Vistance Networks
VISN on Nasdaq. Vistance Networks sells communications infrastructure and services to service providers and enterprises. Market value $1.4bn.
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
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 $6.13 of spare cash in the past 12 months. A savings account pays about $4.
You pay 21.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -4 cents a year. Above 10 is good.
Quality score: 16 of 100. Price score: 82 of 100. Our list needs 70 on quality and 60 on price.
$6.15 a share, 4% above its 1-year low
Over the past year the price has ranged from $5.90 to $20.55.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $87 million in the past 12 months, $253 million in the year to December 2025.
| Revenue | |||||
| Revenue | $6.7bn | $5.8bn | $1.9bn | $1.4bn | $1.9bn |
| Operating margin | |||||
| Operating margin | 2.9% | -16.2% | -35.4% | -21.1% | 2.5% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.21bn | 0.21bn | 0.22bn | 0.22bn | 0.23bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Warning signs
- Financial strength (Piotroski)8 of 9
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsShrinking, 25.5% 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: $320 million last quarter, down 1% on a year ago.
- Profit: $295 million, up 828% on a year ago.
- 7% more shares than a year ago. Each share owns a bit less of the company.
- It has $114 million more cash than debt. A year ago debt was $6.7 billion more than cash.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.1bn |
| December 2024 | $415m |
| March 2025 | $388m |
| June 2025 | $324m |
| September 2025 | $1.6bn |
| December 2025 | $515m |
| March 2026 | $472m |
| June 2026 | $320m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$33m |
| December 2024 | $7m |
| March 2025 | $784m |
| June 2025 | $32m |
| September 2025 | $108m |
| December 2025 | $1.4bn |
| March 2026 | $5.5bn |
| June 2026 | $295m |
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
4 long-term investors we follow own it, unchanged from 4 last quarter. 351 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $500,976
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $8m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $7m | <0.1% | Added |
| Tensile Capital ManagementTensile Capital team | $4m | 0.6% | New |
| GAMCO InvestorsMario Gabelli | $500,976 | <0.1% |
Sold out this quarter
- Barrow HanleyBarrow Hanley teamSold out
Largest holders overall
- BlackRock$320mAdded
- Carronade Capital Management, LP$142mAdded
- Assenagon Asset Management$141mAdded
- Vanguard Capital Management$123m
- Goldman Sachs Group$115mCut
- State Street$92mAdded
- Mangrove Partners IM$91mAdded
- Vanguard Portfolio Management$90mAdded
- Renaissance Technologies$80mAdded
- Geode Capital Management$75mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- The Carlyle Group Inc.Strategic holderat least 17.5%+0.2 pts(filed with 9 related holders)Since 3 August 2025
What they said
Item 4 of the Schedule 13D is hereby amended by inserting the following information at the end of Item 4: Voting Agreement On August 3, 2025, Amphenol Corporation entered into an agreement with the Issuer (the "Purchase Agreement") to purchase the Issuer's Connectivity and Cable…
Read the filing - BlackRock, Inc.Passive investor7.9%−1.8 ptsSince 31 March 2025
- Barclays PLCPassive investor6.1%0.0 ptsSince 31 December 2024
- Vanguard Capital ManagementPassive investor5.0%Since 30 June 2026
- FPR PARTNERS LLCPassive investorat least 4.4%(filed with 2 related holders)Since 31 March 2025
- First Trust Portfolios L.P.Passive investorSold down below 5%Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
The Carlyle Group Inc. Strategic holder | at least 17.5%+0.2 pts (filed with 9 related holders) | 3 August 2025 | What they saidItem 4 of the Schedule 13D is hereby amended by inserting the following information at the end of Item 4: Voting Agreement On August 3, 2025, Amphenol Corporation entered into an agreement with the Issuer (the "Purchase Agreement") to purchase the Issuer's Connectivity and Cable… Read the filing |
BlackRock, Inc. Passive investor | 7.9%−1.8 pts | 31 March 2025 | |
Barclays PLC Passive investor | 6.1%0.0 pts | 31 December 2024 | |
Vanguard Capital Management Passive investor | 5.0% | 30 June 2026 | |
FPR PARTNERS LLC Passive investor | at least 4.4% (filed with 2 related holders) | 31 March 2025 | |
First Trust Portfolios L.P. Passive investor | Sold down below 5% | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
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 $107,500 of shares on the open market. 1 sold $1m.
- KRAUSE L WILLIAMDirectorSold
- Date
- 2 September 2026
- Shares
- 23,864
- Price
- $6.27
- Value
- $149,556
- KRAUSE L WILLIAMDirectorSold
- Date
- 28 August 2026
- Shares
- 176,136
- Price
- $6.75
- Value
- $1m
- Gilstrap Charles ASVP, Treasury, Tax & CAOBought
- Date
- 10 August 2026
- Shares
- 10,000
- Price
- $10.75
- Value
- $107,500
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 September 2026 | KRAUSE L WILLIAM Director | Sold | 23,864 | $6.27 | $149,556 |
| 28 August 2026 | KRAUSE L WILLIAM Director | Sold | 176,136 | $6.75 | $1m |
| 10 August 2026 | Gilstrap Charles A SVP, Treasury, Tax & CAO | Bought | 10,000 | $10.75 | $107,500 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have shrunk: 25.5% a year.
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- Its accounts show patterns that sometimes come before companies have to correct past results (Beneish score).
- Profits run ahead of cash.
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.