Loading institutional data...
Loading institutional data...
Insufficient data to determine institutional momentum.
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 17 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Z | $7.0B | 344.0× | 26.9× | 2.7× | 15.5% | 74.1% | 0.9% | 0.5% | 0.5% | -3.3× | 83 |
| EXLS | $6.2B | 26.9× | 17.2× | 3.0× | 13.6% | 38.4% | 12.0% | 27.5% | 20.7% | 0.4× | 99 |
| LYFT | $6.1B | 2.4× | — | 1.0× | 9.2% | 41.5% | 45.0% | 86.9% | 65.7% | — | 106 |
| WEX | $6.1B | 21.8× | 10.1× | 2.3× | 1.2% | 58.6% | 11.4% | 24.6% | 5.0% | 4.0× | 91 |
| AMTM | $5.3B | 81.0× | 17.0× | 0.4× | 71.6% | 10.5% | 0.5% | 1.5% | 0.8% | 6.7× | 101 |
| RELY | $5.1B | 77.9× | 46.1× | 3.1× | 29.4% | — | 4.2% | 7.8% | 6.6% | -3.8× | 71 |
| SEZL | $4.6B | 36.3× | 25.2× | 10.1× | 66.1% | — | 29.6% | 78.4% | 78.4% | -0.4× | 53 |
| PAY | $4.1B | 63.1× | 32.7× | 3.5× | 37.3% | 24.8% | 5.6% | 11.9% | 11.9% | -2.8× | 29 |
| MMS | $3.3B | 11.6× | 8.1× | 0.6× | 2.4% | 24.6% | 5.9% | 19.1% | 10.6% | 2.0× | 70 |
| FOUR | $3.2B | — | 8.6× | 0.8× | 25.5% | — | 2.8% | 8.3% | 2.0% | 4.6× | 62 |
| CBZ | $3.0B | 30.0× | 13.4× | 1.1× | 52.1% | 12.9% | 4.2% | 6.6% | 3.6% | 4.3× | 47 |
| TNET | $3.0B | 20.1× | — | 0.6× | -0.9% | — | 3.1% | 287% | 16.3% | — | 49 |
| FLYW | $2.4B | 179.0× | 56.3× | 3.9× | 26.6% | — | 2.2% | 1.6% | 1.6% | -8.8× | 31 |
| PAYO | $2.4B | 37.6× | 10.6× | 2.3× | 7.7% | — | 7.0% | 10.4% | 10.4% | -2.2× | 61 |
| TIC | $2.2B | — | 20.9× | 1.4× | 45.7% | 29.4% | -5.7% | -4.0% | -2.3% | 7.3× | — |
| WU | $1.9B | 4.0× | 4.5× | 0.5× | -3.8% | 37.0% | 12.3% | 52.2% | 13.0% | 2.1× | 120 |
| CNXC | $1.8B | — | — | 0.2× | 2.2% | 35.0% | -13.0% | -46.6% | -17.3% | — | 60 |
| RDWR | $1.5B | 76.8× | 58.5× | 4.8× | 9.8% | 80.7% | 6.7% | 5.8% | 5.8% | -4.5× | 13 |
Peers = companies sharing MMS's sector (Services-Business Services, NEC) 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.
No dividend to cover. Last year: $0 dividends + $447.5M buybacks = $447.5M returned on $366.2M 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 reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 11%. 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 $63.72 today, the market must believe free cash flow compounds -4.1%/yr for a decade (off $330.3M on the 3-yr avg basis).
On the basis ($294.9M) the requirement is -2.7%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -4.1% is more conservative than its 9-yr track record.
Default is 7.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.05B shares (market data) · net debt $1.11B
mean 21.6% · volatility σ 63% · implied rate exceeded in 4/9 yrs
Central path = implied -4.1%/yr growth; shaded band = ±1σ (63%) 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 $222.4M (at 2025-09-30) covers the $94.8M due within a year 2.3× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-09-30, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~6.3% on $1.33B of debt.
Cash of $222.4M fully covers short-term debt of $52.7M.
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.
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 | $5.43B 100.0% | $5.31B 100.0% | $4.90B 100.0% | $4.63B 100.0% | $4.25B 100.0% | $3.46B 100.0% | $2.89B 100.0% | $2.39B 100.0% | $2.45B 100.0% | $2.40B 100.0% |
| Cost of Revenue | $4.10B 75.4% | $4.05B 76.4% | $3.88B 79.0% | $3.69B 79.7% | $3.31B 77.7% | $2.75B 79.5% | $2.22B 76.8% | $1.80B 75.2% | $1.84B 75.0% | $1.84B 76.6% |
| Gross Profit | $1.33B 24.6% | $1.25B 23.6% | $1.03B 21.0% | $939.8M 20.3% | $947.0M 22.3% | $711.0M 20.5% | $671.2M 23.2% | $594.4M 24.8% | $611.9M 25.0% | $562.2M 23.4% |
| Selling, General & Admin | $713.1M 13.1% | $671.6M 12.7% | $639.2M 13.0% | $534.5M 11.5% | $494.1M 11.6% | $387.1M 11.2% | $321.0M 11.1% | $285.2M 11.9% | $284.6M 11.6% | $269.1M 11.2% |
| Operating Income | $528.3M 9.7% | $488.5M 9.2% | $294.8M 6.0% | $325.9M 7.0% | $408.5M 9.6% | $288.3M 8.3% | $317.1M 11.0% | $295.5M 12.4% | $313.5M 12.8% | $286.6M 11.9% |
| Interest Expense | $84.1M 1.5% | $82.4M 1.6% | $84.1M 1.7% | $46.0M 1.0% | $14.7M 0.3% | $2.1M 0.1% | $3.0M 0.1% | $1.0M 0.0% | $2.2M 0.1% | $4.1M 0.2% |
| Other Income (Expense), net | $640K 0.0% | $450K 0.0% | -$363K -0.0% | -$2.8M -0.1% | -$10.1M -0.2% | $843K 0.0% | $3.2M 0.1% | $4.7M 0.2% | $2.9M 0.1% | $3.5M 0.1% |
| Pretax Income | $444.8M 8.2% | $406.5M 7.7% | $210.3M 4.3% | $277.1M 6.0% | $383.7M 9.0% | $287.1M 8.3% | $317.3M 11.0% | $299.2M 12.5% | $314.2M 12.8% | $286.0M 11.9% |
| Income Tax Expense | $125.8M 2.3% | $99.6M 1.9% | $48.5M 1.0% | $73.3M 1.6% | $92.5M 2.2% | $72.6M 2.1% | $76.8M 2.7% | $78.4M 3.3% | $102.1M 4.2% | $105.8M 4.4% |
| Net Income | $319.0M 5.9% | $306.9M 5.8% | $161.8M 3.3% | $203.8M 4.4% | $291.2M 6.8% | $214.5M 6.2% | $240.8M 8.3% | $220.8M 9.2% | $209.4M 8.5% | $178.4M 7.4% |
| Per Share | ||||||||||
| EPS (Basic) | $5.56 | $5.03 | $2.65 | $3.30 | $4.69 | $3.40 | $3.73 | $3.37 | $3.19 | $2.71 |
| EPS (Diluted) | $5.51 | $4.99 | $2.63 | $3.29 | $4.67 | $3.39 | $3.72 | $3.35 | $3.17 | $2.69 |
| Weighted Avg Shares (Basic) | 57.4M | 61.0M | 61.1M | 61.8M | 62.1M | 63.1M | 64.5M | 65.5M | 65.6M | 65.8M |
| Weighted Avg Shares (Diluted) | 57.9M | 61.5M | 61.5M | 62.0M | 62.4M | 63.3M | 64.8M | 65.9M | 66.1M | 66.2M |
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
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 |
|---|---|---|---|---|---|
| 2026-10-01 | 2 co-filers Chief of Human Resources | 10b5-1 plan sale | 3,208 | $54.23 | $174k |
| 2026-09-30 | Baylinson Ilene R. General Mgr - Health & Human | Tax withholding | 3,945 | $53.19 | $210k |
| 2026-09-30 | Moellering Elizabeth General Counsel and Corp. Sec. | Tax withholding | 713 | $53.19 | $38k |
| 2026-09-30 | Golinvaux Theresa D Principal Accounting Officer | Tax withholding | 1,244 | $53.19 | $66k |
| 2026-09-30 |
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.
Mutryn David Chief Financial Officer |
| Tax withholding |
| 4,749 |
| $53.19 |
| $253k |
| 2026-09-30 | 2 co-filers Chief of Human Resources | Tax withholding | 2,637 | $53.19 | $140k |
| 2026-03-17 | Madsen Jan Director | 10b5-1 plan sale | 742 | $72.25 | $54k |
| 2026-03-10 | Madsen Jan Director | Grant | 3,215 | $0.00 | $0 |
| 2026-03-10 | Haley John J Director | Grant | 7,009 | $0.00 | $0 |
| 2026-03-10 | Altman Anne K. Director | Grant | 3,062 | $0.00 | $0 |
| 2026-03-10 | Warren Michael J. Director | Grant | 2,246 | $0.00 | $0 |
| 2026-03-10 | Rajan Gayathri Director | Grant | 2,246 | $0.00 | $0 |
| 2026-02-27 | Montoni Richard A Director | Giftindirect | 7,000 | $0.00 | $0 |
| 2026-02-24 | Montoni Richard A Director | Giftindirect | 3,000 | $0.00 | $0 |
| 2026-02-18 | 2 co-filers Group filing | Giftindirect | 32,764 | $0.00 | $0 |
| 2026-02-18 | 2 co-filers Group filing | Giftindirect | 32,764 | $0.00 | $0 |
| 2026-02-10 | 3 co-filers CEO & President | Open-market buy | 152 | $76.92 | $12k |
| 2026-02-10 | 2 co-filers Group filing | Gift | 32,764 | $0.00 | $0 |
| 2026-02-10 | 3 co-filers CEO & President | Open-market buy | 1,332 | $78.22 | $104k |
| 2026-02-10 | 2 co-filers Group filing | Giftindirect | 32,764 | $0.00 | $0 |
| 2026-02-10 | 3 co-filers CEO & President | Open-market buy | 1,691 | $78.77 | $133k |
| 2026-02-09 | Mutryn David Chief Financial Officer | Open-market buy | 1,000 | $75.63 | $76k |
| 2025-12-03 | 3 co-filers Chief of Human Resources | 10b5-1 plan sale | 4,039 | $86.84 | $351k |
| 2025-12-02 | 2 co-filers CEO & President | Grant44d late | 96,187 | $0.00 | $0 |
| 2025-12-02 | 3 co-filers Chief of Human Resources | Grant | 7,358 | $0.00 | $0 |
| 2025-12-02 | 2 co-filers Chief Financial Officer | Grant | 13,391 | $0.00 | $0 |
| 2025-12-02 | 2 co-filers Principal Accounting Officer | Grant | 1,201 | $0.00 | $0 |
| 2025-12-02 | 2 co-filers General Mgr - Health & Human | Grant | 7,647 | $0.00 | $0 |
| 2025-12-02 | 3 co-filers Chief of Human Resources | Tax withholding | 3,319 | $86.51 | $287k |
| 2025-12-02 | 2 co-filers CEO & President | Tax withholding44d late | 47,276 | $86.51 | $4.1m |
| 2025-12-02 | 2 co-filers Chief Financial Officer | Tax withholding | 6,040 | $86.51 | $522k |
| 2025-12-02 | 2 co-filers General Mgr - Health & Human | Tax withholding | 3,831 | $86.51 | $331k |
| 2025-12-02 | 2 co-filers Principal Accounting Officer | Tax withholding | 542 | $86.51 | $47k |
| 2025-12-01 | Montoni Richard A Director | Giftindirect | 12,000 | $0.00 | $0 |
| 2025-12-01 | Altman Anne K. Director | Grant | 11 | $0.00 | $0 |
| 2025-12-01 | Mutryn David Chief Financial Officer | Grant | 37 | $0.00 | $0 |
| 2025-12-01 | Madsen Jan Director | Grant | 50 | $0.00 | $0 |
| 2025-12-01 | Martinez John Thomas Chief Legal Officer | Grant | 33 | $0.00 | $0 |
| 2025-12-01 | Link Michelle F. Chief of Human Resources | Grant | 20 | $0.00 | $0 |
| 2025-12-01 | Haley John J Director | Grant | 104 | $0.00 | $0 |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 0th 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 19% against ROIC 11% — 8% 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
High operating leverage: profit moved 3.5× 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 | 75.2 | 76.8 | 79.5 | 77.7 | 79.7 | 79.0 | 76.4 | 75.4 |
| Gross Profit | 24.8 | 23.2 | 20.5 | 22.3 | 20.3 | 21.0 | 23.6 | 24.6 |
| SG&A | 11.9 | 11.1 | 11.2 | 11.6 | 11.5 | 13.0 | 12.7 | 13.1 |
| Operating Income | 12.4 | 11.0 | 8.3 | 9.6 | 7.0 | 6.0 | 9.2 | 9.7 |
| Income Tax | 3.3 | 2.7 | 2.1 | 2.2 | 1.6 | 1.0 | 1.9 | 2.3 |
| Net Income | 9.2 | 8.3 | 6.2 | 6.8 | 4.4 | 3.3 | 5.8 | 5.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MMS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 4.89pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 16.6% | 7.0% (today's — no rate published for this year) | 9.7pts |
| FY2020 | 14.8% | 7.0% (today's — no rate published for this year) | 7.9pts |
| FY2021 | 9.7% | 4.8% | 5.0pts |
| FY2022 | 8.0% | 6.5% | 1.5pts |
| FY2023 | 7.1% | 7.7% | -0.6pts |
| FY2024 | 12.0% | 7.5% | 4.5pts |
| FY2025 | 13.1% | 6.4% | 6.7pts |
| Now | 10.6% | 7.0% | 3.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 23.4% | 11.9% | 7.4% |
| FY2017 | 25.0% | 12.8% | 8.5% |
| FY2018 | 24.8% | 12.4% | 9.2% |
| FY2019 | 23.3% | 11.0% | 8.3% |
| FY2020 | 20.5% | 8.3% | 6.2% |
| FY2021 | 22.3% | 9.6% | 6.8% |
| FY2022 | 20.3% | 7.0% | 4.4% |
| FY2023 | 21.0% | 6.0% | 3.3% |
| FY2024 | 23.6% | 9.2% | 5.8% |
| FY2025 | 24.6% | 9.7% | 5.9% |
Leverage and buybacks account for 8 points of the 19% return on equity in FY2025. The business earns 11% 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.
$1.8B 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 25.42% against 11.84% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.33x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $366M; after share-based compensation it is $325M. The difference is a real cost that the cash flow statement adds back.
Covers interest 4.4x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 6.28x |
| 5% | 5.97x |
| 10% | 5.65x |
| 15% | 5.34x |
| 20% | 5.03x |
| 25% | 4.71x |
| 30% | 4.40x |
| 35% | 4.08x |
| 40% | 3.77x |
| 45% | 3.46x |
| 50% | 3.14x |
| 55% | 2.83x |
| 60% | 2.51x |
Ladder as of 2026-06-30 (10-Q); cash from the 2025-09-30 balance sheet; FCF from FY2025.
Balance sheet at 2025-09-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $63.72, free cash flow must compound -3.83%/yr for 10 years. It has done 3.97%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −29.7% | −3.8% |
| FY2021 | 135.8% | −3.8% |
| FY2022 | −51.4% | −3.8% |
| FY2023 | −4.3% | −3.8% |
| FY2024 | 79.3% | −3.8% |
| FY2025 | −8.7% | −3.8% |
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 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $319M | $319M |
| Share-based comp | $41M | $360M |
| Other non-cash & working capital | $69M | $429M |
| Operating cash flow | $429M | $429M |
| Capex | −$63M | $366M |
| Free cash flow | $366M | $366M |
| FCF after SBC | $325M | $325M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 19.9% | 64.9% | 45.0 points |
| FY2021 | 22.9% | 6.2% | -16.7 points |
| FY2022 | 8.8% | -3.3% | -12.2 points |
| FY2023 | 5.9% | 2.5% | -3.5 points |
| FY2024 | 8.2% | 6.4% | -1.8 points |
| FY2025 | 2.4% | 2.1% | -0.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 60.3 days | not reported | 29.3 days | 31 days |
| FY2020 | 82.9 days | not reported | 33.6 days | 49.3 days |
| FY2021 | 71.6 days | not reported | 33.7 days | 37.9 days |
| FY2022 | 63.6 days | not reported | 26.2 days | 37.5 days |
| FY2023 | 61.5 days | not reported | 26.6 days | 35 days |
| FY2024 | 60.5 days | not reported | 27.3 days | 33.2 days |
| FY2025 | 60.4 days | not reported | 26.4 days | 33.9 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -6.6 percent |
| FY2020 | -1.5 percent |
| FY2021 | -5.5 percent |
| FY2022 | -2.1 percent |
| FY2023 | -3.8 percent |
| FY2024 | -5.0 percent |
| FY2025 | -2.7 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.