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Perpetuals.com Ltd (PDC) stock

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NASDAQ: PDC Nasdaq Application Software

E Fundamentals grade

Perpetuals.com Ltd is a US-listed company in the application software industry. Its financial year ends in April.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Perpetuals.com Ltd is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Perpetuals.com Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 0 selling3 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds10 adding, 4 cuttingOf 1 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Perpetuals.com files

Where Perpetuals.com stands after its latest Filing

Perpetuals.com has little or no product revenue yet; it used $4m of cash in the twelve months. That puts it 180 of 183 for growth among the application software companies we cover. The diluted share count is up 16.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 6 financial-health checks.

Our model value for Perpetuals.com is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Perpetuals.com Ltd's trailing-twelve-month revenue fell 42.0% year on year, with a free-cash-flow margin of -253.4%. Where it stands out: days sales outstanding of 12 days ranks 14 of 162 application software companies we cover. Where it lags: change in growth rate of -178.9pp ranks 182 of 184 application software companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -42.0% (-178.9pp vs the prior quarter), the 2nd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 42.0% over the last 12 months.
  • Growth slowing. The growth rate is 178.9 points lower than a quarter earlier.
  • Loss-making. Operating margin is -1073.4%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 1017.6 points on a year ago.
  • Burning cash. Free cash flow was -253.4% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 16.1% in a year.

Price chart

  • 1 day-5.2%
  • 1 week-16.8%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.7M
Operating margin
-1073.4%
Net margin
-1069.9%
EPS (TTM, diluted)
$-5.16

Growth

Revenue growth
−42.0%
Change in growth rate
−178.9 pts
Share count change
+16.1%

Cash

Free cash flow (TTM)
-$4.3M
FCF margin
-253.4%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for PDC from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Perpetuals.com Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Perpetuals.com Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.0 ~$0.4–$1.5 Left out: out of range vs price (0.00x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Perpetuals.com Ltd with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Perpetuals.com Ltd: too few analysts cover it.

Positioning

Short interest
0.1%
of tradable shares
Days to cover
0.22
at average volume
Short interest, 1 month
+220%
to October 15, 2026
Held by institutions
12%
of shares
Held by insiders
10.8%
of shares
Employees
39
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Perpetuals.com Ltd in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Perpetuals.com Ltd
$0 $2M $4M $6M FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Revenue (TTM), FY21 Q4: $2M Revenue (TTM), FY22 Q4: $4.1M Revenue (TTM), FY23 Q4: $342.8K Revenue (TTM), FY24 Q4: $1.2M Revenue (TTM), FY25 Q4: $2.9M Revenue (TTM), FY26 Q4: $1.7M $1.7M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY21 Q4 $2M
FY22 Q4 $4.1M
FY23 Q4 $342.8K
FY24 Q4 $1.2M
FY25 Q4 $2.9M
FY26 Q4 $1.7M
Revenue growth, TTM YoY Perpetuals.com Ltd
-100% 0% 100% 200% 300% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Revenue growth, TTM YoY, FY22 Q4: 100.5% Revenue growth, TTM YoY, FY23 Q4: -91.6% Revenue growth, TTM YoY, FY24 Q4: 258.2% Revenue growth, TTM YoY, FY25 Q4: 136.9% Revenue growth, TTM YoY, FY26 Q4: -42.0% -42.0%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY22 Q4 100.5%
FY23 Q4 -91.6%
FY24 Q4 258.2%
FY25 Q4 136.9%
FY26 Q4 -42.0%
Operating margin (TTM) Perpetuals.com Ltd
-1500% -1000% -500% 0% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Operating margin (TTM), FY21 Q4: -41.2% Operating margin (TTM), FY22 Q4: -123.4% Operating margin (TTM), FY23 Q4: -834.1% Operating margin (TTM), FY24 Q4: -212.7% Operating margin (TTM), FY25 Q4: -55.8% Operating margin (TTM), FY26 Q4: -1073.4% -1073.4%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY21 Q4 -41.2%
FY22 Q4 -123.4%
FY23 Q4 -834.1%
FY24 Q4 -212.7%
FY25 Q4 -55.8%
FY26 Q4 -1073.4%
FCF margin (TTM) Perpetuals.com Ltd
-1000% -500% 0% 500% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 FCF margin (TTM), FY21 Q4: 15.7% FCF margin (TTM), FY22 Q4: 21.4% FCF margin (TTM), FY23 Q4: -861.9% FCF margin (TTM), FY24 Q4: -219.8% FCF margin (TTM), FY25 Q4: -43.6% FCF margin (TTM), FY26 Q4: -253.4% -253.4%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY21 Q4 15.7%
FY22 Q4 21.4%
FY23 Q4 -861.9%
FY24 Q4 -219.8%
FY25 Q4 -43.6%
FY26 Q4 -253.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Apr 2021 2022 Apr 2022 2023 Apr 2023 2024 Apr 2024 2025 Apr 2025 2026 Apr 2026
Income
Revenue 2 4 0 1 3 2
Gross profit 2 3 0 1 2 1
EBITDA −1 −5 −3 −3 −2 −18
Operating income −1 −5 −3 −3 −2 −18
Net income −1 −5 −3 −2 −2 −18
Diluted EPS −$0.25 −$1.92 −$1.02 −$0.78 −$0.56 −$5.16
Growth (year on year)
Revenue — +100.5% −91.6% +258.2% +136.9% −42.0%
Margins
Gross margin 84.5% 76.6% 34.5% 79.0% 51.6% 59.5%
EBITDA margin −41.2% −123.3% −832.4% −212.1% −55.4% <−999%
Operating margin −41.2% −123.4% −834.1% −212.7% −55.8% <−999%
Net margin −32.6% −129.9% −821.0% −187.4% −58.3% <−999%
Free-cash-flow margin 15.7% 21.4% −861.9% −219.8% −43.6% −253.4%
Cash flow
Cash from operations 0 1 −3 −3 −1 −4
Capital spending 0 0 0 0 0 0
Free cash flow 0 1 −3 −3 −1 −4
Stock-based pay 1 6 0 0 — —
Free cash flow after stock pay −0 −5 −3 −3 — —
Balance sheet
Cash 3 5 1 2 1 1
Total debt 0 0 1 1 0 0
Net debt (negative = net cash) −3 −5 0 −1 −0 −1
Diluted shares 3m 3m 3m 3m 3m 4m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · April 30, 2026
What it owns · $65m
Short-term assets $2mLonger-term assets $64m
What it owes, and who funded it · $63m
Short-term liabilities $13mLonger-term liabilities $4mShareholders' equity $46m
  • Short-term assets cover short-term liabilities $2m of assets due within a year against $13m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2m short-term assets against $4m of longer-dated liabilities.
  • More cash than debt $847,761 of cash against $216,130 of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$4m of operating cash flow against $216,130 of debt.
  • Operating profit covers interest at least five times over Operating income of −$18m against $55,714 of interest.

From Perpetuals.com Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+16.1%
year over year
R&D spending
9.2%
of revenue
Days sales outstanding
12 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated PDC WCT AUID TWAV SPAI BMR Median
Revenue, last 12 months $2m $1m $1m $2m $3m $3m $482m
Revenue growth, last 12 months −42.0% −41.6% −42.0% 4.1% 92.6% 1.0% 12.0%
Revenue growth, 3-year average — — 50.7% −18.9% — — 11.1%
Revenue growth, latest quarter — — −66.0% −11.8% >999% — 11.9%
Gross margin 59.5% 42.7% 67.4% 52.3% 62.2% 89.7% 69.2%
Operating margin <−999% −469.1% <−999% −121.8% −513.8% −208.6% 1.1%
Operating margin, 3-year average — — <−999% −136.4% −588.4% — −0.8%
Net margin <−999% −543.2% <−999% −272.1% −500.0% −194.6% 2.1%
Cash from operations / revenue −250.3% −468.7% <−999% −142.2% −287.6% −151.9% 18.2%
Free-cash-flow margin −253.4% −468.7% <−999% −142.2% −292.3% −152.8% 15.0%
Free-cash-flow margin, 3-year average — — −916.0% −109.4% — — 16.2%
Stock pay / revenue 0.9% 80.5% 310.7% 13.7% — 22.1% 9.3%
Change in share count 16.1% 280.9% 31.6% 386.5% 44.0% 2.4% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth -42.0% 12.0% 181 of 184
Change in growth rate Growth -178.9pp +0.2pp 182 of 184
Gross margin Profitability 59.5% 69.8% 107 of 160
Operating margin Profitability -1073.4% 1.1% 174 of 181
Net margin Profitability -1069.9% 2.1% 177 of 185
Free-cash-flow margin Cash generation -253.4% 15.2% 168 of 180
Long-term debt as % of assets Balance sheet 0.2% 16.9% 12 of 98
Change in share count Balance sheet 16.1% 1.7% 136 of 163
Days sales outstanding Balance sheet 12 days 57 days 14 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$6.4M
Institutions reporting
14
Shares held vs prior quarter
▲ 2677.2%
Positions opened / closed
8 / 0

Top buyers and sellers, Q2 2026: 10 institutions bought and 4 sold ; the biggest buyer was Legacy Wealth Managment, LLC (+849K shares) and the biggest seller Smartharvest Portfolios, LLC (−2,300). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Legacy Wealth Managment, LLC $5M 849K 78.2% New
Fny Investment Advisers, LLC $573,000 97K 8.9% New
Renaissance Technologies LLC $234,230 40K 3.7% New
Jane Street Group, LLC $144,167 24K 2.3% New
HRT Financial LP $105,000 18K 1.6% New
Smartharvest Portfolios, LLC $100,035 17K 1.6% ▼ 11.9%
Virtu Financial LLC $97,000 16K 1.5% New
Xtx Topco Ltd $91,527 16K 1.4% ▲ 50.0%
Rhumbline Advisers $27,097 5K 0.4% ▼ 4.8%
Morgan Stanley $7,894 1K 0.1% ▼ 5.4%
UBS Group AG $7,600 1K 0.1% ▼ 58.4%
Integrated Wealth Concepts LLC $4,980 1K 0.1% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Perpetuals.com Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $32,505 3 trades by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $32,505 net buying
Insider Date Trade Shares Price Value
Hilmer Michael Anthony Director May 5, 2026 Buy 500 $8.20 $4,100
Hilmer Michael Anthony Director May 4, 2026 Buy 3,000 $8.14 $24,420
Hilmer Michael Anthony Director May 4, 2026 Buy 500 $7.97 $3,985

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Perpetuals.com Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Perpetuals.com Ltd in brief

What does Perpetuals.com Ltd do?
Perpetuals.com Ltd is a US-listed company in the application software industry. Its financial year ends in April.
What is Perpetuals.com Ltd's stock ticker?
Perpetuals.com Ltd trades under the ticker PDC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Perpetuals.com Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Perpetuals.com Ltd reported revenue of $1.7M, 42.0% lower than a year earlier, according to its SEC filings.
What is Perpetuals.com Ltd's free cash flow?
Perpetuals.com Ltd's free-cash-flow margin is -253.4% of revenue over the trailing twelve months, ranking 168 of the 180 application software companies we cover.
Who are Perpetuals.com Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Legacy Wealth Managment, LLC, Fny Investment Advisers, LLC and Renaissance Technologies LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does Perpetuals.com Ltd have?
Perpetuals.com Ltd's debt-to-equity ratio is 0.5%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Perpetuals.com Ltd's competitors?
In our Application Software peer group, the companies closest to Perpetuals.com Ltd are Wellchange Holdings Co Ltd, Authid Inc., Taoweave, Inc., Safe Pro Group Inc. and Beamr Imaging Ltd. The side-by-side comparison below sets their revenue, margins and growth against Perpetuals.com Ltd's.
Are insiders buying or selling Perpetuals.com Ltd stock?
Over the last 12 months, Perpetuals.com Ltd's directors and officers reported 3 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.