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 metricsLatest reported free cash flow was -$192M.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Free cash flow was negative
Latest reported free cash flow was -$192M.
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.
- Shareholders' equity was non-positive
Debt/equity is shown as not meaningful rather than as a negative leverage ratio.
Why this surfaced
Same-period reported shareholders' equity was zero or negative; review the balance sheet and capital structure. Period end 2025-12-31.
- 4 filing risk checks flagged
Flagged areas: Earnings quality, 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 +1.0% 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 +1.9 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.
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
- Dilution
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-10-21
- 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- Distribution$2.22B79.9%+2.0% yoy
- IT Solutions$554M20.0%-3.0% yoy
- Commercial And Operational Solutions License Fee$5M0.2%-28.6% yoy
Members sum to the consolidated $2.77B for this period.
- United States$1.08B39.1%+7.1% yoy
- Other countries$712M25.7%-2.2% yoy
- Asia Pacific$512M18.5%+5.0% yoy
- Europe$463M16.7%-10.5% yoy
Members sum to the consolidated $2.77B for this period.
- Marketplace$577M81.0%+5.7% yoy
- Airline Technology$135M19.0%-4.4% 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 4,060 US-listed filers · 808 in Technology| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $2.8B | 71stof 3,247 top third | 73rdof 769 top third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 0.9% | 32ndof 3,083 bottom third | 27thof 735 bottom third |
Operating margin operating income ÷ revenue | 10.7% | 69thof 2,777 top third | 69thof 742 top third |
Net margin net income ÷ revenue | 18.9% | 84thof 3,212 top third | 87thof 761 top third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | -6.9% | 25thof 2,640 bottom third | 20thof 692 bottom third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 1.6% | 55thof 2,852 middle third | 70thof 719 top third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 41 days | 61stof 2,373 middle third | 74thof 706 top third |
Cash conversion operating cash flow ÷ net income (net income > 0) | -0.2× | 7thof 2,243 bottom third | 5thof 427 bottom third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | 13.8% | 4thof 3,845 bottom third | 4thof 769 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 · 36 changed periods, 30 largest shown| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Operating income OperatingIncomeLoss | fiscal year 2023-12-31 | $47.1M 10-K 2024-02-15 | $32.2M 10-K 2026-02-18 | -31.6% | first · latest · 3 filings carry it |
| Stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | balance at 2020-12-31 | $363M 10-K 2021-02-25 | $285M 10-K 2024-02-15 | -21.4% | first · latest · 10 filings carry it |
| Stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | balance at 2020-06-30 | $326M 10-Q 2020-08-10 | $260M 10-Q 2021-11-02 | -20.3% | first · latest · 4 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2024-06-30 | $60.9M 10-Q 2024-08-01 | $48.7M 10-Q 2025-08-07 | -19.9% | first · latest |
| Operating cash flow NetCashProvidedByUsedInOperatingActivitiesContinuingOperations | fiscal year 2023-12-31 | $56.2M 10-K 2024-02-15 | $67.4M 10-K 2026-02-18 | +19.8% | first · latest · 3 filings carry it |
| Depreciation and amortization DepreciationAndAmortization | fiscal year 2023-12-31 | $149M 10-K 2024-02-15 | $121M 10-K 2026-02-18 | -18.5% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2024-09-30 | $70.1M 10-Q 2024-10-31 | $57.8M 10-Q 2025-11-05 | -17.5% | first · latest |
| Deferred revenue (current) ContractWithCustomerLiabilityCurrent | balance at 2024-12-31 | $72.1M 10-K 2025-02-20 | $60.2M 10-K 2026-02-18 | -16.5% | first · latest · 5 filings carry it |
| Deferred revenue (non-current) ContractWithCustomerLiabilityNoncurrent | balance at 2023-12-31 | $50.5M 10-K 2024-02-15 | $58.7M 10-K 2025-02-20 | +16.1% | first · latest |
| Receivables AccountsReceivableNetCurrent | balance at 2024-12-31 | $340M 10-K 2025-02-20 | $287M 10-K 2026-02-18 | -15.7% | first · latest · 5 filings carry it |
| Deferred revenue (non-current) ContractWithCustomerLiabilityNoncurrent | balance at 2024-12-31 | $56.5M 10-K 2025-02-20 | $47.7M 10-K 2026-02-18 | -15.7% | first · latest |
| Operating income OperatingIncomeLoss | fiscal year 2024-12-31 | $286M 10-K 2025-02-20 | $242M 10-K 2026-02-18 | -15.5% | first · latest |
| Depreciation and amortization DepreciationAndAmortization | fiscal year 2024-12-31 | $129M 10-K 2025-02-20 | $110M 10-K 2026-02-18 | -15.4% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2025-03-31 | 455,260,000 shares 10-Q 2025-05-07 | 386,271,000 shares 10-Q 2026-05-07 | -15.2% | first · latest |
| Depreciation and amortization DepreciationAndAmortization | quarter 2025-03-31 | $29.8M 10-Q 2025-05-07 | $25.5M 10-Q 2026-05-07 | -14.4% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2025-03-31 | $103M 10-Q 2025-05-07 | $91.4M 10-Q 2026-05-07 | -11.6% | first · latest |
| Stock-based compensation ShareBasedCompensation | fiscal year 2023-12-31 | $52M 10-K 2024-02-15 | $46.7M 10-K 2026-02-18 | -10.2% | first · latest · 3 filings carry it |
| Stock-based compensation ShareBasedCompensation | fiscal year 2024-12-31 | $54.6M 10-K 2025-02-20 | $49M 10-K 2026-02-18 | -10.2% | first · latest |
| Stock-based compensation ShareBasedCompensation | quarter 2025-03-31 | $13.7M 10-Q 2025-05-07 | $12.3M 10-Q 2026-05-07 | -9.9% | first · latest |
| Stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | balance at 2020-09-30 | $641M 10-Q 2020-11-06 | $578M 10-Q 2021-11-02 | -9.9% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2024-09-30 | $765M 10-Q 2024-10-31 | $691M 10-Q 2025-11-05 | -9.6% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2025-03-31 | $777M 10-Q 2025-05-07 | $702M 10-Q 2026-05-07 | -9.6% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2024-06-30 | $767M 10-Q 2024-08-01 | $695M 10-Q 2025-08-07 | -9.4% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2024-12-31 | $3.03B 10-K 2025-02-20 | $2.74B 10-K 2026-02-18 | -9.4% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2023-12-31 | $2.91B 10-K 2024-02-15 | $2.64B 10-K 2026-02-18 | -9.1% | first · latest · 3 filings carry it |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | fiscal year 2023-12-31 | $87.4M 10-K 2024-02-15 | $80.9M 10-K 2026-02-18 | -7.4% | first · latest · 3 filings carry it |
| Goodwill Goodwill | balance at 2023-12-31 | $2.55B 10-K 2024-02-15 | $2.38B 10-K 2026-02-18 | -6.6% | first · latest · 6 filings carry it |
| Goodwill Goodwill | balance at 2024-12-31 | $2.55B 10-K 2025-02-20 | $2.38B 10-K 2026-02-18 | -6.6% | first · latest · 5 filings carry it |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | quarter 2025-03-31 | $17.9M 10-Q 2025-05-07 | $16.9M 10-Q 2026-05-07 | -5.7% | first · latest |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | fiscal year 2024-12-31 | $84.1M 10-K 2025-02-20 | $79.5M 10-K 2026-02-18 | -5.5% | 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 SABR 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.