Digi International
A Minnesota maker of rugged network boxes for machines, now charging yearly fees for the software that runs them.
The scores
Growth3/4 ↑
Q3 revenue rose 29%, about 18-21 points organic, after a 4.7% fall in fiscal 2024 and 1.5% in fiscal 2025.
Business quality3/4 ↑
Gross margin rose through a down year and leads rivals; lock-in is design and certification, but Lantronix and Semtech sell the same things.
Financial position3/4 →
Net debt of $81M against nine-month operating cash of $110.4M, but purchases are bought with a revolver now raised to $350M.
Execution record3/4 ↑
Raised the fiscal 2026 guide at least twice, but cut fiscal 2024's and missed the original doubling pace.
Per share capture3/4 →
Shares rise about 3% a year from stock pay with no buyback; adjusted profit adds back acquisition amortization and stock pay.
Potential2/4 →
Cellular connections grow about 16% a year, but the 2028 goal leans on purchases and no customer contract backs it.
Risk profile3/4 →
One distributor near 11% of sales, Asian manufacturing, and a cyclical hardware half; no single end market dominates.
Valuation2/4 ↓
About 20 times this year's adjusted profit before depreciation and 29.6 times trailing, against a six-year median of 16.8.
Evidence quality3/4 →
Segment figures and margins are filed; the organic split, the early-buying risk and the lock-in are estimates or management's word.
The Verdict
We rate Digi neutral. It makes rugged network boxes that connect machines, and charges yearly fees for the software that runs them. The business is solid, but about half of the jump in recurring revenue came from two purchases, and the hardware half is cyclical and may be running on early orders. The share price has roughly doubled in a year and assumes management's profit goal arrives on time, so it is full, not cheap. The view hinges on the hardware still growing, or the price falling back near its own normal. The subscription growth is real, but half of it was bought.
The long caseMore machines, sites and data-centre racks are connected and run remotely; Digi gains only if its hardware keeps growing beside the subscriptions that manage it.
The evidence under this - 8 claims
Digi's own definition counts term equipment rentals, extended warranties and support contracts, and the 10-K says it is unlikely to compare with other companies' ARR (S01).
Digi publishes no organic growth figure, and calls Particle's contribution not material although it added about $20M of ARR (S03, S06), so the split rests on an inference about two acquired revenue streams.
Adjusted EBITDA adds back $13.4M of stock pay in nine months and acquisition costs (S04); on the pack's unadjusted basis the multiple is 29.6 (C17).
If recurring revenue keeps rising as a share of sales, a permanently higher multiple than the hardware years is defensible, and 16.8 is a hardware-era median (C04, C22).
The company
Digi International makes the small boxes that let machines talk to a network: cellular routers and modules, radio modules, embedded computer boards and Opengear console servers that let engineers reach data-centre equipment when the main network is down.
Its buyers are device makers who build a Digi module into their own product, and companies running fleets of routers in places with no IT staff. The boxes are assembled for it in Thailand, Mexico, Taiwan and Cambodia; the work Digi keeps is the radio certification and the software.
The evidence under this - 3 claims
Digi discloses no retention or churn rate, and Products & Services fell 2.0% in fiscal 2025 as customers cut orders (C07).
How it makes money
The hardware business, IoT Products & Services, brought in 72% of revenue in the June quarter, mostly device sales through distributors and resellers. One distributor alone is about 11% of sales.
The rest comes from IoT Solutions, which sells sensors and software to restaurants, pharmacies and food chains to watch fridges and food safety. Across both halves, subscriptions now bring in $191M a year, and those are what Digi is trying to grow.
The evidence under this - 4 claims
Digi's own definition counts term equipment rentals, extended warranties and support contracts, and the 10-K says it is unlikely to compare with other companies' ARR (S01).
Where the money comes from, stream by stream
| Stream | Share of sales (Q3 FY2026) | How it earns it |
|---|---|---|
| Products | 64.4% | Cellular routers, modules, XBee radios, embedded boards and Opengear console servers sold once, mostly through distributors. |
| Services | 35.6% | Subscriptions and managed services: Remote Manager, Lighthouse, SmartSense, Jolt, Particle and Ventus networks, billed monthly to annually. |
Who runs it
Ron Konezny, who founded a truck-tracking company, has run Digi since 2014; James Loch has run its finances since 2019. Most of today's subscription revenue was bought rather than built. Insiders own about 3%, Konezny the most. Their bonus pays on subscription revenue, profit and sales, and their performance shares on subscription revenue, both counted without the year's purchases, so buying a company does not hit their targets. Nothing pays on cash.
The evidence under this - 4 claims
Why it wins, and who could beat it
Why customers come back
Once a device maker has certified its product on a Digi module, or a company runs hundreds of routers from Digi's management software, switching means redesigning or replacing the whole fleet. That is the lock-in.
The evidence is in the margin. Gross margin, the share of each sales dollar left after making the product, rose from 54.0% to 62.9% between fiscal 2021 and 2025, even in a year when sales fell, and it is the highest among Digi's filed rivals.
The evidence under this - 4 claims
Digi discloses no retention or churn rate, and Products & Services fell 2.0% in fiscal 2025 as customers cut orders (C07).
Digi's own definition counts term equipment rentals, extended warranties and support contracts, and the 10-K says it is unlikely to compare with other companies' ARR (S01).
The threat
The routers themselves are not unique. A rival's annual report names Digi beside Cradlepoint, Inseego, Lantronix, Peplink and Sierra Wireless, and Lantronix sells the same console-server product to banks and AI data centres.
A device maker can also buy its cellular module from Semtech or an Asian maker, so the lock-in holds only where Digi's software and certification save real work.
The evidence under this - 3 claims
Digi's Products & Services ARR doubled with attach of management software, which a bare module does not carry (C04).
The rivals: ERIC, SMTC, LTRX, INSG, and 2 more that are private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| ERIC | Cradlepoint enterprise cellular routers and NetCloud (Ericsson)Priced against it: One segment only | IoT Products & Services | On sale | One segment only |
| SMTC | Sierra Wireless AirLink routers and cellular modules (Semtech)Priced against it: Yes | IoT Products & Services | On sale | Yes |
| LTRX | Lantronix out-of-band management and PercepxionPriced against it: Yes | IoT Products & Services | On sale | Yes |
| INSG | Inseego 5G routers and Inseego ConnectPriced against it: Yes | IoT Products & Services | On sale | Yes |
| Private | Peplink and Teltonika routersPriced against it: Private | IoT Products & Services | On sale | Private |
| Not listed | Standalone digital data loggers meeting Indiana's Policy 9 listPriced against it: Not listed | IoT Solutions | On sale | Not listed |
How big it could get
How big this could get
One outside count puts connected devices at 21.1 billion at the end of 2025, up 14%, with cellular connections, the part Digi sells into, growing about 16% a year.
Rules help the food and pharmacy business: Indiana, for example, requires a continuous temperature logger wherever publicly funded vaccine is stored. Nobody publishes how much of that market Digi could win.
The evidence under this - 3 claims
IoT Analytics cut its 2025 forecast by about 300 million connections on capex deferrals and weak China demand (S17).
Digi's own definition counts term equipment rentals, extended warranties and support contracts, and the 10-K says it is unlikely to compare with other companies' ARR (S01).
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year | Share in 3 years at its half-year rate |
|---|---|---|---|---|---|
| Product | 64% | +20.4% | +18.9% | +13.7% | 50% |
| Service | 36% | +47.9% | +45.2% | +35.3% | 50% |
| Whole company | 100% | +29.0% | +27.1% | +20.3% | 100% |
On the filed split through 2026-06-30, if each business keeps its last half-year's growth, the company grows about 28% next year and 31% in year 3, against 20.3% over the last twelve months. Service grows fastest: it grows 45% against 19% for the rest, and would be 50% of revenue by then. A scenario, not a forecast: no business holds its rate.
How we read it: The blend. Service's 45% is mostly Jolt and Particle, which were bought, and product's 19% is partly early ordering, so the score reads organic growth near 18-21 points.
The results
The numbers
Sales grew 20% over the twelve months to Jun 2026, faster than the 1.5% in the year to Sep 2025.
Operating margin is 14%, up from 11% in the year to Sep 2023.
Running costs take 50¢ of each sales dollar, about where it was (51¢) in the year to Sep 2021.
Each dollar put into the business earns 7.6% a year after tax, up from 2.2% in the year to Sep 2021.
It turned 27% of sales into free cash, $136M over the last twelve months.
It owes $80.2M more than the cash it holds, about 0.6 years of the cash its operations bring in.
The share count rose 17% in 4.8 years, and pay in shares costs 3.4% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-04. Fiscal years end in September.
| Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | 12 mo to Jun 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $309M | $388M | $445M | $424M | $430M | $506M |
| Sales growth | +11% | +26% | +15% | −4.7% | +1.5% | +20% |
| Profit | ||||||
| Gross margin | 54% | 56% | 57% | 59% | 63% | 64% |
| Operating margin | 3.4% | 9.8% | 11% | 11% | 13% | 14% |
| Net margin | 3.4% | 5.0% | 5.6% | 5.3% | 9.5% | 9.6% |
| What growth costs, per sales dollar | ||||||
| Research and development | 15% | 14% | 13% | 14% | 15% | 15% |
| Sales and marketing | 20% | 18% | 18% | 20% | 21% | 21% |
| General and admin | 14% | 15% | 14% | 14% | 14% | 14% |
| Pay in shares | 2.6% | 2.2% | 3.0% | 3.1% | 3.6% | 3.4% |
| Capital spending | 0.7% | 0.5% | 1.0% | 0.5% | 0.6% | 0.5% |
| Cash | ||||||
| Cash from operations | $57.7M | $37.7M | $36.8M | $83.1M | $108M | $138M |
| Free cash flow | $55.5M | $35.8M | $32.4M | $80.9M | $105M | $136M |
| Balance sheet | ||||||
| Cash and short-term investments | $152M | $34.9M | $31.7M | $27.5M | $21.9M | $28.0M |
| Debt | $45.8M | $238M | $204M | $123M | $159M | $108M |
| Net cash | $107M | −$203M | −$172M | −$95.7M | −$137M | −$80.2M |
| Returns and shares | ||||||
| Return on capital | 2.2% | 6.1% | 6.7% | 6.5% | 6.1% | 7.6% |
| Shares (diluted) | 33.4M | 36.0M | 36.9M | 37.0M | 37.7M | 38.9M |
What growth costs
Growing does not make each sale cheaper to win. Research, selling and running costs have taken about the same share of every sales dollar for six years, selling a little more. Profit margins widened because each sale earns more over what it costs to make, as subscriptions grew, not because costs fell behind sales.
The evidence under this - 2 claims
The last report (5 Aug)
Quarter ended June 2026, filed figures.
In the June quarter, Q3 of fiscal 2026, sales rose 29% to $138.7M. The hardware half grew 25%, mostly on its own, while IoT Solutions grew 41%, mostly because Digi bought Jolt.
Profit kept pace: operating margin was 16.5%. Management raised its full-year guide again and expects $138M to $142M in the September quarter.
So the growth is real, but roughly two thirds of it came without buying anything, and that two thirds is the part to watch.
What it did to the thesisIt showed the hardware half growing again on its own, which supports the case, but left open whether those orders are lasting demand or customers buying early ahead of shortages.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $0.75 against $0.66 expected; $0.40 as filed, the gap being what the company adds back.
The evidence under this - 6 claims
Digi publishes no organic growth figure, and calls Particle's contribution not material although it added about $20M of ARR (S03, S06), so the split rests on an inference about two acquired revenue streams.
Digi's own definition counts term equipment rentals, extended warranties and support contracts, and the 10-K says it is unlikely to compare with other companies' ARR (S01).
The midpoint of $140M is about 1% above Q3's $138.7M, a slowdown from the 6% to 7% quarterly rises of the prior three quarters (S20).
The first raise was partly Particle, bought after the November guide, so not all of the lift is outperformance (S06).
What management did with the money
Management spent the cash on companies: Jolt for $145.5M and Particle for $50.4M, and now Disruptive Technologies at an undisclosed price. Each is paid from a bank credit line, now $350M, which the business's cash repays. Digi buys back no shares, so stock pay adds about 3% to the share count a year.
Insiders in 2026Q2: 5 purchases and 12 sales, from their Form 4 filings.
The evidence under this - 5 claims
The figures come from a secondary summary of the call; the release body did not load and no 8-K had been filed by 2026-10-03, so the price and terms are unread.
The price, and where we disagree
In short. Full. The price pays for management's 2028 profit goal arriving on time, with nothing left for a slower hardware year.
The share price has risen 108% in a year. Sales per share rose only 16.4% of that; the rest is buyers paying more for each dollar of sales.
Meanwhile the CEO says some customers are ordering early to secure parts before shortages, and Digi has just agreed another purchase. The September-quarter results on 11 November are the next check on both.
The evidence under this - 4 claims
The CFO tied faster deal closing to a growing pipeline at every stage, not only to urgency (S05).
The figures come from a secondary summary of the call; the release body did not load and no 8-K had been filed by 2026-10-03, so the price and terms are unread.
How we read the multiple
Buyers pay about 20 times the profit before depreciation that Digi expects this year. What has to be true:
1. Management reaches its goal of $200M of that profit by fiscal 2028. 2. At that point the price is about 15 times profit, a normal level for a business like this. 3. If the goal is late or needs more purchases, the buyer has paid ahead for growth.
Nothing in the price allows for the hardware half slowing again.
Against its own history. Far dearer than Digi's own normal, while part of the improvement was bought, so the gap prices in more than the business has proven.
The evidence under this - 4 claims
Adjusted EBITDA adds back $13.4M of stock pay in nine months and acquisition costs (S04); on the pack's unadjusted basis the multiple is 29.6 (C17).
If recurring revenue keeps rising as a share of sales, a permanently higher multiple than the hardware years is defensible, and 16.8 is a hardware-era median (C04, C22).
In May 2024, three months after setting the goal, Digi cut its fiscal 2024 guide on cautious customers (S10); ARR is now said to be near $193M only after about $40M was bought (C05).
Priced against its rivals
The competitors its own annual report names, each confirmed against the rival's filing. Measured on company value for each $1 of sales, cheapest first:
| Ticker | Company | company value for each $1 of sales |
|---|---|---|
| INSG | Inseego | 0.8× |
| LTRX | Lantronix | 2.2× |
| DGII | Digi International | 5.8× |
| SMTC | Semtech | 15.7× |
The middle of the other 3 is 2.2. Digi International Inc. is 2nd dearest of 4.
Rivals' figures come from a data provider, so read the spread of the group rather than any single pair.
Buyers pay more per dollar of sales than for most filed rivals, a premium Digi's higher margin and faster growth explain only in part.
Also checked and set aside: Airgain (a substitute, not the same product).
Private or foreign rivals that cannot be priced: Peplink (Pismo Labs), Teltonika Networks, ZPE Systems (Legrand), ComplianceMate, Monnit and similar food-safety sensor vendors.
Where we disagree with the market
Digi has become a growing subscription business that deserves to be priced like one.
The subscription growth is real but half bought, and the hardware half is cyclical and may be running on early orders.
Analysts are mostly positive and expect sales to keep growing next year. The headline numbers support them: 29% sales growth and 52% recurring growth.
Our difference is in what sits under them. Two purchases supplied about half of the recurring growth, and the last time hardware buyers paused, in fiscal 2024, sales fell.
We would be wrong if recurring revenue keeps growing over 20% a year without purchases and hardware holds up through fiscal 2027.
What analysts say, and the evidence
The evidence under this - 6 claims
Digi publishes no organic growth figure, and calls Particle's contribution not material although it added about $20M of ARR (S03, S06), so the split rests on an inference about two acquired revenue streams.
Recurring revenue, now about 38% of sales, does not destock (C04), and data-centre demand for console servers is a separate driver (C27).
What could go wrong, and how we would know
The risks
- Orders pulled forward. Customers buying early ahead of shortages could stop ordering for a year, as they did in fiscal 2024.
- One distributor. A single distributor carries about 11% of sales, and the channel as a whole most of them.
- Factories in Asia. Manufacturing in Thailand, Taiwan and Cambodia exposes margins to tariffs and shipping.
- Growth through purchases. Each deal is funded by debt, and the latest price was not disclosed.
- Insiders selling. Insiders sold 14 times and bought nothing in a year, none under a pre-set plan.
The evidence under this - 7 claims
The CFO tied faster deal closing to a growing pipeline at every stage, not only to urgency (S05).
Recurring revenue, now about 38% of sales, does not destock (C04), and data-centre demand for console servers is a separate driver (C27).
The figures come from a secondary summary of the call; the release body did not load and no 8-K had been filed by 2026-10-03, so the price and terms are unread.
What we still do not know
- How much of this year's hardware sales is customers ordering early.
- What Digi paid for Disruptive Technologies.
- How much of the recurring revenue renews each year; Digi does not say.
- How many health providers nationwide must run continuous temperature monitoring.
The evidence under this - 4 claims
The CFO tied faster deal closing to a growing pipeline at every stage, not only to urgency (S05).
The figures come from a secondary summary of the call; the release body did not load and no 8-K had been filed by 2026-10-03, so the price and terms are unread.
Digi's own definition counts term equipment rentals, extended warranties and support contracts, and the 10-K says it is unlikely to compare with other companies' ARR (S01).
What would change our view
- Neutral→AttractiveA cheaper price on an unchanged business
It needs all of:
- ○The price falls to about 18 times the past year's profit before depreciation, near Digi's own normal.about ≈$45.98 today, 39% below the last close
- ○The hardware half is still growing from a year earlier.checked at the next results, due by 11 Nov
- Neutral→AttractiveThe profit goal arrives early on its own
It needs all of:
- ○Quarterly profit before depreciation reaches $50M, the pace of the 2028 goal.checked at the next results, due by 11 Nov
- ○Recurring revenue reaches $230M a year.checked at the next results, due by 11 Nov
- Neutral→UnattractiveThe hardware half turns down again
It needs any of:
- ○Hardware sales fall from a year earlier.checked at the next results, due by 11 Nov
- ○Gross margin drops below 62 cents of each sales dollar.checked at the next results, due by 11 Nov
We would also be wrong if
- Recurring revenue, leaving out purchases, grows less than 10% in a year.
- Debt rises above 2.5 times a year's profit before depreciation.
What is coming
- 11 November 2026 Q4 fiscal 2026 results: Whether revenue reaches $140M and recurring revenue $193M, and whether the fiscal 2027 guide implies 8% growth or more before Disruptive Technologies.
Every dated event ahead
- 11 November 2026 Q4 fiscal 2026 results: Whether revenue reaches $140M and recurring revenue $193M, and whether the fiscal 2027 guide implies 8% growth or more before Disruptive Technologies.
- December 2026 Disruptive Technologies purchase closes: The undisclosed price and terms, and how much revolver debt it adds against the 3.5 times leverage covenant.
- December 2026 Proxy statement for the 2027 annual meeting: Fiscal 2026 bonus and PSU results against goals that exclude acquisitions: the company's own measure of organic recurring revenue growth, which no release reports.
- February 2027 Q1 fiscal 2027 results: Whether product orders hold once customers stop ordering early to secure scarce parts.
Since we wrote this
- 5 OctThesis reviewThe long case now sits under the verdictAfter the five-name pilot, the owner asked for the long case on every thesis.
- 4 OctThesis reviewOwner's checklist: revenue streams, cost of growth, management, catalystsThe owner's checklist found the method silent on who runs the company, what growth costs, where the money comes from and what is dated ahead; this pass fills those four blocks from the proxy and filings.
- 3 OctThesis writtenNeutral, medium convictionReal subscription growth and the best margins among rivals, but part of the growth is bought or early and the price already assumes the 2028 goal.
Sources 24
Sources - 24
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2025-11-21Item 1 products and segments, distributors and the 13% distributor, competition by class, outsourced manufacturing, Ventus concentration, ARR definition, Jolt price, headcountbacksC01C07C15C16C22C27C38C45C46
- S02primarycompany release2025-11-12fiscal 2026 guidance as first issued: ARR up about 10%, revenue up 10% to 15%, adjusted EBITDA up 15% to 20%backsC08C44
- S03primarycompany filing2026-08-05segment revenue and margins, ARR by segment, Particle purchase price and contribution, distributor at 11% of nine-month revenue, debtbacksC02C04C12C15C17C31C41C42
- S04primarycompany release2026-08-05income statement, balance sheet, cash flow, adjusted EBITDA and adjusted EPS reconciliations, raised fiscal 2026 and Q4 guidancebacksC02C03C04C08C09C11C12C17C19C22C24C46
- S05primarytranscript2026-08-05Q3 fiscal 2026 earnings call transcriptdata/cache/transcripts/DGII-2026Q3.json (FMP earning-call-transcript, quarter label 2026Q3, call held 2026-08-05)the $200M ARR and adjusted EBITDA goal for 2028, the gross margin floor, supply-chain urgency in orders, Opengear and neoclouds; questions from Stephens and Piper Sandler
that march towards $200 million that we laid out as our long-term objective.
backsC10C23C25C27 - S06primarycompany release2026-05-06Particle adds about $20M of ARR; guidance raised to revenue up 20% to 22%backsC05C08
- S07primarycompany filing2026-05-06Particle purchase accounting: $50.4M cash, $16.0M customer relationships, $11.0M technologybacksC05
- S08primarycompany release2025-08-18$145.5M net of cash, over $20M ARR, $11M synergy target by end of calendar 2026backsC05
- S09primarycompany release2026-08-31$350M revolver to 2031, accordion to $480M, leverage covenant 3.0x to 3.5xbacksC13
- S10primarycompany release2024-05-01revenue down 3%, console server and cellular volume down, the fiscal 2024 guide lowered on cautious customers, the five-year $200M goal setbacksC10C35
- S11primarycompany release2026-10-01the announcement headline and date; the page body renders by script and did not come back as text
Digi International Announces Intent to Acquire Disruptive Technologies to Advance SmartSense Physical-World Intelligence Platform and Enter Europe
backsC14 - S12secondarynews2026-10-02DT revenue and ARR, funding on the revolver, close by end of 2026, $9M of added EBITDA in fiscal 2028; no purchase price
Disruptive Technologies generated $15 million in 2025 revenue and $4 million in annual recurring revenue.
backsC14 - S13primarycompany filing2026-02-26names Digi among solution-provider competitors with Cisco, Cradlepoint (Ericsson), Inseego, Lantronix, Peplink and Sierra Wireless (Semtech), and vertically integrated Asian rivalsbacksC29
- S14primarycompany filing2026-08-27out-of-band management sold to a Tier 1 bank, Percepxion software managing OOB and industrial IoT fleets, AI data centres as its fastest-growing OOB usebacksC30C31
- S15primarycompany filing2026-03-23IoT modules, routers, gateways and connected services in its IoT Systems and Connectivity segmentbacksC31
- S16primarycompany filing2026-02-205G routers and gateways with cloud management for enterprises; names Peplink, Teltonika and CiscobacksC31
- S17primaryindustry data2026-10-03connected devices up 14% to 21.1 billion in 2025; cellular 22% of connections, cellular connections up 16% in 2024; a 2025 forecast cut on capex deferrals
Based on H1 2025 IoT connection data, the number of connected IoT devices is expected to grow 14% year-over-year to 21.1 billion by the end of 2025.
backsC32 - S18primaryregulator2025-01-01Indiana Department of Health, Immunization Division Policy 9: storage and handling temperature requirements Indiana Department of Healthcontinuous temperature logging every 30 minutes required where public vaccine is stored, the demand SmartSense serves in pharmacies; CDC's own toolkit pages answered 403
Data loggers/continuous monitoring devices are mandatory for all storage units that contain publicly funded vaccines.
backsC33 - S19primaryindustry data2026-10-03cellular devices and modules are certified before carriers accept them, and devices built on certified modules are a named category
Manufacturers work with authorized labs to test wireless devices for compliance with defined standards.
read, but no claim rests on it - S20secondaryvendor data2026-10-03Research pack (FMP market tier and filed statements), frozen at content/DGII/research-pack.jsoncontent/DGII/research-pack.jsonlast close, company value, multiples against six-year medians, price-move split, consensus, analyst split, short interest, the filed-rival cohort, three years of closesbacksC07C17C18C19C22C24C31C35C37
- S21primarycompany filing2026-10-0314 open-market sales, none under a 10b5-1 plan, no purchases; the CFO's June sale after exercising options that expired in AugustbacksC36
- S22primaryregulator2026-09-15short interest of 4.6% of float, 4.62 days to cover
consolidated short interest for DGII at the 2026-09-15 settlement, 1,687,042 shares
backsC37 - S23primarycompany filing2025-12-17beneficial ownership at 2025-12-08, the fiscal 2025 and 2026 cash incentive plans and their goals, the PSU design and its ARR goals, fiscal 2025 payoutsbacksC43C44
- S24primarycompany filing2026-10-04revenue, gross profit, research and development, sales and marketing, general and administrative, stock pay, capital spending, operating income and diluted shares per year; cash paid for businesses, stock issued, debt raised and repaid, and shares withheld for tax from the 10-K cash flow statementsbacksC42C46