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Insufficient data to determine institutional momentum.
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 18 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CPNG | $25.8B | 130.6× | 21.3× | 0.8× | 14.1% | 29.4% | 0.6% | 4.5% | 3.3% | -4.8× | 108 |
| CDW | $19.2B | 19.0× | 12.4× | 0.9× | 6.8% | 21.7% | 4.8% | 40.9% | 13.0% | 2.6× | 201 |
| W | $16.5B | — | 56.7× | 1.3× | 5.1% | 30.2% | -2.5% | 11.3% | -63.9% | 5.6× | 91 |
| DKS | $14.2B | 14.4× | 8.1× | 0.8× | 28.1% | 32.9% | 4.9% | 15.3% | 15.3% | -0.9× | 199 |
| CHWY | $8.6B | 40.9× | 20.1× | 0.7× | 6.2% | 29.8% | 1.8% | 44.7% | 44.7% | -2.2× | 130 |
| FCFS | $7.8B | 24.4× | — | 2.1× | 8.0% | 50.3% | 9.0% | 14.5% | 7.4% | — | 110 |
| VIPS | $6.1B | 1.3× | 2.6× | 0.4× | 2.0% | 23.1% | 6.8% | 17.7% | 15.5% | -1.8× | 45 |
| NSIT | $5.2B | 36.7× | 11.1× | 0.6× | -5.2% | 21.4% | 1.9% | 9.5% | 9.5% | -0.8× | 66 |
| BBWI | $4.6B | 7.3× | 5.5× | 0.6× | -0.2% | 43.7% | 8.9% | -50.7% | 24.9% | 2.1× | 91 |
| SIG | $4.6B | 16.8× | 6.8× | 0.7× | 1.6% | 39.5% | 4.3% | 15.0% | 15.0% | -1.6× | 65 |
| ASO | $3.6B | 10.7× | 6.0× | 0.6× | 2.0% | 34.8% | 6.2% | 17.4% | 14.2% | 0.2× | 73 |
| PTRN | $3.0B | — | 64.1× | 1.2× | 39.3% | 43.6% | 0.6% | 2.8% | 2.8% | -6.8× | 13 |
| GRDN | $2.6B | — | 26.3× | 1.8× | 17.9% | 20.2% | 3.4% | 22.6% | 22.6% | -0.7× | 19 |
| GCT | $2.2B | 16.9× | 11.6× | 1.7× | 11.1% | 23.3% | 10.6% | 28.3% | 28.3% | -2.5× | 41 |
| EZPW | $1.7B | 19.8× | 9.8× | 1.4× | 9.7% | 58.5% | 8.6% | 10.7% | 7.1% | 0.3× | 63 |
| SBH | $1.7B | 9.7× | 5.7× | 0.5× | -0.4% | 51.6% | 5.3% | 24.7% | 11.7% | 1.7× | 51 |
| RVLV | $1.6B | 26.9× | 17.1× | 1.3× | 8.5% | 53.5% | 5.0% | 12.0% | 12.0% | -3.7× | 31 |
| SVV | $1.4B | 67.6× | 10.2× | 0.9× | 9.2% | — | 1.3% | 5.2% | 2.0% | 3.1× | 24 |
| REAL | $1.4B | — | 135.6× | 2.0× | 15.4% | 74.6% | -6.0% | 10.1% | 10.1% | -16.7× | 31 |
Peers = companies sharing SIG's sector (Retail-Jewelry 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
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 15%. 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.38B covers all $147.8M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2024-02-03 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~9.2% on $147.4M of debt. Interest last disclosed in FY2023 (no longer broken out).
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. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 10% of free cash flow, leaving room to grow it and fund buybacks. Last year: $51.9M dividends + $205.2M buybacks = $257.1M returned on $525.3M FCF.
5 consecutive years of dividend increases · 2%/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.
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 | FY2026 | FY2025 | FY2023 | FY2022 | FY2021 | FY2021 | FY2020 | FY2019 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.81B 100.0% | $6.70B 100.0% | $7.17B 100.0% | $7.84B 100.0% | $7.83B 100.0% | $5.23B 100.0% | $6.14B 100.0% | $6.25B 100.0% | $6.25B 100.0% | $6.41B 100.0% |
| Cost of Revenue | $4.12B 60.5% | $4.08B 60.8% | $4.35B 60.6% | $4.79B 61.1% | $4.70B 60.1% | $3.49B 66.8% | $3.90B 63.6% | $4.02B 64.4% | $4.06B 65.0% | $4.05B 63.2% |
| Cost of Products | — | — | — | — | — | — | — | — | $4.06B 65.0% | $4.05B 63.2% |
| Gross Profit | $2.69B 39.5% | $2.63B 39.2% | $2.83B 39.4% | $3.05B 38.9% | $3.12B 39.9% | $1.73B 33.1% | $2.22B 36.2% | $2.16B 34.6% | $2.19B 35.0% | $2.36B 36.8% |
| Selling, General & Admin | $2.17B 31.9% | $2.12B 31.7% | $2.20B 30.6% | $2.21B 28.2% | $2.23B 28.5% | $1.59B 30.4% | $1.92B 31.3% | $1.99B 31.8% | $1.87B 29.9% | $1.88B 29.3% |
| Operating Income | $393.1M 5.8% | $110.7M 1.7% | $621.5M 8.7% | $604.9M 7.7% | $903.4M 11.5% | -$57.7M -1.1% | $158.3M 2.6% | -$764.6M -12.2% | $579.9M 9.3% | $763.2M 11.9% |
| Interest Expense | — | — | — | $13.5M 0.2% | $16.9M 0.2% | $32.0M 0.6% | $35.6M 0.6% | $39.7M 0.6% | $52.7M 0.8% | $49.4M 0.8% |
| Interest & Investment Income | — | — | $0 0.0% | $0 0.0% | $6.5M 0.1% | $4.2M 0.1% | $0 0.0% | $22.8M 0.4% | $258.1M 4.1% | $282.5M 4.4% |
| Other Income (Expense), net | $1.0M 0.0% | $3.7M 0.1% | -$400K -0.0% | -$140.2M -1.8% | -$2.1M -0.0% | $0 0.0% | $7.0M 0.1% | $1.7M 0.0% | $0 0.0% | $0 0.0% |
| Pretax Income | $398.1M 5.8% | $124.2M 1.9% | $639.8M 8.9% | $451.2M 5.8% | $884.4M 11.3% | -$89.7M -1.7% | $129.7M 2.1% | -$802.6M -12.8% | $527.2M 8.4% | $713.8M 11.1% |
| Income Tax Expense | $103.7M 1.5% | $63.0M 0.9% | -$170.6M -2.4% | $74.5M 1.0% | $114.5M 1.5% | -$74.5M -1.4% | $24.2M 0.4% | -$145.2M -2.3% | $7.9M 0.1% | $170.6M 2.7% |
| Net Income | $294.4M 4.3% | $61.2M 0.9% | $810.4M 11.3% | $376.7M 4.8% | $769.9M 9.8% | -$15.2M -0.3% | $105.5M 1.7% | -$657.4M -10.5% | $519.3M 8.3% | $543.2M 8.5% |
| Per Share | ||||||||||
| EPS (Basic) | $7.13 | -$0.81 | $17.28 | $7.34 | $14.01 | -$0.94 | $1.40 | -$12.62 | $7.72 | $7.13 |
| EPS (Diluted) | $7.08 | -$0.81 | $15.01 | $6.64 | $12.22 | -$0.94 | $1.40 | -$12.62 | $7.44 | $7.08 |
| Weighted Avg Shares (Basic) | 41.3M | 44.1M | 44.9M | 46.6M | 52.5M | 52.0M | 51.7M | 54.7M | 63.0M | 74.5M |
| Weighted Avg Shares (Diluted) | 41.6M | 44.1M | 54.0M | 56.7M | 63.0M | 52.0M | 51.8M | 54.7M | 69.8M | 76.7M |
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2025, FY2026, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $117.59 today, the market must believe free cash flow compounds -9.5%/yr for a decade (off $461.5M on the 3-yr avg basis).
On the basis ($431.5M) the requirement is -8.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -9.5% is more conservative than its 9-yr track record.
Default is 7.6% — 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 -$874.8M
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean 41.6% · volatility σ 133% · implied rate exceeded in 4/9 yrs
Central path = implied -9.5%/yr growth; shaded band = ±1σ (133%) 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.
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 |
|---|---|---|---|---|---|
| 2026-10-16 | 2 co-filers * See Remarks | 10b5-1 plan sale | 405 | $120.00 | $49k |
| 2026-10-15 | 2 co-filers * See Remarks | 10b5-1 plan sale | 1,595 | $120.00 | $191k |
| 2026-09-17 | Ptak Stash * See Remarks | Gift | 1,540 | $0.00 | $0 |
| 2026-08-31 | Cygielman Jamie See Remarks | Grant |
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.
| 6,436 |
| $0.00 |
| $0 |
| 2026-08-31 | Yoakum Julie See Remarks | Tax withholding | 2,646 | $82.36 | $218k |
| 2026-08-21 | Tilzer Brian A Director | Grant | 9 | $0.00 | $0 |
| 2026-08-21 | Cochran Sandra B Director | Grant | 9 | $0.00 | $0 |
| 2026-08-21 | Gennette Jeffrey Director | Grant | 10 | $0.00 | $0 |
| 2026-08-21 | Hicks Zackery A Director | Grant | 9 | $0.00 | $0 |
| 2026-08-21 | Mccollam Sharon Director | Grant | 9 | $0.00 | $0 |
| 2026-08-21 | Graf R. Mark Director | Grant | 9 | $0.00 | $0 |
| 2026-08-21 | Mccluskey Helen Director | Grant | 16 | $0.00 | $0 |
| 2026-08-21 | Wilson Donta L Director | Grant | 9 | $0.00 | $0 |
| 2026-08-21 | Ulasewicz Eugenia Director | Grant | 9 | $0.00 | $0 |
| 2026-08-21 | Ciccolini Vincent Chief Accounting Officer | Grant | 21 | $0.00 | $0 |
| 2026-08-21 | Sagi Raghunandan R See Remarks | Grant | 47 | $0.00 | $0 |
| 2026-08-21 | Cho Karen Leslie Chief People Officer | Grant | 31 | $0.00 | $0 |
| 2026-08-21 | Hilson Joan M * See Remarks | Grant | 318 | $0.00 | $0 |
| 2026-08-21 | Yoakum Julie See Remarks | Grant | 52 | $0.00 | $0 |
| 2026-08-21 | Cividino Claudia See Remarks | Grant | 35 | $0.00 | $0 |
| 2026-08-21 | Ptak Stash * See Remarks | Grant | 25 | $0.00 | $0 |
| 2026-08-21 | Symancyk James Kevin Chief Executive Officer | Grant | 384 | $0.00 | $0 |
| 2026-06-26 | Cochran Sandra B Director | Grant | 2,018 | $0.00 | $0 |
| 2026-06-26 | Wilson Donta L Director | Grant | 2,018 | $0.00 | $0 |
| 2026-06-26 | Mccluskey Helen Director | Grant | 3,632 | $0.00 | $0 |
| 2026-06-26 | Ulasewicz Eugenia Director | Grant | 2,018 | $0.00 | $0 |
| 2026-06-26 | Mccollam Sharon Director | Grant | 2,018 | $0.00 | $0 |
| 2026-06-26 | Gennette Jeffrey Director | Grant | 2,018 | $0.00 | $0 |
| 2026-06-26 | Tilzer Brian A Director | Grant | 2,018 | $0.00 | $0 |
| 2026-06-26 | Graf R. Mark Director | Grant | 2,018 | $0.00 | $0 |
| 2026-06-26 | Hicks Zackery A Director | Grant | 2,018 | $0.00 | $0 |
| 2026-06-26 | Branch Andre Director | Grant | 2,018 | $0.00 | $0 |
| 2026-05-22 | Wilson Donta L Director | Grant | 9 | $0.00 | $0 |
| 2026-05-22 | Ulasewicz Eugenia Director | Grant | 9 | $0.00 | $0 |
| 2026-05-22 | Tilzer Brian A Director | Grant | 9 | $0.00 | $0 |
| 2026-05-22 | Reardon-Sayer Nancy Director | Grant | 9 | $0.00 | $0 |
| 2026-05-22 | Mccollam Sharon Director | Grant | 9 | $0.00 | $0 |
| 2026-05-22 | Mccluskey Helen Director | Grant | 17 | $0.00 | $0 |
| 2026-05-22 | Hicks Zackery A Director | Grant | 9 | $0.00 | $0 |
| 2026-05-22 | Graf R. Mark Director | Grant | 9 | $0.00 | $0 |
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 74th 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?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 15% against ROIC 15% — 0% 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
High operating leverage: profit moved 155.8× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2021 | FY2022 | FY2023 | FY2025 | FY2026 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 64.4 | 63.6 | 66.8 | 60.1 | 61.1 | 60.6 | 60.8 | 60.5 |
| Gross Profit | 34.6 | 36.2 | 33.1 | 39.9 | 38.9 | 39.4 | 39.2 | 39.5 |
| SG&A | 31.8 | 31.3 | 30.4 | 28.5 | 28.2 | 30.6 | 31.7 | 31.9 |
| Operating Income | -12.2 | 2.6 | -1.1 | 11.5 | 7.7 | 8.7 | 1.7 | 5.8 |
| Income Tax | -2.3 | 0.4 | -1.4 | 1.5 | 1.0 | -2.4 | 0.9 | 1.5 |
| Net Income | -10.5 | 1.7 | -0.3 | 9.8 | 4.8 | 11.3 | 0.9 | 4.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SIG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 4.67pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2021 | 3.9% | 7.6% (today's — no rate published for this year) | -3.7pts |
| FY2021 | -2.7% | 7.6% (today's — no rate published for this year) | -10.3pts |
| FY2022 | 42.9% | 9.5% | 33.4pts |
| FY2023 | 26.5% | 8.8% | 17.7pts |
| FY2025 | 23.8% | 7.6% (today's — no rate published for this year) | 16.2pts |
| FY2026 | 3.6% | 7.6% (today's — no rate published for this year) | -4.0pts |
| FY2026 | 13.4% | 7.6% (today's — no rate published for this year) | 5.8pts |
| Now | 15.0% | 7.6% | 7.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 36.8% | 11.9% | 8.5% |
| FY2019 | 35.0% | 9.3% | 8.3% |
| FY2020 | 34.6% | -12.2% | -10.5% |
| FY2021 | 36.2% | 2.6% | 1.7% |
| FY2021 | 33.1% | -1.1% | -0.3% |
| FY2022 | 39.9% | 11.5% | 9.8% |
| FY2023 | 38.9% | 7.7% | 4.8% |
| FY2025 | 39.4% | 8.7% | 11.3% |
| FY2026 | 39.2% | 1.7% | 0.9% |
| FY2026 | 39.5% | 5.8% | 4.3% |
Return on equity (15%) and return on invested capital (15%) 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.
$434M of goodwill — 16% 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 2.53x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
This schedule comes from a filing dated 2024-02-03, 1001 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2024-02-03 (10-K); cash from the 2024-02-03 balance sheet; FCF from FY2025.
Balance sheet at 2024-02-03. 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 $118.92, free cash flow must compound -5.55%/yr for 10 years. It has done 3.82%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 207.4% | −5.6% |
| FY2022 | −12.5% | −5.6% |
| FY2023 | −41.6% | −5.6% |
| FY2025 | −36.1% | −5.6% |
| FY2026 | 3.9% | −5.6% |
| FY2026 | 20.0% | −5.6% |
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 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $294M | $294M |
| Share-based comp | $27M | $321M |
| Other non-cash & working capital | $358M | $679M |
| Operating cash flow | $679M | $679M |
| Capex | −$154M | $525M |
| Free cash flow | $525M | $525M |
| FCF after SBC | $498M | $498M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | -14.8% | -66.3% | -51.5 points |
| FY2022 | 49.7% | 57.8% | 8.0 points |
| FY2023 | 0.2% | -20.8% | -21.0 points |
| FY2025 | -8.6% | not reported | not reported |
| FY2026 | -6.5% | not reported | not reported |
| FY2026 | 1.6% | not reported | not reported |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2021 | 2 days | 218 days | 21.3 days | 198.7 days |
| FY2021 | 0.8 days | 212.4 days | 84.9 days | 128.3 days |
| FY2022 | 0.9 days | 159.9 days | 69.8 days | 90.9 days |
| FY2023 | 0.7 days | 163.9 days | 67 days | 97.5 days |
| FY2025 | not reported | 162.7 days | 61.7 days | not reported |
| FY2026 | not reported | 173.4 days | 68.6 days | not reported |
| FY2026 | not reported | 171.9 days | 68.4 days | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2021 | -7.2 percent |
| FY2021 | -22.5 percent |
| FY2022 | -7.4 percent |
| FY2023 | -6.4 percent |
| FY2025 | 3.9 percent |
| FY2026 | -9.3 percent |
| FY2026 | -6.5 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.