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FA on Nasdaq. Computer processing & data preparation. Market value $3.2bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
6.2%high

For every $100 of what the whole company costs, it produced $6.15 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
28.0×full

You pay 28.0 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
3.6%five-year median

Each dollar kept in the business earns 4 cents a year. Above 10 is good.

Quality score: 66 of 100. Price score: 41 of 100. Our list needs 70 on quality and 60 on price.

$18.49 a share, 110% above its 1-year low

Over the past year the price has ranged from $8.82 to $25.15.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
0.2
0.1
-0.0
0.1
0.2
2021202220232024202512 monthsto Jun '26
Revenue
$712m$810m$764m$860m$1.6bn
Operating margin
9.0%11.6%10.7%-7.3%8.4%
Debt to equity
0.490.490.621.661.61
Shares outstanding
0.15bn0.15bn0.17bn0.17bn0.17bn

Health checks

  • Free cash flow positive4 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt1.61× equity
  • Revenue growth, five yearsStrong, 21.9% a year
  • Buying back its own sharesNo, 13% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $449 million last quarter, up 15% on a year ago.
  • Profit: $17 million, up 5392% on a year ago.
  • It keeps 11 cents of each $1 of sales as operating profit, after losing 2 cents a year earlier.
  • Spare cash over the past 12 months: $195 million. A year earlier it spent $28 million more than it brought in.
  • 1% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $1.8 billion more than cash, down from $2 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$199m
December 2024$307m
March 2025$355m
June 2025$391m
September 2025$409m
December 2025$420m
March 2026$385m
June 2026$449m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$9m
December 2024-$100m
March 2025-$41m
June 2025$308,000
September 2025$3m
December 2025$3m
March 2026$2m
June 2026$17m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

2 long-term investors we follow own it, down from 3 last quarter. 179 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

4 investors own more than 5%.

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

What insiders did

In the last 12 months, 1 insider bought $106,740 of shares on the open market. 4 sold $276m, $889,173 of it under preset trading plans.

  • SLTA V (GP), L.L.C.
    Director
    Sold
    Date
    12 August 2026
    Shares
    12,500,000
    Price
    $22.02
    Value
    $275m
  • Clark James Lindsey
    Director
    Sold
    under a preset trading plan
    Date
    8 June 2026
    Shares
    4,921
    Price
    $15.69
    Value
    $77,210
  • Jardine Bret T
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    1 June 2026
    Shares
    25,000
    Price
    $16.71
    Value
    $417,750
  • Jardine Bret T
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    12 May 2026
    Shares
    682
    Price
    $16.12
    Value
    $10,994
  • Smith Joelle M
    President
    Sold
    under a preset trading plan
    Date
    7 May 2026
    Shares
    23,334
    Price
    $15.00
    Value
    $350,010
  • Jardine Bret T
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    5 March 2026
    Shares
    600
    Price
    $12.09
    Value
    $7,254
  • Jardine Bret T
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    4 March 2026
    Shares
    1,090
    Price
    $12.32
    Value
    $13,429
  • Nairne Douglas
    Global Chief Operating Officer
    Bought
    Date
    2 March 2026
    Shares
    9,000
    Price
    $11.86
    Value
    $106,740
  • Jardine Bret T
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    17 November 2025
    Shares
    954
    Price
    $13.13
    Value
    $12,526

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 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 4 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: 28.0× 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
Create a free account to run it

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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.