Powerfleet
AIOT on Nasdaq. Powerfleet sells software to businesses that track their vehicles, warehouses and equipment. Market value $378m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to March 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-0.85 of spare cash in the past 12 months. A savings account pays about $4.
You pay 28.2 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -5 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 3 of 100. Our list needs 70 on quality and 60 on price.
$2.71 a share, 6% above its 1-year low
Over the past year the price has ranged from $2.55 to $5.88.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $3 million in the past 12 months, a shortfall of $10 million in the year to March 2026.
| Revenue | |||||
| Revenue | $126m | $136m | $134m | $363m | $444m |
| Operating margin | |||||
| Operating margin | -6.5% | -5.1% | -9.4% | -7.1% | 4.4% |
| Debt to equity | |||||
| Debt to equity | 0.33 | 0.38 | n/a | 0.63 | 0.60 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.13bn | 0.13bn | 0.13bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)Yes
- Debt0.60× equity
- Revenue growth, five yearsStrong, 29.7% a year
- Buying back its own sharesNo, 271% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $111 million last quarter, up 6% on a year ago.
- A loss of $8 million, compared with a loss of $10 million a year ago.
- It keeps 5 cents of each $1 of sales as operating profit, after losing 2 cents a year earlier.
- Over the past 12 months it spent $3 million more cash than it brought in, compared with $29 million a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $253 million more than cash, up from $245 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $77m |
| December 2024 | $106m |
| March 2025 | $104m |
| June 2025 | $104m |
| September 2025 | $112m |
| December 2025 | $113m |
| March 2026 | $114m |
| June 2026 | $111m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$2m |
| December 2024 | -$14m |
| March 2025 | -$12m |
| June 2025 | -$10m |
| September 2025 | -$4m |
| December 2025 | -$3m |
| March 2026 | -$3m |
| June 2026 | -$8m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 15 June 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 181 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $21m | 0.2% | Added |
Largest holders overall
- BlackRock$39mAdded
- Private Capital Management$29m
- Disciplined Growth Investors$24mCut
- Private Management Group$22mAdded
- Royce & Associates$21mAdded
- 325 Capital$20mAdded
- Samjo Management$20mAdded
- Vanguard Capital Management$20m
- Dimensional Fund Advisors LP$16m
- CenterBook Partners LP$16mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Private Capital Management, LLCPassive investorat least 5.1%(filed with 1 related holder)Since 21 February 2025
What they said
PCM has acquired shares of Common Stock in the normal course of its business as a registered investment adviser investing Client assets on a fully discretionary basis. The Reporting Persons hold the Common Stock of the Company for investment purposes. On April 29, 2024, an…
Read the filing - DISCIPLINED GROWTH INVESTORS INC /MNPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Private Capital Management, LLC Passive investor | at least 5.1% (filed with 1 related holder) | 21 February 2025 | What they saidPCM has acquired shares of Common Stock in the normal course of its business as a registered investment adviser investing Client assets on a fully discretionary basis. The Reporting Persons hold the Common Stock of the Company for investment purposes. On April 29, 2024, an… Read the filing |
DISCIPLINED GROWTH INVESTORS INC /MN Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 15 Jun 2026, plus the 10-Q filed 10 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 28.2× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.