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Held by 221 of 2,417 reporting institutions (95th 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.
Ranked against 14 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MKC | $12.7B | 16.1× | 12.4× | 1.9× | 1.7% | 37.9% | 11.5% | 13.8% | 8.6% | 2.6× | — |
| HRL | $11.7B | 24.5× | 14.2× | 1.0× | 1.6% | 15.6% | 4.0% | 6.1% | 4.4% | 2.2× | 144 |
| DAR | $8.8B | 142.9× | 12.9× | 1.4× | 7.4% | 24.0% | 1.0% | 1.3% | 1.3% | -0.1× | 143 |
| TAP | $7.5B | — | — | 0.6× | -5.1% | 32.8% | -16.4% | -20.9% | -12.9% | — | 145 |
| LW | $7.5B | 26.0× | 11.4× | 1.1× | 2.5% | 20.6% | 4.4% | 15.9% | 5.0% | 3.9× | 142 |
| CELH | $7.4B | 116.5× | 44.8× | 2.9× | 85.5% | 50.4% | 4.3% | 9.1% | 5.8% | 1.6× | 108 |
| SFD | $7.2B | 7.3× | 5.7× | 0.5× | 9.8% | 13.5% | 6.4% | 14.5% | 11.2% | 1.2× | 54 |
| PRMB | $7.1B | 123.4× | 11.5× | 1.1× | 29.3% | 30.3% | 0.9% | 2.0% | 0.7% | 4.6× | 63 |
| CAG | $7.0B | — | — | 0.6× | -2.9% | 23.9% | -17.0% | -30.1% | -14.9% | — | 221 |
| PPC | $6.8B | 6.3× | 4.5× | 0.4× | 3.5% | 12.7% | 5.9% | 29.4% | 16.0% | 1.2× | 71 |
| CPB | $6.4B | 16.4× | 5.5× | 0.7× | -5.0% | 28.1% | 4.1% | 10.5% | 8.3% | 0.5× | 164 |
| INGR | $6.1B | 8.7× | 5.5× | 0.8× | -2.8% | 25.3% | 10.1% | 17.1% | 12.0% | 0.6× | 153 |
| POST | $3.7B | 15.1× | 8.2× | 0.5× | 3.0% | 28.7% | 4.1% | 8.9% | 3.0% | 5.5× | 95 |
| COCO | $3.3B | 49.1× | 37.6× | 5.5× | 18.2% | 36.5% | 11.7% | 21.5% | 21.5% | -2.4× | 70 |
| FIZZ | $3.3B | 18.0× | 11.7× | 2.8× | -1.7% | 37.0% | 15.6% | 28.9% | 28.9% | -1.4× | 40 |
Peers = companies sharing CAG's sector (Food and Kindred Products) 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $14.57 today, the market must believe free cash flow compounds -1.6%/yr for a decade (off $1.30B on the 3-yr avg basis).
On the basis ($1.26B) the requirement is -1.2%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -1.6% is more conservative than its 9-yr track record.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.48B shares (market data) · net debt $6.27B
mean 13.0% · volatility σ 66% · implied rate exceeded in 3/9 yrs
Central path = implied -1.6%/yr growth; shaded band = ±1σ (66%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
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
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 68% of free cash flow, leaving room to grow it and fund buybacks. Last year: $669.7M dividends + $15.3M buybacks = $685.0M returned on $978.7M FCF.
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 balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -15%. 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $218.0M is below the $778.8M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2026-05-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash of $218.0M fully covers short-term debt of $34.2M.
Mostly long-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.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.28B 100.0% | $11.61B 100.0% | $12.05B 100.0% | $12.28B 100.0% | $11.54B 100.0% | $11.18B 100.0% | $11.05B 100.0% | $9.54B 100.0% | $7.94B 100.0% | $7.83B 100.0% |
| Cost of Revenue | $8.58B 76.1% | $8.61B 74.1% | $8.72B 72.3% | $9.01B 73.4% | $8.70B 75.4% | $8.01B 71.6% | $7.98B 72.2% | $6.89B 72.2% | $5.59B 70.4% | $5.48B 70.1% |
| Cost of Products | — | — | — | — | — | — | — | — | $5.59B 70.4% | $5.48B 70.1% |
| Gross Profit | $2.70B 23.9% | $3.00B 25.9% | $3.33B 27.7% | $3.26B 26.6% | — | — | — | — | — | — |
| Research & Development | $62.7M 0.6% | $60.8M 0.5% | $61.4M 0.5% | $57.7M 0.5% | $53.4M 0.5% | $51.3M 0.5% | $56.4M 0.5% | $56.1M 0.6% | $47.3M 0.6% | $44.6M 0.6% |
| Selling, General & Admin | $1.44B 12.8% | $1.54B 13.2% | $1.49B 12.3% | $1.43B 11.7% | $1.49B 12.9% | $1.40B 12.5% | $1.62B 14.7% | $1.47B 15.4% | $1.40B 17.6% | $1.47B 18.8% |
| Operating Income | -$1.63B -14.4% | $1.36B 11.8% | $852.8M 7.1% | $1.08B 8.8% | $1.59B 13.8% | $2.14B 19.1% | $1.82B 16.4% | $1.64B 17.2% | $1.41B 17.8% | $1.24B 15.8% |
| Interest & Investment Income | $7.5M 0.1% | $2.5M 0.0% | $5.7M 0.0% | $3.9M 0.0% | $2.1M 0.0% | $1.9M 0.0% | $3.1M 0.0% | $6.8M 0.1% | $3.8M 0.0% | $3.7M 0.0% |
| Pretax Income | -$1.82B -16.2% | $1.16B 10.0% | $610.2M 5.1% | $901.9M 7.3% | $1.18B 10.2% | $1.49B 13.4% | $1.04B 9.4% | $899.1M 9.4% | $972.1M 12.2% | $800.7M 10.2% |
| Income Tax Expense | $91.8M 0.8% | $3.7M 0.0% | $262.5M 2.2% | $218.7M 1.8% | $290.5M 2.5% | $193.8M 1.7% | $201.3M 1.8% | $218.8M 2.3% | $174.6M 2.2% | $254.7M 3.3% |
| Net Income | -$1.92B -17.0% | $1.15B 9.9% | $347.7M 2.9% | $683.2M 5.6% | $888.2M 7.7% | $1.30B 11.6% | $840.1M 7.6% | $678.3M 7.1% | $808.4M 10.2% | $639.3M 8.2% |
| Per Share | ||||||||||
| EPS (Basic) | -$4.00 | $2.41 | $0.73 | $1.43 | $1.85 | $2.67 | $1.72 | $1.53 | $2.00 | $1.48 |
| EPS (Diluted) | -$4.00 | $2.40 | $0.72 | $1.42 | $1.84 | $2.66 | $1.72 | $1.52 | $1.98 | $1.46 |
| Weighted Avg Shares (Basic) | 479.0M | 478.3M | 478.6M | 478.9M | 480.3M | 485.8M | 487.3M | 444.0M | 403.9M | 431.9M |
| Weighted Avg Shares (Diluted) | 479.0M | 479.7M | 480.0M | 480.7M | 482.2M | 487.8M | 488.6M | 445.6M | 407.4M | 436.0M |
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.
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.
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 |
|---|---|---|---|---|---|
| 2026-10-01 | Held Amy C EVP & Chief Admin. Officer | Grant | 27,776 | $0.00 | — |
| 2026-09-01 | Marshall Ruth Ann Director | Grant | 1,629 | $16.11 | $26k |
| 2026-07-24 | 3 co-filers EVP, GC and Corp. Secretary | Option exercise | 5,481 | $0.00 | $0 |
| 2026-07-24 | 3 co-filers EVP & COO | Option exercise | 11,419 | $0.00 | $0 |
| 2026-07-24 |
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.
| Option exercise |
| 11,419 |
| $0.00 |
| $0 |
| 2026-07-24 | 3 co-filers EVP, Chief HR Officer | Option exercise | 5,481 | $0.00 | $0 |
| 2026-07-24 | 3 co-filers SVP, Corporate Controller | Option exercise | 2,698 | $0.00 | $0 |
| 2026-07-24 | 3 co-filers EVP, Chief SC & Transformation | Option exercise | 10,962 | $0.00 | $0 |
| 2026-07-24 | 7 co-filers EVP & President, R & F | Option exercise | 34,257 | $0.00 | $0 |
| 2026-07-24 | 3 co-filers EVP, Chief SC & Transformation | Tax withholding | 4,857 | $14.77 | $72k |
| 2026-07-24 | 3 co-filers SVP, Corporate Controller | Tax withholding | 1,196 | $14.77 | $18k |
| 2026-07-24 | 3 co-filers EVP & COO | Tax withholding | 3,346 | $14.77 | $49k |
| 2026-07-24 | 7 co-filers EVP & President, R & F | Option exercise | 4,568 | $0.00 | $0 |
| 2026-07-24 | 3 co-filers EVP, GC and Corp. Secretary | Tax withholding | 2,429 | $14.77 | $36k |
| 2026-07-24 | 3 co-filers EVP, Chief HR Officer | Tax withholding | 2,429 | $14.77 | $36k |
| 2026-07-24 | 3 co-filers EVP and CFO | Tax withholding | 5,059 | $14.77 | $75k |
| 2026-07-24 | 3 co-filers EVP & COO | Option exercise | 11,419 | $0.00 | — |
| 2026-07-24 | 3 co-filers SVP, Corporate Controller | Option exercise | 2,698 | $0.00 | — |
| 2026-07-24 | 3 co-filers EVP, GC and Corp. Secretary | Option exercise | 5,481 | $0.00 | — |
| 2026-07-24 | 3 co-filers EVP, Chief SC & Transformation | Option exercise | 10,962 | $0.00 | — |
| 2026-07-24 | 7 co-filers EVP & President, R & F | Option exercise | 7,308 | $0.00 | $0 |
| 2026-07-24 | 3 co-filers EVP, Chief HR Officer | Option exercise | 5,481 | $0.00 | — |
| 2026-07-24 | 3 co-filers EVP and CFO | Option exercise | 11,419 | $0.00 | — |
| 2026-07-24 | 7 co-filers EVP & President, R & F | Tax withholding | 20,438 | $14.77 | $302k |
| 2026-07-24 | 7 co-filers EVP & President, R & F | Option exercise | 34,257 | $0.00 | — |
| 2026-07-24 | 7 co-filers EVP & President, R & F | Option exercise | 4,568 | $0.00 | — |
| 2026-07-24 | 7 co-filers EVP & President, R & F | Option exercise | 7,308 | $0.00 | — |
| 2026-07-22 | 3 co-filers SVP, Corporate Controller | Grant | 1,025 | $0.00 | $0 |
| 2026-07-22 | 3 co-filers EVP, GC and Corp. Secretary | Grant | 7,032 | $0.00 | $0 |
| 2026-07-22 | 3 co-filers EVP, Chief SC & Transformation | Grant | 12,500 | $0.00 | $0 |
| 2026-07-22 | Brase John P President and CEO | Grant | 205,953 | $0.00 | — |
| 2026-07-22 | O'Mara Noelle EVP & President, R & F | Grant | 50,783 | $0.00 | — |
| 2026-07-22 | 3 co-filers EVP, Chief HR Officer | Grant | 9,375 | $0.00 | $0 |
| 2026-07-22 | 2 co-filers EVP & COO | Grant | 19,532 | $0.00 | $0 |
| 2026-07-22 | 4 co-filers EVP and CFO | Grant | 19,532 | $0.00 | $0 |
| 2026-07-22 | 2 co-filers EVP & COO | Tax withholding | 5,723 | $14.83 | $85k |
| 2026-07-22 | 3 co-filers EVP, Chief SC & Transformation | Tax withholding | 5,538 | $14.83 | $82k |
| 2026-07-22 | 3 co-filers EVP, GC and Corp. Secretary | Tax withholding | 3,116 | $14.83 | $46k |
| 2026-07-22 | 4 co-filers EVP and CFO | Grant | 19,532 | $0.00 | $0 |
| 2026-07-22 | 3 co-filers EVP, Chief HR Officer | Grant | 5,078 | $0.00 | $0 |
EOD close · as of 2026-10-30
Where each multiple sits in its own 15-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 15-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE -30% against ROIC -15% — -15% 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 -25.1% — 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 76.9× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 72.2 | 72.2 | 71.6 | 75.4 | 73.4 | 72.3 | 74.1 | 76.1 |
| Gross Profit | — | — | — | — | 26.6 | 27.7 | 25.9 | 23.9 |
| R&D | 0.6 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.6 |
| SG&A | 15.4 | 14.7 | 12.5 | 12.9 | 11.7 | 12.3 | 13.2 | 12.8 |
| Operating Income | 17.2 | 16.4 | 19.1 | 13.8 | 8.8 | 7.1 | 11.8 | -14.4 |
| Income Tax | 2.3 | 1.8 | 1.7 | 2.5 | 1.8 | 2.2 | 0.0 | 0.8 |
| Net Income | 7.1 | 7.6 | 11.6 | 7.7 | 5.6 | 2.9 | 9.9 | -17.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CAG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -12.13pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 8.0% | 3.8% (today's — no rate published for this year) | 4.2pts |
| FY2021 | 9.3% | 3.8% (today's — no rate published for this year) | 5.5pts |
| FY2022 | 7.2% | 3.8% (today's — no rate published for this year) | 3.5pts |
| FY2023 | 5.0% | 3.8% (today's — no rate published for this year) | 1.2pts |
| FY2024 | 3.8% | 3.8% (today's — no rate published for this year) | 0.1pts |
| FY2025 | 6.4% | 3.8% (today's — no rate published for this year) | 2.7pts |
| FY2026 | -9.5% | 3.8% (today's — no rate published for this year) | -13.2pts |
| Now | -14.9% | 3.8% | -18.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 29.9% | 15.8% | 8.2% |
| FY2018 | 29.6% | 17.8% | 10.2% |
| FY2019 | 27.8% | 17.2% | 7.1% |
| FY2020 | 27.8% | 16.4% | 7.6% |
| FY2021 | 28.4% | 19.1% | 11.6% |
| FY2022 | 24.6% | 13.8% | 7.7% |
| FY2023 | 26.6% | 8.8% | 5.6% |
| FY2024 | 27.7% | 7.1% | 2.9% |
| FY2025 | 25.9% | 11.8% | 9.9% |
| FY2026 | 23.9% | -14.4% | -17.0% |
Return on equity is 15 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
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.
$8.1B of goodwill — 54% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
Margins have compressed 2 years running even as the spread stayed positive.
Converts 1.66x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2026-05-31 (10-K); cash from the 2026-05-31 balance sheet; FCF from FY2026.
Balance sheet at 2026-05-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda, interest_expense.
At $14.57, free cash flow must compound -1.17%/yr for 10 years. It has done -6.59%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −34.7% | −1.2% |
| FY2022 | −25.9% | −1.2% |
| FY2023 | −11.2% | −1.2% |
| FY2024 | 157.0% | −1.2% |
| FY2025 | −20.0% | −1.2% |
| FY2026 | −24.9% | −1.2% |
The achieved growth rate spans a reporting-basis change in FY2023, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$1.92B | −$1.92B |
| Share-based comp | $55M | −$1.86B |
| Other non-cash & working capital | $3.26B | $1.40B |
| Operating cash flow | $1.40B | $1.40B |
| Capex | −$423M | $979M |
| Free cash flow | $979M | $979M |
| FCF after SBC | $924M | $924M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 1.2% | not reported | not reported |
| FY2022 | 3.1% | not reported | not reported |
| FY2023 | 6.4% | not reported | not reported |
| FY2024 | -1.8% | not reported | not reported |
| FY2025 | -3.6% | not reported | not reported |
| FY2026 | -2.9% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -4.5 percent |
| FY2021 | -0.8 percent |
| FY2022 | -1.3 percent |
| FY2023 | -1.4 percent |
| FY2024 | -8.0 percent |
| FY2025 | -2.6 percent |
| FY2026 | -19.2 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 (FY2026) 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.