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Institutional accumulation: ownership increased +1.92% 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.
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
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
1/8 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.
Cash-conversion data unavailable. 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 -$80M 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 reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -36%. 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.
Cash of $30M covers all $8M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2018-09-30 (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
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 | $138.9M 100.0% | $137.4M 100.0% | $122.4M 100.0% | $105.5M 100.0% | $110.6M 100.0% | $86.4M 100.0% | $56.7M 100.0% | $37.6M 100.0% | $22.9M 100.0% | $17.6M 100.0% |
| Cost of Revenue | $73.9M 53.2% | $54.3M 39.5% | $48.1M 39.3% | $60.2M 57.0% | $45.8M 41.4% | $38.2M 44.2% | $29.9M 52.7% | $19.7M 52.3% | $12.9M 56.3% | $9.8M 55.9% |
| Gross Profit | $65.0M 46.8% | $83.1M 60.5% | $74.2M 60.7% | $45.4M 43.0% | $64.8M 58.6% | $48.2M 55.8% | $26.8M 47.3% | $17.9M 47.7% | $10.0M 43.7% | $7.7M 44.1% |
| Research & Development | $35.9M 25.9% | $31.1M 22.6% | $26.1M 21.3% | $26.8M 25.4% | $28.4M 25.7% | $20.2M 23.4% | $16.2M 28.5% | $15.8M 42.0% | $16.3M 71.3% | $17.0M 96.6% |
| Selling, General & Admin | $138.0M 99.4% | $101.6M 73.9% | $89.1M 72.8% | $91.9M 87.0% | $92.9M 84.0% | $59.6M 69.0% | $52.2M 92.1% | $33.7M 89.5% | $19.7M 86.1% | $12.5M 70.9% |
| Total Operating Expenses | $190.5M 137.2% | $135.7M 98.8% | $120.2M 98.2% | $149.6M 141.8% | $121.3M 109.7% | $79.8M 92.3% | $68.4M 120.6% | $49.5M 131.5% | $36.0M 157.3% | $29.5M 167.5% |
| Operating Income | -$125.5M -90.4% | -$52.6M -38.3% | -$46.0M -37.6% | -$104.3M -98.8% | -$56.5M -51.1% | -$31.6M -36.6% | -$41.6M -73.3% | -$31.6M -83.8% | -$26.0M -113.7% | -$21.7M -123.5% |
| Other Income (Expense), net | $157K 0.1% | -$136K -0.1% | $2.5M 2.1% | -$277K -0.3% | $1.3M 1.2% | -$49K -0.1% | -$10K -0.0% | -$7K -0.0% | -$63K -0.3% | -$164K -0.9% |
| Pretax Income | -$112.3M -80.8% | -$38.1M -27.7% | -$27.6M -22.6% | -$99.4M -94.2% | -$55.6M -50.3% | -$31.9M -36.9% | -$41.0M -72.2% | -$31.5M -83.7% | -$27.0M -118.1% | -$23.2M -131.8% |
| Income Tax Expense | -$5.1M -3.7% | $434K 0.3% | $719K 0.6% | $164K 0.2% | -$36K -0.0% | -$376K -0.4% | -$187K -0.3% | $25K 0.1% | $0 0.0% | — |
| Net Income | -$107.2M -77.2% | -$38.5M -28.0% | -$28.4M -23.2% | -$99.6M -94.4% | -$55.5M -50.2% | -$31.5M -36.5% | -$40.8M -71.9% | -$31.5M -83.8% | -$27.0M -118.1% | -$23.2M -131.8% |
| Per Share | ||||||||||
| EPS (Basic) | $-2.51 | $-1.00 | $-0.75 | $-2.69 | $-1.54 | $-1.07 | $-1.63 | — | — | — |
| EPS (Diluted) | $-2.51 | $-1.00 | $-0.75 | $-2.69 | $-1.54 | $-1.07 | $-1.63 | — | — | — |
| Weighted Avg Shares (Basic) | 42.6M | 38.4M | 37.6M | 37.0M | 36.0M | 29.6M | 25.1M | — | — | — |
| Weighted Avg Shares (Diluted) | 42.6M | 38.4M | 37.6M | 37.0M | 36.0M | 29.6M | 25.1M | — | — | — |
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.
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 | $368.2B | 20.2× | — | 5.7× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $339.9B | 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 | $248.2B | 37.1× | 31.9× | 5.6× | 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 | $157.1B | 20.3× | — | 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 | $131.1B | 33.7× | 28.8× | 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 | $118.8B | 24.9× | 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 | $107.1B | 33.4× | 18.4× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $102.5B | 22.9× | 16.2× | 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 | $82.6B | 19.0× | 19.8× | 5.8× | 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 |
| QTRX | $146M | — | — | 1.1× | 1.1% | 46.8% | -77.1% | -36.2% | -36.2% | — | 125 |
Peers = companies sharing QTRX'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.
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.
Where each multiple sits in its own 9-yr range · 0th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 9-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 129.0× 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 | 52.3 | 52.7 | 44.2 | 41.4 | 57.0 | 39.3 | 39.5 | 53.2 |
| Gross Profit | 47.7 | 47.3 | 55.8 | 58.6 | 43.0 | 60.7 | 60.5 | 46.8 |
| R&D | 42.0 | 28.5 | 23.4 | 25.7 | 25.4 | 21.3 | 22.6 | 25.9 |
| SG&A | 89.5 | 92.1 | 69.0 | 84.0 | 87.0 | 72.8 | 73.9 | 99.4 |
| Operating Income | -83.8 | -73.3 | -36.6 | -51.1 | -98.8 | -37.6 | -38.3 | -90.4 |
| Income Tax | 0.1 | -0.3 | -0.4 | -0.0 | 0.2 | 0.6 | 0.3 | -3.7 |
| Net Income | -83.8 | -71.9 | -36.5 | -50.2 | -94.4 | -23.2 | -28.0 | -77.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on QTRX: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.