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Held by 127 of 2,417 reporting institutions (92th percentile) — extremely crowded.
Data as of Q3 2026
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Ranked against 22 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VLTO | $27.1B | 29.6× | 20.5× | 4.9× | 6.0% | 59.9% | 17.1% | 30.3% | 16.3% | 0.5× | 282 |
| FTV | $19.4B | 37.7× | 19.2× | 4.7× | 1.9% | 63.5% | 13.9% | 9.0% | 6.0% | 2.4× | 203 |
| RVTY | $17.5B | 75.8× | 26.0× | 6.1× | 3.7% | — | 8.4% | 3.3% | 2.3% | 3.0× | 133 |
| TRMB | $15.1B | 36.9× | 20.6× | 4.2× | -2.6% | 69.1% | 11.8% | 7.3% | 5.9% | 1.4× | 172 |
| MKSI | $13.7B | 46.2× | 27.9× | 3.5× | 9.6% | 46.7% | 7.5% | 10.8% | 4.3% | 6.0× | 148 |
| AVTR | $10.9B | — | — | 1.7× | -3.4% | 32.7% | -8.1% | -9.5% | -5.6% | — | 99 |
| BIO | $10.0B | 13.4× | 50.0× | 3.9× | 0.7% | 51.9% | 29.4% | 10.2% | 8.8% | 3.2× | — |
| NVMI | $9.9B | 39.2× | 36.4× | 11.3× | 31.0% | 57.4% | 29.4% | 19.7% | 19.7% | -0.8× | 64 |
| ONTO | $9.9B | 72.5× | 62.0× | 9.8× | 1.8% | 49.7% | 13.6% | 6.5% | 6.5% | -2.3× | 137 |
| CGNX | $9.4B | 82.6× | 50.2× | 9.5× | 8.7% | 66.9% | 11.5% | 7.7% | 7.7% | -1.4× | 158 |
| TXG | $9.1B | — | — | 14.2× | 5.2% | 69.1% | -6.8% | -5.5% | -5.5% | — | 96 |
| BRKR | $8.7B | — | 35.5× | 2.5× | 2.1% | 45.9% | -0.3% | -0.4% | -0.2% | 5.4× | — |
| RAL | $7.4B | — | — | 3.6× | -4.0% | 50.3% | -59.1% | -74.8% | -43.9% | — | 127 |
| ST | $5.9B | 191.8× | 16.4× | 1.6× | -5.8% | 29.3% | 0.8% | 1.1% | 0.6% | 4.6× | 91 |
| CAMT | $5.4B | 112.2× | 37.6× | 11.0× | 15.6% | 50.5% | 10.2% | 8.2% | 8.2% | -1.3× | 29 |
| VNT | $4.8B | 12.9× | 10.5× | 1.6× | 3.2% | — | 13.2% | 32.6% | 12.2% | 2.6× | 112 |
| MIR | $4.5B | 167.0× | 23.7× | 4.8× | 7.5% | 47.4% | 3.1% | 1.5% | 1.2% | 0.2× | 67 |
| BMI | $4.3B | 31.0× | 20.9× | 4.7× | 10.9% | 41.7% | 15.5% | 19.9% | 19.9% | -1.2× | 106 |
| ITRI | $4.2B | 14.7× | 12.2× | 1.8× | -3.0% | 37.7% | 12.7% | 17.5% | 10.2% | 0.6× | 87 |
| AEHR | $1.8B | — | — | 35.9× | -15.2% | 35.3% | -14.3% | -3.2% | -3.2% | — | 52 |
| ALNT | $1.5B | 64.8× | 23.0× | 2.6× | 4.6% | 32.8% | 4.0% | 7.3% | 4.6% | 2.0× | 37 |
| TRNS | $808M | 151.4× | 22.9× | 2.4× | 19.2% | 32.6% | 1.6% | 1.8% | 1.3% | 2.4× | 21 |
| CTKB | $797M | — | — | 4.0× | 0.5% | 51.8% | -33.0% | -19.5% | -19.5% | — | 20 |
Peers = companies sharing RAL's sector (Industrial Instruments For Measurement, Display, and Control) 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 3% of free cash flow, leaving room to grow it and fund buybacks. Last year: $11.3M dividends + $0 buybacks = $11.3M returned on $358.4M FCF.
1 consecutive years of dividend increases.
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 3 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -44%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 3 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
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 $67.21 today, the market must believe free cash flow compounds 8.6%/yr for a decade (off $403.7M on the 3-yr avg basis).
On the basis ($368.5M) the requirement is 9.9%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 8.6% is more optimistic than its 2-yr track record.
Default is 10.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.11B shares (market data) · net debt $830.0M
mean -8.8% · volatility σ 8% · implied rate exceeded in 0/2 yrs
Central path = implied 8.6%/yr growth; shaded band = ±1σ (8%) 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.
Cash of $318.8M is below the $530.8M 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).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~2.8% on $1.15B of debt.
Cash of $318.8M is below short-term debt of $530.4M — relies on refinancing/operations.
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.
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
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 |
|---|---|---|---|
| Revenue | $2.07B 100.0% | $2.15B 100.0% | $2.16B 100.0% |
| Cost of Revenue | $1.03B 49.7% | $1.04B 48.4% | $1.04B 48.1% |
| Gross Profit | $1.04B 50.3% | $1.11B 51.6% | $1.12B 51.9% |
| Research & Development | $165.0M 8.0% | $163.5M 7.6% | $161.5M 7.5% |
| Selling, General & Admin | $616.6M 29.8% | $552.1M 25.6% | $446.4M 20.7% |
| Total Operating Expenses | $781.6M 37.8% | $715.6M 33.2% | $607.9M 28.2% |
| Operating Income | -$1.18B -57.2% | $459.6M 21.3% | $511.8M 23.7% |
| Interest Expense | $32.3M 1.6% | $0 0.0% | $0 0.0% |
| Other Income (Expense), net | -$1.1M -0.1% | -$1.4M -0.1% | -$2.0M -0.1% |
| Pretax Income | -$1.22B -58.8% | $432.6M 20.1% | $509.8M 23.6% |
| Income Tax Expense | $6.1M 0.3% | $78.0M 3.6% | $93.0M 4.3% |
| Net Income | -$1.22B -59.1% | $354.6M 16.5% | $416.8M 19.3% |
| Per Share | |||
| EPS (Basic) | -$10.84 | $3.15 | $3.70 |
| EPS (Diluted) | -$10.84 | $3.15 | $3.70 |
| Weighted Avg Shares (Basic) | 112.8M | 112.7M | 112.7M |
| Weighted Avg Shares (Diluted) | 112.8M | 112.7M | 112.7M |
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.
EOD close · as of 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -75% against ROIC -44% — -31% 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 -45.3% — 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
High operating leverage: profit moved 89.6× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Cost of Revenue | 48.1 | 48.4 | 49.7 |
| Gross Profit | 51.9 | 51.6 | 50.3 |
| R&D | 7.5 | 7.6 | 8.0 |
| SG&A | 20.7 | 25.6 | 29.8 |
| Operating Income | 23.7 | 21.3 | -57.2 |
| Income Tax | 4.3 | 3.6 | 0.3 |
| Net Income | 19.3 | 16.5 | -59.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on RAL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -41.65pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2023 | 18.5% | 10.3% (today's — no rate published for this year) | 8.2pts |
| FY2024 | 9.8% | 10.3% (today's — no rate published for this year) | -0.5pts |
| FY2025 | -37.5% | 9.5% | -47.0pts |
| Now | -43.9% | 10.3% | -54.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2023 | 51.9% | 23.7% | 19.3% |
| FY2024 | 51.6% | 21.3% | 16.5% |
| FY2025 | 50.3% | -57.2% | -59.1% |
Return on equity is 31 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
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.
$1.6B of goodwill — 52% 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. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
Margins have compressed 2 years running even as the spread stayed positive.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
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.
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: ebitda.
At $67.21, free cash flow must compound 8.73%/yr for 10 years. It has done -8.98%/yr over 2 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2024 | −2.9% | 8.7% |
| FY2025 | −14.7% | 8.7% |
The implied rate of 8.73% has not been achieved in any of the last 2 years.
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 | 5 co-filers President and CEO | Option exercise | 9,633 | $31.86 | $307k |
| 2026-10-14 | 5 co-filers President and CEO | Option exercise | 3,303 | $31.86 | $105k |
| 2026-10-14 | 5 co-filers President and CEO | 10b5-1 plan sale | 12,936 | $70.58 | $913k |
| 2026-10-14 | 5 co-filers President and CEO | Option exercise |
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.
| 9,633 |
| $0.00 |
| — |
| 2026-10-14 | 5 co-filers President and CEO | Option exercise | 3,303 | $0.00 | — |
| 2026-09-23 | Kazmi Amir A. SVP - Chief Technology Officer | Grant | 2 | $69.99 | — |
| 2026-09-23 | Bick Karen M. SVP - Chief People Officer | Grant | 4 | $69.99 | — |
| 2026-09-23 | Boatman Jonathon E. SVP - Chief Legal Officer | Grant | 2 | $69.99 | — |
| 2026-09-23 | Osben Teo Chief Accounting Officer | Grant | 4 | $69.99 | — |
| 2026-09-23 | Newcombe Tamara S. President and CEO | Grant | 11 | $69.99 | — |
| 2026-09-23 | Reynolds Neill SVP - Chief Financial Officer | Grant | 2 | $69.99 | — |
| 2026-09-14 | 5 co-filers President and CEO | Option exercise | 9,633 | $31.86 | $307k |
| 2026-09-14 | 5 co-filers President and CEO | Option exercise | 3,303 | $31.86 | $105k |
| 2026-09-14 | 5 co-filers President and CEO | 10b5-1 plan sale | 12,936 | $65.30 | $845k |
| 2026-09-14 | 5 co-filers President and CEO | Option exercise | 9,633 | $0.00 | — |
| 2026-09-14 | 5 co-filers President and CEO | Option exercise | 3,303 | $0.00 | — |
| 2026-08-17 | 2 co-filers SVP - Chief People Officer | 10b5-1 plan sale | 6,062 | $72.00 | $436k |
| 2026-08-15 | 2 co-filers Chief Accounting Officer | Grant | 14,542 | — | — |
| 2026-08-14 | 6 co-filers President and CEO | Option exercise | 9,633 | $31.86 | $307k |
| 2026-08-14 | Reynolds Neill SVP - Chief Financial Officer | Tax withholding | 5,674 | $72.29 | $410k |
| 2026-08-14 | Kazmi Amir A. SVP - Chief Technology Officer | Tax withholding | 4,345 | $72.29 | $314k |
| 2026-08-14 | 2 co-filers SVP - Chief People Officer | Tax withholding | 4,922 | $72.29 | $356k |
| 2026-08-14 | Boatman Jonathon E. SVP - Chief Legal Officer | Tax withholding | 1,070 | $72.29 | $77k |
| 2026-08-14 | 2 co-filers Chief Accounting Officer | Tax withholding | 2,096 | $72.29 | $152k |
| 2026-08-14 | 6 co-filers President and CEO | Option exercise | 3,303 | $31.86 | $105k |
| 2026-08-14 | 6 co-filers President and CEO | 10b5-1 plan sale | 12,936 | $71.79 | $929k |
| 2026-08-14 | 6 co-filers President and CEO | Tax withholding | 5,070 | $72.29 | $367k |
| 2026-08-14 | 6 co-filers President and CEO | Option exercise | 9,633 | $0.00 | — |
| 2026-08-14 | 6 co-filers President and CEO | Option exercise | 3,303 | $0.00 | — |
| 2026-06-23 | Boatman Jonathon E. SVP - Chief Legal Officer | Grant | 2 | $69.22 | — |
| 2026-06-23 | Osben Teo Chief Accounting Officer | Grant | 4 | $69.22 | — |
| 2026-06-23 | Newcombe Tamara S. President and CEO | Grant | 11 | $69.22 | — |
| 2026-06-23 | Reynolds Neill SVP - Chief Financial Officer | Grant | 2 | $69.22 | — |
| 2026-06-23 | Kazmi Amir A. SVP - Chief Technology Officer | Grant | 2 | $69.22 | — |
| 2026-06-23 | Bick Karen M. SVP - Chief People Officer | Grant | 4 | $69.22 | — |
| 2026-06-05 | Bryant Kevin E. Director | Grant | 3,225 | $0.00 | $0 |
| 2026-06-05 | Sacks Anelise Angelino Director | Grant | 3,225 | $0.00 | $0 |
| 2026-06-05 | Worrell Brian Director | Grant | 3,225 | $0.00 | $0 |
| 2026-06-05 | 2 co-filers Group filing | Grant | 3,225 | $0.00 | $0 |
| 2026-06-05 | Schrimsher Neil A Director | Grant | 3,225 | $0.00 | $0 |