Telos
TLS on Nasdaq. Telos sells cybersecurity, identity, and network security products to government and commercial customers. Market value $331m.
Price checks use the past 12 months to June 2026. 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.
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 $7.97 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 28 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$4.34 a share, 15% above its 1-year low
Over the past year the price has ranged from $3.79 to $8.36.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $242m | $217m | $145m | $108m | $165m |
| Operating margin | |||||
| Operating margin | -17.1% | -24.8% | -27.7% | -51.6% | -24.2% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.07bn | 0.07bn | 0.07bn | 0.07bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsShrinking, 1.7% a year
- Buying back its own sharesNo, 11% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $48 million last quarter, up 33% on a year ago.
- Profit: $660,000, after a loss of $10 million a year ago.
- It loses 10 cents on each $1 of sales, compared with 49 cents a year earlier.
- Spare cash over the past 12 months: $26 million. A year earlier it spent $16 million more than it brought in.
- 6% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $24m |
| December 2024 | $26m |
| March 2025 | $31m |
| June 2025 | $36m |
| September 2025 | $51m |
| December 2025 | $47m |
| March 2026 | $48m |
| June 2026 | $48m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$28m |
| December 2024 | -$9m |
| March 2025 | -$9m |
| June 2025 | -$10m |
| September 2025 | -$2m |
| December 2025 | -$16m |
| March 2026 | $2m |
| June 2026 | $660,000 |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 16 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
None of the long-term investors we follow own it. 160 funds in all.
Largest holders overall
- Barclays$44m
- BlackRock$20mAdded
- Vanguard Capital Management$11mAdded
- Pinnacle Associates$10mCut
- AQR Capital Management$10mAdded
- Masters Capital Management$10mAdded
- D. E. Shaw$9mCut
- Weber Capital Management LLC /adv$8m
- Mirae Asset Global Etfs Holdings$7mCut
- Geode Capital Management$7mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- John B. WoodInsider or founder9.1%Since 17 November 2020
What they said
The Reporting Person acquired the shares of Common Stock reported herein (a) from time to time through the Issuer's equity incentive plans, including the grant and vesting of restricted stock units, exercise of stock options, and other equity-based awards pursuant to the Telos…
Read the filing - BlackRock, Inc.Passive investor5.7%+0.9 ptsSince 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 31 December 2024
- Global X Management CO LLCPassive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
John B. Wood Insider or founder | 9.1% | 17 November 2020 | What they saidThe Reporting Person acquired the shares of Common Stock reported herein (a) from time to time through the Issuer's equity incentive plans, including the grant and vesting of restricted stock units, exercise of stock options, and other equity-based awards pursuant to the Telos… Read the filing |
BlackRock, Inc. Passive investor | 5.7%+0.9 pts | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 31 December 2024 | |
Global X Management CO LLC Passive investor | Sold down below 5% | 30 June 2025 |
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. 6 sold $10m.
- Wood John BChairman and CEO, DirectorSold
- Date
- 21 September 2026
- Shares
- 96,151
- Price
- $4.05
- Value
- $389,412
- Bendza Gary MarkEVP, CFOSold
- Date
- 18 September 2026
- Shares
- 174,539
- Price
- $4.05
- Value
- $706,883
- Bendza Gary MarkEVP, CFOSold
- Date
- 11 September 2026
- Shares
- 25,461
- Price
- $4.33
- Value
- $110,246
- Bendza Gary MarkEVP, CFOSold
- Date
- 9 September 2026
- Shares
- 200,000
- Price
- $4.55
- Value
- $910,000
- Robbins Edward Hutchinson Jr.EVP, General CounselSold
- Date
- 2 September 2026
- Shares
- 62,398
- Price
- $4.73
- Value
- $295,143
- Dockery Derrick D.DirectorSold
- Date
- 21 August 2026
- Shares
- 12,000
- Price
- $4.43
- Value
- $53,160
- Dockery Derrick D.DirectorSold
- Date
- 12 August 2026
- Shares
- 11,000
- Price
- $4.34
- Value
- $47,740
- Bendza Gary MarkEVP, CFOSold
- Date
- 26 June 2026
- Shares
- 80,140
- Price
- $4.41
- Value
- $353,417
- Bendza Gary MarkEVP, CFOSold
- Date
- 25 June 2026
- Shares
- 97,976
- Price
- $4.19
- Value
- $410,519
- Dockery Derrick D.DirectorSold
- Date
- 24 June 2026
- Shares
- 7,000
- Price
- $4.36
- Value
- $30,520
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 September 2026 | Wood John B Chairman and CEO, Director | Sold | 96,151 | $4.05 | $389,412 |
| 18 September 2026 | Bendza Gary Mark EVP, CFO | Sold | 174,539 | $4.05 | $706,883 |
| 11 September 2026 | Bendza Gary Mark EVP, CFO | Sold | 25,461 | $4.33 | $110,246 |
| 9 September 2026 | Bendza Gary Mark EVP, CFO | Sold | 200,000 | $4.55 | $910,000 |
| 2 September 2026 | Robbins Edward Hutchinson Jr. EVP, General Counsel | Sold | 62,398 | $4.73 | $295,143 |
| 21 August 2026 | Dockery Derrick D. Director | Sold | 12,000 | $4.43 | $53,160 |
| 12 August 2026 | Dockery Derrick D. Director | Sold | 11,000 | $4.34 | $47,740 |
| 26 June 2026 | Bendza Gary Mark EVP, CFO | Sold | 80,140 | $4.41 | $353,417 |
| 25 June 2026 | Bendza Gary Mark EVP, CFO | Sold | 97,976 | $4.19 | $410,519 |
| 24 June 2026 | Dockery Derrick D. Director | Sold | 7,000 | $4.36 | $30,520 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have shrunk: 1.7% a year.
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.