FULLNET COMMUNICATIONS INC

FULO
About the company

FullNet Communications, Inc., together with its subsidiaries, provides integrated communications services to individuals, businesses, organizations, educational institutions, and governmental agencies in the United States. It provides mass notification services using text messages and automated telephone calls; carrier-neutral equipment colocation services; Internet access services; web hosting and related services; customized live help desk outsourcing services; and voice and data solutions.

Country: United StatesPrice: $0.35Market Cap: $6.9M

Investment snapshot

24%positive consensus
Scored 1d ago

Positive

4

BUY / PASS

Neutral / negative

2 / 10

NEUTRAL / FAIL

Median fair value

$0.41

+15.7% vs price

Models with upside

3 / 17

Positive margin of safety

Strongest signal

6 of 10 pass — Buffett, Lynch, Dreman +1 more object

Key risk

11 of 12 flag FULO's debt & leverage — Graham, Buffett, Lynch +8 more

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNot rankedPASSFAILPASSFAILFAILFAILPASSFAILPASSNEUTRALFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/A-52.2%N/A-2.9%N/AN/A+25.5%-25.0%+60.7%N/A+34.0%N/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2023

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Annual history · FY 2023

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Annual history · FY 2023

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Annual history · FY 2023

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Annual history · FY 2023

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Annual history · FY 2023 · Market data at 2026-11-01

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2023

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2023

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Annual history · FY 2023 · Qualitative assessment

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Annual history · FY 2023 · Qualitative assessment

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Annual history · FY 2023 · Market data at 2026-11-01

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Annual history · FY 2023 · Price history 2025-01-01–2026-11-01

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Annual history · FY 2023 · Qualitative assessment

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Annual history · FY 2023 · Price history 2025-01-01–2026-11-01

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Annual history · FY 2023

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Annual history · FY 2023

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Annual history · FY 2023 · Price history 2025-01-01–2026-11-01

Latest source filing: 2024-04-01

Score computed: 2026-11-14

Where It Passes

  • Cash Flow60% pass✓ 8✗ 4▾

    6 of 10 pass — Buffett, Lynch, Dreman +1 more object

    Free Cash Flow Proxy$0.5M
    ✗BuffettPositive and growing
    FCF Positive and Growing$0.7M
    ✗LynchPositive and growing
    Operating Cash Flow$0.7M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=20.29%, ROA=15.64%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)9.9x
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=10.0%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive13/14 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap10.1%
    ✓Ackman>= 4%
    Price / FCF per Share9.9x
    ✓Ackman<= 25
    Positive Operating Cash Flow frequency17/17 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$0.7M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+10.02%; #754/4519 (top 16.7%)
    ✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Debt & Leverage8% pass✓ 3✗ 12▾

    11 of 12 flag FULO's debt & leverage — Graham, Buffett, Lynch +8 more

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest Coverage
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity
    ✗Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities1.78
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity
    ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
    Debt Levels
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity
    ✗Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)
    ✗AsnessTop 30% of eligible cross-section
  • Profitability13% pass✓ 14✗ 21▾

    14 of 16 flag FULO's profitability — Graham, Buffett, Lynch +11 more

    Net income / market capitalization+7.72%; #1046/6340 (top 16.5%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive EPS (10 years)5/18 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)9/18 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)90.1%
    ✓Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)12.2% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$0.5M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)4.83
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR-22.6%
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE32.8%
    ✓Lynch> 15%
    EBIT / Enterprise Value13.6%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=13.6%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets15.64%
    ✓PiotroskiROA > 0
    ROA Change YoY21.16% -> 15.64% (delta: -5.53%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=20.29%, ROA=15.64%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY78.7% -> 74.9%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue15.7%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity32.8%
    ✓Dreman> 12%
    Margin of SafetyP/B=4.2x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity48.9% (3-yr avg)
    ✓AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency9/14 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue12.2%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity32.8%
    ✓Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend28.4% (2021) -> 12.2% (2023)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 82.1% -> 74.9%, operating margin 28.4% -> 12.2%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Gross profit / total assets+92.22%; #168/3702 (top 4.5%)
    ✓AsnessTop 30% of eligible cross-section
    Net income / positive book equity+32.80%; #393/5226 (top 7.5%)
    ✓AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0984; #3458/5884 (top 58.8%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR0.0% over 5 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years2/6 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth13% pass✓ 3✗ 10▾

    7 of 8 flag FULO's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR-22.6%
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$0.10 (2010) -> $0.01 (2019)
    ✗DremanPositive over recent years
    EPS CAGR-22.6% CAGR over 9 years
    ✗Dreman> 5% annualized
    Positive Net Income Frequency9/14 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth3.2%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency0/1 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 82.1% -> 74.9%, operating margin 28.4% -> 12.2%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR15.1%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR0.0% over 5 years
    ✗Neff7%-20% annualized
  • Efficiency13% pass✓ 2✗ 9▾

    7 of 8 flag FULO's efficiency — Graham, Buffett, Greenblatt +4 more

    Current Ratio1.78
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)
    ✗Buffett> 10%
    ROIC - WACC
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
    ✗Greenblatt> 25%
    Current Ratio Change YoY1.71 -> 1.78
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY1.34x -> 1.23x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities1.78
    ✓Dreman> 1.5
    Return on Invested Capital
    ✗Munger> 15%
    ROIC (high and growing)FY2021: ROIC=unavailable; FY2022: ROIC=unavailable; FY2023: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)
    ✗SleepROIC > 12% in a majority of years
  • Valuation23% pass✓ 5✗ 23▾

    10 of 13 flag FULO's valuation — Graham, Lynch, Greenblatt +7 more

    Net income / market capitalization+7.72%; #1046/6340 (top 16.5%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio4.2x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value13.6%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=13.6%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)9.9x
    ✗Dreman< 8x
    Price / Book Value per Share4.2x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=8.0%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=10.0%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=4.2x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share9.9x
    ✓Ackman<= 25
    Price vs. Trailing Low152% of trailing low ($0.23)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Positive book equity / market capitalization+0.2354; #4001/6449 (top 62.0%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share5.76x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.6082; #2368/5247 (top 45.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+10.02%; #754/4519 (top 16.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-1.41%; #2887/6202 (top 46.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Verdicts29% pass✓ 4✗ 10▾

    Split decision: 10 FAIL · 4 PASS · 2 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (0/9)✗BuffettFAIL (2/9)✗LynchFAIL (2/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 5)✗DremanFAIL (4/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (2/6)✗MarksFAIL (2/5)✓AckmanPASS (4/9)✗TempletonFAIL (1/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (3/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
  • Valuation models50% pass✓ 3✗ 3▾

    Models split on FULO at $0.35 — fair values range $0.23–$0.89

    Buffett fair value$0.23
    ✗Buffett-52.2% margin vs $0.35
    Greenblatt fair value$0.34
    ✗Greenblatt-2.9% margin vs $0.35
    Munger fair value$0.47
    ✓Munger+25.5% margin vs $0.35
    Pabrai fair value$0.28
    ✗Pabrai-25.0% margin vs $0.35
    Akre fair value$0.89
    ✓Akre+60.7% margin vs $0.35
    Ackman fair value$0.53
    ✓Ackman+34.0% margin vs $0.35

Business & financials

Financial snapshot: annual FY 2023. Current investor scores may use newer quarterly data.

Company Profile

Industry: Communication
SIC Sector: Communications
Size: Micro Cap($6.9M)
Revenue: $4.2M-1.8% YoY
Net Income: $532139.00-20.8% YoY

Financial Snapshot

Operating Margin12.2%
Return on Equity32.8%
Debt / Equity--
Current Ratio1.78
Shares Retired−2.3% / −14.5% 2y

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Shareholder Return

Fiscal 2023

Issued 2.3% of shares last year, 14.5% issued over two.

Buybacks
—
Dividends
$257.1K

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2023
Sources
  • 10-K · 2024-04-01
FY 2022
Sources
  • 10-K · 2023-03-31
FY 2021
Sources
  • 10-K · 2022-03-31
FY 2020
Sources
  • 10-K · 2021-03-31
FY 2019
Sources
  • 10-K · 2020-04-10
Market Cap$6.9Mcurrent$5.7Mest.$5.4Mest.$1.6Mest.$308.1Kest.
Revenue$4.2M↓2%$4.3M↑3%$4.1M↑18%$3.5M↑45%$2.4M
Operating Income$512.2K↓38%$830.2K↓29%$1.2M↑61%$730.1K↑264%$200.5K
Net Income$532.1K↓21%$672.2K↓25%$893.0K↓17%$1.1M↑238%$317.3K
EPS (Diluted)--------$0.01
Gross Margin74.9%↓5%78.7%↓4%82.1%↓4%85.7%—
Operating Margin12.2%↓37%19.4%↓31%28.4%↑36%20.8%↑152%8.3%
ROE32.8%↓32%48.0%↓27%65.9%↓69%213.5%↑320%-97.2%
Total Debt--------$0
Shareholders' Equity$1.6M↑16%$1.4M↑3%$1.4M↑170%$502.3K↑254%-$326.5K
Current Ratio1.78↑4%1.71↑1%1.70↑74%0.97↑75%0.56
Debt / Equity————0.00
Operating Cash Flow$690.3K↓11%$774.4K↓45%$1.4M↑44%$988.1K↑132%$426.5K
Free Cash Flow$690.3K↓5%$724.8K↓49%$1.4M↑45%$973.9K↑136%$411.9K

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Communication

FULO vs Peers — Financial Grading

Revenue$4.2MBottom 25%
Net Income$532139.00Bottom 25%
ROE32.8%Top 25%
D/E—
Op. Margin12.2%Bottom 25%
Curr. Ratio1.78Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
VERIZON COMMUNICATIONS INCVZ$192.1B$46.36$138.2B$17.2B16.2%1.5021.2%0.914/93/92/71/3F-Score 56/11
AT&T INC.T$149.4B$22.18$125.6B$22.0B17.4%1.0819.2%0.915/92/93/70/3F-Score 66/11
NIPPON TELEGRAPH & TELEPHONE CORPNTTYY$85.0B$26.32——————2/91/92/71/3F-Score 76/11
AMERICA MOVIL SAB DE CV/AMX$76.0B$25.47$42.1B$1.1B6.2%1.5420.7%0.721/95/91/71/3F-Score 62/11
VODAFONE GROUP PUBLIC LTD COVOD$35.6B$15.37$40.5B$4.5B-7.9%1.01-1.1%—1/92/90/70/3F-Score 52/11
CHARTER COMMUNICATIONS, INC. /MO/CHTR$24.8B$138.39$54.8B$5.0B31.1%5.9023.6%0.394/93/93/70/3F-Score 65/11
BCE INCBCE$20.0B$21.43$17.9B$4.8B28.3%1.52—0.584/91/95/71/3F-Score 69/11
ROGERS COMMUNICATIONS INCRCI$18.0B$33.24$15.9B$5.0B38.8%2.2545.2%0.615/95/95/71/3F-Score 48/11