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Insufficient data to determine institutional momentum.
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 12 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ISRG | $152.6B | 54.9× | 42.1× | 15.2× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | -0.9× | 693 |
| EW | $53.0B | 50.3× | 35.7× | 8.7× | 11.5% | 78.0% | 17.7% | 10.4% | 9.8% | -1.6× | 399 |
| STE | $22.1B | 28.6× | 14.9× | 3.7× | 8.7% | 44.2% | 13.2% | 10.9% | 8.6% | 0.9× | 204 |
| ZBH | $18.0B | 26.6× | 11.4× | 2.2× | 7.2% | 69.7% | 8.6% | 5.6% | 3.5% | 3.2× | 253 |
| ALGN | $10.6B | 26.5× | 12.2× | 2.6× | 0.9% | 67.2% | 10.2% | 10.1% | 10.1% | -1.4× | 152 |
| MSA | $6.9B | 25.2× | 16.5× | 3.7× | 3.7% | 46.5% | 14.9% | 20.4% | 14.3% | 0.9× | 104 |
| ESTA | $1.9B | — | — | 8.8× | 27.1% | 69.3% | -24.2% | -217% | -18.8% | — | 21 |
| CDRE | $1.3B | 29.8× | 17.3× | 2.1× | 7.5% | 42.5% | 7.2% | 13.9% | 7.1% | 2.1× | 31 |
| AVNS | $1.2B | — | — | 1.7× | 1.9% | 50.5% | -10.4% | -9.4% | -8.3% | — | 1 |
| ENOV | $1.1B | — | 10.9× | 0.5× | 6.7% | 59.8% | -52.7% | -79.5% | -42.5% | 5.7× | 46 |
| SMTI | $302M | — | 29.4× | 2.9× | 19.0% | 92.7% | -36.4% | -633% | -72.4% | 2.6× | 13 |
| INGN | $182M | — | — | 0.5× | 3.9% | 44.2% | -6.5% | -11.8% | -11.8% | — | 20 |
| ZJYL | $173M | 235.0× | — | 8.4× | -12.0% | 29.2% | 5.8% | 4.0% | 2.5% | 13.4× | — |
Peers = companies sharing CDRE's sector (Orthopedic, Prosthetic & Surgical Appliances & Supplies) 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.
How management deployed cash over 6 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: 7%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 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 $122.9M (at 2025-12-31) covers the $30.0M due within a year 4.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.5% on $223.2M of debt. Interest last disclosed in FY2024 (no longer broken out).
Cash of $122.9M fully covers short-term debt of $16.3M.
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.
Top 39 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 27% of free cash flow, leaving room to grow it and fund buybacks. Last year: $15.4M dividends + $0 buybacks = $15.4M returned on $56.8M FCF.
3 consecutive years of dividend increases · -0%/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.
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 |
|---|---|---|---|---|---|---|
| Revenue | $610.3M 100.0% | $567.6M 100.0% | $482.5M 100.0% | $457.8M 100.0% | $427.3M 100.0% | $404.6M 100.0% |
| Cost of Revenue | $350.7M 57.5% | $334.1M 58.9% | $281.8M 58.4% | $282.2M 61.6% | $256.6M 60.1% | $251.7M 62.2% |
| Gross Profit | $259.6M 42.5% | $233.5M 41.1% | $200.7M 41.6% | $175.7M 38.4% | $170.7M 39.9% | $152.9M 37.8% |
| Research & Development | $11.4M 1.9% | $8.4M 1.5% | $7.0M 1.4% | $7.1M 1.5% | $6.5M 1.5% | $5.6M 1.4% |
| Selling, General & Admin | $183.1M 30.0% | $158.3M 27.9% | $140.5M 29.1% | $153.1M 33.4% | $115.0M 26.9% | $106.6M 26.4% |
| Total Operating Expenses | $192.3M 31.5% | $166.7M 29.4% | $144.2M 29.9% | $159.0M 34.7% | $119.0M 27.8% | $103.1M 25.5% |
| Operating Income | $67.4M 11.0% | $66.8M 11.8% | $56.5M 11.7% | $16.7M 3.7% | $51.7M 12.1% | $49.8M 12.3% |
| Interest Expense | — | $7.8M 1.4% | $4.5M 0.9% | $6.2M 1.4% | $16.4M 3.8% | $24.4M 6.0% |
| Other Income (Expense), net | -$5.0M -0.8% | -$12.5M -2.2% | -$3.6M -0.7% | -$7.3M -1.6% | -$32.5M -7.6% | -$21.9M -5.4% |
| Pretax Income | $62.3M 10.2% | $54.2M 9.6% | $52.9M 11.0% | $9.4M 2.0% | $19.2M 4.5% | $27.9M 6.9% |
| Income Tax Expense | $18.2M 3.0% | $18.1M 3.2% | $14.3M 3.0% | $3.6M 0.8% | $6.5M 1.5% | -$10.6M -2.6% |
| Net Income | $44.1M 7.2% | $36.1M 6.4% | $38.6M 8.0% | $5.8M 1.3% | $12.7M 3.0% | $38.5M 9.5% |
| Per Share | ||||||
| EPS (Basic) | $1.08 | $0.90 | $1.03 | $0.16 | $0.44 | $1.40 |
| EPS (Diluted) | $1.02 | $0.90 | $1.02 | $0.16 | $0.44 | $1.40 |
| Weighted Avg Shares (Basic) | 40.9M | 39.9M | 37.5M | 36.1M | 28.6M | 27.5M |
| Weighted Avg Shares (Diluted) | 43.4M | 40.3M | 37.9M | 36.1M | 28.6M | 27.5M |
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.
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 $30.36 today, the market must believe free cash flow compounds 9.8%/yr for a decade (off $49.8M on the 3-yr avg basis).
On the basis ($39.8M) the requirement is 12.7%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 9.8% is more optimistic than its 5-yr track record.
Default is 8.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.04B shares (market data) · net debt $184.4M
mean 23.9% · volatility σ 68% · implied rate exceeded in 3/5 yrs
Central path = implied 9.8%/yr growth; shaded band = ±1σ (68%) 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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 5-yr range · 20th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-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 14% against ROIC 7% — 7% of the return on equity comes from leverage and buybacks rather than from the operating business.
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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cost of Revenue | 62.2 | 60.1 | 61.6 | 58.4 | 58.9 | 57.5 |
| Gross Profit | 37.8 | 39.9 | 38.4 | 41.6 | 41.1 | 42.5 |
| R&D | 1.4 | 1.5 | 1.5 | 1.4 | 1.5 | 1.9 |
| SG&A | 26.4 | 26.9 | 33.4 | 29.1 | 27.9 | 30.0 |
| Operating Income | 12.3 | 12.1 | 3.7 | 11.7 | 11.8 | 11.0 |
| Income Tax | -2.6 | 1.5 | 0.8 | 3.0 | 3.2 | 3.0 |
| Net Income | 9.5 | 3.0 | 1.3 | 8.0 | 6.4 | 7.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CDRE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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.
Earns -0.71pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 15.8% | 8.5% (today's — no rate published for this year) | 7.2pts |
| FY2021 | 16.3% | 7.2% | 9.0pts |
| FY2022 | 4.2% | 8.8% | -4.6pts |
| FY2023 | 15.5% | 8.8% | 6.7pts |
| FY2024 | 10.7% | 9.1% | 1.7pts |
| FY2025 | 8.8% | 8.5% (today's — no rate published for this year) | 0.3pts |
| Now | 7.1% | 8.5% | -1.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2020 | 37.8% | 12.3% | 9.5% |
| FY2021 | 39.9% | 12.1% | 3.0% |
| FY2022 | 38.4% | 3.7% | 1.3% |
| FY2023 | 41.6% | 11.7% | 8.0% |
| FY2024 | 41.1% | 11.8% | 6.4% |
| FY2025 | 42.5% | 11.0% | 7.2% |
Leverage and buybacks account for 7 points of the 14% return on equity in FY2025. The business earns 7% 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.
$234M of goodwill — 39% 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 12.75% against 7.82% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Cash conversion is 2.78x, but receivables have outgrown revenue 2 years running.
Reported free cash flow is $57M; after share-based compensation it is $45M. The difference is a real cost that the cash flow statement adds back.
Covers interest 6.0x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 8.61x |
| 5% | 8.18x |
| 10% | 7.75x |
| 15% | 7.32x |
| 20% | 6.89x |
| 25% | 6.46x |
| 30% | 6.03x |
| 35% | 5.60x |
| 40% | 5.17x |
| 45% | 4.74x |
| 50% | 4.31x |
| 55% | 3.87x |
| 60% | 3.44x |
Ladder as of 2026-06-30 (10-Q); 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.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $30.36, free cash flow must compound 10.02%/yr for 10 years. It has done 6.91%/yr over 5 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −8.5% | 10.0% |
| FY2022 | 12.5% | 10.0% |
| FY2023 | 58.6% | 10.0% |
| FY2024 | −60.7% | 10.0% |
| FY2025 | 117.7% | 10.0% |
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 implied rate has been matched or beaten in 3 of the last 5 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $44M | $44M |
| Share-based comp | $12M | $56M |
| Other non-cash & working capital | $7M | $64M |
| Operating cash flow | $64M | $64M |
| Capex | −$7M | $57M |
| Free cash flow | $57M | $57M |
| FCF after SBC | $45M | $45M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 5.6% | 10.8% | 5.2 points |
| FY2022 | 7.2% | 33.5% | 26.4 points |
| FY2023 | 5.4% | -9.6% | -15.0 points |
| FY2024 | 17.6% | 60.3% | 42.6 points |
| FY2025 | 7.5% | 18.3% | 10.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 39.4 days | 88.3 days | 31.9 days | 95.8 days |
| FY2021 | 41.3 days | 91 days | 27.5 days | 104.8 days |
| FY2022 | 51.5 days | 90.9 days | 30.3 days | 112.1 days |
| FY2023 | 44.1 days | 104.9 days | 36.8 days | 112.2 days |
| FY2024 | 60.1 days | 90 days | 32.4 days | 117.7 days |
| FY2025 | 66.1 days | 104.4 days | 23.2 days | 147.3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -2.5 percent |
| FY2021 | -8.8 percent |
| FY2022 | -10.4 percent |
| FY2023 | -8.0 percent |
| FY2024 | 0.7 percent |
| FY2025 | -2.5 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 6 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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
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.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-25 | 4 co-filers CEO AND CHAIRMAN | Open-market saleindirect | 55,345 | $31.54 | $1.7m |
| 2026-08-25 | 4 co-filers CEO AND CHAIRMAN | Open-market saleindirect | 44,655 | $32.28 | $1.4m |
| 2026-08-24 | 4 co-filers CEO AND CHAIRMAN | Open-market saleindirect | 65,431 | $33.20 | $2.2m |
| 2026-08-24 | 4 co-filers CEO AND CHAIRMAN | Open-market saleindirect | 34,569 | $33.65 | $1.2m |
| 2026-08-17 | 6 co-filers PRESIDENT | Option exercise | 42,770 | $23.45 | $1.0m |
| 2026-08-17 | 6 co-filers PRESIDENT | Option exercise | 45,972 | $20.53 | $944k |
| 2026-08-17 | 6 co-filers PRESIDENT | Exercise & sell | 104 | $34.34 | $4k |
| 2026-08-17 | 6 co-filers PRESIDENT | Exercise & sell | 88,638 | $33.24 | $2.9m |
| 2026-08-17 | 6 co-filers PRESIDENT | Option exercise | 42,770 | $0.00 | — |
| 2026-08-17 | 6 co-filers PRESIDENT | Option exercise | 45,972 | $0.00 | — |
| 2026-06-22 | 2 co-filers CEO AND CHAIRMAN | Open-market saleindirect | 50,000 | $27.43 | $1.4m |
| 2026-06-18 | 2 co-filers CEO AND CHAIRMAN | Open-market saleindirect | 25,000 | $27.86 | $697k |
| 2026-06-17 | 3 co-filers CEO AND CHAIRMAN | Open-market saleindirect | 25,000 | $28.68 | $717k |
| 2026-06-16 | 4 co-filers CEO AND CHAIRMAN | Grant | 261,000 | $0.00 | — |
| 2026-06-16 | Kissel Mary E. Director | Grant | 17,393 | $0.00 | — |
| 2026-06-16 | Quigley William G Iii Director | Grant | 17,393 | $0.00 | — |
| 2026-06-16 | Norton Hamish Director | Grant | 17,393 | $0.00 | — |
| 2026-06-16 | Sokolow Nicolas Director | Grant | 17,393 | $0.00 | — |
| 2026-06-16 | 4 co-filers CHIEF FINANCIAL OFFICER | Grant | 48,500 | $0.00 | — |
| 2026-06-16 | 4 co-filers PRESIDENT | Grant | 57,500 | $0.00 | — |
| 2026-06-16 | 4 co-filers CHIEF FINANCIAL OFFICER | Grant | 69,500 | $0.00 | — |
| 2026-06-16 | 4 co-filers PRESIDENT | Grant | 82,000 | $0.00 | — |
| 2026-06-16 | 4 co-filers CEO AND CHAIRMAN | Grant | 373,000 | $0.00 | — |
| 2026-06-16 | 3 co-filers CEO AND CHAIRMAN | Open-market saleindirect | 100,000 | $28.19 | $2.8m |
| 2026-06-16 | 4 co-filers CEO AND CHAIRMAN | Grant | 496,500 | $0.00 | — |
| 2026-06-16 | 4 co-filers CHIEF FINANCIAL OFFICER | Grant | 92,500 | $0.00 | — |
| 2026-06-16 | 4 co-filers PRESIDENT | Grant | 109,500 | $0.00 | — |
| 2026-06-16 | 4 co-filers PRESIDENT | Grant | 136,000 | $0.00 | — |
| 2026-06-16 | 4 co-filers CEO AND CHAIRMAN | Grant | 616,500 | $0.00 | — |
| 2026-06-16 | 4 co-filers CHIEF FINANCIAL OFFICER | Grant | 115,000 | $0.00 | — |
| 2026-06-15 | 3 co-filers CEO AND CHAIRMAN | Open-market saleindirect | 100,000 | $30.03 | $3.0m |
| 2026-03-30 | 2 co-filers PRESIDENT | Grant | 18,399 | $0.00 | — |
| 2026-03-30 | 2 co-filers CEO AND CHAIRMAN | Grant | 44,684 | $0.00 | — |
| 2026-03-30 | 2 co-filers CHIEF FINANCIAL OFFICER | Grant | 15,333 | $0.00 | — |
| 2026-03-30 | 2 co-filers CHIEF FINANCIAL OFFICER | Grant | 49,664 | $0.00 | — |
| 2026-03-30 | 2 co-filers CEO AND CHAIRMAN | Grant | 144,735 | $0.00 | — |
| 2026-03-30 | 2 co-filers PRESIDENT | Grant | 59,597 | $0.00 | — |
| 2026-03-23 | 2 co-filers CEO AND CHAIRMAN | Open-market saleindirect | 100,000 | $31.93 | $3.2m |
| 2026-03-20 | 2 co-filers CEO AND CHAIRMAN | Open-market saleindirect | 100,000 | $31.40 | $3.1m |
| 2026-03-18 | 3 co-filers CHIEF FINANCIAL OFFICER | Option exercise | 3,282 | — | — |
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.