PRO DEX
PDEX on Nasdaq. Pro-Dex sells surgical drivers and shavers to medical device distributors. Market value $210m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.25 of spare cash in the past 12 months. A savings account pays about $4.
You pay 16.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 14 cents a year. Above 10 is good.
Quality score: 83 of 100. Price score: 75 of 100. Our list needs 70 on quality and 60 on price.
$64.92 a share, 177% above its 1-year low
Over the past year the price has ranged from $23.47 to $77.00.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $42m | $46m | $54m | $67m | $78m |
| Operating margin | |||||
| Operating margin | 12.2% | 12.5% | 13.3% | 16.1% | 16.8% |
| Debt to equity | |||||
| Debt to equity | 0.53 | 0.41 | 0.39 | 0.42 | 0.37 |
| Shares outstanding | |||||
| Shares outstanding | 0.00bn | 0.00bn | 0.00bn | 0.00bn | 0.00bn |
Health checks
- Free cash flow positive1 of 3 years
- Accounting looks honest (Beneish)Warning signs
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt0.37× equity
- Revenue growth, five yearsStrong, 15.3% a year
- Buying back its own sharesYes, 10% fewer since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $20 million last quarter, up 17% on a year ago.
- Profit: $3 million, up 139% on a year ago.
- It keeps 17 cents of each $1 of sales as operating profit, up from 16 cents a year earlier.
- Spare cash over the past 12 months: $7 million. A year earlier it spent $3 million more than it brought in.
- Debt is $9 million more than cash, down from $15 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $15m |
| December 2024 | $17m |
| March 2025 | $17m |
| June 2025 | $17m |
| September 2025 | $19m |
| December 2025 | $19m |
| March 2026 | $20m |
| June 2026 | $20m |
| Quarter to | Amount |
|---|---|
| September 2024 | $2m |
| December 2024 | $2m |
| March 2025 | $3m |
| June 2025 | $1m |
| September 2025 | $5m |
| December 2025 | $2m |
| March 2026 | $4m |
| June 2026 | $3m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 3 September 2026
- Next quarterly (estimated, 10-Q)
- 30 July 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 67 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Greenhaven Road CapitalScott Miller | $209,902 | 0.1% | New |
Sold out this quarter
Largest holders overall
- BlackRock$9m
- Vanguard Capital Management$5mCut
- Dimensional Fund Advisors LP$3m
- Punch & Associates Investment Management$3mCut
- Geode Capital Management$3mAdded
- JPMorgan Chase$2m
- State Street$2mCut
- Goldman Sachs Group$1mAdded
- Pekin Hardy Strauss$966,075New
- BNP Paribas Financial Markets$933,580Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Swenson Nicholas Johnat least 31.9%+0.7 pts(filed with 3 related holders)Since 24 June 2026
What they said
The AO Partners Group acquired shares of Common Stock because it believes that the Common Stock is undervalued. The AO Partners Group's intent is to influence the policies of the Issuer and assert shareholder rights, with a goal of maximizing the value of the Common Stock. The…
Read the filing - CABILLOT RAYMOND EPassive investorat least 8.8%−1.0 pts(filed with 3 related holders)Since 25 March 2025
What they said
All of the shares of the Company owned by the Farnam Fund were, at the time of their purchase, acquired for investment purposes in the ordinary course of business. Farnam Capital may from time to time purchase additional shares of the Company's stock or dispose of all or some of…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Swenson Nicholas John | at least 31.9%+0.7 pts (filed with 3 related holders) | 24 June 2026 | What they saidThe AO Partners Group acquired shares of Common Stock because it believes that the Common Stock is undervalued. The AO Partners Group's intent is to influence the policies of the Issuer and assert shareholder rights, with a goal of maximizing the value of the Common Stock. The… Read the filing |
CABILLOT RAYMOND E Passive investor | at least 8.8%−1.0 pts (filed with 3 related holders) | 25 March 2025 | What they saidAll of the shares of the Company owned by the Farnam Fund were, at the time of their purchase, acquired for investment purposes in the ordinary course of business. Farnam Capital may from time to time purchase additional shares of the Company's stock or dispose of all or some of… 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, $2m of it under preset trading plans.
- Van Kirk Richard Lee JrChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 11 September 2026
- Shares
- 765
- Price
- $59.36
- Value
- $45,412
- Van Kirk Richard Lee JrChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 9 September 2026
- Shares
- 19,235
- Price
- $60.58
- Value
- $1m
- Charlton AlishaChief Financial OfficerSold
- Date
- 9 September 2026
- Shares
- 2,300
- Price
- $61.30
- Value
- $140,983
- Van Kirk Richard Lee JrChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 22 May 2026
- Shares
- 4,128
- Price
- $62.36
- Value
- $257,438
- Van Kirk Richard Lee JrChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 21 May 2026
- Shares
- 5,872
- Price
- $62.81
- Value
- $368,810
- Domingo Angelita RebamontanDirectorSold
- Date
- 16 March 2026
- Shares
- 998
- Price
- $47.24
- Value
- $47,146
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 September 2026 | Van Kirk Richard Lee Jr Chief Executive Officer, Director | Sold under a preset trading plan | 765 | $59.36 | $45,412 |
| 9 September 2026 | Van Kirk Richard Lee Jr Chief Executive Officer, Director | Sold under a preset trading plan | 19,235 | $60.58 | $1m |
| 9 September 2026 | Charlton Alisha Chief Financial Officer | Sold | 2,300 | $61.30 | $140,983 |
| 22 May 2026 | Van Kirk Richard Lee Jr Chief Executive Officer, Director | Sold under a preset trading plan | 4,128 | $62.36 | $257,438 |
| 21 May 2026 | Van Kirk Richard Lee Jr Chief Executive Officer, Director | Sold under a preset trading plan | 5,872 | $62.81 | $368,810 |
| 16 March 2026 | Domingo Angelita Rebamontan Director | Sold | 998 | $47.24 | $47,146 |
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 3 Sep 2026, plus 1 later 8-K.
One big customer
Worth knowingOne customer brings in a big share of sales: 78% last year. Losing that customer would hurt.
“In fiscal 2026, we had one customer, included in both medical device and repairs revenue above, that accounted for 78% of sales with our next largest customer accounting for 8% of sales.”
From the 10-K filed 3 September 2026, Item 1. Business. 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
- Its accounts show patterns that sometimes come before companies have to correct past results (Beneish score).
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.