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Held by 505 of 2,417 reporting institutions (98th 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.
Ranked against 15 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ORLY | $70.9B | 29.7× | 19.3× | 4.0× | 6.4% | 51.6% | 14.3% | -333% | 48.3% | 1.5× | 505 |
| AZO | $51.0B | 21.9× | 14.1× | 2.7× | 2.4% | 52.6% | 13.2% | -73.2% | 46.4% | 2.0× | 354 |
| CVNA | $49.2B | 8.1× | — | 2.4× | 48.6% | 20.6% | 6.9% | 40.9% | 16.6% | — | 196 |
| CPRT | $27.9B | 19.4× | 14.8× | 6.0× | 0.4% | — | 31.8% | 16.3% | 16.3% | 0.0× | 289 |
| CASY | $25.1B | 35.5× | — | 1.4× | 10.2% | — | 4.1% | 18.1% | 11.2% | — | 288 |
| PAG | $13.9B | 15.0× | 11.0× | 0.4× | -0.2% | 16.4% | 2.9% | 16.8% | 12.1% | 1.4× | 98 |
| MUSA | $9.7B | 22.2× | 11.9× | 0.5× | -4.2% | — | 2.4% | 75.5% | 16.8% | 2.2× | 135 |
| KMX | $7.9B | 33.1× | 35.7× | 0.3× | -1.8% | 10.8% | 1.0% | 4.2% | 1.0% | — | 126 |
| LAD | $6.5B | 9.3× | 8.5× | 0.2× | 4.0% | 15.2% | 2.2% | 12.4% | 5.0% | 5.1× | 96 |
| AN | $5.9B | 10.5× | — | 0.2× | 3.2% | 17.9% | 2.3% | 27.7% | 10.6% | — | 120 |
| RUSHA | $5.0B | 13.1× | 7.9× | 0.7× | -4.7% | 19.6% | 3.5% | 12.0% | 10.6% | 0.1× | 70 |
| OPLN | $4.8B | — | 17.9× | 2.5× | 8.2% | — | 9.2% | 14.3% | 10.0% | 1.4× | 62 |
| ABG | $3.6B | 7.9× | 7.6× | 0.2× | 4.7% | 17.1% | 2.7% | 12.6% | 6.6% | 3.8× | 388 |
| GPI | $3.1B | 10.3× | — | 0.1× | 13.2% | 16.0% | 1.4% | 11.7% | 5.0% | — | 74 |
| AAP | $2.7B | 61.8× | 13.2× | 0.3× | -5.4% | 43.4% | 0.5% | 2.0% | 0.8% | 1.3× | 73 |
| HZO | $1.2B | — | 24.8× | 0.5× | -5.0% | 32.5% | -1.4% | -3.4% | -1.6% | 10.8× | 38 |
Peers = companies sharing ORLY's sector (Retail-Auto & Home Supply Stores) 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.
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
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 $88.12 today, the market must believe free cash flow compounds 10.2%/yr for a decade (off $1.88B on the 3-yr avg basis).
On the basis ($1.85B) the requirement is 10.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 10.2% is more optimistic than its 9-yr track record.
Default is 7.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.80B shares (market data) · net debt $5.82B
mean 10.7% · volatility σ 44% · implied rate exceeded in 3/9 yrs
Central path = implied 10.2%/yr growth; shaded band = ±1σ (44%) 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.
No dividend to cover. Last year: $0 dividends + $2.10B buybacks = $2.10B returned on $1.59B 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).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 48%. 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 — 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 | $17.78B 100.0% | $16.71B 100.0% | $15.81B 100.0% | $14.41B 100.0% | $13.33B 100.0% | $11.60B 100.0% | $10.15B 100.0% | $9.54B 100.0% | $8.98B 100.0% | $8.59B 100.0% |
| Cost of Revenue | $8.61B 48.4% | $8.15B 48.8% | $7.71B 48.7% | $7.03B 48.8% | $6.31B 47.3% | $5.52B 47.6% | $4.76B 46.9% | $4.50B 47.2% | $4.26B 47.4% | $4.08B 47.5% |
| Cost of Products | — | — | — | — | — | — | — | — | $4.26B 47.4% | $4.08B 47.5% |
| Gross Profit | $9.17B 51.6% | $8.55B 51.2% | $8.10B 51.3% | $7.38B 51.2% | $7.02B 52.7% | $6.09B 52.4% | $5.39B 53.1% | $5.04B 52.8% | $4.72B 52.6% | $4.51B 52.5% |
| Selling, General & Admin | $5.71B 32.1% | $5.30B 31.7% | $4.92B 31.1% | $4.43B 30.7% | $4.10B 30.8% | $3.67B 31.6% | $3.47B 34.2% | $3.22B 33.8% | $3.00B 33.4% | $2.81B 32.7% |
| Operating Income | $3.46B 19.5% | $3.25B 19.5% | $3.19B 20.2% | $2.95B 20.5% | $2.92B 21.9% | $2.42B 20.8% | $1.92B 18.9% | $1.82B 19.0% | $1.73B 19.2% | $1.70B 19.8% |
| Interest Expense | $235.1M 1.3% | $222.5M 1.3% | $201.7M 1.3% | $157.7M 1.1% | $144.8M 1.1% | $161.1M 1.4% | $140.0M 1.4% | $122.1M 1.3% | $91.3M 1.0% | $70.9M 0.8% |
| Other Income (Expense), net | -$220.4M -1.2% | -$206.1M -1.2% | -$181.6M -1.1% | -$155.8M -1.1% | -$135.3M -1.0% | -$152.9M -1.3% | -$130.4M -1.3% | -$121.1M -1.3% | -$87.6M -1.0% | -$62.0M -0.7% |
| Pretax Income | $3.24B 18.2% | $3.05B 18.2% | $3.00B 19.0% | $2.80B 19.4% | $2.78B 20.9% | $2.27B 19.5% | $1.79B 17.6% | $1.69B 17.8% | $1.64B 18.2% | $1.64B 19.1% |
| Income Tax Expense | $702.0M 3.9% | $658.4M 3.9% | $658.2M 4.2% | $626.0M 4.3% | $617.2M 4.6% | $514.1M 4.4% | $399.3M 3.9% | $369.6M 3.9% | $504.0M 5.6% | $599.5M 7.0% |
| Net Income | $2.54B 14.3% | $2.39B 14.3% | $2.35B 14.8% | $2.17B 15.1% | $2.16B 16.2% | $1.75B 15.1% | $1.39B 13.7% | $1.32B 13.9% | $1.13B 12.6% | $1.04B 12.1% |
| Per Share | ||||||||||
| EPS (Basic) | $2.98 | $2.73 | $2.59 | $33.75 | $31.39 | $23.74 | $18.07 | $16.27 | $12.82 | $10.87 |
| EPS (Diluted) | $2.97 | $2.71 | $2.56 | $33.44 | $31.10 | $23.53 | $17.88 | $16.10 | $12.67 | $10.73 |
| Weighted Avg Shares (Basic) | 851.5M | 875.1M | 907.1M | 64.4M | 69.0M | 73.8M | 77.0M | 81.4M | 88.4M | 95.4M |
| Weighted Avg Shares (Diluted) | 855.9M | 880.6M | 915.0M | 65.0M | 69.6M | 74.5M | 77.8M | 82.3M | 89.5M | 96.7M |
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 $193.8M is below the $1.94B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.9% on $6.02B 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.
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 |
|---|---|---|---|---|---|
| 2026-08-28 | Hendrickson Thomas Director | Open-market sale | 1,000 | $87.83 | $88k |
| 2026-08-12 | Sastre Maria Director | Open-market sale | 2,000 | $91.85 | $184k |
| 2026-08-12 | 3 co-filers SVP OF PROF SALES & STORE OPS | Option exercise | 3,000 | $16.71 | $50k |
| 2026-08-12 | 3 co-filers SVP OF PROF SALES & STORE OPS |
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.
| 3,000 |
| $93.00 |
| $279k |
| 2026-08-12 | 3 co-filers SVP OF PROF SALES & STORE OPS | Option exercise | 3,000 | $0.00 | — |
| 2026-05-29 | Hendrickson Thomas Director | Open-market sale | 1,200 | $88.32 | $106k |
| 2026-05-20 | 5 co-filers SVP OF EASTERN STORE OPS/SALES | Option exercise | 9,600 | $17.12 | $164k |
| 2026-05-20 | 5 co-filers SVP OF EASTERN STORE OPS/SALES | Option exercise | 75,000 | $17.98 | $1.3m |
| 2026-05-20 | 5 co-filers SVP OF EASTERN STORE OPS/SALES | Exercise & sell | 84,600 | $92.60 | $7.8m |
| 2026-05-20 | 5 co-filers SVP OF EASTERN STORE OPS/SALES | Option exercise | 9,600 | $0.00 | — |
| 2026-05-20 | 5 co-filers SVP OF EASTERN STORE OPS/SALES | Option exercise | 75,000 | $0.00 | — |
| 2026-05-18 | Murphy John Raymond Director | Open-market sale | 2,595 | $88.67 | $230k |
| 2026-05-15 | Johnson Gregory D Director | Grant | 2,035 | $88.49 | $180k |
| 2026-05-15 | Debeers Kimberly A. Director | Grant | 2,035 | $88.49 | $180k |
| 2026-05-15 | Whitfield Fred Alan Director | Grant | 2,035 | $88.49 | $180k |
| 2026-05-15 | Perlman Dana Director | Grant | 2,035 | $88.49 | $180k |
| 2026-05-15 | Murphy John Raymond Director | Grant | 2,035 | $88.49 | $180k |
| 2026-05-15 | Hendrickson Thomas Director | Grant | 2,035 | $88.49 | $180k |
| 2026-05-15 | Sastre Maria Director | Grant | 2,035 | $88.49 | $180k |
| 2026-05-14 | Henslee Gregory L CHAIRMAN OF THE BOARD | Grant | 56,039 | $0.00 | — |
| 2026-05-08 | 3 co-filers CEO | Option exercise | 13,635 | $17.12 | $233k |
| 2026-05-08 | 3 co-filers CEO | Exercise & sell | 13,635 | $95.00 | $1.3m |
| 2026-05-08 | 3 co-filers CEO | Option exercise | 13,635 | $0.00 | — |
| 2026-05-07 | 3 co-filers SVP OF REAL ESTATE & EXPANSION | Option exercise | 3,700 | $17.98 | $67k |
| 2026-05-07 | 3 co-filers SVP OF REAL ESTATE & EXPANSION | Exercise & sell | 3,700 | $94.60 | $350k |
| 2026-05-07 | 3 co-filers SVP OF REAL ESTATE & EXPANSION | Option exercise | 3,700 | $0.00 | — |
| 2026-03-13 | Montellano Najera Jose A SVP OF WESTERN STORE OPS/SALES | Grant | 6,720 | $0.00 | — |
| 2026-03-13 | Gray Larry Dean SVP OF INVENTORY MANAGEMENT | Grant | 3,480 | $0.00 | — |
| 2026-02-27 | Sastre Maria Director | Open-market sale | 1,000 | $92.68 | $93k |
| 2026-01-30 | 2 co-filers CHAIRMAN OF THE BOARD | Tax withholding | 1,461 | $98.41 | $144k |
| 2026-01-30 | 2 co-filers EV CHAIRMAN OF THE BOARD | Tax withholding | 1,280 | $98.41 | $126k |
| 2026-01-29 | Loafman Jeffery Thomas SVP OF DISTRIBUTION OPERATIONS | Grant | 3,368 | $0.00 | — |
| 2026-01-29 | Kale Justin Christopher SVP CENTRAL STORE OPS & SALES | Grant | 3,368 | $0.00 | — |
| 2026-01-29 | Odems Ramon Parises SVP NORTHEAST STORE OPS &SALES | Grant | 3,368 | $0.00 | — |
| 2026-01-29 | Montellano Najera Jose A SVP OF WESTERN STORE OPS/SALES | Grant | 3,368 | $0.00 | — |
| 2026-01-29 | Reaves Shari Lynne SVP OF HR AND TRAINING | Grant | 3,368 | $0.00 | — |
| 2026-01-29 | Ross Scott Richard EVP & CIO | Grant | 17,034 | $0.00 | — |
| 2026-01-29 | Conn Tamara F. SVP OF LEGAL & GENERAL COUNSEL | Grant | 3,368 | $0.00 | — |
| 2026-01-29 | Gray Larry Dean SVP OF INVENTORY MANAGEMENT | Grant | 3,368 | $0.00 | — |
| 2026-01-29 | Hopper Philip M SVP OF REAL ESTATE & EXPANSION | Grant | 3,368 | $0.00 | — |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 93th 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 -333% against ROIC 48% — -381% 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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 47.2 | 46.9 | 47.6 | 47.3 | 48.8 | 48.7 | 48.8 | 48.4 |
| Gross Profit | 52.8 | 53.1 | 52.4 | 52.7 | 51.2 | 51.3 | 51.2 | 51.6 |
| SG&A | 33.8 | 34.2 | 31.6 | 30.8 | 30.7 | 31.1 | 31.7 | 32.1 |
| Operating Income | 19.0 | 18.9 | 20.8 | 21.9 | 20.5 | 20.2 | 19.5 | 19.5 |
| Income Tax | 3.9 | 3.9 | 4.4 | 4.6 | 4.3 | 4.2 | 3.9 | 3.9 |
| Net Income | 13.9 | 13.7 | 15.1 | 16.2 | 15.1 | 14.8 | 14.3 | 14.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ORLY: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
The spread has compressed 3 years running.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 24.0% | 7.2% (today's — no rate published for this year) | 16.9pts |
| FY2020 | 31.2% | 7.2% (today's — no rate published for this year) | 24.0pts |
| FY2021 | 40.0% | 6.1% | 33.9pts |
| FY2022 | 42.2% | 7.9% | 34.3pts |
| FY2023 | 40.9% | 7.4% | 33.4pts |
| FY2024 | 38.9% | 7.1% | 31.8pts |
| FY2025 | 35.0% | 6.4% | 28.7pts |
| Now | 48.3% | 7.2% | 41.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 52.5% | 19.8% | 12.1% |
| FY2017 | 52.6% | 19.2% | 12.6% |
| FY2018 | 52.8% | 19.0% | 13.9% |
| FY2019 | 53.1% | 18.9% | 13.7% |
| FY2020 | 52.4% | 20.8% | 15.1% |
| FY2021 | 52.7% | 21.9% | 16.2% |
| FY2022 | 51.2% | 20.5% | 15.1% |
| FY2023 | 51.3% | 20.2% | 14.8% |
| FY2024 | 51.2% | 19.5% | 14.3% |
| FY2025 | 51.6% | 19.5% | 14.3% |
$955M of goodwill — 13% 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.
The spread has been narrowing over the last three years.
Converts 0.96x of reported profit into cash — adequate, without much margin.
The cash conversion cycle has lengthened +18 days over 3 years to 35 — that many more days of the company's own cash funding the same volume of business.
Covers interest 10.3x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 14.72x |
| 5% | 13.99x |
| 10% | 13.25x |
| 15% | 12.51x |
| 20% | 11.78x |
| 25% | 11.04x |
| 30% | 10.31x |
| 35% | 9.57x |
| 40% | 8.83x |
| 45% | 8.10x |
| 50% | 7.36x |
| 55% | 6.62x |
| 60% | 5.89x |
Ladder as of 2025-12-31 (10-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 $88.12, free cash flow must compound 10.59%/yr for 10 years. It has done 6.69%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 119.5% | 10.6% |
| FY2021 | 16.6% | 10.6% |
| FY2022 | −6.5% | 10.6% |
| FY2023 | −21.6% | 10.6% |
| FY2024 | −0.1% | 10.6% |
| FY2025 | −21.4% | 10.6% |
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 | $2.54B | $2.54B |
| Share-based comp | $35M | $2.57B |
| Other non-cash & working capital | $189M | $2.76B |
| Operating cash flow | $2.76B | $2.76B |
| Capex | −$1.17B | $1.59B |
| Free cash flow | $1.59B | $1.59B |
| FCF after SBC | $1.56B | $1.56B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 14.3% | 6.9% | -7.5 points |
| FY2021 | 14.8% | 18.7% | 3.8 points |
| FY2022 | 8.1% | 25.9% | 17.8 points |
| FY2023 | 9.7% | 9.3% | -0.4 points |
| FY2024 | 5.7% | -4.9% | -10.5 points |
| FY2025 | 6.4% | 9.2% | 2.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 7.7 days | 265.1 days | 276.7 days | -3.8 days |
| FY2020 | 7.2 days | 241.6 days | 276.8 days | -27.9 days |
| FY2021 | 7.5 days | 213.3 days | 271.7 days | -50.9 days |
| FY2022 | 8.7 days | 226.4 days | 218.1 days | 17 days |
| FY2023 | 8.7 days | 220.6 days | 208.4 days | 20.9 days |
| FY2024 | 7.8 days | 228.1 days | 214.9 days | 21 days |
| FY2025 | 8 days | 243 days | 216.3 days | 34.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.0 percent |
| FY2020 | -9.3 percent |
| FY2021 | -8.9 percent |
| FY2022 | -7.7 percent |
| FY2023 | -5.0 percent |
| FY2024 | -4.5 percent |
| FY2025 | -1.4 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.