Loading institutional data...
Loading institutional data...
Held by 150 of 2,417 reporting institutions (93th 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...
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
Ranked against 36 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HPQ | $26.0B | 10.9× | 7.8× | 0.5× | 3.2% | 20.6% | 4.6% | -731% | 27.1% | 1.5× | 362 |
| SMCI | $22.6B | 10.6× | 6.8× | 0.6× | 77.8% | 10.8% | 5.7% | 15.4% | 12.0% | -1.2× | 212 |
| XYL | $20.8B | 23.1× | 11.8× | 2.3× | 5.5% | 38.5% | 10.6% | 8.3% | 7.1% | 0.3× | 285 |
| NVT | $20.4B | 29.2× | 32.4× | 5.2× | 29.5% | 37.7% | 18.2% | 19.0% | 13.4% | 2.3× | 255 |
| FFIV | $19.2B | 28.7× | 20.8× | 6.2× | 9.7% | 81.4% | 22.4% | 19.3% | 19.3% | -1.6× | 222 |
| CNH | $18.9B | 28.7× | — | 1.1× | -8.8% | 31.5% | 2.8% | 6.6% | 6.6% | — | — |
| NDSN | $18.0B | 37.9× | 25.1× | 6.4× | 3.8% | 55.2% | 17.4% | 15.9% | 9.6% | 2.4× | 215 |
| ZBRA | $17.9B | 46.1× | 26.2× | 3.3× | 8.3% | 48.1% | 7.8% | 11.7% | 6.9% | 3.1× | 191 |
| ITT | $17.8B | 32.5× | 20.4× | 4.5× | 8.5% | 35.4% | 12.4% | 11.9% | 10.0% | -1.2× | 180 |
| CW | $17.6B | 37.0× | 26.5× | 5.0× | 12.1% | 37.2% | 13.8% | 19.1% | 13.9% | 0.8× | 213 |
| IEX | $17.2B | 36.5× | 23.8× | 5.0× | 5.8% | 44.5% | 14.0% | 12.0% | 8.3% | 1.6× | 172 |
| HSAI | $15.3B | 28.3× | — | 35.4× | 52.1% | 41.8% | 14.4% | 4.9% | 4.5% | -3.2× | 21 |
| LECO | $15.0B | 29.7× | 19.6× | 3.5× | 5.6% | 36.2% | 12.3% | 35.4% | 18.8% | 1.2× | 193 |
| RBC | $14.6B | 50.9× | 33.0× | 7.8× | 14.3% | 44.4% | 15.4% | 8.6% | 6.8% | 1.8× | 131 |
| LOGI | $13.5B | 19.9× | 14.1× | 2.8× | 6.3% | 43.2% | 14.7% | 32.2% | 32.2% | -2.1× | 80 |
| BWXT | $12.0B | 36.5× | 26.3× | 3.7× | 18.3% | 22.9% | 10.3% | 26.7% | 10.1% | 3.0× | 184 |
| LII | $11.8B | 15.1× | — | 2.3× | -2.7% | 33.4% | 15.5% | 69.3% | 34.7% | — | 150 |
| RRX | $10.9B | 39.0× | 18.1× | 1.8× | -1.6% | 37.4% | 4.7% | 4.1% | 2.4% | 5.1× | 131 |
| GGG | $10.8B | 21.9× | 13.9× | 4.8× | 5.8% | 52.5% | 23.3% | 19.7% | 19.7% | -0.8× | 177 |
| PNR | $10.6B | 16.7× | 13.2× | 2.5× | 2.3% | 40.5% | 15.7% | 16.9% | 11.9% | 1.7× | 161 |
| TTC | $10.2B | 33.9× | 20.1× | 2.3× | -1.6% | 33.4% | 7.0% | 21.8% | 13.3% | 1.7× | 141 |
| 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 |
| SPXC | $8.4B | 33.3× | 18.0× | 3.7× | 14.2% | 40.5% | 10.8% | 10.9% | 8.9% | 0.3× | 98 |
| TKR | $8.0B | 27.9× | 12.3× | 1.7× | 0.2% | 30.4% | 6.3% | 9.1% | 5.7% | 2.0× | 146 |
Peers = companies sharing LII's sector (Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip) 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 27% of free cash flow, leaving room to grow it and fund buybacks. Last year: $173.0M dividends + $482.3M buybacks = $655.3M returned on $638.8M FCF.
9 consecutive years of dividend increases · 13%/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: 35%. 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.
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 $344.08 today, the market must believe free cash flow compounds 5.7%/yr for a decade (off $635.6M on the 3-yr avg basis).
On the basis ($606.4M) the requirement is 6.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 5.7% is more conservative than its 9-yr track record.
Default is 8.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.03B shares (market data) · net debt $1.13B
mean 24.6% · volatility σ 67% · implied rate exceeded in 4/9 yrs
Central path = implied 5.7%/yr growth; shaded band = ±1σ (67%) 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $34.2M covers the $0 due within a year 34200000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.5% on $1.16B of debt.
Cash of $34.2M fully covers short-term debt of $18.3M.
Mostly short-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.
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 | $5.20B 100.0% | $5.34B 100.0% | $4.98B 100.0% | $4.72B 100.0% | $4.19B 100.0% | $3.63B 100.0% | $3.81B 100.0% | $3.88B 100.0% | $3.84B 100.0% | $3.64B 100.0% |
| Cost of Revenue | $3.46B 66.6% | $3.56B 66.7% | $3.43B 68.9% | $3.43B 72.8% | $3.01B 71.7% | $2.59B 71.4% | $2.73B 71.6% | $2.77B 71.4% | $2.71B 70.7% | $2.57B 70.4% |
| Gross Profit | $1.73B 33.4% | $1.78B 33.3% | $1.55B 31.1% | $1.28B 27.2% | $1.19B 28.3% | $1.04B 28.6% | $1.08B 28.4% | $1.11B 28.6% | $1.13B 29.3% | $1.08B 29.6% |
| Research & Development | $103.4M 2.0% | $93.6M 1.8% | $94.0M 1.9% | $80.3M 1.7% | $76.1M 1.8% | $66.8M 1.8% | $69.9M 1.8% | $72.2M 1.9% | $73.6M 1.9% | $64.6M 1.8% |
| Selling, General & Admin | $681.4M 13.1% | $730.6M 13.7% | $705.5M 14.2% | $627.2M 13.3% | $598.9M 14.3% | $555.9M 15.3% | $585.9M 15.4% | $608.2M 15.7% | $637.7M 16.6% | $621.0M 17.1% |
| Operating Income | $1.04B 20.0% | $1.04B 19.5% | $791.5M 15.9% | $656.2M 13.9% | $590.3M 14.1% | $478.5M 13.2% | $656.9M 17.3% | $509.9M 13.1% | $494.5M 12.9% | $429.4M 11.8% |
| Interest Expense | $40.9M 0.8% | $38.7M 0.7% | $51.7M 1.0% | $38.7M 0.8% | $25.0M 0.6% | $28.3M 0.8% | $47.5M 1.2% | $38.3M 1.0% | $30.6M 0.8% | $27.0M 0.7% |
| Interest & Investment Income | $5.5M 0.1% | $5.4M 0.1% | $4.3M 0.1% | $1.1M 0.0% | $1.0M 0.0% | $1.4M 0.0% | $1.1M 0.0% | $800K 0.0% | $1.5M 0.0% | $1.1M 0.0% |
| Other Income (Expense), net | -$3.4M -0.1% | -$1.9M -0.0% | -$100K -0.0% | -$1.9M -0.0% | -$4.0M -0.1% | -$4.4M -0.1% | -$2.3M -0.1% | -$3.3M -0.1% | $100K 0.0% | $300K 0.0% |
| Pretax Income | $996.8M 19.2% | $999.4M 18.7% | $738.9M 14.8% | $615.8M 13.1% | $560.1M 13.4% | $445.2M 12.3% | $507.9M 13.3% | $467.9M 12.0% | $464.0M 12.1% | $402.7M 11.1% |
| Income Tax Expense | $191.0M 3.7% | $188.3M 3.5% | $147.7M 3.0% | $118.7M 2.5% | $96.1M 2.3% | $88.1M 2.4% | $99.1M 2.6% | $107.6M 2.8% | $156.9M 4.1% | $124.1M 3.4% |
| Net Income | $805.8M 15.5% | $811.1M 15.2% | $591.2M 11.9% | $497.1M 10.5% | $464.0M 11.1% | $356.3M 9.8% | $408.7M 10.7% | $359.0M 9.2% | $305.7M 8.0% | $277.8M 7.6% |
| Per Share | ||||||||||
| EPS (Basic) | $22.89 | $22.78 | $16.65 | $13.92 | $12.47 | $9.30 | $10.49 | $8.84 | $7.25 | $6.39 |
| EPS (Diluted) | $22.79 | $22.66 | $16.58 | $13.88 | $12.39 | $9.24 | $10.38 | $8.74 | $7.14 | $6.32 |
| Weighted Avg Shares (Basic) | 35.2M | 35.6M | 35.5M | 35.7M | 37.2M | 38.3M | 39.0M | 40.6M | 42.2M | 43.4M |
| Weighted Avg Shares (Diluted) | 35.4M | 35.8M | 35.7M | 35.8M | 37.5M | 38.6M | 39.4M | 41.1M | 42.8M | 44.0M |
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.
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 |
|---|---|---|---|---|---|
| 2026-10-28 | Martin Sarah Rachel EVP & Pres., Home Comfort Sol | Tax withholding | 201 | $339.44 | $68k |
| 2026-08-06 | Norris John W Iii Director | Gift | 8,988 | $0.00 | $0 |
| 2026-05-28 | Norris John W Iii Director | Gift | 990 | $0.00 | $0 |
| 2026-05-26 | Somasundaram Sivasankaran Director | Other |
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.
| 343 |
| $0.00 |
| $0 |
| 2026-05-21 | Wall Shane D Director | Grant | 343 | $0.00 | $0 |
| 2026-05-21 | Embree Tracy A Director | Grant | 343 | $0.00 | $0 |
| 2026-05-21 | Norris John W Iii Director | Grant | 343 | $0.00 | $0 |
| 2026-05-21 | Somasundaram Sivasankaran Director | Grant | 343 | $0.00 | $0 |
| 2026-05-21 | Teske Todd J Director | Grant | 343 | $0.00 | $0 |
| 2026-05-21 | Buck Sherry Director | Grant | 343 | $0.00 | $0 |
| 2026-05-21 | Quintos Karen H Director | Grant | 343 | $0.00 | $0 |
| 2026-05-21 | Vander Ark Jon Director | Grant | 343 | $0.00 | $0 |
| 2026-05-06 | Kosel Chris VP-Corp Controller and CAO | Open-market sale | 971 | $544.80 | $529k |
| 2026-04-10 | Somasundaram Sivasankaran Director | Grant | 51 | $505.31 | $26k |
| 2026-03-13 | 2 co-filers VP-Corp Controller and CAO | Grant | 1,284 | $0.00 | $0 |
| 2026-03-13 | 2 co-filers EVP, Chief Technology Officer | Grant | 4,221 | $0.00 | $0 |
| 2026-03-13 | 2 co-filers Chief Executive Officer | Grant | 19,184 | $0.00 | $0 |
| 2026-03-13 | 2 co-filers EVP, Chief Financial Officer | Grant | 805 | $0.00 | $0 |
| 2026-03-13 | 2 co-filers EVP, Chief HR Officer | Grant | 4,413 | $0.00 | $0 |
| 2026-03-13 | 2 co-filers EVP & Pres., Bldg Climate Sol. | Grant | 3,645 | $0.00 | $0 |
| 2026-03-13 | 2 co-filers EVP & Pres., Bldg Climate Sol. | Tax withholding | 1,246 | $480.48 | $599k |
| 2026-03-13 | 2 co-filers EVP, Chief Financial Officer | Tax withholding | 197 | $480.48 | $95k |
| 2026-03-13 | 2 co-filers VP-Corp Controller and CAO | Tax withholding | 313 | $480.48 | $150k |
| 2026-03-13 | 2 co-filers Chief Executive Officer | Tax withholding | 7,549 | $480.48 | $3.6m |
| 2026-03-13 | 2 co-filers EVP, Chief Technology Officer | Tax withholding | 1,474 | $480.48 | $708k |
| 2026-03-13 | 2 co-filers EVP, Chief HR Officer | Tax withholding | 1,554 | $480.48 | $747k |
| 2026-02-25 | Wall Shane D Director | Open-market sale | 100 | $540.01 | $54k |
| 2026-02-04 | Kosel Chris VP-Corp Controller and CAO | Open-market sale | 254 | $536.50 | $136k |
| 2026-02-04 | Teske Todd J Director | Open-market sale | 700 | $533.45 | $373k |
| 2026-02-02 | 2 co-filers EVP, Chief Technology Officer | Grant | 738 | $0.00 | $0 |
| 2026-02-02 | 2 co-filers Chief Executive Officer | Grant | 3,953 | $0.00 | $0 |
| 2026-02-02 | 2 co-filers EVP, Chief Legal Officer | Grant | 472 | $0.00 | $0 |
| 2026-02-02 | 2 co-filers EVP, Chief Financial Officer | Grant | 885 | $0.00 | $0 |
| 2026-02-02 | 2 co-filers EVP, Chief HR Officer | Grant | 738 | $0.00 | $0 |
| 2026-02-02 | 2 co-filers EVP & Pres., Home Comfort Sol | Grant | 708 | $0.00 | $0 |
| 2026-02-02 | 2 co-filers VP-Corp Controller and CAO | Grant | 201 | $0.00 | $0 |
| 2026-02-02 | 2 co-filers EVP & Pres., Bldg Climate Sol. | Grant | 767 | $0.00 | $0 |
| 2026-02-02 | 2 co-filers EVP, Chief HR Officer | Grant | 1,776 | $0.00 | — |
| 2026-02-02 | 2 co-filers EVP, Chief Technology Officer | Grant | 1,776 | $0.00 | — |
| 2026-02-02 | 2 co-filers EVP, Chief Financial Officer | Grant | 2,131 | $0.00 | — |
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 · 29th 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 69% against ROIC 35% — 35% 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 75.8% — 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 | 71.4 | 71.6 | 71.4 | 71.7 | 72.8 | 68.9 | 66.7 | 66.6 |
| Gross Profit | 28.6 | 28.4 | 28.6 | 28.3 | 27.2 | 31.1 | 33.3 | 33.4 |
| R&D | 1.9 | 1.8 | 1.8 | 1.8 | 1.7 | 1.9 | 1.8 | 2.0 |
| SG&A | 15.7 | 15.4 | 15.3 | 14.3 | 13.3 | 14.2 | 13.7 | 13.1 |
| Operating Income | 13.1 | 17.3 | 13.2 | 14.1 | 13.9 | 15.9 | 19.5 | 20.0 |
| Income Tax | 2.8 | 2.6 | 2.4 | 2.3 | 2.5 | 3.0 | 3.5 | 3.7 |
| Net Income | 9.2 | 10.7 | 9.8 | 11.1 | 10.5 | 11.9 | 15.2 | 15.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on LII: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 24.48pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 44.7% | 8.9% (today's — no rate published for this year) | 35.8pts |
| FY2020 | 34.8% | 8.9% (today's — no rate published for this year) | 25.8pts |
| FY2021 | 40.8% | 6.3% | 34.5pts |
| FY2022 | 34.2% | 8.8% | 25.5pts |
| FY2023 | 36.1% | 9.0% | 27.1pts |
| FY2024 | 39.2% | 10.1% | 29.1pts |
| FY2025 | 31.0% | 8.6% | 22.4pts |
| Now | 34.7% | 8.9% | 25.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 29.6% | 11.8% | 7.6% |
| FY2017 | 29.3% | 12.9% | 8.0% |
| FY2018 | 28.6% | 13.1% | 9.2% |
| FY2019 | 28.4% | 17.3% | 10.7% |
| FY2020 | 28.6% | 13.2% | 9.8% |
| FY2021 | 28.3% | 14.1% | 11.1% |
| FY2022 | 27.2% | 13.9% | 10.5% |
| FY2023 | 31.1% | 15.9% | 11.9% |
| FY2024 | 33.3% | 19.5% | 15.2% |
| FY2025 | 33.4% | 20.0% | 15.5% |
Leverage and buybacks account for 35 points of the 69% return on equity in FY2025. The business earns 35% 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.
$504M of goodwill — 20% 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 41.81% against 33.43% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.77x 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.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
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.
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 $344.08, free cash flow must compound 6.12%/yr for 10 years. It has done 14.03%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 83.8% | 6.1% |
| FY2021 | −23.5% | 6.1% |
| FY2022 | −50.8% | 6.1% |
| FY2023 | 141.6% | 6.1% |
| FY2024 | 60.9% | 6.1% |
| FY2025 | −18.3% | 6.1% |
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 (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $806M | $806M |
| Share-based comp | $29M | $835M |
| Other non-cash & working capital | −$77M | $758M |
| Operating cash flow | $758M | $758M |
| Capex | −$119M | $639M |
| Free cash flow | $639M | $639M |
| FCF after SBC | $610M | $610M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -4.5% | not reported | not reported |
| FY2021 | 15.4% | not reported | not reported |
| FY2022 | 12.5% | not reported | not reported |
| FY2023 | 5.6% | not reported | not reported |
| FY2024 | 7.2% | not reported | not reported |
| FY2025 | -2.7% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 0.6 percent |
| FY2020 | -12.6 percent |
| FY2021 | -2.4 percent |
| FY2022 | 7.6 percent |
| FY2023 | -4.9 percent |
| FY2024 | -3.7 percent |
| FY2025 | 1.2 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.