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Strong institutional accumulation: ownership increased +11.13% 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.
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 data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; 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 + $0 buybacks = $0 returned on -$8M 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.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -31%. 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 $7M covers all $708000 of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~205.5% on $708000 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
No standout strengths flagged.
Nothing notable to watch.
Where each multiple sits in its own 14-yr range · 0th 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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 96.6 | 99.9 | — | — | — | — | 58.6 | 57.9 |
| Gross Profit | 3.4 | 0.1 | — | — | — | — | — | — |
| R&D | 56.7 | 31.2 | — | 12.6 | 8.8 | 8.2 | 4.6 | 3.9 |
| SG&A | 32.5 | 50.1 | 53.3 | 83.7 | 79.6 | 96.5 | 42.2 | 43.2 |
| Operating Income | -90.9 | -91.2 | -68.2 | -91.8 | -83.0 | -139.5 | -57.2 | -65.8 |
| Income Tax | 0.0 | 0.0 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | -0.2 |
| Net Income | -30.1 | -102.8 | -70.1 | -105.4 | -147.7 | -437.1 | -62.2 | -28.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on XXII: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
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 | $17.6M 100.0% | $24.4M 100.0% | $32.2M 100.0% | $40.5M 100.0% | $30.9M 100.0% | $28.1M 100.0% | $25.8M 100.0% | $26.4M 100.0% | $16.6M 100.0% | $12.3M 100.0% |
| Cost of Revenue | $10.2M 57.9% | $14.3M 58.6% | — | — | — | — | $25.8M 99.9% | $25.5M 96.6% | $17.3M 104.3% | $12.7M 103.5% |
| Cost of Products | — | — | — | — | — | — | — | — | $17.3M 104.3% | $12.7M 103.5% |
| Gross Profit | — | — | — | — | — | — | $14K 0.1% | $899K 3.4% | -$708K -4.3% | -$430K -3.5% |
| Research & Development | $688K 3.9% | $1.1M 4.6% | $2.6M 8.2% | $3.6M 8.8% | $3.9M 12.6% | — | $8.1M 31.2% | $15.0M 56.7% | $3.4M 20.3% | $2.3M 19.1% |
| Selling, General & Admin | $7.6M 43.2% | $10.3M 42.2% | $31.1M 96.5% | $32.2M 79.6% | $25.9M 83.7% | $15.0M 53.3% | $13.0M 50.1% | $8.6M 32.5% | $8.3M 49.9% | $6.2M 50.4% |
| Total Operating Expenses | $8.4M 47.9% | $11.6M 47.4% | $36.2M 112.5% | $35.5M 87.6% | $29.9M 96.6% | $20.6M 73.4% | $23.6M 91.3% | $24.9M 94.3% | $12.6M 75.9% | $11.0M 89.2% |
| Operating Income | -$11.6M -65.8% | -$13.9M -57.2% | -$44.9M -139.5% | -$33.6M -83.0% | -$28.4M -91.8% | -$19.2M -68.2% | -$23.6M -91.2% | -$24.0M -90.9% | -$13.3M -80.1% | -$11.4M -92.7% |
| Interest Expense | $1.5M 8.3% | $2.1M 8.6% | $9.4M 29.1% | $55K 0.1% | $58K 0.2% | $72K 0.3% | $56K 0.2% | $11K 0.0% | $29K 0.2% | $38K 0.3% |
| Other Income (Expense), net | -$1.6M -9.0% | -$1.5M -6.2% | -$9.7M -30.1% | -$2.9M -7.2% | -$4.2M -13.5% | -$490K -1.7% | -$3.0M -11.6% | $16.1M 60.7% | $271K 1.6% | -$194K -1.6% |
| Pretax Income | -$13.1M -74.7% | -$15.5M -63.4% | -$54.6M -169.7% | -$36.5M -90.2% | -$32.6M -105.3% | -$19.7M -70.0% | -$26.6M -102.8% | -$8.0M -30.1% | -$13.0M -78.5% | -$11.6M -94.3% |
| Income Tax Expense | -$28K -0.2% | $30K 0.1% | $47K 0.1% | $21K 0.1% | $14K 0.0% | $38K 0.1% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% |
| Net Income | -$5.1M -28.7% | -$15.2M -62.2% | -$140.8M -437.1% | -$59.8M -147.7% | -$32.6M -105.4% | -$19.7M -70.1% | -$26.6M -102.8% | -$8.0M -30.1% | -$13.0M -78.5% | -$11.6M -94.3% |
| Per Share | ||||||||||
| EPS (Basic) | $-52.87 | $-45711.05 | $-15925.99 | $-4.65 | $-0.21 | $-0.14 | $-0.21 | — | — | — |
| EPS (Diluted) | $-52.87 | $-45711.05 | $-15925.99 | $-4.65 | $-0.21 | $-0.14 | $-0.21 | — | — | — |
| Weighted Avg Shares (Basic) | 184K | 557 | 9K | 12.9M | 156.2M | 138.8M | 125.9M | 124.3M | 101.2M | 79.8M |
| Weighted Avg Shares (Diluted) | 184K | 557 | 9K | 12.9M | 156.2M | 138.8M | 125.9M | — | — | — |
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.
Top 23 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 229 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WMT | $858.2B | 39.4× | — | 1.2× | 4.7% | 24.9% | 3.1% | 22.0% | 15.5% | — | 4,273 |
| COST | $396.1B | 49.1× | 30.3× | 1.4× | 8.2% | 12.8% | 2.9% | 27.8% | 23.2% | 0.5× | 4,050 |
| KO | $378.1B | 28.9× | 24.8× | 7.9× | 1.9% | 61.6% | 27.3% | 40.7% | 40.7% | — | 3,427 |
| PG | $345.5B | 22.6× | 16.3× | 4.1× | 0.3% | 51.2% | 19.0% | 30.6% | 18.4% | 1.5× | 3,849 |
| PM | $298.3B | 26.4× | 17.4× | 7.3× | 7.3% | 67.1% | 27.9% | -114% | -115% | 0.0× | 2,744 |
| PEP | $183.9B | 22.4× | 15.0× | 2.0× | 2.3% | 54.1% | 8.8% | 40.4% | 11.8% | 3.3× | 3,404 |
| MO | $117.4B | 17.0× | 13.6× | 5.0× | -3.1% | 62.5% | 29.8% | -198% | 31.3% | 2.5× | 2,375 |
| MDLZ | $80.7B | 33.0× | 18.9× | 2.1× | 5.8% | 28.4% | 6.4% | 9.5% | 8.6% | 0.6× | 1,821 |
| TGT | $70.0B | 19.0× | 10.2× | 0.7× | -1.7% | 27.9% | 3.5% | 22.9% | 12.1% | 1.7× | 1,771 |
| CL | $69.7B | 33.1× | 19.4× | 3.4× | 1.4% | 60.1% | 10.5% | 3948% | 26.5% | 2.0× | 1,873 |
| MNST | $43.6B | — | 16.4× | 5.3× | 10.7% | 55.8% | 23.0% | 23.1% | 23.1% | — | 1,169 |
| KDP | $43.2B | 20.8× | 14.5× | 2.6× | 8.2% | 54.2% | 12.5% | 8.1% | 5.0% | 4.0× | 784 |
| FMX | $41.2B | — | — | — | — | — | — | — | — | — | 290 |
| ADM | $41.1B | 38.1× | — | 0.5× | -6.2% | 6.3% | 1.3% | 4.7% | 3.6% | — | 1,070 |
| JBS | $40.2B | — | — | — | — | — | — | — | — | — | 241 |
| KR | $39.9B | 39.7× | 10.0× | 0.3× | 0.4% | — | 0.7% | 17.1% | 4.7% | 3.0× | 1,327 |
| SYY | $38.4B | 21.1× | 9.6× | 0.5× | 3.2% | 18.4% | 2.2% | 99.9% | 99.9% | — | 1,489 |
| HSY | $34.6B | — | 20.3× | 3.0× | 4.4% | 33.5% | 7.6% | 19.0% | 9.3% | 2.5× | 1,406 |
| EL | $34.4B | — | 782.5× | 2.4× | -8.2% | 74.0% | -7.9% | -29.3% | -29.3% | 0.1× | 800 |
| KVUE | $34.2B | 23.5× | 11.6× | 2.3× | -2.1% | 58.1% | 9.7% | 13.7% | 12.0% | 0.5× | 967 |
| KMB | $32.6B | 16.2× | 10.3× | 2.0× | -2.1% | 36.0% | 12.3% | 135% | 92.0% | 0.2× | 1,585 |
| KHC | $29.3B | — | — | 1.2× | -3.5% | 33.3% | -23.4% | -14.0% | -14.0% | — | 1,059 |
| DG | $27.1B | 18.0× | 8.0× | 0.6× | 5.2% | 30.7% | 3.5% | 17.8% | 17.8% | — | 1,099 |
| KOF | $23.6B | — | — | — | — | — | — | — | — | — | 249 |
| CHD | $23.2B | 31.6× | 18.9× | 3.7× | 1.6% | 44.7% | 11.9% | 18.4% | 11.9% | 1.7× | 1,004 |
| XXII | $877860 | — | — | 0.1× | -27.9% | 42.1% | -28.7% | -32.1% | -30.7% | -0.1× | 23 |
Peers = companies sharing XXII's sector (Consumer Defensive) 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.