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Strong institutional distribution: ownership decreased -4.06% 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.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Top 14 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 | $2.4M 100.0% | $2.4M 100.0% | $3.8M 100.0% | $5.5M 100.0% | $7.7M 100.0% | $15.3M 100.0% | $12.8M 100.0% | $12.6M 100.0% | $14.8M 100.0% | $19.2M 100.0% |
| Gross Profit | $1.0M 41.6% | $331K 13.9% | $911K 23.9% | $1.5M 28.2% | $2.7M 35.1% | $8.1M 52.5% | $5.4M 42.1% | $5.0M 39.5% | — | — |
| Research & Development | $10K 0.4% | $155K 6.5% | $20K 0.5% | $1.7M 31.0% | $2.9M 37.6% | $3.7M 24.2% | $2.0M 15.8% | $921K 7.3% | $1.1M 7.8% | — |
| Selling, General & Admin | $3.9M 161.9% | $4.2M 176.5% | $4.9M 127.8% | $5.3M 96.4% | $6.4M 82.2% | $6.7M 43.9% | $5.4M 41.9% | $4.6M 36.7% | $3.7M 24.8% | $5.2M 27.1% |
| Total Operating Expenses | $4.0M 163.2% | $4.5M 190.6% | $5.4M 141.9% | $23.5M 429.8% | $14.5M 187.5% | $18.1M 118.2% | $13.0M 101.1% | $11.7M 93.2% | $17.2M 116.0% | $21.3M 110.8% |
| Operating Income | -$3.0M -121.5% | -$4.2M -176.7% | -$4.5M -118.0% | -$22.0M -401.5% | -$11.8M -152.4% | -$10.1M -65.6% | -$7.6M -59.0% | -$6.7M -53.7% | -$2.4M -16.0% | -$2.1M -10.8% |
| Interest Expense | — | — | — | — | — | — | — | $311K 2.5% | $1.0M 6.9% | $1.5M 7.6% |
| Interest & Investment Income | $128K 5.3% | $169K 7.1% | — | — | — | — | — | — | — | — |
| Other Income (Expense), net | -$3.4M -139.1% | $169K 7.1% | $138K 3.6% | $40K 0.7% | $2.7M 34.3% | $2.7M 17.9% | -$187K -1.5% | -$415K -3.3% | $7.9M 53.5% | -$1.5M -7.9% |
| Pretax Income | -$6.4M -260.7% | -$4.0M -169.6% | -$4.4M -114.4% | -$21.9M -400.8% | -$9.1M -118.1% | -$7.3M -47.7% | -$7.8M -60.5% | -$7.2M -57.0% | $5.6M 37.5% | — |
| Income Tax Expense | $2K 0.1% | $10K 0.4% | $27K 0.7% | -$7K -0.1% | -$90K -1.2% | $103K 0.7% | $0 0.0% | $13K 0.1% | -$230K -1.6% | -$79K -0.4% |
| Net Income | -$6.4M -260.8% | -$4.0M -170.0% | -$4.4M -115.1% | -$21.9M -400.7% | -$9.1M -117.0% | -$7.4M -48.4% | -$7.8M -60.5% | -$7.2M -57.1% | $5.8M 39.1% | -$3.5M -18.4% |
| Per Share | ||||||||||
| EPS (Basic) | $-2.76 | $-15.71 | $-18.81 | $-10.62 | $-5.48 | $-1.48 | — | $-0.15 | $0.15 | $-0.10 |
| EPS (Diluted) | — | — | $-0.98 | $-10.62 | $-5.48 | $-1.48 | — | $-0.15 | $0.14 | $-0.10 |
| Weighted Avg Shares (Basic) | 2.3M | 834K | 293K | 2.1M | 1.8M | 5.5M | — | 48.0M | 37.6M | 35.6M |
| Weighted Avg Shares (Diluted) | — | — | 5.6M | 2.1M | 1.8M | 5.5M | 5.1M | 48.0M | 41.4M | 35.6M |
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.
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).
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.
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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -90%. 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 $2M covers the $950000 due within a year 2.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2013-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Interest last disclosed in FY2018 (no longer broken out).
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.
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.
Ranked against 838 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| JPM | $941.8B | 17.4× | — | 5.2× | 2.8% | — | 31.3% | 15.7% | 13.4% | — | 4,823 |
| V | $694.5B | — | — | 17.4× | 11.3% | — | 50.1% | 52.9% | 31.8% | — | 4,229 |
| MA | $512.0B | 34.3× | — | 15.6× | 16.4% | — | 45.6% | 193% | 56.0% | — | 3,430 |
| BAC | $419.6B | 15.3× | — | 3.7× | 6.8% | — | 27.0% | 10.1% | 4.9% | — | 3,337 |
| GS | $282.1B | 18.5× | — | — | — | — | — | 13.7% | 3.6% | — | 2,857 |
| WFC | $268.7B | 13.9× | — | — | — | — | — | 11.8% | 5.7% | — | 2,691 |
| AXP | $213.5B | 20.2× | — | 5.2× | 6.4% | — | 26.2% | 32.4% | 11.9% | — | 2,787 |
| TYFG | $191.9B | 14.2× | — | 11135.5× | 10.2% | — | 79.3% | 8.7% | 8.7% | — | 1 |
| SCHW | $188.8B | 22.5× | — | 7.9× | 22.0% | — | 37.0% | 17.9% | 17.9% | — | 2,225 |
| HDB | $173.4B | 21.8× | — | 6.8× | 15.2% | — | 30.8% | 8.8% | 4.5% | — | 570 |
| UBS | $169.2B | — | — | — | — | — | — | — | — | — | 660 |
| BLK | $163.4B | 29.9× | — | 6.8× | 89.3% | — | 22.9% | 9.9% | 8.1% | — | 2,196 |
| GLD | $134.4B | — | — | — | — | — | — | — | — | — | 3,072 |
| CB | $133.7B | 13.3× | — | 2.3× | 6.5% | — | 17.4% | 14.0% | 11.3% | — | 2,002 |
| PGR | $126.8B | 11.3× | — | 1.4× | 16.3% | — | 12.9% | 37.3% | 37.3% | — | 1,685 |
| SPGI | $120.7B | 27.6× | 17.3× | 7.9× | 7.9% | 70.2% | 29.2% | 14.4% | 10.1% | 1.7× | 2,005 |
| HOOD | $97.6B | 53.6× | — | 21.8× | 51.6% | — | 42.1% | 20.6% | 20.6% | — | 1,230 |
| CME | $97.5B | 24.3× | — | 15.0× | 6.4% | — | 62.5% | 14.2% | 14.2% | — | 1,699 |
| USB | $96.4B | 13.0× | — | 3.4× | 4.4% | — | 26.4% | 11.6% | 9.2% | — | 1,901 |
| BX | $93.9B | 32.4× | — | 6.5× | 9.2% | — | 20.9% | 34.8% | 14.2% | — | 2,037 |
| PNC | $91.9B | 14.0× | — | 4.0× | 7.2% | — | 30.3% | 11.5% | 5.9% | — | 1,839 |
| AMUB | $89.8B | — | — | — | — | — | — | — | — | — | 7 |
| KKR | $87.5B | — | — | 4.5× | -11.0% | — | 12.2% | 7.7% | 7.7% | — | 1,216 |
| ICE | $86.9B | 26.6× | 20.6× | 6.9× | 7.5% | — | 26.2% | 11.5% | 6.8% | 3.8× | 1,641 |
| MRSH | $84.7B | 20.7× | 15.4× | 3.1× | 10.3% | — | 15.4% | 27.2% | 11.9% | 3.0× | 1,471 |
| TWAV | $4M | — | — | 1.8× | 2.5% | 41.6% | -261% | -90.4% | -90.4% | — | 14 |
Peers = companies sharing TWAV's sector (Financial Services) 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.
EOD close · as of 2026-09-17
No standout strengths flagged.
Nothing notable to watch.
Where each multiple sits in its own 14-yr range · 4th 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
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Profit | 39.5 | 42.1 | 52.5 | 35.1 | 28.2 | 23.9 | 13.9 | 41.6 |
| R&D | 7.3 | 15.8 | 24.2 | 37.6 | 31.0 | 0.5 | 6.5 | 0.4 |
| SG&A | 36.7 | 41.9 | 43.9 | 82.2 | 96.4 | 127.8 | 176.5 | 161.9 |
| Operating Income | -53.7 | -59.0 | -65.6 | -152.4 | -401.5 | -118.0 | -176.7 | -121.5 |
| Income Tax | 0.1 | 0.0 | 0.7 | -1.2 | -0.1 | 0.7 | 0.4 | 0.1 |
| Net Income | -57.1 | -60.5 | -48.4 | -117.0 | -400.7 | -115.1 | -170.0 | -260.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TWAV: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.