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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 22% of free cash flow, leaving room to grow it and fund buybacks. Last year: $4.89B dividends + $7.16B buybacks = $12.05B returned on $21.89B FCF.
9 consecutive years of dividend increases · 10%/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 balanced mix of reinvestment and shareholder returns.
Modest payoff on reinvested capital. Current ROIC on all capital: 10%. 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.
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
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 | $123.71B 100.0% | $123.73B 100.0% | $121.57B 100.0% | $121.43B 100.0% | $116.39B 100.0% | $103.56B 100.0% | $108.94B 100.0% | $94.51B 100.0% | $85.03B 100.0% | $80.74B 100.0% |
| Total Operating Expenses | $103.03B 83.3% | $100.43B 81.2% | $98.26B 80.8% | $107.39B 88.4% | $95.57B 82.1% | $86.07B 83.1% | $87.82B 80.6% | $75.50B 79.9% | $67.01B 78.8% | $63.91B 79.2% |
| Operating Income | $20.67B 16.7% | $23.30B 18.8% | $23.31B 19.2% | $14.04B 11.6% | $20.82B 17.9% | $17.49B 16.9% | $21.13B 19.4% | $19.01B 20.1% | $18.02B 21.2% | $16.83B 20.8% |
| Interest Expense | $4.41B 3.6% | $4.13B 3.3% | $4.09B 3.4% | $3.90B 3.2% | $4.28B 3.7% | $4.59B 4.4% | $4.57B 4.2% | $3.54B 3.7% | $3.09B 3.6% | $2.94B 3.6% |
| Other Income (Expense), net | $9.50B 7.7% | -$490.0M -0.4% | $1.25B 1.0% | -$861.0M -0.7% | $2.56B 2.2% | $1.16B 1.1% | $438.0M 0.4% | -$225.0M -0.2% | $421.0M 0.5% | $437.0M 0.5% |
| Pretax Income | $25.77B 20.8% | $18.67B 15.1% | $20.48B 16.8% | $9.28B 7.6% | $19.09B 16.4% | $14.06B 13.6% | $17.00B 15.6% | $15.24B 16.1% | $15.35B 18.1% | $14.33B 17.7% |
| Income Tax Expense | $6.11B 4.9% | $2.80B 2.3% | $5.37B 4.4% | $4.36B 3.6% | $5.26B 4.5% | $3.36B 3.2% | $3.67B 3.4% | $3.38B 3.6% | -$7.57B -8.9% | $5.30B 6.6% |
| Net Income | $20.00B 16.2% | $16.19B 13.1% | $15.39B 12.7% | $5.37B 4.4% | $14.16B 12.2% | $10.53B 10.2% | $13.06B 12.0% | $11.73B 12.4% | $22.73B 26.7% | $8.68B 10.7% |
| Per Share | ||||||||||
| EPS (Basic) | $5.41 | $4.17 | $3.73 | $1.22 | $3.09 | $2.30 | $2.87 | $2.56 | $4.83 | $1.80 |
| EPS (Diluted) | $5.39 | $4.14 | $3.71 | $1.21 | $3.04 | $2.28 | $2.83 | $2.53 | $4.75 | $1.78 |
| Weighted Avg Shares (Basic) | 3.70B | 3.88B | 4.12B | 4.41B | 4.58B | 4.57B | 4.55B | 4.58B | 4.71B | 4.82B |
| Weighted Avg Shares (Diluted) | 3.71B | 3.91B | 4.15B | 4.43B | 4.65B | 4.62B | 4.61B | 4.64B | 4.79B | 4.88B |
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 13-yr range · 33th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 13-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 21% against ROIC 10% — 10% 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 21.9% — 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 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 20.1 | 19.4 | 16.9 | 17.9 | 11.6 | 19.2 | 18.8 | 16.7 |
| Income Tax | 3.6 | 3.4 | 3.2 | 4.5 | 3.6 | 4.4 | 2.3 | 4.9 |
| Net Income | 12.4 | 12.0 | 10.2 | 12.2 | 4.4 | 12.7 | 13.1 | 16.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CCZ: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $64.50 today, the market must believe free cash flow compounds 0.5%/yr for a decade (off $17.88B on the 3-yr avg basis).
On the basis ($16.61B) the requirement is 1.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 0.5% is more conservative than its 9-yr track record.
Default is 7.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 3.70B shares · net debt $89.46B
mean 9.9% · volatility σ 19% · implied rate exceeded in 6/9 yrs
Central path = implied 0.5%/yr growth; shaded band = ±1σ (19%) 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $9.48B covers the $5.80B due within a year 1.6× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~4.5% on $98.94B of debt.
Cash of $9.48B fully covers short-term debt of $5.96B.
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.
Ranked against 36 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CCZ | $238.6B | 12.0× | 8.9× | 1.9× | -0.0% | — | 16.2% | 20.6% | 10.2% | 2.4× | — |
| VZ | $185.4B | 11.0× | 6.9× | 1.3× | 2.5% | — | 12.4% | 16.2% | 7.0% | 2.7× | 1,167 |
| TMUS | $165.7B | 16.1× | 7.8× | 1.9× | 8.5% | — | 12.4% | 18.6% | 7.6% | 2.5× | 487 |
| T | $144.2B | 7.0× | 6.0× | 1.1× | 2.7% | — | 17.5% | 17.4% | 8.1% | 2.8× | 1,004 |
| WBD | $77.6B | 106.7× | 16.5× | 2.1× | -5.1% | — | 1.9% | 2.0% | 1.1% | 4.4× | 367 |
| ROKU | $23.0B | 262.9× | — | 4.9× | 15.2% | 43.8% | 1.9% | 3.3% | 3.3% | — | 179 |
| CHTR | $12.8B | 3.1× | 5.1× | 0.2× | -0.6% | — | 9.1% | 31.1% | 4.5% | 4.5× | 192 |
| GSAT | $10.7B | — | 114.4× | 39.1× | 9.0% | — | -3.2% | -2.4% | -1.0% | 0.4× | 56 |
| VSAT | $10.6B | — | 7.8× | 2.3× | 2.7% | — | -0.7% | -0.7% | -0.7% | -1.5× | 106 |
| SIRI | $9.8B | 13.0× | 10.2× | 1.1× | -1.6% | 52.4% | 9.4% | 7.0% | 3.8% | 5.1× | 148 |
| NXST | $5.3B | 57.1× | 8.6× | 1.1× | -8.5% | — | 2.2% | 5.3% | 1.3% | 4.6× | 108 |
| LUMN | $5.0B | — | 2.1× | 0.4× | -5.4% | 46.5% | -14.0% | 156% | 156% | -0.5× | 144 |
| IRDM | $4.8B | 42.4× | 14.4× | 5.5× | 4.9% | — | 13.1% | 24.7% | 5.1% | 3.7× | 104 |
| TDS | $3.9B | — | 15.4× | 3.2× | -5.3% | — | -0.5% | -0.1% | -0.1% | -3.7× | 63 |
| AD | $2.8B | 58.7× | — | 17.4× | 58.3% | 51.2% | 29.9% | 1.9% | 1.9% | — | 20 |
| LBTYA | $2.7B | — | — | 0.5× | 12.4% | 65.8% | -146% | -73.3% | -39.0% | — | — |
| ADEA | $2.4B | 21.7× | 15.3× | 5.3× | 17.9% | — | 25.1% | 23.1% | 12.4% | 1.9× | 57 |
| CALX | $2.3B | 141.6× | 56.2× | 2.3× | 20.3% | 56.8% | 1.8% | 2.1% | 2.1% | -3.7× | 49 |
| IDT | $2.0B | 23.7× | 12.7× | 1.6× | 5.4% | 38.3% | 6.7% | 23.0% | 23.0% | -1.6× | 30 |
| ZD | $1.9B | 47.6× | 5.3× | 1.3× | 3.5% | 85.8% | 3.3% | 2.7% | 1.8% | 0.7× | 53 |
| LILA | $1.7B | — | 9.4× | 0.4× | -0.1% | 78.0% | -13.8% | -110% | -6.6% | 7.8× | — |
| UNIT | $1.2B | 1.0× | 13.7× | 0.6× | 91.5% | — | 58.4% | 343% | 13.2% | 12.1× | 57 |
| NMAX | $1.0B | — | — | 5.5× | 10.7% | 39.3% | -52.6% | -93.8% | -93.8% | — | 52 |
| SBGI | $926M | — | 10.5× | 0.3× | -10.7% | — | -3.5% | -25.3% | -2.3% | 8.3× | 29 |
| SHEN | $563M | — | 10.9× | 1.6× | 9.1% | — | -9.2% | -3.7% | -2.2% | 5.7× | 23 |
Peers = companies sharing CCZ's sector (Cable & Other Pay Television Services) 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.
Earns 1.64pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 8.9% | 7.3% (today's — no rate published for this year) | 1.6pts |
| FY2020 | 7.3% | 7.3% (today's — no rate published for this year) | 0.0pts |
| FY2021 | 8.5% | 4.2% | 4.3pts |
| FY2022 | 6.1% | 6.1% | -0.0pts |
| FY2023 | 10.0% | 5.9% | 4.1pts |
| FY2024 | 9.8% | 6.5% | 3.3pts |
| FY2025 | 8.3% | 6.6% | 1.7pts |
| Now | 10.2% | 7.3% | 3.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 20.8% | 10.7% |
| FY2017 | not reported | 21.2% | 26.7% |
| FY2018 | not reported | 20.1% | 12.4% |
| FY2019 | not reported | 19.4% | 12.0% |
| FY2020 | not reported | 16.9% | 10.2% |
| FY2021 | not reported | 17.9% | 12.2% |
| FY2022 | not reported | 11.6% | 4.4% |
| FY2023 | not reported | 19.2% | 12.7% |
| FY2024 | not reported | 18.8% | 13.1% |
| FY2025 | not reported | 16.7% | 16.2% |
Leverage and buybacks account for 10 points of the 21% return on equity in FY2025. The business earns 10% 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.
$53.2B of goodwill — 29% 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.
ROIC ex-goodwill is 12.58% against 8.9% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.49x of reported profit into free cash flow over 5 years, with accruals negative.
Capex has been below depreciation for 7 consecutive years (0.77x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Covers interest 3.3x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 4.69x |
| 5% | 4.45x |
| 10% | 4.22x |
| 15% | 3.99x |
| 20% | 3.75x |
| 25% | 3.52x |
| 30% | 3.28x |
| 35% | 3.05x |
| 40% | 2.81x |
| 45% | 2.58x |
| 50% | 2.34x |
| 55% | 2.11x |
| 60% | 1.88x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 4.7x today but falls to 3.3x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $64.50, free cash flow must compound 0.73%/yr for 10 years. It has done 5.65%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −1.2% | 0.7% |
| FY2021 | 28.4% | 0.7% |
| FY2022 | −21.0% | 0.7% |
| FY2023 | 3.0% | 0.7% |
| FY2024 | −4.7% | 0.7% |
| FY2025 | 41.3% | 0.7% |
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 (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $20.00B | $20.00B |
| Share-based comp | $1.29B | $21.29B |
| Other non-cash & working capital | $12.36B | $33.64B |
| Operating cash flow | $33.64B | $33.64B |
| Capex | −$11.75B | $21.89B |
| Free cash flow | $21.89B | $21.89B |
| FCF after SBC | $20.61B | $20.61B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -4.9% | 1.5% | 6.5 points |
| FY2021 | 12.4% | 4.7% | -7.7 points |
| FY2022 | 4.3% | 5.5% | 1.2 points |
| FY2023 | 0.1% | 9.0% | 8.9 points |
| FY2024 | 1.8% | -1.1% | -2.9 points |
| FY2025 | -0.0% | 1.5% | 1.5 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 37.8 days | not reported | not reported | not reported |
| FY2020 | 40.4 days | not reported | not reported | not reported |
| FY2021 | 37.7 days | not reported | not reported | not reported |
| FY2022 | 38.1 days | not reported | not reported | not reported |
| FY2023 | 41.5 days | not reported | not reported | not reported |
| FY2024 | 40.3 days | not reported | not reported | not reported |
| FY2025 | 40.9 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.8 percent |
| FY2020 | -5.2 percent |
| FY2021 | -5.4 percent |
| FY2022 | -8.2 percent |
| FY2023 | -5.0 percent |
| FY2024 | -4.3 percent |
| FY2025 | -5.0 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 7 consecutive years 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.