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ReposiTrak (TRAK): analysis traps
Where its figures could mislead a reader, and what to check before taking them at face value · Data: Q4 FY26, to Jun 30, 2026, filed Sep 28, 2026; rules v1.1
ReposiTrak (TRAK): 1 rule of 10 triggered on the filings to Jun 30, 2026: receivables growing = future cash is certain; 2 with insufficient data; 2 not applicable. Each is a question to verify, with the normal explanation that would produce the same figures.
Check these first
Receivables growing = future cash is certain Triggered · severity medium · confidence medium
Receivables grew 12% year over year in Q4 FY26 against revenue growth of -3%, and the quarter before 42% against -1%; days sales outstanding is 79 against a median of 61 over the eight quarters before. More of each quarter's revenue is still owed by customers.
Innocent reading: Seasonality: a quarter that always ends with big shipments.
Every rule
A01 FCF growth = the business improved Not triggered confidence high
Free cash flow did not rise ($8M → $8M): the trap does not arise.
The figures and how they are read
| Fiscal year before | FY25 |
| Fiscal year | FY26 |
| Operating cash flow, year before | $8M |
| Operating cash flow | $8M |
| Capex, year before | 15,965 |
| Capex | 16,594 |
| Free cash flow, year before | $8M |
| Free cash flow | $8M |
| Change in FCF | −$196K |
| Change in capex | 629 |
| Working capital: change in its cash contribution | $2M |
FCF = operating cash flow − cash capex; ΔFCF = ΔOCF − ΔCapEx; the working-capital part is the change in the cash-bridge items (receivables, inventory, payables, accruals), with the sign of the cash flow statement
Source: FY26 (cash flow statement, fiscal year) · FY25 (cash flow statement, fiscal year before)
A07 Stock compensation added back = no economic cost Not triggered confidence high
Stock compensation is 1.9% of revenue: small enough that adding it back changes little.
The figures and how they are read
| Fiscal year | FY26 |
| Stock compensation | $445K |
| Revenue | $23M |
| SBC / revenue | +1.9% |
| Buybacks | $2M |
| Buybacks / SBC | 4.0 |
| Diluted shares, year before | 19.1M shares |
| Diluted shares | 19.0M shares |
| Diluted shares: change | -0.8% |
SBC / revenue from the cash flow statement's add-back; the diluted weighted share count year over year; buybacks from the financing section
Source: FY26 (stock compensation, buybacks and the diluted share count, fiscal year)
B02 Receivables growing = future cash is certain Triggered severity medium · confidence medium
Receivables grew 12% year over year in Q4 FY26 against revenue growth of -3%, and the quarter before 42% against -1%; days sales outstanding is 79 against a median of 61 over the eight quarters before. More of each quarter's revenue is still owed by customers.
The figures and how they are read
| Quarter | Q4 FY26 |
| Revenue, year over year | -3.2% |
| Receivables, year over year | +11.6% |
| Quarter before | Q3 FY26 |
| Revenue y/y, quarter before | -0.5% |
| Receivables y/y, quarter before | +41.7% |
| Days sales outstanding | 79.3 |
| DSO, median of eight quarters | 61.1 |
| Receivables | $5M |
| Revenue | $6M |
receivables and revenue against the same quarter a year earlier; DSO = receivables / quarterly revenue × days, against the median of the eight quarters before
Source: Q4 FY26 (receivables and revenue) · Q4 FY25 (the same quarter a year earlier)
What would explain it innocently
- Seasonality: a quarter that always ends with big shipments
- An acquisition brought its own receivables
- New business with longer standard terms (government, large enterprise)
- Currency: receivables booked in a strengthening currency
What to look for in the filing
- The receivables ageing and the allowance for credit losses
- Any factoring or receivables sold (and whether with recourse)
- Credit terms by customer group
What would show the trap does not apply
- Receivables fall back in line with revenue in the next quarter and DSO returns to its history
- The 10-Q attributes the increase to a disclosed one-off (a large customer's timing, an acquisition) and the allowance for doubtful accounts did not rise
Look again: next filing.
B08 Adjusted profit = economic profit Not triggered confidence low
Adjusted and GAAP EPS were within 10% of each other in the last 3 quarters.
The figures and how they are read
| Quarter / adjusted EPS / GAAP EPS / gap | 2025-09-30 / 0.09 / 0.09 / 0.0; 2025-12-31 / 0.09 / 0.09 / 0.0; 2026-03-31 / 0.1 / 0.1 / 0.0 |
| Quarters with adjusted ≥ 10% above GAAP | 0 |
| Quarters compared | 3 |
| Latest gap | +0.0% |
the analysts' 'actual' (usually the company's adjusted EPS) against GAAP net income ÷ diluted shares for the matching quarter; a gap of 10% or more counts (the stand-in until three releases' reconciliation tables are on file)
Source: 2025-09-30 (adjusted 0.09 vs GAAP 0.09) · 2025-12-31 (adjusted 0.09 vs GAAP 0.09) · 2026-03-31 (adjusted 0.10 vs GAAP 0.10)
C02 Low net debt = no refinancing risk Not triggered confidence medium
$233K comes due within a year, 117.1× covered by cash and investments of $27M.
The figures and how they are read
| Cash and investments | $27M |
| Debt | $294K |
| Net debt | −$27M |
| Due within a year | $233K |
| Read from | the current portion of debt on the balance sheet |
| Free cash flow, twelve months | — |
| Cash plus free cash flow | $27M |
| Coverage of what is due | 117.1 |
| Due in the second year | — |
| Balance sheet date | 2026-06-30 |
due within a year from the maturity table (else the current portion of debt), against cash and investments plus free cash flow over the last twelve months (zero if negative); no credit lines assumed
Source: 2026-06-30 (debt maturities, cash and investments)
D03 EPS growth = profit growth Not triggered confidence high
EPS rose 2% and net income rose 1% in Q3 FY26; the share count fell 1.6%: EPS growth follows profit growth.
The figures and how they are read
| Quarter | Q3 FY26 |
| Quarter before | Q3 FY25 |
| EPS, year before | $0.10 |
| EPS | $0.10 |
| Net income, year before | $2M |
| Net income | $2M |
| Diluted shares, year before | 19.1M shares |
| Diluted shares | 18.8M shares |
| EPS growth | +1.9% |
| Net income growth | +1.0% |
| Diluted shares: change | -1.6% |
| eps from profit | $0.00 |
| eps from share count | $0.00 |
EPS and net income against the same quarter a year earlier; the EPS bridge attributes the change to profit first, then to the share count (the order is fixed and disclosed)
Source: Q3 FY26 (net income, diluted shares, EPS) · Q3 FY25 (the same quarter a year earlier)
E02 Low P/E at a cyclical peak = undervalued Insufficient data
no market value or trailing net income in the valuation research
E07 A precise DCF value = the true value Insufficient data
no DCF in the valuation research for this company
J06 A bank's low P/E and high profit = safe Not applicable
not a bank
J08 A REIT's low net income = the dividend is unsafe Not applicable
not a REIT
What the statuses mean
Triggered: the filings show the pattern; read the normal explanations and the missing evidence before concluding anything. To review: one quarter or a weak signal; a reader's judgement, not a pattern. Not triggered: the pattern is absent on these figures. Insufficient data: the filings read so far do not hold what the rule needs; this is not a clean bill. Not applicable: the rule is not meant for this kind of company (a bank's working capital, a loss-making quarter's EPS growth). Out of date: the latest filing is more than fifteen months old.
Severity is what the pattern could mean for cash, value or solvency; confidence is how reliable the inputs and the reading are. The two are kept apart.
Record a view
A reader's judgement, grounds, what would change it and the next review; kept in the browser (needs JavaScript).
Every rule and the companies it triggers on → ReposiTrak: cash flow →
Each rule reads the company's own filings by a fixed formula and says what would explain the same figures innocently. A triggered rule is a question to verify, not a finding of manipulation, and not a view on the stock. Missing data is shown as missing, never as clear. Not investment advice.