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Held by 123 of 2,417 reporting institutions (91th 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.
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.
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 $248.39 today, the market must believe free cash flow compounds 25.4%/yr for a decade (off $208.6M on the SBC-adjusted basis).
On the basis ($300.6M) the requirement is 20.3%/yr. The difference is what charging stock compensation costs.
The market's 25.4% 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 · 0.06B shares (market data) · net debt -$328.7M
mean 12.0% · volatility σ 25% · implied rate exceeded in 3/9 yrs
Central path = implied 25.4%/yr growth; shaded band = ±1σ (25%) 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 + $315.2M buybacks = $315.2M returned on $374.0M 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).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 70%. 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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
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. 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 | $1.08B 100.0% | $1.04B 100.0% | $928.7M 100.0% | $767.1M 100.0% | $663.6M 100.0% | $586.4M 100.0% | $617.9M 100.0% | $559.2M 100.0% | $594.6M 100.0% | $604.6M 100.0% |
| Cost of Revenue | $472.3M 43.7% | $471.0M 45.2% | $430.6M 46.4% | $358.2M 46.7% | $297.8M 44.9% | $269.9M 46.0% | $285.0M 46.1% | $240.9M 43.1% | $245.7M 41.3% | $249.9M 41.3% |
| Cost of Services | — | — | — | — | — | — | — | — | — | $197.5M 32.7% |
| Research & Development | $145.1M 13.4% | $137.7M 13.2% | $126.8M 13.7% | $111.9M 14.6% | $97.6M 14.7% | $84.3M 14.4% | $87.6M 14.2% | $71.9M 12.9% | $57.7M 9.7% | $54.7M 9.1% |
| Selling, General & Admin | $93.8M 8.7% | $89.8M 8.6% | $81.2M 8.7% | $73.1M 9.5% | $68.1M 10.3% | $61.4M 10.5% | $64.6M 10.5% | $52.6M 9.4% | $46.1M 7.7% | $48.3M 8.0% |
| Total Operating Expenses | $801.6M 74.1% | $780.8M 74.9% | $718.8M 77.4% | $614.4M 80.1% | $529.3M 79.8% | $472.3M 80.5% | $502.0M 81.2% | $425.3M 76.1% | $409.0M 68.8% | $410.3M 67.9% |
| Operating Income | $279.8M 25.9% | $261.6M 25.1% | $209.9M 22.6% | $152.7M 19.9% | $134.3M 20.2% | $114.1M 19.5% | $115.9M 18.8% | $133.9M 23.9% | $185.6M 31.2% | $194.3M 32.1% |
| Other Income (Expense), net | $1.7M 0.2% | -$811K -0.1% | -$1.5M -0.2% | $4.8M 0.6% | -$329K -0.0% | -$383K -0.1% | -$562K -0.1% | $1.3M 0.2% | -$2.0M -0.3% | $639K 0.1% |
| Pretax Income | $285.9M 26.4% | $266.8M 25.6% | $213.7M 23.0% | $158.1M 20.6% | $134.1M 20.2% | $113.8M 19.4% | $116.1M 18.8% | $136.2M 24.4% | $184.8M 31.1% | $196.1M 32.4% |
| Income Tax Expense | $65.9M 6.1% | $48.5M 4.6% | $37.1M 4.0% | $29.2M 3.8% | $23.6M 3.6% | $26.5M 4.5% | $30.3M 4.9% | $31.5M 5.6% | $68.4M 11.5% | $71.9M 11.9% |
| Net Income | $219.9M 20.3% | $218.4M 20.9% | $176.6M 19.0% | $129.0M 16.8% | $110.5M 16.6% | $87.2M 14.9% | $85.8M 13.9% | $104.7M 18.7% | $116.5M 19.6% | $124.2M 20.5% |
| Per Share | ||||||||||
| EPS (Basic) | $3.64 | $3.56 | $2.86 | $2.05 | $1.74 | $1.37 | $1.33 | $1.58 | $1.68 | $1.73 |
| EPS (Diluted) | $3.60 | $3.51 | $2.82 | $2.03 | $1.72 | $1.36 | $1.32 | $1.58 | $1.68 | $1.72 |
| Weighted Avg Shares (Basic) | 60.5M | 61.3M | 61.8M | 62.8M | 63.4M | 63.5M | 64.4M | 66.2M | 69.2M | 71.7M |
| Weighted Avg Shares (Diluted) | 61.1M | 62.2M | 62.6M | 63.4M | 64.3M | 64.3M | 65.1M | 66.4M | 69.4M | 72.1M |
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.
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 |
|---|---|---|---|---|---|
| 2026-08-11 | Clark Eric Andrew President & CEO | Open-market sale | 3,000 | $197.76 | $593k |
| 2026-08-06 | Hollembaek Linda T. Director | Open-market sale | 1,579 | $189.88 | $300k |
| 2026-07-30 | Gantt James Stewart EVP, Professional Services | Open-market sale | 5,139 | $195.53 | $1.0m |
| 2026-06-15 | Moran Charles E Director |
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.
| 1,330 |
| $0.00 |
| $0 |
| 2026-06-10 | Clark Eric Andrew President & CEO | Open-market sale | 1,000 | $146.77 | $147k |
| 2026-05-14 | Eger Edmond Director | Grant | 1,940 | $0.00 | $0 |
| 2026-05-14 | Moran Charles E Director | Grant | 1,940 | $0.00 | $0 |
| 2026-05-14 | Capel Eddie Director | Grant | 1,940 | $0.00 | $0 |
| 2026-05-14 | Sheer Danielle Director | Grant | 1,940 | $0.00 | $0 |
| 2026-05-14 | Kuryea Kimberly A Director | Grant | 1,940 | $0.00 | $0 |
| 2026-05-14 | Hollembaek Linda T. Director | Grant | 1,940 | $0.00 | $0 |
| 2026-05-14 | Noonan Thomas E Director | Grant | 1,940 | $0.00 | $0 |
| 2026-04-24 | Gantt James Stewart EVP, Professional Services | Open-market sale | 7,300 | $139.25 | $1.0m |
| 2026-04-01 | Pinne Linda C. SVP, CFO, CAO & Treasurer | Grant | 5,323 | $0.00 | $0 |
| 2026-02-28 | Story Dennis B EVP, CFO & Treasurer | Tax withholding | 1,334 | $135.43 | $181k |
| 2026-02-28 | Richards Bruce SVP, CLO & Secretary | Tax withholding | 508 | $135.43 | $69k |
| 2026-02-28 | Pinne Linda C. SVP, Global Corp Controller | Tax withholding | 75 | $135.43 | $10k |
| 2026-02-28 | Howell Robert G EVP, Americas Sales | Tax withholding | 1,467 | $135.43 | $199k |
| 2026-02-28 | Clark Eric Andrew President & CEO | Tax withholding | 1,595 | $135.43 | $216k |
| 2026-02-28 | Capel Eddie Director | Tax withholding | 2,213 | $135.43 | $300k |
| 2026-02-28 | Gantt James Stewart EVP, Professional Services | Tax withholding | 1,467 | $135.43 | $199k |
| 2026-02-14 | 2 co-filers President & CEO | Tax withholding | 4,758 | $140.45 | $668k |
| 2026-02-04 | Howell Robert G EVP, Americas Sales | Grant | 13,668 | $0.00 | $0 |
| 2026-02-04 | Story Dennis B EVP, CFO & Treasurer | Grant | 13,668 | $0.00 | $0 |
| 2026-02-04 | Richards Bruce SVP, CLO & Secretary | Grant | 3,417 | $0.00 | $0 |
| 2026-02-04 | Pinne Linda C. SVP, Global Corp Controller | Grant | 2,050 | $0.00 | $0 |
| 2026-02-04 | Gantt James Stewart EVP, Professional Services | Grant | 13,668 | $0.00 | $0 |
| 2026-02-04 | 2 co-filers President & CEO | Grant | 34,169 | $0.00 | $0 |
| 2026-01-31 | Howell Robert G EVP, Americas Sales | Tax withholding | 8,202 | $151.01 | $1.2m |
| 2026-01-31 | Story Dennis B EVP, CFO & Treasurer | Tax withholding | 9,541 | $151.01 | $1.4m |
| 2026-01-31 | Richards Bruce SVP, CLO & Secretary | Tax withholding | 2,339 | $151.01 | $353k |
| 2026-01-31 | Gantt James Stewart EVP, Professional Services | Tax withholding | 6,416 | $151.01 | $969k |
| 2026-01-31 | Pinne Linda C. SVP, Global Corp Controller | Tax withholding | 1,292 | $151.01 | $195k |
| 2026-01-31 | 2 co-filers President & CEO | Tax withholding | 878 | $151.01 | $133k |
| 2026-01-31 | Capel Eddie Director | Tax withholding | 26,263 | $151.01 | $4.0m |
| 2026-01-22 | 2 co-filers EVP, CFO & Treasurer | Grant22d late | 9,421 | $0.00 | $0 |
| 2026-01-22 | 2 co-filers EVP, Americas Sales | Grant22d late | 10,353 | $0.00 | $0 |
| 2026-01-22 | Capel Eddie Director | Grant22d late | 19,877 | $0.00 | $0 |
| 2026-01-22 | 2 co-filers President & CEO | Grant22d late | 16,214 | $0.00 | $0 |
| 2026-01-22 | 2 co-filers SVP, CLO & Secretary | Grant22d late | 3,593 | $0.00 | $0 |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 71th 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 70% against ROIC 70% — 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 71.7% — 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
High operating leverage: profit moved 1.9× 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 | 43.1 | 46.1 | 46.0 | 44.9 | 46.7 | 46.4 | 45.2 | 43.7 |
| R&D | 12.9 | 14.2 | 14.4 | 14.7 | 14.6 | 13.7 | 13.2 | 13.4 |
| SG&A | 9.4 | 10.5 | 10.5 | 10.3 | 9.5 | 8.7 | 8.6 | 8.7 |
| Operating Income | 23.9 | 18.8 | 19.5 | 20.2 | 19.9 | 22.6 | 25.1 | 25.9 |
| Income Tax | 5.6 | 4.9 | 4.5 | 3.6 | 3.8 | 4.0 | 4.6 | 6.1 |
| Net Income | 18.7 | 13.9 | 14.9 | 16.6 | 16.8 | 19.0 | 20.9 | 20.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MANH: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Ranked against 39 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NTES | $72.8B | 75.8× | 12.1× | 4.5× | 11.6% | 64.3% | 30.9% | 21.7% | 21.7% | -1.2× | 101 |
| EA | $52.9B | 59.7× | 36.3× | 7.0× | 0.9% | 79.0% | 11.8% | 13.1% | 13.1% | -2.1× | 2 |
| ADSK | $52.2B | 47.7× | 32.3× | 7.2× | 17.5% | 91.0% | 15.6% | 36.9% | 20.3% | 0.1× | 339 |
| VEEV | $50.7B | 57.5× | — | 15.9× | 16.3% | 75.5% | 28.4% | 12.6% | 12.6% | — | 342 |
| XYZ | $45.8B | 36.3× | 22.4× | 1.9× | 0.3% | 42.8% | 5.4% | 5.9% | 4.4% | 0.3× | 289 |
| OKTA | $36.4B | 159.0× | — | 12.5× | 11.8% | 77.4% | 8.1% | 3.4% | 3.4% | -5.3× | 249 |
| TTWO | $35.6B | — | — | 5.3× | 18.2% | 57.2% | -4.5% | -8.5% | -4.9% | 10.3× | 276 |
| TWLO | $31.5B | — | 90.0× | 6.2× | 13.7% | 48.9% | 0.7% | 0.4% | 0.4% | 0.9× | 290 |
| RBLX | $30.7B | — | — | 6.3× | 35.8% | 78.1% | -21.8% | -270% | -76.0% | — | 184 |
| CRWV | $30.3B | — | 20.1× | 5.9× | 168% | 71.7% | -22.7% | -35.0% | -4.7% | 7.6× | 269 |
| MDB | $28.4B | — | — | 11.5× | 22.8% | 71.7% | -2.9% | -2.4% | -2.4% | — | 220 |
| PTC | $21.2B | 32.2× | 20.5× | 7.8× | 19.2% | 83.8% | 26.8% | 19.2% | 14.6% | 0.9× | 148 |
| SSNC | $18.9B | 25.5× | 12.1× | 3.0× | 6.6% | 48.2% | 12.7% | 11.6% | 5.6% | 3.3× | 173 |
| NTNX | $18.2B | 13.0× | 50.5× | 6.4× | 12.4% | 86.8% | 52.8% | 214% | 214% | -2.3× | 156 |
| GEN | $17.4B | 18.6× | 9.7× | 3.5× | 27.1% | 78.5% | 19.5% | 37.3% | 9.0% | 3.0× | — |
| DT | $16.7B | 106.8× | 59.0× | 8.3× | 18.8% | 81.6% | 8.1% | 6.2% | 6.2% | -4.2× | 152 |
| U | $16.6B | — | — | 9.0× | 2.0% | 74.2% | -21.8% | -12.4% | -12.4% | — | 130 |
| TYL | $15.7B | 54.8× | 30.8× | 6.7× | 9.1% | 46.5% | 13.5% | 8.5% | 7.3% | -0.8× | 174 |
| CHKP | $15.5B | 15.8× | 16.0× | 5.7× | 6.3% | 86.7% | 38.8% | 36.7% | 36.7% | -2.1× | 146 |
| DOCU | $15.4B | 55.5× | 35.6× | 4.8× | 8.2% | 79.4% | 9.6% | 16.1% | 16.1% | -1.4× | 175 |
| MANH | $14.4B | 69.0× | — | 13.3× | 3.7% | 56.3% | 20.3% | 69.9% | 69.9% | — | 123 |
| GWRE | $13.3B | 99.8× | 81.7× | 9.0× | 22.7% | 64.2% | 9.4% | 11.7% | 11.7% | -2.4× | 125 |
| BSY | $12.4B | 48.1× | — | 8.2× | 11.0% | 81.5% | 18.5% | 23.4% | 11.4% | — | 82 |
| SAIL | $12.0B | — | — | 11.2× | 24.4% | 64.5% | -25.2% | -3.9% | -3.9% | — | 42 |
| PAYC | $11.9B | 32.7× | 15.5× | 5.8× | 8.9% | 83.2% | 22.1% | 26.2% | 26.2% | -0.5× | 173 |
Peers = companies sharing MANH's sector (Services-Prepackaged Software) 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.
Earns 231.01pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 112.3% | 10.4% (today's — no rate published for this year) | 101.9pts |
| FY2020 | 152.1% | 10.4% (today's — no rate published for this year) | 141.7pts |
| FY2021 | 358.2% | 10.4% (today's — no rate published for this year) | 347.8pts |
| FY2022 | 334.8% | 10.4% (today's — no rate published for this year) | 324.3pts |
| FY2023 | 336.2% | 10.4% (today's — no rate published for this year) | 325.8pts |
| FY2024 | 200.3% | 10.4% (today's — no rate published for this year) | 189.9pts |
| FY2025 | 327.7% | 10.4% (today's — no rate published for this year) | 317.3pts |
| Now | 69.9% | 10.4% | 59.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 58.7% | 32.1% | 20.5% |
| FY2017 | 58.7% | 31.2% | 19.6% |
| FY2018 | 56.9% | 23.9% | 18.7% |
| FY2019 | 53.9% | 18.8% | 13.9% |
| FY2020 | 54.0% | 19.5% | 14.9% |
| FY2021 | 55.1% | 20.2% | 16.6% |
| FY2022 | 53.3% | 19.9% | 16.8% |
| FY2023 | 53.6% | 22.6% | 19.0% |
| FY2024 | 54.8% | 25.1% | 20.9% |
| FY2025 | 56.3% | 25.9% | 20.3% |
Return on equity (70%) and return on invested capital (70%) 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.
$62M of goodwill — 67% 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 725.89% against 241.43% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.47x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $374M; after share-based compensation it is $263M. 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.
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, interest_expense.
At $240.84, free cash flow must compound 24.99%/yr for 10 years. It has done 17.49%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 4.9% | 25.0% |
| FY2021 | 31.6% | 25.0% |
| FY2022 | −17.6% | 25.0% |
| FY2023 | 49.5% | 25.0% |
| FY2024 | 13.7% | 25.0% |
| FY2025 | 36.1% | 25.0% |
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.
This is solved on free cash flow AFTER stock compensation ($209M against $301M before it). On the unadjusted figure the requirement would be 19.89%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $220M | $220M |
| Share-based comp | $111M | $331M |
| Other non-cash & working capital | $58M | $389M |
| Operating cash flow | $389M | $389M |
| Capex | −$15M | $374M |
| Free cash flow | $374M | $374M |
| FCF after SBC | $263M | $263M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -5.1% | 8.2% | 13.3 points |
| FY2021 | 13.2% | 13.9% | 0.8 points |
| FY2022 | 15.6% | 34.0% | 18.4 points |
| FY2023 | 21.1% | 8.6% | -12.4 points |
| FY2024 | 12.2% | 13.4% | 1.2 points |
| FY2025 | 3.8% | 4.5% | 0.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 59.6 days | not reported | 26.3 days | 33.3 days |
| FY2020 | 68 days | not reported | 24.1 days | 43.9 days |
| FY2021 | 68.4 days | not reported | 24.1 days | 44.4 days |
| FY2022 | 79.4 days | not reported | 26.2 days | 53.2 days |
| FY2023 | 71.2 days | not reported | 20.8 days | 50.4 days |
| FY2024 | 72 days | not reported | 20.6 days | 51.3 days |
| FY2025 | 72.5 days | not reported | 17.1 days | 55.3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -16.4 percent |
| FY2020 | -11.5 percent |
| FY2021 | -13.8 percent |
| FY2022 | -8.9 percent |
| FY2023 | -10.3 percent |
| FY2024 | -10.1 percent |
| FY2025 | -20.2 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.