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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 18 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DVN | $57.4B | 12.5× | — | 3.3× | 7.8% | — | 15.4% | 17.0% | 11.0% | — | 451 |
| EQT | $34.6B | 16.7× | 7.2× | 4.0× | 63.9% | 82.3% | 23.6% | 8.6% | 6.5% | 1.3× | 277 |
| PR | $21.8B | 20.3× | — | 4.3× | 1.3% | — | 18.5% | 9.1% | 6.8% | — | 151 |
| EXE | $20.9B | 12.0× | 4.6× | 1.7× | 186% | — | 15.0% | 9.8% | 7.7% | 0.8× | 206 |
| OVV | $20.1B | 15.2× | 7.6× | 2.3× | -2.7% | — | 13.9% | 11.1% | 7.6% | 1.6× | 148 |
| AR | $12.9B | 20.7× | 8.8× | 2.5× | 22.0% | — | 12.8% | 8.9% | 7.5% | 0.9× | 137 |
| RRC | $12.8B | 19.9× | — | 4.1× | 28.9% | 94.0% | 21.1% | 15.2% | 11.9% | — | 124 |
| SM | $9.6B | 7.2× | — | 3.0× | 17.2% | — | 20.5% | 13.5% | 13.5% | — | 107 |
| CHRD | $8.6B | 212.2× | 5.9× | 1.8× | -7.1% | 80.0% | 0.9% | 0.6% | 0.5% | 0.8× | 110 |
| MTDR | $7.5B | 10.0× | 4.5× | 2.0× | 5.5% | 94.4% | 20.5% | 13.4% | 8.4% | 1.4× | 95 |
| MGY | $7.1B | — | 8.3× | 5.4× | -0.3% | — | 24.8% | 16.3% | 13.6% | 0.1× | 83 |
| MUR | $6.3B | 61.0× | 5.6× | 2.3× | -10.2% | 100% | 3.8% | 2.0% | 1.6% | 0.7× | 97 |
| CNX | $5.4B | 9.4× | 5.3× | 2.4× | 76.8% | — | 28.3% | 14.6% | 9.4% | 1.6× | 73 |
| CRC | $4.9B | 13.4× | 5.5× | 1.3× | 14.7% | — | 9.9% | 9.9% | 7.3% | 1.0× | 67 |
| CRK | $4.3B | 10.3× | 5.5× | 1.9× | 77.0% | — | 17.8% | 14.9% | 7.3% | 2.2× | 62 |
| PARR | $3.8B | 10.7× | 6.5× | 0.5× | -6.4% | — | 4.9% | 24.4% | 16.0% | 0.9× | 94 |
| TALO | $3.0B | — | 7.9× | 1.7× | -9.8% | — | -27.8% | -22.8% | -14.6% | 1.7× | 66 |
| NOG | $3.0B | 72.7× | — | 1.2× | 11.2% | 80.9% | 1.6% | 1.8% | 0.9% | — | 69 |
| GPOR | $2.9B | 7.8× | 4.1× | 2.1× | 48.5% | 74.8% | 30.1% | 23.3% | 16.3% | 0.9× | 52 |
Peers = companies sharing MTDR's sector (Crude Petroleum & Natural Gas) 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 60% of free cash flow, leaving room to grow it and fund buybacks. Last year: $163.1M dividends + $55.8M buybacks = $218.9M returned on $269.6M FCF.
5 consecutive years of dividend increases · 80%/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: 8%. 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 1 positive fiscal year (FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $60.88 today, the market must believe free cash flow compounds 9.9%/yr for a decade (off $269.6M on the 3-yr avg basis).
On the basis ($251.3M) the requirement is 10.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 9.9% is more optimistic than its 4-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 · 0.12B shares (market data) · net debt $3.39B
mean 38.2% · volatility σ 406% · implied rate exceeded in 1/2 yrs
Central path = implied 9.9%/yr growth; shaded band = ±1σ (406%) 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~6.1% on $3.40B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
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.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.70B 100.0% | $3.50B 100.0% | $2.81B 100.0% | $3.06B 100.0% | $1.66B 100.0% | $862.1M 100.0% | $983.7M 100.0% | $899.6M 100.0% | $544.3M 100.0% | $264.4M 100.0% |
| Cost of Revenue | $208.1M 5.6% | $167.4M 4.8% | $124.0M 4.4% | $95.5M 3.1% | $61.5M 3.7% | $41.5M 4.8% | — | — | — | — |
| Selling, General & Admin | $137.1M 3.7% | $127.5M 3.6% | $110.4M 3.9% | $116.2M 3.8% | $96.4M 5.8% | $62.6M 7.3% | $80.1M 8.1% | $69.3M 7.7% | $66.0M 12.1% | $55.1M 20.8% |
| Total Operating Expenses | $624.0M 16.9% | $492.5M 14.1% | $356.5M 12.7% | $252.6M 8.3% | $869.9M 52.3% | $1.38B 160.5% | $748.2M 76.1% | $536.3M 59.6% | $383.4M 70.4% | $441.6M 167.0% |
| Operating Income | $1.23B 33.2% | $1.43B 40.9% | $1.21B 43.1% | $1.76B 57.5% | $793.1M 47.7% | -$521.5M -60.5% | $235.5M 23.9% | $363.3M 40.4% | $160.8M 29.6% | -$177.2M -67.0% |
| Interest Expense | $208.5M 5.6% | $171.7M 4.9% | $121.5M 4.3% | $67.2M 2.2% | $74.7M 4.5% | $76.7M 8.9% | $73.9M 7.5% | $41.3M 4.6% | $34.6M 6.4% | $28.2M 10.7% |
| Other Income (Expense), net | -$193.1M -5.2% | -$171.0M -4.9% | -$112.9M -4.0% | -$73.6M -2.4% | -$77.7M -4.7% | -$77.7M -9.0% | -$77.0M -7.8% | -$71.2M -7.9% | -$31.0M -5.7% | $79.1M 29.9% |
| Pretax Income | $1.03B 28.0% | $1.26B 36.1% | $1.10B 39.1% | $1.69B 55.1% | $715.3M 43.0% | -$599.2M -69.5% | $158.5M 16.1% | $292.1M 32.5% | $129.8M 23.9% | -$98.1M -37.1% |
| Income Tax Expense | $172.7M 4.7% | $292.4M 8.3% | $186.0M 6.6% | $399.4M 13.1% | $74.7M 4.5% | -$45.6M -5.3% | $35.5M 3.6% | -$7.7M -0.9% | -$8.2M -1.5% | -$1.0M -0.4% |
| Net Income | $759.2M 20.5% | $885.3M 25.3% | $846.1M 30.1% | $1.21B 39.7% | $585.0M 35.2% | -$593.2M -68.8% | $87.8M 8.9% | $274.2M 30.5% | $125.9M 23.1% | -$97.4M -36.8% |
| Per Share | ||||||||||
| EPS (Basic) | $6.10 | $7.16 | $7.10 | $10.28 | $5.00 | -$5.11 | $0.75 | $2.41 | $1.23 | -$1.07 |
| EPS (Diluted) | $6.09 | $7.14 | $7.05 | $10.11 | $4.91 | -$5.11 | $0.75 | $2.41 | $1.23 | -$1.07 |
| Weighted Avg Shares (Basic) | 124.6M | 123.6M | 119.1M | 118.1M | 117.0M | 116.1M | 116.6M | 113.6M | 102.0M | 91.3M |
| Weighted Avg Shares (Diluted) | 124.6M | 124.1M | 120.0M | 120.1M | 119.2M | 116.1M | 117.1M | 113.7M | 102.5M | 91.3M |
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
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 53th 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 13% against ROIC 8% — 5% 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 | — | — | 4.8 | 3.7 | 3.1 | 4.4 | 4.8 | 5.6 |
| SG&A | 7.7 | 8.1 | 7.3 | 5.8 | 3.8 | 3.9 | 3.6 | 3.7 |
| Operating Income | 40.4 | 23.9 | -60.5 | 47.7 | 57.5 | 43.1 | 40.9 | 33.2 |
| Income Tax | -0.9 | 3.6 | -5.3 | 4.5 | 13.1 | 6.6 | 8.3 | 4.7 |
| Net Income | 30.5 | 8.9 | -68.8 | 35.2 | 39.7 | 30.1 | 25.3 | 20.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MTDR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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.
The spread has compressed 3 years running.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 10.0% | 7.1% (today's — no rate published for this year) | 2.9pts |
| FY2020 | -32.4% | 7.1% (today's — no rate published for this year) | -39.5pts |
| FY2021 | 33.4% | 62.4% | -29.0pts |
| FY2022 | 36.6% | 8.2% | 28.5pts |
| FY2023 | 15.9% | 7.8% | 8.1pts |
| FY2024 | 13.6% | 8.0% | 5.6pts |
| FY2025 | 10.8% | 7.8% | 3.0pts |
| Now | 8.4% | 7.1% | 1.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | -67.0% | -36.8% |
| FY2017 | not reported | 29.6% | 23.1% |
| FY2018 | not reported | 40.4% | 30.5% |
| FY2019 | not reported | 23.9% | 8.9% |
| FY2020 | 95.2% | -60.5% | -68.8% |
| FY2021 | 96.3% | 47.7% | 35.2% |
| FY2022 | 96.9% | 57.5% | 39.7% |
| FY2023 | 95.6% | 43.1% | 30.1% |
| FY2024 | 95.2% | 40.9% | 25.3% |
| FY2025 | 94.4% | 33.2% | 20.5% |
Leverage and buybacks account for 5 points of the 13% return on equity in FY2025. The business earns 8% 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.
Margins have compressed 3 years running even as the spread stayed positive.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Shares outstanding are up 7% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Covers interest 4.1x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 5.88x |
| 5% | 5.59x |
| 10% | 5.29x |
| 15% | 5.00x |
| 20% | 4.71x |
| 25% | 4.41x |
| 30% | 4.12x |
| 35% | 3.82x |
| 40% | 3.53x |
| 45% | 3.24x |
| 50% | 2.94x |
| 55% | 2.65x |
| 60% | 2.35x |
Balance sheet at 2025-12-31. 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 $60.88, free cash flow must compound 10.1%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2022 | 325.0% | 10.1% |
| FY2023 | −248.6% | 10.1% |
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.
The implied rate has been matched or beaten in 1 of the last 2 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $759M | $759M |
| Share-based comp | $18M | $778M |
| Other non-cash & working capital | $1.65B | $2.43B |
| Operating cash flow | $2.43B | $2.43B |
| Capex | −$2.16B | $270M |
| Free cash flow | $270M | $270M |
| FCF after SBC | $251M | $251M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -12.4% | -10.6% | 1.7 points |
| FY2021 | 92.9% | 93.0% | 0.1 points |
| FY2022 | 83.9% | 36.9% | -47.0 points |
| FY2023 | -8.2% | 21.9% | 30.2 points |
| FY2024 | 24.9% | 20.9% | -3.9 points |
| FY2025 | 5.5% | -13.7% | -19.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 35.3 days | not reported | not reported | not reported |
| FY2020 | 36 days | not reported | 123 days | -86.9 days |
| FY2021 | 36 days | not reported | 155.9 days | -119.9 days |
| FY2022 | 26.8 days | not reported | 224.9 days | -198 days |
| FY2023 | 35.7 days | not reported | 200.7 days | -165 days |
| FY2024 | 34.5 days | not reported | 320.8 days | -286.3 days |
| FY2025 | 28.3 days | not reported | 948 days | -919.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -11.4 percent |
| FY2020 | -29.0 percent |
| FY2021 | -11.0 percent |
| FY2022 | -13.8 percent |
| FY2023 | -13.2 percent |
| FY2024 | -12.6 percent |
| FY2025 | -14.2 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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
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.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-27 | Calvert Christopher P EVP and CFO | Plan purchaseindirect | 2,500 | $56.64 | $142k |
| 2026-08-26 | Foran Joseph Wm Chairman and CEO | Plan purchase | 555 | $54.49 | $30k |
| 2026-08-17 | Foran Joseph Wm Chairman and CEO | Plan purchase | 400 | $53.64 | $21k |
| 2026-08-13 | 2 co-filers Chairman and CEO | Plan purchase | 5,000 | $51.44 | $257k |
| 2026-08-12 | 2 co-filers Chairman and CEO | Plan purchase | 10,000 | $52.16 | $522k |
| 2026-08-11 | 2 co-filers Chairman and CEO | Plan purchase | 709 | $51.68 | $37k |
| 2026-08-10 | Elsener William Thomas EVP, Reservoir Engineering | Plan purchase | 850 | $50.94 | $43k |
| 2026-08-10 | Stewart Kenneth L. Director | Gift | 9,400 | $0.00 | $0 |
| 2026-08-10 | 2 co-filers Chairman and CEO | Plan purchase | 3,130 | $51.04 | $160k |
| 2026-06-15 | Baty Robert Gaines Director | Open-market buy | 500 | $51.44 | $26k |
| 2026-06-11 | Appel Shelley F Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Harvey Paul W Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Ehrman Monika U Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Parker Timothy E. Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Stewart Kenneth L. Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Baty Robert Gaines Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Byerley William M Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Ward Susan M Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Baribault Reynald Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-09 | Stetson Glenn W EVP and COO | Plan purchase | 500 | $53.41 | $27k |
| 2026-06-09 | Foran Joseph Wm Chairman and CEO | Plan purchase | 2,000 | $53.07 | $106k |
| 2026-06-08 | Ehrman Monika U Director | Open-market buy | 362 | $55.28 | $20k |
| 2026-06-04 | Foran Joseph Wm Chairman and CEO | Plan purchase | 2,000 | $56.25 | $113k |
| 2026-05-29 | Calvert Christopher P EVP and CFO | Plan purchaseindirect | 1,500 | $53.24 | $80k |
| 2026-05-29 | 4 co-filers SVP & Chief Accounting Officer | Plan purchaseindirect | 250 | $53.41 | $13k |
| 2026-05-29 | Foran Joseph Wm Chairman and CEO | Plan purchase | 482 | $52.70 | $25k |
| 2026-05-28 | Stetson Glenn W EVP and COO | Plan purchase | 500 | $53.94 | $27k |
| 2026-05-27 | Foran Joseph Wm Chairman and CEO | Plan purchase | 4,675 | $52.36 | $245k |
| 2026-05-01 | 4 co-filers SVP & Chief Accounting Officer | Option exercise27d late | 1,000 | $0.00 | — |
| 2026-05-01 | 4 co-filers SVP & Chief Accounting Officer | Option exercise27d late | 1,072 | $0.00 | — |
| 2026-03-31 | 4 co-filers SVP & Chief Accounting Officer | Tax withholding58d late | 447 | $64.84 | $29k |
| 2026-03-06 | Ehrman Monika U Director | Open-market buy | 267 | $56.29 | $15k |
| 2026-02-27 | Foran Joseph Wm Chairman and CEO | Plan purchase | 468 | $49.78 | $23k |
| 2026-02-17 | 4 co-filers EVP, Reservoir Engineering | Grant | 27,000 | $0.00 | — |
| 2026-02-17 | 4 co-filers EVP-Production | Grant | 27,000 | $0.00 | — |
| 2026-02-17 | 4 co-filers EVP and COO | Grant | 27,000 | $0.00 | — |
| 2026-02-17 | 4 co-filers EVP, Chief Financial Officer | Grant | 27,000 | $0.00 | — |
| 2026-02-17 | 4 co-filers Co-President,CLO & Head of M&A | Grant | 35,000 | $0.00 | — |
| 2026-02-17 | 4 co-filers CoPresident-Land, A&D,Planning | Grant | 35,000 | $0.00 | — |
| 2026-02-17 | 4 co-filers Chairman and CEO | Grant | 70,000 | $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.