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Held by 146 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DXCM | $31.1B | 39.4× | 25.9× | 6.7× | 15.6% | 60.1% | 17.9% | 30.5% | 30.5% | -0.8× | 287 |
| WST | $28.8B | 60.8× | 37.3× | 9.4× | 6.3% | 35.9% | 16.1% | 15.5% | 14.6% | -0.8× | 237 |
| MDLN | $28.2B | — | 12.0× | 1.0× | — | 26.4% | 4.1% | 10.8% | 5.0% | 3.3× | 84 |
| GKOS | $14.1B | — | — | 27.7× | 32.3% | 55.7% | -37.0% | -28.6% | -28.6% | — | 82 |
| SOLV | $13.8B | 9.2× | 6.7× | 1.7× | 0.9% | 53.5% | 18.7% | 30.8% | 15.4% | 1.6× | 246 |
| PEN | $12.6B | 70.6× | 59.9× | 8.9× | 17.5% | 67.1% | 12.7% | 12.4% | 12.4% | -0.9× | 76 |
| BAX | $11.9B | — | 28.8× | 1.1× | 5.7% | 30.1% | -8.5% | -15.6% | -6.1% | 11.1× | 197 |
| GMED | $10.5B | 19.9× | 13.2× | 3.6× | 16.7% | 67.4% | 18.3% | 11.8% | 11.8% | -0.7× | 146 |
| PODD | $10.4B | 43.0× | 18.4× | 3.8× | 30.7% | 71.6% | 9.1% | 16.3% | 16.1% | 0.0× | 164 |
| TFX | $5.9B | — | 46.9× | 3.0× | 17.2% | 56.2% | -45.4% | -29.0% | -15.7% | 13.0× | 73 |
| HAE | $5.4B | 58.4× | 29.5× | 4.1× | -2.0% | 59.0% | 7.3% | 12.2% | 4.8% | 4.5× | 58 |
| MMSI | $5.1B | 40.5× | 17.7× | 3.4× | 11.8% | 48.7% | 8.5% | 8.1% | 5.5% | 0.9× | 94 |
| MMED | $5.1B | — | — | 1.7× | 14.3% | 54.2% | -10.7% | -9.2% | -9.2% | — | — |
| HTFL | $5.1B | — | — | 29.2× | 39.9% | 76.8% | -66.3% | -38.8% | -38.8% | — | 36 |
| ICUI | $4.1B | — | 22.1× | 1.8× | -6.3% | 36.8% | 0.0% | 0.0% | 0.0% | 5.3× | 58 |
| IRTC | $4.1B | — | — | 5.4× | 26.2% | 70.6% | -6.0% | -29.2% | -29.2% | — | 51 |
| ATRC | $3.1B | — | — | 5.8× | 14.9% | 75.0% | -2.1% | -2.3% | -2.1% | — | 52 |
| UFPT | $2.2B | 32.5× | 20.8× | 3.7× | 19.5% | 28.3% | 11.3% | 16.1% | 12.2% | 1.0× | 69 |
Peers = companies sharing GMED's sector (Surgical & Medical Instruments & Apparatus) 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.
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 $78.05 today, the market must believe free cash flow compounds 8.6%/yr for a decade (off $386.4M on the 3-yr avg basis).
On the basis ($334.2M) the requirement is 10.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 8.6% is more conservative than its 9-yr track record.
Default is 8.8% — 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 -$526.2M
mean 32.1% · volatility σ 56% · implied rate exceeded in 6/9 yrs
Central path = implied 8.6%/yr growth; shaded band = ±1σ (56%) 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.
No dividend to cover. Last year: $0 dividends + $300.5M buybacks = $300.5M returned on $588.8M 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 reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 12%. 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.
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 | $2.94B 100.0% | $2.52B 100.0% | $1.57B 100.0% | $1.02B 100.0% | $958.1M 100.0% | $789.0M 100.0% | $785.4M 100.0% | $713.0M 100.0% | $636.0M 100.0% | $564.0M 100.0% |
| Cost of Revenue | $957.8M 32.6% | $1.04B 41.1% | $548.2M 34.9% | $263.7M 25.8% | $239.2M 25.0% | $217.5M 27.6% | $180.0M 22.9% | $159.4M 22.4% | $150.5M 23.7% | $134.7M 23.9% |
| Cost of Products | — | — | — | — | — | — | — | — | $150.5M 23.7% | $134.7M 23.9% |
| Gross Profit | — | — | $1.02B 65.1% | $759.1M 74.2% | $718.9M 75.0% | $571.6M 72.4% | $605.4M 77.1% | $553.6M 77.6% | $485.5M 76.3% | $429.3M 76.1% |
| Research & Development | $147.2M 5.0% | $163.8M 6.5% | $124.0M 7.9% | $73.0M 7.1% | $97.3M 10.2% | $84.5M 10.7% | $60.1M 7.6% | $55.5M 7.8% | $43.7M 6.9% | $44.5M 7.9% |
| Selling, General & Admin | $1.18B 40.1% | $981.4M 39.0% | $643.8M 41.0% | $432.1M 42.2% | $408.1M 42.6% | $354.8M 45.0% | $354.8M 45.2% | $311.6M 43.7% | $267.8M 42.1% | $222.2M 39.4% |
| Total Operating Expenses | — | — | $887.2M 56.6% | $531.2M 51.9% | $546.9M 57.1% | $460.1M 58.3% | $433.4M 55.2% | $384.2M 53.9% | $323.7M 50.9% | $275.1M 48.8% |
| Operating Income | $479.8M 16.3% | $166.0M 6.6% | $133.1M 8.5% | $228.0M 22.3% | $172.0M 17.9% | $111.4M 14.1% | $172.0M 21.9% | $169.3M 23.7% | $161.8M 25.4% | $154.1M 27.3% |
| Other Income (Expense), net | $125.3M 4.3% | -$45.3M -1.8% | $32.3M 2.1% | $15.1M 1.5% | $8.5M 0.9% | $14.5M 1.8% | $18.0M 2.3% | $19.3M 2.7% | $8.1M 1.3% | $3.1M 0.6% |
| Pretax Income | $605.1M 20.6% | $120.7M 4.8% | $165.4M 10.5% | $243.0M 23.8% | $180.4M 18.8% | $125.9M 16.0% | $189.9M 24.2% | $188.6M 26.5% | $169.9M 26.7% | $157.3M 27.9% |
| Income Tax Expense | $67.2M 2.3% | $17.7M 0.7% | $42.5M 2.7% | $52.9M 5.2% | $31.2M 3.3% | $23.6M 3.0% | $34.7M 4.4% | $32.1M 4.5% | $62.6M 9.8% | $52.9M 9.4% |
| Net Income | $537.9M 18.3% | $103.0M 4.1% | $122.9M 7.8% | $190.2M 18.6% | $149.2M 15.6% | $102.3M 13.0% | $155.2M 19.8% | $156.5M 21.9% | $107.3M 16.9% | $104.3M 18.5% |
| Per Share | ||||||||||
| EPS (Basic) | $3.98 | $0.76 | $1.09 | $1.89 | $1.48 | $1.04 | $1.57 | $1.60 | $1.12 | $1.09 |
| EPS (Diluted) | $3.92 | $0.75 | $1.07 | $1.85 | $1.44 | $1.01 | $1.52 | $1.54 | $1.10 | $1.08 |
| Weighted Avg Shares (Basic) | 135.2M | 135.7M | 113.1M | 100.5M | 100.7M | 98.6M | 99.2M | 97.9M | 96.2M | 95.6M |
| Weighted Avg Shares (Diluted) | 137.1M | 137.9M | 114.6M | 102.6M | 103.6M | 101.0M | 102.0M | 101.3M | 97.9M | 96.4M |
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.
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 expense isn't separately reported — often netted into “other income (expense), net.”
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.
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 |
|---|---|---|---|---|---|
| 2026-09-15 | 5 co-filers Group filing | Option exercise | 15,000 | $53.75 | $806k |
| 2026-09-15 | 5 co-filers Group filing | Option exercise | 15,000 | $63.68 | $955k |
| 2026-09-15 | 5 co-filers Group filing | Exercise & sell | 30,000 | $74.58 | $2.2m |
| 2026-09-15 | 5 co-filers Group filing | Option exercise | 15,000 | $0.00 | — |
| 2026-09-15 |
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.
| Option exercise |
| 15,000 |
| $0.00 |
| — |
| 2026-08-18 | 3 co-filers Group filing | Option exercise | 25,000 | $53.27 | $1.3m |
| 2026-08-18 | 3 co-filers Group filing | Exercise & sell | 25,000 | $87.04 | $2.2m |
| 2026-08-18 | 3 co-filers Group filing | Option exercise | 25,000 | $0.00 | — |
| 2026-07-27 | Davidar David D Director | Gift | 2,500 | $0.00 | $0 |
| 2026-06-05 | 3 co-filers Group filing | Option exercise | 25,000 | $26.27 | $657k |
| 2026-06-05 | 3 co-filers Group filing | Exercise & sell | 25,000 | $80.76 | $2.0m |
| 2026-06-05 | 3 co-filers Group filing | Option exercise | 25,000 | $0.00 | — |
| 2026-06-04 | 2 co-filers Group filing | Option exercise | 25,000 | $26.27 | $657k |
| 2026-06-04 | 2 co-filers Group filing | Option exercise | 25,000 | $0.00 | — |
| 2026-02-25 | 3 co-filers EVP, GC, Corporate Secretary | Option exercise | 20,000 | $43.58 | $872k |
| 2026-02-25 | 3 co-filers EVP, GC, Corporate Secretary | 10b5-1 plan sale | 20,000 | $94.50 | $1.9m |
| 2026-02-25 | 3 co-filers EVP, GC, Corporate Secretary | Option exercise | 20,000 | $0.00 | — |
| 2026-02-12 | 3 co-filers EVP, GC, Corporate Secretary | Option exercise | 10,000 | $45.64 | $456k |
| 2026-02-12 | 3 co-filers EVP, GC, Corporate Secretary | 10b5-1 plan sale | 10,000 | $87.67 | $877k |
| 2026-02-12 | 3 co-filers EVP, GC, Corporate Secretary | Option exercise | 10,000 | $0.00 | — |
| 2026-01-21 | Huller Kelly EVP, GC, Corporate Secretary | Grant | 40,000 | $0.00 | — |
| 2026-01-21 | Norwalk Leslie V Director | Grant | 15,000 | $0.00 | — |
| 2026-01-21 | Pfeil Keith W President, CEO | Grant | 100,000 | $0.00 | — |
| 2026-01-21 | Kline Kyle Senior Vice President, CFO | Grant | 30,000 | $0.00 | — |
| 2026-01-21 | Paul David C Executive Chairman | Grant | 100,000 | $0.00 | — |
| 2026-01-21 | Douglas Robert Andrew Director | Grant | 15,000 | $0.00 | — |
| 2026-01-21 | Lemaitre Dan Director | Grant | 15,000 | $0.00 | — |
| 2026-01-21 | Rhoads Ann D Director | Grant | 15,000 | $0.00 | — |
| 2026-01-21 | Tobin James R Director | Grant | 15,000 | $0.00 | — |
| 2026-01-21 | Zarrilli Stephen T Director | Grant | 15,000 | $0.00 | — |
| 2026-01-21 | Deford John A Director | Grant | 15,000 | $0.00 | — |
| 2026-01-21 | Wolterman Dan Director | Grant | 15,000 | $0.00 | — |
| 2026-01-21 | Davidar David D Director | Grant | 15,000 | $0.00 | — |
| 2026-01-08 | 3 co-filers Senior Vice President, CFO | Option exercise | 3,594 | $51.87 | $186k |
| 2026-01-08 | Norwalk Leslie V Director | 10b5-1 plan sale | 2,000 | $101.10 | $202k |
| 2026-01-08 | 3 co-filers Senior Vice President, CFO | 10b5-1 plan sale | 3,594 | $101.10 | $363k |
| 2026-01-08 | 3 co-filers Senior Vice President, CFO | Option exercise | 3,594 | $0.00 | — |
| 2025-12-12 | Norwalk Leslie V Director | 10b5-1 plan sale | 4,000 | $88.85 | $355k |
| 2025-12-08 | 2 co-filers Executive Chairman | Option exercise | 34,375 | $25.52 | $877k |
| 2025-12-08 | 2 co-filers Executive Chairman | Option exercise | 34,375 | $0.00 | — |
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 · 10th 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 12% against ROIC 12% — 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
High operating leverage: profit moved 11.4× 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 | 22.4 | 22.9 | 27.6 | 25.0 | 25.8 | 34.9 | 41.1 | 32.6 |
| Gross Profit | 77.6 | 77.1 | 72.4 | 75.0 | 74.2 | 65.1 | — | — |
| R&D | 7.8 | 7.6 | 10.7 | 10.2 | 7.1 | 7.9 | 6.5 | 5.0 |
| SG&A | 43.7 | 45.2 | 45.0 | 42.6 | 42.2 | 41.0 | 39.0 | 40.1 |
| Operating Income | 23.7 | 21.9 | 14.1 | 17.9 | 22.3 | 8.5 | 6.6 | 16.3 |
| Income Tax | 4.5 | 4.4 | 3.0 | 3.3 | 5.2 | 2.7 | 0.7 | 2.3 |
| Net Income | 21.9 | 19.8 | 13.0 | 15.6 | 18.6 | 7.8 | 4.1 | 18.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on GMED: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 0.25pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 11.6% | 8.8% (today's — no rate published for this year) | 2.8pts |
| FY2020 | 6.1% | 8.8% (today's — no rate published for this year) | -2.7pts |
| FY2021 | 8.2% | 8.8% (today's — no rate published for this year) | -0.7pts |
| FY2022 | 10.2% | 8.8% (today's — no rate published for this year) | 1.4pts |
| FY2023 | 2.7% | 8.8% (today's — no rate published for this year) | -6.1pts |
| FY2024 | 3.9% | 8.8% (today's — no rate published for this year) | -4.9pts |
| FY2025 | 9.4% | 8.8% (today's — no rate published for this year) | 0.6pts |
| Now | 11.8% | 8.8% | 3.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 76.1% | 27.3% | 18.5% |
| FY2017 | 76.3% | 25.4% | 16.9% |
| FY2018 | 77.6% | 23.7% | 21.9% |
| FY2019 | 77.1% | 21.9% | 19.8% |
| FY2020 | 72.4% | 14.1% | 13.0% |
| FY2021 | 75.0% | 17.9% | 15.6% |
| FY2022 | 74.2% | 22.3% | 18.6% |
| FY2023 | 65.1% | 8.5% | 7.8% |
| FY2024 | 58.9% | 6.6% | 4.1% |
| FY2025 | 67.4% | 16.3% | 18.3% |
Return on equity (12%) and return on invested capital (12%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$1.4B of goodwill — 33% 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.
ROIC ex-goodwill is 13.47% against 9.06% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.68x of reported profit into cash — adequate, without much margin.
Capex has been below depreciation for 3 consecutive years (0.70x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
At $78.05, free cash flow must compound 8.72%/yr for 10 years. It has done 34.1%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 33.5% | 8.7% |
| FY2021 | 62.3% | 8.7% |
| FY2022 | −52.4% | 8.7% |
| FY2023 | 58.2% | 8.7% |
| FY2024 | 145.2% | 8.7% |
| FY2025 | 45.3% | 8.7% |
The implied rate has been matched or beaten in 5 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $538M | $538M |
| Share-based comp | $50M | $588M |
| Other non-cash & working capital | $166M | $753M |
| Operating cash flow | $753M | $753M |
| Capex | −$165M | $589M |
| Free cash flow | $589M | $589M |
| FCF after SBC | $539M | $539M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 0.5% | -8.2% | -8.7 points |
| FY2021 | 21.4% | 16.1% | -5.4 points |
| FY2022 | 6.8% | 29.7% | 22.9 points |
| FY2023 | 53.3% | 136.0% | 82.7 points |
| FY2024 | 60.6% | 10.8% | -49.8 points |
| FY2025 | 16.6% | 21.7% | 5.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 71.7 days | 398.1 days | 49.9 days | 419.9 days |
| FY2020 | 65.5 days | 384.6 days | 30.6 days | 419.6 days |
| FY2021 | 62.6 days | 361.6 days | 33.5 days | 390.8 days |
| FY2022 | 76.1 days | 413.8 days | 50 days | 439.9 days |
| FY2023 | 117.1 days | 564.7 days | 37.7 days | 644.1 days |
| FY2024 | 80.8 days | 232.4 days | 26.5 days | 286.7 days |
| FY2025 | 84.3 days | 289.3 days | 37.7 days | 336 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.1 percent |
| FY2020 | -5.8 percent |
| FY2021 | -6.5 percent |
| FY2022 | 0.6 percent |
| FY2023 | -2.4 percent |
| FY2024 | -8.0 percent |
| FY2025 | -4.1 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 3 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.