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 5/5 core metricsFlagged areas: Earnings quality, Solvency & liquidity.
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: Earnings quality, Solvency & liquidity.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Operating margin was stable
Operating margin changed +1.0 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.
- Revenue expanded
Latest reported annual revenue changed +25.5% 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.
- Free cash flow was positive
Latest reported free cash flow was $624M.
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
- Earnings quality
- Solvency & liquidity
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- 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- Payments Based Revenue$3.47B83.0%+16.1% yoy
- Subscription And Other Revenues$454M10.9%+33.1% yoy
- TFS Revenue$255M6.1%no prior
Members sum to the consolidated $4.18B for this period.
- United States$3.31B79.2%+13.8% yoy
- Outside the United States$868M20.8%+106.7% yoy
Members sum to the consolidated $4.18B for this period.
- Payments Based Revenue$917M81.8%+21.3% yoy
- TFS Revenue$102M9.1%no prior
- Subscription And Other Revenues$102M9.1%+10.9% yoy
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 4,122 US-listed filers · 817 in Technology| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $4.2B | 78thof 3,301 top third | 80thof 778 top third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 25.5% | 83rdof 3,135 top third | 78thof 743 top third |
Operating margin operating income ÷ revenue | 8.4% | 65thof 2,819 middle third | 64thof 752 middle third |
Net margin net income ÷ revenue | 2.9% | 52ndof 3,263 middle third | 54thof 770 middle third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | 14.9% | 76thof 2,679 top third | 66thof 701 middle third |
Return on equity net income ÷ stockholders' equity (positive equity only) | 8.3% | 60thof 3,577 middle third | 59thof 720 middle third |
Interest coverage operating income ÷ interest expense (interest expense > 0) | 23.4× | 92ndof 819 top third | 87thof 195 top third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 2.0% | 52ndof 2,895 middle third | 67thof 729 top third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 65 days | 32ndof 2,398 bottom third | 46thof 712 middle third |
Net debt ÷ operating cash flow net debt ÷ operating cash flow (OCF > 0) · lower is ranked higher | 5.7× | 23rdof 1,547 bottom third | 12thof 338 bottom third |
Cash conversion operating cash flow ÷ net income (net income > 0) | 5.3× | 91stof 2,183 top third | 88thof 417 top third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -7.5% | 65thof 3,577 middle third | 52ndof 722 middle third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 70.7% | 13thof 3,059 bottom third | 11thof 634 bottom 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 · 29 changed periods| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | quarter 2021-03-31 | -$1.7M 10-Q 2021-05-07 | -$7.1M 10-Q/A 2022-11-08 | -317.6% | first · latest · 3 filings carry it |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | quarter 2024-03-31 | $56.7M 10-Q 2024-05-10 | $115M 10-Q 2025-04-29 | +102.8% | first · latest |
| Share repurchases PaymentsForRepurchaseOfCommonStock | fiscal year 2020-12-31 | $21.1M 10-K 2021-03-08 | $0 10-K 2023-03-01 | -100.0% | first · latest · 4 filings carry it |
| Net income NetIncomeLoss | quarter 2020-06-30 | -$74M 10-Q 2020-08-12 | -$1M 10-Q 2021-08-06 | +98.7% | first · latest · 3 filings carry it |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | fiscal year 2021-12-31 | $29.2M 10-K 2022-03-01 | $3M 10-K 2024-02-29 | -89.7% | first · latest · 4 filings carry it |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | fiscal year 2020-12-31 | $23.4M 10-K 2021-03-08 | $4M 10-K 2023-03-01 | -82.9% | first · latest · 4 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2020-06-30 | $260M 10-Q 2020-08-12 | $467M 10-Q 2021-08-06 | +79.5% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2020-09-30 | $310M 10-Q 2020-11-06 | $554M 10-Q 2021-11-12 | +78.7% | first · latest |
| Receivables AccountsReceivableNetCurrent | balance at 2021-06-30 | $177M 10-Q 2021-08-06 | $68.6M 10-K/A 2022-11-08 | -61.3% | first · latest · 3 filings carry it |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | quarter 2025-03-31 | $1.5M 10-Q 2025-04-29 | $1M 10-Q 2026-05-07 | -33.3% | first · latest |
| Deferred revenue (current) ContractWithCustomerLiabilityCurrent | balance at 2021-06-30 | $12M 10-Q 2021-08-06 | $8.2M 10-K/A 2022-11-08 | -31.7% | first · latest · 3 filings carry it |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | quarter 2022-03-31 | $37.1M 10-Q 2022-05-06 | $30.8M 10-Q 2023-05-09 | -17.0% | first · latest · 3 filings carry it |
| Interest expense InterestExpenseDebt | quarter 2025-03-31 | $3.5M 10-Q 2025-04-29 | $3M 10-Q 2026-05-07 | -14.3% | first · latest |
| Interest expense InterestExpenseDebt | quarter 2025-06-30 | $5.4M 10-Q 2025-08-05 | $6M 10-Q 2026-08-06 | +11.1% | first · latest |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | fiscal year 2023-12-31 | $388M 10-K 2024-02-29 | $346M 10-K 2026-02-27 | -10.9% | first · latest · 3 filings carry it |
| Cash CashAndCashEquivalentsAtCarryingValue | balance at 2022-12-31 | $777M 10-K 2023-03-01 | $703M 10-K 2024-02-29 | -9.5% | first · latest · 5 filings carry it |
| Interest expense InterestExpenseDebt | fiscal year 2023-12-31 | $8.3M 10-K 2024-02-29 | $8M 10-K 2026-02-27 | -3.6% | first · latest · 3 filings carry it |
| Interest expense InterestExpenseDebt | fiscal year 2024-12-31 | $9.3M 10-K 2025-02-19 | $9M 10-K 2026-02-27 | -3.2% | first · latest |
| Deferred revenue (current) ContractWithCustomerLiabilityCurrent | balance at 2024-12-31 | $15.5M 10-K 2025-02-19 | $16M 10-K 2026-02-27 | +3.2% | first · latest · 5 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2020-09-30 | -$4M 10-Q 2020-11-06 | -$3.9M 10-Q 2021-11-12 | +2.5% | first · latest · 3 filings carry it |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | fiscal year 2023-12-31 | $13.7M 10-K 2024-02-29 | $14M 10-K 2026-02-27 | +2.2% | first · latest · 3 filings carry it |
| Gross profit GrossProfit | quarter 2020-06-30 | $32.3M 10-Q 2020-08-12 | $31.6M 10-Q 2021-08-06 | -2.2% | first · latest · 3 filings carry it |
| Net income NetIncomeLoss | quarter 2025-03-31 | $16.7M 10-Q 2025-04-29 | $17M 10-Q 2026-05-07 | +1.8% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2025-03-31 | $25.4M 10-Q 2025-04-29 | $25M 10-Q 2026-05-07 | -1.6% | first · latest |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | fiscal year 2024-12-31 | $7.1M 10-K 2025-02-19 | $7M 10-K 2026-02-27 | -1.4% | first · latest |
| Long-term debt LongTermDebt | balance at 2023-12-31 | $1.77B 10-K 2024-02-29 | $1.75B 10-K 2025-02-19 | -1.3% | first · latest |
| Stock-based compensation ShareBasedCompensation | fiscal year 2024-12-31 | $65.5M 10-K 2025-02-19 | $65M 10-K 2026-02-27 | -0.8% | first · latest |
| Stock-based compensation ShareBasedCompensation | fiscal year 2023-12-31 | $57.4M 10-K 2024-02-29 | $57M 10-K 2026-02-27 | -0.7% | first · latest · 3 filings carry it |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | quarter 2025-03-31 | $96.6M 10-Q 2025-04-29 | $96M 10-Q 2026-05-07 | -0.6% | 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 FOUR 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.