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Held by 193 of 2,417 reporting institutions (95th percentile) — extremely crowded.
Data as of Q3 2026
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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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RTX | $269.6B | 40.3× | 21.7× | 3.0× | 9.7% | — | 7.6% | 10.3% | 6.7% | 2.0× | 1,281 |
| BA | $135.9B | 69.2× | 30.1× | 1.5× | 34.5% | 4.8% | 2.5% | 41.0% | 3.3% | 8.2× | 871 |
| HON | $69.2B | 29.7× | 9.6× | 1.9× | 7.8% | 36.9% | 12.6% | 34.0% | 9.8% | 2.3× | 16 |
| TDG | $63.4B | 35.8× | 19.9× | 7.2× | 11.2% | 60.1% | 23.5% | -21.4% | 10.5% | 5.9× | 301 |
| HEI | $44.9B | 65.6× | 36.8× | 10.0× | 16.3% | 39.8% | 15.4% | 16.0% | 16.0% | -0.2× | 193 |
| ESLT | $36.5B | 68.5× | 42.7× | 4.6× | 16.3% | 24.4% | 6.7% | 12.9% | 12.6% | -0.6× | 82 |
| TXT | $14.5B | 16.8× | — | 1.0× | 8.0% | — | 6.2% | 11.7% | 11.7% | — | 191 |
| SARO | $7.7B | 28.2× | 13.0× | 1.3× | 15.8% | 14.8% | 4.6% | 10.4% | 5.7% | 2.6× | 70 |
| AVAV | $6.4B | — | — | 3.2× | 141% | 25.3% | -13.4% | -6.0% | -5.2% | — | 160 |
| LOAR | $5.8B | 82.8× | 54.6× | 11.7× | 23.2% | 52.7% | 14.5% | 6.1% | 3.8% | 5.3× | 67 |
| KRMN | $5.3B | 307.3× | 61.7× | 11.2× | 36.6% | 40.3% | 3.7% | 4.5% | 4.5% | -0.3× | 72 |
| AIR | $4.0B | 20.6× | 15.1× | 1.2× | 19.0% | 18.8% | 5.7% | 11.0% | 7.2% | 2.5× | 85 |
| ATRO | $2.6B | 73.3× | 29.2× | 3.0× | 8.4% | 29.9% | 3.4% | 21.0% | 6.2% | 3.2× | 41 |
| DCO | $2.4B | — | — | 2.9× | 4.9% | 26.9% | -4.5% | -5.6% | -3.9% | — | 47 |
| PKE | $568M | 46.0× | 31.8× | 7.7× | 18.2% | 30.9% | 15.4% | 8.7% | 8.7% | -5.1× | 35 |
| TATT | $413M | 23.2× | 15.6× | 2.3× | 17.0% | 24.8% | 9.4% | 9.5% | 8.9% | -1.6× | 16 |
| AIRO | $163M | — | — | 1.8× | 4.6% | 59.9% | -4.5% | -0.6% | -0.6% | — | 16 |
| SIF | $126M | — | 25.6× | 1.5× | 6.5% | 12.5% | -0.9% | -2.0% | -1.6% | 1.4× | 2 |
Peers = companies sharing HEI's sector (Aircraft Engines & Engine Parts) 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 $321.36 today, the market must believe free cash flow compounds 25.0%/yr for a decade (off $624.9M on the 3-yr avg basis).
The market's 25.0% is more optimistic than its 9-yr track record.
Default is 9.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.14B shares (market data) · net debt -$214.4M
mean 17.7% · volatility σ 22% · implied rate exceeded in 3/9 yrs
Central path = implied 25.0%/yr growth; shaded band = ±1σ (22%) 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 4% of free cash flow, leaving room to grow it and fund buybacks. Last year: $32.0M dividends + $0 buybacks = $32.0M returned on $861.4M FCF.
8 consecutive years of dividend increases · 7%/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 reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 16%. 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $217.8M (at 2025-10-31) covers all $600K of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2013-10-31 (10-K). The cash figure is from 2025-10-31, 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).
Interest is easily covered by operating profit. Effective rate ~3867.7% on $3.4M of debt.
Cash of $217.8M fully covers short-term debt of $3.4M.
Mostly short-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.
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 | $4.49B 100.0% | $3.86B 100.0% | $2.97B 100.0% | $2.21B 100.0% | $1.87B 100.0% | $1.79B 100.0% | $2.06B 100.0% | $1.78B 100.0% | $1.52B 100.0% | $1.38B 100.0% |
| Cost of Revenue | $2.70B 60.2% | $2.36B 61.1% | $1.81B 61.1% | $1.35B 60.9% | $1.14B 61.0% | $1.10B 61.8% | $1.24B 60.4% | $1.09B 61.1% | $950.1M 62.3% | $860.8M 62.5% |
| Research & Development | $120.9M 2.7% | $111.3M 2.9% | $95.8M 3.2% | $76.1M 3.4% | $68.9M 3.7% | $65.6M 3.7% | $66.6M 3.2% | $57.5M 3.2% | $46.5M 3.0% | $44.7M 3.2% |
| Selling, General & Admin | $767.5M 17.1% | $677.3M 17.6% | $528.1M 17.8% | $365.9M 16.6% | $334.5M 17.9% | $305.5M 17.1% | $356.7M 17.4% | $314.5M 17.7% | $268.1M 17.6% | $250.1M 18.2% |
| Total Operating Expenses | $3.47B 77.3% | $3.03B 78.6% | $2.34B 78.9% | $1.71B 77.5% | $1.47B 78.9% | $1.41B 78.9% | $1.60B 77.8% | $1.40B 78.8% | $1.22B 79.9% | $1.11B 80.7% |
| Operating Income | $1.02B 22.7% | $824.5M 21.4% | $625.3M 21.1% | $496.8M 22.5% | $392.9M 21.1% | $376.6M 21.1% | $457.1M 22.2% | $376.2M 21.2% | $306.7M 20.1% | $265.3M 19.3% |
| Interest Expense | $129.9M 2.9% | $149.3M 3.9% | $3.8M 0.1% | $6.4M 0.3% | $7.3M 0.4% | $13.2M 0.7% | $21.7M 1.1% | $19.9M 1.1% | $9.8M 0.6% | $8.3M 0.6% |
| Other Income (Expense), net | $4.4M 0.1% | $2.4M 0.1% | $2.9M 0.1% | $565K 0.0% | $1.4M 0.1% | $1.4M 0.1% | $2.4M 0.1% | -$58K -0.0% | $1.1M 0.1% | -$23K -0.0% |
| Pretax Income | $893.6M 19.9% | $677.6M 17.6% | $555.3M 18.7% | $491.0M 22.2% | $387.1M 20.7% | $364.9M 20.4% | $437.8M 21.3% | $356.3M 20.0% | $298.0M 19.5% | $257.1M 18.7% |
| Income Tax Expense | $148.0M 3.3% | $118.5M 3.1% | $110.9M 3.7% | $100.4M 4.5% | $57.3M 3.1% | $29.0M 1.6% | $78.1M 3.8% | $70.6M 4.0% | $90.3M 5.9% | $80.9M 5.9% |
| Net Income | $690.4M 15.4% | $514.1M 13.3% | $403.6M 13.6% | $351.7M 15.9% | $304.2M 16.3% | $314.0M 17.6% | $327.9M 16.0% | $259.2M 14.6% | $186.0M 12.2% | $156.2M 11.3% |
| Per Share | ||||||||||
| EPS (Basic) | $4.97 | $3.71 | $2.94 | $2.59 | $2.25 | $2.33 | $2.45 | $1.96 | $1.41 | $1.19 |
| EPS (Diluted) | $4.90 | $3.67 | $2.91 | $2.55 | $2.21 | $2.29 | $2.39 | $1.90 | $1.37 | $1.17 |
| Weighted Avg Shares (Basic) | 139.0M | 138.5M | 137.2M | 136.0M | 135.3M | 134.8M | 133.6M | 132.5M | 131.7M | 130.9M |
| Weighted Avg Shares (Diluted) | 140.8M | 140.2M | 138.9M | 138.0M | 137.9M | 137.3M | 137.3M | 136.7M | 135.6M | 133.1M |
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 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.
No trend data available for this metric.
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
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 |
|---|---|---|---|---|---|
| 2026-10-26 | 3 co-filers Co-COB and Co-CEO | Option exercise | 58,000 | $44.96 | $2.6m |
| 2026-10-26 | 3 co-filers EVP-CFO & Treasurer | Option exercise | 30,000 | $38.37 | $1.2m |
| 2026-10-26 | 3 co-filers Co-COB and Co-CEO | Option exercise | 58,000 | $44.96 | $2.6m |
| 2026-10-26 | 3 co-filers Co-COB and Co-CEO | Tax withholding | 27,640 | $309.71 | $8.6m |
| 2026-10-26 |
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.
| Tax withholding |
| 14,402 |
| $234.12 |
| $3.4m |
| 2026-10-26 | 3 co-filers Co-COB and Co-CEO | Tax withholding | 27,559 | $309.71 | $8.5m |
| 2026-10-26 | 3 co-filers EVP-CFO & Treasurer | Option exercise | 30,000 | $0.00 | — |
| 2026-10-26 | 3 co-filers Co-COB and Co-CEO | Option exercise | 58,000 | $0.00 | — |
| 2026-10-26 | 3 co-filers Co-COB and Co-CEO | Option exercise | 58,000 | $0.00 | — |
| 2026-10-08 | Fine Carol F. Director | Open-market buyindirect | 795 | $220.30 | $175k |
| 2026-10-08 | Cheruvatath Nandakumar Director | Open-market buy | 795 | $220.30 | $175k |
| 2026-10-08 | Neitzel Julie Director | Open-market buy | 592 | $294.93 | $175k |
| 2026-10-08 | Hildebrandt Mark H Director | Open-market buyindirect | 795 | $220.30 | $175k |
| 2026-10-08 | Culligan Thomas M Director | Open-market buyindirect | 795 | $220.30 | $175k |
| 2026-10-08 | Schriesheim Alan Director | Open-market buy | 795 | $220.30 | $175k |
| 2026-10-08 | Henriques Adolfo Director | Open-market buyindirect | 795 | $220.30 | $175k |
| 2026-10-08 | Mendelson Victor H Co-COB and Co-CEO | Plan purchaseindirect | 795 | $220.30 | $175k |
| 2026-09-01 | Schriesheim Alan Director | Gift | 125 | $0.00 | $0 |
| 2026-06-29 | Mendelson Victor H Co-COB and Co-CEO | Gift | 3,285 | $0.00 | $0 |
| 2026-06-10 | Rowen Bradley K Chief Accounting Officer | Open-market sale | 1,326 | $241.63 | $320k |
| 2026-06-01 | Schriesheim Alan Director | Gift | 140 | $0.00 | $0 |
| 2026-05-29 | 9 co-filers Chief Accounting Officer | Option exercise | 600 | $97.00 | $58k |
| 2026-05-29 | 9 co-filers Chief Accounting Officer | Tax withholding | 316 | $259.81 | $82k |
| 2026-05-29 | 9 co-filers Chief Accounting Officer | Option exercise | 1,280 | $121.39 | $155k |
| 2026-05-29 | 9 co-filers Chief Accounting Officer | Tax withholding | 764 | $259.81 | $198k |
| 2026-05-29 | 9 co-filers Chief Accounting Officer | Option exercise | 1,400 | $130.71 | $183k |
| 2026-05-29 | 9 co-filers Chief Accounting Officer | Tax withholding | 874 | $259.81 | $227k |
| 2026-05-29 | 9 co-filers Chief Accounting Officer | Option exercise | 600 | $0.00 | — |
| 2026-05-29 | 9 co-filers Chief Accounting Officer | Option exercise | 1,280 | $0.00 | — |
| 2026-05-29 | 9 co-filers Chief Accounting Officer | Option exercise | 1,400 | $0.00 | — |
| 2026-05-27 | Rowen Bradley K Chief Accounting Officer | Grant | 3,000 | $0.00 | — |
| 2026-05-27 | Macau Carlos L EVP-CFO & Treasurer | Grant | 5,000 | $0.00 | — |
| 2026-05-27 | Mendelson Eric A Co-COB and Co-CEO | Grant | 10,000 | $0.00 | — |
| 2026-05-27 | Mendelson Victor H Co-COB and Co-CEO | Grant | 10,000 | $0.00 | — |
| 2026-04-15 | Neitzel Julie Director | Open-market sale | 676 | $223.00 | $151k |
| 2026-03-04 | Cheruvatath Nandakumar Director | Open-market buy | 4,082 | $244.95 | $1000k |
| 2025-12-19 | Mendelson Victor H Co-COB and Co-CEO | Gift | 2,660 | $0.00 | $0 |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 84th 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 16% against ROIC 16% — 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 17.4% — 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
High operating leverage: profit moved 1.5× 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 | 61.1 | 60.4 | 61.8 | 61.0 | 60.9 | 61.1 | 61.1 | 60.2 |
| R&D | 3.2 | 3.2 | 3.7 | 3.7 | 3.4 | 3.2 | 2.9 | 2.7 |
| SG&A | 17.7 | 17.4 | 17.1 | 17.9 | 16.6 | 17.8 | 17.6 | 17.1 |
| Operating Income | 21.2 | 22.2 | 21.1 | 21.1 | 22.5 | 21.1 | 21.4 | 22.7 |
| Income Tax | 4.0 | 3.8 | 1.6 | 3.1 | 4.5 | 3.7 | 3.1 | 3.3 |
| Net Income | 14.6 | 16.0 | 17.6 | 16.3 | 15.9 | 13.6 | 13.3 | 15.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on HEI: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 8.97pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 22.7% | 9.9% (today's — no rate published for this year) | 12.8pts |
| FY2020 | 18.4% | 9.9% (today's — no rate published for this year) | 8.5pts |
| FY2021 | 14.1% | 8.4% | 5.7pts |
| FY2022 | 15.6% | 9.2% | 6.3pts |
| FY2023 | 16.0% | 9.4% | 6.6pts |
| FY2024 | 18.2% | 8.8% | 9.3pts |
| FY2025 | 19.3% | 8.3% | 10.9pts |
| Now | 16.0% | 9.9% | 6.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 37.5% | 19.3% | 11.3% |
| FY2017 | 37.7% | 20.1% | 12.2% |
| FY2018 | 38.9% | 21.2% | 14.6% |
| FY2019 | 39.6% | 22.2% | 16.0% |
| FY2020 | 38.2% | 21.1% | 17.6% |
| FY2021 | 39.0% | 21.1% | 16.3% |
| FY2022 | 39.1% | 22.5% | 15.9% |
| FY2023 | 38.9% | 21.1% | 13.6% |
| FY2024 | 38.9% | 21.4% | 13.3% |
| FY2025 | 39.8% | 22.7% | 15.4% |
Return on equity (16%) and return on invested capital (16%) 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.
$4.4B of goodwill — 99% 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. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 1301.92% against 18.9% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.20x of reported profit into cash — adequate, without much margin.
The cash conversion cycle has lengthened +21 days over 3 years to 196 — that many more days of the company's own cash funding the same volume of business.
Missing from our data, so excluded from this answer: share_based_compensation.
Covers interest 5.5x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 7.85x |
| 5% | 7.45x |
| 10% | 7.06x |
| 15% | 6.67x |
| 20% | 6.28x |
| 25% | 5.88x |
| 30% | 5.49x |
| 35% | 5.10x |
| 40% | 4.71x |
| 45% | 4.32x |
| 50% | 3.92x |
| 55% | 3.53x |
| 60% | 3.14x |
This schedule comes from a filing dated 2013-10-31, 4748 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2013-10-31 (10-K); cash from the 2025-10-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-10-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $158,504,000 of the $161,862,000 total — a fixed obligation that does not appear in a headline debt figure.
At $321.36, free cash flow must compound 25.05%/yr for 10 years. It has done 13.24%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −5.4% | 25.0% |
| FY2021 | 5.6% | 25.0% |
| FY2022 | 6.9% | 25.0% |
| FY2023 | −8.4% | 25.0% |
| FY2024 | 53.8% | 25.0% |
| FY2025 | 40.3% | 25.0% |
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 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $690M | $690M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $244M | $934M |
| Operating cash flow | $934M | $934M |
| Capex | −$73M | $861M |
| Free cash flow | $861M | $861M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -13.1% | -23.3% | -10.2 points |
| FY2021 | 4.4% | 16.4% | 12.0 points |
| FY2022 | 18.4% | 20.4% | 2.0 points |
| FY2023 | 34.4% | 72.7% | 38.3 points |
| FY2024 | 30.0% | 5.8% | -24.2 points |
| FY2025 | 16.3% | 18.4% | 2.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 48.7 days | 123.5 days | 31.2 days | 141 days |
| FY2020 | 43 days | 153 days | 25.2 days | 170.8 days |
| FY2021 | 47.9 days | 153.3 days | 27.4 days | 173.8 days |
| FY2022 | 48.7 days | 158 days | 31.6 days | 175.1 days |
| FY2023 | 62.6 days | 203.9 days | 41.4 days | 225.1 days |
| FY2024 | 50.9 days | 181.4 days | 30.7 days | 201.6 days |
| FY2025 | 51.9 days | 175.2 days | 31.2 days | 195.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.7 percent |
| FY2020 | -2.7 percent |
| FY2021 | -4.0 percent |
| FY2022 | -2.8 percent |
| FY2023 | -0.6 percent |
| FY2024 | -2.1 percent |
| FY2025 | -2.9 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 7 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.