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Data as of Q3 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2023, FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $10.29 today, the market must believe free cash flow compounds -4.3%/yr for a decade (off $1.18B on the 3-yr avg basis).
On the basis ($997.6M) the requirement is -1.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.34B shares (market data) · net debt $6.49B
mean -25.5% · volatility σ 35% · implied rate exceeded in 2/9 yrs
Central path = implied -4.3%/yr growth; shaded band = ±1σ (35%) 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 + $192.1M buybacks = $192.1M returned on -$132.0M 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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -39%. 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 2026-08-05 · 87d old
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 | $4.88B 100.0% | $4.34B 100.0% | $4.12B 100.0% | $4.02B 100.0% | $10.31B 100.0% | $11.55B 100.0% | $11.54B 100.0% | $11.96B 100.0% | $11.28B 100.0% | $13.73B 100.0% |
| Cost of Revenue | $1.67B 34.2% | $1.45B 33.4% | $1.29B 31.2% | $1.07B 26.5% | $3.02B 29.3% | $3.32B 28.8% | $3.13B 27.1% | $3.25B 27.1% | $2.97B 26.4% | $3.50B 25.5% |
| Cost of Services | — | — | — | — | — | — | — | — | $3.45B 30.6% | $3.93B 28.6% |
| Selling, General & Admin | $1.22B 25.1% | $1.14B 26.2% | $1.12B 27.2% | $1.01B 25.0% | $2.15B 20.9% | $2.15B 18.6% | $2.04B 17.7% | $2.05B 17.1% | $1.98B 17.6% | $2.49B 18.2% |
| Total Operating Expenses | $4.90B 100.5% | $4.40B 101.4% | $4.43B 107.6% | $3.91B 97.3% | $8.99B 87.2% | $9.51B 82.4% | $10.46B 90.6% | $11.12B 93.0% | $10.48B 93.0% | $12.16B 88.6% |
| Operating Income | -$23.3M -0.5% | -$60.1M -1.4% | -$313.8M -7.6% | $109.9M 2.7% | $1.32B 12.8% | $2.03B 17.6% | $659.9M 5.7% | $839.1M 7.0% | $792.4M 7.0% | $1.57B 11.4% |
| Interest Expense | $497.5M 10.2% | $574.7M 13.2% | $907.9M 22.1% | $589.3M 14.7% | $882.1M 8.6% | $1.19B 10.3% | $1.38B 12.0% | $1.48B 12.4% | $1.42B 12.6% | $1.87B 13.6% |
| Other Income (Expense), net | -$7.15B -146.5% | $1.90B 43.7% | -$3.13B -76.1% | $1.07B 26.6% | $12.68B 123.0% | -$3.83B -33.2% | -$1.90B -16.5% | -$677.3M -5.7% | -$2.90B -25.7% | -$1.33B -9.7% |
| Pretax Income | -$7.17B -147.0% | $1.84B 42.3% | -$3.45B -83.7% | $1.18B 29.3% | $14.00B 135.8% | -$1.80B -15.6% | -$1.24B -10.8% | $161.8M 1.4% | -$2.11B -18.7% | $243.3M 1.8% |
| Income Tax Expense | -$75.8M -1.6% | -$30.8M -0.7% | $213.1M 5.2% | $406.7M 10.1% | $473.3M 4.6% | -$275.9M -2.4% | $234.0M 2.0% | $1.57B 13.2% | $238.9M 2.1% | -$1.41B -10.2% |
| Net Income | -$7.10B -145.5% | $1.65B 37.9% | -$3.87B -94.1% | $1.99B 49.4% | $13.61B 132.0% | -$1.63B -14.1% | $11.52B 99.8% | $725.3M 6.1% | -$2.78B -24.6% | $1.71B 12.4% |
| Per Share | ||||||||||
| EPS (Basic) | -$20.86 | $4.33 | -$9.52 | $3.01 | $24.16 | -$2.70 | $16.32 | — | — | — |
| EPS (Diluted) | -$20.86 | $4.23 | -$9.52 | $2.96 | $23.59 | -$2.70 | $16.32 | — | — | — |
| Weighted Avg Shares (Basic) | 342.3M | 366.7M | 425.7M | 489.6M | 555.7M | 602.1M | 705.8M | 778.7M | 847.9M | 889.8M |
| Weighted Avg Shares (Diluted) | 342.3M | 375.2M | 425.7M | 497.0M | 569.1M | 602.1M | 705.8M | 778.7M | 847.9M | 900.0M |
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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $2.08B (at 2025-12-31) covers the $661.6M due within a year 3.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~5.8% on $8.57B of debt.
Cash of $2.08B fully covers short-term debt of $764.0M.
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.
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.
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 |
|---|---|---|---|---|---|
| 2026-06-23 | 8 co-filers Group filing | Grant | 5,230 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Option exercise | 5,809 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Option exercise | 5,809 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Option exercise | 5,809 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Option exercise | 5,809 | — | — |
| 2026-06-23 | 2 co-filers Group filing | Grant | 25,624 | $0.00 | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 5,230 | — | — |
| 2026-06-23 | 2 co-filers Group filing | Grant | 25,624 | $0.00 | — |
| 2026-06-23 | 8 co-filers Group filing | Option exercise | 5,809 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Option exercise | 5,809 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Option exercise | 5,809 | — | — |
| 2026-06-23 | 2 co-filers Group filing | Grant | 25,624 | $0.00 | — |
| 2026-06-23 | 8 co-filers Group filing | Option exercise | 5,809 | — | — |
| 2026-06-23 | 2 co-filers Group filing | Grant | 25,624 | $0.00 | — |
| 2026-06-23 | 8 co-filers Group filing | Option exercise | 5,809 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 5,230 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Option exercise | 5,809 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 5,230 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 5,230 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 5,230 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 12,812 | $0.00 | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 12,812 | $0.00 | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 5,230 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 5,230 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 5,230 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 5,230 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 5,230 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 5,230 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 5,230 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 12,812 | $0.00 | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 12,812 | $0.00 | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 5,230 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 12,812 | $0.00 | — |
| 2026-06-23 | 8 co-filers Group filing | Option exercise | 5,809 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 12,812 | $0.00 | — |
| 2026-06-23 | 8 co-filers Group filing | Option exercise | 5,809 | — | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 12,812 | $0.00 | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 12,812 | $0.00 | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 12,812 | $0.00 | — |
| 2026-06-23 | 8 co-filers Group filing | Grant | 12,812 | $0.00 | — |
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.
EOD close · as of 2026-08-05
Where each multiple sits in its own 14-yr range · 30th 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 -73% against ROIC -39% — -34% 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 -64.6% — 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 | 27.1 | 27.1 | 28.8 | 29.3 | 26.5 | 31.2 | 33.4 | 34.2 |
| SG&A | 17.1 | 17.7 | 18.6 | 20.9 | 25.0 | 27.2 | 26.2 | 25.1 |
| Operating Income | 7.0 | 5.7 | 17.6 | 12.8 | 2.7 | -7.6 | -1.4 | -0.5 |
| Income Tax | 13.2 | 2.0 | -2.4 | 4.6 | 10.1 | 5.2 | -0.7 | -1.6 |
| Net Income | 6.1 | 99.8 | -14.1 | 132.0 | 49.4 | -94.1 | 37.9 | -145.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on LBTYK: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 74.5% | 11.4% | 12.4% |
| FY2017 | 73.6% | 7.0% | -24.6% |
| FY2018 | 72.9% | 7.0% | 6.1% |
| FY2019 | 72.9% | 5.7% | 99.8% |
| FY2020 | 71.2% | 17.6% | -14.1% |
| FY2021 | 70.7% | 12.8% | 130.2% |
| FY2022 | 73.5% | 2.7% | 36.7% |
| FY2023 | 68.8% | -7.6% | -98.4% |
| FY2024 | 66.6% | -1.4% | 36.6% |
| FY2025 | 65.8% | -0.5% | -146.3% |
Return on equity is 34 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
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.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: beta.
Cash conversion of 0.62x sits below the level that would make the earnings clearly cash-backed.
Reported free cash flow is -$132M; after share-based compensation it is -$301M. The difference is a real cost that the cash flow statement adds back.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $10.29, free cash flow must compound -3.09%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −15.3% | −3.1% |
| FY2021 | −26.0% | −3.1% |
| FY2022 | −9.1% | −3.1% |
| FY2023 | −36.1% | −3.1% |
| FY2024 | −9.6% | −3.1% |
| FY2025 | −111.7% | −3.1% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$7.14B | −$7.14B |
| Share-based comp | $169M | −$6.97B |
| Other non-cash & working capital | $8.18B | $1.21B |
| Operating cash flow | $1.21B | $1.21B |
| Capex | −$1.34B | −$132M |
| Free cash flow | −$132M | −$132M |
| FCF after SBC | −$301M | −$301M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 0.0% | -23.2% | -23.3 points |
| FY2021 | -10.7% | -15.9% | -5.2 points |
| FY2022 | -61.0% | -8.4% | 52.6 points |
| FY2023 | 2.5% | -51.3% | -53.8 points |
| FY2024 | 5.5% | 11.3% | 5.8 points |
| FY2025 | 12.4% | 24.1% | 11.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 44.4 days | not reported | 112.4 days | -67.9 days |
| FY2020 | 34.1 days | not reported | 63.7 days | -29.6 days |
| FY2021 | 32.1 days | not reported | 74.2 days | -42.1 days |
| FY2022 | 75.5 days | not reported | 208.8 days | -133.4 days |
| FY2023 | 35.9 days | not reported | 115.7 days | -79.8 days |
| FY2024 | 37.8 days | not reported | 93.4 days | -55.6 days |
| FY2025 | 41.8 days | not reported | 104.6 days | -62.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 14.1 percent |
| FY2020 | -9.8 percent |
| FY2021 | 21.1 percent |
| FY2022 | -3.2 percent |
| FY2023 | -14.8 percent |
| FY2024 | -1.8 percent |
| FY2025 | -37.0 percent |
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.