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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.
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 $783.66 today, the market must believe free cash flow compounds 1.5%/yr for a decade (off $494.0M on the 3-yr avg basis).
The market's 1.5% is more conservative than its 9-yr track record.
Default is 8.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.01B shares (market data) · net debt $805.8M
mean 97.5% · volatility σ 309% · implied rate exceeded in 4/9 yrs
Central path = implied 1.5%/yr growth; shaded band = ±1σ (309%) 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.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BMRN | $11.1B | 31.9× | 21.3× | 3.5× | 12.9% | 77.7% | 10.8% | 5.7% | 5.2% | -1.5× | 119 |
| ALB | $11.0B | — | 43.1× | 2.1× | -4.4% | 13.0% | -9.9% | -5.4% | -4.0% | 5.4× | 210 |
| CLX | $10.7B | 13.6× | — | 1.5× | 0.2% | 45.2% | 11.4% | 252% | 28.9% | — | 312 |
| QGEN | $10.4B | 25.9× | 17.0× | 5.0× | 5.7% | 62.2% | 20.3% | 11.2% | 7.8% | 1.2× | — |
| SOLS | $9.9B | 42.0× | 18.6× | 2.6× | 3.1% | 32.2% | 6.1% | 16.8% | 7.0% | 2.4× | 273 |
| KRYS | $9.6B | 47.5× | 54.5× | 24.7× | 33.9% | — | 52.6% | 16.8% | 16.8% | -3.0× | 86 |
| CORT | $9.3B | 104.8× | 199.6× | 12.2× | 12.8% | 98.3% | 13.1% | 15.4% | 15.4% | -2.6× | 107 |
| TGTX | $8.9B | 21.0× | 73.4× | 14.4× | 87.3% | 83.7% | 72.6% | 69.0% | 50.0% | 1.4× | 99 |
| ESI | $8.6B | 44.8× | 19.5× | 3.4× | 3.8% | 42.0% | 7.5% | 7.1% | 4.4% | 2.0× | 97 |
| WLK | $8.4B | — | — | 0.8× | -8.0% | 7.3% | -13.5% | -17.2% | -10.5% | — | 66 |
| EMN | $7.8B | 16.6× | 10.3× | 0.9× | -6.7% | 21.1% | 5.4% | 8.0% | 4.4% | 3.6× | 169 |
| KNSA | $7.7B | 130.1× | 96.9× | 11.3× | 60.1% | 88.5% | 8.7% | 10.4% | 10.4% | -2.1× | 1 |
| ALKS | $7.6B | 31.7× | 25.7× | 5.2× | -5.2% | 86.7% | 16.4% | 13.3% | 13.3% | -1.4× | 74 |
| AMRX | $7.4B | 97.0× | 21.6× | 2.5× | 8.0% | 36.9% | 2.4% | -102% | 2.9% | 5.1× | 73 |
| NEU | $7.4B | 18.1× | 12.3× | 2.7× | -2.2% | 31.5% | 15.4% | 23.5% | 15.7% | 1.2× | 90 |
| IONS | $7.4B | — | — | 7.8× | 33.8% | 98.3% | -40.4% | -78.0% | -17.0% | — | 81 |
| AXTA | $7.2B | 19.3× | 11.2× | 1.4× | -3.0% | 34.4% | 7.4% | 16.1% | 6.8% | 2.9× | 71 |
| ELF | $6.7B | 256.7× | 47.4× | 4.1× | 24.6% | 70.7% | 1.6% | 2.3% | 1.3% | 3.8× | 102 |
| LNTH | $6.6B | 29.4× | — | 4.3× | 0.5% | 61.1% | 15.2% | 21.4% | 14.1% | — | 85 |
| RYTM | $6.4B | — | — | 33.8× | 45.8% | 89.7% | -104% | -141% | -79.5% | — | 46 |
| LGND | $6.3B | 51.8× | 82.3× | 23.6× | 60.4% | — | 46.4% | 12.2% | 12.2% | -2.3× | 97 |
| HXL | $6.0B | — | 23.6× | 3.2× | -0.5% | 23.0% | 5.8% | 8.7% | 4.9% | 3.1× | 118 |
| MOS | $5.8B | 10.7× | 3.4× | 0.5× | 8.4% | 15.8% | 4.5% | 4.5% | 4.2% | 0.3× | 157 |
| SXT | $5.6B | 41.6× | 23.4× | 3.5× | 3.5% | 33.5% | 8.3% | 11.3% | 7.1% | 2.5× | 74 |
| BCPC | $5.4B | 35.9× | 21.0× | 5.2× | 8.8% | 35.7% | 14.9% | 12.3% | 12.3% | -0.3× | 87 |
Peers = companies sharing NEU's sector (Industrial Organic Chemicals) 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 22% of free cash flow, leaving room to grow it and fund buybacks. Last year: $105.9M dividends + $77.2M buybacks = $183.1M returned on $491.3M FCF.
9 consecutive years of dividend increases · 6%/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 balanced mix of reinvestment and shareholder returns.
Modest payoff on reinvested capital. Current ROIC on all capital: 16%. 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.
Cash of $77.6M (at 2025-12-31) covers the $4.4M due within a year 17.6× over. Scheduled principal only (excludes interest & revolver draws). As of 2012-12-31 (8-K). The cash figure is from 2025-12-31, 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 ~4.5% on $883.4M of debt.
Cash vs short-term debt unavailable.
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.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.73B 100.0% | $2.79B 100.0% | $2.70B 100.0% | $2.76B 100.0% | $2.36B 100.0% | $2.01B 100.0% | $2.19B 100.0% | $2.29B 100.0% | $2.20B 100.0% | $2.05B 100.0% |
| Cost of Revenue | $1.87B 68.5% | $1.90B 68.2% | $1.93B 71.4% | $2.12B 76.8% | $1.81B 76.8% | $1.42B 70.4% | $1.56B 71.2% | $1.70B 74.4% | $1.56B 71.1% | $1.37B 67.0% |
| Cost of Products | — | — | — | — | — | — | — | — | $1.56B 70.8% | $1.37B 66.8% |
| Gross Profit | $857.4M 31.5% | $886.3M 31.8% | $772.5M 28.6% | $640.5M 23.2% | $547.7M 23.2% | $595.0M 29.6% | $629.9M 28.8% | $585.4M 25.6% | $636.4M 28.9% | $677.2M 33.0% |
| Research & Development | $132.1M 4.8% | $124.9M 4.5% | $138.0M 5.1% | $140.3M 5.1% | $144.0M 6.1% | $140.4M 7.0% | $144.5M 6.6% | $140.3M 6.1% | $146.0M 6.6% | $160.8M 7.8% |
| Selling, General & Admin | $181.6M 6.7% | $171.4M 6.2% | $151.5M 5.6% | $145.1M 5.2% | $146.0M 6.2% | $142.9M 7.1% | $148.1M 6.8% | $152.4M 6.7% | $167.7M 7.6% | $161.6M 7.9% |
| Operating Income | $543.7M 20.0% | $590.0M 21.2% | $483.0M 17.9% | $355.1M 12.8% | $257.8M 10.9% | $311.8M 15.5% | $337.3M 15.4% | $292.7M 12.8% | $322.7M 14.7% | $354.8M 17.3% |
| Interest Expense | $39.7M 1.5% | $57.4M 2.1% | $37.4M 1.4% | $35.2M 1.3% | $34.2M 1.5% | $26.3M 1.3% | $29.2M 1.3% | $26.7M 1.2% | $21.9M 1.0% | $16.8M 0.8% |
| Other Income (Expense), net | $56.5M 2.1% | $51.4M 1.8% | $43.3M 1.6% | $35.3M 1.3% | $24.0M 1.0% | $45.8M 2.3% | $23.5M 1.1% | $24.3M 1.1% | $14.6M 0.7% | $5.2M 0.3% |
| Pretax Income | $560.6M 20.6% | $584.1M 21.0% | $489.0M 18.1% | $347.7M 12.6% | $247.6M 10.5% | $331.3M 16.5% | $331.6M 15.1% | $290.3M 12.7% | $315.4M 14.3% | $343.2M 16.7% |
| Income Tax Expense | $141.8M 5.2% | $121.7M 4.4% | $100.1M 3.7% | $68.2M 2.5% | $56.6M 2.4% | $60.7M 3.0% | $77.3M 3.5% | $55.6M 2.4% | $124.9M 5.7% | $99.8M 4.9% |
| Net Income | $418.7M 15.4% | $462.4M 16.6% | $388.9M 14.4% | $279.5M 10.1% | $190.9M 8.1% | $270.6M 13.5% | $254.3M 11.6% | $234.7M 10.3% | $190.5M 8.7% | $243.4M 11.9% |
| Per Share | ||||||||||
| EPS (Basic) | $44.44 | $48.22 | $40.44 | $27.77 | $17.71 | $24.64 | — | — | — | — |
| EPS (Diluted) | $44.44 | $48.22 | $40.44 | $27.77 | $17.71 | $24.64 | — | — | — | — |
| Weighted Avg Shares (Basic) | 9.4M | 9.6M | 9.6M | 10.0M | 10.8M | 11.0M | — | — | — | — |
| Weighted Avg Shares (Diluted) | 9.4M | 9.6M | 9.6M | 10.0M | 10.8M | 11.0M | — | — | — | — |
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.
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 |
|---|---|---|---|---|---|
| 2026-10-02 | Rogers James E Director | Gift | 12 | $0.00 | $0 |
| 2026-09-09 | Gottwald Bruce C 10% owner | Gift | 132 | $0.00 | $0 |
| 2026-07-01 | Rogers James E Director | Grant | 157 | $0.00 | $0 |
| 2026-07-01 | Gambill Mark M Director | Grant | 157 | $0.00 | $0 |
| 2026-07-01 | Ukrop Lowell Simmons 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.
EOD close · as of 2026-10-30
Earns 7.63pts above its cost of capital, without much margin of safety.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 33.0% | 17.3% | 11.9% |
| FY2017 | 28.9% | 14.7% | 8.7% |
| FY2018 | 25.6% | 12.8% | 10.3% |
| FY2019 | 28.8% | 15.4% | 11.6% |
| FY2020 | 29.6% | 15.5% | 13.5% |
| FY2021 | 23.2% | 10.9% | 8.1% |
| FY2022 | 23.2% | 12.8% | 10.1% |
| FY2023 | 28.6% | 17.9% | 14.4% |
| FY2024 | 31.8% | 21.2% | 16.6% |
| FY2025 | 31.5% | 20.0% | 15.4% |
The spread has been narrowing over the last three years.
| Grant |
| 157 |
| $0.00 |
| $0 |
| 2026-07-01 | Harris H Hiter Iii Director | Grant | 157 | $0.00 | $0 |
| 2026-07-01 | Xu Ting Director | Grant | 157 | $0.00 | $0 |
| 2026-06-18 | Gottwald Thomas E Chairman, President & CEO | Gift6d late | 211 | $0.00 | $0 |
| 2026-06-04 | Gottwald Thomas E Chairman, President & CEO | Gift | 1,500 | $0.00 | $0 |
| 2026-02-24 | Xu Ting Director | Open-market buy | 400 | $619.21 | $248k |
| 2026-02-19 | Fitzgerald Timothy K Vice President & CFO | Tax withholding | 34 | $607.04 | $21k |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Gift | 60 | $0.00 | $0 |
| 2026-02-18 | Gottwald Bruce C 10% owner | Gift | 3,000 | $0.00 | $0 |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Gift | 1,320 | $0.00 | $0 |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Giftindirect | 60 | $0.00 | $0 |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Giftindirect | 120 | $0.00 | $0 |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Giftindirect | 120 | $0.00 | $0 |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Giftindirect | 150 | $0.00 | $0 |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Giftindirect | 120 | $0.00 | $0 |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Giftindirect | 150 | $0.00 | $0 |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Giftindirect | 180 | $0.00 | $0 |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Giftindirect | 180 | $0.00 | $0 |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Giftindirect | 180 | $0.00 | $0 |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Giftindirect | 180 | $0.00 | $0 |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Giftindirect | 120 | $0.00 | $0 |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Giftindirect | 180 | $0.00 | $0 |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Giftindirect | 180 | $0.00 | $0 |
| 2026-02-18 | 16 co-filers Chairman, President & CEO | Giftindirect | 180 | $0.00 | $0 |
| 2026-02-05 | 2 co-filers President Afton Chemical Corp | Grant | 535 | $0.00 | $0 |
| 2026-02-05 | 2 co-filers EVP & CAO | Grant | 475 | $0.00 | $0 |
| 2026-02-05 | 2 co-filers EVP and General Counsel | Grant | 415 | $0.00 | $0 |
| 2026-02-05 | 2 co-filers Chairman, President & CEO | Grant | 655 | $0.00 | $0 |
| 2026-02-05 | 2 co-filers EVP and General Counsel | Tax withholding | 136 | $714.88 | $97k |
| 2026-02-05 | 2 co-filers EVP & CAO | Tax withholding | 153 | $714.88 | $109k |
| 2026-02-05 | 2 co-filers President Afton Chemical Corp | Tax withholding | 171 | $714.88 | $122k |
| 2026-02-05 | 2 co-filers Chairman, President & CEO | Tax withholding | 203 | $714.88 | $145k |
| 2025-11-25 | 6 co-filers Chairman, President & CEO | Giftindirect | 46,175 | $0.00 | $0 |
| 2025-11-24 | 6 co-filers Chairman, President & CEO | Giftindirect | 51 | $0.00 | $0 |
| 2025-11-24 | 6 co-filers Chairman, President & CEO | Giftindirect | 51 | $0.00 | $0 |
| 2025-11-24 | 6 co-filers Chairman, President & CEO | Giftindirect | 51 | $0.00 | $0 |
Where each multiple sits in its own 14-yr range · 72th 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 24% against ROIC 16% — 8% 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 25.8% — 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
High operating leverage: profit moved 3.6× 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 | 74.4 | 71.2 | 70.4 | 76.8 | 76.8 | 71.4 | 68.2 | 68.5 |
| Gross Profit | 25.6 | 28.8 | 29.6 | 23.2 | 23.2 | 28.6 | 31.8 | 31.5 |
| R&D | 6.1 | 6.6 | 7.0 | 6.1 | 5.1 | 5.1 | 4.5 | 4.8 |
| SG&A | 6.7 | 6.8 | 7.1 | 6.2 | 5.2 | 5.6 | 6.2 | 6.7 |
| Operating Income | 12.8 | 15.4 | 15.5 | 10.9 | 12.8 | 17.9 | 21.2 | 20.0 |
| Income Tax | 2.4 | 3.5 | 3.0 | 2.4 | 2.5 | 3.7 | 4.4 | 5.2 |
| Net Income | 10.3 | 11.6 | 13.5 | 8.1 | 10.1 | 14.4 | 16.6 | 15.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NEU: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage and buybacks account for 8 points of the 24% return on equity in FY2025. The business earns 16% 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.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 20.2% | 8.4% (today's — no rate published for this year) | 11.8pts |
| FY2020 | 18.0% | 8.4% (today's — no rate published for this year) | 9.6pts |
| FY2021 | 10.2% | 4.1% | 6.1pts |
| FY2022 | 15.0% | 6.6% | 8.4pts |
| FY2023 | 21.4% | 6.7% | 14.7pts |
| FY2024 | 18.4% | 7.8% | 10.6pts |
| FY2025 | 15.5% | 7.5% | 8.0pts |
| Now | 15.7% | 8.4% | 7.4pts |
Converts 0.83x of reported profit into cash — adequate, without much margin.
| Step | Amount | Running total |
|---|---|---|
| Net income | $419M | $419M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $150M | $569M |
| Operating cash flow | $569M | $569M |
| Capex | −$78M | $491M |
| Free cash flow | $491M | $491M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -8.2% | not reported | not reported |
| FY2021 | 17.2% | not reported | not reported |
| FY2022 | 17.4% | not reported | not reported |
| FY2023 | -2.4% | not reported | not reported |
| FY2024 | 3.3% | not reported | not reported |
| FY2025 | -2.2% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.4 percent |
| FY2020 | -0.7 percent |
| FY2021 | 1.0 percent |
| FY2022 | 7.1 percent |
| FY2023 | -8.1 percent |
| FY2024 | -1.8 percent |
| FY2025 | -4.3 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 5 consecutive years to the latest.
Capex has been below depreciation for 5 consecutive years (0.67x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Missing from our data, so excluded from this answer: share_based_compensation.
Covers interest 9.6x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 13.70x |
| 5% | 13.01x |
| 10% | 12.33x |
| 15% | 11.64x |
| 20% | 10.96x |
| 25% | 10.27x |
| 30% | 9.59x |
| 35% | 8.90x |
| 40% | 8.22x |
| 45% | 7.53x |
| 50% | 6.85x |
| 55% | 6.16x |
| 60% | 5.48x |
This schedule comes from a filing dated 2012-12-31, 5051 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2012-12-31 (8-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.
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 $803.07, free cash flow must compound 1.96%/yr for 10 years. It has done 9.97%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −31.3% | 2.0% |
| FY2021 | −54.7% | 2.0% |
| FY2022 | −39.3% | 2.0% |
| FY2023 | 907.7% | 2.0% |
| FY2024 | −12.5% | 2.0% |
| FY2025 | 6.3% | 2.0% |
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.
The implied rate has been matched or beaten in 2 of the last 6 years.
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.