Matrix Service Company: Project Margins Recovering, But the Price Already Prices In a Lot
Matrix Service's fourth-quarter fiscal 2026 results showed revenue of $244.5 million and gross profit of $19.5 million, ...
RESEARCH
Value Investing
Quarterly filings translated into durable-business analysis, ten-year cash-flow scenarios, fair market capitalization and an explicit margin of safety.
Ethan Allen: A Vertically Integrated Home-Furnishing Brand With a Discount That Already Prices In Decline
Ethan Allen's fiscal 2026 ended with consolidated revenue of $579.5 million, down 8.5% year over year, yet trailing-twel...
Phreesia at the Quarter: Patient-Intake Platform Turning Positive on Cash
Phreesia posted $129.5 million in second-quarter revenue with operating income of $7.6 million and $18.3 million of oper...
LSI Industries: Lighting and Display Roll-Up With Heavy Debt and a Priced-In Growth Path
LSI closed FY2026 with fourth-quarter revenue of $234.6 million and a fiscal-year accounting free-cash-flow proxy of abo...
Sprinklr: Profitable Quarter, Modest Growth, Watch the Cash Conversion
Sprinklr posted $213.7 million of Q2 fiscal 2027 revenue (about flat year-over-year) and $10.0 million of operating inco...
Asana, Inc.: Profitable on Cash, Unprofitable on GAAP
Asana reported Q2 fiscal 2027 revenue of $216.4 million (up roughly 10% year over year) and a GAAP operating loss of $41...
DICK'S Sporting Goods: Premium Retailer, Priced for Perfection
In the second quarter of fiscal 2026, DICK'S Sporting Goods generated $5.59 billion in revenue (+53% year over year) and...
lululemon athletica: Premium Brand, Soft Quarter, Capital Return Story
In the second quarter of fiscal 2026, lululemon reported net revenue of $2.42 billion, down about 4.3% year over year, w...
Five Below: Strong Quarter, Tariff Tailwind, Price Already Reflects the Runway
Five Below's fiscal Q2 showed 22.9% revenue growth and operating margin expanding to 21.8%, helped by a one-time IEEPA t...
Zscaler: Premium Cybersecurity, Premium Price
Zscaler reported $898.2 million in fourth-quarter revenue with $689.2 million in gross profit, expanding its full-year r...
Ciena Corporation: Optical Networking Leader at a Stretched Price
Ciena's fiscal Q3 2026 revenue of $1.67 billion rose 37% year-over-year and operating cash flow of $196 million (derived...
Medtronic plc: A Durable Medical Device Compounder at a Modest Premium
Medtronic delivered $9.76 billion of Q1 FY27 revenue with operating profit of $1.76 billion, an 18.1% margin, and traili...
Daktronics: Earnings Recovery Meets a Stretched Multiple
Daktronics posted a 7% revenue and 10% gross profit rise in fiscal Q1 2027, with operating cash flow up sharply and a ca...
PVH Corp.: Brand Strength Versus One-Time Charges and a Heavy Debt Load
PVH posted a $2.10 billion Q2 with 63% gross margin and 16.5% accounting free-cash-flow margin (author calc, derived by ...
Ollie's Bargain Outlet: Cash-Generative Off-Price Retailer With a Patient Bid
Ollie's delivered a 9.1% revenue increase and a 360 basis-point gross margin gain to 43.5% in the second quarter, even a...
Argan, Inc.: A Net-Cash EPC Specialist Trading Below a Stretched Ten-Year View
Argan delivered $384 million of Q2 revenue and a 19.3% gross margin, with Power accounting for roughly 78% of six-month ...
GitLab at $49.59: Growth Out of Cash, Profits Still Negative
GitLab's fiscal Q2 2027 produced $286.3M of revenue and $240.6M of gross profit, an 84.1% gross margin, yet the quarter ...
Credo Technology: Hyper-Growth Quarter Meets a Hard Valuation Reality
In fiscal Q1 2027, Credo grew revenue 114.7% to $479.0 million and produced $90.2 million of operating cash on an AEC ra...
Cisco Systems: Quality Earnings at a Price That Demands a Re-Rate
Cisco closed fiscal 2026 with $63.3B in revenue and trailing-twelve-month free cash flow of roughly $12.8B, with margins...
The New York Times Company: Subscription Engine, Cash Conversion, and a Price That Already Prices It In
In Q2 2026, The New York Times Company reported revenue of $762.5 million (up 11.2% year over year) and operating profit...
MongoDB: Operating Profit Emerges, but the Market Has Already Priced in a Long Runway
MongoDB posted $771.8 million of revenue and its first quarterly GAAP operating profit, with operating cash flow funding...
Ross Stores: Off-Price Quality at a Price That Already Asks for a Lot
Ross posted Q2 fiscal-2026 sales up 13% and operating margin of 17.6%, with $253 million of IEEPA tariff refunds helping...
Elanco Animal Health: A Leveraged Animal-Health Story Pricing in More Than the Cash Generates
Elanco posted Q2 2026 revenue of $1,368 million, up about 10% year over year, with gross margin holding at roughly 58.3%...
HubSpot: Strong Cash Engine Versus a Patient Price Tag
HubSpot posted Q2 revenue of $911.7 million at an 82.4% gross margin, with trailing-twelve-month free cash flow reaching...
Coca-Cola Consolidated: A Capital-Intensive Bottler Without a Moat of Its Own
Coca-Cola Consolidated posted second-quarter net sales of $2.05 billion and trailing free cash flow of about $644 millio...
Figma: Quality Engine, Unproven Price
Figma delivered Q2 revenue of $370.1 million, up 48% year over year, with an 83.7% gross margin, but posted a $117.3 mil...
NVR, Inc.: Capital-Light Homebuilder With a Price Tag Above the Deterministic Base Case
NVR's second-quarter 2026 results show revenue of $2.33 billion, down about 10.5% year-over-year, with net income of $23...
CDW Corporation: Distribution Engine, Distribution Price
CDW posted Q2 2026 net sales of $6.57 billion (up about 10% year over year) with operating income of $429 million and a ...
Toast, Inc.: Profitable Quarter, But the Price Already Prices In a Lot
Toast posted Q2 2026 revenue of $1.91 billion and operating income of $152 million, with trailing-twelve-month free cash...
NiSource: Building a Data-Center Load at the Cost of Negative Near-Term Free Cash Flow
NiSource reported $1.29 billion in Q2 2026 revenue, with a trailing-twelve-month accounting free-cash-flow proxy of nega...