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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.
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
Ranked against 14 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CPNG | $25.8B | 130.6× | 21.3× | 0.8× | 14.1% | 29.4% | 0.6% | 4.5% | 3.3% | -4.8× | 108 |
| CDW | $19.2B | 19.0× | 12.4× | 0.9× | 6.8% | 21.7% | 4.8% | 40.9% | 13.0% | 2.6× | 201 |
| W | $15.9B | — | 54.9× | 1.3× | 5.1% | 30.2% | -2.5% | 11.3% | -63.9% | 5.6× | 91 |
| CHWY | $8.6B | 40.9× | 20.1× | 0.7× | 6.2% | 29.8% | 1.8% | 44.7% | 44.7% | -2.2× | 130 |
| VIPS | $6.1B | 1.3× | 2.7× | 0.4× | 2.0% | 23.1% | 6.8% | 17.7% | 15.5% | -1.8× | 45 |
| NSIT | $5.1B | 35.5× | 10.7× | 0.6× | -5.2% | 21.4% | 1.9% | 9.5% | 9.5% | -0.8× | 66 |
| PTRN | $2.9B | — | 62.9× | 1.2× | 39.3% | 43.6% | 0.6% | 2.8% | 2.8% | -6.8× | 13 |
| GCT | $2.1B | 16.3× | 11.1× | 1.6× | 11.1% | 23.3% | 10.6% | 28.3% | 28.3% | -2.5× | 41 |
| RVLV | $1.6B | 26.1× | 16.6× | 1.3× | 8.5% | 53.5% | 5.0% | 12.0% | 12.0% | -3.7× | 31 |
| HNST | $447M | — | — | 1.2× | -1.9% | 33.3% | -4.2% | -9.2% | -9.2% | — | 26 |
| TDUP | $273M | — | — | 0.9× | 19.5% | 79.4% | -6.5% | -34.1% | -26.1% | — | 21 |
| BZUN | $189M | — | 5.8× | 0.1× | 10.2% | 74.1% | -2.4% | -6.6% | -5.0% | 1.1× | 8 |
| DIBS | $166M | — | — | 1.9× | 1.5% | 73.0% | -15.2% | -14.6% | -14.6% | — | 9 |
| BBBY | $146M | — | — | 0.1× | -25.1% | 24.7% | -8.1% | -38.9% | -36.3% | — | — |
| AKA | $112M | — | — | 0.2× | 4.4% | 57.3% | -5.2% | -32.2% | -15.1% | — | 1 |
Peers = companies sharing W's sector (Retail-Catalog & Mail-Order Houses) 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.
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 $115.91 today, the market must believe free cash flow compounds 30.8%/yr for a decade (off $303.0M on the 3-yr avg basis).
On the basis (-$142.0M) the requirement is off the scale. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 30.8% is more optimistic than its 5-yr track record.
Default is 14.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.14B shares (market data) · net debt $1.80B
mean -85.4% · volatility σ 207% · implied rate exceeded in 1/4 yrs
Central path = implied 30.8%/yr growth; shaded band = ±1σ (207%) 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 |
|---|---|---|---|---|---|
| 2026-10-20 | Tan Fiona Chief Technology Officer | 10b5-1 plan saleindirect | 8,000 | $115.00 | $920k |
| 2026-10-15 | Blotner Jon Pres., Commercial & Operations | 10b5-1 plan sale | 546 | $110.00 | $60k |
| 2026-10-15 | 3 co-filers Group filing | 10b5-1 plan sale | 49,266 | $110.36 | $5.4m |
| 2026-10-15 | 3 co-filers Chief Executive Officer |
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.
| 10b5-1 plan sale |
| 49,203 |
| $110.36 |
| $5.4m |
| 2026-10-15 | 3 co-filers Group filing | 10b5-1 plan sale | 46,157 | $111.64 | $5.2m |
| 2026-10-15 | 3 co-filers Chief Executive Officer | 10b5-1 plan sale | 44,893 | $111.62 | $5.0m |
| 2026-10-15 | 3 co-filers Group filing | 10b5-1 plan sale | 21,577 | $112.47 | $2.4m |
| 2026-10-15 | 3 co-filers Chief Executive Officer | 10b5-1 plan sale | 22,904 | $112.44 | $2.6m |
| 2026-10-12 | 5 co-filers Chief Executive Officer | 10b5-1 plan sale | 5,050 | $103.66 | $523k |
| 2026-10-12 | 5 co-filers Group filing | 10b5-1 plan sale | 5,050 | $103.66 | $523k |
| 2026-10-12 | 5 co-filers Group filing | 10b5-1 plan sale | 8,651 | $104.91 | $908k |
| 2026-10-12 | 5 co-filers Chief Executive Officer | 10b5-1 plan sale | 8,651 | $104.91 | $908k |
| 2026-10-12 | 5 co-filers Group filing | 10b5-1 plan sale | 39,106 | $105.81 | $4.1m |
| 2026-10-12 | 5 co-filers Chief Executive Officer | 10b5-1 plan sale | 39,108 | $105.81 | $4.1m |
| 2026-10-12 | 5 co-filers Group filing | 10b5-1 plan sale | 15,599 | $106.68 | $1.7m |
| 2026-10-12 | 5 co-filers Chief Executive Officer | 10b5-1 plan sale | 15,597 | $106.68 | $1.7m |
| 2026-10-12 | 5 co-filers Chief Executive Officer | 10b5-1 plan sale | 594 | $107.31 | $64k |
| 2026-10-12 | 5 co-filers Group filing | 10b5-1 plan sale | 594 | $107.31 | $64k |
| 2026-10-02 | 8 co-filers Pres., Commercial & Operations | 10b5-1 plan sale | 6,056 | $104.13 | $631k |
| 2026-10-01 | 8 co-filers Pres., Commercial & Operations | Option exercise | 327 | $0.00 | $0 |
| 2026-10-01 | 6 co-filers Chief Technology Officer | Option exercise | 1,199 | $0.00 | $0 |
| 2026-10-01 | 9 co-filers CFO and Chief Admin Officer | Option exercise | 392 | $0.00 | $0 |
| 2026-10-01 | 6 co-filers Chief Technology Officer | Option exercise | 27,073 | $0.00 | $0 |
| 2026-10-01 | 8 co-filers Pres., Commercial & Operations | Option exercise | 182 | $0.00 | $0 |
| 2026-10-01 | 9 co-filers CFO and Chief Admin Officer | Option exercise | 219 | $0.00 | $0 |
| 2026-10-01 | 8 co-filers Pres., Commercial & Operations | Option exercise | 22,942 | $0.00 | $0 |
| 2026-10-01 | 6 co-filers Chief Technology Officer | Tax withholding | 14,357 | $101.37 | $1.5m |
| 2026-10-01 | 9 co-filers CFO and Chief Admin Officer | Option exercise | 428 | $0.00 | $0 |
| 2026-10-01 | 8 co-filers Pres., Commercial & Operations | Tax withholding | 11,340 | $101.37 | $1.1m |
| 2026-10-01 | 9 co-filers CFO and Chief Admin Officer | Option exercise | 22,429 | $0.00 | $0 |
| 2026-10-01 | 6 co-filers Chief Technology Officer | 10b5-1 plan saleindirect | 7,000 | $102.18 | $715k |
| 2026-10-01 | 6 co-filers Chief Technology Officer | Option exercise | 1,199 | $0.00 | — |
| 2026-10-01 | 9 co-filers CFO and Chief Admin Officer | Tax withholding | 11,348 | $101.37 | $1.2m |
| 2026-10-01 | 8 co-filers Pres., Commercial & Operations | Option exercise | 327 | $0.00 | — |
| 2026-10-01 | 6 co-filers Chief Technology Officer | Option exercise | 27,073 | $0.00 | — |
| 2026-10-01 | 9 co-filers CFO and Chief Admin Officer | Option exercise | 392 | $0.00 | — |
| 2026-10-01 | 9 co-filers CFO and Chief Admin Officer | Option exercise | 219 | $0.00 | — |
| 2026-10-01 | 8 co-filers Pres., Commercial & Operations | Option exercise | 182 | $0.00 | — |
| 2026-10-01 | 8 co-filers Pres., Commercial & Operations | Option exercise | 22,942 | $0.00 | — |
| 2026-10-01 | 9 co-filers CFO and Chief Admin Officer | Option exercise | 428 | $0.00 | — |
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $464.0M 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: -64%. 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.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.46B 100.0% | $11.85B 100.0% | $12.00B 100.0% | $12.22B 100.0% | $13.71B 100.0% | $14.14B 100.0% | $9.13B 100.0% | $6.78B 100.0% | $4.72B 100.0% | $3.38B 100.0% |
| Cost of Revenue | $8.69B 69.8% | $8.28B 69.8% | $8.34B 69.4% | $8.80B 72.0% | $9.81B 71.6% | $10.03B 70.9% | $6.98B 76.5% | $5.19B 76.6% | $3.60B 76.3% | $2.57B 76.1% |
| Cost of Products | — | — | — | — | — | — | — | — | $3.60B 76.3% | $2.57B 76.1% |
| Gross Profit | $3.77B 30.2% | $3.57B 30.2% | $3.67B 30.6% | $3.42B 28.0% | $3.90B 28.4% | $4.11B 29.1% | $2.15B 23.5% | $1.59B 23.4% | $1.12B 23.7% | $807.8M 23.9% |
| Selling, General & Admin | — | — | — | — | — | — | — | — | — | $177.5M 5.3% |
| Total Operating Expenses | $3.75B 30.1% | $4.04B 34.0% | $4.48B 37.3% | $4.80B 39.3% | $3.99B 29.1% | $3.75B 26.5% | $3.08B 33.7% | $2.06B 30.4% | $1.35B 28.7% | $1.00B 29.7% |
| Operating Income | $17.0M 0.1% | -$461.0M -3.9% | -$813.0M -6.8% | -$1.38B -11.3% | -$94.0M -0.7% | $360.0M 2.5% | -$930.0M -10.2% | -$473.3M -7.0% | -$235.5M -5.0% | -$196.2M -5.8% |
| Interest Expense | $165.0M 1.3% | $83.0M 0.7% | $63.0M 0.5% | — | — | — | — | — | — | — |
| Interest & Investment Income | $45.0M 0.4% | $54.0M 0.5% | $47.0M 0.4% | $13.0M 0.1% | $5.0M 0.0% | $6.0M 0.0% | — | — | — | — |
| Other Income (Expense), net | $31.0M 0.2% | -$21.0M -0.2% | $1.0M 0.0% | -$4.0M -0.0% | -$4.0M -0.0% | -$9.0M -0.1% | $3.0M 0.0% | -$204K -0.0% | $758K 0.0% | $1.8M 0.1% |
| Pretax Income | -$304.0M -2.4% | -$482.0M -4.1% | -$729.0M -6.1% | -$1.32B -10.8% | -$130.0M -0.9% | $205.0M 1.4% | -$982.0M -10.8% | -$502.0M -7.4% | -$244.1M -5.2% | -$193.8M -5.7% |
| Income Tax Expense | $9.0M 0.1% | $10.0M 0.1% | $9.0M 0.1% | $12.0M 0.1% | $1.0M 0.0% | $20.0M 0.1% | $3.0M 0.0% | $2.0M 0.0% | $486K 0.0% | $608K 0.0% |
| Net Income | -$313.0M -2.5% | -$492.0M -4.2% | -$738.0M -6.1% | -$1.33B -10.9% | -$131.0M -1.0% | $185.0M 1.3% | -$985.0M -10.8% | -$504.1M -7.4% | -$244.6M -5.2% | -$194.4M -5.8% |
| Per Share | ||||||||||
| EPS (Basic) | -$2.44 | -$4.01 | -$6.47 | -$12.54 | -$1.26 | $1.93 | -$10.68 | -$5.63 | — | — |
| EPS (Diluted) | -$2.44 | -$4.01 | -$6.47 | -$12.54 | -$1.26 | $1.86 | -$10.68 | -$5.63 | — | — |
| Weighted Avg Shares (Basic) | 128.0M | 123.0M | 114.0M | 106.0M | 104.0M | 96.0M | 92.0M | 89.5M | — | — |
| Weighted Avg Shares (Diluted) | 128.0M | 123.0M | 114.0M | 106.0M | 104.0M | 99.0M | 92.0M | 89.5M | — | — |
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 12-yr range · 71th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-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 11% against ROIC -64% — 75% 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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 76.6 | 76.5 | 70.9 | 71.6 | 72.0 | 69.4 | 69.8 | 69.8 |
| Gross Profit | 23.4 | 23.5 | 29.1 | 28.4 | 28.0 | 30.6 | 30.2 | 30.2 |
| Operating Income | -7.0 | -10.2 | 2.5 | -0.7 | -11.3 | -6.8 | -3.9 | 0.1 |
| Income Tax | 0.0 | 0.0 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 |
| Net Income | -7.4 | -10.8 | 1.3 | -1.0 | -10.9 | -6.1 | -4.2 | -2.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on W: 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~5.0% on $3.27B of debt.
Cash of $1.48B fully covers short-term debt of $39.0M.
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.
Earns 14.65pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -58.9% | 14.0% (today's — no rate published for this year) | -72.9pts |
| FY2020 | 55.3% | 14.0% (today's — no rate published for this year) | 41.3pts |
| FY2021 | -8.5% | 14.0% (today's — no rate published for this year) | -22.5pts |
| FY2022 | -156.2% | 14.0% (today's — no rate published for this year) | -170.2pts |
| FY2023 | -176.8% | 15.4% | -192.1pts |
| FY2024 | -107.5% | 15.8% | -123.3pts |
| FY2025 | 5.3% | 13.6% | -8.2pts |
| Now | -63.9% | 14.0% | -77.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 23.9% | -5.8% | -5.8% |
| FY2017 | 23.7% | -5.0% | -5.2% |
| FY2018 | 23.4% | -7.0% | -7.4% |
| FY2019 | 23.5% | -10.2% | -10.8% |
| FY2020 | 29.1% | 2.5% | 1.3% |
| FY2021 | 28.4% | -0.7% | -1.0% |
| FY2022 | 28.0% | -11.3% | -10.9% |
| FY2023 | 30.6% | -6.8% | -6.1% |
| FY2024 | 30.2% | -3.9% | -4.2% |
| FY2025 | 30.2% | 0.1% | -2.5% |
$400,000 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.
The spread was positive in only 0 of the last 5 years.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Stressed coverage falls to 0.1x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 0.10x |
| 5% | 0.10x |
| 10% | 0.09x |
| 15% | 0.09x |
| 20% | 0.08x |
| 25% | 0.08x |
| 30% | 0.07x |
| 35% | 0.07x |
| 40% | 0.06x |
| 45% | 0.06x |
| 50% | 0.05x |
| 55% | 0.05x |
| 60% | 0.04x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 8.8x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $115.91, free cash flow must compound 31.67%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −74.9% | 31.7% |
| FY2022 | −378.3% | 31.7% |
| FY2024 | 21.4% | 31.7% |
| FY2025 | 90.2% | 31.7% |
The implied rate has been matched or beaten in 1 of the last 4 years.