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Held by 149 of 2,417 reporting institutions (93th 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.
Ranked against 17 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LH | $29.3B | 34.5× | 16.6× | 2.1× | 7.2% | 28.8% | 6.3% | 10.2% | 6.2% | 2.5× | 310 |
| DGX | $27.8B | 28.8× | 15.5× | 2.5× | 11.8% | 33.2% | 9.0% | 13.8% | 7.7% | 2.5× | 328 |
| THC | $22.0B | 17.6× | 7.4× | 1.0× | 3.1% | — | 11.1% | 56.1% | 13.6% | 2.4× | 194 |
| EHC | $13.4B | 24.5× | — | 2.3× | 10.5% | — | 9.5% | 23.2% | 23.2% | — | 142 |
| BTSG | $13.2B | 76.9× | 42.6× | 1.0× | 28.2% | 11.8% | 1.5% | 10.2% | 4.4% | 6.6× | 91 |
| DVA | $12.0B | 19.1× | 4.1× | 0.9× | 6.5% | — | 5.5% | -115% | -115% | -0.3× | 149 |
| ENSG | $10.6B | 31.1× | 19.3× | 2.1× | 18.7% | 20.5% | 6.8% | 15.4% | 14.5% | -0.7× | 126 |
| UHS | $10.4B | 7.6× | 5.8× | 0.6× | 9.7% | — | 8.6% | 20.5% | 12.4% | 1.8× | 144 |
| CAI | $9.7B | — | 137.1× | 11.9× | 97.0% | — | -8.4% | -11.8% | -7.1% | -6.2× | 62 |
| PACS | $7.6B | 39.2× | — | 1.4× | 29.3% | — | 3.6% | 20.2% | 16.0% | — | 46 |
| CHE | $6.9B | 29.2× | 17.0× | 2.7× | 4.1% | 32.5% | 10.5% | 27.1% | 27.1% | -0.2× | 116 |
| HIMS | $6.5B | 54.3× | 38.9× | 2.8× | 59.0% | 73.8% | 5.5% | 23.7% | 23.7% | -1.4× | 101 |
| RDNT | $5.8B | — | 28.5× | 2.8× | 11.5% | — | -0.9% | -1.7% | -0.9% | 1.5× | 66 |
| BLLN | $5.3B | — | — | 17.5× | 100.0% | 68.3% | 2.4% | 1.6% | 1.4% | -19.1× | 21 |
| SHC | $5.2B | 67.2× | 17.9× | 4.5× | 5.7% | 55.5% | 6.7% | 12.9% | 2.8% | 4.6× | 58 |
| CON | $5.1B | 31.1× | 17.3× | 2.4× | 13.9% | — | 7.7% | 42.3% | 8.5% | 3.9× | 73 |
| LFST | $5.1B | — | 77.9× | 3.6× | 13.9% | — | 0.7% | 0.6% | 0.5% | 0.5× | 61 |
| OPCH | $4.8B | 25.1× | 14.1× | 0.8× | 13.0% | 19.3% | 3.7% | 15.7% | 8.3% | 2.3× | 72 |
Peers = companies sharing DVA's sector (Services-Misc Health & Allied Services, NEC) 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
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $1.31B buybacks = $1.31B returned on $1.31B 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).
Modest payoff on reinvested capital. Current ROIC on all capital: 8%. 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.
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 $187.50 today, the market must believe free cash flow compounds 2.2%/yr for a decade (off $1.42B on the 3-yr avg basis).
On the basis ($1.30B) the requirement is 3.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 2.2% is in line with its 9-yr track record.
Default is 9.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.06B shares (market data) · net debt $9.60B
mean 5.4% · volatility σ 33% · implied rate exceeded in 2/9 yrs
Central path = implied 2.2%/yr growth; shaded band = ±1σ (33%) 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 $676.4M (at 2025-12-31) covers the $176.3M due within a year 3.8× 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).
Coverage is adequate but not comfortable. Effective rate ~5.3% on $10.27B 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.
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. 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.64B 100.0% | $12.82B 100.0% | $12.14B 100.0% | $11.61B 100.0% | $11.62B 100.0% | $11.55B 100.0% | $11.39B 100.0% | $11.40B 100.0% | $10.88B 100.0% | $10.71B 100.0% |
| Selling, General & Admin | $1.67B 12.3% | $1.54B 12.0% | $1.47B 12.1% | $1.36B 11.7% | $1.20B 10.3% | $1.25B 10.8% | $1.10B 9.7% | $1.14B 10.0% | $1.06B 9.8% | $1.07B 10.0% |
| Total Operating Expenses | $11.60B 85.0% | $10.73B 83.7% | $10.54B 86.8% | $10.27B 88.5% | $9.82B 84.5% | $9.86B 85.3% | $9.75B 85.6% | $9.88B 86.6% | $9.06B 83.3% | $8.68B 81.0% |
| Operating Income | $2.04B 15.0% | $2.09B 16.3% | $1.60B 13.2% | $1.34B 11.5% | $1.80B 15.5% | $1.69B 14.7% | $1.64B 14.4% | $1.53B 13.4% | $1.81B 16.7% | $2.03B 19.0% |
| Interest Expense | $539.9M 4.0% | $435.2M 3.4% | $374.0M 3.1% | $339.2M 2.9% | $267.0M 2.3% | $282.9M 2.4% | $419.6M 3.7% | $461.9M 4.1% | $406.3M 3.7% | $394.0M 3.7% |
| Other Income (Expense), net | -$102.7M -0.8% | -$69.8M -0.5% | -$19.2M -0.2% | -$15.8M -0.1% | $6.4M 0.1% | $16.8M 0.1% | $29.3M 0.3% | $10.1M 0.1% | $17.7M 0.2% | $7.5M 0.1% |
| Pretax Income | $1.35B 9.9% | $1.53B 11.9% | $1.18B 9.7% | $966.3M 8.3% | $1.52B 13.1% | $1.32B 11.4% | $1.20B 10.5% | $1.05B 9.2% | $1.40B 12.9% | $1.62B 15.2% |
| Income Tax Expense | $293.1M 2.1% | $279.7M 2.2% | $220.1M 1.8% | $198.1M 1.7% | $306.7M 2.6% | $313.9M 2.7% | $279.6M 2.5% | $258.4M 2.3% | $323.9M 3.0% | $431.8M 4.0% |
| Net Income | $1.08B 7.9% | $1.25B 9.8% | $957.0M 7.9% | $781.6M 6.7% | $1.21B 10.4% | $773.6M 6.7% | $811.0M 7.1% | $159.4M 1.4% | $663.6M 6.1% | $879.9M 8.2% |
| Per Share | ||||||||||
| EPS (Basic) | $10.06 | $11.02 | $7.62 | $6.03 | $9.30 | $6.46 | $5.29 | $0.93 | $3.52 | $4.36 |
| EPS (Diluted) | $9.84 | $10.73 | $7.42 | $5.85 | $8.90 | $6.31 | $5.27 | $0.92 | $3.47 | $4.29 |
| Weighted Avg Shares (Basic) | 74.2M | 85.0M | 90.8M | 93.0M | 105.2M | 119.8M | 153.2M | 170.8M | 188.6M | 201.6M |
| Weighted Avg Shares (Diluted) | 75.9M | 87.3M | 93.2M | 95.8M | 109.9M | 122.6M | 153.8M | 172.4M | 191.3M | 204.9M |
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.
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 · 53th 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?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -115% against ROIC 8% — -122% 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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 10.0 | 9.7 | 10.8 | 10.3 | 11.7 | 12.1 | 12.0 | 12.3 |
| Operating Income | 13.4 | 14.4 | 14.7 | 15.5 | 11.5 | 13.2 | 16.3 | 15.0 |
| Income Tax | 2.3 | 2.5 | 2.7 | 2.6 | 1.7 | 1.8 | 2.2 | 2.1 |
| Net Income | 1.4 | 7.1 | 6.7 | 10.4 | 6.7 | 7.9 | 9.8 | 7.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DVA: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 96.85pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 30.6% | 9.1% (today's — no rate published for this year) | 21.4pts |
| FY2020 | 31.0% | 9.1% (today's — no rate published for this year) | 21.9pts |
| FY2021 | 40.2% | 6.7% | 33.5pts |
| FY2022 | 29.9% | 7.1% | 22.9pts |
| FY2023 | 35.4% | 7.6% | 27.8pts |
| FY2024 | 76.3% | 9.7% | 66.6pts |
| FY2025 | 106.3% | 9.2% | 97.1pts |
| Now | 7.8% | 9.1% | -1.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 19.0% | 8.2% |
| FY2017 | not reported | 16.7% | 6.1% |
| FY2018 | not reported | 13.4% | 1.4% |
| FY2019 | not reported | 14.4% | 7.1% |
| FY2020 | not reported | 14.7% | 6.7% |
| FY2021 | not reported | 15.5% | 8.4% |
| FY2022 | not reported | 11.5% | 4.8% |
| FY2023 | not reported | 13.2% | 5.7% |
| FY2024 | not reported | 16.3% | 7.3% |
| FY2025 | not reported | 15.0% | 5.5% |
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 1.70x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $1.31B; after share-based compensation it is $1.17B. The difference is a real cost that the cash flow statement adds back.
Covers interest 2.6x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 3.79x |
| 5% | 3.60x |
| 10% | 3.41x |
| 15% | 3.22x |
| 20% | 3.03x |
| 25% | 2.84x |
| 30% | 2.65x |
| 35% | 2.46x |
| 40% | 2.27x |
| 45% | 2.08x |
| 50% | 1.89x |
| 55% | 1.70x |
| 60% | 1.51x |
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.
Operating leases are $2,601,142,000 of the $2,601,142,000 total — a fixed obligation that does not appear in a headline debt figure.
At $187.50, free cash flow must compound -3.73%/yr for 10 years. It has done 0.06%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −0.1% | −3.7% |
| FY2021 | −1.2% | −3.7% |
| FY2022 | −25.5% | −3.7% |
| FY2023 | 55.1% | −3.7% |
| FY2024 | −1.6% | −3.7% |
| FY2025 | −10.6% | −3.7% |
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 4 of the last 6 years.
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 |
|---|---|---|---|---|---|
| 2026-10-27 | 2 co-filers Group filing | Open-market saleindirect | 382,563 | $180.43 | $69.0m |
| 2026-09-22 | Maughan David Paul Chief Operating Officer, DKC | Tax withholding | 7,501 | $182.34 | $1.4m |
| 2026-08-15 | Desoer Barbara J Director | Grant | 278 | $0.00 | $0 |
| 2026-08-15 | Schechter Adam H Director | Grant | 278 | $0.00 | $0 |
| 2026-08-15 | Moore Gregory J. Director | Grant | 278 | $0.00 | $0 |
| 2026-08-15 | Schoppert Wendy Lee Director | Grant | 278 | $0.00 | $0 |
| 2026-08-15 | Arway Pamela M Director | Grant | 278 | $0.00 | $0 |
| 2026-08-15 | Yale Phyllis R Director | Grant | 278 | $0.00 | $0 |
| 2026-08-15 | Pullin Dennis W Director | Grant | 278 | $0.00 | $0 |
| 2026-08-15 | Hollar Jason M. Director | Grant | 278 | $0.00 | $0 |
| 2026-07-31 | 2 co-filers Group filing | Open-market saleindirect | 182,980 | $199.55 | $36.5m |
| 2026-06-16 | 2 co-filers Chief Executive Officer | Open-market sale | 39,407 | $209.28 | $8.2m |
| 2026-06-15 | 2 co-filers Chief Legal & Pub. Affairs Off | Open-market sale | 8,950 | $207.84 | $1.9m |
| 2026-06-15 | 2 co-filers Chief Executive Officer | Open-market sale | 30,000 | $209.50 | $6.3m |
| 2026-06-15 | 2 co-filers Chief Legal & Pub. Affairs Off | Open-market sale | 6,455 | $209.17 | $1.4m |
| 2026-05-26 | Yale Phyllis R Director | Gift | 5,038 | $0.00 | $0 |
| 2026-05-15 | Moore Gregory J. Director | Grant | 250 | $0.00 | $0 |
| 2026-05-15 | Schoppert Wendy Lee Director | Grant | 250 | $0.00 | $0 |
| 2026-05-15 | Hollar Jason M. Director | Grant | 250 | $0.00 | $0 |
| 2026-05-15 | Yale Phyllis R Director | Grant | 250 | $0.00 | $0 |
| 2026-05-15 | Desoer Barbara J Director | Grant | 250 | $0.00 | $0 |
| 2026-05-15 | Schechter Adam H Director | Grant | 250 | $0.00 | $0 |
| 2026-05-15 | Arway Pamela M Director | Grant | 250 | $0.00 | $0 |
| 2026-05-15 | Pullin Dennis W Director | Grant | 250 | $0.00 | $0 |
| 2026-05-15 | 5 co-filers Chief Compliance Officer | Open-market sale | 15,000 | $193.98 | $2.9m |
| 2026-05-14 | 5 co-filers Chief Compliance Officer | Option exercise | 5,784 | $110.63 | $640k |
| 2026-05-14 | 5 co-filers Chief Compliance Officer | Other | 3,231 | $198.10 | $640k |
| 2026-05-14 | 5 co-filers Chief Compliance Officer | Tax withholding | 1,117 | $198.10 | $221k |
| 2026-05-14 | 5 co-filers Chief Compliance Officer | Option exercise | 5,784 | $0.00 | — |
| 2026-05-12 | 2 co-filers Chief Operating Officer, DKC | Open-market sale | 13,456 | $199.25 | $2.7m |
| 2026-05-11 | 2 co-filers Chief Operating Officer, DKC | Open-market sale | 7,073 | $199.15 | $1.4m |
| 2026-05-07 | Ackerman Joel CFO and Treasurer | Open-market sale | 51,471 | $192.10 | $9.9m |
| 2026-05-06 | Hearty James O Chief Compliance Officer | Open-market sale | 2,184 | $174.87 | $382k |
| 2026-05-01 | 2 co-filers Group filing | Open-market saleindirect | 1,220,376 | $149.84 | $182.9m |
| 2026-03-15 | Arway Pamela M Director | Grant | 332 | $0.00 | $0 |
| 2026-03-15 | Desoer Barbara J Director | Grant | 332 | $0.00 | $0 |
| 2026-03-15 | 4 co-filers Chief Operating Officer, DKC | Grant | 5,308 | $0.00 | $0 |
| 2026-03-15 | 6 co-filers Chief Legal & Pub. Affairs Off | Grant | 3,185 | $0.00 | $0 |
| 2026-03-15 | Schoppert Wendy Lee Director | Grant | 332 | $0.00 | $0 |
| 2026-03-15 | 6 co-filers Chief Compliance Officer | Grant | 1,128 | $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.
| Step | Amount | Running total |
|---|---|---|
| Net income | $747M | $747M |
| Share-based comp | $140M | $887M |
| Other non-cash & working capital | $1000M | $1.89B |
| Operating cash flow | $1.89B | $1.89B |
| Capex | −$576M | $1.31B |
| Free cash flow | $1.31B | $1.31B |
| FCF after SBC | $1.17B | $1.17B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 1.4% | 1.6% | 0.2 points |
| FY2021 | 0.6% | 7.3% | 6.7 points |
| FY2022 | -0.1% | 8.9% | 9.0 points |
| FY2023 | 4.6% | -6.8% | -11.4 points |
| FY2024 | 5.6% | 8.1% | 2.5 points |
| FY2025 | 6.5% | 12.5% | 6.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 57.5 days | not reported | not reported | not reported |
| FY2020 | 57.6 days | not reported | not reported | not reported |
| FY2021 | 61.5 days | not reported | not reported | not reported |
| FY2022 | 67 days | not reported | not reported | not reported |
| FY2023 | 59.7 days | not reported | not reported | not reported |
| FY2024 | 61.1 days | not reported | not reported | not reported |
| FY2025 | 64.6 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -7.3 percent |
| FY2020 | -7.1 percent |
| FY2021 | -5.6 percent |
| FY2022 | -5.9 percent |
| FY2023 | -8.1 percent |
| FY2024 | -6.3 percent |
| FY2025 | -6.5 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 5 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.