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Institutional distribution: ownership decreased -0.53% 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.
3/8 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
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 -$99M 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 5 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: -3%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 5 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 2026-08-05 · 44d 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 |
|---|---|---|---|---|---|
| Revenue | $168.9M 100.0% | $84.7M 100.0% | $45.9M 100.0% | $31.1M 100.0% | $21.2M 100.0% |
| Cost of Revenue | $97.4M 57.6% | $43.3M 51.1% | $11.3M 24.6% | $9.6M 30.8% | $6.6M 31.1% |
| Research & Development | $98.3M 58.2% | $70.6M 83.3% | $51.4M 112.1% | $76.4M 245.4% | $59.2M 279.2% |
| Selling, General & Admin | $82.2M 48.7% | $53.3M 62.9% | $28.3M 61.7% | $30.4M 97.8% | $16.5M 77.9% |
| Total Operating Expenses | $192.2M 113.8% | $426.0M 503.0% | $114.5M 249.6% | $136.8M 439.5% | $86.5M 408.2% |
| Operating Income | -$23.3M -13.8% | -$341.4M -403.0% | -$68.6M -149.6% | -$105.7M -339.5% | -$65.3M -308.2% |
| Interest Expense | $670K 0.4% | $12.2M 14.4% | $17.6M 38.3% | $6.9M 22.1% | $8.3M 39.4% |
| Interest & Investment Income | $9.8M 5.8% | $8.4M 9.9% | $2.9M 6.2% | $390K 1.3% | $11K 0.0% |
| Other Income (Expense), net | $14.0M 8.3% | -$18.6M -21.9% | -$16.4M -35.8% | -$8.2M -26.2% | $33K 0.2% |
| Pretax Income | -$9.3M -5.5% | -$359.9M -425.0% | -$85.0M -185.3% | -$113.8M -365.7% | -$79.1M -373.1% |
| Income Tax Expense | $4.7M 2.8% | -$9.2M -10.9% | $3.9M 8.5% | $2.9M 9.3% | $456K 2.2% |
| Net Income | -$14K -0.0% | -$351K -0.4% | -$89K -0.2% | -$117K -0.4% | -$79.5M -375.2% |
| Per Share | |||||
| EPS (Basic) | $-0.03 | $-1.04 | $-0.40 | $-0.74 | $-1.18 |
| EPS (Diluted) | $-0.28 | $-1.04 | $-0.40 | $-0.74 | $-1.18 |
| Weighted Avg Shares (Basic) | 405.4M | 338.5M | 229.3M | 157.3M | 67.3M |
| Weighted Avg Shares (Diluted) | 409.5M | 338.5M | 229.3M | 157.3M | 67.3M |
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.
EOD close · as of 2026-08-05
Where each multiple sits in its own 5-yr range · 20th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-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 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cost of Revenue | 31.1 | 30.8 | 24.6 | 51.1 | 57.6 |
| R&D | 279.2 | 245.4 | 112.1 | 83.3 | 58.2 |
| SG&A | 77.9 | 97.8 | 61.7 | 62.9 | 48.7 |
| Operating Income | -308.2 | -339.5 | -149.6 | -403.0 | -13.8 |
| Income Tax | 2.2 | 9.3 | 8.5 | -10.9 | 2.8 |
| Net Income | -375.2 | -0.4 | -0.2 | -0.4 | -0.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SOUNW: 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $248M covers all $100M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2023-09-30 (10-Q).
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. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Top 9 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