Loading institutional data...
Loading institutional data...
Held by 319 of 2,417 reporting institutions (97th percentile) — extremely crowded.
Data as of Q3 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading insider activity...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
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 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 $36.17 today, the market must believe free cash flow compounds -1.7%/yr for a decade (off $2.06B on the 3-yr avg basis).
The market's -1.7% is more conservative than its 8-yr track record.
Default is 6.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.83B shares (market data) · net debt $4.95B
mean 9.0% · volatility σ 31% · implied rate exceeded in 5/8 yrs
Central path = implied -1.7%/yr growth; shaded band = ±1σ (31%) 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.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SLB | $79.3B | 22.9× | — | 2.2× | -1.6% | — | 9.4% | 12.9% | 9.4% | — | 515 |
| HAL | $29.9B | — | 10.3× | 1.4× | -3.3% | — | 5.8% | 12.3% | 7.3% | 1.5× | 319 |
| OII | $4.1B | 11.7× | 9.5× | 1.5× | 4.6% | 20.4% | 12.7% | 33.0% | 22.7% | -0.5× | 70 |
| LBRT | $2.8B | 19.0× | 5.2× | 0.7× | -7.2% | 20.9% | 3.7% | 7.1% | 6.4% | 0.4× | 56 |
| WTTR | $2.5B | — | 83.3× | 1.8× | -3.1% | 14.4% | 1.5% | 2.6% | 1.9% | 8.7× | 52 |
| NESR | $2.1B | 41.0× | 9.5× | 1.6× | 1.7% | 12.4% | 3.9% | 5.3% | 4.2% | 0.5× | 29 |
| XPRO | $1.9B | 38.4× | 6.7× | 1.2× | -6.2% | — | 3.2% | 3.4% | 3.2% | -0.4× | 1 |
| WBI | $1.7B | — | 14.1× | 3.3× | 66.2% | 27.1% | 0.0% | 0.0% | 0.0% | 6.3× | 21 |
| HLX | $1.6B | 50.5× | 5.8× | 1.2× | -4.9% | 12.3% | 2.4% | 2.0% | 1.6% | -0.4× | 46 |
| RES | $1.4B | 41.1× | 5.6× | 0.8× | 15.0% | 24.2% | 2.0% | 2.9% | 2.9% | -1.0× | 42 |
| PUMP | $950M | — | 5.3× | 0.8× | -12.1% | — | 0.1% | 0.1% | 0.1% | 0.1× | 32 |
| ACDC | $889M | — | 9.9× | 0.5× | -11.4% | — | -19.0% | -51.4% | -21.2% | 5.2× | 16 |
| CLB | $488M | 16.9× | 8.1× | 0.9× | 0.5% | 20.7% | 5.6% | 11.2% | 7.9% | 1.2× | 24 |
| NGS | $418M | 20.6× | 5.7× | 2.4× | 9.9% | — | 11.6% | 7.3% | 7.3% | 0.0× | 21 |
| RNGR | $356M | 27.8× | 5.7× | 0.7× | -4.2% | — | 2.2% | 4.1% | 4.1% | -0.1× | 20 |
| TUSK | $153M | 31.8× | — | 3.5× | -2.9% | — | 10.4% | 1.8% | 1.8% | — | 7 |
| NCSM | $140M | 6.2× | 6.8× | 0.8× | 13.0% | — | 12.9% | 18.8% | 17.7% | -1.8× | — |
| KLXE | $117M | — | 5.7× | 0.2× | -10.2% | 21.2% | -12.1% | 104% | -42.5% | 3.9× | 3 |
Peers = companies sharing HAL's sector (Oil & Gas Field 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.
The dividend is comfortably covered — only 35% of free cash flow, leaving room to grow it and fund buybacks. Last year: $579.0M dividends + $1.01B buybacks = $1.59B returned on $1.67B FCF.
4 consecutive years of dividend increases · -0%/yr.
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).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 7%. 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. 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 | $22.18B 100.0% | $22.94B 100.0% | $23.02B 100.0% | $20.30B 100.0% | $15.29B 100.0% | $14.45B 100.0% | $22.41B 100.0% | $24.00B 100.0% | $20.62B 100.0% | $15.89B 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | — | $4.14B 20.1% | $3.77B 23.7% |
| Cost of Products | — | — | — | — | — | — | — | — | $4.14B 20.1% | $3.77B 23.7% |
| Cost of Services | — | — | — | — | — | — | — | — | $14.21B 68.9% | $11.25B 70.8% |
| Research & Development | $411.0M 1.9% | $426.0M 1.9% | $408.0M 1.8% | $345.0M 1.7% | $321.0M 2.1% | $309.0M 2.1% | $404.0M 1.8% | $390.0M 1.6% | $360.0M 1.7% | $329.0M 2.1% |
| Selling, General & Admin | $239.0M 1.1% | $239.0M 1.0% | $226.0M 1.0% | $240.0M 1.2% | $204.0M 1.3% | $182.0M 1.3% | $227.0M 1.0% | $254.0M 1.1% | $256.0M 1.2% | $226.0M 1.4% |
| Total Operating Expenses | $19.92B 89.8% | $19.12B 83.3% | $18.93B 82.3% | $17.59B 86.7% | $13.49B 88.2% | $16.88B 116.9% | $22.86B 102.0% | $21.53B 89.7% | $19.25B 93.3% | $22.66B 142.6% |
| Operating Income | $2.26B 10.2% | $3.82B 16.7% | $4.08B 17.7% | $2.71B 13.3% | $1.80B 11.8% | -$2.44B -16.9% | -$448.0M -2.0% | $2.47B 10.3% | $1.37B 6.7% | -$6.77B -42.6% |
| Interest & Investment Income | $88.0M 0.4% | $97.0M 0.4% | $81.0M 0.4% | $29.0M 0.1% | $9.0M 0.1% | $38.0M 0.3% | $23.0M 0.1% | $44.0M 0.2% | $112.0M 0.5% | $59.0M 0.4% |
| Other Income (Expense), net | -$128.0M -0.6% | -$227.0M -1.0% | -$84.0M -0.4% | -$62.0M -0.3% | -$34.0M -0.2% | -$111.0M -0.8% | -$105.0M -0.5% | -$99.0M -0.4% | -$99.0M -0.5% | -$216.0M -1.4% |
| Pretax Income | $1.77B 8.0% | $3.23B 14.1% | $3.36B 14.6% | $2.11B 10.4% | $1.25B 8.2% | -$3.22B -22.3% | -$1.12B -5.0% | $1.81B 7.6% | $682.0M 3.3% | -$7.63B -48.0% |
| Income Tax Expense | $479.0M 2.2% | $718.0M 3.1% | $701.0M 3.0% | $515.0M 2.5% | -$216.0M -1.4% | -$278.0M -1.9% | $7.0M 0.0% | $157.0M 0.7% | $1.13B 5.5% | -$1.86B -11.7% |
| Net Income | $1.28B 5.8% | $2.50B 10.9% | $2.64B 11.5% | $1.57B 7.7% | $1.46B 9.5% | -$2.94B -20.4% | -$1.13B -5.0% | $1.66B 6.9% | -$463.0M -2.2% | -$5.76B -36.3% |
| Per Share | ||||||||||
| EPS (Basic) | — | — | — | — | — | — | — | — | — | -$6.69 |
| EPS (Diluted) | — | — | — | — | — | — | -$1.29 | $1.89 | -$0.53 | -$6.69 |
| Weighted Avg Shares (Basic) | 853.0M | 882.0M | 899.0M | 904.0M | 892.0M | 881.0M | 875.0M | 875.0M | 870.0M | 861.0M |
| Weighted Avg Shares (Diluted) | 853.0M | 883.0M | 902.0M | 908.0M | 892.0M | 881.0M | 875.0M | 877.0M | 870.0M | 861.0M |
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 $2.21B covers all $1.09B of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
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 of $2.21B fully covers short-term debt of $0.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
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.
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.
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 |
|---|---|---|---|---|---|
| 2026-10-23 | Hernandez David Christopher Director | Grant | 961 | $0.00 | — |
| 2026-09-30 | Smith Maurice S Director | Grant | 1,162 | — | — |
| 2026-08-31 | Carre Eric EVP & Chief Financial Officer | 10b5-1 plan sale | 24,777 | $37.50 | $929k |
| 2026-08-19 | Slocum Jeffrey Shannon Director, EVP and COO | 10b5-1 plan sale |
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.
| 52,572 |
| $35.09 |
| $1.8m |
| 2026-08-18 | Slocum Jeffrey Shannon Director, EVP and COO | 10b5-1 plan sale | 16,121 | $35.08 | $566k |
| 2026-08-18 | Miller Jeffrey Allen Director, President & CEO | 10b5-1 plan sale | 124,483 | $35.00 | $4.4m |
| 2026-06-30 | Smith Maurice S Director | Grant | 1,080 | — | — |
| 2026-06-18 | Carre Eric EVP & Chief Financial Officer | 10b5-1 plan sale | 24,778 | $35.89 | $889k |
| 2026-05-15 | Beckwith Van H. EVP, Secretary and CLO | 10b5-1 plan sale | 198,349 | $41.29 | $8.2m |
| 2026-05-05 | 2 co-filers President - Western Hemisphere | 10b5-1 plan sale | 13,566 | $41.84 | $568k |
| 2026-05-05 | 2 co-filers President - Western Hemisphere | 10b5-1 plan sale | 6,782 | $42.00 | $285k |
| 2026-04-30 | 2 co-filers Group filing | Open-market sale | 5,625 | $41.72 | $235k |
| 2026-04-30 | Mckeon Timothy Senior VP and Treasurer | 10b5-1 plan sale | 8,655 | $42.00 | $364k |
| 2026-04-30 | 2 co-filers Group filing | Open-market sale | 500 | $41.73 | $21k |
| 2026-03-30 | Smith Maurice S Director | Grant | 828 | — | — |
| 2026-03-27 | Miller Jeffrey Allen Director, President & CEO | 10b5-1 plan sale | 158,455 | $40.00 | $6.3m |
| 2026-03-16 | Slocum Jeffrey Shannon Director, EVP and COO | 10b5-1 plan sale | 5,441 | $33.82 | $184k |
| 2026-03-16 | Beckwith Van H. EVP, Secretary and CLO | 10b5-1 plan sale | 19,618 | $33.82 | $663k |
| 2026-03-06 | Mckeon Timothy Senior VP and Treasurer | 10b5-1 plan sale | 3,846 | $34.37 | $132k |
| 2026-03-05 | Beckwith Van H. EVP, Secretary and CLO | Tax withholding | 12,729 | $36.00 | $458k |
| 2026-03-05 | Yassine Rami President - Eastern Hemisphere | Tax withholding | 1,407 | $36.00 | $51k |
| 2026-03-05 | Slocum Jeffrey Shannon Director, EVP and COO | Tax withholding | 3,404 | $36.00 | $123k |
| 2026-03-05 | Sharp Jill D. SVP Internal Assurance Svcs. | Tax withholding | 1,239 | $36.00 | $45k |
| 2026-03-05 | Carre Eric EVP & Chief Financial Officer | Tax withholding | 12,729 | $36.00 | $458k |
| 2026-03-05 | Mckeon Timothy Senior VP and Treasurer | Tax withholding | 1,239 | $36.00 | $45k |
| 2026-03-05 | Miller Jeffrey Allen Director, President & CEO | Tax withholding | 45,572 | $36.00 | $1.6m |
| 2026-03-05 | Pope Lawrence J EVP and Chief Admin Officer | Tax withholding | 12,729 | $36.00 | $458k |
| 2026-02-27 | Yassine Rami President - Eastern Hemisphere | Grant | 5,897 | $36.00 | $212k |
| 2026-02-27 | Slocum Jeffrey Shannon Director, EVP and COO | Grant | 8,845 | $36.00 | $318k |
| 2026-02-27 | Sharp Jill D. SVP Internal Assurance Svcs. | Grant | 5,085 | $36.00 | $183k |
| 2026-02-27 | Beckwith Van H. EVP, Secretary and CLO | Grant | 32,347 | $36.00 | $1.2m |
| 2026-02-27 | Carre Eric EVP & Chief Financial Officer | Grant | 32,347 | $36.00 | $1.2m |
| 2026-02-27 | Mckeon Timothy Senior VP and Treasurer | Grant | 5,085 | $36.00 | $183k |
| 2026-02-27 | Miller Jeffrey Allen Director, President & CEO | Grant | 115,811 | $36.00 | $4.2m |
| 2026-02-27 | Pope Lawrence J EVP and Chief Admin Officer | Grant | 32,347 | $36.00 | $1.2m |
| 2026-01-26 | Banks Margaret Katherine Director | Open-market sale | 2,600 | $34.17 | $89k |
| 2026-01-23 | 3 co-filers EVP, Secretary and CLO | Option exercise | 54,348 | $23.57 | $1.3m |
| 2026-01-23 | 3 co-filers Director, President & CEO | Option exercise | 171,200 | $31.44 | $5.4m |
| 2026-01-23 | 3 co-filers Director, President & CEO | 10b5-1 plan sale | 171,200 | $34.96 | $6.0m |
| 2026-01-23 | 3 co-filers EVP, Secretary and CLO | 10b5-1 plan sale | 54,348 | $34.96 | $1.9m |
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 12% against ROIC 7% — 5% 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 12.3× 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 |
|---|---|---|---|---|---|---|---|---|
| R&D | 1.6 | 1.8 | 2.1 | 2.1 | 1.7 | 1.8 | 1.9 | 1.9 |
| SG&A | 1.1 | 1.0 | 1.3 | 1.3 | 1.2 | 1.0 | 1.0 | 1.1 |
| Operating Income | 10.3 | -2.0 | -16.9 | 11.8 | 13.3 | 17.7 | 16.7 | 10.2 |
| Income Tax | 0.7 | 0.0 | -1.9 | -1.4 | 2.5 | 3.0 | 3.1 | 2.2 |
| Net Income | 6.9 | -5.0 | -20.4 | 9.5 | 7.7 | 11.5 | 10.9 | 5.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on HAL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 3.17pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -2.0% | 6.8% (today's — no rate published for this year) | -8.7pts |
| FY2020 | -13.8% | 6.8% (today's — no rate published for this year) | -20.6pts |
| FY2021 | 9.7% | 6.8% (today's — no rate published for this year) | 2.9pts |
| FY2022 | 13.9% | 6.8% (today's — no rate published for this year) | 7.1pts |
| FY2023 | 19.1% | 6.8% (today's — no rate published for this year) | 12.3pts |
| FY2024 | 17.1% | 6.8% (today's — no rate published for this year) | 10.3pts |
| FY2025 | 10.2% | 6.8% (today's — no rate published for this year) | 3.4pts |
| Now | 7.3% | 6.8% | 0.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 76.3% | -42.6% | -36.3% |
| FY2017 | 79.9% | 6.7% | -2.2% |
| FY2018 | not reported | 10.3% | 6.9% |
| FY2019 | not reported | -2.0% | -5.0% |
| FY2020 | not reported | -16.9% | -20.4% |
| FY2021 | not reported | 11.8% | 9.5% |
| FY2022 | not reported | 13.3% | 7.7% |
| FY2023 | not reported | 17.7% | 11.5% |
| FY2024 | not reported | 16.7% | 10.9% |
| FY2025 | not reported | 10.2% | 5.8% |
Leverage and buybacks account for 5 points of the 12% return on equity in FY2025. The business earns 7% on the capital it employs; the rest is balance sheet.
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.
$3.0B of goodwill — 17% 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 2 years running even as the spread stayed positive.
Converts 0.92x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Missing from our data, so excluded from this answer: share_based_compensation.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); 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.
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 $36.17, free cash flow must compound -1.34%/yr for 10 years. It has done 10.57%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 26.0% | −1.3% |
| FY2021 | −3.6% | −1.3% |
| FY2022 | 10.7% | −1.3% |
| FY2023 | 68.9% | −1.3% |
| FY2024 | 16.5% | −1.3% |
| FY2025 | −31.0% | −1.3% |
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 (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.28B | $1.28B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $1.64B | $2.93B |
| Operating cash flow | $2.93B | $2.93B |
| Capex | −$1.25B | $1.67B |
| Free cash flow | $1.67B | $1.67B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -35.5% | not reported | not reported |
| FY2021 | 5.9% | not reported | not reported |
| FY2022 | 32.7% | not reported | not reported |
| FY2023 | 13.4% | not reported | not reported |
| FY2024 | -0.3% | not reported | not reported |
| FY2025 | -3.3% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -14.1 percent |
| FY2020 | -23.3 percent |
| FY2021 | -2.0 percent |
| FY2022 | -2.9 percent |
| FY2023 | -3.3 percent |
| FY2024 | -5.3 percent |
| FY2025 | -6.6 percent |
Below the line, the asset base is being consumed faster than it is replaced.
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.