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Held by 202 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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $1.08B buybacks = $1.08B returned on $1.10B 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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 41%. 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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. 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. 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 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.47B 100.0% | $4.99B 100.0% | $4.29B 100.0% | $3.63B 100.0% | $3.15B 100.0% | $2.55B 100.0% | $2.13B 100.0% | $2.02B 100.0% | $1.90B 100.0% | $1.79B 100.0% |
| Cost of Revenue | $2.31B 42.3% | $2.10B 42.1% | $1.90B 44.4% | $1.80B 49.7% | $1.54B 49.0% | $1.17B 46.0% | $1.03B 48.2% | $980.2M 48.5% | $971.7M 51.1% | $954.9M 53.3% |
| Cost of Products | — | — | — | — | — | — | — | — | $971.7M 51.1% | $954.9M 53.3% |
| Gross Profit | $3.16B 57.7% | $2.89B 57.9% | $2.39B 55.6% | $1.83B 50.3% | $1.61B 51.0% | $1.37B 54.0% | $1.10B 51.8% | $1.04B 51.5% | $931.6M 48.9% | $835.2M 46.7% |
| Research & Development | $68.9M 1.3% | $56.7M 1.1% | $49.2M 1.1% | $38.7M 1.1% | $33.3M 1.1% | $28.6M 1.1% | $27.6M 1.3% | $23.2M 1.1% | $22.4M 1.2% | $21.3M 1.2% |
| Selling, General & Admin | $1.89B 34.6% | $1.71B 34.2% | $1.46B 34.0% | $1.17B 32.3% | $1.04B 33.1% | $869.9M 34.2% | $765.5M 35.9% | $712.9M 35.3% | $709.1M 37.3% | $837.2M 46.8% |
| Operating Income | $1.26B 23.1% | $1.18B 23.6% | $927.5M 21.6% | $652.8M 18.0% | $564.7M 17.9% | $504.2M 19.8% | $338.1M 15.9% | $327.3M 16.2% | $222.6M 11.7% | -$1.9M -0.1% |
| Interest Expense | $2.5M 0.0% | $3.5M 0.1% | $2.6M 0.1% | $3.4M 0.1% | — | — | — | — | — | — |
| Interest & Investment Income | $63.6M 1.2% | $68.4M 1.4% | $52.2M 1.2% | $15.6M 0.4% | $1.9M 0.1% | $2.6M 0.1% | $7.3M 0.3% | $6.0M 0.3% | $3.1M 0.2% | $778K 0.0% |
| Other Income (Expense), net | $63.5M 1.2% | $64.2M 1.3% | $51.4M 1.2% | $13.3M 0.4% | -$69K -0.0% | -$2.7M -0.1% | $2.7M 0.1% | $1.6M 0.1% | -$1.9M -0.1% | -$5.1M -0.3% |
| Pretax Income | — | — | — | — | — | — | — | — | $220.7M 11.6% | -$7.0M -0.4% |
| Income Tax Expense | $302.3M 5.5% | $277.2M 5.6% | $219.4M 5.1% | $149.3M 4.1% | $112.7M 3.6% | $118.9M 4.7% | $64.7M 3.0% | $64.6M 3.2% | $106.3M 5.6% | -$12.7M -0.7% |
| Net Income | $1.02B 18.7% | $966.1M 19.4% | $759.6M 17.7% | $516.8M 14.2% | $451.9M 14.3% | $382.6M 15.0% | $276.1M 12.9% | $264.3M 13.1% | $114.4M 6.0% | $5.7M 0.3% |
| Per Share | ||||||||||
| EPS (Basic) | $7.04 | $6.36 | $4.89 | $3.25 | $16.43 | $13.64 | $9.73 | $8.92 | $3.60 | $0.18 |
| EPS (Diluted) | $7.02 | $6.33 | $4.86 | $3.23 | $16.26 | $13.47 | $9.62 | $8.84 | $3.58 | $0.18 |
| Weighted Avg Shares (Basic) | 145.5M | 152.0M | 155.2M | 159.0M | 27.5M | 28.1M | 28.4M | 29.6M | 31.8M | 32.0M |
| Weighted Avg Shares (Diluted) | 145.8M | 152.7M | 156.3M | 160.1M | 27.8M | 28.4M | 28.7M | 29.9M | 32.0M | 32.4M |
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.
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 $81.99 today, the market must believe free cash flow compounds -1.8%/yr for a decade (off $999.8M on the 3-yr avg basis).
On the basis ($959.8M) 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 -1.8% is more conservative than its 9-yr track record.
Default is 10.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.13B shares (market data) · net debt -$1.91B
mean 57.9% · volatility σ 105% · implied rate exceeded in 7/9 yrs
Central path = implied -1.8%/yr growth; shaded band = ±1σ (105%) 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 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NKE | $57.1B | 18.3× | 12.6× | 1.2× | 0.2% | 42.9% | 6.7% | 20.9% | 13.6% | 0.1× | 490 |
| ENTG | $24.4B | 103.2× | 42.0× | 7.7× | -1.4% | 44.4% | 7.4% | 6.0% | 3.1% | 5.0× | 182 |
| CSL | $14.7B | 21.7× | 13.8× | 2.9× | 0.3% | 35.7% | 14.8% | 41.3% | 15.8% | 1.5× | 185 |
| DECK | $11.3B | 11.8× | 7.0× | 2.1× | 9.8% | 57.7% | 18.7% | 41.0% | 41.0% | -1.4× | 202 |
| WMS | $10.3B | 25.1× | 15.1× | 3.4× | 5.0% | 38.3% | 14.0% | 22.9% | 12.3% | 1.8× | 133 |
| ATR | $8.3B | 22.2× | 11.7× | 2.2× | 5.4% | — | 10.4% | 14.7% | 9.8% | 1.2× | 131 |
| CROX | $7.2B | — | 36.3× | 1.8× | -1.5% | 58.3% | -2.0% | -6.3% | -3.2% | 4.8× | 96 |
| AWI | $6.9B | 23.4× | 13.1× | 4.3× | 12.1% | 40.6% | 19.0% | 34.3% | 23.6% | 0.5× | 98 |
| NPO | $6.0B | 148.9× | 24.8× | 5.3× | 9.0% | 42.6% | 3.5% | 2.6% | 1.8% | 2.0× | 87 |
| NWL | $2.2B | — | 18.9× | 0.3× | -5.0% | 33.8% | -4.0% | -11.9% | -4.0% | 12.8× | 83 |
| GT | $1.3B | — | — | 0.1× | -3.2% | 18.4% | -9.4% | -53.2% | -18.8% | — | 74 |
| MYE | $1.1B | 32.7× | 15.7× | 1.4× | -1.3% | 33.4% | 4.2% | 11.9% | 5.5% | 3.3× | 29 |
| KRT | $1.1B | 34.9× | 20.3× | 2.3× | 10.7% | 36.8% | 6.7% | 21.1% | 19.4% | -0.5× | 29 |
| SWIM | $854M | 80.7× | 13.0× | 1.6× | 7.4% | 33.4% | 2.0% | 2.7% | 1.6% | 2.5× | 20 |
| CMT | $199M | 17.5× | 6.8× | 0.7× | -9.5% | 17.4% | 4.1% | 7.1% | 6.3% | -0.7× | 11 |
Peers = companies sharing DECK's sector (Rubber & Plastics Footwear) 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.
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
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 · 31th 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?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 41% against ROIC 41% — 0% 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 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 48.5 | 48.2 | 46.0 | 49.0 | 49.7 | 44.4 | 42.1 | 42.3 |
| Gross Profit | 51.5 | 51.8 | 54.0 | 51.0 | 50.3 | 55.6 | 57.9 | 57.7 |
| R&D | 1.1 | 1.3 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.3 |
| SG&A | 35.3 | 35.9 | 34.2 | 33.1 | 32.3 | 34.0 | 34.2 | 34.6 |
| Operating Income | 16.2 | 15.9 | 19.8 | 17.9 | 18.0 | 21.6 | 23.6 | 23.1 |
| Income Tax | 3.2 | 3.0 | 4.7 | 3.6 | 4.1 | 5.1 | 5.6 | 5.5 |
| Net Income | 13.1 | 12.9 | 15.0 | 14.3 | 14.2 | 17.7 | 19.4 | 18.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DECK: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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 |
|---|---|---|---|---|---|
| 2026-09-01 | Burwick David A Director | Grant | 535 | $0.00 | $0 |
| 2026-09-01 | Grismer Patrick J Director | Grantindirect | 535 | $0.00 | $0 |
| 2026-09-01 | Ibrahim Maha Saleh Director | Grant | 816 | $0.00 | $0 |
| 2026-09-01 | Luis Victor Director | Grantindirect | 914 | $0.00 | $0 |
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.
Earns 63.78pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 30.1% | 10.9% (today's — no rate published for this year) | 19.2pts |
| FY2021 | 57.0% | 10.9% (today's — no rate published for this year) | 46.1pts |
| FY2022 | 41.0% | 10.9% (today's — no rate published for this year) | 30.0pts |
| FY2023 | 42.1% | 8.3% | 33.8pts |
| FY2024 | 68.9% | 8.2% | 60.7pts |
| FY2025 | 83.8% | 9.3% | 74.5pts |
| FY2026 | 83.4% | 10.2% | 73.2pts |
| Now | 41.0% | 10.9% | 30.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 46.7% | -0.1% | 0.3% |
| FY2018 | 48.9% | 11.7% | 6.0% |
| FY2019 | 51.5% | 16.2% | 13.1% |
| FY2020 | 51.8% | 15.9% | 12.9% |
| FY2021 | 54.0% | 19.8% | 15.0% |
| FY2022 | 51.0% | 17.9% | 14.3% |
| FY2023 | 50.3% | 18.0% | 14.2% |
| FY2024 | 55.6% | 21.6% | 17.7% |
| FY2025 | 57.9% | 23.6% | 19.4% |
| FY2026 | 57.7% | 23.1% | 18.7% |
Return on equity (41%) and return on invested capital (41%) are within a couple of points in FY2026, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$14M 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.
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.
Converts 0.89x of reported profit into cash — adequate, without much margin.
Shares outstanding are up 400% since FY2020 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Covers interest 349.4x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 499.17x |
| 5% | 474.21x |
| 10% | 449.25x |
| 15% | 424.30x |
| 20% | 399.34x |
| 25% | 374.38x |
| 30% | 349.42x |
| 35% | 324.46x |
| 40% | 299.50x |
| 45% | 274.54x |
| 50% | 249.59x |
| 55% | 224.63x |
| 60% | 199.67x |
Balance sheet at 2026-03-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $375,194,000 of the $375,194,000 total — a fixed obligation that does not appear in a headline debt figure.
At $82.76, free cash flow must compound -0.68%/yr for 10 years. It has done 27.63%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 122.2% | −0.7% |
| FY2022 | −78.5% | −0.7% |
| FY2023 | 276.1% | −0.7% |
| FY2024 | 106.8% | −0.7% |
| FY2025 | 1.5% | −0.7% |
| FY2026 | 14.5% | −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.
The implied rate has been matched or beaten in 5 of the last 6 years.
| 2026-09-01 | Stewart Bonita C. Director | Grant | 535 | $0.00 | $0 |
| 2026-09-01 | Shanahan Lauri M Director | Grant | 535 | $0.00 | $0 |
| 2026-09-01 | Figuereo Juan R Director | Grant | 535 | $0.00 | $0 |
| 2026-09-01 | Chan Nelson Director | Grant | 535 | $0.00 | $0 |
| 2026-09-01 | Davis Cindy L Director | Grant | 535 | $0.00 | $0 |
| 2026-08-17 | 2 co-filers Chief Administrative Officer | Grant | 6,658 | $0.00 | $0 |
| 2026-08-17 | 2 co-filers President, Global Marketplace | Grant | 5,548 | $0.00 | $0 |
| 2026-08-17 | 2 co-filers President, Hoka | Grant | 7,324 | $0.00 | $0 |
| 2026-08-17 | 2 co-filers President, Fashion Lifestyle | Grant | 8,878 | $0.00 | $0 |
| 2026-08-17 | 2 co-filers President & CEO | Grant | 37,731 | $0.00 | $0 |
| 2026-08-17 | 2 co-filers Chief Supply Chain Officer | Grant | 5,548 | $0.00 | $0 |
| 2026-08-17 | 2 co-filers Chief Financial Officer | Grant | 10,209 | $0.00 | $0 |
| 2026-08-17 | 2 co-filers Chief Administrative Officer | Grant | 19,396 | $0.00 | $0 |
| 2026-08-17 | 2 co-filers President & CEO | Grant | 109,912 | $0.00 | $0 |
| 2026-08-17 | 2 co-filers Chief Supply Chain Officer | Grant | 16,162 | $0.00 | $0 |
| 2026-08-17 | 2 co-filers Chief Financial Officer | Grant | 29,740 | $0.00 | $0 |
| 2026-08-17 | 2 co-filers President, Hoka | Grant | 21,336 | $0.00 | $0 |
| 2026-08-17 | 2 co-filers President, Fashion Lifestyle | Grant | 25,862 | $0.00 | $0 |
| 2026-08-17 | 2 co-filers President, Global Marketplace | Grant | 16,162 | $0.00 | $0 |
| 2026-08-15 | Ellerker Marco President, Global Marketplace | Tax withholding | 1,231 | $0.00 | $0 |
| 2026-08-15 | Garcia Thomas Chief Administrative Officer | Tax withholding | 2,360 | $0.00 | $0 |
| 2026-08-15 | Spring-Green Robin President, Hoka | Tax withholding | 1,450 | $0.00 | $0 |
| 2026-08-15 | Stefano Caroti President & CEO | Tax withholding | 8,628 | $0.00 | $0 |
| 2026-08-15 | Spangenberg Anne President, Fashion Lifestyle | Tax withholding | 3,181 | $0.00 | $0 |
| 2026-08-15 | Fasching Steven J. Chief Financial Officer | Tax withholding | 3,874 | $0.00 | $0 |
| 2026-08-15 | Ogbechie Angela Chief Supply Chain Officer | Tax withholding | 1,623 | $0.00 | $0 |
| 2026-06-01 | Shanahan Lauri M Director | Grant | 448 | $0.00 | $0 |
| 2026-06-01 | Grismer Patrick J Director | Grantindirect | 448 | $0.00 | $0 |
| 2026-06-01 | Burwick David A Director | Grant | 448 | $0.00 | $0 |
| 2026-06-01 | Ibrahim Maha Saleh Director | Grant | 683 | $0.00 | $0 |
| 2026-06-01 | Luis Victor Director | Grantindirect | 766 | $0.00 | $0 |
| 2026-06-01 | Figuereo Juan R Director | Grant | 448 | $0.00 | $0 |
| 2026-06-01 | Stewart Bonita C. Director | Grant | 448 | $0.00 | $0 |
| 2026-06-01 | Chan Nelson Director | Grant | 448 | $0.00 | $0 |
| 2026-06-01 | Davis Cindy L Director | Grant | 448 | $0.00 | $0 |
| 2026-05-20 | Stefano Caroti President & CEO | Tax withholding | 10,532 | $0.00 | $0 |
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.02B | $1.02B |
| Share-based comp | $45M | $1.07B |
| Other non-cash & working capital | $113M | $1.18B |
| Operating cash flow | $1.18B | $1.18B |
| Capex | −$85M | $1.10B |
| Free cash flow | $1.10B | $1.10B |
| FCF after SBC | $1.05B | $1.05B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 19.4% | 16.2% | -3.1 points |
| FY2022 | 23.8% | 40.3% | 16.6 points |
| FY2023 | 15.1% | -0.4% | -15.5 points |
| FY2024 | 18.2% | -1.6% | -19.9 points |
| FY2025 | 16.3% | 12.2% | -4.0 points |
| FY2026 | 9.8% | -4.2% | -13.9 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 31.8 days | 110.5 days | 52.5 days | 89.8 days |
| FY2021 | 30.9 days | 86.7 days | 72.2 days | 45.5 days |
| FY2022 | 35.1 days | 119.9 days | 77.5 days | 77.5 days |
| FY2023 | 30.3 days | 107.9 days | 53.8 days | 84.5 days |
| FY2024 | 25.2 days | 91 days | 72.6 days | 43.6 days |
| FY2025 | 24.4 days | 86.1 days | 72.6 days | 37.8 days |
| FY2026 | 21.3 days | 76.8 days | 60.6 days | 37.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -0.6 percent |
| FY2021 | -9.9 percent |
| FY2022 | 12.0 percent |
| FY2023 | -0.8 percent |
| FY2024 | -8.7 percent |
| FY2025 | -2.2 percent |
| FY2026 | -4.3 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.