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Held by 979 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.
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 $300.84 today, the market must believe free cash flow compounds 37.9%/yr for a decade (off $1.82B on the 3-yr avg basis).
On the basis ($1.43B) the requirement is 41.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 37.9% is more optimistic than its 9-yr track record.
Default is 10.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.91B shares (market data) · net debt $10.82B
mean 5.6% · volatility σ 40% · implied rate exceeded in 1/9 yrs
Central path = implied 37.9%/yr growth; shaded band = ±1σ (40%) 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.
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
Ranked against 19 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NVDA | $4.94T | 41.8× | 37.1× | 22.9× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | -0.0× | 2,265 |
| AVGO | $1.56T | 68.4× | 61.6× | 24.4× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 1.9× | 1,785 |
| MU | $1.00T | 11.9× | 8.9× | 7.5× | 256% | 80.7% | 63.8% | 61.4% | 60.0% | -0.3× | 1,415 |
| AMD | $824.1B | 190.5× | 195.0× | 23.8× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | -0.6× | 1,487 |
| INTC | $349.5B | — | 44.7× | 6.6× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 3.8× | 1,283 |
| AMAT | $309.6B | 45.0× | 35.6× | 10.9× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | -0.1× | 1,159 |
| TXN | $275.0B | 55.2× | 36.0× | 15.6× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.4× | 979 |
| ARM | $220.0B | 242.3× | 189.1× | 44.7× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | -2.4× | 257 |
| ADI | $202.1B | 91.5× | 62.4× | 18.3× | 16.9% | 61.5% | 20.6% | 6.7% | 5.3% | 1.8× | 747 |
| MRVL | $176.5B | 64.0× | 115.5× | 21.5× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 1.2× | 743 |
| NXPI | $65.4B | 32.7× | 19.2× | 5.3× | -2.7% | 54.7% | 16.5% | 20.1% | 9.1% | 2.3× | 353 |
| MPWR | $59.1B | 94.2× | 74.3× | 21.2× | 26.4% | 55.2% | 22.3% | 17.6% | 17.6% | -1.4× | 343 |
| ALAB | $44.9B | 212.1× | — | 52.6× | 115% | 75.7% | 25.7% | 16.1% | 16.1% | — | 252 |
| MCHP | $42.0B | 351.6× | 40.1× | 8.9× | 7.1% | 57.7% | 4.9% | 3.6% | 1.9% | 4.5× | 378 |
| STM | $41.8B | 259.7× | 21.3× | 3.5× | -11.1% | 33.9% | 1.4% | 0.9% | 0.8% | -0.4× | 141 |
| CRDO | $28.4B | 60.2× | 56.7× | 21.3× | 206% | 68.0% | 35.4% | 22.9% | 22.9% | -2.4× | 243 |
| ON | $27.9B | 247.1× | 37.3× | 4.7× | -15.3% | 33.1% | 2.0% | 1.6% | 1.1% | 1.1× | 240 |
| Q | $24.4B | 35.4× | 20.8× | 5.1× | 9.7% | 46.2% | 15.3% | 10.3% | 6.5% | 2.4× | 356 |
| SWKS | $20.6B | 28.4× | 26.2× | 5.0× | -2.2% | 41.2% | 11.7% | 8.3% | 7.1% | -0.2× | 177 |
| TSEM | $18.9B | 85.8× | 37.9× | 12.1× | 9.1% | 23.2% | 14.1% | 7.6% | 7.2% | -0.1× | 88 |
Peers = companies sharing TXN's sector (Semiconductors & Related Devices) 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 exceeds free cash flow (192%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $5.00B dividends + $1.48B buybacks = $6.48B returned on $2.60B FCF.
9 consecutive years of dividend increases · 14%/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).
Modest payoff on reinvested capital. Current ROIC on all capital: 16%. 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
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 | $17.68B 100.0% | $15.64B 100.0% | $17.52B 100.0% | $20.03B 100.0% | $18.34B 100.0% | $14.46B 100.0% | $14.38B 100.0% | $15.78B 100.0% | $14.96B 100.0% | $13.37B 100.0% |
| Cost of Revenue | $7.60B 43.0% | $6.55B 41.9% | $6.50B 37.1% | $6.26B 31.2% | $5.97B 32.5% | $5.19B 35.9% | $5.22B 36.3% | $5.51B 34.9% | $5.35B 35.7% | $5.11B 38.2% |
| Gross Profit | $10.08B 57.0% | $9.09B 58.1% | $11.02B 62.9% | $13.77B 68.8% | $12.38B 67.5% | $9.27B 64.1% | $9.16B 63.7% | $10.28B 65.1% | $9.61B 64.3% | $8.26B 61.8% |
| Research & Development | $2.08B 11.8% | $1.96B 12.5% | $1.86B 10.6% | $1.67B 8.3% | $1.55B 8.5% | $1.53B 10.6% | $1.54B 10.7% | $1.56B 9.9% | $1.51B 10.1% | $1.36B 10.1% |
| Selling, General & Admin | $1.86B 10.5% | $1.79B 11.5% | $1.82B 10.4% | $1.70B 8.5% | $1.67B 9.1% | $1.62B 11.2% | $1.65B 11.4% | $1.68B 10.7% | $1.69B 11.3% | $1.74B 13.0% |
| Operating Income | $6.02B 34.1% | $5.46B 34.9% | $7.33B 41.8% | $10.14B 50.6% | $8.96B 48.8% | $5.89B 40.8% | $5.72B 39.8% | $6.71B 42.5% | $6.08B 40.7% | $4.86B 36.3% |
| Interest Expense | $543.0M 3.1% | $508.0M 3.2% | $353.0M 2.0% | $214.0M 1.1% | $184.0M 1.0% | $190.0M 1.3% | $170.0M 1.2% | $125.0M 0.8% | $78.0M 0.5% | $80.0M 0.6% |
| Interest & Investment Income | — | — | — | — | — | — | — | — | — | $11.0M 0.1% |
| Other Income (Expense), net | $230.0M 1.3% | $496.0M 3.2% | $440.0M 2.5% | $106.0M 0.5% | $143.0M 0.8% | $313.0M 2.2% | $175.0M 1.2% | $98.0M 0.6% | $75.0M 0.5% | $155.0M 1.2% |
| Pretax Income | $5.71B 32.3% | $5.45B 34.9% | $7.42B 42.3% | $10.03B 50.1% | $8.92B 48.6% | $6.02B 41.6% | $5.73B 39.8% | $6.69B 42.4% | $6.08B 40.6% | $4.93B 36.9% |
| Income Tax Expense | $709.0M 4.0% | $654.0M 4.2% | $908.0M 5.2% | $1.28B 6.4% | $1.15B 6.3% | $422.0M 2.9% | $711.0M 4.9% | $1.11B 7.0% | $2.40B 16.0% | $1.33B 10.0% |
| Net Income | $5.00B 28.3% | $4.80B 30.7% | $6.51B 37.2% | $8.75B 43.7% | $7.77B 42.4% | $5.59B 38.7% | $5.02B 34.9% | $5.58B 35.4% | $3.68B 24.6% | $3.60B 26.9% |
| Per Share | ||||||||||
| EPS (Basic) | $5.47 | $5.24 | $7.13 | $9.51 | $8.38 | $6.05 | $5.33 | $5.71 | $3.68 | $3.54 |
| EPS (Diluted) | $5.45 | $5.20 | $7.07 | $9.41 | $8.26 | $5.97 | $5.24 | $5.59 | $3.61 | $3.48 |
| Weighted Avg Shares (Basic) | 909.0M | 912.0M | 908.0M | 916.0M | 923.0M | 921.0M | 936.0M | 970.0M | 991.0M | 1.00B |
| Weighted Avg Shares (Diluted) | 913.0M | 919.0M | 916.0M | 926.0M | 936.0M | 933.0M | 952.0M | 990.0M | 1.01B | 1.02B |
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.
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 is easily covered by operating profit. Effective rate ~3.9% on $14.05B of debt.
Cash of $3.23B fully covers short-term debt of $500.0M.
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.
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 |
|---|---|---|---|---|---|
| 2026-10-29 | 3 co-filers Group filing | Option exercise | 6,065 | $79.26 | $481k |
| 2026-10-29 | 3 co-filers Group filing | Exercise & sell | 6,065 | $310.39 | $1.9m |
| 2026-10-29 | 3 co-filers Group filing | Option exercise | 6,065 | $0.00 | — |
| 2026-10-27 | 4 co-filers Group filing | Option exercise |
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.
| 6,065 |
| $79.26 |
| $481k |
| 2026-10-27 | 3 co-filers Group filing | Option exercise | 4,532 | $104.41 | $473k |
| 2026-10-27 | 4 co-filers Group filing | Option exercise | 4,306 | $110.15 | $474k |
| 2026-10-27 | 4 co-filers Group filing | Exercise & sell | 5,588 | $302.14 | $1.7m |
| 2026-10-27 | 4 co-filers Group filing | Exercise & sell | 3,956 | $302.40 | $1.2m |
| 2026-10-27 | 3 co-filers Group filing | Exercise & sell | 4,532 | $301.56 | $1.4m |
| 2026-10-27 | 4 co-filers Group filing | Exercise & sell | 477 | $303.07 | $145k |
| 2026-10-27 | 4 co-filers Group filing | Exercise & sell | 350 | $303.17 | $106k |
| 2026-10-27 | 3 co-filers Group filing | Option exercise | 4,532 | $0.00 | — |
| 2026-10-27 | 4 co-filers Group filing | Option exercise | 6,065 | $0.00 | — |
| 2026-10-27 | 4 co-filers Group filing | Option exercise | 4,306 | $0.00 | — |
| 2026-09-18 | Patsley Pamela H Director | Grant | 107 | $258.14 | — |
| 2026-09-18 | Farmer Curtis C Director | Grant | 107 | $258.14 | — |
| 2026-08-27 | 4 co-filers Sr. Vice President | Option exercise | 1,365 | $79.26 | $108k |
| 2026-08-27 | 4 co-filers Sr. Vice President | Exercise & sell | 6,408 | $264.60 | $1.7m |
| 2026-08-27 | 4 co-filers Sr. Vice President | Exercise & sell | 592 | $264.96 | $157k |
| 2026-08-27 | 4 co-filers Sr. Vice President | Option exercise | 1,365 | $0.00 | — |
| 2026-07-24 | Knecht Julie C. VP & Chief Accounting Officer | Grant2d late | 7,154 | $0.00 | $0 |
| 2026-06-19 | Farmer Curtis C Director | Grant | 85 | $322.86 | — |
| 2026-06-19 | Patsley Pamela H Director | Grant | 85 | $322.86 | — |
| 2026-05-28 | 2 co-filers Group filing | Open-market sale | 9,643 | $320.41 | $3.1m |
| 2026-05-28 | 2 co-filers Group filing | Open-market sale | 357 | $321.01 | $115k |
| 2026-05-14 | 5 co-filers Sr. Vice President & CFO | Option exercise | 47,734 | $174.81 | $8.3m |
| 2026-05-14 | 3 co-filers Sr. Vice President | Option exercise | 5,000 | $110.15 | $551k |
| 2026-05-14 | 5 co-filers Sr. Vice President & CFO | Exercise & sell | 32,119 | $307.85 | $9.9m |
| 2026-05-14 | 3 co-filers Sr. Vice President | Exercise & sell | 5,000 | $309.13 | $1.5m |
| 2026-05-14 | 3 co-filers Sr. Vice President | Option exercise | 5,000 | $0.00 | — |
| 2026-05-14 | 5 co-filers Sr. Vice President & CFO | Exercise & sell | 14,156 | $308.54 | $4.4m |
| 2026-05-14 | 5 co-filers Sr. Vice President & CFO | Exercise & sell | 1,459 | $309.45 | $451k |
| 2026-05-14 | 5 co-filers Sr. Vice President & CFO | Option exercise | 47,734 | $0.00 | — |
| 2026-05-13 | 6 co-filers Group filing | Option exercise | 4,306 | $110.15 | $474k |
| 2026-05-13 | 6 co-filers Group filing | Option exercise | 4,532 | $104.41 | $473k |
| 2026-05-13 | 6 co-filers Group filing | Exercise & sell | 8,393 | $306.37 | $2.6m |
| 2026-05-13 | 6 co-filers Group filing | Exercise & sell | 445 | $307.04 | $137k |
| 2026-05-13 | 6 co-filers Group filing | Option exercise | 4,306 | $0.00 | — |
| 2026-05-13 | 6 co-filers Group filing | Option exercise | 4,532 | $0.00 | — |
| 2026-05-11 | Leonard Shanon J Sr. Vice President | Open-market sale | 4,963 | $295.22 | $1.5m |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 100th 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 31% against ROIC 16% — 14% 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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 34.9 | 36.3 | 35.9 | 32.5 | 31.2 | 37.1 | 41.9 | 43.0 |
| Gross Profit | 65.1 | 63.7 | 64.1 | 67.5 | 68.8 | 62.9 | 58.1 | 57.0 |
| R&D | 9.9 | 10.7 | 10.6 | 8.5 | 8.3 | 10.6 | 12.5 | 11.8 |
| SG&A | 10.7 | 11.4 | 11.2 | 9.1 | 8.5 | 10.4 | 11.5 | 10.5 |
| Operating Income | 42.5 | 39.8 | 40.8 | 48.8 | 50.6 | 41.8 | 34.9 | 34.1 |
| Income Tax | 7.0 | 4.9 | 2.9 | 6.3 | 6.4 | 5.2 | 4.2 | 4.0 |
| Net Income | 35.4 | 34.9 | 38.7 | 42.4 | 43.7 | 37.2 | 30.7 | 28.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TXN: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 8.19pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 39.0% | 10.5% (today's — no rate published for this year) | 28.4pts |
| FY2020 | 38.4% | 10.5% (today's — no rate published for this year) | 27.8pts |
| FY2021 | 45.5% | 5.8% | 39.8pts |
| FY2022 | 42.2% | 8.5% | 33.7pts |
| FY2023 | 24.7% | 8.8% | 15.9pts |
| FY2024 | 16.9% | 10.4% | 6.5pts |
| FY2025 | 18.8% | 9.4% | 9.4pts |
| Now | 16.5% | 10.5% | 6.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 61.8% | 36.3% | 26.9% |
| FY2017 | 64.3% | 40.7% | 24.6% |
| FY2018 | 65.1% | 42.5% | 35.4% |
| FY2019 | 63.7% | 39.8% | 34.9% |
| FY2020 | 64.1% | 40.8% | 38.7% |
| FY2021 | 67.5% | 48.8% | 42.4% |
| FY2022 | 68.8% | 50.6% | 43.7% |
| FY2023 | 62.9% | 41.8% | 37.2% |
| FY2024 | 58.1% | 34.9% | 30.7% |
| FY2025 | 57.0% | 34.1% | 28.3% |
Leverage and buybacks account for 14 points of the 31% return on equity in FY2025. The business earns 16% 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.
$4.3B of goodwill — 15% 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 3 years running even as the spread stayed positive.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Reported free cash flow is $2.60B; after share-based compensation it is $2.18B. The difference is a real cost that the cash flow statement adds back.
Covers interest 7.8x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 11.09x |
| 5% | 10.54x |
| 10% | 9.98x |
| 15% | 9.43x |
| 20% | 8.87x |
| 25% | 8.32x |
| 30% | 7.76x |
| 35% | 7.21x |
| 40% | 6.66x |
| 45% | 6.10x |
| 50% | 5.55x |
| 55% | 4.99x |
| 60% | 4.44x |
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 $300.84, free cash flow must compound 37.94%/yr for 10 years. It has done -12.51%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −5.4% | 37.9% |
| FY2021 | 14.6% | 37.9% |
| FY2022 | −5.9% | 37.9% |
| FY2023 | −77.2% | 37.9% |
| FY2024 | 11.0% | 37.9% |
| FY2025 | 73.8% | 37.9% |
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 (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 1 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $5.00B | $5.00B |
| Share-based comp | $419M | $5.42B |
| Other non-cash & working capital | $1.73B | $7.15B |
| Operating cash flow | $7.15B | $7.15B |
| Capex | −$4.55B | $2.60B |
| Free cash flow | $2.60B | $2.60B |
| FCF after SBC | $2.18B | $2.18B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 0.5% | 31.7% | 31.1 points |
| FY2021 | 26.9% | 20.3% | -6.6 points |
| FY2022 | 9.2% | 11.4% | 2.2 points |
| FY2023 | -12.5% | -5.7% | 6.8 points |
| FY2024 | -10.7% | -3.8% | 6.9 points |
| FY2025 | 13.1% | 14.2% | 1.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 27.3 days | 139.9 days | 27.1 days | 140.1 days |
| FY2020 | 35.7 days | 137.4 days | 29.2 days | 144 days |
| FY2021 | 33.8 days | 116.8 days | 34.9 days | 115.7 days |
| FY2022 | 34.5 days | 160.8 days | 49.6 days | 145.7 days |
| FY2023 | 37.2 days | 224.6 days | 45 days | 216.8 days |
| FY2024 | 40.1 days | 252.4 days | 45.7 days | 246.8 days |
| FY2025 | 40.5 days | 230.7 days | 36.3 days | 235 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -9.1 percent |
| FY2020 | -2.8 percent |
| FY2021 | -4.0 percent |
| FY2022 | 0.1 percent |
| FY2023 | 0.3 percent |
| FY2024 | -4.3 percent |
| FY2025 | -6.2 percent |
Below the line, the asset base is being consumed faster than it is replaced.
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.