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DMC Global

BOOM on Nasdaq. Market value $120m.

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Should I look at this?

We have not checked this company yet

This is not advice.

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Who owns it

1 long-term investor we follow owns it, down from 2 last quarter. 124 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • STEEL CONNECT SUB LLC
    Strategic holder
    9.9%0.0 pts
    Since 6 February 2025
    What they said

    Item 4 is hereby amended to add the following: On February 6, 2025, despite not having received requested and customary financial information and access to management, Steel Connect delivered to the Issuer a revised, non-binding proposal (the "Revised Proposal") to acquire all…

    Read the filing
  • at least 6.5%
    (filed with 1 related holder)
    Since 30 June 2026
  • at least 5.8%−1.5 pts
    (filed with 6 related holders)
    Since 20 February 2026
  • Sold down below 5%
    Since 31 March 2025
  • Cooke & Bieler
    Passive investor
    Sold down below 5%
    Since 31 March 2026
  • BlackRock, Inc.
    Passive investor
    Sold down below 5%
    Since 30 June 2026
  • Voss Capital
    Passive investor
    Sold down below 5%
    Since 31 March 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 1 sold $111,000.

  • Schladen James
    President of Arcadia
    Sold
    Date
    3 December 2025
    Shares
    17,718
    Price
    $6.00
    Value
    $106,308
  • Schladen James
    President of Arcadia
    Sold
    Date
    2 December 2025
    Shares
    782
    Price
    $6.00
    Value
    $4,692

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 serious warning signs we check for were found. 1 thing worth knowing.

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 23 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 5 later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 26% last year. Losing that customer would hurt.

    “During the years ended December 31, 2025, 2024, and 2023, one DynaEnergetics customer accounted for approximately 26 %, 23 %, and 15 %, respectively, of consolidated net sales.”

    From the 10-K filed 23 February 2026, Item 8. Financial Statements and Notes. Read it in the filing

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.

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
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What a finished deep dive looks like

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.