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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 36 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TKR | $7.7B | 27.0× | 12.0× | 1.7× | 0.2% | 30.4% | 6.3% | 9.1% | 5.7% | 2.0× | 146 |
| AGCO | $7.6B | 11.4× | 10.8× | 0.8× | -13.5% | 25.5% | 7.2% | 17.0% | 10.8% | 1.9× | 109 |
| ZWS | $7.4B | 39.0× | 24.6× | 4.4× | 8.3% | 45.1% | 11.7% | 12.3% | 9.4% | 0.6× | 90 |
| NOV | $6.9B | 49.5× | 8.9× | 0.8× | -1.4% | 20.2% | 1.7% | 2.3% | 1.8% | 0.2× | 111 |
| WFRD | $6.6B | 15.3× | 6.9× | 1.3× | -10.8% | — | 8.8% | 25.4% | 13.7% | 0.5× | 77 |
| TEX | $6.3B | 16.9× | 12.8× | 1.2× | 5.7% | 19.4% | 4.1% | 10.5% | 4.7% | 2.9× | 91 |
| GTES | $6.0B | 24.8× | 11.0× | 1.8× | 1.0% | 39.8% | 7.3% | 7.5% | 4.5% | 2.1× | 1 |
| JBTM | $5.7B | — | 16.2× | 1.5× | 121% | 35.1% | -1.3% | -1.1% | -0.8% | 3.8× | — |
| AAON | $5.6B | 52.3× | 24.6× | 3.9× | 20.1% | 26.7% | 7.5% | 12.0% | 12.0% | 0.0× | 80 |
| MIDD | $5.4B | — | 10.8× | 1.7× | 1.6% | 39.1% | -8.7% | -10.0% | -5.6% | 2.9× | 94 |
| WHD | $5.3B | — | 16.4× | 4.9× | -4.5% | 37.0% | 15.4% | 13.5% | 13.5% | -0.4× | 79 |
| BC | $4.9B | — | 26.7× | 0.9× | 2.4% | 24.8% | -2.6% | -8.4% | -3.7% | 7.3× | 101 |
| ALH | $4.4B | 39.3× | 10.3× | 2.6× | 13.3% | 37.6% | 6.0% | 26.0% | 26.0% | -0.3× | 24 |
| ESAB | $4.3B | 19.0× | 10.8× | 1.5× | 3.7% | 36.9% | 8.0% | 10.5% | 6.7% | 2.1× | 72 |
| NATL | $3.4B | 21.4× | 7.5× | 0.8× | 1.1% | — | 3.7% | 40.2% | 5.1% | 3.0× | 73 |
| HAYW | $3.4B | 23.7× | 15.6× | 3.0× | 6.7% | 48.0% | 13.5% | 9.5% | 5.9% | 2.5× | 58 |
| ACMR | $3.2B | 33.2× | 21.5× | 3.5× | 15.2% | 44.4% | 10.4% | 6.4% | 5.5% | -4.1× | 72 |
| KAI | $3.1B | 30.7× | 16.3× | 3.0× | -0.1% | 45.2% | 9.7% | 10.4% | 7.5% | 1.2× | 66 |
| ACLS | $3.1B | 26.3× | 21.5× | 3.7× | -17.6% | 44.9% | 14.3% | 11.6% | 11.6% | -1.1× | 78 |
| SXI | $3.0B | 28.1× | 14.3× | 3.4× | 12.8% | 41.7% | 11.7% | 13.9% | 8.2% | 1.5× | 63 |
| EXTR | $3.0B | 72.9× | 37.5× | 2.3× | 12.6% | 61.5% | 3.3% | 47.5% | 16.7% | -0.6× | 58 |
| CECO | $3.0B | 36.9× | 24.0× | 3.8× | 38.8% | 34.8% | 6.5% | 15.8% | 9.4% | 1.4× | 60 |
| DNOW | $2.9B | — | — | 1.1× | 18.8% | 17.0% | -3.2% | -4.0% | -3.4% | — | 60 |
| DGII | $2.8B | 67.3× | 32.1× | 6.4× | 1.5% | 62.9% | 9.5% | 6.4% | 5.1% | 1.5× | 63 |
| VECO | $2.4B | 65.9× | 43.8× | 3.6× | -7.4% | 40.0% | 5.3% | 4.0% | 3.2% | 1.1× | 55 |
Peers = companies sharing SXI's sector (Refrigeration & Service Industry Machinery) 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 25% of free cash flow, leaving room to grow it and fund buybacks. Last year: $16.2M dividends + $4.4M buybacks = $20.6M returned on $64.4M FCF.
9 consecutive years of dividend increases · 9%/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.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 8%. 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.
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 (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $243.55 today, the market must believe free cash flow compounds 21.4%/yr for a decade (off $59.3M on the 3-yr avg basis).
The market's 21.4% is more optimistic than its 9-yr track record.
Default is 9.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.01B shares (market data) · net debt $339.2M
mean 15.9% · volatility σ 56% · implied rate exceeded in 3/9 yrs
Central path = implied 21.4%/yr growth; shaded band = ±1σ (56%) 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 $118.8M covers the $0 due within a year 118809000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2020-06-30 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~5.9% on $518.0M of debt.
Cash vs short-term debt unavailable.
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.
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 | $891.6M 100.0% | $790.1M 100.0% | $720.6M 100.0% | $741.0M 100.0% | $735.3M 100.0% | $656.2M 100.0% | $604.5M 100.0% | $639.9M 100.0% | $595.5M 100.0% | $647.9M 100.0% |
| Cost of Revenue | $519.6M 58.3% | $474.9M 60.1% | $438.6M 60.9% | $456.0M 61.5% | $465.4M 63.3% | $415.0M 63.2% | $389.1M 64.4% | $405.3M 63.3% | $369.5M 62.0% | $432.3M 66.7% |
| Gross Profit | $372.0M 41.7% | $315.2M 39.9% | $282.0M 39.1% | $285.1M 38.5% | $269.9M 36.7% | $241.3M 36.8% | $215.5M 35.6% | $234.7M 36.7% | $226.0M 38.0% | $215.6M 33.3% |
| Research & Development | $24.2M 2.7% | $21.2M 2.7% | $20.5M 2.8% | — | — | — | — | — | — | — |
| Selling, General & Admin | $219.3M 24.6% | $193.4M 24.5% | $169.6M 23.5% | $172.3M 23.3% | $169.9M 23.1% | $163.1M 24.8% | $148.5M 24.6% | $150.3M 23.5% | $140.7M 23.6% | $145.0M 22.4% |
| Total Operating Expenses | $698.8M 78.4% | $636.8M 80.6% | $576.0M 79.9% | — | — | — | — | — | — | — |
| Operating Income | $193.6M 21.7% | $93.5M 11.8% | $101.7M 14.1% | $171.1M 23.1% | $88.3M 12.0% | $59.2M 9.0% | $60.5M 10.0% | $79.5M 12.4% | $78.1M 13.1% | $56.9M 8.8% |
| Interest Expense | $30.7M 3.4% | $23.9M 3.0% | $4.5M 0.6% | $5.4M 0.7% | $5.9M 0.8% | $6.0M 0.9% | $7.5M 1.2% | $10.8M 1.7% | $8.0M 1.3% | $4.0M 0.6% |
| Other Income (Expense), net | $68K 0.0% | -$808K -0.1% | -$2.1M -0.3% | -$1.7M -0.2% | -$1.1M -0.2% | -$473K -0.1% | -$6.5M -1.1% | -$12.5M -2.0% | -$9.7M -1.6% | -$6.0M -0.9% |
| Pretax Income | $162.9M 18.3% | $68.8M 8.7% | $95.1M 13.2% | $163.9M 22.1% | $81.3M 11.1% | $52.7M 8.0% | $54.1M 8.9% | $67.0M 10.5% | $68.4M 11.5% | $51.0M 7.9% |
| Income Tax Expense | $34.3M 3.8% | $11.1M 1.4% | $21.5M 3.0% | $24.8M 3.3% | $19.8M 2.7% | $14.2M 2.2% | $13.1M 2.2% | $18.7M 2.9% | $38.0M 6.4% | $11.8M 1.8% |
| Net Income | $104.6M 11.7% | $57.7M 7.3% | $73.1M 10.1% | $139.0M 18.8% | $61.4M 8.3% | $36.5M 5.6% | $20.2M 3.3% | $67.9M 10.6% | $36.6M 6.1% | $46.5M 7.2% |
| Per Share | ||||||||||
| EPS (Basic) | $8.69 | $4.68 | $6.22 | $11.77 | $5.13 | $3.00 | $1.64 | $5.40 | $2.88 | $3.68 |
| EPS (Diluted) | $8.67 | $4.64 | $6.14 | $11.58 | $5.06 | $2.97 | $1.63 | $5.38 | $2.86 | $3.65 |
| Weighted Avg Shares (Basic) | 12.0M | 11.9M | 11.8M | 11.8M | 12.0M | 12.2M | 12.3M | 12.6M | 12.7M | 12.7M |
| Weighted Avg Shares (Diluted) | 12.1M | 12.0M | 11.9M | 12.0M | 12.1M | 12.3M | 12.4M | 12.6M | 12.8M | 12.8M |
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.
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 |
|---|---|---|---|---|---|
| 2026-10-22 | Edwards Jeffrey S Director | Grant | 617 | $0.00 | $0 |
| 2026-10-22 | Davenport Robin J Director | Grant | 617 | $0.00 | $0 |
| 2026-10-22 | Cannon Charles H Jr Director | Grant | 617 | $0.00 | $0 |
| 2026-10-22 | Chorman Thomas E 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.
| 617 |
| $0.00 |
| $0 |
| 2026-10-22 | Hickey Michael A Director | Grant | 617 | $0.00 | $0 |
| 2026-10-22 | Nemeth Andy L Director | Grant | 617 | $0.00 | $0 |
| 2026-10-20 | 2 co-filers President/CEO/Chairman | Gift | 11,305 | — | — |
| 2026-10-20 | 2 co-filers President/CEO/Chairman | Giftindirect | 11,305 | — | — |
| 2026-10-01 | Chorman Thomas E Director | 10b5-1 plan sale | 50 | $271.39 | $14k |
| 2026-09-30 | Arets Max VP; Chief Information Officer | Grant | 11 | $232.10 | $3k |
| 2026-09-30 | Rangel Danielle VP & Chief Accounting Officer | Grant | 6 | $232.10 | $1k |
| 2026-09-04 | 2 co-filers VP; Chief Information Officer | Open-market buy | 3 | $274.19 | $823 |
| 2026-09-04 | 2 co-filers VP; Chief Information Officer | Open-market buy | 42 | $273.94 | $12k |
| 2026-09-01 | Chorman Thomas E Director | 10b5-1 plan sale | 50 | $284.89 | $14k |
| 2026-08-31 | 2 co-filers President/CEO/Chairman | 10b5-1 plan saleindirect | 4,000 | $290.81 | $1.2m |
| 2026-08-31 | 2 co-filers President/CEO/Chairman | 10b5-1 plan saleindirect | 9,000 | $290.82 | $2.6m |
| 2026-08-24 | Glass Alan J Vice President | Open-market sale | 1,391 | $303.19 | $422k |
| 2026-08-24 | Sarcevic Ademir Vice President/CFO/Treasurer | Open-market sale | 2,300 | $306.13 | $704k |
| 2026-08-23 | Cannon Charles H Jr Director | Grant | 286 | — | — |
| 2026-08-23 | 3 co-filers CLO, VP and Secretary | Grant | 1,049 | — | — |
| 2026-08-23 | Edwards Barbara Joanne Director | Grant | 143 | — | — |
| 2026-08-23 | 3 co-filers CLO, VP and Secretary | Grant | 1,049 | — | — |
| 2026-08-23 | 3 co-filers CLO, VP and Secretary | Grant | 5,734 | — | — |
| 2026-08-23 | 6 co-filers Chief HR Officer & VP | Grant | 360 | — | — |
| 2026-08-23 | 6 co-filers Chief HR Officer & VP | Grant | 360 | — | — |
| 2026-08-23 | 6 co-filers Chief HR Officer & VP | Grant | 1,969 | — | — |
| 2026-08-23 | 12 co-filers VP; Chief Information Officer | Grant | 172 | — | — |
| 2026-08-23 | 12 co-filers VP; Chief Information Officer | Grant | 382 | — | — |
| 2026-08-23 | 12 co-filers VP; Chief Information Officer | Grant | 382 | — | — |
| 2026-08-23 | 12 co-filers VP; Chief Information Officer | Grant | 2,090 | — | — |
| 2026-08-23 | 13 co-filers VP & Chief Accounting Officer | Grant | 146 | — | — |
| 2026-08-23 | 15 co-filers Chief Strategy Officer | Grant | 220 | — | — |
| 2026-08-23 | 13 co-filers VP & Chief Accounting Officer | Grant | 146 | — | — |
| 2026-08-23 | 15 co-filers Chief Strategy Officer | Grant | 401 | — | — |
| 2026-08-23 | 14 co-filers CLO, VP & Secretary | Grant | 524 | — | — |
| 2026-08-23 | 15 co-filers Chief Strategy Officer | Grant | 401 | — | — |
| 2026-08-23 | 17 co-filers President/CEO/Chairman | Grant | 2,285 | — | — |
| 2026-08-23 | 17 co-filers Vice President/CFO/Treasurer | Grant | 1,933 | — | — |
| 2026-08-23 | 17 co-filers President/CEO/Chairman | Grant | 7,156 | — | — |
| 2026-08-23 | 15 co-filers Chief Strategy Officer | Grant | 2,195 | — | — |
EOD close · as of 2026-10-30
Where each multiple sits in its own 15-yr range · 82th 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 14% against ROIC 8% — 6% 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 8.3× 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 | 63.3 | 64.4 | 63.2 | 63.3 | 61.5 | 60.9 | 60.1 | 58.3 |
| Gross Profit | 36.7 | 35.6 | 36.8 | 36.7 | 38.5 | 39.1 | 39.9 | 41.7 |
| R&D | — | — | — | — | — | 2.8 | 2.7 | 2.7 |
| SG&A | 23.5 | 24.6 | 24.8 | 23.1 | 23.3 | 23.5 | 24.5 | 24.6 |
| Operating Income | 12.4 | 10.0 | 9.0 | 12.0 | 23.1 | 14.1 | 11.8 | 21.7 |
| Income Tax | 2.9 | 2.2 | 2.2 | 2.7 | 3.3 | 3.0 | 1.4 | 3.8 |
| Net Income | 10.6 | 3.3 | 5.6 | 8.3 | 18.8 | 10.1 | 7.3 | 11.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SXI: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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.
Earns 3.07pts above its cost of capital, but net margin has stepped down from 1875.61% to 1173.53% over 3 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 8.1% | 9.8% (today's — no rate published for this year) | -1.7pts |
| FY2021 | 7.7% | 9.8% (today's — no rate published for this year) | -2.2pts |
| FY2022 | 11.5% | 6.6% | 4.9pts |
| FY2023 | 21.6% | 7.6% | 14.0pts |
| FY2024 | 12.2% | 8.2% | 3.9pts |
| FY2025 | 6.1% | 8.9% | -2.8pts |
| FY2026 | 13.4% | 8.9% | 4.4pts |
| Now | 8.2% | 9.8% | -1.6pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 33.3% | 8.8% | 7.2% |
| FY2018 | 38.0% | 13.1% | 6.1% |
| FY2019 | 36.7% | 12.4% | 10.6% |
| FY2020 | 35.6% | 10.0% | 3.3% |
| FY2021 | 36.8% | 9.0% | 5.6% |
| FY2022 | 36.7% | 12.0% | 8.3% |
| FY2023 | 38.5% | 23.1% | 18.8% |
| FY2024 | 39.1% | 14.1% | 10.1% |
| FY2025 | 39.9% | 11.8% | 7.1% |
| FY2026 | 41.7% | 21.7% | 11.7% |
Leverage and buybacks account for 6 points of the 14% return on equity in FY2026. The business earns 8% 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.
$582M of goodwill — 48% 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 25.0% against 12.9% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.74x of reported profit into cash — adequate, without much margin.
The cash conversion cycle has lengthened +20 days over 3 years to 105 — that many more days of the company's own cash funding the same volume of business.
Missing from our data, so excluded from this answer: share_based_compensation.
Covers interest 4.4x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 6.30x |
| 5% | 5.99x |
| 10% | 5.67x |
| 15% | 5.36x |
| 20% | 5.04x |
| 25% | 4.73x |
| 30% | 4.41x |
| 35% | 4.10x |
| 40% | 3.78x |
| 45% | 3.47x |
| 50% | 3.15x |
| 55% | 2.84x |
| 60% | 2.52x |
This schedule comes from a filing dated 2020-06-30, 2314 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2020-06-30 (10-K); cash from the 2020-06-30 balance sheet; FCF from FY2020.
Balance sheet at 2020-06-30. 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 $243.55, free cash flow must compound 21.6%/yr for 10 years. It has done 16.52%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 140.4% | 21.6% |
| FY2022 | −12.9% | 21.6% |
| FY2023 | 23.6% | 21.6% |
| FY2024 | 8.8% | 21.6% |
| FY2025 | −43.0% | 21.6% |
| FY2026 | 56.0% | 21.6% |
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $105M | $105M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$15M | $90M |
| Operating cash flow | $90M | $90M |
| Capex | −$25M | $64M |
| Free cash flow | $64M | $64M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 8.6% | 11.9% | 3.4 points |
| FY2022 | 12.1% | 6.5% | -5.5 points |
| FY2023 | 0.8% | 5.4% | 4.7 points |
| FY2024 | -2.8% | -1.7% | 1.1 points |
| FY2025 | 9.6% | 42.3% | 32.7 points |
| FY2026 | 12.8% | 0.1% | -12.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 59.3 days | 79.8 days | 51.5 days | 87.5 days |
| FY2021 | 61.1 days | 80.8 days | 65.8 days | 76.2 days |
| FY2022 | 58.1 days | 82.6 days | 58.4 days | 82.3 days |
| FY2023 | 60.8 days | 78.9 days | 54.9 days | 84.8 days |
| FY2024 | 61.5 days | 72.5 days | 52.7 days | 81.2 days |
| FY2025 | 79.8 days | 99.9 days | 67.6 days | 112.1 days |
| FY2026 | 70.8 days | 90.6 days | 56.3 days | 105.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -2.9 percent |
| FY2021 | -4.9 percent |
| FY2022 | -1.8 percent |
| FY2023 | 4.7 percent |
| FY2024 | -1.9 percent |
| FY2025 | -0.9 percent |
| FY2026 | 0.9 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.