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: Solvency & liquidity, Dilution.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- 2 filing risk checks flagged
Flagged areas: Solvency & liquidity, Dilution.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue expanded
Latest reported annual revenue changed +23.4% 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 +7.9 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2023-12-31.
- Free cash flow was positive
Latest reported free cash flow was $11M.
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
- 2026-09-06
- 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- Pursuit$452M100.0%+23.4% yoy
Members sum to the consolidated $452M for this period.
- Service$341M75.3%+24.1% yoy
- Product$112M24.7%+21.4% yoy
Members sum to the consolidated $452M for this period.
- Canada$245M54.1%+27.1% yoy
- United States$132M29.3%+10.8% yoy
- IS$62.2M13.8%+14.3% yoy
- CR$13.1M2.9%no prior
Members sum to the consolidated $452M for this period.
- Pursuit$51.6M100.0%+37.4% 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 4,104 US-listed filers · 130 in Communication| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $452M | 43rdof 3,301 middle third | 40thof 124 middle third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 23.4% | 81stof 3,135 top third | 89thof 119 top third |
Net margin net income ÷ revenue | 5.0% | 58thof 3,263 middle third | 72ndof 122 top third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | 2.5% | 42ndof 2,679 middle third | 42ndof 105 middle third |
Return on equity net income ÷ stockholders' equity (positive equity only) | 3.9% | 49thof 3,577 middle third | 58thof 100 middle third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 1.6% | 55thof 2,895 middle third | 51stof 110 middle third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 7 days | 92ndof 2,398 top third | 91stof 107 top third |
Net debt ÷ operating cash flow net debt ÷ operating cash flow (OCF > 0) · lower is ranked higher | 0.8× | 68thof 1,547 top third | 85thof 63 top third |
Cash conversion operating cash flow ÷ net income (net income > 0) | 3.8× | 86thof 2,135 top third | 64thof 52 middle third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -7.0% | 64thof 3,291 middle third | 48thof 97 middle third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 22.4% | 26thof 2,805 bottom third | 17thof 78 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 · 50 changed periods, 30 largest shown| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2022-03-31 | 20,518 shares 10-Q 2022-05-06 | 20,518,000 shares 10-Q 2023-05-05 | +99900.0% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2022-06-30 | 20,731 shares 10-Q 2022-08-05 | 20,731,000 shares 10-Q 2023-08-04 | +99900.0% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2022-09-30 | 20,889 shares 10-Q 2022-11-04 | 20,889,000 shares 10-Q 2023-11-03 | +99900.0% | first · latest · 3 filings carry it |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2022-03-31 | 20,518 shares 10-Q 2022-05-06 | 20,518,000 shares 10-Q 2023-05-05 | +99900.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2022-06-30 | 20,571 shares 10-Q 2022-08-05 | 20,571,000 shares 10-Q 2023-08-04 | +99900.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2022-09-30 | 20,612 shares 10-Q 2022-11-04 | 20,612,000 shares 10-Q 2023-11-03 | +99900.0% | first · latest · 3 filings carry it |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2020-09-30 | 20,293,000 shares 10-Q 2020-11-06 | 20,293 shares 10-Q 2021-11-05 | -99.9% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2021-03-31 | 20,370,000 shares 10-Q 2021-05-07 | 20,370 shares 10-Q 2022-05-06 | -99.9% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2021-06-30 | 20,397,000 shares 10-Q 2021-08-09 | 20,397 shares 10-Q 2022-08-05 | -99.9% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2020-09-30 | 20,293,000 shares 10-Q 2020-11-06 | 20,293 shares 10-Q 2021-11-05 | -99.9% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2021-03-31 | 20,370,000 shares 10-Q 2021-05-07 | 20,370 shares 10-Q 2022-05-06 | -99.9% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2021-06-30 | 20,397,000 shares 10-Q 2021-08-09 | 20,397 shares 10-Q 2022-08-05 | -99.9% | first · latest |
| Cash CashAndCashEquivalentsAtCarryingValue | balance at 2020-09-30 | $56.5M 10-Q 2020-11-06 | $111M 10-Q 2021-11-05 | +96.2% | first · latest |
| Receivables AccountsReceivableNetCurrent | balance at 2023-12-31 | $128M 10-K 2024-03-01 | $8.21M 10-K 2025-03-17 | -93.6% | first · latest · 5 filings carry it |
| Interest expense InterestExpense | fiscal year 2022-12-31 | $34.9M 10-K 2023-02-28 | $4.06M 10-K 2025-03-17 | -88.3% | first · latest · 3 filings carry it |
| Interest expense InterestExpense | fiscal year 2023-12-31 | $48M 10-K 2024-03-01 | $5.96M 10-K 2026-02-25 | -87.6% | first · latest · 3 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2024-03-31 | $273M 10-Q 2024-05-03 | $37.2M 10-Q 2025-05-09 | -86.4% | first · latest |
| Deferred revenue (current) ContractWithCustomerLiabilityCurrent | balance at 2023-12-31 | $53M 10-K 2024-03-01 | $12.5M 10-K 2025-03-17 | -76.5% | first · latest · 5 filings carry it |
| Interest expense InterestExpense | quarter 2024-03-31 | $11.8M 10-Q 2024-05-03 | $2.92M 10-Q 2025-05-09 | -75.3% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2022-12-31 | $1.13B 10-K 2023-02-28 | $299M 10-K 2025-03-17 | -73.5% | first · latest · 3 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2024-06-30 | $379M 10-Q 2024-08-07 | $101M 10-Q 2025-08-07 | -73.3% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2023-12-31 | $1.24B 10-K 2024-03-01 | $350M 10-K 2026-02-25 | -71.7% | first · latest · 3 filings carry it |
| Interest expense InterestExpense | quarter 2024-09-30 | $11.4M 10-Q 2024-11-07 | $3.46M 10-Q 2025-11-06 | -69.7% | first · latest |
| Interest expense InterestExpense | quarter 2024-06-30 | $12.6M 10-Q 2024-08-07 | $3.94M 10-Q 2025-08-07 | -68.7% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2024-09-30 | $456M 10-Q 2024-11-07 | $182M 10-Q 2025-11-06 | -60.0% | first · latest |
| Cash CashAndCashEquivalentsAtCarryingValue | balance at 2023-12-31 | $52.7M 10-K 2024-03-01 | $27.4M 10-K 2025-03-17 | -48.0% | first · latest · 5 filings carry it |
| Long-term debt LongTermDebt | balance at 2020-12-31 | $271M 10-K 2021-03-02 | $400M 10-K 2023-02-28 | +47.9% | first · latest · 6 filings carry it |
| Depreciation and amortization DepreciationDepletionAndAmortization | fiscal year 2022-12-31 | $52.5M 10-K 2023-02-28 | $36.1M 10-K 2025-03-17 | -31.1% | first · latest · 3 filings carry it |
| Depreciation and amortization DepreciationDepletionAndAmortization | quarter 2024-03-31 | $13.3M 10-Q 2024-05-03 | $9.76M 10-Q 2025-05-09 | -26.7% | first · latest |
| Stock-based compensation ShareBasedCompensation | quarter 2024-03-31 | $3.11M 10-Q 2024-05-03 | $2.3M 10-Q 2025-05-09 | -25.9% | 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 PRSU 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.