Latch, Inc.

LTCH
Price: $0.19Market Cap: $30.6M

Investment snapshot

29%positive consensus
Scored 1d ago

Positive

5

BUY / PASS

Neutral / negative

3 / 8

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

8 of 12 pass — Buffett, Piotroski, Marks +1 more object

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

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 rankedPASSFAILPASSFAILFAILFAILPASSPASSPASSNEUTRALFAILNEUTRALNEUTRAL
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/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

TTM ended 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2026-08-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-31

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2026-08-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2026-08-01–2026-11-01

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Buffett, Piotroski, Marks +1 more object

    LT Debt vs Net Current AssetsLT Debt $5.0M vs NCA $14.9M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.20, IC: -27.6x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.20
    ✓Lynch< 0.33
    Cash - Long-term Debt$12.6M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change2.30% -> 3.12%
    ✗PiotroskiDecreased YoY
    Current Assets / Current Liabilities1.50
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.20
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.20
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-27.6x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.20
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.1953; #1666/4210 (top 39.6%)
    ✗AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Valuation0% pass✓ 7✗ 21▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.5x
    ✓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 Value-337.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-337.0%, 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)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share0.5x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-159.8%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-117.4%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.5x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-200.31%; #5663/6340 (top 89.3%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.8353; #1835/6449 (top 28.5%)
    ✓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 Share0.72x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+2.0661; #1057/5247 (top 20.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-117.38%; #4099/4519 (top 90.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow0% pass✓ 1✗ 11▾

    No clean pass — all 10 investors flag at least one cash flow criterion

    Free Cash Flow Proxy$-48.5M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-36.0M
    ✗LynchPositive and growing
    Operating Cash Flow$-35.9M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-33.61%, ROA=-50.32%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-117.4%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/7 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-118.4%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency0/7 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-36.0M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-117.38%; #4099/4519 (top 90.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Profitability6% pass✓ 4✗ 31▾

    15 of 16 flag LTCH's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)0/8 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)0/8 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-64.0%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-75.2% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-48.5M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)N/A (negative mean EPS)
    ✗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
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-239.8%
    ✗Lynch> 15%
    EBIT / Enterprise Value-337.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-337.0%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-50.32%
    ✗PiotroskiROA > 0
    ROA Change YoY-29.32% -> -50.32% (delta: -21.00%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-33.61%, ROA=-50.32%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY44.1% -> 38.3%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-97.0%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-239.8%
    ✗Dreman> 12%
    Margin of SafetyP/B=0.5x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-69.3% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency0/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-95.9%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-239.8%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-245.3% (2023) -> -75.2% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 27.4% -> 38.3%, operating margin -245.3% -> -75.2%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-200.31%; #5663/6340 (top 89.3%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+25.14%; #1709/3702 (top 46.2%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-239.82%; #4926/5226 (top 94.3%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0840; #3273/5884 (top 55.6%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years0/7 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth13% pass✓ 4✗ 9▾

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

    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 6.1% vs Rev: 23.8%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$-7.65 (2019) -> $-0.34 (2025)
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency0/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth23.8%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency5/5 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 27.4% -> 38.3%, operating margin -245.3% -> -75.2%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR40.1%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag LTCH's efficiency — Graham, Buffett, Greenblatt +3 more

    Current Ratio1.50
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)-95.8%
    ✗Buffett> 10%
    ROIC - WACC-105.8%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
    ✗Greenblatt> 25%
    Current Ratio Change YoY2.28 -> 2.30
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.29x -> 0.66x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities1.50
    ✓Dreman> 1.5
    Return on Invested Capital-156.8%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-45.6%; FY2024: ROIC=-40.1%; FY2025: ROIC=-66.5%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest -66.5%)
    ✗SleepROIC > 12% in a majority of years
  • Verdicts38% pass✓ 5✗ 8▾

    Split decision: 8 FAIL · 5 PASS · 3 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (3/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✓AckmanPASS (4/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Wholesale
SIC Sector: Durable Goods Wholesale
Size: Micro Cap($30.6M)
Revenue: $70.1M+23.8% YoY
Net Income: $53.7M+6.7% YoY

Financial Snapshot

Operating Margin-75.2%
Return on Equity-92.6%
Debt / Equity0.08
Current Ratio2.30
EPS (Diluted)$-0.34
Shares Retired0.3% / 6.4% 2y

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$65.0B
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Shareholder Return

Fiscal 2025

Retired 0.3% of shares last year, 6.4% over two.

Buybacks
—
Dividends
—

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.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-03-31
FY 2024
Sources
  • 10-K · 2025-11-05
FY 2023
Sources
  • 10-K · 2025-03-26
FY 2022
Sources
  • 10-K · 2024-12-19
FY 2021
Sources
  • 10-K · 2024-12-19
Market Cap$30.6Mcurrent------$28.7Mest.--------
Revenue$63.3M$14.1M↓19%$15.6M$15.7M$70.1M↑24%$56.6M↑26%$45.0M↑5%$43.0M↑56%$27.6M
Operating Income-$60.7M-$20.2M↓219%-$7.2M-$5.5M-$52.7M↑11%-$59.4M↑46%-$110.3M↑33%-$165.2M↓11%-$149.5M
Net Income-$61.4M-$20.5M↓211%-$6.9M-$5.9M-$53.7M↑7%-$57.6M↑46%-$107.5M↑34%-$162.3M↑3%-$167.1M
EPS (Diluted)--$-0.13↓225%$-0.04$-0.04$-0.34↑8%$-0.37↑46%$-0.68↑40%$-1.13↑41%$-1.92
Gross Margin————38.3%↓13%44.1%↑61%27.4%↑400%-9.1%↑50%-18.3%
Operating Margin-95.9%-142.9%↓294%-46.2%-35.3%-75.2%↑28%-104.9%↑57%-245.3%↑36%-384.7%↑29%-541.4%
ROE-239.8%———-92.6%↓79%-51.8%↑19%-63.6%↑6%-67.4%↓51%-44.7%
Total Debt$5.0M$5.0M↑1%$4.4M$4.3M$4.6M↓20%$5.8M↓74%$22.0M$0$0
Shareholders' Equity$25.6M$25.6M↓70%$45.8M$52.3M$58.0M↓48%$111.2M↓34%$169.1M↓30%$240.8M↓36%$374.0M
Current Ratio1.501.50↓37%1.682.052.30↑1%2.28↓9%2.51↓60%6.30↓1%6.39
Debt / Equity0.200.20↑238%0.100.080.08↑53%0.05↓60%0.130.000.00
Operating Cash Flow-$19.5M-$3.4M↑31%-$3.3M-$5.1M-$35.9M↑52%-$75.4M↓15%-$65.6M↑52%-$135.2M↓27%-$106.5M
Free Cash Flow---$3.5M-----$36.0M↑53%-$76.2M↓16%-$65.9M↑52%-$137.5M↓27%-$108.1M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Wholesale

LTCH vs Peers — Financial Grading

Revenue$70.1MBottom 25%
Net Income$53.7MBottom 25%
ROE-92.6%Bottom 25%
D/E0.08Median
Op. Margin-75.2%Bottom 25%
Curr. Ratio2.30Median
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
MCKESSON CORPMCK$127.3B$1102.81$403.4B$4.8B-219.2%-3.001.5%0.852/95/94/70/3F-Score 61/11
W.W. GRAINGER, INC.GWW$69.7B$1489.30$17.9B$1.7B45.7%0.6713.9%2.834/96/94/71/3F-Score 65/11
CARDINAL HEALTH INCCAH$65.0B$281.10$254.2B$1.7B-59.5%-3.081.0%0.882/93/93/70/3F-Score 81/11
SYSCO CORPSYY$38.0B$77.10$81.4B$1.8B99.9%—3.8%1.213/95/95/71/3F-Score 42/11
RELIANCE, INC.RS$21.8B$427.33$14.3B$739.4M10.3%0.207.1%4.884/97/93/70/3F-Score 55/11
WATSCO INCWSO$12.8B$308.46$7.2B$497.0M17.9%0.1710.0%4.125/97/94/71/3F-Score 68/11
APPLIED INDUSTRIAL TECHNOLOGIES INCAIT$10.9B$297.60$4.6B$393.0M21.3%0.3110.9%3.326/95/94/71/3F-Score 57/11
POOL CORPPOOL$7.7B$216.20$5.3B$406.4M34.3%1.0111.0%2.243/96/94/71/3F-Score 56/11