Executive Summary
The 15 filings for the period ending July 1, 2026, reveal a market sharply bifurcated between a few large-cap stalwarts managing margin pressures and a cluster of micro-cap companies facing existential liquidity crises.
A dominant theme is severe financial distress among smaller filers, with 5 of 15 companies (Agentix, Goldenwell Biotech, Ethema Health, AmeriGuard, Korth Direct) reporting negative equity, cash burn rates exceeding 50%, or both. Conversely, larger firms like Constellation Brands and MSC Industrial show operational resilience, with Constellation posting a 26.7% net income surge despite a 3.3% sales dip, driven by cost controls and a 4.3% gross profit improvement. Period-over-period comparisons highlight a broad margin squeeze: FactSet's operating expenses surged 16.7% YoY, compressing net income by 14.7%, while General Mills' operating profit plunged 73% on a 5% sales decline. Capital allocation is mixed, with FactSet and Constellation aggressively buying back shares ($506M and $1.1B respectively), while National Beverage hoarded cash (up 80.3%) with zero dividends. Insider activity is sparse across the filings, but the lack of insider buying in distressed names like Agentix and Goldenwell is a telling signal. The most critical development is the cyclical downturn in railcar manufacturing, where Greenbrier's revenue fell 31.6% and net earnings dropped 74%, pointing to a sector-wide slowdown. Overall, the data suggests a 'flight to quality' trade, where investors should favor companies with strong balance sheets and pricing power, while avoiding micro-cap value traps with deteriorating cash positions.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: 10-Q · 10-K
Tracking the trend? Catch up on the prior US Earnings Financial Results SEC Filings digest from June 24, 2026.
Investment Signals (10)
- Constellation Brands ↓ (BULLISH)▲
Net income surged 26.7% YoY to $653.8M despite a 3.3% sales decline, driven by a 4.3% gross profit improvement and 8.7% SG&A reduction. Aggressive buybacks ($1.1B in 9 months) signal management confidence.
- MSC Industrial ↓ (MIXED)▲
Net income rose 41.4% YoY to $80.4M on 7.8% revenue growth, with zero restructuring costs vs $2.7M last year. However, inventories grew 6.2% and operating cash flow fell 11%, suggesting working capital strain.
- FactSet Research Systems ↓ (MIXED)▲
Revenue grew 6.4% YoY to $622.9M, but net income declined 14.7% as operating expenses surged 16.7%. SG&A spiked 30.5% YoY, indicating cost control issues. Massive $506M in buybacks (up 161% YoY) shows capital return commitment.
- National Beverage (FIZZ) (BULLISH)▲
Cash surged 80.3% to $349.5M with zero debt, while net sales declined only 1.7%. No dividend or buyback suggests a potential special dividend or M&A catalyst. Strong balance sheet in a defensive sector.
- Ennis, Inc. ↓ (BULLISH)▲
Operating cash flow surged 165% to $21.2M from $8.0M, despite flat sales growth of 1.5%. Gross margin improved 40 bps to 31.5%. No share repurchases vs $5M last year may signal management sees better internal reinvestment opportunities.
- General Mills ↓ (MIXED)▲
Adjusted EPS fell 16% to $3.55, but International sales grew 9% and Pet sales rose 6%, partially offsetting an 11% decline in North America Retail. The 73% operating profit plunge is largely due to one-time charges; the adjusted figure shows a more manageable 16% decline.
- Bassett Furniture ↓ (MIXED)▲
Net income improved to $2.0M from $1.9M despite a 0.7% sales decline, driven by higher gross margins. However, six-month net income fell 16.4% and operating cash flow dropped 72%, signaling near-term headwinds.
- Greenbrier Companies ↓ (BEARISH)▲
Revenue fell 31.6% and net earnings dropped 74% YoY, with manufacturing revenue down 33.3%. Operating cash flow collapsed 95% to $8.1M. This is a cyclical low, but no insider buying suggests management sees further downside.
- Terra Innovatum Global ↓ (MIXED)▲
Cash position surged from $44 to $96.7M, but net loss widened to $7.1M from $1.4M due to a $3.3M non-cash charge. The cash hoard provides a runway, but the widening loss and lack of revenue raise sustainability questions.
- Korth Direct Mortgage ↓ (BEARISH)▲
Net income fell 31.4% YoY as origination revenue collapsed 78.8%. A $1.9M unrealized gain on mortgages masked the operational deterioration. Cash dropped 61.6% to $2.06M, signaling liquidity pressure.
Risk Flags (8)
- Agentix Corp↓ [HIGH RISK]▼
Cash collapsed 83% to $771 from $4,477, with total assets of only $771 vs $3.6M in liabilities. Stockholders' deficit widened to $3.6M. Accounts payable to related parties rose 23.3%, indicating reliance on insider funding. Going concern risk is extreme.
- Goldenwell Biotech↓ [HIGH RISK]▼
Cash declined 50% to $13,414 with zero revenue. Accumulated deficit widened to $1.67M. Inventory was written down to zero with a full obsolescence allowance of $174,745. No new shares issued, suggesting inability to raise capital.
- Ethema Health Corp↓ [HIGH RISK]▼
Cash declined 75.7% to $59,509 despite total assets growing 136.6% to $28.8M. Stockholders' deficit widened to -$9.6M. Goodwill and intangible assets of $6.4M from acquisitions may be impaired if cash flow doesn't improve.
- AmeriGuard Security Services↓ [HIGH RISK]▼
Stockholders' deficit of $4.39M, with current liabilities of $8.14M exceeding current assets of $2.29M (working capital deficit of $5.85M). Revenue fell 52% YoY and cash dropped 70% to $215,949.
- General Mills↓ [HIGH RISK]▼
Operating profit plunged 73% to $885.8M, with diluted EPS swinging to a loss of $(0.16) from income of $4.21. North America Retail sales fell 11% with a 16-point volume decline. Adjusted operating profit margin declined 16%, signaling structural challenges.
- Greenbrier Companies↓ [HIGH RISK]▼
Net earnings fell 58% for the nine-month period, with operating cash flow plummeting 95% to $8.1M. Manufacturing railcar sales revenue dropped 37.8%, indicating a severe cyclical downturn. No insider buying suggests management lacks confidence in a near-term recovery.
- FactSet Research Systems↓ [MEDIUM RISK]▼
SG&A expenses surged 30.5% YoY, outpacing revenue growth of 6.4%. Net income declined 14.7% despite higher revenue. The cost structure is expanding faster than top-line growth, which could compress margins further.
- Korth Direct Mortgage↓ [MEDIUM RISK]▼
Origination revenue collapsed 78.8% YoY, and cash flow from operations fell 74.4% to $382,694. Total stockholders' equity declined 4.2% due to preferred dividends. The reliance on unrealized gains ($1.9M) to support net income is unsustainable.
Opportunities (8)
- Constellation Brands↓ (OPPORTUNITY)◆
Net income grew 26.7% YoY with a 4.3% gross profit improvement. The company is executing a restructuring and divestiture strategy while aggressively buying back shares ($1.1B in 9 months). If cost savings materialize, EPS could see further upside.
- National Beverage (FIZZ) (OPPORTUNITY)◆
Cash hoard of $349.5M (80.3% YoY increase) with no debt and no dividends. This creates optionality for a special dividend, large buyback, or strategic acquisition. The 1.7% sales decline is manageable in a defensive sector.
- Ennis, Inc.↓ (OPPORTUNITY)◆
Operating cash flow surged 165% to $21.2M, providing ample liquidity. Gross margin improved 40 bps to 31.5%. With no buybacks in the quarter, the company may be positioning for an acquisition or special dividend.
- MSC Industrial↓ (OPPORTUNITY)◆
Net income rose 41.4% YoY on 7.8% revenue growth, with zero restructuring costs. The company is gaining market share in a challenging industrial environment. If inventory growth (6.2%) is managed, cash flow could rebound.
- General Mills International Segment (OPPORTUNITY)◆
International sales grew 9% to $3.04B, and Pet sales rose 6% to $2.61B, showing pockets of strength. The adjusted EPS of $3.55 (down 16%) may be near a trough, offering a potential entry point for value investors.
- Terra Innovatum Global↓ (OPPORTUNITY)◆
Cash of $96.7M provides a significant runway for a pre-revenue company. The $3.3M non-cash charge is not operational. If the company can execute on its business plan, the current cash position could fund operations for several quarters.
- Bassett Furniture↓ (OPPORTUNITY)◆
New store pre-opening costs of $473K in Q2 (vs $0 last year) suggest expansion plans. If these stores ramp up, they could drive future revenue growth. The 0.7% sales decline is modest, and gross margins are improving.
- FactSet Research Systems↓ (OPPORTUNITY)◆
Despite margin pressure, revenue grew 6.4% YoY and the company returned $506M to shareholders via buybacks. If cost growth moderates, EPS could recover. The 30.5% SG&A spike may be a one-time investment in growth.
Sector Themes (6)
- Micro-Cap Liquidity Crisis◆
5 of 15 companies (Agentix, Goldenwell, Ethema Health, AmeriGuard, Korth Direct) are burning cash at unsustainable rates, with aggregate cash declines averaging 68% YoY. None have positive operating cash flow. This suggests a broad funding winter for micro-caps, with limited access to capital markets. Investors should avoid this segment unless a clear catalyst (e.g., acquisition, licensing deal) emerges.
- Large-Cap Margin Resilience vs. Small-Cap Squeeze◆
Large-cap companies (Constellation, MSC, National Beverage) are maintaining or improving margins through cost controls and pricing power, while smaller companies (FactSet, General Mills) are seeing margin compression from rising costs. The divergence is stark: Constellation's gross profit rose 4.3% despite a sales decline, while FactSet's operating expenses grew 2.6x faster than revenue.
- Cyclical Downturn in Industrial Manufacturing◆
Greenbrier's 31.6% revenue decline and 74% earnings drop signal a sharp cyclical downturn in railcar manufacturing. MSC Industrial's 7.8% revenue growth is a positive outlier, but its inventory build (6.2%) and cash flow decline suggest caution. The sector is bifurcated, with defense and aerospace likely outperforming.
- Capital Allocation Divergence◆
Companies are taking starkly different approaches: FactSet and Constellation are aggressively buying back shares ($506M and $1.1B respectively), while National Beverage is hoarding cash (80.3% increase) and Ennis paused buybacks. This suggests management teams have very different views on valuation and reinvestment opportunities.
- Consumer Staples Under Pressure◆
General Mills' 5% sales decline and 73% operating profit plunge, alongside National Beverage's 1.7% sales dip, indicate that even defensive consumer staples are feeling the pinch from inflation and shifting consumer preferences. However, National Beverage's cash accumulation suggests it is well-positioned to weather the storm.
- Financial Services Disruption◆
Korth Direct Mortgage's 78.8% decline in origination revenue highlights the impact of rising interest rates on mortgage banking. The reliance on unrealized gains ($1.9M) to support earnings is a red flag. This sector may face further consolidation as smaller players struggle.
Watch List (8)
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Cash at $771 with $3.6M in liabilities. Watch for a going-concern warning, reverse stock split, or bankruptcy filing. Next 10-Q due in August 2026.
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Cyclical downturn with 31.6% revenue decline. Watch for Q4 FY2026 earnings (expected October 2026) for signs of a trough in railcar orders. No insider buying is a concern.
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North America Retail sales fell 11% with a 16-point volume decline. Watch for Q1 FY2027 earnings (expected September 2026) to see if the decline is stabilizing. The adjusted EPS of $3.55 may be a trough.
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SG&A surged 30.5% YoY. Watch for Q4 FY2026 earnings (expected September 2026) to see if cost growth moderates. The $506M in buybacks suggests management sees value, but margin compression is a risk.
- National Beverage (FIZZ)👁
Cash hoard of $349.5M with no dividends. Watch for any announcement of a special dividend, buyback, or acquisition. The annual meeting (expected August 2026) may provide clues.
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Net income grew 26.7% YoY. Watch for Q2 FY2027 earnings (expected October 2026) to see if the restructuring and divestiture strategy is gaining traction. The $1.1B in buybacks is a positive signal.
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Working capital deficit of $5.85M with revenue down 52%. Watch for a potential debt restructuring or equity raise. The next 10-Q (due August 2026) will be critical.
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Origination revenue collapsed 78.8%. Watch for Q2 2026 earnings (expected August 2026) to see if the unrealized gain on mortgages reverses, which could wipe out net income.
Filing Analyses
(15)
01-07-2026
Terra Innovatum Global N.V. (NKLR) reported a net loss of $7.1M for Q1 2026, widening from a $1.4M loss in Q1 2025, driven by a $3.3M non-cash charge from a change in fair value of a share-settled contingent liability and a surge in operating expenses to $6.6M from $1.4M. However, the company ended the quarter with $96.7M in cash, up from just $44 a year ago, and recorded $2.8M in other income, reflecting a significant improvement in financial resources.
- · General and administrative expenses rose to $5.4M in Q1 2026 from $1.4M in Q1 2025.
- · Development costs increased to $1.2M in Q1 2026 from $33K in Q1 2025.
- · Change in fair value of warrant liabilities was a gain of $83K in Q1 2026 (nil in Q1 2025).
- · Net cash used in operating activities was $3.9M in Q1 2026 vs $199K in Q1 2025.
- · Net cash used in investing activities was $328K in Q1 2026 (nil in Q1 2025), primarily for equipment purchases.
- · No financing cash flows in Q1 2026; Q1 2025 had $172K from related party loans.
- · Prepaid expenses and other current assets totaled $4.8M at March 31, 2026, up from $3.1M at December 31, 2025.
- · Equipment, net was $417K at March 31, 2026 vs $102K at December 31, 2025.
- · Accrued expenses and other current liabilities were $4.0M at March 31, 2026, up from $2.0M at December 31, 2025.
- · Share-settled contingent liability decreased slightly to $185.9M at March 31, 2026 from $186.3M at January 1, 2026.
- · Weighted average expected term for the contingent liability is 6.5 years; risk-free interest rate range 3.61% - 4.74%; dividend yield 0%.
- · Accumulated deficit worsened to $(614.4M) at March 31, 2026 from $(607.3M) at January 1, 2026.
- · Total shareholders' deficit was $(98.7M) at March 31, 2026 vs $(93.6M) at January 1, 2026.
01-07-2026
Agentix Corp. (AGTX) filed its annual report for the fiscal year ended March 31, 2026, reporting a net loss of $485,636, an improvement from the $567,048 net loss in the prior year. Total operating expenses decreased to $445,187 from $513,251, driven by reductions in professional fees, R&D, and G&A. However, the company's cash position deteriorated sharply from $4,477 to $771, and total assets collapsed from $100,274 to just $771, while total liabilities increased to $3,596,282. Accumulated deficit widened to $7,007,164, and total stockholders' deficit grew to $3,595,511.
- · Accounts payable to related parties increased to $2,383,073 from $1,932,438 (23.3% increase).
- · Note payable - related party increased to $353,450 from $243,000 (45.5% increase).
- · Accrued expenses grew to $143,889 from $60,197 (139% increase).
- · Shares outstanding remained unchanged at approximately 40.1 million for both years.
- · No revenue was generated in either fiscal year.
- · The independent auditor has been the company's auditor since 2018.
01-07-2026
Ethema Health Corp (GRST) filed its 10-K annual report for the year ended December 31, 2025, showing total assets of $28.8M, up 136.6% from $12.2M in 2024, driven primarily by the addition of goodwill, intangible assets, and right-of-use assets from related parties. However, the company's financial position remains strained, with total liabilities of $38.4M (up 95.8% from $19.6M) and a stockholders' deficit of -$9.6M, widening from -$7.5M a year earlier, while cash declined 75.7% to $59,509.
- · The company reported goodwill of $3.4M as of Dec 31, 2025, compared to $0 in 2024, indicating a business combination during the year.
- · Intangible assets jumped to $3.0M from $537K a year ago, also reflecting acquisition activity.
- · Accounts payable and accrued liabilities rose to $1.4M from $764K, a 84.7% increase.
- · The company had a deferred tax liability of $726K as of Dec 31, 2025, compared to $0 in 2024.
- · Annual lease obligations total $1.2M across multiple properties in Morehead and Paducah, Kentucky.
- · Bank loans of $4.6M ($888K current + $3.7M non-current) were recorded as of Dec 31, 2025, compared to $0 in 2024.
- · Convertible notes, net of discounts, increased slightly from $4.0M to $4.0M.
- · The accumulated deficit widened to $46.6M from $44.4M a year earlier.
01-07-2026
Goldenwell Biotech reported zero revenue for Q1 2026, with a net loss of $17,606, an improvement from a $38,536 net loss in Q1 2025. However, cash declined 50% to $13,414 from $26,775 at year-end 2025, and the accumulated deficit widened to $1,673,722, reflecting continued operational challenges.
- · Inventory was written down to zero at March 31, 2026, with a full allowance for obsolescence of $174,745 at December 31, 2025.
- · Unearned sales revenue decreased from $1,860 to $0 during Q1 2026.
- · Total liabilities increased slightly to $380,073 from $379,833 at year-end 2025.
- · Stockholders' equity remained negative at ($361,319) vs ($343,713) at December 31, 2025.
- · No shares were issued or repurchased during Q1 2026; share count unchanged at 99,000,000.
- · Net operating loss carryforward increased to $351,482 from $347,785 at December 31, 2025.
- · No revenue was generated from sales or services in either Q1 2026 or Q1 2025.
01-07-2026
Goldenwell Biotech, Inc. filed its 10-K annual report for the year ended December 31, 2025, reporting a net loss of $296,471, more than double the $131,498 loss in 2024. Revenue fell 60% to $55 from $139, while total operating expenses decreased 8% to $113,338. The company's cash position dropped 46% to $26,775, and total stockholders' equity worsened to a deficit of $343,713 from a deficit of $47,241, driven by a $174,745 inventory impairment charge.
- · No new shares were issued in fiscal year 2025; share count remained at 99,000,000.
- · Inventory of $174,745 was fully reserved for obsolescence, resulting in a $174,745 impairment loss in 2025.
- · Unearned service revenue increased from $0 to $100,000 during 2025.
- · The company had no cash provided by investing or financing activities in 2025, compared to $119,250 from financing in 2024.
- · Total liabilities rose 40% to $379,833, driven by an increase in current liabilities from $1,860 to $101,860.
- · The accumulated deficit grew to $1,656,117 from $1,359,645.
- · The independent registered public accounting firm is Michael Gillsepie & Associates, PLLC (PCAOB ID 6108).
01-07-2026
Constellation Brands reported a strong Q1 Fiscal 2027, with net sales of $2,432.7M and net income attributable to CBI of $653.8M, up 26.7% YoY from $516.1M. However, net sales declined 3.3% YoY from $2,515.0M, and the company experienced a significant drop in comprehensive income attributable to CBI, falling 34.4% to $568.4M from $866.8M, driven by negative other comprehensive income. The company also increased share repurchases and dividends while executing restructuring and divestiture initiatives.
- · Gross profit increased to $1,320.6M from $1,266.6M, a 4.3% improvement, driven by lower cost of product sold ($1,112.1M vs $1,248.4M).
- · Selling, general, and administrative expenses decreased 8.7% YoY to $457.0M from $500.7M.
- · Asset impairment and related expenses fell sharply to $18.3M from $52.1M.
- · Income from unconsolidated investments turned positive at $0.5M vs a loss of $3.5M.
- · Provision for income taxes increased slightly to $88.1M from $87.6M.
- · Net cash provided by operating activities rose 3.9% to $661.8M from $637.2M.
- · Capital expenditures (purchase of property, plant, and equipment) decreased 8.1% to $177.2M from $192.8M.
- · The company completed the 2025 Wine Divestitures on June 2, 2025, and the New Zealand Wine Divestitures in June 2026.
- · A $4.0B share repurchase authorization (2025 Authorization) was approved by the Board in April 2025.
- · The 2025 Credit Agreement provides a $2.25B revolving credit facility, dated April 28, 2025.
- · The OB3 Act (One Big Beautiful Bill Act) was signed into U.S. law on July 4, 2025, impacting income taxes.
- · The company has Brewery Projects for modular capacity additions at Nava, Obregón, and Veracruz breweries.
- · Goodwill increased slightly to $5,248.9M from $5,233.9M.
- · Intangible assets remained relatively flat at $2,536.8M vs $2,533.0M.
- · Deferred income taxes increased to $1,459.2M from $1,370.3M.
- · Short-term borrowings rose to $336.3M from $272.0M.
- · Current maturities of long-term debt increased to $1,102.6M from $603.6M.
- · Long-term debt (less current maturities) decreased to $9,094.9M from $9,692.9M.
- · Accounts payable increased to $1,000.1M from $960.2M.
- · Other accrued expenses and liabilities increased to $890.0M from $854.0M.
- · Retained earnings grew to $14,050.3M from $13,574.4M.
- · Accumulated other comprehensive income decreased to $337.8M from $423.2M, a drop of $85.4M.
- · Noncontrolling interests decreased to $294.2M from $304.5M.
- · Cash dividends declared per common share increased to $1.03 from $1.02.
- · The company has a 10b5-1 Trading Plan in place.
- · The 3.70% December 2016 Senior Notes ($600.0M) have been redeemed in full.
- · New 4.85% May 2026 Senior Notes ($500.0M) were issued.
01-07-2026
MSC Industrial reported Q3 FY2026 net sales of $1,047M, up 7.8% YoY from $971M, and net income attributable to MSC Industrial of $80.4M, up 41.4% from $56.8M. However, cash flow from operations declined 11.0% to $225.5M for the 39-week period, and inventories increased 6.2% to $684.1M, indicating potential working capital strain.
- · Restructuring and other costs were $0 in Q3 FY2026 vs $2.7M in Q3 FY2025; for 39 weeks, $7.3M vs $6.4M.
- · Interest expense decreased to $5.4M in Q3 FY2026 from $6.0M in Q3 FY2025.
- · Total debt (current + long-term) increased to $506.8M as of May 30, 2026 from $485.7M as of August 30, 2025.
- · Share repurchases totaled $13.9M for 39 weeks FY2026 vs $39.1M for 39 weeks FY2025.
- · Dividends paid increased to $145.8M for 39 weeks FY2026 from $142.3M for 39 weeks FY2025.
- · Noncontrolling interest was eliminated as of May 30, 2026 (balance $0) due to purchase of noncontrolling interest.
01-07-2026
Bassett Furniture Industries reported mixed results for Q2 FY2026. Net sales declined slightly to $83.8M (down 0.7% YoY), but net income improved to $2.0M from $1.9M, driven by higher gross margins and lower SG&A as a percentage of sales. However, for the first six months, net income fell 16.4% to $3.2M, and operating cash flow dropped sharply to $1.9M from $6.9M, reflecting working capital outflows.
- · New store pre-opening costs were $473K in Q2 FY2026 vs $0 in Q2 FY2025, and $568K for the six months vs $0 in the prior year.
- · Other income (loss), net improved to $87K in Q2 FY2026 from ($422K) in Q2 FY2025.
- · Accounts receivable decreased to $12.6M from $14.4M at year-end, while inventories increased to $64.6M from $61.8M.
- · Customer deposits rose to $25.6M from $25.0M at year-end.
- · The company paid $470K for a licensee acquisition, generating $447K in goodwill.
- · Total assets decreased to $317.5M from $323.8M at year-end.
- · Stockholders' equity declined slightly to $164.5M from $165.1M.
- · Cash and cash equivalents fell to $35.9M from $41.3M at year-end, primarily due to dividends and capex.
- · Dividend per share remained flat at $0.20 per quarter.
01-07-2026
Korth Direct Mortgage Inc. reported net income attributable to common stockholders of $177,448 for Q1 2026, down 31.4% from $258,746 in Q1 2025, as total revenues fell 32.5% YoY to $3,174,006. The decline was driven by a sharp drop in origination revenue (down 78.8% to $241,727) and lower servicing and leasing revenues, partially offset by new investment interest income of $906,981. While operating expenses increased 19.2%, the company recorded a large unrealized gain on mortgages of $1,896,003 which helped support overall net income. Cash and cash equivalents decreased sharply to $2,055,669 from $5,354,168 at year-end 2025.
- · Total assets decreased to $376.6M at March 31, 2026 from $380.9M at December 31, 2025, a decline of 1.1%.
- · Total stockholders' equity fell to $28.46M from $29.71M, a 4.2% decline, driven by preferred dividends and redemptions to fund of $1.63M.
- · Cash flow from operations was $382,694 in Q1 2026, down sharply from $1,492,121 in Q1 2025.
- · The company had $3.0M drawn on its line of credit at both dates, unchanged.
- · Mortgage secured notes payable decreased to $315.96M from $319.68M.
- · Non-controlling interest declined to $4.26M from $5.69M, reflecting the $1.63M in fund redemptions.
- · Asset composition shifted: Mortgages owned declined to $278.72M from $285.42M, while portfolio loans increased to $7.44M from $5.69M.
01-07-2026
FactSet Research Systems reported Q3 FY2026 revenues of $622.9M, up 6.4% YoY from $585.5M, and nine-month revenues of $1.84B, up 6.8% YoY from $1.72B. However, net income declined 14.7% YoY in Q3 to $126.7M (from $148.5M) and 7.0% for the nine months to $412.4M (from $443.4M), driven by higher operating expenses. Diluted EPS fell to $3.50 in Q3 from $3.87 a year ago, and to $11.16 for the nine months from $11.53. The company also significantly increased share repurchases to $506M in the nine months (vs. $193.8M a year ago), while total assets decreased slightly to $4.19B from $4.30B at fiscal year-end.
- · Total operating expenses increased 16.7% YoY in Q3 to $456.6M (from $391.4M) and 12.5% for the nine months to $1.30B (from $1.15B).
- · Selling, general and administrative expenses rose 30.5% YoY in Q3 to $144.4M (from $110.6M).
- · Cost of services increased 11.2% YoY in Q3 to $312.2M (from $280.7M).
- · Total assets decreased 2.6% from August 31, 2025 to $4.19B.
- · Cash and cash equivalents fell 14.7% from August 31, 2025 to $288.1M.
- · Total debt (current + long-term) was $1.39B at May 31, 2026, down from $1.37B at August 31, 2025.
- · Stockholders' equity decreased 7.0% from August 31, 2025 to $2.03B, primarily due to share repurchases.
- · Dividends declared for the nine months were $122.8M, up from $120.7M a year ago.
- · Depreciation and amortization increased 16.3% YoY to $133.7M for the nine months.
- · Stock-based compensation expense rose 30.5% YoY to $61.5M for the nine months.
01-07-2026
Greenbrier Companies reported a sharp decline in Q3 FY2026 net earnings to $17.5M from $67.5M in the prior-year quarter, with revenue falling 31.6% to $576.5M. Manufacturing revenue dropped 33.3% to $529.1M, while Leasing & Fleet Management revenue was nearly flat at $47.4M. For the nine-month period, net earnings attributable to Greenbrier fell 58.0% to $70.3M, and operating cash flow plummeted to $8.1M from $167.7M.
- · Basic EPS fell to $0.61 in Q3 FY2026 from $1.92 in Q3 FY2025, a 68.2% decline.
- · Diluted EPS fell to $0.60 from $1.86.
- · Manufacturing railcar sales revenue dropped 37.8% to $431.7M in Q3 FY2026 from $694.3M.
- · Railcar maintenance revenue declined 1.7% to $97.4M.
- · Net gain on disposition of equipment decreased to $6.0M from $7.0M in Q3.
- · Interest and foreign exchange expense increased to $16.5M from $13.2M in Q3.
- · Income tax expense fell to $3.0M from $18.1M in Q3.
- · Total equity decreased slightly to $1,696.3M from $1,697.7M.
- · Cash dividends paid were $0.34 per share in Q3 and $0.98 per share for the nine months.
- · The company repurchased 0.3 million shares for $13.3M during the nine months.
- · Capital expenditures were $147.2M for the nine months, down from $209.1M.
- · Proceeds from sales of assets increased to $170.3M from $75.4M.
01-07-2026
National Beverage Corp (FIZZ) filed its 10-K for fiscal year ended May 2, 2026, reporting net sales of $1,180.6M, a decline of 1.7% from $1,201.4M in the prior year. Net income decreased 1.7% to $183.6M from $186.8M, while diluted EPS fell to $1.96 from $1.99. However, the company strengthened its balance sheet significantly, with cash and cash equivalents surging 80.3% to $349.5M and total shareholders' equity rising 43.2% to $635.7M, driven by retained earnings growth and no dividend payments in FY2026.
- · Cost of sales decreased 1.9% YoY to $743.3M from $757.4M, helping to partially offset the revenue decline.
- · Selling, general and administrative expenses decreased slightly to $207.2M from $208.5M.
- · Other income increased to $10.5M from $9.1M.
- · Provision for income taxes decreased to $56.9M from $57.7M.
- · Cash flow from operations declined 12.3% to $181.3M from $206.7M, primarily due to working capital changes.
- · Capital expenditures decreased 30.7% to $25.1M from $36.3M.
- · The company repurchased 20,000 common shares for $673K in FY2026, compared to no repurchases in FY2025.
- · No dividends were paid on common stock in FY2026, versus $304.1M in FY2025.
- · Accumulated other comprehensive income more than doubled to $13.7M from $5.6M, driven by cash flow hedges.
- · Inventories increased 12.2% to $95.5M from $85.1M.
- · Operating lease right-of-use assets decreased 19.3% to $56.7M from $70.3M.
- · Total liabilities decreased 5.6% to $215.9M from $228.9M.
01-07-2026
AmeriGuard Security Services reported a net loss of $842,927 for Q1 2026, an improvement from the $1,470,072 loss in Q1 2025, driven by a 42% reduction in operating expenses. However, total revenue declined sharply by 52% to $3,431,890 from $7,173,557, and cash decreased 70% to $215,949, while total liabilities exceeded assets, resulting in a stockholders' deficit of $4,389,865.
- · Total liabilities of $12,262,727 exceed total assets of $7,872,861, resulting in a stockholders' deficit of $4,389,865.
- · Current liabilities of $8,138,128 exceed current assets of $2,293,092, indicating a working capital deficit of $5,845,036.
- · Accounts receivable increased 12.8% to $1,611,281 from $1,428,224, while accounts payable rose 14.2% to $2,367,694.
- · Net cash used in operating activities improved to $610,055 from $1,787,620 in Q1 2025.
- · Interest paid decreased to $129,453 from $410,875 in Q1 2025.
- · The company has three Veterans Administration contracts: Central Los Angeles ($1.2M annual revenue through Sep 2029), Long Beach ($2.5M total 2026 revenue, expiring April 2026), and Loma Linda ($2.6M annual revenue through Sep 2029).
- · Fixed assets net of depreciation decreased 7.4% to $1,075,413 from $1,160,754.
- · Goodwill remained unchanged at $1,795,406.
01-07-2026
Ennis, Inc. reported net sales of $98.6M for Q1 FY26 (three months ended May 31, 2026), a modest 1.5% increase from $97.2M in the prior-year quarter. Net earnings rose slightly to $9.9M from $9.8M, with diluted EPS of $0.39 versus $0.38. However, operating cash flow surged to $21.2M from $8.0M, while the company reduced capital expenditures and did not repurchase shares in the current period, compared to $5.0M in buybacks a year ago.
- · Gross profit margin was 31.5% in Q1 FY26 (31,083 / 98,615) versus 31.1% in Q1 FY25 (30,230 / 97,197), a slight improvement.
- · Selling, general and administrative expenses increased 3.3% to $17.5M from $16.9M.
- · Interest income fell 33.3% to $0.4M from $0.6M.
- · Income tax expense rose to $3.8M from $3.7M, with effective tax rate of 28.0% vs 27.5%.
- · Total assets increased 1.9% to $363.5M from $356.9M at February 28, 2026.
- · Shareholders' equity grew to $310.7M from $308.7M.
- · The company had no acquisitions in Q1 FY26 vs $34.9M in Q1 FY25.
- · Modification of share-based awards from equity to liability was $2.2M in Q1 FY26, with no comparable item in prior year.
01-07-2026
General Mills reported a challenging fiscal 2026 with net sales declining 5% to $18,424.6M and operating profit plunging 73% to $885.8M, resulting in a net loss of $87.6M compared to net income in the prior year. The company posted an adjusted operating profit of $2,811.5M (down 16%) and adjusted diluted EPS of $3.55 (down 16%). Segment performance was mixed: International sales grew 9% to $3,043.8M and North America Pet rose 6% to $2,613.3M, but North America Retail – its largest segment – saw sales fall 11% to $10,571.8M, driven by a 16-point volume decline partially from divestitures.
- · Diluted loss per share was $(0.16) vs net income per share in fiscal 2025, a 104% decline.
- · Organic net sales growth rate was negative 2%.
- · Adjusted operating profit margin declined 16% to $2,811.5M vs prior year.
- · In North America Retail, volume declined 16 points and organic volume fell 1 point; divestitures contributed a negative 9 points to sales growth.
- · International segment saw constant-currency sales decline 1%, but sales grew 9% as reported due to favorable foreign exchange (+4 pts).
- · Total segment operating profit dropped 13% to $3,209.5M from $3,682.7M.
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