Floor & Decor: 2Q26 Business Update
Floor & Decor’s same-store sales improved to minus 2%, while $45 million of tariff refunds lifted second-quarter gross profit and operating income.
Tuesday, August 4, 2026
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Investor Letters
All letters- Palm Valley Capital First Quarter 2026 CHRD $8BDOX $6.2B
- Pershing Square Holdings 2025 HHH $4BBN $85B
- Palm Valley Capital Fourth Quarter 2025 DPUKY $1.1BFLO $1.3B
- Askeladden Capital Q2 2025 GO $1.1BBELFB $3.4B
- Berkshire Hathaway 2024 MARUY $51BMITSF $94B
- Horizon Kinetics 2nd Quarter 2024 LB $6.8BTPL $24B
[scuttleslops] BLDR, RYAN, APG, GFL, FND
Builders FirstSource reported Q2 2026 sales down 9% to $3.9 billion as weak housing demand and aggressive competitor pricing cut EBITDA…
Floor & Decor 2Q'26: Tentative Green Shoots
Floor & Decor held 2026 guidance after a 2Q beat, with comps improving through June; tariff refunds lifted margins and may fund pricing…
Vistance Networks (NASDAQ: VISN)
Vistance Networks plans a large post-Ruckus-sale dividend, leaving Aurora Networks valued below 4x guided EBITDA after $1.88 billion of…
Cematrix Corp ($CEMX.TO) FINS Review
Cematrix posted record Q2 revenue of $18.7 million, up 76%, and $3.5 million of net income, while backlog fell 9% from year-end.
[OTCM] Listings for the rest of us
OTC Markets gives smaller, distressed, and lightly disclosed companies a trading venue outside NYSE and Nasdaq, with lower listing barriers…
This Stock Just Got Cheaper on Better Numbers
A debt-free American manufacturer now trades at roughly 7x annualized Q2 EBITDA, with $7.35 per share in net cash and a tender floor 18.5%…
[scuttleslops] ODFL, AMD, INTC, CDNS, URI, VRSK, KNSL, WSO
Old Dominion Freight Line grew Q2 revenue 10.4% and EPS 32.3% as pricing offset lower tonnage, while excess network capacity sets up…
Entravision: Another Whale Has Emerged
Entravision’s Q1 filings contain a new footnote disclosure pointing to a potential second large advertiser beyond its Hong Kong customer,…
Seer
Seer trades at $2.04 against $3.90 per share of net cash as activists press a board that rejected five buyout proposals and won reelection.
Biorem Inc. ($BRM.V) FINS Review
Biorem reported 66% revenue growth and over 260% profit growth after trading at 11.3 times earnings and 5.9 times EV/EBITDA.
MIDD · long Middleby CORP
Middleby trades at about 11 times EBITDA, below its history and peers, as a sharper management focus is expected to address the commercial…
DoorDash: The Infrastructure of Local Commerce
DoorDash built a last-mile logistics network around restaurant delivery, then extended it to groceries, convenience, and other local…
DoorDash
DoorDash positions itself as infrastructure for local commerce.
Under the Hood - Adobe Inc. ($ADBE)
Adobe generates 96% of revenue from subscriptions and converts over 40% into free cash flow, but generative AI tests whether Creative…
Hidden in Plane Sight
An aerospace company’s profitable core is obscured by a long-running FAA development program; approval, abandonment, or shrinking losses…
AirIQ Inc. ($IQ.V) FINS Review
AirIQ’s 2025 revenue rose 17% to $6.5 million, but tax reassessments cut net income 50% and lifted its P/E to 144x.
Under the Hood - Tractor Supply ($TSCO)
Tractor Supply’s 2,602-store rural retail network supported 30+ years of growth.
Gatekeeper Systems ($GSI.V) FINS Review
Gatekeeper Systems’ revenue rebound is overshadowed by $19.3 million in nine-month operating cash burn, swelling inventory and overdue…
RI(N)sing higher
RIN prices near all-time highs reflect tighter renewable-fuel mandates, a shrinking credit bank, and biodiesel production shortfalls.
$PRKS: SeaWorld, an 8% cash yield, and a possible 80% short squeeze | Hawkins Entrekin
United Parks trades at 8x EBITDA with an 8%+ unlevered cash yield, aggressive buybacks and roughly 80% effective short interest, while…
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Investor letters we follow
- 1851 Capital
- Aikya Investment Management
- Akre Capital Management, LLC
- Alluvial Capital Management
- Alpinum Investment Management AG
- Ariel Investments
- Artisan Partners
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- Palm Harbour Capital
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- Pershing Square Holdings
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- Sequoia Fund
- Southeastern Asset Management
- Third Avenue Management
- Tweedy, Browne
- Upslope Capital Management
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- Weitz Investment Management
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