Loading institutional data...
Loading institutional data...
Held by 1,417 of 2,417 reporting institutions (100th 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.
Ranked against 13 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| KO | $404.7B | 30.9× | 26.6× | 8.4× | 1.9% | 61.6% | 27.3% | 40.7% | 40.7% | -0.7× | 1,417 |
| PEP | $187.2B | 22.9× | 15.2× | 2.0× | 2.3% | 54.1% | 8.8% | 40.4% | 11.8% | 2.7× | 1,218 |
| MNST | $92.7B | — | 35.8× | 11.2× | 10.7% | 55.8% | 23.0% | 23.1% | 23.1% | -0.8× | 375 |
| KDP | $48.8B | 23.4× | 15.8× | 2.9× | 8.2% | 54.2% | 12.5% | 8.1% | 5.0% | 3.8× | 226 |
| STZ | $22.9B | — | 10.4× | 2.5× | -10.5% | 51.6% | 18.5% | 20.9% | 9.3% | 3.1× | 263 |
| COKE | $14.0B | — | 14.4× | 1.9× | 4.8% | 39.7% | 7.9% | -77.1% | 27.9% | 2.2× | 151 |
| TAP | $7.5B | — | — | 0.6× | -5.1% | 32.8% | -16.4% | -20.9% | -12.9% | — | 145 |
| CELH | $7.4B | 116.5× | 44.8× | 2.9× | 85.5% | 50.4% | 4.3% | 9.1% | 5.8% | 1.6× | 108 |
| PRMB | $7.1B | 123.4× | 11.5× | 1.1× | 29.3% | 30.3% | 0.9% | 2.0% | 0.7% | 4.6× | 63 |
| COCO | $3.3B | 49.1× | 37.6× | 5.5× | 18.2% | 36.5% | 11.7% | 21.5% | 21.5% | -2.4× | 70 |
| FIZZ | $3.3B | 18.0× | 11.7× | 2.8× | -1.7% | 37.0% | 15.6% | 28.9% | 28.9% | -1.4× | 40 |
| SAM | $2.0B | 20.4× | 7.7× | 1.0× | -2.4% | 48.5% | 5.5% | 12.8% | 12.8% | -0.9× | 72 |
| MALG | $914M | 55.6× | 36.6× | 24.4× | — | 72.1% | 49.9% | 66.1% | 66.1% | -0.1× | — |
| BRCC | $315M | — | — | 0.8× | 1.7% | 34.6% | -3.0% | -26.1% | -14.8% | — | 3 |
Peers = companies sharing KO's sector (Beverages) 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 $94.08 today, the market must believe free cash flow compounds 18.3%/yr for a decade (off $6.59B on the 3-yr avg basis).
On the basis ($6.32B) the requirement is 18.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 18.3% is more optimistic than its 9-yr track record.
Default is 7.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 4.30B shares (market data) · net debt $33.67B
mean 1.6% · volatility σ 27% · implied rate exceeded in 2/9 yrs
Central path = implied 18.3%/yr growth; shaded band = ±1σ (27%) 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 exceeds free cash flow (166%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $8.78B dividends + $746.0M buybacks = $9.53B returned on $5.30B FCF.
9 consecutive years of dividend increases · 4%/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: 17%. 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 $10.27B covers the $1.82B due within a year 5.6× 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 ~3.8% on $43.94B of debt.
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. 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 | $47.94B 100.0% | $47.06B 100.0% | $45.75B 100.0% | $43.00B 100.0% | $38.66B 100.0% | $33.01B 100.0% | $37.27B 100.0% | $34.30B 100.0% | $36.21B 100.0% | $41.86B 100.0% |
| Cost of Revenue | $18.40B 38.4% | $18.32B 38.9% | $18.52B 40.5% | $18.00B 41.9% | $15.36B 39.7% | $13.43B 40.7% | $14.62B 39.2% | $13.07B 38.1% | $13.72B 37.9% | $16.46B 39.3% |
| Cost of Products | — | — | — | — | — | — | — | — | $13.26B 36.6% | $16.46B 39.3% |
| Gross Profit | $29.54B 61.6% | $28.74B 61.1% | $27.23B 59.5% | $25.00B 58.1% | $23.30B 60.3% | $19.58B 59.3% | $22.65B 60.8% | $21.23B 61.9% | $22.49B 62.1% | $25.40B 60.7% |
| Selling, General & Admin | $14.52B 30.3% | $14.58B 31.0% | $13.97B 30.5% | $12.88B 30.0% | $12.14B 31.4% | $9.73B 29.5% | $12.10B 32.5% | $11.00B 32.1% | $12.83B 35.4% | $15.37B 36.7% |
| Operating Income | $13.76B 28.7% | $9.99B 21.2% | $11.31B 24.7% | $10.91B 25.4% | $10.31B 26.7% | $9.00B 27.3% | $10.09B 27.1% | $9.15B 26.7% | $7.75B 21.4% | $8.66B 20.7% |
| Interest Expense | $1.65B 3.5% | $1.66B 3.5% | $1.53B 3.3% | $882.0M 2.1% | $1.60B 4.1% | $1.44B 4.4% | $946.0M 2.5% | $950.0M 2.8% | $853.0M 2.4% | $733.0M 1.8% |
| Interest & Investment Income | $786.0M 1.6% | $988.0M 2.1% | $907.0M 2.0% | $449.0M 1.0% | $276.0M 0.7% | $370.0M 1.1% | $563.0M 1.5% | $689.0M 2.0% | $679.0M 1.9% | $642.0M 1.5% |
| Other Income (Expense), net | $1.07B 2.2% | $1.99B 4.2% | $570.0M 1.2% | -$262.0M -0.6% | $2.00B 5.2% | $841.0M 2.5% | $34.0M 0.1% | -$1.67B -4.9% | -$1.76B -4.9% | -$1.26B -3.0% |
| Pretax Income | $16.00B 33.4% | $13.09B 27.8% | $12.95B 28.3% | $11.69B 27.2% | $12.43B 32.1% | $9.75B 29.5% | $10.79B 28.9% | $8.22B 24.0% | $6.89B 19.0% | $8.14B 19.4% |
| Income Tax Expense | $2.86B 6.0% | $2.44B 5.2% | $2.25B 4.9% | $2.12B 4.9% | $2.62B 6.8% | $1.98B 6.0% | $1.80B 4.8% | $1.75B 5.1% | $5.61B 15.5% | $1.59B 3.8% |
| Net Income | $13.11B 27.3% | $10.63B 22.6% | $10.71B 23.4% | $9.54B 22.2% | $9.77B 25.3% | $7.75B 23.5% | $8.92B 23.9% | $6.43B 18.8% | $1.25B 3.4% | $6.53B 15.6% |
| Per Share | ||||||||||
| EPS (Basic) | $3.05 | $2.47 | $2.48 | $2.20 | $2.26 | $1.80 | $2.09 | $1.51 | $0.29 | $1.51 |
| EPS (Diluted) | $3.04 | $2.46 | $2.47 | $2.19 | $2.25 | $1.79 | $2.07 | $1.50 | $0.29 | $1.49 |
| Weighted Avg Shares (Basic) | 4.30B | 4.31B | 4.32B | 4.33B | 4.32B | 4.29B | 4.28B | 4.26B | 4.27B | 4.32B |
| Weighted Avg Shares (Diluted) | 4.31B | 4.32B | 4.34B | 4.35B | 4.34B | 4.32B | 4.31B | 4.30B | 4.32B | 4.37B |
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
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 |
|---|---|---|---|---|---|
| 2026-08-20 | 9 co-filers Group filing | Option exercise | 41,365 | $61.34 | $2.5m |
| 2026-08-20 | 9 co-filers Group filing | Exercise & sell | 41,365 | $90.93 | $3.8m |
| 2026-08-20 | 9 co-filers Group filing | Option exercise | 40,754 | $60.02 | $2.4m |
| 2026-08-20 | 9 co-filers Group filing | Exercise & sell |
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.
| 40,754 |
| $90.93 |
| $3.7m |
| 2026-08-20 | 9 co-filers Group filing | Option exercise | 29,246 | $60.27 | $1.8m |
| 2026-08-20 | 9 co-filers Group filing | Exercise & sell | 29,246 | $90.93 | $2.7m |
| 2026-08-20 | 9 co-filers Group filing | Option exercise | 41,365 | $0.00 | — |
| 2026-08-20 | 9 co-filers Group filing | Option exercise | 40,754 | $0.00 | — |
| 2026-08-20 | 9 co-filers Group filing | Option exercise | 29,246 | $0.00 | — |
| 2026-08-19 | 3 co-filers Executive Vice President | Option exercise | 50,000 | $50.44 | $2.5m |
| 2026-08-19 | 3 co-filers Executive Vice President | Exercise & sell | 50,000 | $90.39 | $4.5m |
| 2026-08-19 | 3 co-filers Executive Vice President | Option exercise | 50,000 | $0.00 | — |
| 2026-08-10 | Ray Sanket Insider | Open-market sale | 9,958 | $86.50 | $861k |
| 2026-08-06 | 8 co-filers Group filing | Exercise & sell | 19,772 | $86.67 | $1.7m |
| 2026-08-06 | 8 co-filers Group filing | Option exercise | 7,628 | $48.08 | $367k |
| 2026-08-06 | 8 co-filers Group filing | Option exercise | 10,684 | $59.48 | $636k |
| 2026-08-06 | 8 co-filers Group filing | Option exercise | 21,848 | $50.44 | $1.1m |
| 2026-08-06 | 8 co-filers Group filing | Exercise & sell | 35,983 | $86.55 | $3.1m |
| 2026-08-06 | 8 co-filers Group filing | Option exercise | 7,628 | $0.00 | — |
| 2026-08-06 | 8 co-filers Group filing | Option exercise | 10,684 | $0.00 | — |
| 2026-08-06 | 8 co-filers Group filing | Option exercise | 21,848 | $0.00 | — |
| 2026-07-31 | 3 co-filers President and CFO | Option exercise | 152,483 | $44.48 | $6.8m |
| 2026-07-31 | 3 co-filers President and CFO | Exercise & sell | 152,483 | $87.31 | $13.3m |
| 2026-07-31 | 3 co-filers President and CFO | Option exercise | 152,483 | $0.00 | — |
| 2026-07-29 | 6 co-filers Chairman | Option exercise | 145,947 | $45.44 | $6.6m |
| 2026-07-29 | 6 co-filers Chairman | 10b5-1 plan sale | 145,947 | $90.09 | $13.1m |
| 2026-07-29 | 6 co-filers Chairman | Option exercise | 145,947 | $0.00 | — |
| 2026-07-28 | 6 co-filers Group filing | Option exercise | 35,393 | $59.48 | $2.1m |
| 2026-07-28 | 6 co-filers Chairman | Option exercise | 381,140 | $45.44 | $17.3m |
| 2026-07-28 | 6 co-filers Chairman | 10b5-1 plan sale | 381,140 | $90.04 | $34.3m |
| 2026-07-28 | 6 co-filers Group filing | 10b5-1 plan sale | 35,393 | $89.60 | $3.2m |
| 2026-07-28 | 6 co-filers Group filing | Option exercise | 40,334 | $50.44 | $2.0m |
| 2026-07-28 | 6 co-filers Group filing | 10b5-1 plan sale | 40,334 | $89.69 | $3.6m |
| 2026-07-28 | 6 co-filers Group filing | Option exercise | 35,393 | $0.00 | — |
| 2026-07-28 | 6 co-filers Chairman | Option exercise | 381,140 | $0.00 | — |
| 2026-07-28 | 6 co-filers Group filing | Option exercise | 40,334 | $0.00 | — |
| 2026-06-10 | Mann Jennifer K Executive Vice President | 10b5-1 plan sale | 23,984 | $83.41 | $2.0m |
| 2026-06-09 | 7 co-filers Executive Vice President | Option exercise | 18,830 | $50.44 | $950k |
| 2026-06-09 | 7 co-filers Executive Vice President | 10b5-1 plan sale | 18,830 | $80.75 | $1.5m |
| 2026-06-09 | 7 co-filers Executive Vice President | Option exercise | 55,154 | $61.34 | $3.4m |
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 98th 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 41% against ROIC 17% — 24% 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 46.0% — 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 20.2× 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 | 38.1 | 39.2 | 40.7 | 39.7 | 41.9 | 40.5 | 38.9 | 38.4 |
| Gross Profit | 61.9 | 60.8 | 59.3 | 60.3 | 58.1 | 59.5 | 61.1 | 61.6 |
| SG&A | 32.1 | 32.5 | 29.5 | 31.4 | 30.0 | 30.5 | 31.0 | 30.3 |
| Operating Income | 26.7 | 27.1 | 27.3 | 26.7 | 25.4 | 24.7 | 21.2 | 28.7 |
| Income Tax | 5.1 | 4.8 | 6.0 | 6.8 | 4.9 | 4.9 | 5.2 | 6.0 |
| Net Income | 18.8 | 23.9 | 23.5 | 25.3 | 22.2 | 23.4 | 22.6 | 27.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on KO: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 45.09pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 15.6% | 7.8% (today's — no rate published for this year) | 7.8pts |
| FY2020 | 12.9% | 7.8% (today's — no rate published for this year) | 5.1pts |
| FY2021 | 14.8% | 6.5% | 8.4pts |
| FY2022 | 16.1% | 7.5% | 8.5pts |
| FY2023 | 16.5% | 7.2% | 9.2pts |
| FY2024 | 50.7% | 7.5% | 43.1pts |
| FY2025 | 45.9% | 7.0% | 39.0pts |
| Now | 17.2% | 7.8% | 9.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 60.7% | 20.7% | 15.6% |
| FY2017 | 62.1% | 21.4% | 3.4% |
| FY2018 | 61.9% | 26.7% | 18.8% |
| FY2019 | 60.8% | 27.1% | 23.9% |
| FY2020 | 59.3% | 27.3% | 23.5% |
| FY2021 | 60.3% | 26.7% | 25.3% |
| FY2022 | 58.1% | 25.4% | 22.2% |
| FY2023 | 59.5% | 24.7% | 23.4% |
| FY2024 | 61.1% | 21.2% | 22.6% |
| FY2025 | 61.6% | 28.7% | 27.3% |
Leverage and buybacks account for 24 points of the 41% return on equity in FY2025. The business earns 17% 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.
$15.4B of goodwill — 72% 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 189.99% against 52.87% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.78x of reported profit into cash — adequate, without much margin.
Accruals are 5.44% of assets — profit is running ahead of cash, which is the earliest quality warning available.
Covers interest 5.8x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 8.32x |
| 5% | 7.90x |
| 10% | 7.49x |
| 15% | 7.07x |
| 20% | 6.66x |
| 25% | 6.24x |
| 30% | 5.82x |
| 35% | 5.41x |
| 40% | 4.99x |
| 45% | 4.58x |
| 50% | 4.16x |
| 55% | 3.74x |
| 60% | 3.33x |
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.
Operating leases are $1,722,000,000 of the $1,722,000,000 total — a fixed obligation that does not appear in a headline debt figure.
At $94.08, free cash flow must compound 16.96%/yr for 10 years. It has done -7.43%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 3.0% | 17.0% |
| FY2021 | 29.9% | 17.0% |
| FY2022 | −15.3% | 17.0% |
| FY2023 | 2.2% | 17.0% |
| FY2024 | −51.4% | 17.0% |
| FY2025 | 11.7% | 17.0% |
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.
The implied rate has been matched or beaten in 1 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $13.11B | $13.11B |
| Share-based comp | $279M | $13.39B |
| Other non-cash & working capital | −$5.98B | $7.41B |
| Operating cash flow | $7.41B | $7.41B |
| Capex | −$2.11B | $5.30B |
| Free cash flow | $5.30B | $5.30B |
| FCF after SBC | $5.02B | $5.02B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -11.4% | -20.8% | -9.4 points |
| FY2021 | 17.1% | 11.7% | -5.4 points |
| FY2022 | 11.3% | -0.7% | -12.0 points |
| FY2023 | 6.4% | -2.2% | -8.6 points |
| FY2024 | 2.9% | 4.7% | 1.8 points |
| FY2025 | 1.9% | -14.9% | -16.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 38.9 days | 84.4 days | 95 days | 28.3 days |
| FY2020 | 34.8 days | 88.7 days | 95.6 days | 27.9 days |
| FY2021 | 33.2 days | 81.1 days | 109.4 days | 4.9 days |
| FY2022 | 29.6 days | 85.8 days | 107.6 days | 7.8 days |
| FY2023 | 27.2 days | 87.2 days | 110.2 days | 4.2 days |
| FY2024 | 27.7 days | 94.2 days | 108.9 days | 12.9 days |
| FY2025 | 23.1 days | 87.8 days | 112.1 days | -1.2 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.8 percent |
| FY2020 | -2.4 percent |
| FY2021 | -3.0 percent |
| FY2022 | -1.6 percent |
| FY2023 | -0.9 percent |
| FY2024 | 3.8 percent |
| FY2025 | 5.4 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.