -144.4 | -32.6 | -6937.6 | -11767.4 | -12393.7 | -34.1 | -17.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NIOIF: 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.
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