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Held by 536 of 2,417 reporting institutions (98th percentile) — extremely crowded.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 20 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $172.1B | 168.8× | — | 15.9× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 501 |
| PLD | $121.6B | 36.0× | — | 13.8× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 505 |
| EQIX | $100.3B | 73.7× | 25.6× | 10.9× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | -0.1× | 381 |
| AMT | $87.1B | 34.8× | 20.7× | 8.2× | 5.1% | — | 24.7% | 72.0% | 6.4% | 6.0× | 536 |
| SPG | $70.5B | 15.4× | — | 11.1× | 6.7% | — | 84.3% | 103% | 15.9% | — | 400 |
| DLR | $67.0B | 50.5× | — | 11.0× | 10.0% | — | 21.4% | 5.7% | 5.7% | — | — |
| PSA | $60.7B | 36.0× | — | 12.6× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 335 |
| O | $53.9B | 48.7× | — | 9.4× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 459 |
| VTR | $44.8B | 157.0× | — | 7.7× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 256 |
| CCI | $37.7B | 87.8× | 25.3× | 8.8× | -4.4% | 97.3% | 10.4% | -27.2% | 1.7% | 10.5× | 240 |
| IRM | $34.7B | 237.9× | 23.3× | 5.0× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.4× | 348 |
| EXR | $32.0B | 33.0× | 15.0× | 9.5× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | -0.1× | 204 |
| AVB | $27.1B | 25.6× | 12.3× | 8.9× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.1× | 1 |
| VICI | $26.9B | 9.4× | — | 6.7× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 233 |
| SBAC | $19.9B | 19.1× | 22.0× | 7.0× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.6× | 151 |
| HST | $17.3B | 23.0× | — | 2.8× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 196 |
| ESS | $17.0B | 25.4× | 11.2× | 9.0× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | -0.1× | 148 |
| KIM | $16.3B | — | 17.0× | 7.6× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.4× | 174 |
| LAMR | $16.0B | 27.3× | — | 7.1× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 205 |
| WY | $14.7B | 45.2× | 15.9× | 2.1× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.1× | 239 |
| OHI | $14.2B | 24.2× | 22.3× | 12.0× | 13.2% | — | 49.6% | 11.4% | 6.3% | 5.1× | 219 |
Peers = companies sharing AMT's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 84% of free cash flow — sustainable but with limited headroom. Last year: $3.18B dividends + $364.6M buybacks = $3.55B returned on $3.78B FCF.
9 consecutive years of dividend increases · 14%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 6%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.64B 100.0% | $10.13B 100.0% | $10.01B 100.0% | $9.65B 100.0% | $9.36B 100.0% | $8.04B 100.0% | $7.58B 100.0% | $7.44B 100.0% | $6.66B 100.0% | $5.79B 100.0% |
| Cost of Revenue | — | — | — | — | — | — | $43.1M 0.6% | $49.1M 0.7% | $34.6M 0.5% | — |
| Cost of Services | — | — | — | — | — | — | — | — | $34.6M 0.5% | $27.7M 0.5% |
| Selling, General & Admin | $940.7M 8.8% | $933.4M 9.2% | $946.0M 9.4% | $902.1M 9.4% | $811.6M 8.7% | $778.7M 9.7% | $730.4M 9.6% | $733.2M 9.9% | $637.0M 9.6% | $543.4M 9.4% |
| Total Operating Expenses | $5.80B 54.5% | $5.61B 55.4% | $6.89B 68.8% | $6.91B 71.6% | $6.22B 66.5% | $5.15B 64.1% | $4.89B 64.5% | $5.54B 74.4% | $4.67B 70.0% | $3.93B 68.0% |
| Operating Income | $4.85B 45.5% | $4.52B 44.6% | $3.13B 31.2% | $2.74B 28.4% | $3.13B 33.5% | $2.89B 35.9% | $2.69B 35.5% | $1.91B 25.6% | $2.00B 30.0% | $1.85B 32.0% |
| Interest Expense | $1.36B 12.8% | $1.40B 13.9% | $1.40B 14.0% | $1.14B 11.8% | $870.9M 9.3% | $793.5M 9.9% | $814.2M 10.7% | $825.5M 11.1% | $749.6M 11.2% | — |
| Interest & Investment Income | $134.0M 1.3% | $135.2M 1.3% | $118.6M 1.2% | $49.1M 0.5% | $40.4M 0.4% | $39.7M 0.5% | $46.8M 0.6% | $54.7M 0.7% | $35.4M 0.5% | — |
| Other Income (Expense), net | -$1.80B -16.9% | -$891.7M -8.8% | -$1.60B -15.9% | -$652.6M -6.8% | -$302.6M -3.2% | -$1.07B -13.3% | -$772.0M -10.2% | -$750.4M -10.1% | -$742.3M -11.1% | -$727.1M -12.6% |
| Pretax Income | $3.04B 28.6% | $3.62B 35.8% | $1.53B 15.3% | $2.09B 21.6% | $2.83B 30.2% | $1.82B 22.6% | $1.92B 25.3% | $1.15B 15.5% | $1.26B 18.8% | $1.13B 19.5% |
| Income Tax Expense | $415.7M 3.9% | $366.3M 3.6% | $90.8M 0.9% | $112.8M 1.2% | $261.8M 2.8% | $129.6M 1.6% | -$200K -0.0% | -$110.1M -1.5% | $30.7M 0.5% | $155.5M 2.7% |
| Net Income | $2.63B 24.7% | $2.28B 22.5% | $1.37B 13.7% | $1.70B 17.6% | $2.57B 27.4% | $1.69B 21.0% | $1.89B 24.9% | $1.24B 16.6% | $1.24B 18.6% | $956.4M 16.5% |
| Per Share | ||||||||||
| EPS (Basic) | $5.41 | $4.83 | $3.18 | $3.83 | $5.69 | $3.81 | $4.27 | $2.79 | $2.69 | $2.00 |
| EPS (Diluted) | $5.40 | $4.82 | $3.18 | $3.82 | $5.66 | $3.79 | $4.24 | $2.77 | $2.67 | $1.98 |
| Weighted Avg Shares (Basic) | 467.9M | 467.0M | 466.1M | 461.5M | 451.5M | 443.6M | 442.3M | 439.6M | 428.2M | 425.1M |
| Weighted Avg Shares (Diluted) | 468.8M | 468.1M | 467.2M | 462.8M | 453.3M | 446.1M | 445.5M | 443.0M | 431.7M | 429.3M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.55B is below the $4.51B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2022-12-31 (10-K).
Coverage is adequate but not comfortable. Effective rate ~3.7% on $37.22B of debt.
Cash of $1.47B is below short-term debt of $3.39B — relies on refinancing/operations.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-29 | 2 co-filers EVP, Chief Admin Ofr, GC & Sec | 10b5-1 plan sale | 952 | $185.81 | $177k |
| 2026-10-28 | 2 co-filers EVP, Chief Admin Ofr, GC & Sec | 10b5-1 plan sale | 626 | $182.00 | $114k |
| 2026-10-20 | 15 co-filers Group filing | Plan purchase | 43 | $183.20 | $8k |
| 2026-10-01 | Blanchett Paul SVP & Chief Accounting Officer |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| 16,299 |
| $0.00 |
| $0 |
| 2026-08-21 | Kalathur Rajesh Director | Open-market buy | 2,829 | $177.00 | $501k |
| 2026-07-29 | Meyer Robert Joseph SVP & Advisor to the CFO | Open-market sale | 5,000 | $178.89 | $894k |
| 2026-07-29 | 2 co-filers EVP, Chief Admin Ofr, GC & Sec | 10b5-1 plan sale | 1,106 | $174.96 | $194k |
| 2026-07-28 | 2 co-filers EVP, Chief Admin Ofr, GC & Sec | 10b5-1 plan sale | 685 | $169.54 | $116k |
| 2026-07-13 | 15 co-filers Group filing | Plan purchase96d late | 46 | $167.52 | $8k |
| 2026-06-01 | Meyer Robert Joseph SVP & Advisor to the CFO | Tax withholding | 153 | $187.53 | $29k |
| 2026-05-28 | Reeve Pamela D A Director | Gift | 810 | $0.00 | $0 |
| 2026-04-29 | 2 co-filers EVP, Chief Admin Ofr, GC & Sec | 10b5-1 plan sale | 416 | $177.54 | $74k |
| 2026-04-28 | 2 co-filers EVP, Chief Admin Ofr, GC & Sec | 10b5-1 plan sale | 556 | $178.48 | $99k |
| 2026-04-28 | 15 co-filers Group filing | Plan purchase172d late | 44 | $177.08 | $8k |
| 2026-03-11 | 3 co-filers EVP & President, U.S. Tower | Tax withholding | 684 | $182.85 | $125k |
| 2026-03-11 | 3 co-filers SVP, Pres. & CEO, CoreSite | Tax withholding | 928 | $182.85 | $170k |
| 2026-03-11 | 3 co-filers EVP, CFO & Treasurer | Tax withholding | 1,295 | $182.85 | $237k |
| 2026-03-11 | 3 co-filers SVP & Chief Accounting Officer | Tax withholding | 684 | $182.85 | $125k |
| 2026-03-11 | 3 co-filers EVP, Chief Admin Ofr, GC & Sec | Tax withholding | 863 | $182.85 | $158k |
| 2026-03-11 | 3 co-filers EVP & Chief Operating Officer | Tax withholding | 719 | $182.85 | $131k |
| 2026-03-11 | 3 co-filers President and CEO | Tax withholding | 2,158 | $182.85 | $395k |
| 2026-03-10 | Lieblein Grace Director | Grant | 1,209 | $0.00 | $0 |
| 2026-03-10 | 3 co-filers EVP & President, U.S. Tower | Grant | 6,448 | $0.00 | $0 |
| 2026-03-10 | 3 co-filers SVP, Pres. & CEO, CoreSite | Grant | 8,060 | $0.00 | $0 |
| 2026-03-10 | 3 co-filers EVP, CFO & Treasurer | Grant | 10,531 | $0.00 | $0 |
| 2026-03-10 | 3 co-filers SVP & Chief Accounting Officer | Grant | 4,030 | $0.00 | $0 |
| 2026-03-10 | 3 co-filers EVP, Chief Admin Ofr, GC & Sec | Grant | 6,878 | $0.00 | $0 |
| 2026-03-10 | 3 co-filers EVP & Chief Operating Officer | Grant | 8,167 | $0.00 | $0 |
| 2026-03-10 | 3 co-filers President and CEO | Grant | 20,955 | $0.00 | $0 |
| 2026-03-10 | Chambliss Kelly C Director | Grant | 1,209 | $0.00 | $0 |
| 2026-03-10 | Macnab Craig Director | Grant | 1,209 | $0.00 | $0 |
| 2026-03-10 | 2 co-filers Group filing | Grant | 1,209 | $0.00 | $0 |
| 2026-03-10 | Hormats Robert D Director | Grant | 1,209 | $0.00 | $0 |
| 2026-03-10 | Clarke Teresa Hillary Director | Grant | 1,209 | $0.00 | $0 |
| 2026-03-10 | Reeve Pamela D A Director | Grant | 1,209 | $0.00 | $0 |
| 2026-03-10 | Ray Neville R Director | Grant | 1,209 | $0.00 | $0 |
| 2026-03-10 | Reilly Eugene F Director | Grant | 1,209 | $0.00 | $0 |
| 2026-03-10 | Tanner Bruce L Director | Grant | 1,209 | $0.00 | $0 |
| 2026-03-10 | Frank Kenneth R Director | Grant | 1,209 | $0.00 | $0 |
| 2026-03-10 | 3 co-filers SVP, Pres. & CEO, CoreSite | Tax withholding | 1,834 | $186.12 | $341k |
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 50th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 72% against ROIC 6% — 66% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 74.7% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.4× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 0.7 | 0.6 | — | — | — | — | — | — |
| SG&A | 9.9 | 9.6 | 9.7 | 8.7 | 9.4 | 9.4 | 9.2 | 8.8 |
| Operating Income | 25.6 | 35.5 | 35.9 | 33.5 | 28.4 | 31.2 | 44.6 | 45.5 |
| Income Tax | -1.5 | -0.0 | 1.6 | 2.8 | 1.2 | 0.9 | 3.6 | 3.9 |
| Net Income | 16.6 | 24.9 | 21.0 | 27.4 | 17.6 | 13.7 | 22.5 | 24.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AMT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 32.0% | 16.5% |
| FY2017 | 99.5% | 30.0% | 18.6% |
| FY2018 | 99.3% | 25.6% | 16.6% |
| FY2019 | 99.4% | 35.5% | 24.9% |
| FY2020 | not reported | 35.9% | 21.0% |
| FY2021 | not reported | 33.5% | 27.4% |
| FY2022 | not reported | 28.4% | 17.6% |
| FY2023 | not reported | 31.2% | 13.7% |
| FY2024 | not reported | 44.6% | 22.5% |
| FY2025 | not reported | 45.5% | 24.7% |
Leverage and buybacks account for 66 points of the 72% return on equity in FY2025. The business earns 6% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 1.52x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 5% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Leverage is not measurable this way for a reit.
This schedule comes from a filing dated 2022-12-31, 1400 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2022-12-31 (10-K); cash from the 2022-12-31 balance sheet; FCF from FY2022.
Balance sheet at 2022-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $187.78, free cash flow must compound 16.31%/yr for 10 years. It has done 5.39%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 3.2% | 16.3% |
| FY2021 | 20.8% | 16.3% |
| FY2022 | −47.1% | 16.3% |
| FY2023 | 60.4% | 16.3% |
| FY2024 | 26.5% | 16.3% |
| FY2025 | 2.2% | 16.3% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The achieved growth rate spans a reporting-basis change in FY2022, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.63B | $2.63B |
| Share-based comp | $174M | $2.80B |
| Other non-cash & working capital | $2.66B | $5.46B |
| Operating cash flow | $5.46B | $5.46B |
| Capex | −$1.68B | $3.78B |
| Free cash flow | $3.78B | $3.78B |
| FCF after SBC | $3.61B | $3.61B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 6.1% | 10.7% | 4.6 points |
| FY2021 | 16.4% | 42.5% | 26.1 points |
| FY2022 | 3.1% | 4.0% | 1.0 points |
| FY2023 | 3.8% | -27.8% | -31.6 points |
| FY2024 | 1.1% | -1.4% | -2.5 points |
| FY2025 | 5.1% | 20.4% | 15.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 22.3 days | not reported | 1254.2 days | -1232 days |
| FY2020 | 23.2 days | not reported | not reported | not reported |
| FY2021 | 28.4 days | not reported | not reported | not reported |
| FY2022 | 28.7 days | not reported | not reported | not reported |
| FY2023 | 20 days | not reported | not reported | not reported |
| FY2024 | 19.5 days | not reported | not reported | not reported |
| FY2025 | 22.3 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.4 percent |
| FY2020 | -4.6 percent |
| FY2021 | -3.2 percent |
| FY2022 | -3.0 percent |
| FY2023 | -5.1 percent |
| FY2024 | -4.9 percent |
| FY2025 | -4.5 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.