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Held by 221 of 2,417 reporting institutions (95th 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.
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.
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 $658.23 today, the market must believe free cash flow compounds 12.9%/yr for a decade (off $967.8M on the 3-yr avg basis).
The market's 12.9% is more conservative than its 9-yr track record.
Default is 9.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.05B shares (market data) · net debt $2.12B
mean 24.5% · volatility σ 37% · implied rate exceeded in 6/9 yrs
Central path = implied 12.9%/yr growth; shaded band = ±1σ (37%) 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 |
|---|---|---|---|---|---|
| 2026-08-12 | 4 co-filers Group filing | Open-market sale | 3,451 | $679.74 | $2.3m |
| 2026-08-12 | Von Schack Wesley W Director | Open-market sale | 468 | $686.63 | $321k |
| 2026-08-12 | 4 co-filers Group filing | Open-market sale | 2,000 | $680.18 | $1.4m |
| 2026-08-12 | 4 co-filers Group filing | Open-market sale | 40 | $681.79 | $27k |
| 2026-08-12 |
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.
4 co-filers Group filing |
| Open-market sale |
| 958 |
| $682.81 |
| $654k |
| 2026-04-22 | Cibik Melanie Susan EVP, GenCounsel, CCO & Sec. | Grant | 2,138 | $0.00 | — |
| 2026-04-22 | Blackwood Stephen Finis Executive VP and CFO | Grant | 2,470 | $0.00 | — |
| 2026-04-22 | Belak Cynthia Y Senior VP and Controller | Grant | 1,255 | $0.00 | — |
| 2026-04-22 | 5 co-filers Vice Chairman | Option exerciseindirect | 126 | $0.00 | $0 |
| 2026-04-22 | Morales Vincent J Director | Grant | 319 | $0.00 | $0 |
| 2026-04-22 | Kumbier Michelle Director | Grant | 319 | $0.00 | $0 |
| 2026-04-22 | Black Laura A. Director | Grant | 319 | $0.00 | $0 |
| 2026-04-22 | Malone Robert A Director | Grant | 319 | $0.00 | $0 |
| 2026-04-22 | Sherburne Jane Cecile Director | Grant | 319 | $0.00 | $0 |
| 2026-04-22 | Lorne Simon M Director | Grant | 319 | $0.00 | $0 |
| 2026-04-22 | Smith Michael T Director | Grant | 319 | $0.00 | $0 |
| 2026-04-22 | Von Schack Wesley W Director | Grant | 319 | $0.00 | $0 |
| 2026-04-22 | Bobb George C Iii President and CEO | Grant | 5,515 | $0.00 | — |
| 2026-04-22 | Mehrabian Robert Executive Chairman | Grant | 5,633 | $0.00 | — |
| 2026-04-22 | 5 co-filers Vice Chairman | Tax withholdingindirect | 65 | $0.00 | $0 |
| 2026-04-22 | 5 co-filers Vice Chairman | Grant | 2,415 | $0.00 | — |
| 2026-04-22 | 5 co-filers Vice Chairman | Grantindirect | 272 | $0.00 | — |
| 2026-04-22 | 5 co-filers Vice Chairman | Option exerciseindirect | 126 | $0.00 | — |
| 2026-02-03 | 8 co-filers Vice Chairman | Option exercise | 5,000 | $192.00 | $960k |
| 2026-02-03 | 8 co-filers Vice Chairman | Exercise & sell | 2,580 | $630.49 | $1.6m |
| 2026-02-03 | 8 co-filers Vice Chairman | Exercise & sell | 2,420 | $631.39 | $1.5m |
| 2026-02-03 | 8 co-filers Vice Chairman | Option exerciseindirect | 2,500 | $123.38 | $308k |
| 2026-02-03 | 8 co-filers Vice Chairman | Exercise & sellindirect | 2,220 | $630.39 | $1.4m |
| 2026-02-03 | 8 co-filers Vice Chairman | Exercise & sellindirect | 280 | $631.07 | $177k |
| 2026-02-03 | 8 co-filers Vice Chairman | Option exercise | 5,000 | $0.00 | — |
| 2026-02-03 | 8 co-filers Vice Chairman | Option exerciseindirect | 2,500 | $0.00 | — |
| 2026-01-29 | 2 co-filers Group filing | Open-market sale | 2,469 | $621.00 | $1.5m |
| 2026-01-28 | 2 co-filers Group filing | Open-market sale | 1,531 | $621.00 | $951k |
| 2026-01-24 | 2 co-filers EVP, GenCounsel, CCO & Sec. | Other | 165 | $0.00 | $0 |
| 2026-01-24 | 2 co-filers Executive VP and CFO | Other | 137 | $0.00 | $0 |
| 2026-01-24 | 2 co-filers Senior VP and Controller | Other | 131 | $0.00 | $0 |
| 2026-01-24 | 5 co-filers Vice Chairman | Other | 184 | $0.00 | $0 |
| 2026-01-24 | 2 co-filers President and CEO | Other | 239 | $0.00 | $0 |
| 2026-01-24 | 2 co-filers Executive Chairman | Other | 1,350 | $0.00 | $0 |
| 2026-01-24 | 2 co-filers Senior VP and Controller | Tax withholding | 118 | $0.00 | $0 |
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $402.9M buybacks = $402.9M returned on $1.07B FCF.
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.
Modest payoff on reinvested capital. Current ROIC on all capital: 7%. 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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 85th 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 9% against ROIC 7% — 2% 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 2.1× 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 | FY2021 | FY2022 | FY2023 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 61.7 | 60.7 | 61.7 | 60.1 | 57.3 | 56.7 | 57.1 | 57.2 |
| R&D | — | — | — | — | 6.5 | 6.3 | 5.2 | 5.2 |
| SG&A | 23.9 | 22.6 | 21.5 | 23.1 | 14.7 | 15.1 | 15.9 | 15.2 |
| Operating Income | 14.4 | 15.5 | 15.6 | 13.5 | 17.8 | 18.4 | 17.4 | 18.8 |
| Income Tax | 2.1 | 2.3 | 2.2 | 1.9 | 2.2 | 1.3 | 2.1 | 3.3 |
| Net Income | 11.5 | 12.7 | 13.0 | 9.7 | 14.4 | 15.7 | 14.4 | 14.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TDY: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $352.4M is below the $450.1M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-28 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~2.4% on $2.48B of debt.
Cash of $352.4M is below short-term debt of $450.1M — 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.
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 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.12B 100.0% | $5.67B 100.0% | $5.64B 100.0% | $5.46B 100.0% | $4.61B 100.0% | $3.09B 100.0% | $3.16B 100.0% | $2.90B 100.0% | $2.60B 100.0% | $2.15B 100.0% |
| Cost of Revenue | $3.50B 57.2% | $3.24B 57.1% | $3.20B 56.7% | $3.13B 57.3% | $2.77B 60.1% | $1.91B 61.7% | $1.92B 60.7% | $1.79B 61.7% | $1.62B 62.4% | $1.33B 61.8% |
| Research & Development | $317.3M 5.2% | $292.6M 5.2% | $356.3M 6.3% | $352.2M 6.5% | — | — | — | — | — | — |
| Selling, General & Admin | $931.1M 15.2% | $902.6M 15.9% | $852.0M 15.1% | $804.0M 14.7% | $1.07B 23.1% | $662.0M 21.5% | $715.1M 22.6% | $694.2M 23.9% | $658.1M 25.3% | $579.9M 27.0% |
| Total Operating Expenses | $4.97B 81.2% | $4.68B 82.6% | $4.60B 81.6% | $4.49B 82.2% | $3.99B 86.5% | $2.61B 84.4% | $2.67B 84.5% | $2.49B 85.6% | $2.28B 87.6% | $1.91B 88.8% |
| Operating Income | $1.15B 18.8% | $989.1M 17.4% | $1.03B 18.4% | $972.0M 17.8% | $624.3M 13.5% | $480.1M 15.6% | $491.7M 15.5% | $416.6M 14.4% | $321.7M 12.4% | $240.5M 11.2% |
| Interest Expense | $59.6M 1.0% | $57.9M 1.0% | $77.3M 1.4% | $89.3M 1.6% | $90.8M 2.0% | $15.3M 0.5% | $21.0M 0.7% | $29.2M 1.0% | $35.5M 1.4% | $23.6M 1.1% |
| Other Income (Expense), net | -$21.6M -0.4% | -$4.1M -0.1% | -$12.2M -0.2% | $3.4M 0.1% | $2.5M 0.1% | -$7.2M -0.2% | -$5.0M -0.2% | -$10.7M -0.4% | -$15.5M -0.6% | $10.7M 0.5% |
| Pretax Income | $1.09B 17.9% | $937.9M 16.5% | $958.9M 17.0% | $908.1M 16.6% | $533.8M 11.6% | $469.7M 15.2% | $473.7M 15.0% | $393.9M 13.6% | $287.0M 11.0% | $241.3M 11.2% |
| Income Tax Expense | $198.8M 3.3% | $117.2M 2.1% | $72.3M 1.3% | $119.2M 2.2% | $88.5M 1.9% | $67.8M 2.2% | $71.4M 2.3% | $60.1M 2.1% | $59.8M 2.3% | $50.4M 2.3% |
| Net Income | $894.8M 14.6% | $819.2M 14.4% | $885.7M 15.7% | $788.6M 14.4% | $445.3M 9.7% | $401.9M 13.0% | $402.3M 12.7% | $333.8M 11.5% | $227.2M 8.7% | $190.9M 8.9% |
| Per Share | ||||||||||
| EPS (Basic) | $19.12 | $17.43 | $18.80 | $16.85 | $10.31 | $10.95 | $11.08 | $9.32 | $6.45 | $5.52 |
| EPS (Diluted) | $18.88 | $17.21 | $18.49 | $16.53 | $10.05 | $10.62 | $10.73 | $9.01 | $6.26 | $5.37 |
| Weighted Avg Shares (Basic) | 46.8M | 47.0M | 47.1M | 46.8M | 43.2M | 36.7M | 36.3M | 35.8M | 35.2M | 34.6M |
| Weighted Avg Shares (Diluted) | 47.4M | 47.6M | 47.9M | 47.7M | 44.3M | 37.9M | 37.5M | 37.0M | 36.3M | 35.5M |
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.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SYK | $111.9B | 34.8× | 19.2× | 4.5× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 1.8× | 738 |
| MMM | $89.9B | 29.1× | 17.3× | 3.6× | 1.5% | 39.9% | 13.0% | 69.1% | 18.8% | 2.1× | 788 |
| TT | $89.7B | 31.6× | 22.2× | 4.2× | 7.5% | — | 13.7% | 34.0% | 22.1% | 0.7× | 570 |
| NOC | $79.2B | 19.2× | 15.1× | 1.9× | 2.2% | — | 10.0% | 25.1% | 12.9% | 1.9× | 576 |
| BSX | $60.8B | 21.6× | 11.9× | 3.0× | 19.9% | 69.0% | 14.4% | 11.9% | 11.8% | -0.3× | 407 |
| AME | $55.3B | 37.7× | 27.8× | 7.5× | 6.6% | 36.0% | 20.0% | 13.9% | 11.5% | 0.9× | 337 |
| BDX | $53.9B | 34.0× | 14.4× | 2.5× | 8.2% | 45.4% | 7.7% | 6.6% | 3.8% | 3.7× | 458 |
| EW | $53.0B | 50.3× | 35.7× | 8.7× | 11.5% | 78.0% | 17.7% | 10.4% | 9.8% | -1.6× | 399 |
| GRMN | $52.5B | 31.7× | 24.8× | 7.3× | 15.1% | 58.7% | 23.0% | 18.5% | 18.5% | -1.1× | 324 |
| KEYS | $52.3B | 62.6× | 52.6× | 9.7× | 8.0% | 62.1% | 15.8% | 14.5% | 10.1% | 0.7× | 354 |
| A | $49.3B | 38.3× | 28.8× | 7.1× | 6.7% | 52.4% | 18.8% | 19.3% | 12.9% | 0.9× | 357 |
| ROK | $48.4B | 56.9× | 25.2× | 5.8× | 0.9% | 48.1% | 10.4% | 23.8% | 12.6% | 1.4× | 464 |
| ROP | $46.1B | 32.9× | 17.6× | 5.8× | 12.3% | 69.2% | 19.4% | 7.7% | 5.3% | 2.9× | 303 |
| WAT | $45.4B | 43.0× | 51.4× | 14.3× | 7.0% | 59.3% | 20.3% | 25.1% | 18.3% | 0.4× | 360 |
| TER | $42.9B | 79.1× | 55.0× | 13.4× | 13.1% | 58.2% | 17.4% | 19.8% | 18.5% | -0.1× | 385 |
| COHR | $41.4B | 51.0× | — | 5.8× | 22.5% | 37.5% | 11.3% | 7.4% | 5.7% | — | 334 |
| ILMN | $35.6B | 43.3× | 33.1× | 8.2× | -0.7% | 66.1% | 19.6% | 31.2% | 31.2% | 0.0× | 308 |
| GEHC | $34.6B | 16.8× | 13.2× | 1.7× | 4.8% | 40.0% | 10.1% | 20.1% | 10.2% | 1.8× | 356 |
| MTD | $33.6B | 39.8× | 33.0× | 8.3× | 4.0% | 59.4% | 21.6% | — | 40.8% | 2.0× | 195 |
| RMD | $32.3B | 22.1× | 15.1× | 5.7× | 9.9% | 61.1% | 26.9% | 23.1% | 21.0% | -0.4× | — |
| DXCM | $31.1B | 39.4× | 25.9× | 6.7× | 15.6% | 60.1% | 17.9% | 30.5% | 30.5% | -0.8× | 287 |
| TDY | $30.5B | 34.9× | 25.7× | 5.0× | 7.9% | 42.8% | 14.6% | 8.5% | 6.9% | 1.7× | 221 |
| WST | $28.8B | 60.8× | 37.3× | 9.4× | 6.3% | 35.9% | 16.1% | 15.5% | 14.6% | -0.8× | 237 |
| MDLN | $28.2B | — | 12.0× | 1.0× | — | 26.4% | 4.1% | 10.8% | 5.0% | 3.3× | 84 |
| VLTO | $27.1B | 29.6× | 20.5× | 4.9× | 6.0% | 59.9% | 17.1% | 30.3% | 16.3% | 0.5× | 282 |
Peers = companies sharing TDY's sector (Search, Detection, Navigation, Guidance, Aeronautical Sys) 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 -1.3pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 12.0% | 9.2% (today's — no rate published for this year) | 2.9pts |
| FY2021 | 11.9% | 9.2% (today's — no rate published for this year) | 2.7pts |
| FY2022 | 4.7% | 7.2% | -2.4pts |
| FY2023 | 7.2% | 8.3% | -1.0pts |
| FY2023 | 7.5% | 8.3% | -0.8pts |
| FY2024 | 7.3% | 8.6% | -1.3pts |
| FY2025 | 7.8% | 8.2% | -0.4pts |
| Now | 6.9% | 9.2% | -2.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 38.2% | 11.2% | 8.9% |
| FY2017 | 37.6% | 12.4% | 8.7% |
| FY2018 | 38.3% | 14.4% | 11.5% |
| FY2019 | 39.3% | 15.5% | 12.7% |
| FY2021 | 38.3% | 15.6% | 13.0% |
| FY2022 | 39.9% | 13.5% | 9.7% |
| FY2023 | 42.7% | 17.8% | 14.4% |
| FY2023 | 43.3% | 18.4% | 15.7% |
| FY2024 | 42.9% | 17.4% | 14.4% |
| FY2025 | 42.8% | 18.8% | 14.6% |
Return on equity (9%) and return on invested capital (7%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$8.7B of goodwill — 68% 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 24.53% against 7.86% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.10x of reported profit into cash — adequate, without much margin.
The cash conversion cycle has lengthened +13 days over 3 years to 117 — 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 13.5x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 19.29x |
| 5% | 18.33x |
| 10% | 17.36x |
| 15% | 16.40x |
| 20% | 15.43x |
| 25% | 14.47x |
| 30% | 13.50x |
| 35% | 12.54x |
| 40% | 11.58x |
| 45% | 10.61x |
| 50% | 9.65x |
| 55% | 8.68x |
| 60% | 7.72x |
Ladder as of 2025-12-28 (10-K); cash from the 2025-12-28 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-28. 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 $658.23, free cash flow must compound 12.97%/yr for 10 years. It has done 18.21%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 39.1% | 13.0% |
| FY2022 | 32.1% | 13.0% |
| FY2023 | −45.5% | 13.0% |
| FY2023 | 83.0% | 13.0% |
| FY2024 | 53.7% | 13.0% |
| FY2025 | −3.1% | 13.0% |
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 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $895M | $895M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $297M | $1.19B |
| Operating cash flow | $1.19B | $1.19B |
| Capex | −$117M | $1.07B |
| Free cash flow | $1.07B | $1.07B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | -2.5% | -12.7% | -10.2 points |
| FY2022 | 49.5% | 91.0% | 41.5 points |
| FY2023 | 18.3% | 15.1% | -3.2 points |
| FY2023 | 3.2% | 1.8% | -1.4 points |
| FY2024 | 0.6% | 0.2% | -0.4 points |
| FY2025 | 7.9% | 10.1% | 2.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 53.1 days | 74.8 days | 51.5 days | 76.4 days |
| FY2021 | 47.5 days | 66.5 days | 43.9 days | 70.2 days |
| FY2022 | 60.7 days | 99.1 days | 61.8 days | 98 days |
| FY2023 | 59.1 days | 103.9 days | 59 days | 104 days |
| FY2023 | 58.3 days | 104.8 days | 43.9 days | 119.1 days |
| FY2024 | 58 days | 103.2 days | 47 days | 114.2 days |
| FY2025 | 59.2 days | 108.8 days | 50.7 days | 117.3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.7 percent |
| FY2021 | -4.3 percent |
| FY2022 | -2.6 percent |
| FY2023 | 2.1 percent |
| FY2023 | 0.3 percent |
| FY2024 | -2.6 percent |
| FY2025 | -1.9 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 6 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.