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Held by 113 of 2,417 reporting institutions (91th percentile) — extremely crowded.
Data as of Q3 2026
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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
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 |
|---|---|---|---|---|---|
| 2026-09-30 | Mather Courtney Director | Grant | 2,118 | $13.57 | — |
| 2026-08-12 | Familiar Calderon Gerardo See Remarks | Plan purchase | 1,935 | $15.53 | $30k |
| 2026-08-12 | Will David Chief Accounting Officer | Tax withholding | 2,426 | $15.24 | $37k |
| 2026-08-11 | Dignam Denise Chief Executive Officer | Plan purchase | 3,378 | $14.95 | $51k |
| 2026-08-07 |
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.
| Plan purchase |
| 6,000 |
| $15.82 |
| $95k |
| 2026-08-07 | Cowan Alister Director | Plan purchase | 13,000 | $15.62 | $203k |
| 2026-08-07 | Foley Michael Robert See Remarks | Plan purchase | 1,934 | $15.51 | $30k |
| 2026-08-07 | Martinko Joseph T. See Remarks | Plan purchase | 1,940 | $15.47 | $30k |
| 2026-08-06 | Hostetter Shane Chief Financial Officer | Plan purchase | 3,350 | $14.94 | $50k |
| 2026-08-06 | Hostetter Shane Chief Financial Officer | Tax withholding | 3,087 | $15.11 | $47k |
| 2026-08-01 | Martinko Joseph T. See Remarks | Tax withholding | 663 | $16.61 | $11k |
| 2026-08-01 | Dignam Denise Chief Executive Officer | Tax withholding | 477 | $16.61 | $8k |
| 2026-08-01 | Wellman Kristine M SVP, GC & Corp. Secretary | Tax withholding | 391 | $16.61 | $6k |
| 2026-08-01 | Familiar Calderon Gerardo See Remarks | Tax withholding | 943 | $16.61 | $16k |
| 2026-06-30 | Mather Courtney Director | Grant | 1,401 | $20.52 | — |
| 2026-05-06 | Cowan Alister Director | Grant | 7,182 | $0.00 | $0 |
| 2026-05-06 | Cranston Mary B Director | Grant | 7,182 | $0.00 | $0 |
| 2026-05-06 | Turner Leslie M Director | Grant | 7,182 | $0.00 | $0 |
| 2026-05-06 | Fletcher Pamela Director | Grant | 7,182 | $0.00 | $0 |
| 2026-05-06 | Mather Courtney Director | Grant | 7,182 | $0.00 | $0 |
| 2026-05-06 | Kane Erin N Director | Grant | 7,182 | $0.00 | $0 |
| 2026-05-06 | Satterthwaite Livingston Director | Grant | 7,182 | $0.00 | $0 |
| 2026-05-06 | Keohane Sean D Director | Grant | 7,182 | $0.00 | $0 |
| 2026-05-06 | Kava Joseph Daniel Director | Grant | 7,182 | $0.00 | $0 |
| 2026-05-06 | Brokaw George R Director | Grant | 7,182 | $0.00 | $0 |
| 2026-03-31 | Mather Courtney Director | Grant | 1,305 | $22.03 | — |
| 2026-03-02 | 2 co-filers See Remarks | Grant | 25,013 | $0.00 | $0 |
| 2026-03-02 | 2 co-filers Chief Executive Officer | Grant | 169,538 | $0.00 | $0 |
| 2026-03-02 | 2 co-filers See Remarks | Grant | 50,027 | $0.00 | $0 |
| 2026-03-02 | 2 co-filers See Remarks | Grant | 28,488 | $0.00 | $0 |
| 2026-03-02 | 2 co-filers Chief Financial Officer | Grant | 47,387 | $0.00 | $0 |
| 2026-03-02 | 2 co-filers SVP, GC & Corp. Secretary | Grant | 25,708 | $0.00 | $0 |
| 2026-03-02 | 2 co-filers Chief Accounting Officer | Grant | 8,337 | $0.00 | $0 |
| 2026-03-02 | 2 co-filers See Remarks | Grant | 25,708 | $0.00 | $0 |
| 2026-03-01 | 2 co-filers See Remarks | Tax withholding | 2,635 | $18.24 | $48k |
| 2026-03-01 | 2 co-filers SVP, GC & Corp. Secretary | Tax withholding | 3,359 | $18.24 | $61k |
| 2026-03-01 | 2 co-filers Chief Executive Officer | Tax withholding | 22,220 | $18.24 | $405k |
| 2026-03-01 | 2 co-filers See Remarks | Tax withholding | 2,789 | $18.24 | $51k |
| 2026-03-01 | 2 co-filers Chief Financial Officer | Tax withholding | 3,232 | $18.24 | $59k |
| 2026-03-01 | 2 co-filers Chief Accounting Officer | Tax withholding | 699 | $18.24 | $13k |
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2023, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $13.53 today, the market must believe free cash flow compounds 21.8%/yr for a decade (off $118.5M on the 3-yr avg basis).
On the basis ($99.0M) the requirement is 24.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 21.8% is more optimistic than its 9-yr track record.
Default is 11.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.15B shares (market data) · net debt $3.47B
mean -49.2% · volatility σ 260% · implied rate exceeded in 2/8 yrs
Central path = implied 21.8%/yr growth; shaded band = ±1σ (260%) 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.
Ranked against 39 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ZLAB | $2.7B | — | — | 6.0× | 15.3% | 58.6% | -38.1% | -24.5% | -19.1% | — | 8 |
| FUL | $2.7B | 18.1× | 12.9× | 0.8× | -2.7% | 31.1% | 4.4% | 7.6% | 3.8% | 5.4× | 67 |
| NEOG | $2.6B | — | 33.7× | 3.0× | -2.7% | 46.9% | -0.9% | -0.4% | -0.3% | 6.4× | 61 |
| ADMA | $2.6B | 19.0× | 12.7× | 5.0× | 19.6% | 57.4% | 28.8% | 30.8% | 26.7% | -0.1× | 72 |
| NGVT | $2.6B | — | 7.0× | 2.2× | -2.7% | 39.5% | -14.3% | -563% | -13.5% | 2.1× | 84 |
| IOSP | $2.5B | 21.4× | 12.5× | 1.4× | -3.7% | 27.7% | 6.6% | 8.8% | 8.8% | -1.7× | 57 |
| SUPN | $2.4B | — | 79.0× | 3.4× | 8.6% | 89.6% | -5.4% | -3.6% | -3.6% | -4.4× | 60 |
| RXRX | $2.4B | — | — | 32.3× | 26.9% | 5.0% | -863% | -57.0% | -56.1% | — | 63 |
| ROG | $2.4B | — | — | 2.9× | -2.3% | 31.7% | -7.6% | -5.2% | -5.2% | — | 54 |
| PBH | $2.3B | 12.6× | 9.6× | 2.1× | -4.3% | 54.7% | 17.5% | 10.1% | 6.6% | 2.7× | 57 |
| HCM | $2.3B | 25.3× | — | 4.2× | -13.0% | 38.7% | 83.3% | 36.9% | 34.3% | — | 8 |
| HRMY | $2.3B | 14.3× | — | 2.6× | 21.5% | 77.2% | 18.3% | 18.2% | 15.3% | — | 67 |
| AUPH | $2.2B | 8.0× | 17.2× | 7.8× | 20.4% | 88.5% | — | 49.4% | 49.4% | -0.6× | 41 |
| CURLF | $2.2B | — | 11.9× | 1.7× | -5.0% | 49.8% | -18.2% | -30.6% | -17.7% | 2.1× | — |
| PRGO | $2.2B | — | — | 0.5× | -2.8% | 35.1% | -33.5% | -48.6% | -21.7% | — | 72 |
| BCRX | $2.2B | 7.0× | 6.1× | 2.5× | 94.1% | 97.8% | 30.2% | -221% | -221% | -0.3× | 43 |
| VCEL | $2.1B | 125.8× | 86.8× | 7.5× | 16.5% | 74.4% | 6.0% | 4.7% | 4.7% | -4.4× | 55 |
| CC | $2.0B | — | 148.8× | 0.3× | 0.4% | 15.5% | -6.6% | -154% | -8.8% | — | 113 |
| SDGR | $2.0B | — | — | 7.9× | 23.3% | 55.7% | -40.4% | -28.4% | -28.4% | — | 58 |
| OLN | $2.0B | — | 8.9× | 0.3× | 3.7% | 7.4% | -1.5% | -5.5% | -2.2% | 5.0× | 77 |
| TRLV | $2.0B | — | — | 1.7× | -0.4% | 60.2% | -10.3% | -10.7% | -9.6% | — | — |
| SRPT | $2.0B | — | — | 0.9× | 15.6% | 98.8% | -32.5% | -62.5% | -36.2% | — | 47 |
| MTX | $2.0B | — | — | 0.9× | -2.2% | 25.0% | -0.9% | -1.1% | -0.7% | — | 51 |
| VIR | $1.9B | — | — | 27.9× | -7.6% | 100.0% | -639% | -57.2% | -57.2% | — | 42 |
| AGIO | $1.8B | — | — | 33.8× | 48.0% | 88.3% | -764% | -34.6% | -34.6% | — | 35 |
Peers = companies sharing CC's sector (Chemicals & Allied 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (153%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $78.0M dividends + $0 buybacks = $78.0M returned on $51.0M 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: -9%. 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.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.81B 100.0% | $5.78B 100.0% | $6.08B 100.0% | $6.83B 100.0% | $6.34B 100.0% | $4.97B 100.0% | $5.53B 100.0% | $6.64B 100.0% | $6.18B 100.0% | $5.40B 100.0% |
| Cost of Revenue | $4.91B 84.5% | $4.64B 80.2% | $4.78B 78.6% | $5.21B 76.3% | $4.96B 78.2% | $3.90B 78.5% | $4.46B 80.8% | $4.67B 70.3% | $4.44B 71.8% | $4.30B 79.6% |
| Cost of Products | — | — | — | — | — | — | — | — | $4.43B 71.6% | $4.29B 79.4% |
| Gross Profit | $902.0M 15.5% | $1.14B 19.8% | $1.30B 21.4% | $1.62B 23.7% | $1.38B 21.8% | $1.07B 21.5% | $1.06B 19.2% | $1.97B 29.7% | $1.75B 28.2% | $1.10B 20.4% |
| Research & Development | $108.0M 1.9% | $109.0M 1.9% | $108.0M 1.8% | $118.0M 1.7% | $107.0M 1.7% | $93.0M 1.9% | $80.0M 1.4% | $82.0M 1.2% | $81.0M 1.3% | $81.0M 1.5% |
| Selling, General & Admin | $799.0M 13.8% | $598.0M 10.3% | $1.29B 21.2% | $710.0M 10.4% | $592.0M 9.3% | $527.0M 10.6% | $548.0M 9.9% | $657.0M 9.9% | $626.0M 10.1% | $946.0M 17.5% |
| Total Operating Expenses | $966.0M 16.6% | $823.0M 14.2% | $1.55B 25.5% | $844.0M 12.4% | $705.0M 11.1% | $700.0M 14.1% | $715.0M 12.9% | $788.0M 11.9% | $764.0M 12.4% | $1.20B 22.2% |
| Interest Expense | $269.0M 4.6% | $263.0M 4.5% | $208.0M 3.4% | $163.0M 2.4% | $185.0M 2.9% | $210.0M 4.2% | $208.0M 3.8% | $195.0M 2.9% | $214.0M 3.5% | $219.0M 4.1% |
| Other Income (Expense), net | $26.0M 0.4% | $8.0M 0.1% | $91.0M 1.5% | $70.0M 1.0% | $163.0M 2.6% | $21.0M 0.4% | -$293.0M -5.3% | $162.0M 2.4% | $113.0M 1.8% | $267.0M 4.9% |
| Pretax Income | -$277.0M -4.8% | $106.0M 1.8% | -$318.0M -5.2% | $741.0M 10.8% | $676.0M 10.7% | $179.0M 3.6% | -$124.0M -2.2% | $1.16B 17.4% | $912.0M 14.8% | -$11.0M -0.2% |
| Income Tax Expense | $109.0M 1.9% | $37.0M 0.6% | -$66.0M -1.1% | $163.0M 2.4% | $68.0M 1.1% | -$40.0M -0.8% | -$72.0M -1.3% | $159.0M 2.4% | $165.0M 2.7% | -$18.0M -0.3% |
| Net Income | -$386.0M -6.6% | $69.0M 1.2% | -$253.0M -4.2% | $578.0M 8.5% | $608.0M 9.6% | $219.0M 4.4% | -$52.0M -0.9% | $995.0M 15.0% | $746.0M 12.1% | $7.0M 0.1% |
| Per Share | ||||||||||
| EPS (Basic) | -$2.57 | $0.46 | -$1.70 | $3.72 | $3.69 | $1.33 | -$0.32 | $5.62 | $4.04 | $0.04 |
| EPS (Diluted) | -$2.57 | $0.46 | -$1.70 | $3.65 | $3.60 | $1.32 | -$0.32 | $5.45 | $3.91 | $0.04 |
| Weighted Avg Shares (Basic) | 150.2M | 149.5M | 148.9M | 155.4M | 164.9M | 164.7M | 164.8M | 177.0M | 184.8M | 181.6M |
| Weighted Avg Shares (Diluted) | 150.2M | 150.2M | 148.9M | 158.3M | 168.7M | 166.3M | 164.8M | 182.6M | 191.0M | 183.4M |
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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~6.5% on $4.14B of debt.
Cash of $670.0M fully covers short-term debt of $42.0M.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
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 11-yr range · 63th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 11-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 -154% against ROIC -9% — -146% 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 -94.0% — 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
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 70.3 | 80.8 | 78.5 | 78.2 | 76.3 | 78.6 | 80.2 | 84.5 |
| Gross Profit | 29.7 | 19.2 | 21.5 | 21.8 | 23.7 | 21.4 | 19.8 | 15.5 |
| R&D | 1.2 | 1.4 | 1.9 | 1.7 | 1.7 | 1.8 | 1.9 | 1.9 |
| SG&A | 9.9 | 9.9 | 10.6 | 9.3 | 10.4 | 21.2 | 10.3 | 13.8 |
| Income Tax | 2.4 | -1.3 | -0.8 | 1.1 | 2.4 | -1.1 | 0.6 | 1.9 |
| Net Income | 15.0 | -0.9 | 4.4 | 9.6 | 8.5 | -4.2 | 1.2 | -6.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -17.02pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 3.0% | 11.2% (today's — no rate published for this year) | -8.2pts |
| FY2020 | 3.0% | 11.2% (today's — no rate published for this year) | -8.3pts |
| FY2021 | 10.4% | 6.9% | 3.6pts |
| FY2022 | 12.8% | 7.1% | 5.7pts |
| FY2023 | -7.9% | 10.3% | -18.2pts |
| FY2024 | 1.7% | 11.3% | -9.6pts |
| FY2025 | -5.7% | 11.1% | -16.8pts |
| Now | -8.8% | 11.2% | -20.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 20.4% | -5.1% | 0.1% |
| FY2017 | 28.2% | 12.9% | 12.1% |
| FY2018 | 29.7% | 15.0% | 15.0% |
| FY2019 | 19.2% | 3.1% | -0.9% |
| FY2020 | 21.5% | 3.2% | 4.4% |
| FY2021 | 21.8% | 8.1% | 9.6% |
| FY2022 | 23.7% | 9.8% | 8.5% |
| FY2023 | 21.4% | -6.7% | -4.2% |
| FY2024 | 19.8% | 1.7% | 1.2% |
| FY2025 | 15.5% | -5.2% | -6.6% |
ROIC ex-goodwill is -5.88% against -5.81% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Cash conversion of -2.57x sits below the level that would make the earnings clearly cash-backed.
Reported free cash flow is $51M; after share-based compensation it is $30M. The difference is a real cost that the cash flow statement adds back.
Stressed coverage falls to -0.8x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | -1.13x |
| 5% | -1.07x |
| 10% | -1.01x |
| 15% | -0.96x |
| 20% | -0.90x |
| 25% | -0.84x |
| 30% | -0.79x |
| 35% | -0.73x |
| 40% | -0.68x |
| 45% | -0.62x |
| 50% | -0.56x |
| 55% | -0.51x |
| 60% | -0.45x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 101.7x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $13.53, free cash flow must compound 22.56%/yr for 10 years. It has done -18.1%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 219.5% | 22.6% |
| FY2021 | −0.6% | 22.6% |
| FY2022 | −16.6% | 22.6% |
| FY2023 | −58.5% | 22.6% |
| FY2024 | −633.9% | 22.6% |
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 FY2024, so part of it measures the restatement rather than the business.
Return on equity is 146 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.
$46M of goodwill — 1% 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.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$386M | −$386M |
| Share-based comp | $21M | −$365M |
| Other non-cash & working capital | $629M | $264M |
| Operating cash flow | $264M | $264M |
| Capex | −$213M | $51M |
| Free cash flow | $51M | $51M |
| FCF after SBC | $30M | $30M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -10.1% | -25.4% | -15.3 points |
| FY2021 | 27.7% | 43.4% | 15.7 points |
| FY2022 | 7.7% | -21.0% | -28.6 points |
| FY2023 | -11.0% | 0.0% | 11.0 points |
| FY2024 | -4.9% | 21.6% | 26.5 points |
| FY2025 | 0.5% | -9.2% | -9.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 39.8 days | 88.2 days | 73.7 days | 54.3 days |
| FY2020 | 33 days | 87.8 days | 76.7 days | 44.1 days |
| FY2021 | 37 days | 80.8 days | 83.9 days | 34 days |
| FY2022 | 27.2 days | 98.3 days | 84.7 days | 40.8 days |
| FY2023 | 30.6 days | 103.1 days | 86.7 days | 47 days |
| FY2024 | 39.1 days | 115.1 days | 89.2 days | 65 days |
| FY2025 | 35.3 days | 116.7 days | 69.1 days | 82.9 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -9.7 percent |
| FY2020 | -8.3 percent |
| FY2021 | -2.7 percent |
| FY2022 | -2.3 percent |
| FY2023 | -9.8 percent |
| FY2024 | 9.3 percent |
| FY2025 | -8.8 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 1 year to the latest.
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.