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Strong institutional distribution: ownership decreased -5.38% quarter-over-quarter.
Data as of Q1 2026
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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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $34.98 today, the market must believe free cash flow compounds 36.6%/yr for a decade (off $2M normalized FCF).
The market's 36.6% is more optimistic than its 9-yr track record.
2-stage DCF · 0.01B shares · net debt $29M
mean -560.0% · volatility σ 587% · implied rate exceeded in 0/2 yrs
Central path = implied 36.6%/yr growth; shaded band = ±1σ (587%) 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 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 | $103.1M 100.0% | $86.7M 100.0% | $65.0M 100.0% | $45.8M 100.0% | $24.1M 100.0% | $15.6M 100.0% | $11.8M 100.0% | $5.8M 100.0% | $6.3M 100.0% | $5.5M 100.0% |
| Cost of Revenue | $7.5M 7.3% | $8.1M 9.4% | $7.9M 12.1% | $6.4M 13.9% | $2.3M 9.6% | $1.6M 10.4% | $1.2M 10.3% | $507K 8.7% | $806K 12.8% | $944K 17.1% |
| Cost of Products | — | — | — | — | — | — | — | — | $806K 12.8% | $944K 17.1% |
| Gross Profit | $95.6M 92.7% | $78.5M 90.6% | $57.1M 87.9% | $39.5M 86.1% | $21.8M 90.4% | $14.0M 89.6% | $10.6M 89.7% | $5.3M 91.3% | $5.5M 87.2% | $4.6M 82.9% |
| Research & Development | $5.1M 4.9% | $2.8M 3.3% | $4.1M 6.4% | $3.4M 7.3% | $559K 2.3% | $40K 0.3% | — | — | — | — |
| Selling, General & Admin | $78.7M 76.3% | $71.7M 82.7% | $57.0M 87.7% | $46.0M 100.3% | $28.1M 116.2% | $18.7M 119.8% | $13.1M 111.1% | $5.7M 98.3% | $5.3M 83.7% | $3.9M 71.6% |
| Total Operating Expenses | $88.3M 85.6% | $77.3M 89.2% | $61.4M 94.4% | $52.0M 113.4% | $29.2M 121.0% | $19.0M 121.9% | $13.3M 113.0% | $5.8M 99.9% | $5.4M 85.3% | $4.8M 87.8% |
| Operating Income | $7.3M 7.1% | $1.3M 1.5% | -$4.2M -6.5% | -$12.5M -27.3% | -$7.4M -30.6% | -$5.0M -32.3% | -$2.7M -23.3% | -$502K -8.6% | $120K 1.9% | -$272K -4.9% |
| Interest Expense | $6.8M 6.6% | $3.1M 3.6% | $476K 0.7% | $285K 0.6% | $711 0.0% | $12K 0.1% | $106K 0.9% | $87K 1.5% | $127K 2.0% | $174K 3.2% |
| Interest & Investment Income | $4K 0.0% | $22K 0.0% | — | — | — | — | — | -$22K -0.4% | $125 0.0% | $21 0.0% |
| Other Income (Expense), net | -$7.7M -7.5% | -$3.2M -3.7% | -$225K -0.3% | -$1.4M -3.1% | -$618K -2.6% | $589K 3.8% | -$96K -0.8% | -$99K -1.7% | $211K 3.3% | -$144K -2.6% |
| Pretax Income | -$393K -0.4% | -$1.9M -2.2% | -$4.4M -6.8% | -$13.9M -30.4% | -$8.0M -33.1% | — | — | — | — | — |
| Income Tax Expense | — | $48K 0.1% | — | -$5.8M -12.7% | — | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% |
| Net Income | $37.6M 36.4% | $9.7M 11.2% | $4.3M 6.6% | -$7.9M -17.3% | -$7.9M -32.8% | -$4.4M -28.5% | -$2.8M -23.9% | -$601K -10.3% | $331K 5.3% | -$416K -7.5% |
| Per Share | ||||||||||
| EPS (Basic) | $-4.36 | $-1.14 | $-0.52 | $-1.00 | $-1.08 | $-0.76 | $-1.32 | $0.00 | $0.00 | $-0.01 |
| EPS (Diluted) | $-4.36 | $-1.14 | $-0.52 | $-1.00 | — | $-0.76 | $-1.32 | $0.00 | $0.00 | $-0.01 |
| Weighted Avg Shares (Basic) | 8.6M | 8.5M | 8.3M | 7.9M | 7.3M | 5.7M | 2.1M | 217.2M | 111.4M | 108.6M |
| Weighted Avg Shares (Diluted) | 8.6M | 8.5M | 8.3M | 7.9M | 7.3M | 5.7M | 2.1M | 217.2M | 208.6M | 108.6M |
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.
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; 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 $2M 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.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: -72%. 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 $17M covers all $10M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2024-03-31 (10-Q).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~14.7% on $46M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
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
Where each multiple sits in its own 14-yr range · 42th 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 25.3× 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 | 8.7 | 10.3 | 10.4 | 9.6 | 13.9 | 12.1 | 9.4 | 7.3 |
| Gross Profit | 91.3 | 89.7 | 89.6 | 90.4 | 86.1 | 87.9 | 90.6 | 92.7 |
| R&D | — | — | 0.3 | 2.3 | 7.3 | 6.4 | 3.3 | 4.9 |
| SG&A | 98.3 | 111.1 | 119.8 | 116.2 | 100.3 | 87.7 | 82.7 | 76.3 |
| Operating Income | -8.6 | -23.3 | -32.3 | -30.6 | -27.3 | -6.5 | 1.5 | 7.1 |
| Income Tax | 0.0 | 0.0 | 0.0 | — | -12.7 | — | 0.1 | — |
| Net Income | -10.3 | -23.9 | -28.5 | -32.8 | -17.3 | 6.6 | 11.2 | 36.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SMTI: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
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 |
| SMTI | $313M | — | 30.4× | 3.0× | 19.0% | 92.7% | -36.4% | -633% | -72.4% | 4.1× | 65 |
Peers = companies sharing SMTI'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.