Corvex
MOVE on Nasdaq. Computer processing & data preparation. Market value $185m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 20 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$6.22 a share, 81% above its 1-year low
Over the past year the price has ranged from $3.44 to $26.72.
Dividend: 0.0% a year
Paid in its latest year
Prices from Monday’s close (2 November).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | $1m | $433,000 |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | -2391.1% | -3580.4% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.05bn | 0.01bn | 0.00bn | 0.03bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)1 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesYes, 18% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4 million last quarter, up 3590% on a year ago.
- A loss of $13 million, compared with a loss of $3 million a year ago.
- It loses 610 cents on each $1 of sales, compared with 4376 cents a year earlier.
- 137% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $50,000 |
| December 2024 | $111,000 |
| March 2025 | $206,000 |
| June 2025 | $103,000 |
| September 2025 | $80,000 |
| December 2025 | $44,000 |
| March 2026 | $510,000 |
| June 2026 | $4m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$7m |
| December 2024 | -$5m |
| March 2025 | -$5m |
| June 2025 | -$3m |
| September 2025 | -$4m |
| December 2025 | -$6m |
| March 2026 | -$5m |
| June 2026 | -$13m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 31 March 2026
- Next quarterly (estimated, 10-Q)
- 13 November 2026
Who owns it
None of the long-term investors we follow own it. 20 funds in all.
Largest holders overall
- Dorsey & Whitney Trust$1mAdded
- Raymond James Financial$997,931Added
- Jane Street Group$692,325New
- Northern Trust$569,995New
- Vanguard Capital Management$468,307Added
- Geode Capital Management$412,121New
- Renaissance Technologies$339,618New
- HRT Financial LP$217,000New
- Vanguard Fiduciary Trust$182,148Added
- BlackRock$129,817Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Seth DemseyInsider or founder20.0%Since 1 July 2026
What they said
Mr. Demsey serves as Co-Chief Executive Officer of the Issuer and a member of the Issuer's Board of Directors. In such capacity, Mr. Demsey may engage in communications with the Board of Directors of the Issuer, members of management of the Issuer, other shareholders of the…
Read the filing - John Crystal IIIInsider or founder14.8%Since 1 July 2026
What they said
Mr. Crystal serves as Co-Chief Executive Officer of the Issuer and a member of the Issuer's Board of Directors. In such capacity, Mr. Crystal may engage in communications with the Board of Directors of the Issuer, members of management of the Issuer, other shareholders of the…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Seth Demsey Insider or founder | 20.0% | 1 July 2026 | What they saidMr. Demsey serves as Co-Chief Executive Officer of the Issuer and a member of the Issuer's Board of Directors. In such capacity, Mr. Demsey may engage in communications with the Board of Directors of the Issuer, members of management of the Issuer, other shareholders of the… Read the filing |
John Crystal III Insider or founder | 14.8% | 1 July 2026 | What they saidMr. Crystal serves as Co-Chief Executive Officer of the Issuer and a member of the Issuer's Board of Directors. In such capacity, Mr. Crystal may engage in communications with the Board of Directors of the Issuer, members of management of the Issuer, other shareholders of the… Read the filing |
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. 3 sold $2m.
- Mastrototaro JohnChief Executive Officer, DirectorSold
- Date
- 27 January 2026
- Shares
- 33,069
- Price
- $20.80
- Value
- $687,949
- Cogan JeremyCFOSold
- Date
- 27 January 2026
- Shares
- 28,736
- Price
- $20.78
- Value
- $597,258
- Leabman Michael AaronChief Technology Officer, DirectorSold
- Date
- 14 January 2026
- Shares
- 6,845
- Price
- $6.66
- Value
- $45,588
- Leabman Michael AaronChief Technology Officer, DirectorSold
- Date
- 13 January 2026
- Shares
- 2,076
- Price
- $6.94
- Value
- $14,407
- Leabman Michael AaronChief Technology Officer, DirectorSold
- Date
- 12 January 2026
- Shares
- 3,377
- Price
- $7.01
- Value
- $23,673
- Leabman Michael AaronChief Technology Officer, DirectorSold
- Date
- 9 January 2026
- Shares
- 783
- Price
- $7.27
- Value
- $5,692
- Leabman Michael AaronChief Technology Officer, DirectorSold
- Date
- 8 January 2026
- Shares
- 3,593
- Price
- $7.26
- Value
- $26,085
- Leabman Michael AaronChief Technology Officer, DirectorSold
- Date
- 7 January 2026
- Shares
- 3,293
- Price
- $7.34
- Value
- $24,171
- Cogan JeremyCFOSold
- Date
- 6 January 2026
- Shares
- 8,218
- Price
- $7.79
- Value
- $63,985
- Cogan JeremyCFOSold
- Date
- 5 January 2026
- Shares
- 1,879
- Price
- $8.35
- Value
- $15,690
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 27 January 2026 | Mastrototaro John Chief Executive Officer, Director | Sold | 33,069 | $20.80 | $687,949 |
| 27 January 2026 | Cogan Jeremy CFO | Sold | 28,736 | $20.78 | $597,258 |
| 14 January 2026 | Leabman Michael Aaron Chief Technology Officer, Director | Sold | 6,845 | $6.66 | $45,588 |
| 13 January 2026 | Leabman Michael Aaron Chief Technology Officer, Director | Sold | 2,076 | $6.94 | $14,407 |
| 12 January 2026 | Leabman Michael Aaron Chief Technology Officer, Director | Sold | 3,377 | $7.01 | $23,673 |
| 9 January 2026 | Leabman Michael Aaron Chief Technology Officer, Director | Sold | 783 | $7.27 | $5,692 |
| 8 January 2026 | Leabman Michael Aaron Chief Technology Officer, Director | Sold | 3,593 | $7.26 | $26,085 |
| 7 January 2026 | Leabman Michael Aaron Chief Technology Officer, Director | Sold | 3,293 | $7.34 | $24,171 |
| 6 January 2026 | Cogan Jeremy CFO | Sold | 8,218 | $7.79 | $63,985 |
| 5 January 2026 | Cogan Jeremy CFO | Sold | 1,879 | $8.35 | $15,690 |
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.
1 serious warning sign in Corvex’s filings.
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 31 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 11 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on our management’s evaluation (with the participation of our principal executive officer and our principal financial officer) of our disclosure controls and procedures as required by Rule 13a-15 under the Exchange Act, our principal executive officer and our principal financial officer have concluded that, due to the previously identified material weakness in our internal controls over financial reporting that is described below, our disclosure controls and procedures were not effective as of June 30, 2026, the end of the period covered by this report.”
From the 10-Q filed 14 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On June 24, 2025, the Company was formally notified that Moss Adams LLP (“Moss Adams”), the Company’s former independent registered public accounting firm, resigned effective June 24, 2025.”
From an 8-K filed 25 June 2025: Change of auditor. Read it in the filing
One big customer
Worth knowingOne customer brings in a big share of sales: 32% last year. Losing that customer would hurt.
“For the year ended December 31, 2025, three customers accounted for approximately 32%, 19%, and 16%, respectively, of our unaudited revenue.”
From the 10-K filed 31 March 2026, Item 1A. Risk Factors. 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.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
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.