LAW CS Disco, Inc. Common Stock
NYSE · Technology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 5, 2026
$4.18
· of 52w range
· above low
· to high
$2.4552w low
$9.1152w high
Market Cap (MRQ)
$271M
P/E (TTM)
-6.6
EPS (TTM)
$-0.63
Revenue (TTM)
$167M
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52W Range
$2–$9
Analyst Rating
BUY
Price Target
$7
P/E
-6.6
ROE
-31.3%
Net Profit Margin
-24.2%
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LAW Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.18
Market Cap (MRQ)
$271M
P/E (TTM)
-6.6
EPS (TTM)
$-0.63
Revenue (TTM)
$167M
ROE (TTM)
-31.3%
52W Range
$2–$9
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$157M2020-12-31 → 2025-12-31
EPS$-0.722020-12-31 → 2025-12-31
Free Cash Flow$-18M2022-12-31 → 2025-12-31
Net margin-24.2%2022-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | LAW | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -6.65Y avg ≈-16.2 | ≈-16.2 | · | · | |
| P/S (TTM) | 1.65Y avg ≈2.8 | ≈2.8 | 1.5 | Fair value | |
| P/B (MRQ) | 2.35Y avg ≈2.5 | ≈2.5 | 2.1 | Fair value | |
| Price / FCF (TTM) | -16.55Y avg ≈-19.0 | ≈-19.0 | · | · | |
| Price / Cash Flow (TTM) | -20.95Y avg ≈-23.4 | ≈-23.4 | · | · | |
| Price / Tangible Book (MRQ) | 2.35Y avg ≈3.6 | ≈3.6 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | LAW | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 74.8%5Y avg ≈74.6% | ≈74.6% | 70.1% | Top tier | |
| Operating Margin (TTM) | -25.7%5Y avg ≈-40.6% | ≈-40.6% | -8.6% | Weak | |
| EBITDA Margin (TTM) | -23.7%5Y avg ≈-38.1% | ≈-38.1% | -8.6% | Weak | |
| Pretax Margin (TTM) | -23.8%5Y avg ≈-37.1% | ≈-37.1% | -8.0% | Weak | |
| Net Profit Margin (TTM) | -24.2%5Y avg ≈-37.4% | ≈-37.4% | -11.8% | Weak | |
| ROA (TTM) | -24.8%5Y avg ≈-23.9% | ≈-23.9% | -9.4% | Weak | |
| ROE (TTM) | -31.3%5Y avg ≈-30.2% | ≈-30.2% | -7.5% | Weak | |
| ROIC | -38.2%5Y avg ≈-34.4% | ≈-34.4% | -18.3% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | LAW | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 3.85Y avg ≈7.1 | ≈7.1 | 1.6 | Strong liquidity | |
| Quick Ratio (MRQ) | 3.45Y avg ≈6.8 | ≈6.8 | 1.0 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | LAW | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 8.3%5Y avg ≈20.1% | ≈20.1% | · | · | |
| Revenue CAGR 3Y | 5.1%5Y avg ≈13.2% | ≈13.2% | · | · | |
| Revenue CAGR 5Y | 18.0% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | LAW | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.95Y avg ≈0.7 | ≈0.7 | 0.7 | Top tier | |
| Receivables Turnover | 6.45Y avg ≈6.0 | ≈6.0 | 10.0 | Weak | |
| Revenue / Employee | ≈$271.8K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
36.1%
Next Report
Nov 03, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 6, 2026 | $-0.06 | $-0.06 | 6.3% |
| March 31, 2026 | $-0.07 | $-0.09 | 25.7% | |
| Dec. 31, 2025 | $-0.04 | $-0.05 | 22.8% | |
| Sept. 30, 2025 | $-0.01 | $-0.07 | 85.9% | |
| June 30, 2025 | $-0.04 | $-0.07 | 46.0% | |
| March 31, 2025 | $-0.08 | $-0.11 | 30.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $157M | $145M | $138M | $135M | $114M | $68M | |
| Cost of Revenue | $39M | $37M | $35M | $34M | $31M | $20M | |
| Gross Profit | $117M | $107M | $103M | $101M | $83M | $48M | |
| R&D Expense | $57M | $52M | $52M | $59M | $34M | $27M | |
| SG&A Expense | $49M | $41M | $33M | $41M | $26M | $14M | |
| Operating Expenses | $166M | $169M | $153M | $173M | $107M | $70M | |
| Operating Income | $-48M | $-62M | $-50M | $-72M | $-24M | $-23M | |
| Other Non-op | $4M | $6M | · | · | · | · | |
| Pretax Income | $-44M | $-55M | $-42M | $-71M | $-24M | $-23M | |
| Income Tax | $743.0K | $332.0K | $443.0K | $186.0K | $81.0K | $71.0K | |
| Net Income | $-44M | $-56M | $-42M | $-71M | $-24M | $-23M | |
| EPS (Basic) | $-0.72 | $-0.93 | $-0.70 | $-1.20 | $-0.73 | $-1.74 | |
| EPS (Diluted) | $-0.72 | $-0.93 | $-0.70 | $-1.20 | $-0.73 | $-1.74 | |
| Shares (Basic) | 61,721,000 | 60,212,000 | 60,139,000 | 58,753,000 | 33,208,000 | 13,171,000 | |
| Shares (Diluted) | 61,721,000 | 60,212,000 | 60,139,000 | 58,753,000 | 33,208,000 | 13,171,000 | |
| EBITDA | $-44M | $-58M | $-46M | $-69M | · | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $20M | $53M | $160M | $203M | $255M | $59M | |
| Short-term Investments | $95M | $76M | $0 | · | · | · | |
| Receivables | $26M | $23M | $27M | $23M | $21M | $13M | |
| Prepaid Expense | $5M | $5M | $6M | $6M | · | · | |
| Other Current Assets | · | · | · | $6M | $5M | $1M | |
| Current Assets | $153M | $157M | $192M | $232M | $281M | $73M | |
| Goodwill | $6M | $6M | $6M | $6M | $0 | · | |
| Intangibles | $206.0K | $400.0K | $681.0K | $962.0K | $0 | · | |
| Other Non-current Assets | $837.0K | $820.0K | $823.0K | $591.0K | $351.0K | $539.0K | |
| Total Assets | $174M | $180M | $232M | $256M | $287M | $79M | |
| Accounts Payable | $4M | $4M | $5M | $8M | $5M | $4M | |
| Accrued Liabilities | $7M | $6M | $6M | $5M | $3M | $641.0K | |
| Current Liabilities | $40M | $26M | $23M | $23M | $19M | $12M | |
| Capital Leases | $4M | $7M | $7M | $9M | $0 | $890.0K | |
| Other Non-current Liabilities | $801.0K | $141.0K | $800.0K | $950.0K | $75.0K | $0 | |
| Total Liabilities | $46M | $33M | $31M | $33M | $19M | $13M | |
| Common Stock | $317.0K | $302.0K | $306.0K | $296.0K | $291.0K | $68.0K | |
| Paid-in Capital | $470M | $445M | $440M | $422M | $396M | $8M | |
| Retained Earnings | $-342M | $-297M | $-240M | $-198M | $-127M | $-103M | |
| AOCI | $32.0K | $41.0K | $0 | · | · | · | |
| Stockholders' Equity | $128M | $148M | $200M | $224M | $269M | $-95M | |
| Liabilities + Equity | $174M | $180M | $232M | $256M | $287M | $79M | |
| Shares Outstanding | 63,264,000 | 60,329,000 | 61,010,000 | 59,190,000 | 58,010,000 | 13,533,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $4M | $4M | $4M | $3M | $2M | $2M | |
| Stock-based Comp | $24M | $22M | $16M | $22M | $6M | $2M | |
| Deferred Tax | $63.0K | $-10.0K | $144.0K | $32.0K | $2.0K | $-18.0K | |
| Amort. of Intangibles | $200.0K | $300.0K | $300.0K | $200.0K | · | · | |
| Other Non-cash | $1M | $21M | $-4M | $8.0K | · | · | |
| Operating Cash Flow | $-15M | $-9M | $-26M | $-46M | $-22M | $-23M | |
| CapEx | $3M | $3M | $5M | $4M | $3M | $2M | |
| Investing Cash Flow | $-18M | $-78M | $-20M | $-10M | $-3M | $-2M | |
| Debt Issued | · | · | · | · | $0 | $23M | |
| Stock Repurchased | $105.0K | $127.0K | $89.0K | $264.0K | $476.0K | $138.0K | |
| Net Stock Activity | $-105.0K | $-127.0K | $-89.0K | $-264.0K | · | · | |
| Financing Cash Flow | $16.0K | $-20M | $2M | $3M | $222M | $60M | |
| Net Change in Cash | $-33M | $-107M | $-44M | $-52M | $197M | $35M | |
| Taxes Paid | $630.0K | $536.0K | $766.0K | $397.0K | $97.0K | $87.0K | |
| Free Cash Flow | $-18M | $-12M | $-30M | $-50M | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 74.9% | 74.2% | 74.7% | 74.7% | · | · | |
| Operating Margin | -30.7% | -42.6% | -36.1% | -53.1% | · | · | |
| Net Margin | -28.3% | -38.5% | -30.5% | -52.3% | · | · | |
| Pretax Margin | -27.8% | -38.3% | -30.2% | -52.2% | · | · | |
| EBITDA Margin | -28.3% | -39.9% | -33.1% | -50.9% | · | · | |
| ROA | -25.1% | -27.1% | -17.3% | -26.0% | · | · | |
| ROE | -33.4% | -35.4% | -21.0% | -30.9% | · | · | |
| ROIC | -38.2% | -42.1% | -25.1% | -32.2% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 3.8 | 6.1 | 8.3 | 10.2 | · | · | |
| Quick Ratio | 3.5 | 5.9 | 8.1 | 9.9 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.9 | 0.7 | 0.6 | 0.5 | · | · | |
| Receivables Turnover | 6.4 | 5.8 | 5.6 | 6.2 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | $2.02 | $2.45 | $3.28 | $3.78 | · | · | |
| Revenue / Share | $2.54 | $2.41 | $2.30 | $2.30 | · | · | |
| Cash Flow / Share | $-0.24 | $-0.15 | $-0.42 | $-0.78 | · | · | |
| Cash / Share | $0.31 | $0.87 | $2.62 | $3.43 | · | · | |
| EPS (TTM) | $-0.72 | $-0.93 | $-0.70 | $-1.20 | $-0.73 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 8.3% | 4.9% | 2.1% | 18.2% | 67.1% | · | |
| Revenue CAGR 3Y | 5.1% | 8.2% | 26.4% | · | · | · | |
| Revenue CAGR 5Y | 18.0% | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $157M | $145M | $138M | $135M | $114M | · | |
| Net Income TTM | $-44M | $-56M | $-42M | $-71M | $-24M | · | |
| Market Cap | $491M | $301M | $463M | $374M | · | · | |
| P/E | -10.8 | -5.4 | -10.8 | -5.3 | -49.0 | · | |
| P/S | 3.1 | 2.1 | 3.4 | 2.8 | · | · | |
| P/B | 3.8 | 2.0 | 2.3 | 1.7 | · | · | |
| P / Tangible Book | 4.0 | 2.1 | 2.4 | 1.7 | 7.7 | · | |
| P / Cash Flow | -32.9 | -34.4 | -18.1 | -8.1 | · | · | |
| P / FCF | -27.3 | -26.1 | -15.2 | -7.4 | · | · | |
| Earnings Yield | -9.3% | -18.6% | -9.2% | -19.0% | -2.0% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $43M | $42M | $41M | $41M | $38M | $37M | $37M | $36M | $36M | $36M | $36M | $35M | $34M | $33M | $33M | $34M | |
| Cost of Revenue | $11M | $11M | $10M | $10M | $10M | $10M | $10M | $10M | $9M | $9M | $9M | $9M | $9M | $8M | $8M | $9M | |
| Gross Profit | $32M | $31M | $31M | $31M | $28M | $27M | $27M | $27M | $27M | $27M | $27M | $26M | $25M | $25M | $24M | $26M | |
| R&D Expense | $15M | $15M | $15M | $13M | $14M | $14M | $14M | $13M | $13M | $12M | $11M | $12M | $13M | $16M | $16M | $16M | |
| SG&A Expense | $10M | $10M | $10M | $17M | $11M | $11M | $10M | $10M | $11M | $11M | $10M | $128.0K | $11M | $12M | $10M | $11M | |
| Operating Expenses | $41M | $41M | $40M | $45M | $40M | $40M | $54M | $37M | $39M | $39M | $35M | $29M | $42M | $47M | $44M | $46M | |
| Operating Income | $-9M | $-10M | $-9M | $-14M | $-12M | $-13M | $-26M | $-11M | $-12M | $-12M | $-8M | $-3M | $-17M | $-22M | $-20M | $-20M | |
| Other Non-op | $693.0K | $616.0K | $996.0K | $937.0K | $1M | $1M | $953.0K | $2M | $2M | $2M | · | · | · | · | · | · | |
| Pretax Income | $-9M | $-9M | $-8M | $-14M | $-11M | $-11M | $-25M | $-9M | $-11M | $-10M | $-6M | $-966.0K | $-15M | $-20M | $-19M | $-20M | |
| Income Tax | $135.0K | $141.0K | $256.0K | $140.0K | $210.0K | $137.0K | $23.0K | $118.0K | $105.0K | $86.0K | $282.0K | $64.0K | $57.0K | $40.0K | $75.0K | $38.0K | |
| Net Income | $-9M | $-10M | $-9M | $-14M | $-11M | $-11M | $-25M | $-9M | $-11M | $-11M | $-6M | $-1M | $-15M | $-20M | $-19M | $-20M | |
| EPS (Basic) | $-0.13 | $-0.15 | $-0.13 | $-0.22 | $-0.18 | $-0.19 | $-0.43 | $-0.15 | $-0.18 | $-0.17 | $-0.09 | $-0.02 | $-0.25 | $-0.34 | $-0.31 | $-0.34 | |
| EPS (Diluted) | $-0.13 | $-0.15 | $-0.13 | $-0.22 | $-0.18 | $-0.19 | $-0.43 | $-0.15 | $-0.18 | $-0.17 | $-0.09 | $-0.02 | $-0.25 | $-0.34 | $-0.31 | $-0.34 | |
| Shares (Basic) | 64,489,000 | 63,675,000 | · | 62,094,000 | 61,245,000 | 60,565,000 | · | 59,675,000 | 59,815,000 | 61,188,000 | · | 60,350,000 | 59,856,000 | 59,410,000 | · | 58,641,000 | |
| Shares (Diluted) | 64,489,000 | 63,675,000 | · | 62,094,000 | 61,245,000 | 60,565,000 | · | 59,675,000 | 59,815,000 | 61,188,000 | · | 60,350,000 | 59,856,000 | 59,410,000 | · | 58,641,000 | |
| EBITDA | $-9M | $-9M | · | $-14M | $-12M | $-12M | · | $-11M | $-12M | $-11M | · | $-3M | $-17M | $-21M | · | $-20M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $11M | $18M | $20M | $29M | $22M | $35M | $53M | $77M | $130M | $149M | $160M | $158M | $179M | $188M | $203M | $213M | |
| Short-term Investments | $91M | $85M | $95M | $85M | $93M | $84M | $76M | $50M | · | · | $0 | · | · | · | · | · | |
| Receivables | $28M | $27M | $26M | $24M | $24M | $22M | $23M | $24M | $25M | $25M | $27M | $27M | $25M | $24M | $23M | $22M | |
| Prepaid Expense | $4M | $5M | $5M | $6M | $5M | $4M | $5M | $6M | $5M | $5M | $6M | · | · | · | $6M | · | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | · | · | $6M | $4M | $5M | · | $6M | |
| Current Assets | $142M | $143M | $153M | $153M | $143M | $146M | $157M | $157M | $160M | $179M | $192M | $191M | $207M | $216M | $232M | $242M | |
| Goodwill | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | |
| Intangibles | $116.0K | $161.0K | $206.0K | $251.0K | $296.0K | $341.0K | $400.0K | $470.0K | $540.0K | $610.0K | $681.0K | $751.0K | $821.0K | $891.0K | $962.0K | $1M | |
| Other Non-current Assets | $1M | $866.0K | $837.0K | $820.0K | $827.0K | $825.0K | $820.0K | $816.0K | $808.0K | $804.0K | $823.0K | $730.0K | $721.0K | $721.0K | $591.0K | $736.0K | |
| Total Assets | $161M | $162M | $174M | $175M | $165M | $168M | $180M | $194M | $198M | $217M | $232M | $230M | $232M | $241M | $256M | $267M | |
| Accounts Payable | $4M | $3M | $4M | $3M | $3M | $5M | $4M | $3M | $4M | $2M | $5M | $6M | $5M | $7M | $8M | $7M | |
| Accrued Liabilities | $6M | $8M | $7M | $5M | $6M | $4M | $6M | $6M | $5M | $6M | $6M | $4M | $4M | $4M | $5M | $5M | |
| Current Liabilities | $38M | $34M | $40M | $39M | $21M | $19M | $26M | $21M | $20M | $17M | $23M | $21M | $20M | $20M | $23M | $22M | |
| Capital Leases | $3M | $4M | $4M | $5M | $6M | $6M | $7M | $6M | $6M | $7M | $7M | $8M | $8M | $8M | $9M | $9M | |
| Other Non-current Liabilities | $838.0K | $832.0K | $801.0K | $148.0K | $149.0K | $127.0K | $141.0K | $199.0K | $238.0K | $278.0K | $800.0K | $389.0K | $424.0K | $458.0K | $950.0K | $723.0K | |
| Total Liabilities | $41M | $38M | $46M | $44M | $27M | $26M | $33M | $27M | $27M | $24M | $31M | $29M | $29M | $29M | $33M | $32M | |
| Common Stock | $325.0K | $321.0K | $317.0K | $313.0K | $309.0K | $305.0K | $302.0K | $300.0K | $298.0K | $306.0K | $306.0K | $304.0K | $301.0K | $299.0K | $296.0K | $296.0K | |
| Paid-in Capital | $480M | $475M | $470M | $464M | $457M | $451M | $445M | $439M | $434M | $444M | $440M | $435M | $437M | $430M | $422M | $414M | |
| Retained Earnings | $-360M | $-351M | $-342M | $-333M | $-320M | $-309M | $-297M | $-272M | $-263M | $-251M | $-240M | $-235M | $-234M | $-219M | $-198M | $-180M | |
| AOCI | $-41.0K | $-21.0K | $32.0K | $10.0K | $-8.0K | $1.0K | $41.0K | $61.0K | · | · | $0 | · | · | · | · | · | |
| Stockholders' Equity | $120M | $124M | $128M | $131M | $138M | $142M | $148M | $167M | $171M | $193M | $200M | $201M | $204M | $212M | $224M | $235M | |
| Liabilities + Equity | $161M | $162M | $174M | $175M | $165M | $168M | $180M | $194M | $198M | $217M | $232M | $230M | $232M | $241M | $256M | $267M | |
| Shares Outstanding | 64,857,000 | 64,134,000 | 63,264,000 | 62,493,000 | 61,690,000 | 60,809,000 | 60,329,000 | 59,910,000 | 59,434,000 | 61,101,000 | 61,010,000 | 60,619,000 | 60,056,000 | 59,639,000 | 59,190,000 | 59,014,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $596.0K | $977.0K | $927.0K | $902.0K | $902.0K | $927.0K | $834.0K | $989.0K | $1M | $1M | $1M | $1M | $1M | $952.0K | $895.0K | $924.0K | |
| Stock-based Comp | $5M | $5M | $6M | $6M | $6M | $6M | $5M | $5M | $6M | $6M | $5M | $-3M | $7M | $7M | $7M | $6M | |
| Amort. of Intangibles | $0 | $0 | $100.0K | $0 | $100.0K | $100.0K | $0 | $100.0K | $100.0K | $100.0K | $-100.0K | $200.0K | $100.0K | $100.0K | $0 | $200.0K | |
| Other Non-cash | · | $-8M | · | · | · | $-6M | · | · | · | $-3M | · | · | · | $-3M | · | · | |
| Operating Cash Flow | $-1M | $-12M | $762.0K | $-979.0K | $-4M | $-10M | $2M | $-3M | $-650.0K | $-7M | $3M | $-7M | $-7M | $-15M | $-9M | $-14M | |
| CapEx | $1M | $700.0K | $507.0K | $1M | $965.0K | $525.0K | $558.0K | $877.0K | $658.0K | $688.0K | $1M | $1M | $2M | $844.0K | $651.0K | $2M | |
| Investing Cash Flow | $-6M | $10M | $-10M | $8M | $-9M | $-8M | $-26M | $-51M | $-656.0K | $-688.0K | $-1M | $-15M | $-2M | $-2M | $-651.0K | $-2M | |
| Stock Repurchased | $171.0K | $132.0K | $35.0K | $26.0K | $20.0K | $24.0K | $27.0K | $29.0K | $32.0K | $39.0K | $25.0K | $26.0K | $23.0K | $15.0K | $0 | $0 | |
| Net Stock Activity | · | $-132.0K | · | · | · | $-24.0K | · | · | · | $-39.0K | · | · | · | $-15.0K | · | · | |
| Financing Cash Flow | $-182.0K | $85.0K | $-43.0K | $151.0K | $-8.0K | $-84.0K | $12.0K | $214.0K | $-17M | $-3M | $-7.0K | $723.0K | $-10.0K | $1M | $134.0K | $1M | |
| Net Change in Cash | $-7M | $-2M | $-9M | $7M | $-13M | $-18M | $-24M | $-53M | $-19M | $-11M | $2M | $-21M | $-9M | $-16M | $-10M | $-15M | |
| Taxes Paid | · | · | $-427.0K | $126.0K | $646.0K | $285.0K | $-36.0K | $108.0K | $266.0K | $198.0K | $266.0K | $70.0K | $305.0K | $125.0K | $117.0K | $32.0K | |
| Free Cash Flow | · | $-12M | · | · | · | $-11M | · | · | · | $-8M | · | · | · | $-16M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.4% | 74.2% | · | 75.5% | 74.6% | 74.1% | · | 73.1% | 74.2% | 75.1% | · | 74.4% | 73.6% | 75.0% | · | 75.0% | |
| Operating Margin | -21.4% | -24.1% | · | -35.3% | -31.0% | -34.4% | · | -30.0% | -34.4% | -34.7% | · | -8.3% | -49.6% | -67.2% | · | -58.2% | |
| Net Margin | -20.1% | -23.0% | · | -33.4% | -28.4% | -31.1% | · | -25.2% | -30.1% | -29.8% | · | -2.9% | -43.5% | -61.5% | · | -58.2% | |
| Pretax Margin | -19.8% | -22.6% | · | -33.1% | -27.8% | -30.7% | · | -24.9% | -29.8% | -29.5% | · | -2.8% | -43.4% | -61.4% | · | -58.1% | |
| EBITDA Margin | -21.4% | -21.8% | · | -35.3% | -31.0% | -31.9% | · | -30.0% | -34.4% | -31.6% | · | -8.3% | -49.6% | -64.4% | · | -58.2% | |
| ROA | -5.3% | -5.8% | · | -7.4% | -6.0% | -5.9% | · | -4.3% | -5.0% | -4.6% | · | -0.41% | -5.8% | -7.8% | · | -7.1% | |
| ROE | -6.7% | -7.2% | · | -9.2% | -7.0% | -6.8% | · | -5.0% | -5.8% | -5.2% | · | -0.47% | -6.6% | -8.6% | · | -7.9% | |
| ROIC | -7.8% | -8.3% | · | -11.2% | -8.7% | -9.0% | · | -6.6% | -7.3% | -6.4% | · | -1.5% | -8.4% | -10.5% | · | -8.6% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.8 | 4.2 | · | 3.9 | 6.8 | 7.5 | · | 7.5 | 7.8 | 10.5 | · | 9.1 | 10.4 | 10.6 | · | 10.9 | |
| Quick Ratio | 3.4 | 3.8 | · | 3.5 | 6.5 | 7.3 | · | 7.2 | 7.6 | 10.2 | · | 8.8 | 10.2 | 10.4 | · | 10.6 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 1.7 | 1.7 | · | 1.7 | 1.5 | 1.6 | · | 1.4 | 1.4 | 1.5 | · | 1.4 | 1.4 | 1.4 | · | 1.5 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $1.85 | $1.93 | · | $2.09 | $2.24 | $2.34 | · | $2.79 | $2.88 | $3.16 | · | $3.32 | $3.39 | $3.55 | · | $3.98 | |
| Revenue / Share | $0.67 | $0.66 | · | $0.66 | $0.62 | $0.61 | · | $0.61 | $0.60 | $0.58 | · | $0.58 | $0.57 | $0.56 | · | $0.59 | |
| Cash Flow / Share | · | $-0.18 | · | · | · | $-0.17 | · | · | · | $-0.12 | · | · | · | $-0.25 | · | · | |
| Cash / Share | $0.17 | $0.28 | · | $0.46 | $0.35 | $0.57 | · | $1.28 | $2.19 | $2.43 | · | $2.60 | $2.98 | $3.15 | · | $3.61 | |
| EPS (TTM) | $-0.63 | $-0.68 | · | $-1.02 | $-0.95 | $-0.95 | · | $-0.59 | $-0.46 | $-0.53 | · | $-0.92 | $-1.24 | $-1.34 | · | $-0.98 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $167M | $162M | · | $153M | $148M | $146M | · | $144M | $142M | $141M | · | $135M | $134M | $134M | · | $136M | |
| Net Income TTM | $-40M | $-43M | · | $-61M | $-57M | $-57M | · | $-36M | $-28M | $-32M | · | $-55M | $-74M | $-79M | · | $-61M | |
| Market Cap | $245M | $245M | · | $404M | $270M | $249M | · | $352M | $354M | $497M | · | $403M | $494M | $396M | · | $590M | |
| P/E | -6.0 | -5.6 | · | -6.3 | -4.6 | -4.3 | · | -10.0 | -13.0 | -15.3 | · | -7.2 | -6.6 | -5.0 | · | -10.2 | |
| P/S | 1.5 | 1.5 | · | 2.6 | 1.8 | 1.7 | · | 2.5 | 2.5 | 3.5 | · | 3.0 | 3.7 | 3.0 | · | 4.3 | |
| P/B | 2.0 | 2.0 | · | 3.1 | 2.0 | 1.7 | · | 2.1 | 2.1 | 2.6 | · | 2.0 | 2.4 | 1.9 | · | 2.5 | |
| P / Tangible Book | 2.1 | 2.1 | · | 3.2 | 2.0 | 1.8 | · | 2.2 | 2.2 | 2.7 | · | 2.1 | 2.5 | 1.9 | · | 2.6 | |
| P / Cash Flow | · | -21.0 | · | · | · | -23.7 | · | · | · | -67.8 | · | · | · | -26.8 | · | · | |
| Earnings Yield | -16.7% | -17.8% | · | -15.8% | -21.7% | -23.2% | · | -10.0% | -7.7% | -6.5% | · | -13.9% | -15.1% | -20.2% | · | -9.8% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $157M | $145M | $138M | $135M | $114M |
| Gross Margin % | 74.9% | 74.2% | 74.7% | 74.7% | · |
| Operating Margin % | -30.7% | -42.6% | -36.1% | -53.1% | · |
| Net Income | $-44M | $-56M | $-42M | $-71M | $-24M |
| Diluted EPS | $-0.72 | $-0.93 | $-0.70 | $-1.20 | $-0.73 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 3.8 | 6.1 | 8.3 | 10.2 | · |
| Quick Ratio | 3.5 | 5.9 | 8.1 | 9.9 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-18M | $-12M | $-30M | $-50M | · |
Institutional owners (13F) 131 filers · $147.4M total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
131
Value held
$147.4M
New positions
17
Exited positions
18
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 17 (-12 vs prior Q) | 18 (-4 vs prior Q) | 49 (+1 vs prior Q) | 32 (+5 vs prior Q) | -8.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Deer Management Co. LLC | $32,707,682 | 8,652,826 | 22.19% | Shares |
| STEPHENS GROUP, LLC | $29,783,134 | 7,796,632 | 20.21% | Shares |
| VANGUARD GROUP INC | $15,313,313 | 1,973,365 | 10.39% | Shares |
| BlackRock, Inc. | $7,617,413 | 2,015,188 | 5.17% | Shares |
| Topline Capital Management, LLC | $5,543,994 | 1,466,665 | 3.76% | Shares |
| Solel Partners LP | $4,490,432 | 1,187,945 | 3.05% | Shares |
| LAKEWOOD CAPITAL MANAGEMENT, LP | $4,182,687 | 1,106,531 | 2.84% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $4,094,931 | 1,083,315 | 2.78% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $3,406,749 | 901,256 | 2.31% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,063,871 | 810,548 | 2.08% | Shares |
| FORMULA GROWTH LTD | $3,024,000 | 800,000 | 2.05% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $2,625,497 | 694,388 | 1.78% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $2,539,147 | 671,732 | 1.72% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $2,466,745 | 652,578 | 1.67% | Shares |
| NORGES BANK | $2,071,240 | 547,947 | 1.41% | Shares |
| STATE STREET CORP | $2,070,019 | 547,624 | 1.40% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $1,874,321 | 495,852 | 1.27% | Shares |
| MILLENNIUM MANAGEMENT LLC | $1,162,497 | 307,539 | 0.79% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $1,070,693 | 283,252 | 0.73% | Shares |
| NORTHERN TRUST CORP | $1,006,754 | 266,337 | 0.68% | Shares |
| Russell Investments Group, Ltd. | $899,257 | 237,898 | 0.61% | Shares |
| Nuveen, LLC | $867,449 | 229,484 | 0.59% | Shares |
| MORGAN STANLEY | $849,326 | 224,689 | 0.58% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $783,518 | 207,280 | 0.53% | Shares |
| MONETA GROUP INVESTMENT ADVISORS LLC | $770,689 | 203,886 | 0.52% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $727,162 | 192,371 | 0.49% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $682,188 | 180,473 | 0.46% | Shares |
| GOLDMAN SACHS GROUP INC | $641,133 | 169,612 | 0.44% | Shares |
| Squarepoint Ops LLC | $628,739 | 166,333 | 0.43% | Shares |
| D. E. Shaw & Co., Inc. | $623,352 | 164,908 | 0.42% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $561,315 | 148,496 | 0.38% | Shares |
| TWO SIGMA ADVISERS, LP | $515,264 | 66,400 | 0.35% | Shares |
| LAVELLE CAPITAL LP | $510,814 | 135,136 | 0.35% | Shares |
| FMR LLC | $449,414 | 118,893 | 0.30% | Shares |
| CITADEL ADVISORS LLC | $446,894 | 118,226 | 0.30% | Shares |
| Matthew Goff Investment Advisor, LLC | $404,532 | 107,019 | 0.27% | Shares |
| JPMORGAN CHASE & CO | $362,966 | 96,023 | 0.25% | Shares |
| TWO SIGMA INVESTMENTS, LP | $358,677 | 94,888 | 0.24% | Shares |
| UBS Group AG | $348,229 | 92,124 | 0.24% | Shares |
| STRS OHIO | $308,826 | 81,700 | 0.21% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $305,802 | 80,900 | 0.21% | Shares |
| Qube Research & Technologies Ltd | $285,250 | 75,463 | 0.19% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $253,022 | 66,937 | 0.17% | Shares |
| AMERIPRISE FINANCIAL INC | $243,194 | 64,337 | 0.17% | Shares |
| Bank of New York Mellon Corp | $223,077 | 59,015 | 0.15% | Shares |
| ALLIANCEBERNSTEIN L.P. | $217,893 | 57,040 | 0.15% | Shares |
| CITADEL ADVISORS LLC | $210,924 | 55,800 | 0.14% | Put option |
| IEQ CAPITAL, LLC | $202,192 | 53,490 | 0.14% | Shares |
| Cubist Systematic Strategies, LLC | $183,121 | 28,347 | 0.12% | Shares |
| Point72 Asset Management, L.P. | $182,502 | 48,281 | 0.12% | Shares |
Company insiders 23 insiders · 12 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Eric Friedrichsen | Chief Executive Officer | Aug. 16, 2026 F | 1,436,688 | 4 | 0 | $157,119 |
| Kiwi Camara | Chief Executive Officer | Aug. 15, 2022 M | 4,030,760 | 0 | 0 | $0 |
| Aaron Joseph Barfoot | EVP, Chief Financial Officer | Jan. 12, 2026 A | 246,609 | 0 | 0 | $0 |
| Michael Lafair | EVP, Chief Financial Officer | Dec. 31, 2025 F | 799,314 | 0 | 1 | $-100,260 |
| Sean Nathaniel | Chief Operating Officer | July 23, 2021 P | 912 | 0 | 0 | $0 |
| Susan Garcia | GC & Chief Compliance Officer | Aug. 17, 2026 S | 139,109 | 0 | 5 | $-158,106 |
| Richard Francis Crum | EVP, Chief Prod & Tech Officer | Aug. 17, 2026 S | 335,183 | 0 | 5 | $-129,850 |
| Karen Herckis | EVP, Chief HR Officer | Aug. 17, 2026 S | 181,824 | 0 | 5 | $-142,752 |
| Melanie Antoon | EVP, Chief Customer Officer | Aug. 17, 2026 S | 267,507 | 0 | 6 | $-331,732 |
| Kevin Joseph Smith | EVP, Chief Product Officer | May 17, 2024 S | 287,106 | 0 | 0 | $0 |
| Keith Zoellner | Chief Technology Officer | Sept. 1, 2022 S | 458,354 | 0 | 0 | $0 |
| Andrew Shimek | Chief Revenue Officer | April 8, 2022 S | 126,574 | 0 | 0 | $0 |
| Andre L Mintz | Director | July 21, 2026 A | 74,442 | 0 | 0 | $0 |
| James Offerdahl | Director | June 10, 2026 A | 264,748 | 1 | 0 | $11,970 |
| Krishna Srinivasan | Director | June 10, 2026 A | 86,096 | 2 | 0 | $143,850 |
| Scott A Hill | Director | June 10, 2026 A | 264,326 | 2 | 0 | $169,245 |
| Susan L Blount | Director | June 10, 2026 A | 135,919 | 0 | 0 | $0 |
| Robert P Goodman | Director | June 10, 2026 A | 69,132 | 1 | 0 | $3,275,173 |
| BOGAN THOMAS F | Director | June 10, 2026 A | 212,186 | 4 | 0 | $271,035 |
| Toby J. Williams | Director | April 22, 2026 A | 67,720 | 0 | 0 | $0 |
| Colette Pierce Burnette | Director | June 10, 2025 A | 91,774 | 0 | 0 | $0 |
| Kenneth Aaron Clark | Director | June 2, 2022 J | 141,371 | 0 | 0 | $0 |
| Tyson Baber | Director | July 23, 2021 C | 28,332 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 19 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IWC · iShares Trust | 0.03% | 94,886 SH | Sept. 11, 2026 | Daily |
| IWO · iShares Trust | 0.01% | 202,569 SH | Sept. 11, 2026 | Daily |
| IWM · iShares Trust | 0.00% | 736,737 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.00% | 13,521 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 127,707 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 6,900 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 4,340 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 9,987 SH | Sept. 3, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 6,051 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 8,527 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 291,353 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 759,612 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.00% | 164,571 SH | Aug. 19, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.00% | 7,365 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.00% | 23,483 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,750 SH | Aug. 19, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.00% | 20 NS | July 31, 2026 | N-PORT |
| VGT · VANGUARD WORLD FUND | 0.00% | 613,379 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 81,004 SH | Sept. 11, 2026 | Daily |
LAW Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 7 analysts
BUY
Median target
$6.00
+43.5%
1 14.3%
Strong Buy
4 57.1%
Buy
2 28.6%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
3 analysts · 2026-10-04Mean target $6.67 +59.5%
Now
Current price $4.18
Low$4.00
Mean$6.67
High$10.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| LAW | $491M | -10.8 | 8.3% | -28.3% | -33.4% | 74.9% |
| IIIV | · | 45.1 | 16.5% | · | 4.7% | · |
| CRNC | $540M | -29.0 | -24.1% | -7.4% | -12.5% | 72.7% |
| EGHT | $234M | 166.0 | 2.9% | 0.22% | 1.2% | 64.6% |
| SLNH | $120M | -0.5 | -21.8% | -179.7% | -260.1% | 6.0% |
| BLND | $778M | -30.4 | 6.8% | -5.5% | 31.0% | 73.8% |
| QMLS | · | · | · | · | · | · |
| EXFY | $141M | -6.6 | 2.1% | -15.0% | -16.2% | 50.3% |
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Source: SEC 10-Q filed Aug 5, 2026