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Held by 353 of 2,417 reporting institutions (97th 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2023). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $34.70 today, the market must believe free cash flow compounds 2.5%/yr for a decade (off $2.84B on the 3-yr avg basis).
On the basis ($2.63B) the requirement is 3.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 9.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.72B shares (market data) · net debt $14.26B
mean -4.8% · volatility σ 64% · implied rate exceeded in 4/6 yrs
Central path = implied 2.5%/yr growth; shaded band = ±1σ (64%) 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.
Free-cash-flow coverage unavailable. Last year: $1.49B dividends + $0 buybacks = $1.49B returned on -$1.45B 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 9 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -7%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 9 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 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.97B 100.0% | $42.96B 100.0% | $44.62B 100.0% | $56.90B 100.0% | $54.97B 100.0% | $38.54B 100.0% | $42.95B 100.0% | $49.60B 100.0% | $43.73B 100.0% |
| Cost of Revenue | $37.44B 93.7% | $38.36B 89.3% | $39.74B 89.1% | $48.34B 84.9% | $44.19B 80.4% | $33.35B 86.5% | $36.66B 85.3% | $41.07B 82.8% | $36.35B 83.1% |
| Gross Profit | — | — | — | — | — | $5.20B 13.5% | $6.29B 14.7% | $8.53B 17.2% | $7.38B 16.9% |
| Selling, General & Admin | $1.39B 3.5% | $1.58B 3.7% | $1.63B 3.6% | $1.68B 2.9% | $1.65B 3.0% | $1.47B 3.8% | $1.59B 3.7% | $1.78B 3.6% | $1.79B 4.1% |
| Interest Expense | $865.0M 2.2% | $811.0M 1.9% | $746.0M 1.7% | $662.0M 1.2% | $731.0M 1.3% | $827.0M 2.1% | $933.0M 2.2% | $1.06B 2.1% | $914.0M 2.1% |
| Interest & Investment Income | $152.0M 0.4% | $200.0M 0.5% | $229.0M 0.5% | $173.0M 0.3% | $55.0M 0.1% | $38.0M 0.1% | $81.0M 0.2% | $82.0M 0.2% | $66.0M 0.2% |
| Other Income (Expense), net | $140.0M 0.4% | $415.0M 1.0% | -$280.0M -0.6% | $727.0M 1.3% | -$35.0M -0.1% | $1.27B 3.3% | $461.0M 1.1% | $96.0M 0.2% | -$154.0M -0.4% |
| Pretax Income | -$2.51B -6.3% | $1.60B 3.7% | $656.0M 1.5% | $6.09B 10.7% | $8.14B 14.8% | $2.07B 5.4% | -$1.25B -2.9% | $3.75B 7.6% | $237.0M 0.5% |
| Income Tax Expense | -$67.0M -0.2% | $399.0M 0.9% | -$4.0M -0.0% | $1.45B 2.5% | $1.74B 3.2% | $777.0M 2.0% | $470.0M 1.1% | $809.0M 1.6% | $1.52B 3.5% |
| Net Income | -$2.44B -6.1% | $1.20B 2.8% | $660.0M 1.5% | $4.64B 8.2% | $6.41B 11.7% | $1.29B 3.4% | -$1.27B -3.0% | $4.64B 9.4% | $465.0M 1.1% |
| Per Share | |||||||||
| EPS (Basic) | -$3.70 | $1.57 | $0.82 | $6.32 | $8.44 | $1.64 | -$1.84 | $6.21 | $0.60 |
| EPS (Diluted) | -$3.70 | $1.57 | $0.82 | $6.28 | $8.38 | $1.64 | -$1.84 | $6.21 | $0.60 |
| Weighted Avg Shares (Basic) | 711.6M | 703.8M | 705.7M | 721.0M | 743.6M | 740.5M | 742.5M | 747.2M | 744.8M |
| Weighted Avg Shares (Diluted) | 711.6M | 705.1M | 709.0M | 725.6M | 749.0M | 742.3M | 742.5M | 747.2M | 744.8M |
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.
Cash of $3.82B (at 2025-12-31) covers the $830.0M due within a year 4.6× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-09-30 (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).
Thin coverage — earnings barely cover interest. Effective rate ~4.8% on $18.07B of debt.
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. Maturity ladder from the SEC long-term-debt repayment schedule. 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TEVA | $49.1B | 34.8× | 18.4× | 2.8× | 4.3% | 51.8% | 8.2% | 17.8% | 14.5% | -0.7× | 7 |
| IDXX | $43.4B | 42.1× | 29.0× | 10.1× | 10.4% | 61.8% | 24.6% | 66.0% | 51.5% | 0.2× | 362 |
| ONC | $42.1B | — | 65.5× | 7.9× | 40.2% | 87.5% | 5.4% | 6.6% | 5.4% | -6.1× | 61 |
| EL | $39.6B | 218.5× | 25.4× | 2.6× | 5.0% | 75.5% | 1.2% | 4.8% | 4.2% | 0.3× | 224 |
| BIIB | $37.5B | 28.9× | 16.6× | 3.8× | 2.2% | 75.7% | 13.1% | 7.1% | 5.3% | 2.4× | 288 |
| KVUE | $37.1B | 25.4× | 12.6× | 2.5× | -2.1% | 58.1% | 9.7% | 13.7% | 12.0% | 0.1× | 257 |
| ZTS | $32.9B | 13.2× | 10.4× | 3.5× | 2.3% | 71.8% | 28.2% | 78.3% | 21.5% | 1.7× | 388 |
| RPRX | $29.9B | 37.7× | 24.5× | 12.6× | 5.1% | — | 32.4% | 7.9% | 4.1% | 5.3× | 161 |
| PPG | $26.4B | 17.2× | 12.9× | 1.7× | 0.2% | 41.3% | 9.9% | 19.8% | 10.3% | 2.1× | 311 |
| UTHR | $25.7B | 21.5× | 15.3× | 8.1× | 10.6% | 87.9% | 41.9% | 18.8% | 18.8% | -1.0× | 202 |
| CHD | $25.4B | 35.5× | 20.6× | 4.1× | 1.6% | 44.7% | 11.9% | 18.4% | 11.9% | 1.4× | 287 |
| DOW | $25.1B | — | — | 0.6× | -7.0% | 6.3% | -6.1% | -15.3% | -7.2% | — | 353 |
| INSM | $24.7B | — | — | 40.7× | 66.7% | 79.7% | -211% | -173% | -99.8% | — | 154 |
| IFF | $23.7B | — | 50.2× | 2.2× | -5.2% | 36.2% | -3.3% | -2.5% | -1.8% | 9.3× | 202 |
| LYB | $22.2B | — | 32.0× | 0.7× | -9.7% | 8.5% | -2.4% | -7.3% | -3.3% | 9.2× | 255 |
| ALNY | $22.1B | 70.8× | 36.7× | 6.0× | 65.2% | 81.8% | 8.4% | 39.8% | 39.8% | -3.0× | 163 |
| DD | $18.9B | — | 25.7× | 2.8× | 1.9% | 34.5% | -11.4% | -5.6% | -4.6% | 3.0× | 6 |
| CF | $18.7B | 13.8× | 6.6× | 2.6× | 19.3% | 38.5% | 25.4% | 37.2% | 22.3% | 0.8× | 261 |
| EXEL | $17.2B | 25.0× | 18.5× | 7.4× | 7.0% | 96.4% | 33.7% | 36.2% | 36.2% | -0.5× | 196 |
| HALO | $14.9B | 51.1× | 35.1× | 10.6× | 37.6% | 83.6% | 22.7% | 649% | 14.5% | 4.2× | 187 |
| NBIX | $14.9B | 31.3× | 21.9× | 5.2× | 21.4% | 98.2% | 16.7% | 14.7% | 14.7% | -1.1× | 181 |
| RPM | $13.1B | 19.8× | 14.4× | 1.7× | 6.7% | 41.4% | 8.4% | 20.0% | 11.3% | 2.1× | 183 |
| ELAN | $11.5B | — | — | 2.4× | 6.2% | 55.0% | -4.9% | -3.5% | -2.2% | — | 122 |
| TECH | $11.4B | 62.6× | 31.9× | 9.4× | -0.4% | 65.8% | 15.0% | 8.6% | 8.6% | -0.8× | 115 |
| BMRN | $11.3B | 32.5× | 21.7× | 3.5× | 12.9% | 77.7% | 10.8% | 5.7% | 5.2% | -1.5× | 119 |
Peers = companies sharing DOW's sector (Plastic Materials, Synth Resins & Nonvulcan Elastomers) 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.
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 |
|---|---|---|---|---|---|
| 2026-10-26 | Tate Jeffrey L. Chief Financial Officer | Other | 25,564 | $33.99 | $869k |
| 2026-07-01 | 2 co-filers Chief Executive Officer | Grant | 24,150 | $0.00 | $0 |
| 2026-07-01 | 2 co-filers Chief Executive Officer | Grant | 126,640 | $0.00 | — |
| 2026-04-09 | Hinman Jacqueline C. Director | Grant | 5,127 | $0.00 | $0 |
| 2026-04-09 |
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.
| Grant |
| 5,127 |
| $0.00 |
| $0 |
| 2026-04-09 | Banister Gaurdie E. Jr. Director | Grant | 5,127 | $0.00 | $0 |
| 2026-04-09 | Moreno Mejia Luis Alberto Director | Grant | 5,127 | $0.00 | $0 |
| 2026-04-09 | Fettig Jeff M Director | Grant | 5,127 | $0.00 | $0 |
| 2026-04-09 | Allen Samuel R Director | Grant | 5,127 | $0.00 | $0 |
| 2026-04-09 | Yohannes Daniel Director | Grant | 5,127 | $0.00 | $0 |
| 2026-04-09 | Wyant Jill S Director | Grant | 5,127 | $0.00 | $0 |
| 2026-04-09 | Bush Wesley G Director | Grant | 5,127 | $0.00 | $0 |
| 2026-04-09 | Dial Debra L. Director | Grant | 5,127 | $0.00 | $0 |
| 2026-04-09 | Davis Richard K Director | Grant | 5,127 | $0.00 | $0 |
| 2026-02-26 | Dominowski Andrea L Controller and Vice President | Other | 282 | $29.90 | $8k |
| 2026-02-26 | 2 co-filers Chief Tech & Sustainability | Other | 688 | $29.90 | $21k |
| 2026-02-26 | Wilson Amy E General Counsel / Secretary | Other | 3,718 | $29.90 | $111k |
| 2026-02-26 | Cleason Keith President, Pkg & Spec Plastics | Other | 686 | $29.90 | $21k |
| 2026-02-26 | Bryant Lisa Chief Human Resources Officer | Other | 1,763 | $29.90 | $53k |
| 2026-02-26 | Carter Karen S Chief Operating Officer | Other | 2,969 | $29.90 | $89k |
| 2026-02-26 | Lange Philo Brendy President, Perf Mat & Coatings | Other | 621 | $29.90 | $19k |
| 2026-02-26 | Sampson John Maurice Senior Vice President | Other | 3,016 | $29.90 | $90k |
| 2026-02-26 | 2 co-filers Chief Tech & Sustainability | Otherindirect | 103 | $29.90 | $3k |
| 2026-02-12 | 3 co-filers Senior Vice President | Grant | 10,316 | $0.00 | $0 |
| 2026-02-12 | 3 co-filers President, Perf Mat & Coatings | Grant | 1,972 | $0.00 | $0 |
| 2026-02-12 | 3 co-filers Chief Operating Officer | Grant | 10,224 | $0.00 | $0 |
| 2026-02-12 | Fitterling James R Chair and CEO | Grant73d late | 68,230 | $0.00 | $0 |
| 2026-02-12 | 5 co-filers Chief Tech & Sustainability | Grant | 2,405 | $0.00 | $0 |
| 2026-02-12 | 3 co-filers Controller and Vice President | Grant | 831 | $0.00 | $0 |
| 2026-02-12 | 3 co-filers Chief Human Resources Officer | Grant | 6,164 | $0.00 | $0 |
| 2026-02-12 | 3 co-filers President, Ind Interm & Infras | Grant | 1,453 | $0.00 | $0 |
| 2026-02-12 | 3 co-filers President, Pkg & Spec Plastics | Grant | 2,023 | $0.00 | $0 |
| 2026-02-12 | 2 co-filers Chief Financial Officer | Grant | 21,200 | $0.00 | $0 |
| 2026-02-12 | 3 co-filers General Counsel / Secretary | Grant | 13,000 | $0.00 | $0 |
| 2026-02-12 | 5 co-filers Chief Tech & Sustainability | Grantindirect | 302 | $0.00 | $0 |
| 2026-02-12 | 2 co-filers Chief Financial Officer | Grant | 115,350 | $0.00 | — |
| 2026-02-12 | 3 co-filers President, Pkg & Spec Plastics | Grant | 10,420 | $0.00 | $0 |
| 2026-02-12 | 3 co-filers Chief Operating Officer | Grant | 24,440 | $0.00 | $0 |
| 2026-02-12 | 3 co-filers General Counsel / Secretary | Grant | 14,120 | $0.00 | $0 |
| 2026-02-12 | 3 co-filers Senior Vice President | Grant | 11,420 | $0.00 | $0 |
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 7-yr range · 67th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 7-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 -15% against ROIC -7% — -8% 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
High operating leverage: profit moved 46.4× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 82.8 | 85.3 | 86.5 | 80.4 | 84.9 | 89.1 | 89.3 | 93.7 |
| Gross Profit | 17.2 | 14.7 | 13.5 | — | — | — | — | — |
| SG&A | 3.6 | 3.7 | 3.8 | 3.0 | 2.9 | 3.6 | 3.7 | 3.5 |
| Income Tax | 1.6 | 1.1 | 2.0 | 3.2 | 2.5 | -0.0 | 0.9 | -0.2 |
| Net Income | 9.4 | -3.0 | 3.4 | 11.7 | 8.2 | 1.5 | 2.8 | -6.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DOW: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -16.74pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -4.5% | 9.9% (today's — no rate published for this year) | -14.4pts |
| FY2020 | 2.4% | 9.9% (today's — no rate published for this year) | -7.5pts |
| FY2021 | 20.6% | 5.6% | 15.0pts |
| FY2022 | 13.0% | 6.6% | 6.4pts |
| FY2023 | 2.4% | 9.5% | -7.1pts |
| FY2024 | 2.9% | 10.1% | -7.1pts |
| FY2025 | -6.8% | 10.2% | -17.0pts |
| Now | -7.2% | 9.9% | -17.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 16.9% | 0.9% | 1.4% |
| FY2018 | 17.2% | 7.4% | 9.6% |
| FY2019 | 14.7% | -4.0% | -3.0% |
| FY2020 | 13.5% | 2.1% | 3.4% |
| FY2021 | 19.6% | 14.9% | 11.7% |
| FY2022 | 15.1% | 9.4% | 8.2% |
| FY2023 | 10.9% | 2.1% | 1.5% |
| FY2024 | 10.7% | 2.8% | 2.8% |
| FY2025 | 6.3% | -6.6% | -6.1% |
Return on equity is 8 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.
$7.9B of goodwill — 24% 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.
Margins have compressed 4 years running even as the spread stayed positive.
Converts 2.04x of reported profit into cash — adequate, without much margin.
Reported free cash flow is -$1.45B; after share-based compensation it is -$1.60B. The difference is a real cost that the cash flow statement adds back.
Stressed coverage falls to -2.1x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | -3.06x |
| 5% | -2.91x |
| 10% | -2.76x |
| 15% | -2.61x |
| 20% | -2.45x |
| 25% | -2.30x |
| 30% | -2.15x |
| 35% | -1.99x |
| 40% | -1.84x |
| 45% | -1.69x |
| 50% | -1.53x |
| 55% | -1.38x |
| 60% | -1.23x |
Ladder as of 2026-09-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Free cash flow is negative, so debt service depends on the cash balance rather than on the business.
At $34.70, free cash flow must compound 2.99%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 25.3% | 3.0% |
| FY2021 | 10.7% | 3.0% |
| FY2022 | 2.6% | 3.0% |
| FY2023 | −49.8% | 3.0% |
| FY2024 | −100.9% | 3.0% |
The implied rate has been matched or beaten in 2 of the last 5 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$2.44B | −$2.44B |
| Share-based comp | $154M | −$2.29B |
| Other non-cash & working capital | $3.32B | $1.03B |
| Operating cash flow | $1.03B | $1.03B |
| Capex | −$2.48B | −$1.45B |
| Free cash flow | −$1.45B | −$1.45B |
| FCF after SBC | −$1.60B | −$1.60B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -10.3% | 5.1% | 15.3 points |
| FY2021 | 42.6% | 34.4% | -8.2 points |
| FY2022 | 3.5% | -18.0% | -21.5 points |
| FY2023 | -21.6% | -15.9% | 5.7 points |
| FY2024 | -3.7% | 0.8% | 4.5 points |
| FY2025 | -7.0% | 0.1% | 7.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 41.2 days | 61.9 days | 38.7 days | 64.3 days |
| FY2020 | 48.2 days | 62.4 days | 41.2 days | 69.4 days |
| FY2021 | 45.4 days | 60.9 days | 46.1 days | 60.3 days |
| FY2022 | 36 days | 52.8 days | 37.3 days | 51.5 days |
| FY2023 | 38.6 days | 55.8 days | 41.6 days | 52.8 days |
| FY2024 | 40.4 days | 62.3 days | 46.1 days | 56.6 days |
| FY2025 | 43.5 days | 64.3 days | 40.5 days | 67.3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -11.9 percent |
| FY2020 | -8.0 percent |
| FY2021 | -1.0 percent |
| FY2022 | -4.7 percent |
| FY2023 | -7.8 percent |
| FY2024 | -3.0 percent |
| FY2025 | -5.9 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.