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Data as of Q3 2026
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Ranked against 24 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ZLAB | $2.8B | — | — | 6.0× | 15.3% | 58.6% | -38.1% | -24.5% | -19.1% | — | 8 |
| SUPN | $2.4B | — | 78.8× | 3.4× | 8.6% | 89.6% | -5.4% | -3.6% | -3.6% | -4.4× | 60 |
| HCM | $2.4B | 26.1× | — | 4.3× | -13.0% | 38.7% | 83.3% | 36.9% | 34.3% | — | 8 |
| PBH | $2.3B | 12.5× | 9.5× | 2.1× | -4.3% | 54.7% | 17.5% | 10.1% | 6.6% | 2.7× | 57 |
| AUPH | $2.3B | 8.3× | 17.8× | 8.1× | 20.4% | 88.5% | — | 49.4% | 49.4% | -0.6× | 41 |
| HRMY | $2.2B | 14.2× | — | 2.6× | 21.5% | 77.2% | 18.3% | 18.2% | 15.3% | — | 67 |
| SDGR | $2.2B | — | — | 8.8× | 23.3% | 55.7% | -40.4% | -28.4% | -28.4% | — | 58 |
| AGIO | $2.2B | — | — | 41.1× | 48.0% | 88.3% | -764% | -34.6% | -34.6% | — | 35 |
| PRGO | $2.2B | — | — | 0.5× | -2.8% | 35.1% | -33.5% | -48.6% | -21.7% | — | 72 |
| SRPT | $2.0B | — | — | 0.9× | 15.6% | 98.8% | -32.5% | -62.5% | -36.2% | — | 47 |
| ANIP | $1.7B | 22.0× | 14.2× | 1.9× | 43.8% | — | 8.9% | 14.5% | 9.2% | 0.2× | 46 |
| OCUL | $1.6B | — | — | 30.9× | -18.5% | 87.3% | -512% | -40.6% | -40.6% | — | 39 |
| PAHC | $1.6B | 16.0× | 6.2× | 1.0× | 17.1% | 33.8% | 6.6% | 25.9% | 25.9% | -0.3× | 41 |
| INVA | $1.5B | 6.5× | — | 3.7× | 14.7% | 74.8% | 65.9% | 23.1% | 19.0% | — | 54 |
| ETON | $1.5B | — | — | 19.2× | 105% | 53.5% | -5.8% | -17.6% | -8.1% | — | 36 |
| ANAB | $1.5B | — | 5.8× | 6.2× | 157% | — | -5.6% | -35.6% | -35.6% | -0.6× | 28 |
| PCRX | $1.5B | 227.4× | 15.1× | 2.0× | 3.6% | 79.4% | 1.0% | 1.0% | 0.7% | 1.9× | 48 |
| NKTR | $1.3B | — | — | 24.2× | -43.9% | 100% | -297% | -183% | -183% | — | 23 |
| MRVI | $1.3B | — | — | 6.8× | -28.3% | 18.3% | -70.4% | -61.6% | -25.9% | — | 20 |
| OPK | $1.2B | — | — | 2.0× | -14.9% | 33.9% | -37.2% | -17.8% | -14.0% | — | 32 |
| AMPH | $1.1B | 13.3× | 9.3× | 1.6× | -1.7% | 49.5% | 13.6% | 12.4% | 7.0% | 2.6× | 44 |
| MNKD | $1.1B | 175.0× | 30.0× | 3.2× | 22.2% | 92.3% | 1.7% | -11.5% | 1.9% | 6.0× | 48 |
| HROW | $1.1B | — | — | 4.1× | 36.4% | 75.1% | -1.9% | -9.8% | -1.7% | — | 36 |
| RIGL | $961M | 2.6× | 7.6× | 3.3× | 64.1% | 93.3% | — | 93.8% | 82.7% | 0.1× | 29 |
| CYRX | $926M | 13.1× | — | 5.3× | 12.4% | 47.1% | 44.4% | 15.6% | 15.6% | — | 26 |
Peers = companies sharing PAHC's sector (Pharmaceutical Preparations) 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.
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.
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
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 |
|---|---|---|---|---|---|
| 2026-08-06 | David Glenn Chief Financial Officer | Grant37d late | 3,482 | $0.00 | $0 |
| 2026-08-06 | Miller Larry Lee Chief Operating Officer | Grant37d late | 3,726 | $0.00 | $0 |
| 2026-08-06 | Rodriguez Patrick VP Finance and Treasurer | Grant | 1,503 | $0.00 | $0 |
| 2026-08-06 |
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.
| Grant |
| 2,716 |
| $0.00 |
| $0 |
| 2026-08-06 | Weinstein Judith See Remarks | Grant | 2,478 | $0.00 | $0 |
| 2026-08-06 | 2 co-filers Executive Chairman | Grant | 12,103 | $0.00 | $0 |
| 2026-08-06 | Escudero Lisa Ann See Remarks | Grant | 1,547 | $0.00 | $0 |
| 2026-08-06 | Bendheim Daniel M President and CEO | Grant | 11,699 | $0.00 | $0 |
| 2026-08-04 | 2 co-filers Executive Chairman | Other | 2,303 | $36.60 | $84k |
| 2026-08-04 | Escudero Lisa Ann See Remarks | Other | 265 | $36.60 | $10k |
| 2026-08-04 | Miller Larry Lee Chief Operating Officer | Other | 635 | $36.60 | $23k |
| 2026-08-04 | Weinstein Judith See Remarks | Other | 472 | $36.60 | $17k |
| 2026-08-04 | David Glenn Chief Financial Officer | Other | 840 | $36.60 | $31k |
| 2026-08-04 | Bendheim Daniel M President and CEO | Other | 486 | $36.60 | $18k |
| 2026-07-01 | Bendheim Daniel M President and CEO | Grant | 300,000 | $0.00 | — |
| 2026-05-29 | Corcoran E Thomas Director | Plan purchase | 10,000 | $31.77 | $318k |
| 2026-05-07 | 14 co-filers President and CEO | 10b5-1 plan saleindirect | 1,350 | $47.59 | $64k |
| 2026-05-07 | 14 co-filers President and CEO | 10b5-1 plan saleindirect | 1,149 | $48.31 | $56k |
| 2026-05-07 | 14 co-filers President and CEO | 10b5-1 plan saleindirect | 2,029 | $49.19 | $100k |
| 2026-05-06 | 14 co-filers President and CEO | 10b5-1 plan saleindirect | 5,634 | $57.18 | $322k |
| 2026-05-06 | 14 co-filers President and CEO | 10b5-1 plan saleindirect | 1,406 | $58.13 | $82k |
| 2026-05-05 | 14 co-filers President and CEO | 10b5-1 plan saleindirect | 6,264 | $55.73 | $349k |
| 2026-05-05 | 14 co-filers President and CEO | 10b5-1 plan saleindirect | 776 | $56.37 | $44k |
| 2026-04-30 | 14 co-filers President and CEO | 10b5-1 plan saleindirect | 5,805 | $52.65 | $306k |
| 2026-04-30 | 14 co-filers President and CEO | 10b5-1 plan saleindirect | 1,235 | $53.32 | $66k |
| 2026-04-29 | 14 co-filers President and CEO | 10b5-1 plan saleindirect | 4,002 | $52.70 | $211k |
| 2026-04-29 | 14 co-filers President and CEO | 10b5-1 plan saleindirect | 3,038 | $53.21 | $162k |
| 2026-04-28 | 14 co-filers President and CEO | 10b5-1 plan saleindirect | 1,652 | $55.10 | $91k |
| 2026-04-28 | 14 co-filers President and CEO | 10b5-1 plan saleindirect | 4,591 | $56.06 | $257k |
| 2026-04-28 | 14 co-filers President and CEO | 10b5-1 plan saleindirect | 797 | $56.69 | $45k |
| 2026-04-23 | 10 co-filers President and CEO | 10b5-1 plan saleindirect | 6,619 | $54.07 | $358k |
| 2026-04-23 | 10 co-filers President and CEO | 10b5-1 plan saleindirect | 421 | $54.56 | $23k |
| 2026-04-22 | 10 co-filers President and CEO | 10b5-1 plan saleindirect | 7,040 | $54.29 | $382k |
| 2026-04-21 | 10 co-filers President and CEO | 10b5-1 plan saleindirect | 1,625 | $55.35 | $90k |
| 2026-04-21 | 10 co-filers President and CEO | 10b5-1 plan saleindirect | 5,415 | $56.17 | $304k |
| 2026-04-16 | 18 co-filers President and CEO | Otherindirect | 100,000 | $0.00 | $0 |
| 2026-04-16 | 18 co-filers President and CEO | 10b5-1 plan saleindirect | 5,190 | $54.56 | $283k |
| 2026-04-16 | 18 co-filers President and CEO | 10b5-1 plan saleindirect | 1,850 | $54.88 | $102k |
| 2026-04-16 | 18 co-filers President and CEO | Otherindirect | 100,000 | $0.00 | — |
| 2026-04-15 | 18 co-filers President and CEO | 10b5-1 plan saleindirect | 2,623 | $56.27 | $148k |
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (197%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $19.5M dividends + $0 buybacks = $19.5M returned on $9.9M 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 reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 26%. 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 | $1.52B 100.0% | $1.30B 100.0% | $1.02B 100.0% | $977.9M 100.0% | $942.3M 100.0% | $833.4M 100.0% | $800.4M 100.0% | $828.0M 100.0% | $820.0M 100.0% | $764.3M 100.0% |
| Cost of Revenue | $1.01B 66.2% | $896.3M 69.1% | $704.6M 69.2% | $679.7M 69.5% | $656.9M 69.7% | $562.0M 67.4% | $543.5M 67.9% | $563.4M 68.0% | $553.1M 67.5% | $516.0M 67.5% |
| Cost of Products | — | — | — | — | — | — | — | — | — | $516.0M 67.5% |
| Gross Profit | $512.5M 33.8% | $399.9M 30.9% | $313.1M 30.8% | $298.2M 30.5% | $285.4M 30.3% | $271.4M 32.6% | $256.9M 32.1% | $264.6M 32.0% | $266.9M 32.5% | $248.2M 32.5% |
| Research & Development | $24.6M 1.6% | $23.7M 1.8% | $29.2M 2.9% | $24.4M 2.5% | $20.8M 2.2% | $17.8M 2.1% | $13.7M 1.7% | $12.1M 1.5% | $10.0M 1.2% | $9.4M 1.2% |
| Selling, General & Admin | $318.1M 21.0% | $289.5M 22.3% | $259.8M 25.5% | $226.4M 23.2% | $206.4M 21.9% | $196.5M 23.6% | $187.7M 23.5% | $181.4M 21.9% | $168.0M 20.5% | $150.3M 19.7% |
| Operating Income | $194.4M 12.8% | $110.5M 8.5% | $53.3M 5.2% | $71.8M 7.3% | $79.0M 8.4% | $74.9M 9.0% | $69.2M 8.6% | $83.2M 10.1% | $98.9M 12.1% | $97.9M 12.8% |
| Interest Expense | $46.4M 3.1% | $37.2M 2.9% | $23.0M 2.3% | $18.7M 1.9% | $12.7M 1.3% | $13.7M 1.6% | $14.6M 1.8% | $13.7M 1.7% | $13.6M 1.7% | $16.9M 2.2% |
| Pretax Income | $137.3M 9.0% | $68.0M 5.2% | $10.9M 1.1% | $54.1M 5.5% | $72.3M 7.7% | $66.5M 8.0% | $55.5M 6.9% | $71.5M 8.6% | $88.1M 10.7% | $80.5M 10.5% |
| Income Tax Expense | $37.6M 2.5% | $19.7M 1.5% | $8.5M 0.8% | $21.5M 2.2% | $23.2M 2.5% | $12.1M 1.4% | $22.0M 2.7% | $16.8M 2.0% | $23.2M 2.8% | $15.9M 2.1% |
| Net Income | $99.7M 6.6% | $48.3M 3.7% | $2.4M 0.2% | $32.6M 3.3% | $49.2M 5.2% | $54.4M 6.5% | $33.6M 4.2% | $54.7M 6.6% | $64.9M 7.9% | $64.6M 8.5% |
| Per Share | ||||||||||
| EPS (Basic) | $2.46 | $1.19 | $0.06 | $0.81 | $1.21 | $1.34 | $0.83 | $1.35 | $1.61 | $1.63 |
| EPS (Diluted) | $2.43 | $1.19 | $0.06 | $0.81 | $1.21 | $1.34 | $0.83 | $1.35 | $1.61 | $1.61 |
| Weighted Avg Shares (Basic) | 40.5M | 40.5M | 40.5M | 40.5M | 40.5M | 40.5M | 40.5M | 40K | 40K | 40K |
| Weighted Avg Shares (Diluted) | 41.0M | 40.7M | 40.5M | 40.5M | 40.5M | 40.5M | 40.5M | 41K | 40K | 40K |
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 13-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 13-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 26% against ROIC 26% — 0% 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 29.7% — 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 4.4× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 68.0 | 67.9 | 67.4 | 69.7 | 69.5 | 69.2 | 69.1 | 66.2 |
| Gross Profit | 32.0 | 32.1 | 32.6 | 30.3 | 30.5 | 30.8 | 30.9 | 33.8 |
| R&D | 1.5 | 1.7 | 2.1 | 2.2 | 2.5 | 2.9 | 1.8 | 1.6 |
| SG&A | 21.9 | 23.5 | 23.6 | 21.9 | 23.2 | 25.5 | 22.3 | 21.0 |
| Operating Income | 10.1 | 8.6 | 9.0 | 8.4 | 7.3 | 5.2 | 8.5 | 12.8 |
| Income Tax | 2.0 | 2.7 | 1.4 | 2.5 | 2.2 | 0.8 | 1.5 | 2.5 |
| Net Income | 6.6 | 4.2 | 6.5 | 5.2 | 3.3 | 0.2 | 3.7 | 6.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on PAHC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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 $38.88 today, the market must believe free cash flow compounds 20.8%/yr for a decade (off $32.7M on the 3-yr avg basis).
On the basis ($31.8M) the requirement is 21.2%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 20.8% is more optimistic than its 9-yr track record.
Default is 10.7% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.04B shares (market data) · net debt -$61.4M
mean -41.9% · volatility σ 55% · implied rate exceeded in 1/7 yrs
Central path = implied 20.8%/yr growth; shaded band = ±1σ (55%) 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.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Earns 5.28pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 25.3% | 10.7% (today's — no rate published for this year) | 14.6pts |
| FY2021 | 21.9% | 10.7% (today's — no rate published for this year) | 11.2pts |
| FY2022 | 10.4% | 7.5% | 2.9pts |
| FY2023 | 8.0% | 8.2% | -0.2pts |
| FY2024 | 6.7% | 9.3% | -2.6pts |
| FY2025 | 8.4% | 9.5% | -1.1pts |
| FY2026 | 33.2% | 11.0% | 22.2pts |
| Now | 25.9% | 10.7% | 15.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 32.5% | 12.8% | 8.5% |
| FY2018 | 32.5% | 12.1% | 7.9% |
| FY2019 | 32.0% | 10.1% | 6.6% |
| FY2020 | 32.1% | 8.6% | 4.2% |
| FY2021 | 32.6% | 9.0% | 6.5% |
| FY2022 | 30.3% | 8.4% | 5.2% |
| FY2023 | 30.5% | 7.3% | 3.3% |
| FY2024 | 30.8% | 5.2% | 0.2% |
| FY2025 | 30.9% | 8.5% | 3.7% |
| FY2026 | 33.8% | 12.8% | 6.6% |
Return on equity (26%) and return on invested capital (26%) are within a couple of points in FY2026, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$60M of goodwill — 7% 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 was positive in only 2 of the last 5 years.
Converts 3.77x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $10M; after share-based compensation it is $8M. The difference is a real cost that the cash flow statement adds back.
Covers interest 2.9x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 4.19x |
| 5% | 3.98x |
| 10% | 3.77x |
| 15% | 3.56x |
| 20% | 3.35x |
| 25% | 3.14x |
| 30% | 2.93x |
| 35% | 2.72x |
| 40% | 2.51x |
| 45% | 2.30x |
| 50% | 2.09x |
| 55% | 1.88x |
| 60% | 1.68x |
Balance sheet at 2026-06-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 4.2x today but falls to 2.9x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $38.88, free cash flow must compound 21.27%/yr for 10 years. It has done -14.53%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −25.0% | 21.3% |
| FY2022 | −128.4% | 21.3% |
| FY2025 | −9.8% | 21.3% |
| FY2026 | −76.4% | 21.3% |
The implied rate of 21.27% has not been achieved in any of the last 4 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $100M | $100M |
| Share-based comp | $2M | $101M |
| Other non-cash & working capital | −$32M | $69M |
| Operating cash flow | $69M | $69M |
| Capex | −$59M | $10M |
| Free cash flow | $10M | $10M |
| FCF after SBC | $8M | $8M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 4.1% | 16.1% | 11.9 points |
| FY2022 | 13.1% | 13.4% | 0.3 points |
| FY2023 | 3.8% | -1.8% | -5.6 points |
| FY2024 | 4.1% | 3.6% | -0.4 points |
| FY2025 | 27.4% | 34.5% | 7.2 points |
| FY2026 | 17.1% | 4.7% | -12.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 57.7 days | 132.1 days | 44.4 days | 145.4 days |
| FY2021 | 64.3 days | 140.5 days | 44.4 days | 160.4 days |
| FY2022 | 64.5 days | 144 days | 53.1 days | 155.4 days |
| FY2023 | 61 days | 149.1 days | 39.7 days | 170.4 days |
| FY2024 | 60.8 days | 137.8 days | 44.3 days | 154.2 days |
| FY2025 | 64.2 days | 181 days | 56.3 days | 188.9 days |
| FY2026 | 57.4 days | 194.1 days | 46.2 days | 205.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -3.3 percent |
| FY2021 | 0.7 percent |
| FY2022 | 1.9 percent |
| FY2023 | 2.0 percent |
| FY2024 | -8.7 percent |
| FY2025 | -2.3 percent |
| FY2026 | 2.0 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.