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Held by 490 of 2,417 reporting institutions (98th percentile) — extremely crowded.
Data as of Q3 2026
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Ranked against 14 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NKE | $57.4B | 18.4× | 12.7× | 1.2× | 0.2% | 42.9% | 6.7% | 20.9% | 13.6% | 0.1× | 490 |
| ENTG | $23.6B | 99.6× | 40.7× | 7.4× | -1.4% | 44.4% | 7.4% | 6.0% | 3.1% | 5.0× | 182 |
| CSL | $14.9B | 22.0× | 13.9× | 3.0× | 0.3% | 35.7% | 14.8% | 41.3% | 15.8% | 1.5× | 185 |
| DECK | $10.9B | 11.7× | 6.8× | 2.0× | 9.8% | 57.7% | 18.7% | 41.0% | 41.0% | -1.4× | 202 |
| WMS | $10.2B | 24.9× | 15.0× | 3.4× | 5.0% | 38.3% | 14.0% | 22.9% | 12.3% | 1.8× | 133 |
| ATR | $8.7B | 23.3× | 12.2× | 2.3× | 5.4% | — | 10.4% | 14.7% | 9.8% | 1.2× | 131 |
| AWI | $7.0B | 23.5× | 13.2× | 4.3× | 12.1% | 40.6% | 19.0% | 34.3% | 23.6% | 0.5× | 98 |
| CROX | $6.9B | — | 34.9× | 1.7× | -1.5% | 58.3% | -2.0% | -6.3% | -3.2% | 4.8× | 96 |
| NPO | $5.7B | 142.2× | 23.8× | 5.0× | 9.0% | 42.6% | 3.5% | 2.6% | 1.8% | 2.0× | 87 |
| NWL | $2.2B | — | 19.1× | 0.3× | -5.0% | 33.8% | -4.0% | -11.9% | -4.0% | 12.8× | 83 |
| GT | $1.2B | — | — | 0.1× | -3.2% | 18.4% | -9.4% | -53.2% | -18.8% | — | 74 |
| MYE | $1.1B | 31.8× | 15.4× | 1.4× | -1.3% | 33.4% | 4.2% | 11.9% | 5.5% | 3.3× | 29 |
| KRT | $1.1B | 34.6× | 20.1× | 2.3× | 10.7% | 36.8% | 6.7% | 21.1% | 19.4% | -0.5× | 29 |
| SWIM | $860M | 81.2× | 13.0× | 1.6× | 7.4% | 33.4% | 2.0% | 2.7% | 1.6% | 2.5× | 20 |
| CMT | $198M | 17.4× | 6.8× | 0.7× | -9.5% | 17.4% | 4.1% | 7.1% | 6.3% | -0.7× | 11 |
Peers = companies sharing NKE's sector (Rubber & Plastics Footwear) 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $38.67 today, the market must believe free cash flow compounds -0.5%/yr for a decade (off $4.02B on the 3-yr avg basis).
On the basis ($3.28B) the requirement is 2.2%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -0.5% is more optimistic than its 9-yr track record.
Default is 8.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.49B shares (market data) · net debt $379.0M
mean 28.5% · volatility σ 118% · implied rate exceeded in 5/9 yrs
Central path = implied -0.5%/yr growth; shaded band = ±1σ (118%) 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.
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
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (110%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $2.41B dividends + $146.0M buybacks = $2.55B returned on $2.18B 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).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 14%. 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.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2026
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 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $46.40B 100.0% | $46.31B 100.0% | $51.36B 100.0% | $51.22B 100.0% | $46.71B 100.0% | $44.54B 100.0% | $37.40B 100.0% | $39.12B 100.0% | $36.40B 100.0% | $34.35B 100.0% |
| Cost of Revenue | $26.49B 57.1% | $26.52B 57.3% | $28.48B 55.4% | $28.93B 56.5% | $25.23B 54.0% | $24.58B 55.2% | $21.16B 56.6% | $21.64B 55.3% | $20.44B 56.2% | $19.04B 55.4% |
| Cost of Products | — | — | — | — | — | — | — | — | $20.44B 56.2% | $19.04B 55.4% |
| Gross Profit | $19.91B 42.9% | $19.79B 42.7% | $22.89B 44.6% | $22.29B 43.5% | $21.48B 46.0% | $19.96B 44.8% | $16.24B 43.4% | $17.47B 44.7% | $15.96B 43.8% | $15.31B 44.6% |
| Selling, General & Admin | $16.11B 34.7% | $16.09B 34.7% | $16.58B 32.3% | $16.38B 32.0% | $14.80B 31.7% | $13.03B 29.2% | $13.13B 35.1% | $12.70B 32.5% | $11.51B 31.6% | $10.56B 30.8% |
| Interest & Investment Income | $278.0M 0.6% | $404.0M 0.9% | $430.0M 0.8% | $297.0M 0.6% | $94.0M 0.2% | — | — | — | — | — |
| Other Income (Expense), net | $53.0M 0.1% | $76.0M 0.2% | $228.0M 0.4% | $280.0M 0.5% | $181.0M 0.4% | -$14.0M -0.0% | -$139.0M -0.4% | $78.0M 0.2% | -$66.0M -0.2% | $196.0M 0.6% |
| Pretax Income | $3.90B 8.4% | $3.88B 8.4% | $6.70B 13.0% | $6.20B 12.1% | $6.65B 14.2% | $6.66B 15.0% | $2.89B 7.7% | $4.80B 12.3% | $4.33B 11.9% | $4.89B 14.2% |
| Income Tax Expense | $792.0M 1.7% | $666.0M 1.4% | $1.00B 1.9% | $1.13B 2.2% | $605.0M 1.3% | $934.0M 2.1% | $348.0M 0.9% | $772.0M 2.0% | $2.39B 6.6% | $646.0M 1.9% |
| Net Income | $3.11B 6.7% | $3.22B 7.0% | $5.70B 11.1% | $5.07B 9.9% | $6.05B 12.9% | $5.73B 12.9% | $2.54B 6.8% | $4.03B 10.3% | $1.93B 5.3% | $4.24B 12.3% |
| Per Share | ||||||||||
| EPS (Basic) | $2.10 | $2.17 | $3.76 | $3.27 | $3.83 | $3.64 | $1.63 | $2.55 | $1.19 | $2.56 |
| EPS (Diluted) | $2.10 | $2.16 | $3.73 | $3.23 | $3.75 | $3.56 | $1.60 | $2.49 | $1.17 | $2.51 |
| Weighted Avg Shares (Basic) | 1.48B | 1.48B | 1.52B | 1.55B | 1.58B | 1.57B | 1.56B | 1.58B | 1.62B | 1.66B |
| Weighted Avg Shares (Diluted) | 1.48B | 1.49B | 1.53B | 1.57B | 1.61B | 1.61B | 1.59B | 1.62B | 1.66B | 1.69B |
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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $7.56B covers all $3.50B of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2026-05-31 (10-K).
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 of $7.56B fully covers short-term debt of $2.00B.
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.
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.
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 |
|---|---|---|---|---|---|
| 2026-10-14 | Hill Elliott PRESIDENT & CEO | Tax withholding | 5,635 | $35.33 | $199k |
| 2026-09-15 | Arnault Alexandre Director | Grant | 5,171 | $0.00 | $0 |
| 2026-09-09 | Alagirisamy Venkatesh EVP: CHIEF OPERATING OFFICER | 10b5-1 plan sale | 3,671 | $37.59 | $138k |
| 2026-09-09 | Mccartney Philip EVP: CHIEF INN,PROD&DSG OFCR | 10b5-1 plan sale |
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.
| 2,559 |
| $37.59 |
| $96k |
| 2026-09-09 | Leinwand Robert EVP: Chief Legal Officer | 10b5-1 plan sale | 3,646 | $37.59 | $137k |
| 2026-09-08 | Gil Monica Director | Grant | 5,047 | $0.00 | $0 |
| 2026-09-08 | Duckett Thasunda Director | Grant | 5,047 | $0.00 | $0 |
| 2026-09-08 | Swan Robert Holmes Director | Grant | 5,047 | $0.00 | $0 |
| 2026-09-08 | Knudstorp Jorgen Vig Director | Grant | 5,047 | $0.00 | $0 |
| 2026-09-08 | Henry Peter B. Director | Grant | 5,047 | $0.00 | $0 |
| 2026-09-08 | Henry Maria Director | Grant | 5,047 | $0.00 | $0 |
| 2026-09-08 | Cook Timothy D Director | Grant | 5,047 | $0.00 | $0 |
| 2026-09-08 | Peluso Michelle A Director | Grant | 5,047 | $0.00 | $0 |
| 2026-09-08 | 3 co-filers Group filing | Grant | 5,047 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers VP: CORP CONTROLLER | Grant | 11,893 | $0.00 | $0 |
| 2026-09-01 | 3 co-filers PRESIDENT, NIKE | Grant | 30,972 | $0.00 | $0 |
| 2026-09-01 | 3 co-filers PRESIDENT & CEO | Grant | 108,400 | $0.00 | $0 |
| 2026-09-01 | 3 co-filers EVP: CHIEF PEOPLE OFFICER | Grant | 34,069 | $0.00 | $0 |
| 2026-09-01 | 3 co-filers EVP: Chief Legal Officer | Grant | 34,069 | $0.00 | $0 |
| 2026-09-01 | 3 co-filers EVP: CHIEF OPERATING OFFICER | Grant | 37,166 | $0.00 | $0 |
| 2026-09-01 | Parker Mark G EXECUTIVE CHAIRMAN | Grant | 180,832 | $0.00 | — |
| 2026-09-01 | 2 co-filers EVP: CFO | Grant | 71,234 | $0.00 | $0 |
| 2026-09-01 | 3 co-filers EVP: CHIEF INN,PROD&DSG OFCR | Grant | 30,972 | $0.00 | $0 |
| 2026-09-01 | 3 co-filers EVP: CHIEF PEOPLE OFFICER | Tax withholding | 3,430 | $39.06 | $134k |
| 2026-09-01 | 2 co-filers VP: CORP CONTROLLER | Tax withholding | 263 | $39.06 | $10k |
| 2026-09-01 | 3 co-filers PRESIDENT & CEO | Tax withholding | 9,462 | $39.06 | $370k |
| 2026-09-01 | 3 co-filers EVP: CHIEF OPERATING OFFICER | Tax withholding | 3,453 | $39.06 | $135k |
| 2026-09-01 | 2 co-filers EVP: CFO | Grant | 259,946 | $0.00 | — |
| 2026-09-01 | 3 co-filers PRESIDENT, NIKE | Tax withholding | 2,647 | $39.06 | $103k |
| 2026-09-01 | 3 co-filers EVP: CHIEF INN,PROD&DSG OFCR | Tax withholding | 2,407 | $39.06 | $94k |
| 2026-09-01 | 3 co-filers EVP: Chief Legal Officer | Tax withholding | 3,430 | $39.06 | $134k |
| 2026-09-01 | 3 co-filers EVP: CHIEF OPERATING OFFICER | Grant | 135,624 | $0.00 | — |
| 2026-09-01 | 3 co-filers EVP: CHIEF INN,PROD&DSG OFCR | Grant | 113,020 | $0.00 | — |
| 2026-09-01 | 3 co-filers PRESIDENT & CEO | Grant | 395,570 | $0.00 | — |
| 2026-09-01 | 3 co-filers EVP: Chief Legal Officer | Grant | 124,322 | $0.00 | — |
| 2026-09-01 | 3 co-filers EVP: CHIEF PEOPLE OFFICER | Grant | 124,322 | $0.00 | — |
| 2026-09-01 | 3 co-filers PRESIDENT, NIKE | Grant | 113,020 | $0.00 | — |
| 2026-08-14 | Parker Mark G EXECUTIVE CHAIRMAN | Gift | 11,386 | $0.00 | $0 |
| 2026-08-07 | Montagne Amy PRESIDENT, NIKE | Open-market sale | 4,867 | $42.05 | $205k |
| 2026-08-05 | Mccartney Philip EVP: CHIEF INN,PROD&DSG OFCR | 10b5-1 plan sale | 524 | $41.60 | $22k |
EOD close · as of 2026-10-30
Where each multiple sits in its own 15-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 15-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 21% against ROIC 14% — 7% 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 22.1% — 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
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 55.3 | 56.6 | 55.2 | 54.0 | 56.5 | 55.4 | 57.3 | 57.1 |
| Gross Profit | 44.7 | 43.4 | 44.8 | 46.0 | 43.5 | 44.6 | 42.7 | 42.9 |
| SG&A | 32.5 | 35.1 | 29.2 | 31.7 | 32.0 | 32.3 | 34.7 | 34.7 |
| Income Tax | 2.0 | 0.9 | 2.1 | 1.3 | 2.2 | 1.9 | 1.4 | 1.7 |
| Net Income | 10.3 | 6.8 | 12.9 | 12.9 | 9.9 | 11.1 | 7.0 | 6.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NKE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 8.02pts above its cost of capital, but net margin has stepped down from 989.91% to 669.86% over 3 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 19.1% | 8.2% (today's — no rate published for this year) | 10.9pts |
| FY2021 | 34.5% | 8.2% (today's — no rate published for this year) | 26.4pts |
| FY2022 | 27.9% | 8.2% (today's — no rate published for this year) | 19.7pts |
| FY2023 | 24.7% | 8.2% (today's — no rate published for this year) | 16.6pts |
| FY2024 | 29.7% | 8.2% (today's — no rate published for this year) | 21.5pts |
| FY2025 | 17.3% | 8.2% (today's — no rate published for this year) | 9.1pts |
| FY2026 | 16.3% | 8.2% (today's — no rate published for this year) | 8.1pts |
| Now | 13.6% | 8.2% | 5.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 44.6% | 13.8% | 12.3% |
| FY2018 | 43.8% | 12.2% | 5.3% |
| FY2019 | 44.7% | 12.2% | 10.3% |
| FY2020 | 43.4% | 8.3% | 6.8% |
| FY2021 | 44.8% | 15.6% | 12.9% |
| FY2022 | 46.0% | 14.3% | 12.9% |
| FY2023 | 43.5% | 11.5% | 9.9% |
| FY2024 | 44.6% | 12.3% | 11.1% |
| FY2025 | 42.7% | 8.0% | 7.0% |
| FY2026 | 42.9% | 8.2% | 6.7% |
Leverage and buybacks account for 7 points of the 21% return on equity in FY2026. The business earns 14% 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.
$240M of goodwill — 1% 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.
Net margin is 669.86% against 989.91% 3 years ago — a step down the business has not recovered, whatever the spread says today.
Accruals are positive and DSO is up +17 days over 3 years — profit is being recognised ahead of collection.
Reported free cash flow is $2.18B; after share-based compensation it is $1.47B. 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.
Ladder as of 2026-05-31 (10-K); cash from the 2026-05-31 balance sheet; FCF from FY2026.
Balance sheet at 2026-05-31. 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: interest_expense.
At $38.67, free cash flow must compound 0.18%/yr for 10 years. It has done 7.71%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 326.2% | 0.2% |
| FY2022 | −25.7% | 0.2% |
| FY2023 | 10.0% | 0.2% |
| FY2024 | 35.8% | 0.2% |
| FY2025 | −50.6% | 0.2% |
| FY2026 | −33.2% | 0.2% |
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $3.11B | $3.11B |
| Share-based comp | $715M | $3.82B |
| Other non-cash & working capital | −$955M | $2.87B |
| Operating cash flow | $2.87B | $2.87B |
| Capex | −$684M | $2.18B |
| Free cash flow | $2.18B | $2.18B |
| FCF after SBC | $1.47B | $1.47B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 19.1% | 62.4% | 43.3 points |
| FY2022 | 4.9% | 4.6% | -0.3 points |
| FY2023 | 9.7% | -11.5% | -21.1 points |
| FY2024 | 0.3% | 7.2% | 6.9 points |
| FY2025 | -9.8% | 6.5% | 16.4 points |
| FY2026 | 0.2% | 25.7% | 25.5 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 26.8 days | not reported | 38.8 days | -11.9 days |
| FY2021 | 36.6 days | not reported | 42.1 days | -5.5 days |
| FY2022 | 36.5 days | not reported | 48.6 days | -12.1 days |
| FY2023 | 29.4 days | not reported | 36.1 days | -6.7 days |
| FY2024 | 31.5 days | not reported | 36.5 days | -5.1 days |
| FY2025 | 37.2 days | not reported | 47.9 days | -10.7 days |
| FY2026 | 46.7 days | not reported | 49.6 days | -3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | 0.2 percent |
| FY2021 | -2.5 percent |
| FY2022 | 2.1 percent |
| FY2023 | -2.0 percent |
| FY2024 | -4.5 percent |
| FY2025 | -1.3 percent |
| FY2026 | 0.6 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 2 consecutive years to the latest.
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 (FY2026) 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.