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Institutional accumulation: ownership increased +1.05% quarter-over-quarter.
Data as of Q1 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $8.95 today, the market must believe free cash flow compounds 13.9%/yr for a decade (off $11M normalized FCF).
The market's 13.9% is more optimistic than its 7-yr track record.
2-stage DCF · 0.04B shares · net debt -$1M
mean 173.9% · volatility σ 325% · implied rate exceeded in 4/7 yrs
Central path = implied 13.9%/yr growth; shaded band = ±1σ (325%) 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.
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 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $270.3M 100.0% | $224.3M 100.0% | $183.0M 100.0% | $138.8M 100.0% | $117.1M 100.0% | $131.3M 100.0% | $80.3M 100.0% | $64.5M 100.0% |
| Cost of Revenue | $114.8M 42.5% | $91.1M 40.6% | $70.2M 38.4% | $54.2M 39.0% | $43.7M 37.3% | $51.2M 39.0% | $24.3M 30.2% | $16.7M 25.9% |
| Gross Profit | $155.5M 57.5% | $133.2M 59.4% | $112.8M 61.6% | $84.7M 61.0% | $73.4M 62.7% | $80.1M 61.0% | $56.0M 69.8% | $47.8M 74.1% |
| Research & Development | $3.0M 1.1% | $3.1M 1.4% | $2.8M 1.5% | $2.7M 1.9% | $2.1M 1.8% | $1.1M 0.8% | $848K 1.1% | $0 0.0% |
| Selling, General & Admin | $121.4M 44.9% | $106.2M 47.4% | $87.9M 48.0% | $68.2M 49.1% | $54.9M 46.9% | $52.8M 40.2% | $41.4M 51.6% | $34.3M 53.2% |
| Operating Income | $22.9M 8.5% | $17.9M 8.0% | $14.3M 7.8% | $8.3M 5.9% | $11.6M 9.9% | $26.8M 20.4% | $8.9M 11.0% | $10.1M 15.6% |
| Other Income (Expense), net | $252K 0.1% | -$173K -0.1% | $98K 0.1% | $989K 0.7% | $1.6M 1.4% | $4.0M 3.0% | -$3K -0.0% | — |
| Pretax Income | $21.8M 8.1% | $16.2M 7.2% | $14.4M 7.9% | $9.0M 6.5% | $12.5M 10.7% | $26.4M 20.1% | $8.8M 11.0% | $9.7M 15.0% |
| Income Tax Expense | $6.4M 2.4% | $4.8M 2.1% | $4.1M 2.3% | $2.8M 2.0% | $3.4M 2.9% | -$5.2M -3.9% | $271K 0.3% | $162K 0.3% |
| Net Income | $15.4M 5.7% | $11.4M 5.1% | $10.2M 5.6% | $6.2M 4.5% | $9.1M 7.8% | $31.5M 24.0% | $8.5M 10.6% | $9.5M 14.7% |
| Per Share | ||||||||
| EPS (Basic) | $0.38 | $0.29 | $0.27 | $0.16 | $0.23 | $0.81 | $0.23 | $0.25 |
| EPS (Diluted) | $0.37 | $0.28 | $0.25 | $0.16 | $0.22 | $0.78 | $0.21 | $0.24 |
| Weighted Avg Shares (Basic) | 38.9M | 38.8M | 38.4M | 38.7M | 39.5M | 38.7M | 37.7M | 37.9M |
| Weighted Avg Shares (Diluted) | 40.8M | 40.8M | 40.4M | 39.8M | 40.7M | 40.5M | 39.7M | 39.7M |
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
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash conversion lags reported earnings — watch accruals. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable; leverage rising 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 + $13M buybacks = $13M returned on $12M 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 8 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 10%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 8 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.
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 of $14M fully covers short-term debt of $1M.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
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 2026-09-17
Nothing notable to watch.
No material risks flagged.
Where each multiple sits in its own 8-yr range · 28th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 8-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
Returns are margin-driven, not leverage-driven — higher quality.
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 1.4× 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 | 25.9 | 30.2 | 39.0 | 37.3 | 39.0 | 38.4 | 40.6 | 42.5 |
| Gross Profit | 74.1 | 69.8 | 61.0 | 62.7 | 61.0 | 61.6 | 59.4 | 57.5 |
| R&D | 0.0 | 1.1 | 0.8 | 1.8 | 1.9 | 1.5 | 1.4 | 1.1 |
| SG&A | 53.2 | 51.6 | 40.2 | 46.9 | 49.1 | 48.0 | 47.4 | 44.9 |
| Operating Income | 15.6 | 11.0 | 20.4 | 9.9 | 5.9 | 7.8 | 8.0 | 8.5 |
| Income Tax | 0.3 | 0.3 | -3.9 | 2.9 | 2.0 | 2.3 | 2.1 | 2.4 |
| Net Income | 14.7 | 10.6 | 24.0 | 7.8 | 4.5 | 5.6 | 5.1 | 5.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VMD: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
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
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 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 | $1.20T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.02T | 49.6× | — | 15.7× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $916.2B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $643.4B | 24.2× | — | 6.8× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $464.4B | 111.2× | 33.2× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $362.6B | 19.9× | — | 5.6× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $340.0B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $252.6B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $244.5B | 36.5× | 31.5× | 5.5× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $202.8B | 26.4× | 17.4× | 5.5× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $183.3B | 21.8× | 20.0× | 6.2× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.2B | 27.5× | 19.3× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $156.1B | 20.2× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $147.3B | 41.3× | 30.5× | 6.0× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $135.8B | 48.6× | 37.3× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $130.4B | 33.5× | 28.6× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $129.4B | 18.4× | — | 2.7× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.5B | 24.8× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| LGVN | $117.4B | — | — | 97924.4× | -49.9% | 67.0% | -1894% | -400% | -400% | — | 31 |
| CVS | $116.6B | 66.0× | 11.7× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $108.8B | 33.9× | 18.7× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $103.4B | 23.1× | 16.3× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.7B | 15.2× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.1B | 16.4× | 15.4× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $81.0B | 18.7× | 19.4× | 5.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| VMD | $340M | 24.2× | 6.6× | 1.3× | 20.5% | 57.5% | 5.5% | 10.6% | 9.7% | 0.2× | 144 |
Peers = companies sharing VMD'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.