{"podcast":{"title":"Charged Alpha Stock Encyclopedia","slug":"charged-alpha-stock-encyclopedia-7819792","podcast_index_feed_id":7819792,"rss_url":"https://feed.podbean.com/chargedalpha/feed.xml","website_url":"https://chargedalpha.podbean.com","image_url":"https://pbcdn1.podbean.com/imglogo/image-logo/22241603/charged_alpha_logo_2048.png","author":"Colton Thomas","episode_count":1034,"summary":"Charged Alpha reviews earnings for each stock in the Russel 1000 every quarter. Each podcast gives thorough analysis, along with an in-depth profile in the beginning of the episode of the company, what they do, how they earn money and what to look for.","last_synced_at":"2026-07-18T10:20:29.083898+00:00","page_url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792"},"episode":{"title":"FEIM Stock: A Record Backlog and an Ugly Quarter — Buy the Dip?","slug":"feim-stock-a-record-backlog-and-an-ugly-quarter-buy-the-dip","published_at":"2026-07-16T14:30:09+00:00","page_url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/feim-stock-a-record-backlog-and-an-ugly-quarter-buy-the-dip","show_page_url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792","url":"https://chargedalpha.podbean.com/e/feim-stock-a-record-backlog-and-an-ugly-quarter-%e2%80%94-buy-the-dip/","audio_url":"https://mcdn.podbean.com/mf/web/w6vlei1hylwc720d/audio_t.mp3","summary":"Frequency Electronics (FEIM) Q4 FY2026 — Frequency Electronics (FEIM) — a niche maker of atomic clocks and precision timing for satellites, missiles and secure military comms — reported an ugly fiscal Q4: gross margin collapsed to ~1% (vs a normal ~30%) and EPS came in at -$0.50 versus a +$0.27 estimate, a big miss, on a $3.8M Elcom inventory write-down and pre-revenue investment. Strip the one-offs and adjusted gross margin was ~36%. Backlog hit a record $111M, and management reaffirmed a $150M FY2029 revenue target. After a run from ~$20 to $80, the stock trades near $51 — above Wall Street's ~$44 target. How does a company post a 1% gross margin and a record order book in the same quarter? Frequency Electronics makes the ultra-precise atomic clocks and oscillators that keep satellites, missiles and military radios in sync — a tiny, hard-to-replace niche. Its GAAP Q4 looked like a disaster (EPS -$0.50 vs +$0.27 expected, gross margin ~1%), but that was mostly a one-time $3.8M inventory write-down plus pre-revenue investment; adjusted gross margin was ~36%. Backlog is at a record $111M and management targets $150M revenue at 50% gross margins by FY2029. The catch: after quadrupling to $80 and settling near $51, the stock trades at ~8x sales — above even Wall Street's ~$44 target — with cash down to $1.6M. Our call: HOLD, 3/5. Fair value ~$44, modestly below the price. A wonderful little niche that already believes its own best-case future. Not financial advice. THE CALL: HOLD (3/5, A REAL STORY, BUT THE PRICE ALREADY BELIEVES IT) — base-case value ~$44 vs ~$51.51 today. What to watch: gross margin recovering back toward 30%+ over one or two clean quarters (proving the Q4 charge was one-time), the record $111M backlog converting to revenue without fresh write-downs, an…","meta_description":"Frequency Electronics (FEIM) Q4 FY2026 — Frequency Electronics (FEIM) — a niche maker of atomic clocks and precision timing for satellites, missiles and s…","key_points":[],"chapters":[],"topics":[],"duration_seconds":769,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/charged-alpha-stock-encyclopedia-7819792/episodes/feim-stock-a-record-backlog-and-an-ugly-quarter-buy-the-dip/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/feim-stock-a-record-backlog-and-an-ugly-quarter-buy-the-dip.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}