Revenue was flat: FY2025 was $11.2M against $11.2M in FY2024, a change of ($5K), or (0.04%). Price and volume nearly cancelled each other, and the mix shift came from Enterprise losing ground to SMB and Mid-Market. The effects reconcile to the cent in total and for every family and segment.

| Step | Amount |
| --- | --- |
| FY2024 | $11.2M |
| Volume | ($395K) |
| Mix | $135K |
| Price | $256K |
| FY2025 | $11.2M |

- **Price:** Price added $256K. Paper carried most of it at $167K, led by Paper Mid-Market at $75K and Paper Enterprise at $63K. Print Consumables added $125K. Writing Instruments (($36K)) and Desk Accessories (($44K)) went the other way.
- **Volume:** Volume cost ($395K). Company units changed by (3.5%), from 176,462 to 170,256. Print Consumables Enterprise was the largest single drag at ($79K).
- **Mix:** Mix added $135K, and the product mix did shift, but by customer segment more than by product family. Enterprise mix was ($627K), with Paper Enterprise at ($300K). SMB mix was $399K and Mid-Market mix was $362K, so both grew units faster than the company.
- **Open question:** The data shows Enterprise units fell but not why. Account-level or order-level data would answer that.

The write-up is in `output/pvm-note.md` and the underlying figures are in `output/pvm.json`.