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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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: -23%. 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.
The dividend is comfortably covered — only 24% of free cash flow, leaving room to grow it and fund buybacks. Last year: $2.99B dividends + $0 buybacks = $2.99B returned on $12.47B 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 | $187.27B 100.0% | $184.99B 100.0% | $176.19B 100.0% | $158.06B 100.0% | $136.34B 100.0% | $127.14B 100.0% | $155.90B 100.0% | $160.34B 100.0% | $156.78B 100.0% | $151.80B 100.0% |
| Cost of Revenue | $174.47B 93.2% | $158.43B 85.6% | $150.55B 85.4% | $134.40B 85.0% | $114.65B 84.1% | $112.75B 88.7% | $134.69B 86.4% | $136.27B 85.0% | $131.32B 83.8% | $126.19B 83.1% |
| Research & Development | $9.40B 5.0% | $8.00B 4.3% | $8.20B 4.7% | $7.80B 4.9% | $7.60B 5.6% | $7.10B 5.6% | $7.40B 4.7% | $8.20B 5.1% | $8.00B 5.1% | $7.30B 4.8% |
| Selling, General & Admin | $10.85B 5.8% | $10.29B 5.6% | $10.70B 6.1% | $10.89B 6.9% | $11.91B 8.7% | $10.19B 8.0% | $11.16B 7.2% | $11.40B 7.1% | $11.53B 7.4% | $10.97B 7.2% |
| Total Operating Expenses | $196.44B 104.9% | $179.77B 97.2% | $170.73B 96.9% | $151.78B 96.0% | $131.82B 96.7% | $131.55B 103.5% | $155.33B 99.6% | $157.13B 98.0% | $151.90B 96.9% | $146.01B 96.2% |
| Operating Income | -$9.17B -4.9% | $5.22B 2.8% | $5.46B 3.1% | $6.28B 4.0% | $4.52B 3.3% | -$4.41B -3.5% | $574.0M 0.4% | $3.20B 2.0% | $4.88B 3.1% | — |
| Interest Expense | $1.25B 0.7% | $1.11B 0.6% | $7.61B 4.3% | $4.59B 2.9% | $4.59B 3.4% | $5.05B 4.0% | $5.41B 3.5% | $5.16B 3.2% | $4.36B 2.8% | $894.0M 0.6% |
| Interest & Investment Income | $1.49B 0.8% | $1.54B 0.8% | $1.57B 0.9% | $639.0M 0.4% | $254.0M 0.2% | $452.0M 0.4% | $809.0M 0.5% | $667.0M 0.4% | $459.0M 0.3% | $291.0M 0.2% |
| Other Income (Expense), net | $1.75B 0.9% | $2.45B 1.3% | -$603.0M -0.3% | -$5.15B -3.3% | $14.73B 10.8% | $4.90B 3.9% | -$226.0M -0.1% | $2.25B 1.4% | $3.27B 2.1% | $169.0M 0.1% |
| Pretax Income | -$11.83B -6.3% | $7.23B 3.9% | $3.97B 2.3% | -$3.02B -1.9% | $17.78B 13.0% | -$1.12B -0.9% | -$640.0M -0.4% | $4.34B 2.7% | $8.16B 5.2% | $6.78B 4.5% |
| Income Tax Expense | -$3.67B -2.0% | $1.34B 0.7% | -$362.0M -0.2% | -$864.0M -0.5% | -$130.0M -0.1% | $160.0M 0.1% | -$724.0M -0.5% | $650.0M 0.4% | $402.0M 0.3% | $2.18B 1.4% |
| Net Income | -$8.16B -4.4% | $5.88B 3.2% | $4.35B 2.5% | -$1.98B -1.3% | $17.94B 13.2% | -$1.28B -1.0% | $84.0M 0.1% | $3.69B 2.3% | $7.76B 4.9% | $4.60B 3.0% |
| Per Share | ||||||||||
| EPS (Basic) | -$2.06 | $1.48 | $1.09 | -$0.49 | $4.49 | -$0.32 | $0.01 | $0.93 | $1.94 | $1.16 |
| EPS (Diluted) | -$2.06 | $1.46 | $1.08 | -$0.49 | $4.45 | -$0.32 | $0.01 | $0.92 | $1.93 | $1.15 |
| Weighted Avg Shares (Basic) | 3.98B | 3.98B | 4.00B | 4.01B | 3.99B | 3.97B | 3.97B | 3.97B | 3.98B | 3.97B |
| Weighted Avg Shares (Diluted) | 3.98B | 4.02B | 4.04B | 4.01B | 4.03B | 3.97B | 4.00B | 4.00B | 4.00B | 4.00B |
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 $12.25 today, the market must believe free cash flow compounds -21.0%/yr for a decade (off $8.63B on the 3-yr avg basis).
On the basis ($8.14B) the requirement is -19.9%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -21.0% is more conservative than its 8-yr track record.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 3.99B shares (market data) · net debt -$23.36B
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean 3.7% · volatility σ 70% · implied rate exceeded in 4/7 yrs
Central path = implied -21.0%/yr growth; shaded band = ±1σ (70%) 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
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
Where each multiple sits in its own 14-yr range · 87th 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 -23% against ROIC -23% — 0% 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 -20.2% — 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 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 85.0 | 86.4 | 88.7 | 84.1 | 85.0 | 85.4 | 85.6 | 93.2 |
| R&D | 5.1 | 4.7 | 5.6 | 5.6 | 4.9 | 4.7 | 4.3 | 5.0 |
| SG&A | 7.1 | 7.2 | 8.0 | 8.7 | 6.9 | 6.1 | 5.6 | 5.8 |
| Operating Income | 2.0 | 0.4 | -3.5 | 3.3 | 4.0 | 3.1 | 2.8 | -4.9 |
| Income Tax | 0.4 | -0.5 | 0.1 | -0.1 | -0.5 | -0.2 | 0.7 | -2.0 |
| Net Income | 2.3 | 0.1 | -1.0 | 13.2 | -1.3 | 2.5 | 3.2 | -4.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on F: 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.
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.