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Data as of Q3 2026
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Ranked against 26 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ITW | $80.1B | 26.8× | 19.5× | 5.0× | 0.9% | 52.9% | 19.1% | 95.0% | 25.1% | 1.8× | 665 |
| IR | $31.0B | 55.2× | 20.9× | 4.1× | 5.7% | 43.6% | 7.6% | 5.8% | 3.9% | 2.1× | 243 |
| XYL | $20.8B | 23.1× | 11.8× | 2.3× | 5.5% | 38.5% | 10.6% | 8.3% | 7.1% | 0.3× | 285 |
| NDSN | $18.3B | 38.7× | 25.6× | 6.6× | 3.8% | 55.2% | 17.4% | 15.9% | 9.6% | 2.4× | 215 |
| ITT | $18.2B | 33.1× | 20.8× | 4.6× | 8.5% | 35.4% | 12.4% | 11.9% | 10.0% | -1.2× | 180 |
| ZBRA | $17.9B | 46.1× | 26.2× | 3.3× | 8.3% | 48.1% | 7.8% | 11.7% | 6.9% | 3.1× | 191 |
| IEX | $17.6B | 37.3× | 24.4× | 5.1× | 5.8% | 44.5% | 14.0% | 12.0% | 8.3% | 1.6× | 172 |
| HSAI | $16.3B | 30.2× | — | 37.7× | 52.1% | 41.8% | 14.4% | 4.9% | 4.5% | -3.2× | 21 |
| RBC | $15.7B | 54.5× | 35.2× | 8.4× | 14.3% | 44.4% | 15.4% | 8.6% | 6.8% | 1.8× | 131 |
| GGG | $11.0B | 22.3× | 14.2× | 4.9× | 5.8% | 52.5% | 23.3% | 19.7% | 19.7% | -0.8× | 177 |
| RRX | $10.9B | 39.0× | 18.1× | 1.8× | -1.6% | 37.4% | 4.7% | 4.1% | 2.4% | 5.1× | 131 |
| FLS | $10.2B | 30.4× | 22.3× | 2.2× | 3.8% | 33.4% | 7.3% | 15.8% | 9.2% | 1.6× | 132 |
| DCI | $9.9B | 22.1× | 15.5× | 2.5× | 5.3% | 34.6% | 11.7% | 25.7% | 14.7% | 1.5× | 163 |
| TKR | $8.0B | 27.9× | 12.3× | 1.7× | 0.2% | 30.4% | 6.3% | 9.1% | 5.7% | 2.0× | 146 |
| ZWS | $7.4B | 38.9× | 24.5× | 4.3× | 8.3% | 45.1% | 11.7% | 12.3% | 9.4% | 0.6× | 90 |
| GTES | $6.6B | 27.3× | 11.9× | 1.9× | 1.0% | 39.8% | 7.3% | 7.5% | 4.5% | 2.1× | 1 |
| ESAB | $4.6B | 20.2× | 11.4× | 1.6× | 3.7% | 36.9% | 8.0% | 10.5% | 6.7% | 2.1× | 72 |
| CECO | $3.2B | 39.9× | 25.9× | 4.1× | 38.8% | 34.8% | 6.5% | 15.8% | 9.4% | 1.4× | 60 |
| OUST | $2.3B | — | — | 13.7× | 52.5% | 49.3% | -35.6% | -23.1% | -23.1% | — | 63 |
| CHRN | $2.3B | — | 99.3× | 31.8× | 459% | -23.9% | -70.3% | -28.0% | -27.4% | -0.3× | — |
| GRC | $2.0B | 36.8× | 18.2× | 2.9× | 3.4% | 30.6% | 7.8% | 12.8% | 7.3% | 2.2× | 51 |
| GHM | $841M | 64.0× | 41.7× | 3.4× | 16.9% | 23.5% | 5.1% | 8.9% | 8.2% | 0.3× | 35 |
| TWIN | $368M | 13.6× | 12.0× | 1.0× | 11.9% | 26.9% | 7.1% | 12.3% | 10.9% | 0.4× | 14 |
| HLP | $313M | 139.7× | 103.5× | 16.0× | — | 32.5% | 9.9% | 3.4% | 2.8% | 3.1× | 1 |
| PPIH | $246M | 14.3× | 7.5× | 1.2× | 33.2% | 32.9% | 8.1% | 18.8% | 13.8% | 0.4× | 19 |
Peers = companies sharing TWIN's sector (General Industrial Machinery & Equipment) 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 17 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
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: $2.3M dividends + $0 buybacks = $2.3M returned on $9.2M 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.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 11%. 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 $16.0M covers the $1.5M due within a year 10.7× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~10.3% on $29.8M of debt.
Cash of $16.0M fully covers short-term debt of $1.5M.
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.
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 $23.98 today, the market must believe free cash flow compounds 11.6%/yr for a decade (off $14.3M on the 3-yr avg basis).
The market's 11.6% is more conservative than its 9-yr track record.
Default is 10.3% — 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 $13.8M
mean -1674.8% · volatility σ 3913% · implied rate exceeded in 2/6 yrs
Central path = implied 11.6%/yr growth; shaded band = ±1σ (3913%) 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.
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 | $381.3M 100.0% | $340.7M 100.0% | $295.1M 100.0% | $277.0M 100.0% | $242.9M 100.0% | $218.6M 100.0% | $246.8M 100.0% | $302.7M 100.0% | $240.7M 100.0% | $168.2M 100.0% |
| Cost of Revenue | $278.7M 73.1% | $246.8M 72.4% | $211.8M 71.8% | $202.6M 73.2% | $174.1M 71.7% | $167.7M 76.7% | $191.1M 77.4% | $213.0M 70.4% | $160.1M 66.5% | $120.0M 71.3% |
| Cost of Products | — | — | — | — | — | — | — | — | — | $120.0M 71.3% |
| Gross Profit | $102.6M 26.9% | $93.9M 27.6% | $83.3M 28.2% | $74.3M 26.8% | $68.8M 28.3% | $50.9M 23.3% | $55.7M 22.6% | $89.6M 29.6% | $80.6M 33.5% | $48.2M 28.7% |
| Research & Development | $2.9M 0.7% | $2.7M 0.8% | $2.6M 0.9% | $2.5M 0.9% | $1.6M 0.6% | $1.9M 0.9% | $1.8M 0.7% | $2.4M 0.8% | $1.6M 0.7% | $1.5M 0.9% |
| Selling, General & Admin | $84.5M 22.2% | $82.4M 24.2% | $71.6M 24.3% | $62.2M 22.5% | $60.1M 24.7% | $55.8M 25.5% | $63.2M 25.6% | $71.5M 23.6% | $61.1M 25.4% | $52.8M 31.4% |
| Operating Income | $18.0M 4.7% | $11.1M 3.3% | $11.5M 3.9% | $16.1M 5.8% | $11.0M 4.5% | -$12.3M -5.6% | -$40.3M -16.3% | $18.5M 6.1% | $16.1M 6.7% | -$9.0M -5.3% |
| Interest Expense | $3.1M 0.8% | $2.6M 0.8% | $1.4M 0.5% | $2.3M 0.8% | $2.1M 0.9% | $2.4M 1.1% | $1.9M 0.8% | $1.9M 0.6% | $282K 0.1% | $303K 0.2% |
| Interest & Investment Income | $33K 0.0% | $67K 0.0% | $64K 0.0% | $33K 0.0% | $28K 0.0% | $19K 0.0% | $78K 0.0% | $43K 0.0% | $55K 0.0% | $72K 0.0% |
| Other Income (Expense), net | -$4.4M -1.1% | -$8.1M -2.4% | $3.9M 1.3% | $658K 0.2% | $3.7M 1.5% | -$3.4M -1.6% | -$1.6M -0.7% | -$2.1M -0.7% | -$1.5M -0.6% | -$320K -0.2% |
| Pretax Income | $13.6M 3.6% | $3.0M 0.9% | $15.4M 5.2% | $14.5M 5.2% | $12.6M 5.2% | -$9.8M -4.5% | -$43.7M -17.7% | $14.5M 4.8% | $14.4M 6.0% | -$9.5M -5.7% |
| Income Tax Expense | -$14.0M -3.7% | $3.4M 1.0% | $4.1M 1.4% | $3.8M 1.4% | $1.8M 0.8% | $19.7M 9.0% | -$4.2M -1.7% | $3.7M 1.2% | $4.8M 2.0% | -$3.4M -2.0% |
| Net Income | $34.5M 9.1% | -$1.9M -0.6% | $11.0M 3.7% | $10.4M 3.7% | $10.5M 4.3% | -$29.7M -13.6% | -$39.8M -16.1% | $10.7M 3.5% | $9.5M 4.0% | -$6.3M -3.7% |
| Per Share | ||||||||||
| EPS (Basic) | $1.92 | -$0.05 | $0.80 | $0.77 | $0.78 | -$2.24 | -$3.03 | $0.84 | $0.82 | -$0.56 |
| EPS (Diluted) | $1.86 | -$0.05 | $0.79 | $0.75 | $0.78 | -$2.24 | -$3.03 | $0.83 | $0.82 | -$0.56 |
| Weighted Avg Shares (Basic) | 14.1M | 13.9M | 13.7M | 13.5M | 13.4M | 13.2M | 13.2M | 12.6M | 11.3M | 11.2M |
| Weighted Avg Shares (Diluted) | 14.6M | 13.9M | 13.9M | 13.8M | 13.4M | 13.2M | 13.2M | 12.7M | 11.4M | 11.2M |
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 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.
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 |
|---|---|---|---|---|---|
| 2026-10-29 | Giesselman Janet Plaut Director | Grant | 3,831 | $26.10 | $100k |
| 2026-10-29 | Smiley Michael C Director | Grant | 3,831 | $26.10 | $100k |
| 2026-10-29 | Larimer Juliann Director | Grant | 3,831 | $26.10 | $100k |
| 2026-10-29 | Johnson David W 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.
| 3,831 |
| $26.10 |
| $100k |
| 2026-10-29 | Olsen Kevin M. Director | Grant | 3,831 | $26.10 | $100k |
| 2026-10-29 | Doar Michael Director | Grant | 3,831 | $26.10 | $100k |
| 2026-09-08 | 2 co-filers VP Finance, CFO, Secr & Trea | Open-market sale | 7,482 | $24.25 | $181k |
| 2026-09-04 | 2 co-filers VP Finance, CFO, Secr & Trea | Open-market sale | 5,902 | $23.25 | $137k |
| 2026-09-03 | Knutson Jeffrey Scott VP Finance, CFO, Secr & Trea | Open-market sale | 4,302 | $23.00 | $99k |
| 2026-08-05 | 4 co-filers VP Finance, CFO, Secr & Trea | Tax withholding | 7,600 | $23.34 | $177k |
| 2026-08-05 | 4 co-filers President and CEO | Tax withholding | 15,479 | $23.34 | $361k |
| 2026-08-05 | 4 co-filers VP Finance, CFO, Secr & Trea | Grant | 38,638 | $24.01 | $928k |
| 2026-08-05 | 4 co-filers President and CEO | Grant | 78,693 | $24.01 | $1.9m |
| 2026-08-05 | 4 co-filers VP Finance, CFO, Secr & Trea | Tax withholding | 18,158 | $24.01 | $436k |
| 2026-08-05 | 4 co-filers President and CEO | Tax withholding | 36,986 | $24.01 | $888k |
| 2026-08-05 | 4 co-filers VP Finance, CFO, Secr & Trea | Grant | 8,734 | $24.01 | $210k |
| 2026-08-05 | 4 co-filers President and CEO | Grant | 18,756 | $24.01 | $450k |
| 2026-08-03 | Doar Michael Director | Grant | 357 | $22.74 | $8k |
| 2026-08-03 | Johnson David W Director | Grant | 179 | $22.74 | $4k |
| 2026-06-05 | Knutson Jeffrey Scott VP Finance, CFO, Secr & Trea | Grant | 7,044 | $19.06 | $134k |
| 2026-05-01 | Johnson David W Director | Grant | 237 | $17.12 | $4k |
| 2026-05-01 | Doar Michael Director | Grant | 475 | $17.12 | $8k |
| 2026-03-05 | Knutson Jeffrey Scott VP Finance, CFO, Secr & Trea | Grant | 3,198 | $18.25 | $58k |
| 2026-03-04 | Batten John H President and CEO | Grantindirect | 5,040 | $18.00 | $91k |
| 2026-02-27 | Batten John H President and CEO | Grantindirect | 6,000 | $18.01 | $108k |
| 2026-02-26 | Batten John H President and CEO | Grantindirect | 535 | $18.05 | $10k |
| 2026-02-25 | Knutson Jeffrey Scott VP Finance, CFO, Secr & Trea | Grant | 499 | $18.20 | $9k |
| 2026-02-25 | Batten John H President and CEO | Grantindirect | 2,901 | $18.02 | $52k |
| 2026-02-18 | 3 co-filers President and CEO | Grant | 600 | $18.00 | $11k |
| 2026-02-18 | 3 co-filers President and CEO | Grantindirect | 1,543 | $18.04 | $28k |
| 2026-02-18 | 3 co-filers President and CEO | Grantindirect | 1,000 | $18.00 | $18k |
| 2026-02-17 | 3 co-filers President and CEO | Grant | 5,000 | $18.03 | $90k |
| 2026-02-17 | 3 co-filers President and CEO | Grantindirect | 5,000 | $18.02 | $90k |
| 2026-02-17 | 3 co-filers President and CEO | Grantindirect | 5,000 | $18.02 | $90k |
| 2026-02-12 | 3 co-filers President and CEO | Grant | 1,500 | $18.21 | $27k |
| 2026-02-12 | 3 co-filers President and CEO | Grantindirect | 1,500 | $18.21 | $27k |
| 2026-02-12 | 3 co-filers President and CEO | Grantindirect | 1,500 | $18.21 | $27k |
| 2026-02-11 | 3 co-filers President and CEO | Grant | 10,000 | $18.53 | $185k |
| 2026-02-11 | Knutson Jeffrey Scott VP Finance, CFO, Secr & Trea | Grant | 4,108 | $18.70 | $77k |
| 2026-02-11 | 3 co-filers President and CEO | Grantindirect | 10,000 | $18.58 | $186k |
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 15-yr range · 66th 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 12% against ROIC 11% — 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
High operating leverage: profit moved 5.2× 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 | 70.4 | 77.4 | 76.7 | 71.7 | 73.2 | 71.8 | 72.4 | 73.1 |
| Gross Profit | 29.6 | 22.6 | 23.3 | 28.3 | 26.8 | 28.2 | 27.6 | 26.9 |
| R&D | 0.8 | 0.7 | 0.9 | 0.6 | 0.9 | 0.9 | 0.8 | 0.7 |
| SG&A | 23.6 | 25.6 | 25.5 | 24.7 | 22.5 | 24.3 | 24.2 | 22.2 |
| Operating Income | 6.1 | -16.3 | -5.6 | 4.5 | 5.8 | 3.9 | 3.3 | 4.7 |
| Income Tax | 1.2 | -1.7 | 9.0 | 0.8 | 1.4 | 1.4 | 1.0 | -3.7 |
| Net Income | 3.5 | -16.1 | -13.6 | 4.3 | 3.7 | 3.7 | -0.6 | 9.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TWIN: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -3.86pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | -18.6% | 10.3% (today's — no rate published for this year) | -29.0pts |
| FY2021 | -6.4% | 10.3% (today's — no rate published for this year) | -16.8pts |
| FY2022 | 5.7% | 8.7% | -3.0pts |
| FY2023 | 8.1% | 9.1% | -1.0pts |
| FY2024 | 5.3% | 8.3% | -3.0pts |
| FY2025 | 4.0% | 9.1% | -5.1pts |
| FY2026 | 6.0% | 10.1% | -4.1pts |
| Now | 10.9% | 10.3% | 0.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 28.7% | -5.3% | -3.7% |
| FY2018 | 33.5% | 6.7% | 4.0% |
| FY2019 | 29.6% | 6.1% | 3.5% |
| FY2020 | 22.6% | -16.3% | -16.1% |
| FY2021 | 23.3% | -5.6% | -13.6% |
| FY2022 | 28.3% | 4.5% | 4.3% |
| FY2023 | 26.8% | 5.8% | 3.7% |
| FY2024 | 28.2% | 3.9% | 3.7% |
| FY2025 | 27.6% | 3.3% | -0.2% |
| FY2026 | 26.9% | 4.7% | 7.1% |
Return on equity (12%) and return on invested capital (11%) 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.
$3M of goodwill — 1% 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.
Margins have compressed 2 years running even as the spread stayed positive.
Converts 0.70x of reported profit into cash — adequate, without much margin.
The cash conversion cycle has lengthened +13 days over 3 years to 257 — 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 4.1x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 5.83x |
| 5% | 5.54x |
| 10% | 5.25x |
| 15% | 4.96x |
| 20% | 4.67x |
| 25% | 4.38x |
| 30% | 4.08x |
| 35% | 3.79x |
| 40% | 3.50x |
| 45% | 3.21x |
| 50% | 2.92x |
| 55% | 2.63x |
| 60% | 2.33x |
Ladder as of 2026-06-30 (10-K); cash from the 2026-06-30 balance sheet; FCF from FY2026.
Balance sheet at 2026-06-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $20,745,000 of the $50,555,000 total — a fixed obligation that does not appear in a headline debt figure.
At $25.29, free cash flow must compound 13.0%/yr for 10 years. It has no positive compounding record to compare against, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2022 | −731.9% | 13.0% |
| FY2024 | 66.9% | 13.0% |
| FY2025 | −64.7% | 13.0% |
| FY2026 | 4.1% | 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 achieved growth rate spans a reporting-basis change in FY2022, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $27M | $27M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$4M | $23M |
| Operating cash flow | $23M | $23M |
| Capex | −$14M | $9M |
| Free cash flow | $9M | $9M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | -11.4% | 28.7% | 40.2 points |
| FY2022 | 11.1% | 15.1% | 4.0 points |
| FY2023 | 14.0% | 20.5% | 6.5 points |
| FY2024 | 6.6% | -4.7% | -11.2 points |
| FY2025 | 15.4% | 12.9% | -2.5 points |
| FY2026 | 11.9% | 13.3% | 1.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 45.4 days | 230.3 days | 49 days | 226.7 days |
| FY2021 | 65.9 days | 250.2 days | 67.5 days | 248.6 days |
| FY2022 | 68.3 days | 266.5 days | 59.8 days | 275 days |
| FY2023 | 72.2 days | 237.6 days | 65.7 days | 244.1 days |
| FY2024 | 64.6 days | 224.9 days | 56.2 days | 233.3 days |
| FY2025 | 63.1 days | 272.2 days | 57.3 days | 278.1 days |
| FY2026 | 63.9 days | 233.1 days | 40.3 days | 256.7 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -16.6 percent |
| FY2021 | -13.2 percent |
| FY2022 | 6.8 percent |
| FY2023 | -4.3 percent |
| FY2024 | -7.3 percent |
| FY2025 | -6.4 percent |
| FY2026 | 1.0 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.