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Held by 665 of 2,417 reporting institutions (99th 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.
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 |
|---|---|---|---|---|---|
| 2026-08-19 | 6 co-filers Group filing | Option exercise | 41,431 | $187.86 | $7.8m |
| 2026-08-19 | 6 co-filers Group filing | Exercise & sell | 22,471 | $286.37 | $6.4m |
| 2026-08-19 | 6 co-filers Group filing | Exercise & sell | 8,142 | $287.35 | $2.3m |
| 2026-08-19 | 6 co-filers Group filing | Exercise & sell | 8,928 | $288.22 | $2.6m |
| 2026-08-19 |
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.
| Exercise & sell |
| 1,890 |
| $289.19 |
| $547k |
| 2026-08-19 | 6 co-filers Group filing | Option exercise | 41,431 | $0.00 | — |
| 2026-08-13 | Pigozzo Matteo C. VP & Chief Accounting Officer | Open-market sale | 277 | $289.22 | $80k |
| 2026-08-07 | Smith David Byron Jr Director | Grant | 130 | $296.66 | $39k |
| 2026-08-07 | Santi Ernest Scott Director | Grant | 118 | $296.66 | $35k |
| 2026-08-07 | Crown Susan Director | Grant | 58 | $296.66 | $17k |
| 2026-08-07 | Scanlon Jennifer F. Director | Grant | 118 | $296.66 | $35k |
| 2026-06-02 | Scanlon Jennifer F. Director | Open-market buy | 806 | $247.99 | $200k |
| 2026-05-08 | Grier Kelly J Director | Grant | 765 | $254.76 | $195k |
| 2026-05-08 | Irick Jaime A Director | Grant | 765 | $254.76 | $195k |
| 2026-05-08 | Henderson Jay L Director | Grant | 765 | $254.76 | $195k |
| 2026-05-08 | Ford Darrell L Director | Grant | 765 | $254.76 | $195k |
| 2026-05-08 | Smith David Byron Jr Director | Grant | 917 | $254.76 | $234k |
| 2026-05-08 | Scanlon Jennifer F. Director | Grant | 846 | $254.76 | $216k |
| 2026-05-08 | Brutto Daniel J Director | Grant | 765 | $254.76 | $195k |
| 2026-05-08 | Santi Ernest Scott Director | Grant | 1,883 | $254.76 | $480k |
| 2026-05-08 | Strobel Pamela B Director | Grant | 765 | $254.76 | $195k |
| 2026-05-08 | Griffith James W Director | Grant | 765 | $254.76 | $195k |
| 2026-05-08 | Lenny Richard H Director | Grant | 765 | $254.76 | $195k |
| 2026-05-08 | Crown Susan Director | Grant | 833 | $254.76 | $212k |
| 2026-02-13 | Rauch Christopher P. SVP, General Counsel & Secy. | Grant | 5,850 | $0.00 | — |
| 2026-02-13 | 4 co-filers Executive Vice President | Grant | 10,436 | $0.00 | — |
| 2026-02-13 | 4 co-filers Executive Vice President | Grant | 10,120 | $0.00 | — |
| 2026-02-13 | 4 co-filers Executive Vice President | Grant | 10,120 | $0.00 | — |
| 2026-02-13 | 4 co-filers VP & Chief Accounting Officer | Grant | 3,225 | $0.00 | — |
| 2026-02-13 | 4 co-filers Executive Vice President | Grant | 6,957 | $0.00 | — |
| 2026-02-13 | 4 co-filers Executive Vice President | Grant | 10,120 | $0.00 | — |
| 2026-02-13 | 4 co-filers Executive Vice President | Grant | 10,120 | $0.00 | — |
| 2026-02-13 | 4 co-filers SVP & Chief HR Officer | Grant | 12,333 | $0.00 | — |
| 2026-02-13 | 4 co-filers SVP & CFO | Grant | 27,830 | $0.00 | — |
| 2026-02-13 | 4 co-filers Executive Vice President | Grant | 8,538 | $0.00 | — |
| 2026-02-13 | 4 co-filers President & CEO | Grant | 74,320 | $0.00 | — |
| 2026-02-12 | 4 co-filers Executive Vice President | Option exercise | 1,883 | $0.00 | $0 |
| 2026-02-12 | 3 co-filers Group filing | Option exercise | 9,572 | $0.00 | $0 |
| 2026-02-12 | 4 co-filers President & CEO | Option exercise | 7,024 | $0.00 | $0 |
| 2026-02-12 | 4 co-filers Executive Vice President | Option exercise | 2,098 | $0.00 | $0 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ITW | $79.2B | 26.6× | 19.3× | 4.9× | 0.9% | 52.9% | 19.1% | 95.0% | 25.1% | 1.8× | 665 |
| IR | $31.1B | 55.2× | 21.0× | 4.1× | 5.7% | 43.6% | 7.6% | 5.8% | 3.9% | 2.1× | 243 |
| XYL | $21.2B | 23.6× | 12.0× | 2.4× | 5.5% | 38.5% | 10.6% | 8.3% | 7.1% | 0.3× | 285 |
| NDSN | $18.0B | 37.9× | 25.1× | 6.4× | 3.8% | 55.2% | 17.4% | 15.9% | 9.6% | 2.4× | 215 |
| ITT | $17.8B | 32.5× | 20.4× | 4.5× | 8.5% | 35.4% | 12.4% | 11.9% | 10.0% | -1.2× | 180 |
| IEX | $17.2B | 36.5× | 23.8× | 5.0× | 5.8% | 44.5% | 14.0% | 12.0% | 8.3% | 1.6× | 172 |
| ZBRA | $17.1B | 44.2× | 25.3× | 3.2× | 8.3% | 48.1% | 7.8% | 11.7% | 6.9% | 3.1× | 191 |
| HSAI | $15.3B | 28.3× | — | 35.4× | 52.1% | 41.8% | 14.4% | 4.9% | 4.5% | -3.2× | 21 |
| RBC | $14.6B | 50.9× | 33.0× | 7.8× | 14.3% | 44.4% | 15.4% | 8.6% | 6.8% | 1.8× | 131 |
| GGG | $10.8B | 21.9× | 13.9× | 4.8× | 5.8% | 52.5% | 23.3% | 19.7% | 19.7% | -0.8× | 177 |
| RRX | $10.5B | 37.4× | 17.6× | 1.8× | -1.6% | 37.4% | 4.7% | 4.1% | 2.4% | 5.1× | 131 |
| FLS | $10.0B | 29.9× | 21.9× | 2.1× | 3.8% | 33.4% | 7.3% | 15.8% | 9.2% | 1.6× | 132 |
| DCI | $9.6B | 21.6× | 15.1× | 2.5× | 5.3% | 34.6% | 11.7% | 25.7% | 14.7% | 1.5× | 163 |
| TKR | $7.7B | 27.0× | 12.0× | 1.7× | 0.2% | 30.4% | 6.3% | 9.1% | 5.7% | 2.0× | 146 |
| ZWS | $7.4B | 39.0× | 24.6× | 4.4× | 8.3% | 45.1% | 11.7% | 12.3% | 9.4% | 0.6× | 90 |
| GTES | $6.0B | 24.8× | 11.0× | 1.8× | 1.0% | 39.8% | 7.3% | 7.5% | 4.5% | 2.1× | 1 |
| ESAB | $4.3B | 19.0× | 10.8× | 1.5× | 3.7% | 36.9% | 8.0% | 10.5% | 6.7% | 2.1× | 72 |
| CECO | $3.0B | 36.9× | 24.0× | 3.8× | 38.8% | 34.8% | 6.5% | 15.8% | 9.4% | 1.4× | 60 |
| OUST | $2.1B | — | — | 12.7× | 52.5% | 49.3% | -35.6% | -23.1% | -23.1% | — | 63 |
| CHRN | $2.1B | — | 91.4× | 29.3× | 459% | -23.9% | -70.3% | -28.0% | -27.4% | -0.3× | — |
| GRC | $1.9B | 35.6× | 17.6× | 2.8× | 3.4% | 30.6% | 7.8% | 12.8% | 7.3% | 2.2× | 51 |
| GHM | $821M | 62.5× | 40.6× | 3.4× | 16.9% | 23.5% | 5.1% | 8.9% | 8.2% | 0.3× | 35 |
| TWIN | $349M | 12.9× | 11.4× | 0.9× | 11.9% | 26.9% | 7.1% | 12.3% | 10.9% | 0.4× | 14 |
| HLP | $303M | 135.3× | 100.3× | 15.5× | — | 32.5% | 9.9% | 3.4% | 2.8% | 3.1× | 1 |
| PPIH | $240M | 14.0× | 7.4× | 1.1× | 33.2% | 32.9% | 8.1% | 18.8% | 13.8% | 0.4× | 19 |
Peers = companies sharing ITW's sector (General Industrial Machinery & Equipment) 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
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 $278.55 today, the market must believe free cash flow compounds 9.1%/yr for a decade (off $2.88B on the 3-yr avg basis).
On the basis ($2.81B) the requirement is 9.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 9.1% is more optimistic than its 9-yr track record.
Default is 8.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.28B shares (market data) · net debt $8.12B
mean 5.1% · volatility σ 23% · implied rate exceeded in 2/9 yrs
Central path = implied 9.1%/yr growth; shaded band = ±1σ (23%) 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 66% of free cash flow, leaving room to grow it and fund buybacks. Last year: $1.78B dividends + $1.50B buybacks = $3.29B returned on $2.71B FCF.
9 consecutive years of dividend increases · 11%/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: 25%. 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 | $16.04B 100.0% | $15.90B 100.0% | $16.11B 100.0% | $15.93B 100.0% | $14.46B 100.0% | $12.57B 100.0% | $14.11B 100.0% | $14.77B 100.0% | $14.31B 100.0% | $13.60B 100.0% |
| Cost of Revenue | $7.56B 47.1% | $7.60B 47.8% | $7.94B 49.3% | $8.14B 51.1% | $8.49B 58.7% | $7.38B 58.7% | $8.19B 58.0% | $8.60B 58.3% | $8.31B 58.0% | $7.91B 58.2% |
| Research & Development | $302.0M 1.9% | $292.0M 1.8% | $284.0M 1.8% | $269.0M 1.7% | $239.0M 1.7% | $214.0M 1.7% | $221.0M 1.6% | $233.0M 1.6% | $225.0M 1.6% | $223.0M 1.6% |
| Operating Income | $4.22B 26.3% | $4.26B 26.8% | $4.04B 25.1% | $3.79B 23.8% | $3.48B 24.1% | $2.88B 22.9% | $3.40B 24.1% | $3.58B 24.3% | $3.48B 24.3% | $3.06B 22.5% |
| Interest Expense | $292.0M 1.8% | $283.0M 1.8% | $266.0M 1.7% | $203.0M 1.3% | $202.0M 1.4% | $206.0M 1.6% | $221.0M 1.6% | $257.0M 1.7% | $260.0M 1.8% | $237.0M 1.7% |
| Interest & Investment Income | $40.0M 0.2% | $44.0M 0.3% | $51.0M 0.3% | $22.0M 0.1% | $12.0M 0.1% | $17.0M 0.1% | $29.0M 0.2% | $35.0M 0.2% | $45.0M 0.3% | $38.0M 0.3% |
| Other Income (Expense), net | $42.0M 0.3% | $441.0M 2.8% | $49.0M 0.3% | $255.0M 1.6% | $51.0M 0.4% | $28.0M 0.2% | $107.0M 0.8% | $67.0M 0.5% | $45.0M 0.3% | $89.0M 0.7% |
| Pretax Income | — | — | $3.82B 23.7% | $3.84B 24.1% | $3.33B 23.0% | $2.70B 21.5% | $3.29B 23.3% | $3.39B 23.0% | $3.27B 22.8% | $2.91B 21.4% |
| Income Tax Expense | $900.0M 5.6% | $934.0M 5.9% | $866.0M 5.4% | $808.0M 5.1% | $632.0M 4.4% | $595.0M 4.7% | $767.0M 5.4% | $831.0M 5.6% | $1.58B 11.1% | $873.0M 6.4% |
| Net Income | $3.07B 19.1% | $3.49B 21.9% | $2.96B 18.4% | $3.03B 19.0% | $2.69B 18.6% | $2.11B 16.8% | $2.52B 17.9% | $2.56B 17.4% | $1.69B 11.8% | $2.04B 15.0% |
| Per Share | ||||||||||
| EPS (Basic) | $10.52 | $11.75 | $9.77 | $9.80 | $8.55 | $6.66 | $7.78 | $7.65 | $4.90 | $5.73 |
| EPS (Diluted) | $10.49 | $11.71 | $9.74 | $9.77 | $8.51 | $6.63 | $7.74 | $7.60 | $4.86 | $5.70 |
| Weighted Avg Shares (Basic) | 291.5M | 296.8M | 302.6M | 309.6M | 315.1M | 316.9M | 323.9M | 335.0M | 344.1M | 355.0M |
| Weighted Avg Shares (Diluted) | 292.3M | 297.8M | 303.6M | 310.7M | 316.4M | 318.3M | 325.6M | 337.1M | 346.8M | 357.1M |
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 93th 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 95% against ROIC 25% — 70% 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 93.7% — 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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 58.3 | 58.0 | 58.7 | 58.7 | 51.1 | 49.3 | 47.8 | 47.1 |
| R&D | 1.6 | 1.6 | 1.7 | 1.7 | 1.7 | 1.8 | 1.8 | 1.9 |
| Operating Income | 24.3 | 24.1 | 22.9 | 24.1 | 23.8 | 25.1 | 26.8 | 26.3 |
| Income Tax | 5.6 | 5.4 | 4.7 | 4.4 | 5.1 | 5.4 | 5.9 | 5.6 |
| Net Income | 17.4 | 17.9 | 16.8 | 18.6 | 19.0 | 18.4 | 21.9 | 19.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ITW: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $851.0M is below the $999.0M due within a year — relies on refinancing or operating cash flow. 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 ~3.3% on $8.97B of debt.
Cash of $851.0M is below short-term debt of $2.29B — relies on refinancing/operations.
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.
Earns 16.82pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 25.7% | 8.2% (today's — no rate published for this year) | 17.5pts |
| FY2020 | 22.0% | 8.2% (today's — no rate published for this year) | 13.8pts |
| FY2021 | 23.7% | 6.3% | 17.4pts |
| FY2022 | 24.9% | 8.1% | 16.8pts |
| FY2023 | 26.6% | 8.3% | 18.3pts |
| FY2024 | 27.7% | 8.7% | 19.0pts |
| FY2025 | 24.8% | 7.6% | 17.1pts |
| Now | 25.1% | 8.2% | 17.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 41.8% | 22.5% | 15.0% |
| FY2017 | 42.0% | 24.3% | 11.8% |
| FY2018 | 41.7% | 24.3% | 17.4% |
| FY2019 | 42.0% | 24.1% | 17.9% |
| FY2020 | 41.3% | 22.9% | 16.8% |
| FY2021 | 41.3% | 24.1% | 18.6% |
| FY2022 | 48.9% | 23.8% | 19.0% |
| FY2023 | 50.7% | 25.1% | 18.4% |
| FY2024 | 52.2% | 26.8% | 21.9% |
| FY2025 | 52.9% | 26.3% | 19.1% |
Leverage and buybacks account for 70 points of the 95% return on equity in FY2025. The business earns 25% 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 — 43% 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 43.78% against 24.98% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.84x of reported profit into cash — adequate, without much margin.
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 10.1x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 14.44x |
| 5% | 13.72x |
| 10% | 12.99x |
| 15% | 12.27x |
| 20% | 11.55x |
| 25% | 10.83x |
| 30% | 10.11x |
| 35% | 9.38x |
| 40% | 8.66x |
| 45% | 7.94x |
| 50% | 7.22x |
| 55% | 6.50x |
| 60% | 5.78x |
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 $278.55, free cash flow must compound 9.15%/yr for 10 years. It has done 0.24%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −3.7% | 9.1% |
| FY2021 | −12.1% | 9.1% |
| FY2022 | −14.4% | 9.1% |
| FY2023 | 59.3% | 9.1% |
| FY2024 | −7.8% | 9.1% |
| FY2025 | −4.8% | 9.1% |
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 1 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $3.07B | $3.07B |
| Share-based comp | $69M | $3.13B |
| Other non-cash & working capital | −$9M | $3.13B |
| Operating cash flow | $3.13B | $3.13B |
| Capex | −$419M | $2.71B |
| Free cash flow | $2.71B | $2.71B |
| FCF after SBC | $2.64B | $2.64B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -10.9% | not reported | not reported |
| FY2021 | 15.0% | not reported | not reported |
| FY2022 | 10.2% | not reported | not reported |
| FY2023 | 1.1% | not reported | not reported |
| FY2024 | -1.3% | not reported | not reported |
| FY2025 | 0.9% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.1 percent |
| FY2020 | -4.5 percent |
| FY2021 | 0.8 percent |
| FY2022 | 4.5 percent |
| FY2023 | -3.8 percent |
| FY2024 | 1.4 percent |
| FY2025 | -0.4 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.
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.