Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 4/5 core metricsFlagged areas: Solvency & liquidity, Dilution.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- 4 filing risk checks flagged
Flagged areas: Solvency & liquidity, Dilution.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue was broadly stable
Latest reported annual revenue changed +2.0% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Operating margin improved
Operating margin changed +3.9 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
- Free cash flow turned positive
Latest reported free cash flow was $7M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Solvency & liquidity
- Dilution
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-10-22
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- United States Operations Segment$59.8M79.1%-2.3% yoy
- Canada Operations Segment$15.8M20.9%+22.2% yoy
Members sum to the consolidated $75.6M for this period.
- United States Operations Segment-$3.82M229.7%-28.5% yoy
- Canada Operations Segment$2.16M-129.7%+171.8% yoy
Members sum to the consolidated -$1.66M for this period.
- Fee Revenue$61.9M81.8%+15.7% yoy
- Reimbursable Revenue$13.7M18.2%-33.5% yoy
Members sum to the consolidated $75.6M for this period.
- United States Operations Segment$17.1M95.3%no prior
- Canada Operations Segment$834K4.7%no prior
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,060 US-listed filers · 115 in Energy| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $76M | 24thof 3,247 bottom third | 15thof 109 bottom third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 2.0% | 35thof 3,083 middle third | 54thof 103 middle third |
Operating margin operating income ÷ revenue | -2.2% | 39thof 2,777 middle third | 26thof 95 bottom third |
Net margin net income ÷ revenue | -2.6% | 38thof 3,212 middle third | 30thof 105 bottom third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | 9.4% | 65thof 2,640 middle third | 72ndof 59 top third |
Return on equity net income ÷ stockholders' equity (positive equity only) | -12.3% | 32ndof 3,520 bottom third | 15thof 93 bottom third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 0.2% | 96thof 2,852 top third | 91stof 93 top third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 45 days | 56thof 2,373 middle third | 43rdof 89 middle third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -36.6% | 94thof 3,845 top third | 98thof 103 top third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | -37.3% | 86thof 3,301 top third | 96thof 78 top third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 43 changed periods, 30 largest shown| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Revenue RevenueFromContractWithCustomerIncludingAssessedTax | quarter 2022-06-30 | $921K 10-Q 2022-08-12 | $4.76M 10-Q 2023-07-31 | +417.4% | first · latest |
| Revenue RevenueFromContractWithCustomerIncludingAssessedTax | quarter 2022-09-30 | $3.54M 10-Q 2022-11-14 | $7.43M 10-Q 2023-11-09 | +110.0% | first · latest |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | fiscal year 2022-12-31 | -$8.96M 10-K 2023-03-13 | -$3.27M 10-K 2024-04-01 | +63.5% | first · latest |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | fiscal year 2022-12-31 | $894K 10-K 2023-03-13 | $1.43M 10-K 2024-04-01 | +59.8% | first · latest |
| Net income NetIncomeLoss | quarter 2022-03-31 | -$2.39M 10-Q 2022-05-16 | -$1.39M 10-Q 2023-11-09 | +42.1% | first · latest · 6 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2022-03-31 | -$2.44M 10-Q 2022-05-16 | -$1.44M 10-Q 2023-05-15 | +41.2% | first · latest |
| Revenue RevenueFromContractWithCustomerIncludingAssessedTax | fiscal year 2022-12-31 | $37.5M 10-K 2023-03-13 | $51.6M 10-K 2024-04-01 | +37.8% | first · latest |
| Cash CashAndCashEquivalentsAtCarryingValue | balance at 2022-12-31 | $13.9M 10-K 2023-03-13 | $18.6M 10-K 2024-04-01 | +33.7% | first · latest · 5 filings carry it |
| Depreciation and amortization DepreciationDepletionAndAmortization | quarter 2022-06-30 | $2.45M 10-Q 2022-08-12 | $3.01M 10-Q 2023-07-31 | +22.8% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2022-06-30 | $52.1M 10-Q 2022-08-12 | $63.6M 10-Q 2023-11-09 | +22.0% | first · latest · 4 filings carry it |
| Depreciation and amortization DepreciationDepletionAndAmortization | fiscal year 2022-12-31 | $9.79M 10-K 2023-03-13 | $11.8M 10-K 2024-04-01 | +20.8% | first · latest |
| Depreciation and amortization DepreciationDepletionAndAmortization | quarter 2022-09-30 | $2.37M 10-Q 2022-11-14 | $2.86M 10-Q 2023-11-09 | +20.6% | first · latest |
| Revenue RevenueFromContractWithCustomerIncludingAssessedTax | quarter 2022-03-31 | $18.4M 10-Q 2022-05-16 | $21.9M 10-Q 2023-05-15 | +19.5% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2022-12-31 | $41.1M 10-K 2023-03-13 | $48.8M 10-K 2025-04-02 | +18.7% | first · latest · 9 filings carry it |
| Depreciation and amortization DepreciationDepletionAndAmortization | quarter 2022-03-31 | $2.63M 10-Q 2022-05-16 | $3.1M 10-Q 2023-05-15 | +17.7% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2022-09-30 | $43.7M 10-Q 2022-11-14 | $51.1M 10-Q 2023-11-09 | +16.8% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2022-03-31 | $60.2M 10-Q 2022-05-16 | $69.6M 10-Q 2023-11-09 | +15.7% | first · latest · 6 filings carry it |
| Receivables AccountsReceivableNetCurrent | balance at 2022-12-31 | $6.95M 10-K 2023-03-13 | $7.97M 10-K 2024-04-01 | +14.8% | first · latest · 5 filings carry it |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | quarter 2022-03-31 | -$10.7M 10-Q 2022-05-16 | -$9.15M 10-Q 2023-05-15 | +14.2% | first · latest |
| Total assets Assets | balance at 2022-12-31 | $60.5M 10-K 2023-03-13 | $68.7M 10-K 2024-04-01 | +13.4% | first · latest · 5 filings carry it |
| Net income NetIncomeLoss | quarter 2022-09-30 | -$7.6M 10-Q 2022-11-14 | -$6.91M 10-Q 2023-11-09 | +9.1% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2022-09-30 | -$7.75M 10-Q 2022-11-14 | -$7.06M 10-Q 2023-11-09 | +8.9% | first · latest |
| Net income NetIncomeLoss | fiscal year 2022-12-31 | -$20.5M 10-K 2023-03-13 | -$18.6M 10-K 2024-04-01 | +8.8% | first · latest |
| Operating income OperatingIncomeLoss | fiscal year 2022-12-31 | -$24M 10-K 2023-03-13 | -$22.2M 10-K 2024-04-01 | +7.5% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | fiscal year 2022-12-31 | 23,782,796 shares 10-K 2023-03-13 | 24,971,031 shares 10-K 2024-04-01 | +5.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | fiscal year 2022-12-31 | 23,782,796 shares 10-K 2023-03-13 | 24,971,031 shares 10-K 2024-04-01 | +5.0% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2022-06-30 | 23,812,329 shares 10-Q 2022-08-12 | 25,000,564 shares 10-Q 2023-07-31 | +5.0% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2022-09-30 | 23,812,329 shares 10-Q 2022-11-14 | 25,000,564 shares 10-Q 2023-11-09 | +5.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2022-06-30 | 23,812,329 shares 10-Q 2022-08-12 | 25,000,564 shares 10-Q 2023-07-31 | +5.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2022-09-30 | 23,812,329 shares 10-Q 2022-11-14 | 25,000,564 shares 10-Q 2023-11-09 | +5.0% | first · latest |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for DWSN yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.