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Held by 600 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.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MNST | $90.8B | — | 35.0× | 10.9× | 10.7% | 55.8% | 23.0% | 23.1% | 23.1% | -0.8× | 375 |
| MDLZ | $79.8B | 33.1× | 22.7× | 2.1× | 5.8% | 28.4% | 6.4% | 9.5% | 5.4% | 4.5× | 600 |
| KDP | $48.0B | 23.1× | 15.7× | 2.9× | 8.2% | 54.2% | 12.5% | 8.1% | 5.0% | 3.8× | 226 |
| ADM | $37.1B | 34.5× | — | 0.5× | -6.2% | 6.3% | 1.3% | 4.7% | 3.6% | — | 350 |
| HSY | $32.2B | — | 19.1× | 2.8× | 4.4% | 33.5% | 7.6% | 19.0% | 9.3% | 2.5× | 415 |
| KHC | $28.3B | — | — | 1.1× | -3.5% | 33.3% | -23.4% | -14.0% | -9.3% | — | 330 |
| STZ | $22.1B | — | 10.2× | 2.4× | -10.5% | 51.6% | 18.5% | 20.9% | 9.3% | 3.1× | 263 |
| TSN | $19.8B | 42.3× | 8.0× | 0.4× | 2.1% | 6.5% | 0.9% | 2.6% | 2.5% | -0.1× | 212 |
| BG | $18.6B | 19.7× | 19.5× | 0.3× | 32.4% | 4.8% | 1.2% | 5.1% | 2.9% | 7.5× | 167 |
| GIS | $17.8B | — | 20.7× | 1.0× | -5.4% | 33.6% | -0.5% | -1.2% | -0.4% | 8.3× | 385 |
| COKE | $13.9B | — | 14.3× | 1.9× | 4.8% | 39.7% | 7.9% | -77.1% | 27.9% | 2.2× | 151 |
| SJM | $13.5B | — | 28.7× | 1.5× | 3.7% | 33.5% | -1.5% | -2.5% | -1.1% | 9.6× | 259 |
| MKC | $12.6B | 16.0× | 12.3× | 1.8× | 1.7% | 37.9% | 11.5% | 13.8% | 8.6% | 2.6× | — |
| HRL | $11.5B | 24.0× | 13.9× | 0.9× | 1.6% | 15.6% | 4.0% | 6.1% | 4.4% | 2.2× | 144 |
| DAR | $8.7B | 141.4× | 12.7× | 1.4× | 7.4% | 24.0% | 1.0% | 1.3% | 1.3% | -0.1× | 143 |
| CELH | $7.4B | 116.5× | 44.8× | 2.9× | 85.5% | 50.4% | 4.3% | 9.1% | 5.8% | 1.6× | 108 |
| LW | $7.3B | 25.6× | 11.3× | 1.1× | 2.5% | 20.6% | 4.4% | 15.9% | 5.0% | 3.9× | 142 |
| TAP | $7.3B | — | — | 0.6× | -5.1% | 32.8% | -16.4% | -20.9% | -12.9% | — | 145 |
| SFD | $7.3B | 7.4× | 5.7× | 0.5× | 9.8% | 13.5% | 6.4% | 14.5% | 11.2% | 1.2× | 54 |
| PRMB | $7.0B | 121.7× | 11.4× | 1.1× | 29.3% | 30.3% | 0.9% | 2.0% | 0.7% | 4.6× | 63 |
| PPC | $6.6B | 6.1× | 4.4× | 0.4× | 3.5% | 12.7% | 5.9% | 29.4% | 16.0% | 1.2× | 71 |
| CPB | $6.3B | 16.0× | 5.4× | 0.6× | -5.0% | 28.1% | 4.1% | 10.5% | 8.3% | 0.5× | 164 |
| INGR | $6.0B | 8.6× | 5.5× | 0.8× | -2.8% | 25.3% | 10.1% | 17.1% | 12.0% | 0.6× | 153 |
| POST | $3.6B | 14.8× | 8.2× | 0.4× | 3.0% | 28.7% | 4.1% | 8.9% | 3.0% | 5.5× | 95 |
| FIZZ | $3.3B | 17.9× | 11.6× | 2.8× | -1.7% | 37.0% | 15.6% | 28.9% | 28.9% | -1.4× | 40 |
Peers = companies sharing MDLZ's sector (Food and Kindred Products) 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 takes 77% of free cash flow — sustainable but with limited headroom. Last year: $2.49B dividends + $2.38B buybacks = $4.87B returned on $3.23B FCF.
9 consecutive years of dividend increases · 12%/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).
Modest payoff on reinvested capital. Current ROIC on all capital: 5%. 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 $64.94 today, the market must believe free cash flow compounds 6.1%/yr for a decade (off $3.45B on the 3-yr avg basis).
On the basis ($3.32B) the requirement is 6.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 6.1% is more conservative than its 9-yr track record.
Default is 7.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.28B shares (market data) · net debt $19.91B
mean 10.4% · volatility σ 28% · implied rate exceeded in 3/9 yrs
Central path = implied 6.1%/yr growth; shaded band = ±1σ (28%) 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.
$1.59B of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2019-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~3.0% on $19.91B of debt.
Cash vs short-term debt unavailable.
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.
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
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 | $38.54B 100.0% | $36.44B 100.0% | $36.02B 100.0% | $31.50B 100.0% | $28.72B 100.0% | $26.58B 100.0% | $25.87B 100.0% | $25.94B 100.0% | $25.90B 100.0% | $25.92B 100.0% |
| Cost of Revenue | $27.60B 71.6% | $22.18B 60.9% | $22.25B 61.8% | $20.18B 64.1% | $17.47B 60.8% | $16.14B 60.7% | $15.53B 60.0% | $15.59B 60.1% | $15.86B 61.3% | $15.82B 61.0% |
| Cost of Products | — | — | — | — | — | — | — | — | $15.83B 61.1% | $15.79B 60.9% |
| Gross Profit | $10.94B 28.4% | $14.26B 39.1% | $13.76B 38.2% | $11.31B 35.9% | $11.25B 39.2% | $10.45B 39.3% | $10.34B 40.0% | $10.35B 39.9% | $10.03B 38.7% | $10.10B 39.0% |
| Research & Development | $400.0M 1.0% | $400.0M 1.1% | $380.0M 1.1% | $346.0M 1.1% | $347.0M 1.2% | $332.0M 1.2% | $351.0M 1.4% | $362.0M 1.4% | $366.0M 1.4% | $376.0M 1.5% |
| Selling, General & Admin | $7.17B 18.6% | $7.44B 20.4% | $8.00B 22.2% | $7.38B 23.4% | $6.26B 21.8% | $6.10B 22.9% | $6.14B 23.7% | $6.47B 25.0% | $5.94B 22.9% | $6.55B 25.3% |
| Operating Income | $3.55B 9.2% | $6.34B 17.4% | $5.50B 15.3% | $3.53B 11.2% | $4.65B 16.2% | $3.85B 14.5% | $3.84B 14.9% | $3.31B 12.8% | $3.46B 13.4% | $2.55B 9.9% |
| Interest Expense | $599.0M 1.6% | $508.0M 1.4% | $550.0M 1.5% | $428.0M 1.4% | $365.0M 1.3% | $423.0M 1.6% | $484.0M 1.9% | $462.0M 1.8% | $396.0M 1.5% | $515.0M 2.0% |
| Other Income (Expense), net | -$282.0M -0.7% | -$180.0M -0.5% | -$310.0M -0.9% | -$423.0M -1.3% | -$447.0M -1.6% | -$608.0M -2.3% | -$456.0M -1.8% | -$520.0M -2.0% | -$382.0M -1.5% | -$1.11B -4.3% |
| Pretax Income | $3.01B 7.8% | $6.26B 17.2% | $5.88B 16.3% | $3.23B 10.2% | $4.37B 15.2% | $3.38B 12.7% | $3.45B 13.3% | $2.84B 11.0% | $3.12B 12.1% | $1.45B 5.6% |
| Income Tax Expense | $782.0M 2.0% | $1.47B 4.0% | $1.54B 4.3% | $865.0M 2.7% | $1.19B 4.1% | $1.22B 4.6% | $2.0M 0.0% | $773.0M 3.0% | $666.0M 2.6% | $114.0M 0.4% |
| Net Income | $2.45B 6.4% | $4.61B 12.7% | $4.96B 13.8% | $2.72B 8.6% | $4.30B 15.0% | $3.56B 13.4% | $3.93B 15.2% | $3.32B 12.8% | $2.83B 10.9% | $1.64B 6.3% |
| Per Share | ||||||||||
| EPS (Basic) | $1.89 | $3.44 | $3.64 | $1.97 | $3.06 | $2.48 | $2.72 | $2.25 | $1.87 | $1.05 |
| EPS (Diluted) | $1.89 | $3.42 | $3.62 | $1.96 | $3.04 | $2.47 | $2.69 | $2.23 | $1.85 | $1.04 |
| Weighted Avg Shares (Basic) | 1.29B | 1.34B | 1.36B | 1.38B | 1.40B | 1.43B | 1.45B | 1.47B | 1.51B | 1.56B |
| Weighted Avg Shares (Diluted) | 1.30B | 1.35B | 1.37B | 1.39B | 1.41B | 1.44B | 1.46B | 1.49B | 1.53B | 1.57B |
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 |
|---|---|---|---|---|---|
| 2026-09-02 | 3 co-filers EVP & Chief Operating Officer | Option exercise | 22,570 | $43.20 | $975k |
| 2026-09-02 | 3 co-filers EVP & Chief Operating Officer | Tax withholding | 18,695 | $62.45 | $1.2m |
| 2026-09-02 | 3 co-filers EVP & Chief Operating Officer | Option exercise | 22,570 | $0.00 | — |
| 2026-08-19 | 3 co-filers Chief Executive Officer | Option exercise | 133,580 | $42.11 | $5.6m |
| 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.
3 co-filers Chief Executive Officer |
| 10b5-1 plan sale |
| 133,580 |
| $64.08 |
| $8.6m |
| 2026-08-19 | 3 co-filers Chief Executive Officer | Option exercise | 133,580 | $0.00 | — |
| 2026-07-01 | 2 co-filers EVP and CFO | Grant | 20,370 | $0.00 | $0 |
| 2026-07-01 | 2 co-filers EVP and CFO | Grant | 122,210 | $0.00 | — |
| 2026-05-20 | Cousin Ertharin Director | Grant | 3,525 | $0.00 | $0 |
| 2026-05-20 | Siewert Patrick Director | Grant | 3,525 | $0.00 | $0 |
| 2026-05-20 | Nielsen Jane Director | Grant | 3,525 | $0.00 | $0 |
| 2026-05-20 | Mckinstry Nancy Director | Grant | 3,525 | $0.00 | $0 |
| 2026-05-20 | Mcnamara Brian James Director | Grant | 3,525 | $0.00 | $0 |
| 2026-05-20 | 'T Hart Cees Director | Grant | 3,525 | $0.00 | $0 |
| 2026-05-20 | Mesquita Jorge S. Director | Grant | 3,525 | $0.00 | $0 |
| 2026-05-20 | Todman Michael Director | Grant | 3,525 | $0.00 | $0 |
| 2026-05-20 | Price Paula A Director | Grant | 3,525 | $0.00 | $0 |
| 2026-05-01 | 4 co-filers SVP, CTR & Chief Accoun Off | Open-market saleindirect | 1 | $61.55 | $62 |
| 2026-04-30 | 4 co-filers SVP, CTR & Chief Accoun Off | Open-market saleindirect | 63 | $61.46 | $4k |
| 2026-04-30 | 4 co-filers SVP, CTR & Chief Accoun Off | Giftindirect | 20 | $0.00 | $0 |
| 2026-04-30 | 4 co-filers SVP, CTR & Chief Accoun Off | Gift | 20 | $0.00 | $0 |
| 2026-04-01 | Lilak Stephanie EVP and Chief People Officer | Tax withholding | 3,218 | $57.07 | $184k |
| 2026-04-01 | Kuhn Volker EVP and President, Europe | Tax withholding | 90 | $57.07 | $5k |
| 2026-02-13 | 5 co-filers EVP and President, NA | 10b5-1 plan sale | 3,000 | $62.00 | $186k |
| 2026-02-11 | 5 co-filers EVP and President, NA | Grant | 26,928 | $0.00 | $0 |
| 2026-02-11 | 4 co-filers EVP and President, LA | Grant | 17,565 | $0.00 | $0 |
| 2026-02-11 | 4 co-filers EVP and President AMEA | Grant | 14,046 | $0.00 | $0 |
| 2026-02-11 | 4 co-filers EVP, CLA and General Counsel | Grant | 22,247 | $0.00 | $0 |
| 2026-02-11 | 4 co-filers Chief Executive Officer | Grant | 158,019 | $0.00 | $0 |
| 2026-02-11 | 2 co-filers SVP, CTR & Chief Accoun Off | Grant | 1,970 | $0.00 | $0 |
| 2026-02-11 | 4 co-filers EVP and Chief People Officer | Grant | 4,397 | $0.00 | $0 |
| 2026-02-11 | 2 co-filers EVP and President, Europe | Grant | 20,780 | $0.00 | $0 |
| 2026-02-11 | 4 co-filers EVP, COO and CFO | Grant | 58,528 | $0.00 | $0 |
| 2026-02-11 | 4 co-filers EVP, Chief Mkting & Sales Off | Grant | 23,409 | $0.00 | $0 |
| 2026-02-11 | 4 co-filers EVP and Chief People Officer | Tax withholding | 1,374 | $61.47 | $84k |
| 2026-02-11 | 5 co-filers EVP and President, NA | Tax withholding | 10,112 | $61.47 | $622k |
| 2026-02-11 | 4 co-filers Chief Executive Officer | Tax withholding | 61,726 | $61.47 | $3.8m |
| 2026-02-11 | 4 co-filers EVP, COO and CFO | Tax withholding | 23,527 | $61.47 | $1.4m |
| 2026-02-11 | 2 co-filers SVP, CTR & Chief Accoun Off | Grant | 11,820 | $0.00 | — |
| 2026-02-11 | 4 co-filers EVP, CLA and General Counsel | Tax withholding | 9,474 | $61.47 | $582k |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 89th 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 9% against ROIC 5% — 4% of the return on equity comes from leverage and buybacks rather than from the operating business.
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 | 60.1 | 60.0 | 60.7 | 60.8 | 64.1 | 61.8 | 60.9 | 71.6 |
| Gross Profit | 39.9 | 40.0 | 39.3 | 39.2 | 35.9 | 38.2 | 39.1 | 28.4 |
| R&D | 1.4 | 1.4 | 1.2 | 1.2 | 1.1 | 1.1 | 1.1 | 1.0 |
| SG&A | 25.0 | 23.7 | 22.9 | 21.8 | 23.4 | 22.2 | 20.4 | 18.6 |
| Operating Income | 12.8 | 14.9 | 14.5 | 16.2 | 11.2 | 15.3 | 17.4 | 9.2 |
| Income Tax | 3.0 | 0.0 | 4.6 | 4.1 | 2.7 | 4.3 | 4.0 | 2.0 |
| Net Income | 12.8 | 15.2 | 13.4 | 15.0 | 8.6 | 13.8 | 12.7 | 6.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MDLZ: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -1.31pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 6.2% | 7.1% (today's — no rate published for this year) | -0.9pts |
| FY2020 | 6.3% | 7.1% (today's — no rate published for this year) | -0.8pts |
| FY2021 | 7.5% | 4.8% | 2.7pts |
| FY2022 | 5.3% | 6.6% | -1.3pts |
| FY2023 | 8.9% | 6.5% | 2.3pts |
| FY2024 | 10.9% | 6.5% | 4.4pts |
| FY2025 | 5.7% | 6.3% | -0.6pts |
| Now | 5.4% | 7.1% | -1.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 39.0% | 9.9% | 6.3% |
| FY2017 | 38.7% | 13.4% | 10.9% |
| FY2018 | 39.9% | 12.8% | 12.8% |
| FY2019 | 40.0% | 14.9% | 15.2% |
| FY2020 | 39.3% | 14.5% | 13.4% |
| FY2021 | 39.2% | 16.2% | 15.0% |
| FY2022 | 35.9% | 11.2% | 8.6% |
| FY2023 | 38.2% | 15.3% | 13.8% |
| FY2024 | 39.1% | 17.4% | 12.7% |
| FY2025 | 28.4% | 9.2% | 6.4% |
Leverage and buybacks account for 4 points of the 9% return on equity in FY2025. The business earns 5% 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.
$24.2B of goodwill — 53% 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 12.36% against 5.81% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.93x of reported profit into free cash flow over 5 years, with accruals negative.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Covers interest 4.1x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 5.92x |
| 5% | 5.63x |
| 10% | 5.33x |
| 15% | 5.03x |
| 20% | 4.74x |
| 25% | 4.44x |
| 30% | 4.15x |
| 35% | 3.85x |
| 40% | 3.55x |
| 45% | 3.26x |
| 50% | 2.96x |
| 55% | 2.67x |
| 60% | 2.37x |
This schedule comes from a filing dated 2019-12-31, 2495 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2019-12-31 (10-K); cash from the 2019-12-31 balance sheet; FCF from FY2019. No cash figure on the matching balance sheet, so no coverage line is drawn.
Balance sheet at 2019-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 4.7x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $62.53, free cash flow must compound 5.86%/yr for 10 years. It has done 1.04%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 2.0% | 5.9% |
| FY2021 | 2.4% | 5.9% |
| FY2022 | −5.5% | 5.9% |
| FY2023 | 20.0% | 5.9% |
| FY2024 | −2.2% | 5.9% |
| FY2025 | −8.2% | 5.9% |
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 1 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.45B | $2.45B |
| Share-based comp | $114M | $2.56B |
| Other non-cash & working capital | $1.95B | $4.51B |
| Operating cash flow | $4.51B | $4.51B |
| Capex | −$1.28B | $3.23B |
| Free cash flow | $3.23B | $3.23B |
| FCF after SBC | $3.12B | $3.12B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 2.8% | 3.8% | 1.1 points |
| FY2021 | 8.1% | 1.7% | -6.3 points |
| FY2022 | 9.7% | 32.1% | 22.5 points |
| FY2023 | 14.3% | 17.7% | 3.3 points |
| FY2024 | 1.2% | 6.6% | 5.4 points |
| FY2025 | 5.8% | 0.8% | -5.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 31.2 days | 59.8 days | 137.6 days | -46.5 days |
| FY2020 | 31.5 days | 59.9 days | 140.5 days | -49 days |
| FY2021 | 29.7 days | 56.6 days | 140.6 days | -54.3 days |
| FY2022 | 35.8 days | 61.1 days | 136.7 days | -39.8 days |
| FY2023 | 36.8 days | 59.3 days | 136.5 days | -40.4 days |
| FY2024 | 38.8 days | 63 days | 155.2 days | -53.4 days |
| FY2025 | 37 days | 58.4 days | 134.1 days | -38.7 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -0.1 percent |
| FY2020 | -0.6 percent |
| FY2021 | 0.2 percent |
| FY2022 | -1.7 percent |
| FY2023 | 0.3 percent |
| FY2024 | -0.4 percent |
| FY2025 | -2.9 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.