ValueScreener

ValueScreener company report

Sequans Communications S.A. (SQNS)

NYSE / Technology / Semiconductors

Share price

2.53 USD Market dataClose of Oct 15, 2026

Market capitalisation

39.4M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2024, filed Apr 30, 2025
Ratios computed
Oct 15, 2026
Filed years
9, FY2016 to FY2024
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

104.0% Computed

From the FY2024 filing

Read quality

Valuation

Price to earnings

0.68x Computed

FY2024 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/a Computed

FY2024 accounts, priced at the latest close

Why n/a

We do not hold this figure for this company, so there is nothing to show.

Read cash generation

Revenue and net income, by fiscal year

FY2015 Revenue: 32.7M USDFY2015 Net income: -27.4M USDFY2016 Revenue: 45.6M USDFY2016 Net income: -24.8M USDFY2017 Revenue: 48.3M USDFY2017 Net income: -26.2M USDFY2018 Net income: -36.2M USDFY2019 Net income: -36.7M USDFY2020 Net income: -54.5M USDFY2021 Net income: -20.3M USDFY2022 Net income: -9.0M USDFY2023 Net income: -41.0M USDFY2024 Net income: 57.6M USD
Revenue Net income10 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 0.68x at the close of 2026-10-15 on FY2024 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits below the lowest.

Today, against the Semiconductors industry (51 companies), 0.68x sits at the 0th percentile; the middle half of that group runs from 34.97x to 99.83x.

Is it good

Return on equity was 104.0% in FY2024, in the band labelled "Exceptional, check the leverage" (25.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Semiconductors industry (92 companies), 104.0% sits at the 100th percentile; the middle half of that group runs from -7.8% to 13.4%.

Is it safe

Interest coverage was 2.65x in FY2024, in the band labelled "Speculative grade" (1.50x to 3.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Sequans Communications S.A.'s current ratio stayed above the median of the Semiconductors industry, year by year. (FY2015 to FY2024, 10 fiscal years of Sequans Communications S.A. with a comparable figure)
The direction
Which way Sequans Communications S.A.'s current ratio has moved, and how steadily. (FY2015 to FY2024, 10 filed years of Sequans Communications S.A.)
What could explain it
What in Sequans Communications S.A.'s filed statements could explain the movements. (2 readings drawn from the statement lines Sequans Communications S.A. filed)
What to check next
What to check next on Sequans Communications S.A., and where in its filings. (2 questions for Sequans Communications S.A.)
In one paragraph
One paragraph on Sequans Communications S.A.'s returns, cash, balance sheet and price. (4 of sixteen figures read for Sequans Communications S.A.)

These are SQNS’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research SQNSPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2024 annual report: 20-F, filed Apr 30, 2025, accession 0001383395-25-000018.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Sequans Communications S.A: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Return on equity104.0% ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Return on capital employed, pre-tax108.0% ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Return on assets54.0% ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Gross margin
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Operating margin
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Net margin
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Sequans Communications S.A: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Current ratio2.20 ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Quick ratio2.14 ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Interest coverage2.65x ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Altman Z-score
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Net debt
Why n/a

The FY2024 balance sheet carries no net debt we could read.

n/a ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Total assets 106.5MTotal liabilities 51.2MShareholders' equity 55.4MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Sequans Communications S.A owned and owed at the end of fiscal 2024, from the balance sheet it filed (20-F, filed Apr 30, 2025, 0001383395-25-000018).

Sequans Communications S.A: balance sheet position
Total assets106.5M FiledFY2024 20-F, filed Apr 30, 2025
Total liabilities51.2M FiledFY2024 20-F, filed Apr 30, 2025
Shareholders' equity55.4M FiledFY2024 20-F, filed Apr 30, 2025
Cash9.1M FiledFY2024 20-F, filed Apr 30, 2025
Total debtn/a FiledFY2024 20-F, filed Apr 30, 2025
Net debtn/a
Current ratio2.20
Debt to equityn/a
  • Debt to equity: FY2024: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Sequans Communications S.A: what the market charges, each with its source
FigureValue, source and document
Price to earnings0.68x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book0.71x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Price to sales
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Diluted earnings per share
Why n/a

The FY2024 filing carries no diluted earnings per share we could read.

n/a FiledFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018

We publish no fair value or price target of our own. Value SQNS on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Sequans Communications S.A today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Sequans Communications S.A: valuation
Share price2.53 USD
Market capitalisation39.4M USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per share, FY2015n/a

Diluted earnings per share, FY2015: Filed before the 1-for-4 split on 29 Nov 2019, the 2-for-5 split on 9 Oct 2024 and the 1-for-10 split on 17 Sep 2025, and the filing it was read from cannot be placed against them, so it is not put on today's share count and is not shown beside figures that are.

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Sequans Communications S.A

  1. Blaize Holdings, Inc. (BZAI)Market cap 39.8M USD
  2. Pixelworks, Inc. (PXLW)Market cap 33.0M USD
  3. SemiLEDs Corporation (LEDS)Market cap 16.5M USD
  4. Mobix Labs, Inc. (MOBX)Market cap 14.7M USD
  5. Intchains Group Limited (ICG)Market cap 40.7M USD

Same industry (Semiconductors) and size band (Nano, under 50M), nearest in market value and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

Computed

Sequans Communications S.A: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Free cash flow
Why n/a

The FY2024 filing carries no free cash flow we could read.

n/a ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Free cash flow margin
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
FY2015 Free cash flow: -21.9M USDFY2015 Net income: -27.4M USDFY2016 Net income: -24.8M USDFY2017 Net income: -26.2M USDFY2018 Net income: -36.2M USDFY2019 Net income: -36.7M USDFY2020 Net income: -54.5M USDFY2021 Net income: -20.3M USDFY2022 Net income: -9.0M USDFY2023 Net income: -41.0M USDFY2024 Net income: 57.6M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Sequans Communications S.A.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
0.68xFY2024Oct 15, 2026
0.71xFY2024Oct 15, 2026
n/aFY2024Oct 15, 2026
n/a Enterprise value is the market value plus total debt less cash, and the filed balance sheet reports no debt total or no cash.
n/aFY2024Oct 15, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
n/aFY2024Apr 30, 2025
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
n/aFY2024Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
n/aFY2024Apr 30, 2025
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
2.20FY2024Apr 30, 2025
n/aFY2024Oct 15, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
n/aFY2024Oct 15, 2026
n/a The filed income statement reports no earnings per share.
n/aFY2024Oct 15, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
n/aFY2024Apr 30, 2025
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
n/aFY2024Apr 30, 2025
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

The figures are computed from the accounts for fiscal 2024, the newest full year on file. 9 filed fiscal years on record, FY2016 to FY2024, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 fiscal years, FY2015 to FY2024. 9 read from the annual reports Sequans Communications S.A filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

Sequans Communications S.A: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2024n/a69.5M57.6Mn/an/an/a104.0%20-F, Apr 30, 20250001383395-25-000018
FY2023n/a-29.8M-41.0Mn/an/an/an/m20-F, May 15, 20240001383395-24-000034
FY2022n/a-3.8M-9.0Mn/an/an/a-428.1%20-F, Mar 31, 20230001383395-23-000013
FY2021n/a-18.3M-20.3Mn/an/an/an/m20-F, Mar 31, 20220001383395-22-000018
FY2020n/a-24.7M-54.5Mn/an/an/an/m20-F, Apr 1, 20210001383395-21-000012
FY2019n/a-28.0M-36.7Mn/an/an/an/m20-F, Mar 30, 20200001383395-20-000011
FY2018n/a-31.5M-36.2Mn/an/an/an/m20-F, May 1, 20190001383395-19-000028
FY201748.3M-19.5M-26.2Mn/an/a-40.5%-646.3%20-F, Apr 12, 20180001383395-18-000015
FY201645.6M-19.7M-24.8Mn/an/a-43.3%-279.8%20-F, Apr 12, 20180001383395-18-000015
FY201532.7M-23.6M-27.4Mn/a-21.9M-72.2%n/mMarket data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2015 to FY2017: 21.5%
  • Earnings: Earnings was not positive in both 2015 and 2024, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Fewer than two filed years carry free cash flow.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Sequans Communications S.A: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Piotroski F-score
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2024 20-F, filed Apr 30, 2025, 0001383395-25-000018
Named tests met2 of 30 Computed
Beta0.96 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 6 not met, 22 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman)
Does not
Large cap, low P/E; EV/EBITDA and coverage; Low beta, profitable; Z-score and coverage (Edward Altman); Owner earnings yield; Low P/S, rising earnings (James O'Shaughnessy)
Not measured
Defensive investor (Benjamin Graham); Deep value; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); High yield, low payout; Dividends and buybacks; ROIC at or above WACC; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; High return on tangibles; Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(24)
  • Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Piotroski F-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Altman Z-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • Beneish M-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Rev Growth 5Y: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • Gross Margin: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • Asset Turnover: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Ncav: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • P/S Ratio: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 24 figures could not be read on this company, among them Debt to Equity, Positive Earnings Streak, Piotroski F-Score. Each blank in the table above names the rest, with its reason. 22 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 9 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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ValueScreener

Discover companies, research each one to its filings, track what matters, and take your work into your own spreadsheet.

ValueScreener is a trading name of Oliva Real Estate Technologies LLC, a Delaware limited liability company. Legal notices: legal@valuescreener.ai. © 2026 Oliva Real Estate Technologies LLC. All rights reserved.

Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.

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