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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $20.56 today, the market must believe free cash flow compounds -0.8%/yr for a decade (off $127M normalized FCF).
The market's -0.8% is more conservative than its 5-yr track record.
2-stage DCF · 0.08B shares · net debt -$235M
mean 557.0% · volatility σ 760% · implied rate exceeded in 2/3 yrs
Central path = implied -0.8%/yr growth; shaded band = ±1σ (760%) 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.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
6/7 of the 9 checks — 2 couldn't be scored (see above), so the score is out of the 7 with data.
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).
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 + $0 buybacks = $0 returned on $225M 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 6 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: 17%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 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 $235M covers the $31M due within a year 7.6× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-03-31 (10-Q).
Insufficient EBITDA/debt history.
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. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
Nothing notable to watch.
No material risks flagged.
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 11.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cost of Revenue | 49.6 | 49.0 | 60.2 | 62.7 | 57.9 | 57.6 |
| R&D | 12.5 | 14.0 | 20.2 | 9.2 | 7.4 | 5.8 |
| SG&A | 10.8 | 27.9 | 39.3 | 25.0 | 23.3 | 12.3 |
| Operating Income | 21.5 | -1.2 | -33.6 | -3.0 | 6.5 | 20.3 |
| Income Tax | 1.3 | 1.7 | 2.2 | 1.9 | 2.4 | -1.5 |
| Net Income | 14.6 | -19.2 | -40.4 | -15.8 | -38.9 | 6.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on PGY: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
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 |
|---|---|---|---|---|---|---|
| Revenue | $1.30B 100.0% | $1.03B 100.0% | $812.1M 100.0% | $748.9M 100.0% | $474.6M 100.0% | $99.0M 100.0% |
| Cost of Revenue | $749.2M 57.6% | $597.7M 57.9% | $508.9M 62.7% | $451.1M 60.2% | $232.3M 49.0% | $49.1M 49.6% |
| Research & Development | $75.2M 5.8% | $76.6M 7.4% | $74.4M 9.2% | $150.9M 20.2% | $66.2M 14.0% | $12.3M 12.5% |
| Selling, General & Admin | $159.6M 12.3% | $240.8M 23.3% | $203.4M 25.0% | $294.2M 39.3% | $132.2M 27.9% | $10.7M 10.8% |
| Total Operating Expenses | $1.04B 79.7% | $965.4M 93.5% | $836.5M 103.0% | $1.00B 133.6% | $480.4M 101.2% | $77.8M 78.5% |
| Operating Income | $263.8M 20.3% | $66.8M 6.5% | -$24.4M -3.0% | -$251.5M -33.6% | -$5.8M -1.2% | $21.3M 21.5% |
| Other Income (Expense), net | -$80.4M -6.2% | -$83.6M -8.1% | -$25.5M -3.1% | -$24.9M -3.3% | -$55.8M -11.8% | -$55K -0.1% |
| Pretax Income | $51.6M 4.0% | -$421.1M -40.8% | -$181.2M -22.3% | -$276.4M -36.9% | -$61.6M -13.0% | $21.2M 21.4% |
| Income Tax Expense | -$19.7M -1.5% | $24.6M 2.4% | $15.6M 1.9% | $16.4M 2.2% | $7.9M 1.7% | $1.3M 1.3% |
| Net Income | $81.4M 6.3% | -$401.4M -38.9% | -$128.4M -15.8% | -$302.3M -40.4% | -$91.2M -19.2% | $14.5M 14.6% |
| Per Share | ||||||
| EPS (Basic) | $0.99 | $-5.66 | $-2.14 | $-8.22 | $-8.25 | $0.03 |
| EPS (Diluted) | $0.93 | $-5.66 | $-2.14 | $-8.22 | $-8.25 | $0.02 |
| Weighted Avg Shares (Basic) | 78.3M | 70.9M | 60.0M | 38.3M | 16.3M | 191.1M |
| Weighted Avg Shares (Diluted) | 83.1M | 70.9M | 60.0M | 38.3M | 16.3M | 206.9M |
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.