Also trades as: VNL.AX (ASX) · $vol 0M

$0.05

+0.00 (+0.00%)

OTC · Technology · Software - Application · Tech Score Sell · Power 40 · $74.2M mcap · 381M float · 0.0000% daily turnover

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Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

D+

Oct 02, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. JAXAF receives an overall rating of D+. Areas of concern: DCF (1/5), ROE (1/5), ROA (1/5), D/E (1/5), P/E (1/5), P/B (2/5).

Rating Change History

Date	From	To
2026-10-03	None	ADDED
2026-09-30	EXISTED	None
2026-09-26	None	ADDED
2026-09-26	EXISTED	None
2026-09-22	None	ADDED
2026-09-19	EXISTED	None
2026-09-15	None	ADDED
2026-09-13	EXISTED	None
2026-09-09	None	ADDED
2026-09-05	EXISTED	None

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ — Grade D

Profitability

Balance Sheet

Earnings Quality

Growth

Value

—

Momentum

Safety

—

Cash Flow

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

—

Piotroski F-Score

4/9

✗ ✗ ✓ ✓ ✗ ✓ ✗ ✗ ✓

Beneish M-Score

8.12

Possible Manipulator

Ohlson O-Score

-2.54

Bankruptcy prob: 7.3%

Low Risk

Credit Rating

Score: 43.0/100

Trend: Improving

Earnings Quality

—

OCF/NI: 0.73x

Accruals: -20.3%

The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. JAXAF scores 4/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. JAXAF's score of 8.12 exceeds the −1.78 red flag threshold — this does not confirm manipulation but indicates the earnings profile resembles past manipulators statistically. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. JAXAF's implied 7.3% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. JAXAF receives an estimated rating of BB (score: 43.0/100), with a improving trend.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

-3.55x

PEG

-0.04x

P/S

1.73x

P/B

2.49x

P/FCF

—

P/OCF

—

EV/EBITDA

—

EV/Revenue

—

EV/EBIT

—

EV/FCF

—

Earnings Yield

—

FCF Yield

—

Shareholder Yield

—

Graham Number

—

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. JAXAF currently has negative earnings — the P/E ratio is not meaningful.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.866

NI / EBT

Interest Burden

1.137

EBT / EBIT

EBIT Margin

-0.682

EBIT / Rev

Asset Turnover

1.128

Rev / Assets

Equity Multiplier

2.910

Assets / Equity

ROE

-220.7%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. JAXAF's ROE of -220.7% is driven by Asset Turnover (1.128), indicating efficient use of assets to generate revenue.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

—

Price/Value

—

Margin of Safety

—

Premium

—

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1144 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$0.05

Median 1Y

$0.06

5th Pctile

$0.02

95th Pctile

$0.13

Ann. Volatility

50.8%

25th–75th percentile 5th–95th percentile Median path Historical

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'25	Q4'25	Q2'26	Q4'26	Current
ROE	-78.4%	7.2%	-3.3%	7.1%	-3.7%	4.6%	-41.7%	-3.0%	-2.2%	-2.8%	-2.2%	-2.21%
ROA	-57.6%	-1.4%	-1.4%	-1.9%	-1.6%	-3.0%	-1.9%	-1.7%	-1.5%	-1.5%	-75.9%	-75.86%
ROIC	-1.2%	92.7%	-15.1%	1.3%	3.5%	1.1%	2.5%	-93.6%	-59.5%	-61.0%	-45.9%	-45.93%
ROCE	-67.8%	-1.4%	-1.4%	-2.1%	-2.1%	9.4%	-3.1%	-1.3%	-1.1%	-98.3%	-57.0%	-57.04%
Gross Margin	97.5%	97.5%	-356.7%	-14.7%	-27.9%	-5.9%	5.9%	-43.3%	-50.7%	-0.4%	-43.9%	-43.89%
Operating Margin	-833.7%	-833.7%	-654.4%	-24.1%	-45.7%	-9.0%	-4.7%	-83.8%	-1.0%	-26.1%	-70.0%	-69.99%
Net Margin	-1096.5%	-1096.5%	-643.9%	-24.6%	-40.2%	-18.3%	-18.7%	-90.3%	-1.3%	-27.2%	-74.8%	-74.76%
EBITDA Margin	-1084.9%	-1084.9%	-620.3%	-23.9%	-45.4%	-16.5%	-22.1%	-95.8%	-1.2%	-24.1%	-64.7%	-64.73%
FCF Margin	-6.1%	-118.6%	-252.8%	-61.6%	-68.3%	-23.8%	-12.7%	-1.9%	-1.2%	-56.1%	-60.9%	-60.86%
OCF Margin	0.0%	-115.2%	-249.0%	-61.1%	-68.0%	-23.7%	-12.7%	-1.6%	-91.4%	-40.5%	-49.2%	-49.23%
ROA 3Y Avg	snapshot only											-1.09%
ROIC Economic	snapshot only											-44.25%
Cash ROA	snapshot only											-34.51%
Cash ROIC	snapshot only											-48.01%
CROIC	snapshot only											-59.36%
NOPAT Margin	snapshot only											-47.09%
Pretax Margin	snapshot only											-77.61%
R&D / Revenue	snapshot only											14.57%
SGA / Revenue	snapshot only											23.75%
SBC / Revenue	snapshot only											5.47%

Valuation

Metric	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'25	Q4'25	Q2'26	Q4'26	Current
P/E Ratio	—	—	—	—	—	—	—	—	—	—	—	-3.548
P/S Ratio	—	—	—	—	—	—	—	—	—	—	—	1.735
P/B Ratio	—	—	—	—	—	—	—	—	—	—	—	2.485
P/FCF	—	—	—	—	—	—	—	—	—	—	—	—
P/OCF	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EV/Revenue	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBIT	—	—	—	—	—	—	—	—	—	—	—	—
EV/FCF	—	—	—	—	—	—	—	—	—	—	—	—
Earnings Yield	—	—	—	—	—	—	—	—	—	—	—	—
FCF Yield	—	—	—	—	—	—	—	—	—	—	—	—

Leverage & Solvency

Metric	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'25	Q4'25	Q2'26	Q4'26	Current
Current Ratio	3.55	5.30	5.32	4.53	3.35	0.67	0.70	2.01	1.26	1.15	1.25	1.247
Quick Ratio	3.32	5.30	5.32	4.53	3.35	0.67	0.70	2.01	1.26	1.15	1.25	1.247
Debt/Equity	0.12	-0.00	0.82	-0.00	1.63	-0.00	-1.51	0.01	0.00	0.10	0.64	0.645
Net Debt/Equity	-0.60	—	-0.86	—	-3.63	—	—	-0.35	-0.10	-0.02	0.56	0.555
Debt/Assets	0.09	0.00	0.34	0.00	0.21	0.00	0.22	0.01	0.00	0.07	0.30	0.298
Debt/EBITDA	-0.15	-0.00	-0.25	-0.00	-0.13	-0.00	-0.14	-0.01	-0.00	-0.09	-0.68	-0.685
Net Debt/EBITDA	0.78	0.51	0.27	0.39	0.29	0.21	0.06	0.24	0.08	0.02	-0.59	-0.590
Interest Coverage	-334.72	-320.64	-129.60	-93.01	-93.61	-17.52	-11.48	-13.46	-16.96	-23.03	-37.67	-37.673
Equity Multiplier	1.36	-5.05	2.43	-3.79	7.71	-0.72	-6.93	1.24	1.29	1.41	2.16	2.164
Cash Ratio	snapshot only											0.256
Debt Service Coverage	snapshot only											-34.274
Cash to Debt	snapshot only											0.139
FCF to Debt	snapshot only											-1.432
Defensive Interval	snapshot only											245.4 days

Efficiency & Turnover

Metric	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'25	Q4'25	Q2'26	Q4'26	Current
Asset Turnover	0.00	0.00	0.00	0.02	0.02	0.12	0.09	0.54	0.70	1.56	1.13	1.128
Inventory Turnover	0.00	—	—	—	21.64	—	—	—	—	—	—	—
Receivables Turnover	0.00	—	0.01	—	0.08	36.11	1.31	5.39	4.54	19.13	13.67	13.674
Payables Turnover	0.00	0.00	1.66	16.57	11.75	57.32	5.22	16.19	18.66	23.14	30.50	30.495
DSO	221058	0	44569	0	4347	10	278	68	80	19	27	26.7 days
DIO	1707701	0	0	0	17	0	0	0	0	0	0	0.0 days
DPO	1928704	487933	219	22	31	6	70	23	20	16	12	12.0 days
Cash Conversion Cycle	55	-487933	44350	-22	4333	4	209	45	61	3	15	14.7 days
Fixed Asset Turnover	snapshot only											598.079
Cash Velocity	snapshot only											16.960
Capital Intensity	snapshot only											1.426

Growth (YoY)

Metric	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'25	Q4'25	Q2'26	Q4'26	Current
Revenue	—	—	—	—	44.1%	72.8%	94.4%	72.4%	89.9%	58.4%	39.9%	39.88%
Net Income	—	—	—	—	-1.8%	-75.6%	-1.0%	-97.2%	-1.9%	-1.1%	-35.5%	-35.48%
EPS	—	—	—	—	-8.9%	31.4%	-58.7%	40.2%	24.1%	46.5%	65.3%	65.26%
FCF	—	—	—	—	-505.2%	-13.8%	-3.8%	-1.2%	-65.8%	-40.1%	-95.8%	-95.80%
EBITDA	—	—	—	—	-1.8%	-70.4%	-1.2%	-1.1%	-1.9%	-1.3%	-18.1%	-18.10%
Op. Income	—	—	—	—	-2.4%	-78.3%	-27.6%	-32.7%	-80.1%	-84.4%	-1.4%	-1.36%
OCF Growth	snapshot only											-58.68%
Asset Growth	snapshot only											3.12%
Debt Growth	snapshot only											4.65%
Shares Change	snapshot only											2.90%

Growth Quality

Metric	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'25	Q4'25	Q2'26	Q4'26	Current
Revenue Stability	—	—	—	—	—	—	—	—	0.76	0.76	0.77	0.768
Earnings Stability	—	—	—	—	—	—	—	—	0.93	0.94	0.99	0.989
Margin Stability	—	—	—	—	—	—	—	—	0.00	0.00	0.00	0.000
Rev. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.000
Earn. Growth Consistency	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.000
FCF Positive Streak	0	0	0	0	0	0	0	0	0	0	0	0
Earnings Persistence	—	—	—	—	—	—	—	—	0.50	0.50	0.86	0.858
Earnings Smoothness	—	—	—	—	—	—	—	—	—	—	—	—
ROE Trend	—	—	—	—	—	—	—	—	5.35	—	—	—
Gross Margin Trend	—	—	—	—	—	—	—	—	12.43	5.53	60.57	60.568
FCF Margin Trend	—	—	—	—	—	—	—	—	35.94	70.65	132.13	132.132
Sustainable Growth Rate	—	—	—	—	—	—	—	—	—	—	—	—
Internal Growth Rate	—	—	—	—	—	—	—	—	—	—	—	—

Cash Flow Quality

Metric	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'25	Q4'25	Q2'26	Q4'26	Current
OCF/Net Income	-0.00	0.11	0.26	0.53	1.00	0.91	0.63	0.51	0.43	0.43	0.73	0.732
FCF/OCF	—	1.03	1.02	1.01	1.00	1.00	1.00	1.18	1.36	1.39	1.24	1.236
FCF/Net Income	snapshot only											0.905
CapEx/Revenue	6.1%	3.4%	3.8%	56.9%	27.9%	8.0%	2.5%	45.9%	25.0%	11.6%	8.6%	8.64%
CapEx/Depreciation	snapshot only											1.403
Accruals Ratio	-0.58	-1.28	-1.00	-0.89	0.01	-0.28	-0.71	-0.82	-0.87	-0.83	-0.20	-0.203
Sloan Accruals	snapshot only											0.062
Cash Flow Adequacy	snapshot only											-5.698

Dividends & Buybacks

Metric	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'25	Q4'25	Q2'26	Q4'26	Current
Dividend Yield	—	—	—	—	—	—	—	—	—	—	—	0.00%
Dividend/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—
FCF Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—
Total Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—
Div. Increase Streak	—	—	—	—	—	—	—	—	—	—	—	—
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—
Net Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—
Total Shareholder Return	—	—	—	—	—	—	—	—	—	—	—	—

DuPont Factors

Metric	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'25	Q4'25	Q2'26	Q4'26	Current
Tax Burden (NI/EBT)	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.86	0.88	0.88	0.87	0.866
Interest Burden (EBT/EBIT)	1.15	1.20	1.15	1.12	1.06	1.03	1.07	1.18	1.15	1.14	1.14	1.137
EBIT Margin	-957.39	-917.13	-820.63	-102.80	-64.13	-25.23	-18.94	-3.05	-2.11	-0.94	-0.68	-0.682
Asset Turnover	0.00	0.00	0.00	0.02	0.02	0.12	0.09	0.54	0.70	1.56	1.13	1.128
Equity Multiplier	1.36	-5.05	2.43	-3.79	2.32	-1.51	22.08	1.78	1.49	1.91	2.91	2.910

Per Share

Metric	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'25	Q4'25	Q2'26	Q4'26	Current
EPS (Diluted TTM)	$-0.02	$-0.04	$-0.02	$-0.03	$-0.02	$-0.03	$-0.04	$-0.02	$-0.02	$-0.01	$-0.01	$-0.01
Book Value/Share	$0.02	$-0.01	$0.01	$-0.00	$0.00	$-0.01	$-0.00	$0.01	$0.01	$0.01	$0.01	$0.01
Tangible Book/Share	$0.02	$-0.01	$0.01	$-0.00	$0.00	$-0.01	$-0.02	$0.00	$0.00	$-0.00	$-0.01	$-0.01
Revenue/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.01	$0.01	$0.02	$0.02	$0.02
FCF/Share	$-0.00	$-0.00	$-0.01	$-0.01	$-0.02	$-0.02	$-0.02	$-0.01	$-0.01	$-0.01	$-0.01	$-0.01
OCF/Share	$0.00	$-0.00	$-0.01	$-0.01	$-0.02	$-0.02	$-0.02	$-0.01	$-0.01	$-0.01	$-0.01	$-0.01
Cash/Share	$0.02	$0.02	$0.01	$0.01	$0.01	$0.01	$0.01	$0.00	$0.00	$0.00	$0.00	$0.00
EBITDA/Share	$-0.02	$-0.04	$-0.02	$-0.03	$-0.02	$-0.03	$-0.04	$-0.02	$-0.02	$-0.01	$-0.01	$-0.01
Debt/Share	$0.00	$0.00	$0.01	$0.00	$0.00	$0.00	$0.01	$0.00	$0.00	$0.00	$0.01	$0.01
Net Debt/Share	$-0.02	$-0.02	$-0.01	$-0.01	$-0.01	$-0.01	$-0.00	$-0.00	$-0.00	$-0.00	$0.01	$0.01

Academic Models

Metric	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'25	Q4'25	Q2'26	Q4'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—
Piotroski F-Score	2	2	2	2	1	2	4	4	5	5	4	4
Beneish M-Score	—	—	—	—	9.09	86.51	89.62	80.82	136.65	920.28	8.12	8.122
Ohlson O-Score	snapshot only											-2.542
Net-Net WC	snapshot only											$-0.01
EVA	snapshot only											$-16052588.17

Credit

Metric	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'25	Q4'25	Q2'26	Q4'26	Current
Credit Rating	snapshot only											BB
Credit Score	51.60	20.00	48.50	20.00	46.00	20.00	20.00	49.65	45.45	44.10	42.95	42.950
Credit Grade	snapshot only											12
Credit Trend	snapshot only											22.950
Implied Spread (bps)	snapshot only											475.000

JAXAF OTC

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DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

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