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Held by 1,233 of 2,417 reporting institutions (100th 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.
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
No trend data available for this metric.
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.
Ranked against 26 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MSFT | $3.88T | 29.1× | 20.6× | 11.7× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.1× | 2,407 |
| PLTR | $442.4B | 292.2× | — | 98.9× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | -1.0× | 1,128 |
| ORCL | $396.1B | 22.4× | 13.2× | 5.9× | 17.3% | — | 25.4% | 40.2% | 34.4% | -0.8× | 1,233 |
| CRWD | $256.4B | — | — | 53.3× | 21.7% | 74.7% | -3.4% | -3.7% | -3.1% | — | 951 |
| SHOP | $202.6B | 167.5× | 134.2× | 17.5× | 30.1% | 48.1% | 10.7% | 9.1% | 9.1% | -1.0× | 575 |
| CRM | $188.6B | 29.4× | 20.5× | 4.5× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 0.8× | 896 |
| NOW | $109.1B | 63.0× | 41.7× | 8.2× | 20.9% | 77.5% | 13.2% | 13.5% | 12.1% | -0.9× | 745 |
| SNOW | $108.0B | — | — | 23.1× | 29.2% | 67.2% | -28.4% | -69.2% | -69.2% | — | 464 |
| NET | $100.0B | — | — | 46.1× | 29.8% | 74.5% | -4.7% | -7.0% | -7.0% | — | 390 |
| ADBE | $97.4B | 15.0× | 10.3× | 4.1× | 10.5% | 89.3% | 30.0% | 61.3% | 40.0% | 0.1× | 627 |
| INTU | $91.2B | 20.7× | 15.5× | 4.3× | 13.9% | — | 21.3% | 24.0% | 17.1% | 0.5× | 532 |
| CDNS | $90.0B | 80.8× | 52.0× | 17.0× | 14.1% | — | 20.9% | 20.3% | 13.9% | -0.3× | 390 |
| SNPS | $89.6B | 58.2× | 63.6× | 12.7× | 15.1% | 77.0% | 18.9% | 4.7% | 3.2% | 6.7× | 389 |
| DDOG | $84.5B | — | — | 24.6× | 27.7% | 80.0% | 3.1% | 2.9% | 2.9% | — | 350 |
| NTES | $72.8B | 75.8× | 12.1× | 4.5× | 11.6% | 64.3% | 30.9% | 21.7% | 21.7% | -1.2× | 101 |
| EA | $52.9B | 59.7× | 36.3× | 7.0× | 0.9% | 79.0% | 11.8% | 13.1% | 13.1% | -2.1× | 2 |
| ADSK | $52.2B | 47.7× | 32.3× | 7.2× | 17.5% | 91.0% | 15.6% | 36.9% | 20.3% | 0.1× | 339 |
| VEEV | $50.7B | 57.5× | — | 15.9× | 16.3% | 75.5% | 28.4% | 12.6% | 12.6% | — | 342 |
| XYZ | $45.8B | 36.3× | 22.4× | 1.9× | 0.3% | 42.8% | 5.4% | 5.9% | 4.4% | 0.3× | 289 |
| OKTA | $36.4B | 159.0× | — | 12.5× | 11.8% | 77.4% | 8.1% | 3.4% | 3.4% | -5.3× | 249 |
| TTWO | $35.6B | — | — | 5.3× | 18.2% | 57.2% | -4.5% | -8.5% | -4.9% | 10.3× | 276 |
| TWLO | $31.5B | — | 90.0× | 6.2× | 13.7% | 48.9% | 0.7% | 0.4% | 0.4% | 0.9× | 290 |
| RBLX | $30.7B | — | — | 6.3× | 35.8% | 78.1% | -21.8% | -270% | -76.0% | — | 184 |
| CRWV | $30.3B | — | 20.1× | 5.9× | 168% | 71.7% | -22.7% | -35.0% | -4.7% | 7.6× | 269 |
| MDB | $28.4B | — | — | 11.5× | 22.8% | 71.7% | -2.9% | -2.4% | -2.4% | — | 220 |
Peers = companies sharing ORCL's sector (Services-Prepackaged Software) 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.
The same 1 year as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $130.67 today, the market must believe free cash flow compounds 24.5%/yr for a decade (off $7.83B on the SBC-adjusted basis).
On the basis ($11.81B) the requirement is 18.6%/yr. The difference is what charging stock compensation costs.
Default is 12.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 3.03B shares (market data) · net debt -$24.09B
mean -8.5% · volatility σ 83% · implied rate exceeded in 2/8 yrs
Central path = implied 24.5%/yr growth; shaded band = ±1σ (83%) 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.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $5.79B dividends + $95.0M buybacks = $5.88B returned on -$23.69B FCF.
9 consecutive years of dividend increases · 14%/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: 34%. 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
Where each multiple sits in its own 15-yr range · 66th pct blended
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 40% against ROIC 34% — 6% 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 54.3% — 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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| R&D | 15.3 | 15.5 | 16.1 | 17.0 | 17.3 | 16.8 | 17.2 | 15.3 |
| SG&A | 3.2 | 3.0 | 3.1 | 3.1 | 3.2 | 2.9 | 2.8 | 2.4 |
| Operating Income | 34.3 | 35.6 | 37.6 | 25.7 | 26.2 | 29.0 | 30.8 | 30.6 |
| Income Tax | 3.0 | 4.9 | -1.8 | 2.2 | 1.2 | 2.4 | 3.0 | 3.7 |
| Net Income | 28.1 | 25.9 | 34.0 | 15.8 | 17.0 | 19.8 | 21.7 | 25.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ORCL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $31.29B covers the $7.21B due within a year 4.3× over. 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).
Coverage is adequate but not comfortable. Effective rate ~63.9% on $7.20B of debt.
Cash of $31.29B fully covers short-term debt of $7.20B.
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 — 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 | $67.36B 100.0% | $57.40B 100.0% | $52.96B 100.0% | $49.95B 100.0% | $42.44B 100.0% | $40.48B 100.0% | $39.07B 100.0% | $39.51B 100.0% | $39.38B 100.0% | $37.79B 100.0% |
| Cost of Services | — | — | — | — | — | — | — | — | $2.89B 7.3% | $2.80B 7.4% |
| Gross Profit | — | — | — | — | — | — | — | — | $24.29B 61.7% | $23.02B 60.9% |
| Research & Development | $10.27B 15.3% | $9.86B 17.2% | $8.91B 16.8% | $8.62B 17.3% | $7.22B 17.0% | $6.53B 16.1% | $6.07B 15.5% | $6.03B 15.3% | $6.08B 15.4% | $6.15B 16.3% |
| Selling, General & Admin | $1.62B 2.4% | $1.60B 2.8% | $1.55B 2.9% | $1.58B 3.2% | $1.32B 3.1% | $1.25B 3.1% | $1.18B 3.0% | $1.26B 3.2% | $1.28B 3.3% | $1.17B 3.1% |
| Total Operating Expenses | $46.75B 69.4% | $39.72B 69.2% | $37.61B 71.0% | $36.86B 73.8% | $31.51B 74.3% | $25.27B 62.4% | $25.17B 64.4% | $25.97B 65.7% | $26.12B 66.3% | $24.88B 65.8% |
| Operating Income | $20.61B 30.6% | $17.68B 30.8% | $15.35B 29.0% | $13.09B 26.2% | $10.93B 25.7% | $15.21B 37.6% | $13.90B 35.6% | $13.54B 34.3% | $13.26B 33.7% | $12.91B 34.2% |
| Interest Expense | $4.60B 6.8% | $3.58B 6.2% | $3.51B 6.6% | $3.50B 7.0% | $2.75B 6.5% | $2.50B 6.2% | $2.00B 5.1% | $2.08B 5.3% | $2.02B 5.1% | $1.80B 4.8% |
| Interest & Investment Income | $780.0M 1.2% | $578.0M 1.0% | $451.0M 0.9% | $285.0M 0.6% | $94.0M 0.2% | $101.0M 0.2% | $527.0M 1.3% | $1.09B 2.8% | $1.20B 3.1% | $804.0M 2.1% |
| Other Income (Expense), net | $309.0M 0.5% | $91.0M 0.2% | $168.0M 0.3% | -$6.0M -0.0% | -$86.0M -0.2% | $211.0M 0.5% | -$16.0M -0.0% | -$14.0M -0.0% | $1.24B 3.1% | $605.0M 1.6% |
| Pretax Income | — | — | — | — | — | — | — | — | $12.89B 32.7% | $11.52B 30.5% |
| Income Tax Expense | $2.47B 3.7% | $1.72B 3.0% | $1.27B 2.4% | $623.0M 1.2% | $932.0M 2.2% | -$747.0M -1.8% | $1.93B 4.9% | $1.19B 3.0% | $8.84B 22.4% | $2.23B 5.9% |
| Net Income | $17.09B 25.4% | $12.44B 21.7% | $10.47B 19.8% | $8.50B 17.0% | $6.72B 15.8% | $13.75B 34.0% | $10.13B 25.9% | $11.08B 28.1% | $3.59B 9.1% | $9.45B 25.0% |
| Per Share | ||||||||||
| EPS (Basic) | $5.94 | $4.46 | $3.82 | $3.15 | $2.49 | $4.67 | $3.16 | $3.05 | $0.87 | $2.30 |
| EPS (Diluted) | $5.83 | $4.34 | $3.71 | $3.07 | $2.41 | $4.55 | $3.08 | $2.97 | $0.85 | $2.24 |
| Weighted Avg Shares (Basic) | 2.86B | 2.79B | 2.74B | 2.70B | 2.70B | 2.94B | 3.21B | 3.63B | 4.12B | 4.12B |
| Weighted Avg Shares (Diluted) | 2.91B | 2.87B | 2.82B | 2.77B | 2.79B | 3.02B | 3.29B | 3.73B | 4.24B | 4.22B |
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.
The spread has compressed 3 years running.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2023 | 743.3% | 10.8% | 732.5pts |
| FY2024 | 61.6% | 10.1% | 51.5pts |
| FY2025 | 35.9% | 11.4% | 24.5pts |
| FY2026 | 25.0% | 10.8% | 14.2pts |
| Now | 34.4% | 12.4% | 22.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 60.9% | 34.2% | 25.0% |
| FY2018 | 61.7% | 33.7% | 9.1% |
| FY2019 | not reported | 34.3% | 28.1% |
| FY2020 | not reported | 35.6% | 25.9% |
| FY2021 | not reported | 37.6% | 34.0% |
| FY2022 | not reported | 25.7% | 15.8% |
| FY2023 | not reported | 26.2% | 17.0% |
| FY2024 | not reported | 29.0% | 19.8% |
| FY2025 | not reported | 30.8% | 21.7% |
| FY2026 | not reported | 30.6% | 25.4% |
Leverage and buybacks account for 6 points of the 40% return on equity in FY2026. The business earns 34% 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.
The spread has been narrowing over the last three years.
Cash conversion of 0.29x sits below the level that would make the earnings clearly cash-backed.
Reported free cash flow is -$23.69B; after share-based compensation it is -$28.50B. The difference is a real cost that the cash flow statement adds back. Buybacks of $95M covered 2% of the $4.81B charge, so the repurchase is absorbing dilution rather than returning capital.
Covers interest 3.1x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 4.48x |
| 5% | 4.26x |
| 10% | 4.03x |
| 15% | 3.81x |
| 20% | 3.58x |
| 25% | 3.36x |
| 30% | 3.14x |
| 35% | 2.91x |
| 40% | 2.69x |
| 45% | 2.46x |
| 50% | 2.24x |
| 55% | 2.02x |
| 60% | 1.79x |
Ladder as of 2026-05-31 (10-K); cash from the 2026-05-31 balance sheet; FCF from FY2026. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2026-05-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 4.5x today but falls to 3.1x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $130.67, free cash flow must compound 25.95%/yr for 10 years. It has no positive compounding record after stock compensation to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 19.3% | 26.0% |
| FY2022 | −79.7% | 26.0% |
| FY2023 | 103.9% | 26.0% |
| FY2024 | 59.1% | 26.0% |
| FY2025 | −164.7% | 26.0% |
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.
This is solved on free cash flow AFTER stock compensation ($7.83B against $11.81B before it). On the unadjusted figure the requirement would be 20.01%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
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 |
|---|---|---|---|---|---|
| 2026-10-23 | 3 co-filers EVP, Chief Accounting Officer | Option exercise | 8,926 | $0.00 | $0 |
| 2026-10-23 | 3 co-filers Vice Chairman | Option exerciseindirect | 8,033 | $0.00 | $0 |
| 2026-10-23 | 3 co-filers Chief Executive Officer | Option exercise | 8,033 | $0.00 | $0 |
| 2026-10-23 | 4 co-filers EVP, Chief Legal Officer | Option exercise | 12,497 | $0.00 | $0 |
| 2026-10-23 | 3 co-filers EVP, Chief Accounting Officer | Tax withholding | 4,673 | $125.54 | $587k |
| 2026-10-23 | 3 co-filers Chief Executive Officer | Tax withholding | 2,550 | $125.54 | $320k |
| 2026-10-23 | 3 co-filers Vice Chairman | Tax withholdingindirect | 3,529 | $125.54 | $443k |
| 2026-10-23 | 4 co-filers EVP, Chief Legal Officer | Tax withholding | 6,130 | $125.54 | $770k |
| 2026-10-23 | 3 co-filers Chief Executive Officer | Option exercise | 8,033 | $0.00 | — |
| 2026-10-23 | 3 co-filers Vice Chairman | Option exercise | 8,033 | $0.00 | — |
| 2026-10-23 | 4 co-filers EVP, Chief Legal Officer | Grant | 479 | $126.16 | — |
| 2026-10-23 | 3 co-filers EVP, Chief Accounting Officer | Option exercise | 8,926 | $0.00 | — |
| 2026-10-23 | 4 co-filers EVP, Chief Legal Officer | Option exercise | 12,497 | $0.00 | — |
| 2026-10-15 | Maxson Hilary B Chief Financial Officer | Grant | 89,240 | $0.00 | — |
| 2026-10-15 | Sicilia Michael D. Chief Executive Officer | Grant | 446,197 | $0.00 | — |
| 2026-10-15 | Smith Maria EVP, Chief Accounting Officer | Grant | 66,930 | $0.00 | — |
| 2026-10-15 | Magouyrk Clayton M. Chief Executive Officer | Grant | 446,197 | $0.00 | — |
| 2026-10-15 | Levey Stuart EVP, Chief Legal Officer | Grant | 104,113 | $0.00 | — |
| 2026-10-15 | Hura Mark Pres., Global Field Operations | Grant | 237,972 | $0.00 | — |
| 2026-10-15 | Henley Jeffrey Vice Chairman | Grant | 66,930 | $0.00 | — |
| 2026-10-15 | Ellison Lawrence Joseph Executive Chairman | Grant | 223,099 | $0.00 | — |
| 2026-10-15 | Catz Safra Chief Executive Officer | Grant | 66,930 | $0.00 | — |
| 2026-09-29 | Rusckowski Stephen H Director | Open-market buyindirect | 25,000 | $139.35 | $3.5m |
| 2026-09-22 | 7 co-filers EVP, Chief Accounting Officer | Open-market sale | 2,631 | $151.70 | $399k |
| 2026-09-22 | 7 co-filers Chief Executive Officer | 10b5-1 plan sale | 22,562 | $151.59 | $3.4m |
| 2026-09-21 | 7 co-filers EVP, Chief Accounting Officer | Tax withholding | 6,230 | $147.61 | $920k |
| 2026-09-21 | 3 co-filers EVP, Chief Legal Officer | Tax withholding | 10,245 | $147.61 | $1.5m |
| 2026-09-21 | 7 co-filers Chief Executive Officer | Tax withholding | 17,311 | $147.61 | $2.6m |
| 2026-09-21 | 6 co-filers Vice Chairman | Tax withholdingindirect | 5,884 | $147.61 | $869k |
| 2026-09-21 | 6 co-filers Chief Executive Officer | Tax withholding | 16,437 | $147.61 | $2.4m |
| 2026-09-21 | 6 co-filers Pres., Global Field Operations | Tax withholding | 8,456 | $147.61 | $1.2m |
| 2026-09-21 | 6 co-filers Vice Chairman | Tax withholdingindirect | 14,462 | $147.61 | $2.1m |
| 2026-09-21 | 7 co-filers EVP, Chief Accounting Officer | Tax withholding | 2,875 | $147.61 | $424k |
| 2026-09-21 | 7 co-filers Chief Executive Officer | Tax withholding | 35,495 | $147.61 | $5.2m |
| 2026-09-21 | 6 co-filers Chief Executive Officer | Tax withholding | 34,665 | $147.61 | $5.1m |
| 2026-09-21 | 6 co-filers Pres., Global Field Operations | Tax withholding | 20,805 | $147.61 | $3.1m |
| 2026-09-20 | 7 co-filers EVP, Chief Accounting Officer | Option exercise | 5,506 | $0.00 | $0 |
| 2026-09-20 | 7 co-filers Chief Executive Officer | Option exercise | 73,411 | $0.00 | $0 |
| 2026-09-20 | 6 co-filers Chief Executive Officer | Option exercise | 88,093 | $0.00 | $0 |
| 2026-09-20 | 6 co-filers Pres., Global Field Operations | Option exercise | 47,717 | $0.00 | $0 |
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.
| Step | Amount | Running total |
|---|---|---|
| Net income | $17.09B | $17.09B |
| Share-based comp | $4.81B | $21.90B |
| Other non-cash & working capital | $10.08B | $31.98B |
| Operating cash flow | $31.98B | $31.98B |
| Capex | −$55.66B | −$23.69B |
| Free cash flow | −$23.69B | −$23.69B |
| FCF after SBC | −$28.50B | −$28.50B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 3.6% | -2.6% | -6.2 points |
| FY2022 | 4.8% | 10.1% | 5.2 points |
| FY2023 | 17.7% | 16.2% | -1.5 points |
| FY2024 | 6.0% | 13.9% | 7.8 points |
| FY2025 | 8.4% | 8.7% | 0.3 points |
| FY2026 | 17.4% | 21.4% | 4.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 51.9 days | not reported | not reported | not reported |
| FY2021 | 48.8 days | not reported | not reported | not reported |
| FY2022 | 51.2 days | not reported | not reported | not reported |
| FY2023 | 50.5 days | not reported | not reported | not reported |
| FY2024 | 54.3 days | not reported | not reported | not reported |
| FY2025 | 54.4 days | not reported | not reported | not reported |
| FY2026 | 56.3 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -2.6 percent |
| FY2021 | -1.6 percent |
| FY2022 | -2.6 percent |
| FY2023 | -6.5 percent |
| FY2024 | -5.8 percent |
| FY2025 | -5.0 percent |
| FY2026 | -5.7 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 (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.