Loading institutional data...
Loading institutional data...
Held by 259 of 2,417 reporting institutions (96th percentile) — extremely crowded.
Data as of Q3 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading insider activity...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
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 $129.90 today, the market must believe free cash flow compounds 10.0%/yr for a decade (off $871.9M on the 3-yr avg basis).
On the basis ($846.1M) 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 10.0% is more optimistic than its 8-yr track record.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.11B shares (market data) · net debt $6.81B
mean 7.0% · volatility σ 28% · implied rate exceeded in 4/8 yrs
Central path = implied 10.0%/yr growth; shaded band = ±1σ (28%) 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.
The dividend is comfortably covered — only 40% of free cash flow, leaving room to grow it and fund buybacks. Last year: $464.7M dividends + $5.6M buybacks = $470.3M returned on $1.16B FCF.
2 consecutive years of dividend increases · 4%/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 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: -1%. 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. 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 | $9.05B 100.0% | $8.73B 100.0% | $8.18B 100.0% | $8.53B 100.0% | $8.00B 100.0% | $8.00B 100.0% | $7.80B 100.0% | $7.84B 100.0% | $7.36B 100.0% | $7.39B 100.0% |
| Cost of Revenue | $6.02B 66.5% | $5.34B 61.2% | $5.06B 61.9% | $5.73B 67.2% | $5.30B 66.2% | $4.86B 60.8% | $4.80B 61.5% | $4.92B 62.8% | $4.52B 61.5% | $4.56B 61.6% |
| Cost of Products | — | — | — | — | — | — | — | — | $4.52B 61.5% | $4.56B 61.6% |
| Gross Profit | $3.03B 33.5% | $3.38B 38.8% | $3.12B 38.1% | $2.80B 32.8% | $2.70B 33.8% | $3.14B 39.2% | $3.00B 38.5% | $2.92B 37.2% | $2.84B 38.5% | $2.84B 38.4% |
| Research & Development | — | — | — | — | — | — | — | — | — | $58.1M 0.8% |
| Selling, General & Admin | $1.50B 16.5% | $1.53B 17.5% | $1.45B 17.7% | $1.46B 17.1% | $1.36B 17.0% | $1.52B 19.0% | $1.47B 18.9% | $1.51B 19.2% | $1.36B 18.5% | $1.38B 18.7% |
| Operating Income | $360.2M 4.0% | -$673.9M -7.7% | $1.31B 16.0% | $157.5M 1.8% | $1.02B 12.8% | $1.39B 17.3% | $1.22B 15.7% | $928.6M 11.8% | $1.04B 14.2% | $1.04B 14.1% |
| Other Income (Expense), net | -$41.4M -0.5% | -$14.4M -0.2% | -$25.6M -0.3% | -$14.7M -0.2% | -$19.1M -0.2% | -$37.8M -0.5% | -$7.2M -0.1% | -$19.1M -0.2% | -$8.9M -0.1% | -$1.1M -0.0% |
| Pretax Income | -$62.4M -0.7% | -$1.05B -12.0% | $996.4M 12.2% | -$9.2M -0.1% | $843.8M 10.5% | $1.17B 14.6% | $1.03B 13.2% | $701.6M 9.0% | $861.0M 11.7% | $878.4M 11.9% |
| Income Tax Expense | $76.3M 0.8% | $184.0M 2.1% | $252.4M 3.1% | $82.1M 1.0% | $212.1M 2.7% | $295.6M 3.7% | $247.2M 3.2% | $187.2M 2.4% | -$477.6M -6.5% | $286.1M 3.9% |
| Net Income | -$138.7M -1.5% | -$1.23B -14.1% | $744.0M 9.1% | -$91.3M -1.1% | $631.7M 7.9% | $876.3M 11.0% | $779.5M 10.0% | $514.4M 6.6% | $1.34B 18.2% | $592.3M 8.0% |
| Per Share | ||||||||||
| EPS (Basic) | -$1.30 | -$11.57 | $7.14 | -$0.86 | $5.84 | $7.79 | $6.84 | $4.52 | $11.79 | $5.11 |
| EPS (Diluted) | -$1.30 | -$11.57 | $7.13 | -$0.86 | $5.83 | $7.79 | $6.84 | $4.52 | $11.78 | $5.10 |
| Weighted Avg Shares (Basic) | — | — | — | — | 107.9M | 112.0M | 113.4M | 113.1M | 113.0M | 115.5M |
| Weighted Avg Shares (Diluted) | — | — | — | — | 108.4M | 112.0M | 113.4M | 113.1M | 113.0M | 115.6M |
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.
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
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 |
|---|---|---|---|---|---|
| 2026-10-01 | 2 co-filers Group filing | Grant | 259 | $0.00 | — |
| 2026-10-01 | Johnson Jonathan E Iii Director | Grant | 1,466 | $0.00 | — |
| 2026-10-01 | Henderson Jay L Director | Grant | 1,466 | $0.00 | — |
| 2026-10-01 | Chapman-Hughes Susan Director | 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.
| 1,466 |
| $0.00 |
| — |
| 2026-10-01 | 2 co-filers Group filing | Grant | 226 | $0.00 | — |
| 2026-10-01 | 2 co-filers Group filing | Grant | 216 | $0.00 | — |
| 2026-10-01 | Willoughby Dawn C Director | Grant | 1,466 | $0.00 | — |
| 2026-10-01 | Taylor Jodi Director | Grant | 1,466 | $0.00 | — |
| 2026-10-01 | Singer David V Director | Grant | 1,466 | $0.00 | — |
| 2026-10-01 | 2 co-filers Group filing | Grant | 216 | $0.00 | — |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,466 | $0.00 | — |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,466 | $0.00 | — |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,466 | $0.00 | — |
| 2026-10-01 | 2 co-filers Group filing | Grant | 1,466 | $0.00 | — |
| 2026-09-01 | Penrose Jill R Chief People Officer | Tax withholding | 1,461 | $131.42 | $192k |
| 2026-09-01 | Knudsen Jeannette L Chief Legal Officer | Tax withholding | 1,584 | $131.42 | $208k |
| 2026-09-01 | 2 co-filers Chief Product Supply Officer | Tax withholding | 1,121 | $131.42 | $147k |
| 2026-08-31 | 2 co-filers Chief Product Supply Officer | Open-market sale | 2,522 | $132.41 | $334k |
| 2026-08-31 | 3 co-filers CEO, Chair of Board | Option exercise | 84,821 | $108.90 | $9.2m |
| 2026-08-31 | 3 co-filers CEO, Chair of Board | Exercise & sell | 84,821 | $131.39 | $11.1m |
| 2026-08-31 | 3 co-filers CEO, Chair of Board | Option exercise | 84,821 | $108.90 | — |
| 2026-08-28 | 6 co-filers Chief Financial Officer | Option exercise | 7,389 | $108.90 | $805k |
| 2026-08-28 | 6 co-filers Chief Financial Officer | Option exercise | 11,093 | $125.82 | $1.4m |
| 2026-08-28 | 6 co-filers Chief Financial Officer | Exercise & sell | 7,389 | $132.26 | $977k |
| 2026-08-28 | 6 co-filers Chief Financial Officer | Exercise & sell | 11,093 | $131.91 | $1.5m |
| 2026-08-28 | 6 co-filers Chief Financial Officer | Option exercise | 7,389 | $108.90 | — |
| 2026-08-28 | 6 co-filers Chief Financial Officer | Option exercise | 11,093 | $125.82 | — |
| 2026-07-01 | Perry Kirk Director | Grant | 218 | $0.00 | — |
| 2026-07-01 | Amin Tarang Director | Grant | 247 | $0.00 | — |
| 2026-07-01 | Abramo Mercedes Director | Grant | 218 | $0.00 | — |
| 2026-07-01 | Chung Bruce Director | Grant | 229 | $0.00 | — |
| 2026-06-29 | Penrose Jill R Chief People Officer | Open-market sale | 5,000 | $116.69 | $583k |
| 2026-06-26 | Knudsen Jeannette L Chief Legal Officer | Open-market sale | 4,353 | $115.08 | $501k |
| 2026-06-24 | Marshall Tucker H Chief Financial Officer | Open-market sale | 3,630 | $111.05 | $403k |
| 2026-06-17 | Smucker Mark T CEO, Chair of Board | Open-market sale | 13,000 | $115.11 | $1.5m |
| 2026-06-15 | 3 co-filers Chief Product Supply Officer | Tax withholding | 267 | $115.94 | $31k |
| 2026-06-15 | 2 co-filers CEO, Chair of Board | Tax withholding | 1,229 | $115.94 | $142k |
| 2026-06-15 | 3 co-filers Chief People Officer | Tax withholding | 147 | $115.94 | $17k |
| 2026-06-15 | 3 co-filers Chief Financial Officer | Tax withholding | 203 | $115.94 | $24k |
| 2026-06-15 | 2 co-filers Chief Legal Officer | Tax withholding | 165 | $115.94 | $19k |
EOD close · as of 2026-10-30
Where each multiple sits in its own 15-yr range · 91th 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 -3% against ROIC -1% — -1% 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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 62.8 | 61.5 | 60.8 | 66.2 | 67.2 | 61.9 | 61.2 | 66.5 |
| Gross Profit | 37.2 | 38.5 | 39.2 | 33.8 | 32.8 | 38.1 | 38.8 | 33.5 |
| SG&A | 19.2 | 18.9 | 19.0 | 17.0 | 17.1 | 17.7 | 17.5 | 16.5 |
| Operating Income | 11.8 | 15.7 | 17.3 | 12.8 | 1.8 | 16.0 | -7.7 | 4.0 |
| Income Tax | 2.4 | 3.2 | 3.7 | 2.7 | 1.0 | 3.1 | 2.1 | 0.8 |
| Net Income | 6.6 | 10.0 | 11.0 | 7.9 | -1.1 | 9.1 | -14.1 | -1.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SJM: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Ranked against 14 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| KDP | $48.8B | 23.4× | 15.8× | 2.9× | 8.2% | 54.2% | 12.5% | 8.1% | 5.0% | 3.8× | 226 |
| ADM | $37.1B | 34.5× | — | 0.5× | -6.2% | 6.3% | 1.3% | 4.7% | 3.6% | — | 350 |
| HSY | $33.3B | — | 19.6× | 2.9× | 4.4% | 33.5% | 7.6% | 19.0% | 9.3% | 2.5× | 415 |
| KHC | $28.9B | — | — | 1.2× | -3.5% | 33.3% | -23.4% | -14.0% | -9.3% | — | 330 |
| STZ | $22.9B | — | 10.4× | 2.5× | -10.5% | 51.6% | 18.5% | 20.9% | 9.3% | 3.1× | 263 |
| TSN | $20.1B | 42.9× | 8.1× | 0.4× | 2.1% | 6.5% | 0.9% | 2.6% | 2.5% | -0.1× | 212 |
| BG | $18.6B | 19.7× | 19.5× | 0.3× | 32.4% | 4.8% | 1.2% | 5.1% | 2.9% | 7.5× | 167 |
| GIS | $18.3B | — | 21.1× | 1.0× | -5.4% | 33.6% | -0.5% | -1.2% | -0.4% | 8.3× | 385 |
| COKE | $14.0B | — | 14.4× | 1.9× | 4.8% | 39.7% | 7.9% | -77.1% | 27.9% | 2.2× | 151 |
| SJM | $13.9B | — | 29.3× | 1.5× | 3.7% | 33.5% | -1.5% | -2.5% | -1.1% | 9.6× | 259 |
| MKC | $12.7B | 16.1× | 12.4× | 1.9× | 1.7% | 37.9% | 11.5% | 13.8% | 8.6% | 2.6× | — |
| HRL | $11.7B | 24.5× | 14.2× | 1.0× | 1.6% | 15.6% | 4.0% | 6.1% | 4.4% | 2.2× | 144 |
| DAR | $8.8B | 142.9× | 12.9× | 1.4× | 7.4% | 24.0% | 1.0% | 1.3% | 1.3% | -0.1× | 143 |
| TAP | $7.5B | — | — | 0.6× | -5.1% | 32.8% | -16.4% | -20.9% | -12.9% | — | 145 |
| LW | $7.5B | 26.0× | 11.4× | 1.1× | 2.5% | 20.6% | 4.4% | 15.9% | 5.0% | 3.9× | 142 |
Peers = companies sharing SJM's sector (Canned, Fruits, Veg, Preserves, Jams & Jellies) 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.
Earns -2.93pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 6.5% | 5.0% (today's — no rate published for this year) | 1.6pts |
| FY2021 | 8.7% | 5.0% (today's — no rate published for this year) | 3.8pts |
| FY2022 | 6.0% | 5.0% (today's — no rate published for this year) | 1.0pts |
| FY2023 | 1.0% | 5.0% (today's — no rate published for this year) | -4.0pts |
| FY2024 | 6.4% | 5.0% (today's — no rate published for this year) | 1.4pts |
| FY2025 | -3.6% | 5.0% (today's — no rate published for this year) | -8.6pts |
| FY2026 | 2.1% | 5.0% (today's — no rate published for this year) | -2.8pts |
| Now | -1.1% | 5.0% | -6.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 38.4% | 14.1% | 8.0% |
| FY2018 | 38.5% | 14.2% | 18.2% |
| FY2019 | 37.2% | 11.8% | 6.6% |
| FY2020 | 38.5% | 15.7% | 10.0% |
| FY2021 | 39.2% | 17.3% | 11.0% |
| FY2022 | 33.8% | 12.8% | 7.9% |
| FY2023 | 32.8% | 1.8% | -1.1% |
| FY2024 | 38.1% | 16.0% | 9.1% |
| FY2025 | 38.8% | -7.7% | -14.1% |
| FY2026 | 33.5% | 4.0% | -1.5% |
Return on equity (-3%) and return on invested capital (-1%) 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.
$5.2B of goodwill — 39% 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.
ROIC ex-goodwill is 3.38% against 2.04% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.18x of reported profit into cash — adequate, without much margin.
The cash conversion cycle has lengthened +22 days over 3 years to 24 — that many more days of the company's own cash funding the same volume of business.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Balance sheet at 2026-04-30. 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 $129.90, free cash flow must compound 10.14%/yr for 10 years. It has done 2.7%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 27.7% | 10.1% |
| FY2022 | −42.9% | 10.1% |
| FY2023 | −0.3% | 10.1% |
| FY2024 | −10.3% | 10.1% |
| FY2025 | 27.0% | 10.1% |
| FY2026 | 41.6% | 10.1% |
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 cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$139M | −$139M |
| Share-based comp | $24M | −$115M |
| Other non-cash & working capital | $1.59B | $1.47B |
| Operating cash flow | $1.47B | $1.47B |
| Capex | −$317M | $1.16B |
| Free cash flow | $1.16B | $1.16B |
| FCF after SBC | $1.13B | $1.13B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 2.6% | -3.2% | -5.8 points |
| FY2022 | -0.1% | -1.7% | -1.6 points |
| FY2023 | 6.6% | 13.9% | 7.3 points |
| FY2024 | -4.1% | 23.2% | 27.3 points |
| FY2025 | 6.7% | -15.9% | -22.6 points |
| FY2026 | 3.7% | 6.0% | 2.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 25.8 days | 68.1 days | 59.5 days | 34.4 days |
| FY2021 | 24.3 days | 72 days | 77.6 days | 18.8 days |
| FY2022 | 23.9 days | 75 days | 82.2 days | 16.8 days |
| FY2023 | 25.6 days | 64.4 days | 88.7 days | 1.2 days |
| FY2024 | 32.9 days | 74.9 days | 96.3 days | 11.4 days |
| FY2025 | 25.9 days | 82.6 days | 88.1 days | 20.5 days |
| FY2026 | 26.5 days | 68.3 days | 71.3 days | 23.5 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -2.8 percent |
| FY2021 | -4.2 percent |
| FY2022 | -3.1 percent |
| FY2023 | -8.6 percent |
| FY2024 | -2.4 percent |
| FY2025 | -13.9 percent |
| FY2026 | -9.9 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 1 year to the latest.
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.