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Held by 458 of 2,417 reporting institutions (98th 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 26 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GLW | $106.2B | 67.4× | 30.0× | 6.8× | 19.1% | 36.0% | 10.2% | 13.5% | 12.7% | -0.2× | 829 |
| HWM | $79.4B | 53.7× | 35.1× | 9.6× | 11.1% | — | 18.3% | 28.2% | 17.9% | 1.0× | 458 |
| NUE | $62.1B | 36.4× | — | 1.9× | 5.7% | 11.9% | 5.4% | 8.3% | 8.3% | — | 501 |
| STLD | $35.7B | 31.4× | 19.3× | 2.0× | 3.6% | 13.2% | 6.5% | 13.2% | 9.0% | 1.7× | 298 |
| ATI | $22.5B | 58.1× | 27.4× | 4.9× | 5.2% | 22.0% | 8.8% | 22.4% | 22.0% | -0.5× | 218 |
| CRS | $14.0B | 26.9× | 16.9× | 4.5× | 8.6% | 30.6% | 17.0% | 23.8% | 18.2% | 0.3× | 195 |
| MLI | $11.9B | 8.0× | 10.3× | 2.9× | 10.9% | — | 18.3% | 23.8% | 23.8% | -1.3× | 194 |
| AA | $10.3B | 9.0× | 17.8× | 0.8× | 7.9% | — | 9.0% | 18.9% | 13.5% | 1.4× | 134 |
| CMC | $7.1B | 10.9× | — | 0.8× | 20.5% | 18.6% | 7.0% | 14.0% | 8.2% | — | 120 |
| BDC | $4.1B | 17.9× | 11.3× | 1.5× | 10.3% | 38.0% | 8.7% | 18.8% | 9.3% | 2.0× | 64 |
| CENX | $3.3B | 80.2× | 15.0× | 1.3× | 13.9% | 10.1% | 1.7% | 5.2% | 3.1% | 1.7× | 66 |
| CSTM | $3.1B | 12.0× | — | 0.4× | 15.2% | — | 3.2% | 28.7% | 9.4% | — | 53 |
| WOR | $3.1B | 20.0× | 29.3× | 2.2× | 19.7% | 27.4% | 11.3% | 15.2% | 11.7% | 2.4× | 73 |
| WS | $2.1B | 239.2× | 31.1× | 0.6× | 11.3% | 11.7% | 0.2% | 0.8% | 0.7% | 2.0× | 52 |
| KALU | $1.9B | 17.2× | 9.5× | 0.6× | 11.5% | 13.1% | 3.3% | 13.6% | 6.0% | 3.4× | 57 |
| ROCK | $1.2B | — | 7.0× | 1.1× | 11.0% | 26.9% | -3.9% | -4.7% | -4.7% | -0.8× | 46 |
| SXC | $962M | — | 14.3× | 0.5× | -5.1% | — | -2.4% | -7.4% | -3.4% | 5.5× | 38 |
| NX | $947M | — | — | 0.5× | 43.8% | 27.2% | -13.6% | -34.5% | -17.7% | — | 37 |
| NWPX | $943M | 27.5× | — | 1.8× | 6.8% | 19.7% | 6.7% | 9.0% | 8.7% | — | 33 |
| MTUS | $875M | — | 12.5× | 0.8× | 6.9% | 8.2% | -0.1% | -0.2% | -0.2% | -2.7× | 43 |
| MATW | $602M | — | 8.7× | 0.4× | -16.6% | 33.9% | -1.6% | -5.1% | -2.1% | 4.6× | 24 |
| IIIN | $551M | 13.6× | 7.1× | 0.8× | 22.4% | 14.4% | 6.3% | 11.0% | 11.0% | -0.5× | 36 |
| UAMY | $442M | — | — | 11.3× | 163% | 25.2% | -11.1% | -3.1% | -3.1% | — | 50 |
| FRD | $304M | 48.5× | 47.4× | 0.7× | -13.9% | 0.6% | 1.4% | 4.6% | 4.6% | -0.6× | 11 |
| TWI | $300M | — | 8.0× | 0.2× | -0.9% | 13.9% | -3.5% | -12.3% | -5.7% | 4.6× | 27 |
Peers = companies sharing HWM's sector (Rolling Drawing & Extruding of Nonferrous Metals) 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 $199.22 today, the market must believe free cash flow compounds 29.2%/yr for a decade (off $1.03B on the 3-yr avg basis).
On the basis ($968.0M) the requirement is 30.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 29.2% is more conservative than its 4-yr track record.
Default is 11.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.40B shares (market data) · net debt $2.31B
mean 58.0% · volatility σ 40% · implied rate exceeded in 3/4 yrs
Central path = implied 29.2%/yr growth; shaded band = ±1σ (40%) 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.
No dividend to cover. Last year: $0 dividends + $700.0M buybacks = $700.0M returned on $1.43B 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 balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 18%. 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 $742.0M covers the $191.0M due within a year 3.9× over. 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 is easily covered by operating profit. Effective rate ~5.8% on $3.05B of debt.
Cash of $742.0M fully covers short-term debt of $191.0M.
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.
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 | $8.25B 100.0% | $7.43B 100.0% | $6.64B 100.0% | $5.66B 100.0% | $4.97B 100.0% | $5.26B 100.0% | $7.10B 100.0% | $6.78B 100.0% | $12.96B 100.0% | $12.39B 100.0% |
| Cost of Products | — | — | — | — | — | — | — | $11.40B 168.1% | $10.22B 78.9% | $9.70B 78.2% |
| Research & Development | $37.0M 0.4% | $33.0M 0.4% | $36.0M 0.5% | $32.0M 0.6% | $17.0M 0.3% | $17.0M 0.3% | $28.0M 0.4% | $41.0M 0.6% | $109.0M 0.8% | $130.0M 1.0% |
| Selling, General & Admin | $370.0M 4.5% | $347.0M 4.7% | $333.0M 5.0% | $288.0M 5.1% | $251.0M 5.0% | $277.0M 5.3% | $400.0M 5.6% | $371.0M 5.5% | $715.0M 5.5% | $924.0M 7.5% |
| Total Operating Expenses | — | — | — | — | — | — | — | — | — | $11.98B 96.7% |
| Operating Income | $2.05B 24.8% | $1.63B 22.0% | $1.20B 18.1% | $919.0M 16.2% | $748.0M 15.0% | $626.0M 11.9% | $579.0M 8.2% | $775.0M 11.4% | $480.0M 3.7% | $954.0M 7.7% |
| Interest Expense | $176.0M 2.1% | $195.0M 2.6% | $218.0M 3.3% | $229.0M 4.0% | $259.0M 5.2% | $317.0M 6.0% | $338.0M 4.8% | $377.0M 5.6% | $496.0M 3.8% | $499.0M 4.0% |
| Interest & Investment Income | $20.0M 0.2% | $20.0M 0.3% | $23.0M 0.3% | $6.0M 0.1% | — | — | — | — | $19.0M 0.1% | $16.0M 0.1% |
| Other Income (Expense), net | -$40.0M -0.5% | -$62.0M -0.8% | -$8.0M -0.1% | -$82.0M -1.4% | -$19.0M -0.4% | -$74.0M -1.4% | -$31.0M -0.4% | $30.0M 0.4% | $486.0M 3.8% | -$41.0M -0.3% |
| Pretax Income | $1.84B 22.3% | $1.38B 18.6% | $975.0M 14.7% | $606.0M 10.7% | $324.0M 6.5% | $171.0M 3.3% | $210.0M 3.0% | $428.0M 6.3% | $470.0M 3.6% | $414.0M 3.3% |
| Income Tax Expense | $332.0M 4.0% | $228.0M 3.1% | $210.0M 3.2% | $137.0M 2.4% | $66.0M 1.3% | -$40.0M -0.8% | $84.0M 1.2% | $119.0M 1.8% | $544.0M 4.2% | $1.48B 11.9% |
| Net Income | $1.51B 18.3% | $1.16B 15.5% | $765.0M 11.5% | $469.0M 8.3% | $258.0M 5.2% | $261.0M 5.0% | $470.0M 6.6% | $642.0M 9.5% | -$74.0M -0.6% | -$941.0M -7.6% |
| Per Share | ||||||||||
| EPS (Basic) | $3.73 | $2.83 | $1.85 | $1.12 | $0.60 | — | $1.05 | $1.33 | -$0.28 | -$2.31 |
| EPS (Diluted) | $3.71 | $2.81 | $1.83 | $1.11 | $0.59 | — | $1.03 | $1.30 | -$0.28 | -$2.31 |
| Weighted Avg Shares (Basic) | 404.0M | 408.0M | 412.0M | 416.0M | 430.0M | 435.0M | 446.0M | 483.0M | 451.0M | 438.0M |
| Weighted Avg Shares (Diluted) | 406.0M | 410.0M | 416.0M | 421.0M | 435.0M | 439.0M | 463.0M | 503.0M | 451.0M | 438.0M |
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.
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
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 28% against ROIC 18% — 10% 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 30.4% — 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 2.3× 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 | 0.6 | 0.4 | 0.3 | 0.3 | 0.6 | 0.5 | 0.4 | 0.4 |
| SG&A | 5.5 | 5.6 | 5.3 | 5.0 | 5.1 | 5.0 | 4.7 | 4.5 |
| Operating Income | 11.4 | 8.2 | 11.9 | 15.0 | 16.2 | 18.1 | 22.0 | 24.8 |
| Income Tax | 1.8 | 1.2 | -0.8 | 1.3 | 2.4 | 3.2 | 3.1 | 4.0 |
| Net Income | 9.5 | 6.6 | 5.0 | 5.2 | 8.3 | 11.5 | 15.5 | 18.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on HWM: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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.
Earns 8.72pts above its cost of capital, positive in 4 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 5.1% | 11.1% (today's — no rate published for this year) | -6.0pts |
| FY2020 | 7.0% | 11.1% (today's — no rate published for this year) | -4.1pts |
| FY2021 | 8.4% | 8.7% | -0.3pts |
| FY2022 | 10.4% | 8.9% | 1.5pts |
| FY2023 | 13.2% | 8.8% | 4.4pts |
| FY2024 | 17.4% | 9.8% | 7.7pts |
| FY2025 | 20.8% | 10.0% | 10.8pts |
| Now | 17.9% | 11.1% | 6.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 7.7% | -7.6% |
| FY2017 | not reported | 3.7% | -0.6% |
| FY2018 | not reported | 11.4% | 9.5% |
| FY2019 | not reported | 8.2% | 6.6% |
| FY2020 | not reported | 11.9% | 5.0% |
| FY2021 | not reported | 15.0% | 5.2% |
| FY2022 | not reported | 16.2% | 8.3% |
| FY2023 | not reported | 18.1% | 11.5% |
| FY2024 | not reported | 22.0% | 15.5% |
| FY2025 | not reported | 24.8% | 18.3% |
Leverage and buybacks account for 10 points of the 28% return on equity in FY2025. The business earns 18% 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.
$5.1B of goodwill — 61% 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 50.2% against 19.81% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.96x 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.
Covers interest 8.1x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 11.62x |
| 5% | 11.04x |
| 10% | 10.46x |
| 15% | 9.88x |
| 20% | 9.30x |
| 25% | 8.72x |
| 30% | 8.14x |
| 35% | 7.56x |
| 40% | 6.97x |
| 45% | 6.39x |
| 50% | 5.81x |
| 55% | 5.23x |
| 60% | 4.65x |
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.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $199.22, free cash flow must compound 29.24%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2022 | 116.0% | 29.2% |
| FY2023 | 26.3% | 29.2% |
| FY2024 | 43.3% | 29.2% |
| FY2025 | 46.5% | 29.2% |
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.
The implied rate has been matched or beaten in 3 of the last 4 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.51B | $1.51B |
| Share-based comp | $73M | $1.58B |
| Other non-cash & working capital | $303M | $1.88B |
| Operating cash flow | $1.88B | $1.88B |
| Capex | −$453M | $1.43B |
| Free cash flow | $1.43B | $1.43B |
| FCF after SBC | $1.36B | $1.36B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -25.9% | -43.7% | -17.8 points |
| FY2021 | -5.5% | 11.9% | 17.4 points |
| FY2022 | 13.9% | 37.9% | 24.0 points |
| FY2023 | 17.3% | 33.4% | 16.1 points |
| FY2024 | 11.9% | 2.1% | -9.8 points |
| FY2025 | 11.1% | 13.1% | 2.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 30 days | not reported | not reported | not reported |
| FY2020 | 22.8 days | not reported | not reported | not reported |
| FY2021 | 26.9 days | not reported | not reported | not reported |
| FY2022 | 32.6 days | not reported | not reported | not reported |
| FY2023 | 37.1 days | not reported | not reported | not reported |
| FY2024 | 33.8 days | not reported | not reported | not reported |
| FY2025 | 34.5 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 0.1 percent |
| FY2020 | 2.2 percent |
| FY2021 | -1.9 percent |
| FY2022 | -2.6 percent |
| FY2023 | -1.3 percent |
| FY2024 | -1.4 percent |
| FY2025 | -3.4 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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
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.
| Date | Insider | What it was | Shares | Price | Value |
|---|
| 2026-10-02 | Cantie Joseph S Director | Grant | 156 | $231.27 | $36k |
| 2026-07-02 | Cantie Joseph S Director | Grant | 134 | $270.41 | $36k |
| 2026-05-21 | Smith Gunner Director | Grant | 731 | $0.00 | $0 |
| 2026-05-21 | Schmidt Ulrich Director | Grant | 731 | $0.00 | $0 |
| 2026-05-21 | Miller Jody Director | Grant | 731 | $0.00 | $0 |
| 2026-05-21 | Leduc Robert F Director | Grant | 731 | $0.00 | $0 |
| 2026-05-21 | Cantie Joseph S Director | Grant | 731 | $0.00 | $0 |
| 2026-05-21 | Barner Sharon R Director | Grant | 731 | $0.00 | $0 |
| 2026-05-21 | Alving Amy E Director | Grant | 731 | $0.00 | $0 |
| 2026-05-21 | Albaugh James F Director | Grant | 731 | $0.00 | $0 |
| 2026-05-11 | Marchuk Neil Edward EVP, CAO | Open-market sale | 41,932 | $269.50 | $11.3m |
| 2026-04-15 | Arena Jonathan A EVP, CL&CO and Secretary | Grant | 3,544 | $0.00 | $0 |
| 2026-04-02 | Cantie Joseph S Director | Grant | 155 | $232.68 | $36k |
| 2026-02-26 | Shultz Barbara Lou Vice President and Controller | Open-market sale | 1,000 | $260.00 | $260k |
| 2026-02-18 | 3 co-filers EVP, CAO | Open-market sale | 45,150 | $251.70 | $11.4m |
| 2026-02-17 | Plant John C Executive Chairman & CEO | Grant | 22,333 | $0.00 | $0 |
| 2026-02-17 | Winterlich Patrick EVP, CFO | Grant | 3,168 | $0.00 | $0 |
| 2026-02-17 | 2 co-filers Vice President and Controller | Grant | 446 | $0.00 | $0 |
| 2026-02-17 | 3 co-filers EVP, CAO | Grant | 3,881 | $0.00 | $0 |
| 2026-02-17 | 3 co-filers Vice President | Grant | 2,693 | $0.00 | $0 |
| 2026-02-16 | 2 co-filers Vice President and Controller | Tax withholding | 2,692 | $250.21 | $674k |
| 2026-02-16 | 3 co-filers EVP, CAO | Tax withholding | 28,651 | $250.21 | $7.2m |
| 2026-02-16 | 3 co-filers Vice President | Tax withholding | 9,579 | $250.21 | $2.4m |
| 2026-02-15 | 3 co-filers Vice President | Tax withholding | 10,741 | $250.21 | $2.7m |
| 2026-02-03 | Marchuk Neil Edward EVP, CAO | Grant | 50,292 | $0.00 | $0 |
| 2026-02-03 | Shultz Barbara Lou Vice President and Controller | Grant | 4,076 | $0.00 | $0 |
| 2026-02-03 | Chanatry Michael Niem Vice President | Grant | 16,764 | $0.00 | $0 |
| 2026-01-05 | Leduc Robert F Director | Grant | 28 | $212.92 | $6k |
| 2026-01-05 | Miller Jody Director | Grant | 158 | $212.92 | $34k |
| 2026-01-05 | Cantie Joseph S Director | Grant | 158 | $212.92 | $34k |
| 2025-12-31 | Marchuk Neil Edward EVP, CAO | Tax withholding | 5,255 | $205.02 | $1.1m |
| 2025-12-01 | Chanatry Michael Niem Vice President | Other | 886 | $136.06 | — |
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.