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Institutional distribution: ownership decreased -0.59% 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.
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
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
3/7 of the 9 checks — 2 couldn't be scored (see above), so the score is out of the 7 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
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 -$19M 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: -32%. 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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
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.
EOD close · as of 2026-09-17
No standout strengths 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
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 | — | — | — | 395.1 | 853.4 | — | 24.2 | — |
| R&D | 22.8 | 20.8 | 48.7 | 611.8 | 2132.2 | 2262.4 | 654.6 | 1398.4 |
| SG&A | 126.3 | 178.9 | 185.7 | 2122.7 | 4141.0 | 3201.4 | 1390.0 | 1502.8 |
| Operating Income | -87.9 | -135.8 | -172.4 | -3516.1 | -14750.5 | -5391.8 | -16111.0 | -3179.8 |
| Income Tax | 193.0 | -0.4 | 0.6 | 2.2 | — | -91.4 | -420.7 | -278.4 |
| Net Income | -266.5 | -95.2 | -219.0 | -2875.4 | -30404.4 | -672.4 | -5401.9 | -3328.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on RFL: 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 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $917K 100.0% | $637K 100.0% | $279K 100.0% | $410K 100.0% | $802K 100.0% | $4.9M 100.0% | $4.9M 100.0% | $4.4M 100.0% | $5.6M 100.0% | $5.6M 100.0% |
| Cost of Revenue | — | $154K 24.2% | — | $3.5M 853.4% | $3.2M 395.1% | — | — | — | — | — |
| Research & Development | $12.8M 1398.4% | $4.2M 654.6% | $6.3M 2262.4% | $8.7M 2132.2% | $4.9M 611.8% | $2.4M 48.7% | $1.0M 20.8% | $995K 22.8% | — | — |
| Selling, General & Admin | $13.8M 1502.8% | $8.9M 1390.0% | $8.9M 3201.4% | $17.0M 4141.0% | $17.0M 2122.7% | $9.1M 185.7% | $8.8M 178.9% | $5.5M 126.3% | $3.7M 66.4% | $2.8M 49.3% |
| Operating Income | -$29.2M -3179.8% | -$102.6M -16111.0% | -$15.0M -5391.8% | -$60.5M -14750.5% | -$28.2M -3516.1% | -$8.5M -172.4% | -$6.7M -135.8% | -$3.8M -87.9% | $221K 3.9% | $1.2M 21.3% |
| Interest Expense | $658K 71.8% | $248K 38.9% | — | $6K 1.5% | $12K 1.5% | $0 0.0% | $40K 0.8% | — | — | — |
| Interest & Investment Income | $2.0M 217.7% | $2.4M 374.1% | $3.3M 1165.9% | $201K 49.0% | $2K 0.2% | — | $37K 0.8% | — | — | — |
| Other Income (Expense), net | $310K 33.8% | $118K 18.5% | — | — | — | — | — | — | — | — |
| Pretax Income | -$33.2M -3620.1% | -$67.3M -10559.0% | -$8.7M -3134.4% | -$140.0M -34139.5% | -$23.4M -2920.9% | -$6.9M -140.9% | -$4.9M -100.2% | -$3.6M -83.3% | $204K 3.6% | $1.2M 20.7% |
| Income Tax Expense | -$2.6M -278.4% | -$2.7M -420.7% | -$255K -91.4% | — | $18K 2.2% | $29K 0.6% | -$19K -0.4% | $8.4M 193.0% | $66K 1.2% | $449K 8.0% |
| Net Income | -$30.5M -3328.2% | -$34.4M -5401.9% | -$1.9M -672.4% | -$124.7M -30404.4% | -$23.1M -2875.4% | -$10.8M -219.0% | -$4.7M -95.2% | -$11.6M -266.5% | $138K 2.5% | $710K 12.7% |
| Per Share | ||||||||||
| EPS (Basic) | $-1.04 | $-1.45 | $-0.08 | $-6.31 | $-1.49 | — | — | $-0.93 | $0.01 | $0.06 |
| EPS (Diluted) | $-1.04 | $-1.45 | $-0.08 | $-6.31 | $-1.49 | — | — | $-0.93 | $0.01 | $0.06 |
| Weighted Avg Shares (Basic) | 29.4M | 23.7M | 23.3M | 19.8M | 16.5M | — | — | 12K | 12K | 12K |
| Weighted Avg Shares (Diluted) | 29.4M | 23.7M | 23.3M | 19.8M | 16.5M | — | — | 12K | 12K | 12K |
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 240 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $161.8B | 167.1× | — | 14.9× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| XHG | $130.2B | — | — | 2536.8× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| PLD | $125.6B | 38.0× | — | 14.3× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| EQIX | $100.8B | 74.6× | 25.7× | 10.9× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $81.9B | 32.5× | 14.1× | 7.7× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $66.7B | 14.4× | — | 10.5× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $53.5B | 49.0× | — | 9.3× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $52.8B | 33.4× | — | 10.9× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| VTR | $41.7B | 162.4× | — | 7.1× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| CBRE | $41.2B | 36.2× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| IRM | $33.7B | 232.7× | 22.9× | 4.9× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $29.4B | 30.3× | 13.7× | 8.7× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| VICI | $25.8B | 9.2× | — | 6.4× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| SBAC | $19.1B | 18.5× | 21.6× | 6.8× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.6B | 133.3× | 37.9× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.5B | 26.0× | 11.5× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.6B | 28.3× | — | 6.1× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $15.8B | 20.5× | 11.8× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.6B | 48.1× | 16.7× | 2.3× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| NLY | $15.1B | 7.3× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
| HST | $15.1B | 19.9× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
| LAMR | $14.9B | 25.4× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
| RFL | $61M | — | — | 66.1× | 44.0% | — | -3328% | -32.3% | -32.3% | — | 42 |
Peers = companies sharing RFL's sector (Real Estate) 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.