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Held by 593 of 2,417 reporting institutions (99th 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.
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 $466.55 today, the market must believe free cash flow compounds 10.8%/yr for a decade (off $4.86B on the 3-yr avg basis).
On the basis ($4.64B) the requirement is 11.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 10.8% is more conservative than its 9-yr track record.
Default is 8.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.29B shares (market data) · net debt $11.38B
mean 18.9% · volatility σ 27% · implied rate exceeded in 5/9 yrs
Central path = implied 10.8%/yr growth; shaded band = ±1σ (27%) 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 21% of free cash flow, leaving room to grow it and fund buybacks. Last year: $1.17B dividends + $5.00B buybacks = $6.17B returned on $5.46B FCF.
9 consecutive years of dividend increases · 11%/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 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: 10%. 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 $1.71B covers the $3.0M due within a year 569.0× over. 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 ~2.2% on $13.09B of debt.
Cash of $1.71B fully covers short-term debt of $718.0M.
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.
Ranked against 39 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SHOP | $202.6B | 167.5× | 134.2× | 17.5× | 30.1% | 48.1% | 10.7% | 9.1% | 9.1% | -1.0× | 575 |
| CRM | $188.6B | 29.4× | 20.5× | 4.5× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 0.8× | 896 |
| ACN | $158.0B | 19.0× | 13.0× | 2.1× | 6.5% | 32.0% | 11.3% | 26.5% | 20.1% | -0.2× | 664 |
| SPGI | $135.3B | 31.8× | 19.1× | 8.8× | 7.9% | 70.2% | 29.2% | 14.4% | 10.1% | 1.5× | 593 |
| UBER | $133.3B | 13.8× | 21.8× | 2.6× | 18.3% | — | 19.3% | 37.2% | 26.8% | 0.5× | 714 |
| ADP | $116.2B | 26.9× | 19.8× | 5.3× | 6.7% | 46.4% | 20.1% | 73.2% | 40.1% | 0.1× | 822 |
| PDD | $111.9B | 33.3× | 7.2× | 1.8× | 14.5% | 56.3% | 22.7% | 23.7% | 23.7% | -1.2× | 82 |
| NOW | $109.1B | 63.0× | 41.7× | 8.2× | 20.9% | 77.5% | 13.2% | 13.5% | 12.1% | -0.9× | 745 |
| SNOW | $108.0B | — | — | 23.1× | 29.2% | 67.2% | -28.4% | -69.2% | -69.2% | — | 464 |
| NET | $100.0B | — | — | 46.1× | 29.8% | 74.5% | -4.7% | -7.0% | -7.0% | — | 390 |
| ADBE | $97.4B | 15.0× | 10.3× | 4.1× | 10.5% | 89.3% | 30.0% | 61.3% | 40.0% | 0.1× | 627 |
| ABNB | $96.9B | — | 36.1× | 7.9× | 10.3% | 83.0% | 20.5% | 30.6% | 24.6% | -1.8× | 364 |
| INTU | $91.2B | 20.7× | 15.5× | 4.3× | 13.9% | — | 21.3% | 24.0% | 17.1% | 0.5× | 532 |
| CDNS | $90.0B | 80.8× | 52.0× | 17.0× | 14.1% | — | 20.9% | 20.3% | 13.9% | -0.3× | 390 |
| SNPS | $89.6B | 58.2× | 63.6× | 12.7× | 15.1% | 77.0% | 18.9% | 4.7% | 3.2% | 6.7× | 389 |
| MCO | $85.2B | 36.1× | — | 11.0× | 8.9% | 74.4% | 31.9% | 60.7% | 22.3% | — | 391 |
| DDOG | $84.5B | — | — | 24.6× | 27.7% | 80.0% | 3.1% | 2.9% | 2.9% | — | 350 |
| MELI | $82.4B | 41.2× | — | 2.9× | 39.1% | 44.5% | 6.9% | 29.6% | 12.5% | — | 406 |
| DASH | $77.6B | 84.0× | 49.8× | 5.7× | 27.9% | — | 6.8% | 9.3% | 9.3% | -3.0× | 277 |
| APP | $76.8B | 23.4× | 17.9× | 14.0× | 70.0% | 87.9% | 60.8% | 156% | 59.0% | 0.2× | 327 |
| NTES | $72.8B | 75.8× | 12.1× | 4.5× | 11.6% | 64.3% | 30.9% | 21.7% | 21.7% | -1.2× | 101 |
| URI | $72.4B | 30.3× | — | 4.5× | 4.9% | 38.2% | 15.5% | 27.8% | 10.0% | — | 506 |
| EBAY | $54.1B | 28.0× | 21.9× | 4.9× | 7.9% | 71.5% | 18.3% | 45.3% | 18.1% | 1.8× | 360 |
| EA | $52.9B | 59.7× | 36.3× | 7.0× | 0.9% | 79.0% | 11.8% | 13.1% | 13.1% | -2.1× | 2 |
| ADSK | $52.2B | 47.7× | 32.3× | 7.2× | 17.5% | 91.0% | 15.6% | 36.9% | 20.3% | 0.1× | 339 |
Peers = companies sharing SPGI's sector (Services-Consumer Credit Reporting, Collection Agencies) 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.
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. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.34B 100.0% | $14.21B 100.0% | $12.50B 100.0% | $11.18B 100.0% | $8.30B 100.0% | $7.44B 100.0% | $6.70B 100.0% | $6.26B 100.0% | $6.06B 100.0% | $5.66B 100.0% |
| Cost of Revenue | $4.56B 29.8% | $4.36B 30.7% | $4.14B 33.1% | $3.75B 33.6% | $2.18B 26.3% | $2.09B 28.1% | $1.98B 29.5% | $1.84B 29.4% | $1.69B 27.9% | $1.77B 31.3% |
| Selling, General & Admin | $3.42B 22.3% | $3.20B 22.5% | $3.16B 25.3% | $3.40B 30.4% | $1.73B 20.8% | $1.54B 20.7% | $1.34B 20.0% | $1.42B 22.8% | $1.61B 26.5% | $1.47B 25.9% |
| Total Operating Expenses | $9.16B 59.7% | $8.73B 61.4% | $8.44B 67.6% | $8.16B 73.0% | $4.09B 49.3% | $3.84B 51.6% | $3.52B 52.6% | $3.47B 55.4% | $3.48B 57.4% | $3.42B 60.4% |
| Operating Income | $6.48B 42.2% | $5.58B 39.3% | $4.02B 32.2% | $4.94B 44.2% | $4.22B 50.9% | $3.62B 48.6% | $3.23B 48.2% | $2.79B 44.6% | $2.58B 42.6% | $3.34B 59.0% |
| Interest Expense | $287.0M 1.9% | $297.0M 2.1% | $334.0M 2.7% | $304.0M 2.7% | $119.0M 1.4% | $141.0M 1.9% | $141.0M 2.1% | $134.0M 2.1% | $149.0M 2.5% | $181.0M 3.2% |
| Other Income (Expense), net | $36.0M 0.2% | $25.0M 0.2% | -$15.0M -0.1% | $70.0M 0.6% | $62.0M 0.7% | $31.0M 0.4% | -$98.0M -1.5% | $25.0M 0.4% | $27.0M 0.4% | $28.0M 0.5% |
| Pretax Income | $6.23B 40.6% | $5.31B 37.4% | $3.67B 29.4% | $4.70B 42.1% | $4.16B 50.2% | $3.23B 43.4% | $2.93B 43.7% | $2.68B 42.8% | $2.46B 40.6% | $3.19B 56.3% |
| Income Tax Expense | $1.41B 9.2% | $1.14B 8.0% | $778.0M 6.2% | $1.18B 10.6% | $901.0M 10.9% | $694.0M 9.3% | $627.0M 9.4% | $560.0M 8.9% | $823.0M 13.6% | $960.0M 17.0% |
| Net Income | $4.47B 29.2% | $3.85B 27.1% | $2.63B 21.0% | $3.25B 29.0% | $3.02B 36.4% | $2.34B 31.4% | $2.12B 31.7% | $1.96B 31.3% | $1.50B 24.7% | $2.11B 37.2% |
| Per Share | ||||||||||
| EPS (Basic) | $14.67 | $12.36 | $8.25 | $10.25 | $12.56 | $9.71 | $8.65 | $7.80 | $5.84 | $8.02 |
| EPS (Diluted) | $14.66 | $12.35 | $8.23 | $10.20 | $12.51 | $9.66 | $8.60 | $7.73 | $5.78 | $7.94 |
| Weighted Avg Shares (Basic) | 304.8M | 311.6M | 318.4M | 316.9M | 240.8M | 241.0M | 245.4M | 250.9M | 256.3M | 262.8M |
| Weighted Avg Shares (Diluted) | 305.1M | 311.9M | 318.9M | 318.5M | 241.8M | 242.1M | 246.9M | 253.2M | 258.9M | 265.2M |
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 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 · 44th 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 14% against ROIC 10% — 4% 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 2.0× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 29.4 | 29.5 | 28.1 | 26.3 | 33.6 | 33.1 | 30.7 | 29.8 |
| SG&A | 22.8 | 20.0 | 20.7 | 20.8 | 30.4 | 25.3 | 22.5 | 22.3 |
| Operating Income | 44.6 | 48.2 | 48.6 | 50.9 | 44.2 | 32.2 | 39.3 | 42.2 |
| Income Tax | 8.9 | 9.4 | 9.3 | 10.9 | 10.6 | 6.2 | 8.0 | 9.2 |
| Net Income | 31.3 | 31.7 | 31.4 | 36.4 | 29.0 | 21.0 | 27.1 | 29.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SPGI: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 2.69pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 104.0% | 8.9% (today's — no rate published for this year) | 95.1pts |
| FY2020 | 217.1% | 8.9% (today's — no rate published for this year) | 208.2pts |
| FY2021 | 819.6% | 6.2% | 813.5pts |
| FY2022 | 8.2% | 8.6% | -0.4pts |
| FY2023 | 7.0% | 9.0% | -2.1pts |
| FY2024 | 10.0% | 9.2% | 0.8pts |
| FY2025 | 11.7% | 7.9% | 3.8pts |
| Now | 10.1% | 8.9% | 1.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 68.7% | 59.0% | 37.2% |
| FY2017 | 72.1% | 42.6% | 24.7% |
| FY2018 | 70.6% | 44.6% | 31.3% |
| FY2019 | 70.5% | 48.2% | 31.7% |
| FY2020 | 71.9% | 48.6% | 31.4% |
| FY2021 | 73.7% | 50.9% | 36.4% |
| FY2022 | 66.4% | 44.2% | 29.0% |
| FY2023 | 66.9% | 32.2% | 21.0% |
| FY2024 | 69.3% | 39.3% | 27.1% |
| FY2025 | 70.2% | 42.2% | 29.2% |
Leverage and buybacks account for 4 points of the 14% return on equity in FY2025. The business earns 10% on the capital it employs; the rest is balance sheet.
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.
$36.4B of goodwill — 83% 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.
ROIC ex-goodwill is 68.44% against 11.58% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.20x of reported profit into free cash flow over 5 years, with accruals negative.
Capex has been below depreciation for 7 consecutive years (0.14x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Covers interest 15.8x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 22.57x |
| 5% | 21.44x |
| 10% | 20.31x |
| 15% | 19.19x |
| 20% | 18.06x |
| 25% | 16.93x |
| 30% | 15.80x |
| 35% | 14.67x |
| 40% | 13.54x |
| 45% | 12.41x |
| 50% | 11.29x |
| 55% | 10.16x |
| 60% | 9.03x |
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 $460.66, free cash flow must compound 10.72%/yr for 10 years. It has done 12.71%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 31.2% | 10.7% |
| FY2021 | 2.1% | 10.7% |
| FY2022 | −29.4% | 10.7% |
| FY2023 | 41.9% | 10.7% |
| FY2024 | 56.0% | 10.7% |
| FY2025 | −2.0% | 10.7% |
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.
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 | 3 co-filers EVP, Chief People Officer | Option exercise | 186 | $0.00 | $0 |
| 2026-10-01 | 3 co-filers EVP, Chief People Officer | Tax withholding | 103 | $388.16 | $40k |
| 2026-10-01 | 3 co-filers EVP, Chief People Officer | Option exercise | 186 | $0.00 | — |
| 2026-08-01 | 3 co-filers Co-Head, Market Intelligence | Option exercise | 558 | $0.00 | $0 |
| 2026-08-01 | 3 co-filers Co-Head, Market Intelligence | Tax withholding | 227 | $411.93 | $94k |
| 2026-08-01 | 3 co-filers Co-Head, Market Intelligence | Option exercise | 558 | $0.00 | — |
| 2026-07-01 | 9 co-filers President, S&P Global Mobility | Grant | 13,286 | — | — |
| 2026-07-01 | 9 co-filers President, S&P Global Mobility | Grant | 4,917 | — | — |
| 2026-07-01 | 9 co-filers President, S&P Global Mobility | Other | 13,286 | — | — |
| 2026-07-01 | 9 co-filers President, S&P Global Mobility | Other | 4,917 | — | — |
| 2026-07-01 | 9 co-filers President, S&P Global Mobility | Other | 2,107 | — | — |
| 2026-07-01 | 9 co-filers President, S&P Global Mobility | Other | 3,784 | — | — |
| 2026-07-01 | 9 co-filers President, S&P Global Mobility | Other | 119 | — | — |
| 2026-07-01 | 9 co-filers President, S&P Global Mobility | Other | 263 | — | — |
| 2026-07-01 | 9 co-filers President, S&P Global Mobility | Other | 3,569 | — | — |
| 2026-05-01 | Clay Catherine R CEO, S&P Dow Jones Indices | Open-market buy | 2,500 | $431.39 | $1.1m |
| 2026-05-01 | 2 co-filers EVP, CTTO | Grant | 4,115 | $0.00 | — |
| 2026-05-01 | 2 co-filers EVP, CTTO | Grant | 2,743 | $0.00 | — |
| 2026-04-30 | Moritz Robert Edward Jr. Director | Open-market buy | 1,152 | $434.03 | $500k |
| 2026-04-29 | Cheung Martina CEO & President | Open-market buy | 2,322 | $429.93 | $998k |
| 2026-04-01 | 3 co-filers SVP and Controller | Option exercise | 1,480 | $425.17 | $629k |
| 2026-04-01 | 3 co-filers SVP and Controller | Tax withholding | 756 | $425.17 | $321k |
| 2026-04-01 | 3 co-filers SVP and Controller | Option exercise | 1,480 | $0.00 | — |
| 2026-03-01 | Eager William W President, S&P Global Mobility | Grant | 2,107 | $0.00 | — |
| 2026-03-01 | Ernsberger David P President, S&P Global Energy | Grant | 1,071 | $0.00 | — |
| 2026-03-01 | Le Pallec Yann President, S&P Global Ratings | Grant | 2,143 | $0.00 | — |
| 2026-03-01 | Ganesan Girish EVP, Chief People Officer | Grant | 1,428 | $0.00 | — |
| 2026-03-01 | Twomey Christina Chief Communications Officer | Grant | 346 | $0.00 | — |
| 2026-03-01 | Moore Sally EVP, Chief Client Officer | Grant | 1,785 | $0.00 | — |
| 2026-03-01 | 2 co-filers CEO, S&P Dow Jones Indices | Grant | 1,325 | $0.00 | — |
| 2026-03-01 | Kemps Steven J EVP, Chief Legal Officer | Grant | 2,035 | $0.00 | — |
| 2026-03-01 | Saha Saugata President, Market Intelligence | Grant | 3,571 | $0.00 | — |
| 2026-03-01 | Craig Christopher SVP and Controller | Grant | 857 | $0.00 | — |
| 2026-03-01 | Cheung Martina CEO & President | Grant | 10,358 | $0.00 | — |
| 2026-03-01 | 4 co-filers EVP, Chief Financial Officer | Option exercise | 1,091 | $441.88 | $482k |
| 2026-03-01 | 2 co-filers CEO, S&P Dow Jones Indices | Grant | 857 | $0.00 | — |
| 2026-03-01 | 4 co-filers EVP, Chief Financial Officer | Tax withholding | 479 | $441.88 | $212k |
| 2026-03-01 | 4 co-filers EVP, Chief Financial Officer | Grant | 4,643 | $0.00 | — |
| 2026-03-01 | 4 co-filers EVP, Chief Financial Officer | Option exercise | 1,091 | $0.00 | — |
| 2026-02-24 | 2 co-filers EVP, Chief Legal Officer | Grant | 7,551 | $0.00 | $0 |
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.
| Step | Amount | Running total |
|---|---|---|
| Net income | $4.47B | $4.47B |
| Share-based comp | $236M | $4.71B |
| Other non-cash & working capital | $944M | $5.65B |
| Operating cash flow | $5.65B | $5.65B |
| Capex | −$195M | $5.46B |
| Free cash flow | $5.46B | $5.46B |
| FCF after SBC | $5.22B | $5.22B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 11.1% | 1.0% | -10.1 points |
| FY2021 | 11.5% | 3.6% | -7.9 points |
| FY2022 | 34.8% | 51.1% | 16.4 points |
| FY2023 | 11.8% | 13.3% | 1.5 points |
| FY2024 | 13.7% | 1.4% | -12.2 points |
| FY2025 | 7.9% | 20.0% | 12.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 85.9 days | not reported | 35.1 days | 50.8 days |
| FY2020 | 78.1 days | not reported | 40.6 days | 37.5 days |
| FY2021 | 72.6 days | not reported | 34.3 days | 38.3 days |
| FY2022 | 81.4 days | not reported | 43.8 days | 37.7 days |
| FY2023 | 82.5 days | not reported | 49.1 days | 33.4 days |
| FY2024 | 73.7 days | not reported | 46.3 days | 27.4 days |
| FY2025 | 81.9 days | not reported | 48.8 days | 33.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -5.8 percent |
| FY2020 | -9.8 percent |
| FY2021 | -3.8 percent |
| FY2022 | 1.0 percent |
| FY2023 | -1.8 percent |
| FY2024 | -3.0 percent |
| FY2025 | -1.9 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 7 consecutive years 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 (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.