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Strong institutional distribution: ownership decreased -8.70% 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.
How management deployed cash over 6 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 129%. 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.
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 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $3.5M 100.0% | $10.7M 100.0% | $0 | $12.5M 100.0% | $0 | — |
| Research & Development | $29.4M 844.5% | $21.1M 198.3% | $27.2M | $37.0M 296.1% | $40.2M | $25.7M |
| Selling, General & Admin | $16.2M 466.0% | $15.1M 141.4% | $15.8M | $19.8M 158.6% | $14.2M | $7.1M |
| Total Operating Expenses | $45.6M 1310.6% | $36.2M 339.7% | $45.8M | $56.8M 454.7% | $54.4M | $32.8M |
| Operating Income | -$42.1M -1210.6% | -$25.5M -239.7% | -$45.8M | -$44.3M -354.7% | -$54.4M | -$32.8M |
| Interest & Investment Income | $3.0M 86.9% | $1.7M 15.9% | $2.3M | $781K 6.2% | $72K | $91K |
| Other Income (Expense), net | -$26.3M -756.7% | -$19.3M -181.3% | $398K | $7.6M 60.4% | -$329K | $0 |
| Pretax Income | -$242.0M -6960.8% | -$63.6M -596.6% | — | — | — | — |
| Income Tax Expense | $0 0.0% | $0 0.0% | $0 | $0 0.0% | $0 | $0 |
| Net Income | -$242.0M -6960.8% | -$63.6M -596.6% | -$43.0M | -$36.0M -288.0% | -$54.6M | -$32.7M |
| Per Share | ||||||
| EPS (Basic) | $-32.37 | $-21.67 | $-21.33 | $-15.56 | $-2.21 | — |
| EPS (Diluted) | $-32.37 | $-21.67 | $-21.33 | $-15.56 | $-2.21 | — |
| Weighted Avg Shares (Basic) | 7K | 3K | 2K | 2K | 25K | — |
| Weighted Avg Shares (Diluted) | 7K | 3K | 2K | 2K | 25K | — |
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.
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.
2/7 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).
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 -$30M 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 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).
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. 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.
EOD close · as of 2026-08-05
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 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| R&D | — | — | 296.1 | — | 198.3 | 844.5 |
| SG&A | — | — | 158.6 | — | 141.4 | 466.0 |
| Operating Income | — | — | -354.7 | — | -239.7 | -1210.6 |
| Income Tax | — | — | 0.0 | — | 0.0 | 0.0 |
| Net Income | — | — | -288.0 | — | -596.6 | -6960.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SRZNW: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Top 19 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