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Held by 308 of 2,417 reporting institutions (97th 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $235.99 today, the market must believe free cash flow compounds 33.5%/yr for a decade (off $299.3M on the SBC-adjusted basis).
On the basis ($641.0M) the requirement is 22.7%/yr. The difference is what charging stock compensation costs.
The market's 33.5% is more optimistic than its 9-yr track record.
Default is 10.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.15B shares (market data) · net debt $0
mean 1.0% · volatility σ 88% · implied rate exceeded in 2/6 yrs
Central path = implied 33.5%/yr growth; shaded band = ±1σ (88%) 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 + $742.0M buybacks = $742.0M returned on $931.0M 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.
Modest payoff on reinvested capital. Current ROIC on all capital: 31%. 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
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
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 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.34B 100.0% | $4.37B 100.0% | $4.50B 100.0% | $4.58B 100.0% | $4.53B 100.0% | $3.24B 100.0% | $3.54B 100.0% | $3.33B 100.0% | $2.75B 100.0% | $2.40B 100.0% |
| Cost of Revenue | $1.47B 33.9% | $1.51B 34.6% | $1.76B 39.1% | $1.61B 35.2% | $1.37B 30.3% | $1.04B 32.0% | $1.08B 30.4% | $1.03B 31.0% | $926.0M 33.6% | $732.0M 30.5% |
| Cost of Products | — | — | — | — | — | — | — | — | $679.0M 24.7% | $534.0M 22.3% |
| Cost of Services | — | — | — | — | — | — | — | — | $208.0M 7.6% | $155.0M 6.5% |
| Gross Profit | $2.87B 66.1% | $2.86B 65.4% | $2.74B 60.9% | $2.97B 64.8% | $3.15B 69.7% | $2.20B 68.0% | $2.47B 69.6% | $2.30B 69.0% | $1.83B 66.4% | $1.67B 69.5% |
| Research & Development | $967.0M 22.3% | $1.17B 26.7% | $1.35B 30.1% | $1.32B 28.8% | $1.19B 26.2% | $682.0M 21.1% | $647.0M 18.3% | $623.0M 18.7% | $546.0M 19.8% | $504.0M 21.0% |
| Selling, General & Admin | $1.09B 25.0% | $1.09B 25.0% | $1.61B 35.8% | $1.30B 28.3% | $2.09B 46.2% | $941.0M 29.1% | $835.0M 23.6% | $794.0M 23.8% | $674.0M 24.5% | $584.0M 24.4% |
| Total Operating Expenses | $2.06B 47.5% | $3.69B 84.5% | $3.81B 84.7% | $7.15B 156.0% | $3.28B 72.4% | $1.62B 50.1% | $1.48B 41.8% | $1.42B 42.5% | $1.22B 44.3% | $1.08B 45.0% |
| Operating Income | $807.0M 18.6% | -$833.0M -19.1% | -$1.07B -23.7% | -$4.18B -91.2% | -$123.0M -2.7% | $580.0M 17.9% | $985.0M 27.8% | $883.0M 26.5% | $606.0M 22.0% | $587.0M 24.5% |
| Interest Expense | $101.0M 2.3% | $100.0M 2.3% | $77.0M 1.7% | $26.0M 0.6% | $61.0M 1.3% | $49.0M 1.5% | $52.0M 1.5% | $57.0M 1.7% | $37.0M 1.3% | $33.0M 1.4% |
| Interest & Investment Income | $40.0M 0.9% | $46.0M 1.1% | $58.0M 1.3% | $11.0M 0.2% | $0 0.0% | $41.0M 1.3% | $75.0M 2.1% | $44.0M 1.3% | $19.0M 0.7% | $10.0M 0.4% |
| Other Income (Expense), net | $279.0M 6.4% | -$346.0M -7.9% | -$48.0M -1.1% | -$157.0M -3.4% | $1.01B 22.2% | $276.0M 8.5% | $133.0M 3.8% | $11.0M 0.3% | $437.0M 15.9% | -$26.0M -1.1% |
| Pretax Income | $1.09B 25.0% | -$1.18B -27.0% | -$1.12B -24.8% | -$4.34B -94.6% | $884.0M 19.5% | $856.0M 26.4% | $1.12B 31.6% | $894.0M 26.8% | $1.04B 37.9% | $561.0M 23.4% |
| Income Tax Expense | $236.0M 5.4% | $44.0M 1.0% | $44.0M 1.0% | $68.0M 1.5% | $122.0M 2.7% | $200.0M 6.2% | $128.0M 3.6% | $112.0M 3.4% | $365.0M 13.3% | $133.0M 5.5% |
| Net Income | $850.0M 19.6% | -$1.22B -28.0% | -$1.16B -25.8% | -$4.40B -96.1% | $762.0M 16.8% | $656.0M 20.3% | $1.00B 28.3% | $826.0M 24.8% | $726.0M 26.4% | $463.0M 19.3% |
| Per Share | ||||||||||
| EPS (Basic) | $5.47 | -$7.69 | -$7.34 | -$28.00 | $5.07 | $4.48 | $6.81 | $5.63 | $4.96 | $3.09 |
| EPS (Diluted) | $5.45 | -$7.69 | -$7.34 | -$28.00 | $5.04 | $4.45 | $6.74 | $5.56 | $4.92 | $3.07 |
| Weighted Avg Shares (Basic) | 155.0M | 159.0M | 158.0M | 157.0M | 150.0M | 147.0M | 147.0M | 147.0M | 146.0M | 147.0M |
| Weighted Avg Shares (Diluted) | 156.0M | 159.0M | 158.0M | 157.0M | 151.0M | 148.0M | 149.0M | 149.0M | 148.0M | 148.0M |
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.
Ranked against 11 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| A | $49.3B | 38.3× | 28.8× | 7.1× | 6.7% | 52.4% | 18.8% | 19.3% | 12.9% | 0.9× | 357 |
| WAT | $45.4B | 43.0× | 51.4× | 14.3× | 7.0% | 59.3% | 20.3% | 25.1% | 18.3% | 0.4× | 360 |
| ILMN | $35.6B | 43.3× | 33.1× | 8.2× | -0.7% | 66.1% | 19.6% | 31.2% | 31.2% | 0.0× | 308 |
| MTD | $33.6B | 39.8× | 33.0× | 8.3× | 4.0% | 59.4% | 21.6% | — | 40.8% | 2.0× | 195 |
| RVTY | $17.5B | 75.8× | 26.0× | 6.1× | 3.7% | — | 8.4% | 3.3% | 2.3% | 3.0× | 133 |
| AVTR | $10.9B | — | — | 1.7× | -3.4% | 32.7% | -8.1% | -9.5% | -5.6% | — | 99 |
| BIO | $10.0B | 13.4× | 50.0× | 3.9× | 0.7% | 51.9% | 29.4% | 10.2% | 8.8% | 3.2× | — |
| TXG | $9.1B | — | — | 14.2× | 5.2% | 69.1% | -6.8% | -5.5% | -5.5% | — | 96 |
| BRKR | $8.7B | — | 35.5× | 2.5× | 2.1% | 45.9% | -0.3% | -0.4% | -0.2% | 5.4× | — |
| CTKB | $797M | — | — | 4.0× | 0.5% | 51.8% | -33.0% | -19.5% | -19.5% | — | 20 |
| LAB | $241M | — | — | 2.8× | -6.2% | 49.9% | -87.8% | -17.7% | -17.7% | — | 7 |
| QTRX | $137M | — | — | 1.0× | 1.1% | 46.8% | -77.1% | -36.2% | -36.2% | — | 18 |
Peers = companies sharing ILMN's sector (Laboratory Analytical Instruments) 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
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 44th 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 31% against ROIC 31% — 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 33.4% — 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 296.8× 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 | FY2021 | FY2022 | FY2023 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 31.0 | 30.4 | 32.0 | 30.3 | 35.2 | 39.1 | 34.6 | 33.9 |
| Gross Profit | 69.0 | 69.6 | 68.0 | 69.7 | 64.8 | 60.9 | 65.4 | 66.1 |
| R&D | 18.7 | 18.3 | 21.1 | 26.2 | 28.8 | 30.1 | 26.7 | 22.3 |
| SG&A | 23.8 | 23.6 | 29.1 | 46.2 | 28.3 | 35.8 | 25.0 | 25.0 |
| Operating Income | 26.5 | 27.8 | 17.9 | -2.7 | -91.2 | -23.7 | -19.1 | 18.6 |
| Income Tax | 3.4 | 3.6 | 6.2 | 2.7 | 1.5 | 1.0 | 1.0 | 5.4 |
| Net Income | 24.8 | 28.3 | 20.3 | 16.8 | -96.1 | -25.8 | -28.0 | 19.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ILMN: 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 10.72pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 12.2% | 10.4% (today's — no rate published for this year) | 1.8pts |
| FY2021 | 7.1% | 10.4% (today's — no rate published for this year) | -3.4pts |
| FY2022 | -0.8% | 5.8% | -6.6pts |
| FY2023 | -45.3% | 10.5% | -55.8pts |
| FY2023 | -13.2% | 10.5% | -23.7pts |
| FY2024 | -22.3% | 11.9% | -34.2pts |
| FY2025 | 19.7% | 10.2% | 9.5pts |
| Now | 31.2% | 10.4% | 20.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 69.5% | 24.5% | 19.3% |
| FY2017 | 66.4% | 22.0% | 26.4% |
| FY2018 | 69.0% | 26.5% | 24.8% |
| FY2019 | 69.6% | 27.8% | 28.3% |
| FY2021 | 68.0% | 17.9% | 20.3% |
| FY2022 | 69.7% | -2.7% | 16.8% |
| FY2023 | 64.8% | -91.2% | -96.1% |
| FY2023 | 60.9% | -23.7% | -25.8% |
| FY2024 | 65.4% | -19.1% | -28.0% |
| FY2025 | 66.1% | 18.6% | 19.6% |
Return on equity (31%) and return on invested capital (31%) 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.
$1.3B of goodwill — 42% 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 36.38% against 21.15% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.93x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $931M; after share-based compensation it is $656M. The difference is a real cost that the cash flow statement adds back.
Covers interest 5.6x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 7.99x |
| 5% | 7.59x |
| 10% | 7.19x |
| 15% | 6.79x |
| 20% | 6.39x |
| 25% | 5.99x |
| 30% | 5.59x |
| 35% | 5.19x |
| 40% | 4.79x |
| 45% | 4.39x |
| 50% | 4.00x |
| 55% | 3.60x |
| 60% | 3.20x |
Balance sheet at 2025-12-28. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $564,000,000 of the $564,000,000 total — a fixed obligation that does not appear in a headline debt figure.
At $235.99, free cash flow must compound 33.74%/yr for 10 years. It has done 0.2%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 7.6% | 33.7% |
| FY2022 | −159.8% | 33.7% |
| FY2025 | 93.5% | 33.7% |
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).
This is solved on free cash flow AFTER stock compensation ($299M against $641M before it). On the unadjusted figure the requirement would be 22.88%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
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 |
|---|---|---|---|---|---|
| 2026-10-05 | Thaysen Jacob Chief Executive Officer | Tax withholding | 1,303 | $293.69 | $383k |
| 2026-09-30 | Ullem Scott B. Director | Grant | 113 | $219.80 | $25k |
| 2026-09-30 | Meister Keith A. Director | Grant | 107 | $219.80 | $24k |
| 2026-09-08 | 4 co-filers Chief Legal Officer | Grant | 4,549 | $0.00 | $0 |
| 2026-09-08 | 4 co-filers Chief Legal Officer | Grant | 14,214 | $0.00 | $0 |
| 2026-09-08 | 4 co-filers Chief Legal Officer | Grant | 5,307 | $0.00 | — |
| 2026-09-08 | 4 co-filers Chief Legal Officer | Grant | 5,307 | $0.00 | — |
| 2026-09-05 | Barnard Steven SVP, Chief Technology Officer | Tax withholding | 408 | $211.06 | $86k |
| 2026-09-04 | 12 co-filers Group filing | Open-market saleindirect | 7,500 | $217.28 | $1.6m |
| 2026-09-04 | 12 co-filers Group filing | Open-market saleindirect | 100,650 | $218.39 | $22.0m |
| 2026-09-04 | 12 co-filers Group filing | Open-market saleindirect | 11,351 | $219.18 | $2.5m |
| 2026-09-03 | 12 co-filers Group filing | Open-market saleindirect | 8,439 | $215.20 | $1.8m |
| 2026-09-03 | 12 co-filers Group filing | Open-market saleindirect | 13,261 | $216.38 | $2.9m |
| 2026-09-03 | 12 co-filers Group filing | Open-market saleindirect | 14,196 | $217.29 | $3.1m |
| 2026-09-03 | 12 co-filers Group filing | Open-market saleindirect | 9,721 | $218.33 | $2.1m |
| 2026-09-03 | 12 co-filers Group filing | Open-market saleindirect | 13,717 | $219.41 | $3.0m |
| 2026-09-03 | 12 co-filers Group filing | Open-market saleindirect | 6,656 | $220.17 | $1.5m |
| 2026-09-03 | 12 co-filers Group filing | Open-market saleindirect | 9,961 | $221.55 | $2.2m |
| 2026-09-02 | 12 co-filers Group filing | Open-market saleindirect | 57,488 | $213.20 | $12.3m |
| 2026-09-02 | 12 co-filers Group filing | Open-market saleindirect | 10,620 | $213.73 | $2.3m |
| 2026-08-27 | 13 co-filers Group filing | Open-market saleindirect | 4,873 | $226.74 | $1.1m |
| 2026-08-27 | 13 co-filers Group filing | Open-market saleindirect | 54,309 | $227.67 | $12.4m |
| 2026-08-27 | 13 co-filers Group filing | Open-market saleindirect | 24,363 | $228.64 | $5.6m |
| 2026-08-27 | 13 co-filers Group filing | Open-market saleindirect | 16,990 | $229.72 | $3.9m |
| 2026-08-27 | 13 co-filers Group filing | Open-market saleindirect | 28,439 | $230.54 | $6.6m |
| 2026-08-27 | 13 co-filers Group filing | Open-market saleindirect | 9,405 | $231.23 | $2.2m |
| 2026-08-26 | 13 co-filers Group filing | Open-market saleindirect | 38,213 | $224.72 | $8.6m |
| 2026-08-26 | 13 co-filers Group filing | Open-market saleindirect | 53,123 | $225.69 | $12.0m |
| 2026-08-26 | 13 co-filers Group filing | Open-market saleindirect | 14,782 | $226.50 | $3.3m |
| 2026-08-26 | 13 co-filers Group filing | Open-market saleindirect | 425 | $227.22 | $97k |
| 2026-08-25 | 13 co-filers Group filing | Open-market saleindirect | 92,776 | $225.26 | $20.9m |
| 2026-08-25 | 13 co-filers Group filing | Open-market saleindirect | 38,201 | $226.13 | $8.6m |
| 2026-08-25 | 13 co-filers Group filing | Open-market saleindirect | 42 | $226.79 | $10k |
| 2026-08-21 | 28 co-filers Group filing | Open-market saleindirect | 4,528 | $210.45 | $953k |
| 2026-08-21 | 28 co-filers Group filing | Open-market saleindirect | 7,151 | $211.54 | $1.5m |
| 2026-08-21 | 28 co-filers Group filing | Open-market saleindirect | 13,050 | $212.65 | $2.8m |
| 2026-08-21 | 28 co-filers Group filing | Open-market saleindirect | 6,821 | $213.81 | $1.5m |
| 2026-08-21 | 28 co-filers Group filing | Open-market saleindirect | 13,668 | $214.64 | $2.9m |
| 2026-08-21 | 28 co-filers Group filing | Open-market saleindirect | 9,365 | $215.61 | $2.0m |
| 2026-08-21 | 28 co-filers Group filing | Open-market saleindirect | 12,602 | $216.44 | $2.7m |
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.
| Step | Amount | Running total |
|---|---|---|
| Net income | $850M | $850M |
| Share-based comp | $275M | $1.13B |
| Other non-cash & working capital | −$46M | $1.08B |
| Operating cash flow | $1.08B | $1.08B |
| Capex | −$148M | $931M |
| Free cash flow | $931M | $931M |
| FCF after SBC | $656M | $656M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | -8.6% | -15.0% | -6.4 points |
| FY2022 | 39.7% | 33.1% | -6.7 points |
| FY2023 | 1.3% | 3.5% | 2.3 points |
| FY2023 | -1.8% | 9.4% | 11.1 points |
| FY2024 | -2.9% | 0.1% | 3.1 points |
| FY2025 | -0.7% | 16.2% | 16.9 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 59 days | 121.8 days | 50.5 days | 130.3 days |
| FY2021 | 54.9 days | 131.1 days | 67.6 days | 118.3 days |
| FY2022 | 52.3 days | 114.7 days | 88.3 days | 78.6 days |
| FY2023 | 53.4 days | 128.6 days | 66.3 days | 115.7 days |
| FY2023 | 59.5 days | 121.7 days | 50.8 days | 130.4 days |
| FY2024 | 61.4 days | 132.1 days | 53.4 days | 140.1 days |
| FY2025 | 71.8 days | 139.8 days | 59.5 days | 152.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -0.7 percent |
| FY2021 | -5.6 percent |
| FY2022 | 1.4 percent |
| FY2023 | -39.1 percent |
| FY2023 | -16.2 percent |
| FY2024 | -32.7 percent |
| FY2025 | -3.5 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 5 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.