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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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How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -46%. 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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $48.5M buybacks = $48.5M returned on -$1.07B 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.
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 | $15.00B 100.0% | $15.83B 100.0% | $17.02B 100.0% | $18.63B 100.0% | $19.82B 100.0% | $1.89B 100.0% | $1.89B 100.0% | $1.76B 100.0% | $1.53B 100.0% | $1.81B 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | — | $212.2M 13.9% | $204.0M 11.3% |
| Cost of Products | — | — | — | — | — | — | — | — | $212.2M 13.9% | $204.0M 11.3% |
| Cost of Services | — | — | — | — | — | — | — | — | $546.3M 35.8% | $521.2M 28.8% |
| Research & Development | $68.0M 0.5% | $91.0M 0.6% | $110.0M 0.6% | $110.0M 0.6% | $91.0M 0.5% | $29.4M 1.6% | $25.7M 1.4% | $27.6M 1.6% | $31.7M 2.1% | $31.2M 1.7% |
| Selling, General & Admin | $2.38B 15.9% | $2.43B 15.3% | $2.99B 17.6% | $3.02B 16.2% | $2.69B 13.6% | $474.9M 25.2% | $509.1M 27.0% | $436.1M 24.7% | $370.5M 24.3% | $325.0M 18.0% |
| Total Operating Expenses | $32.73B 218.1% | $16.13B 101.9% | $17.29B 101.6% | $16.40B 88.0% | $16.40B 82.7% | $1.78B 94.0% | $1.81B 96.1% | $1.73B 97.9% | $1.49B 98.0% | $1.51B 83.6% |
| Operating Income | -$17.72B -118.1% | -$304.1M -1.9% | -$277.9M -1.6% | $2.23B 12.0% | $3.42B 17.3% | $112.5M 6.0% | $73.1M 3.9% | $36.1M 2.1% | $30.6M 2.0% | $296.2M 16.4% |
| Interest Expense | — | — | $90.4M 0.5% | $57.2M 0.3% | $95.5M 0.5% | $147.9M 7.8% | $251.0M 13.3% | $219.3M 12.4% | $184.4M 12.1% | $123.5M 6.8% |
| Interest & Investment Income | — | — | — | — | — | — | $2.5M 0.1% | — | — | — |
| Other Income (Expense), net | -$1.17B -7.8% | $228.5M 1.4% | -$1.65B -9.7% | $1.10B 5.9% | -$72.5M -0.4% | $195K 0.0% | -$166K -0.0% | $11.2M 0.6% | $5.4M 0.4% | -$77.6M -4.3% |
| Pretax Income | -$18.89B -125.9% | -$75.6M -0.5% | -$1.93B -11.4% | $3.34B 17.9% | $3.35B 16.9% | -$27.8M -1.5% | -$93.2M -4.9% | -$125.8M -7.1% | -$32.2M -2.1% | $216.6M 12.0% |
| Income Tax Expense | -$4.39B -29.2% | $48.9M 0.3% | -$296.9M -1.7% | $798.4M 4.3% | $828.4M 4.2% | $24.1M 1.3% | $20.5M 1.1% | $6.6M 0.4% | -$155.1M -10.2% | $80.3M 4.4% |
| Net Income | -$51.9M -0.3% | -$124.5M -0.8% | -$496.1M -2.9% | $166.5M 0.9% | $62.7M 0.3% | -$51.9M -2.7% | -$62.9M -3.3% | -$40.5M -2.3% | $392.6M 25.7% | $179.9M 9.9% |
| Per Share | ||||||||||
| EPS (Basic) | -$50.41 | -$0.44 | -$6.28 | $9.17 | $9.04 | -$0.41 | -$0.65 | -$0.42 | $4.13 | $1.94 |
| EPS (Diluted) | -$50.41 | -$0.44 | -$6.28 | $8.05 | $7.94 | -$0.41 | -$0.65 | -$0.42 | $4.07 | $1.92 |
| Weighted Avg Shares (Basic) | 287.6M | 274.1M | 270.8M | 270.1M | 275.1M | 97.9M | 96.7M | 96.3M | 95.4M | 93.8M |
| Weighted Avg Shares (Diluted) | 287.6M | 274.1M | 270.8M | 307.7M | 313.1M | 97.9M | 96.7M | 96.3M | 96.7M | 94.4M |
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.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~0.4% on $22.76B of debt. Interest last disclosed in FY2023 (no longer broken out).
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.
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 · 78th 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 -251% against ROIC -46% — -206% 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 -111.7% — 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
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 |
|---|---|---|---|---|---|---|---|---|
| R&D | 1.6 | 1.4 | 1.6 | 0.5 | 0.6 | 0.6 | 0.6 | 0.5 |
| SG&A | 24.7 | 27.0 | 25.2 | 13.6 | 16.2 | 17.6 | 15.3 | 15.9 |
| Operating Income | 2.1 | 3.9 | 6.0 | 17.3 | 12.0 | -1.6 | -1.9 | -118.1 |
| Income Tax | 0.4 | 1.1 | 1.3 | 4.2 | 4.3 | -1.7 | 0.3 | -29.2 |
| Net Income | -2.3 | -3.3 | -2.7 | 0.3 | 0.9 | -2.9 | -0.8 | -0.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ECHO: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.