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Held by 409 of 2,417 reporting institutions (98th 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 48% of free cash flow, leaving room to grow it and fund buybacks. Last year: $789.0M dividends + $552.0M buybacks = $1.34B returned on $1.64B FCF.
9 consecutive years of dividend increases · 11%/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).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: -21%. 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 | $8.21B 100.0% | $7.55B 100.0% | $7.08B 100.0% | $6.84B 100.0% | $6.58B 100.0% | $5.65B 100.0% | $5.60B 100.0% | $5.69B 100.0% | $5.88B 100.0% | $6.36B 100.0% |
| Cost of Revenue | $2.48B 30.2% | $2.12B 28.1% | $1.77B 25.1% | $1.75B 25.5% | $1.73B 26.2% | $1.51B 26.6% | $1.24B 22.1% | $1.63B 28.7% | $2.95B 50.3% | — |
| Selling, General & Admin | $1.26B 15.4% | $1.18B 15.6% | $1.19B 16.9% | $1.14B 16.7% | $1.06B 16.1% | $1.06B 18.8% | $917.0M 16.4% | $895.0M 15.7% | $999.0M 17.0% | — |
| Total Operating Expenses | $5.64B 68.7% | $5.15B 68.2% | $4.76B 67.2% | $4.66B 68.0% | $4.45B 67.5% | $4.15B 73.4% | $3.67B 65.5% | $3.39B 59.6% | $3.12B 53.0% | — |
| Operating Income | $2.57B 31.3% | $2.40B 31.8% | $2.32B 32.8% | $2.19B 32.0% | $2.14B 32.5% | $1.50B 26.6% | $1.93B 34.5% | $2.30B 40.4% | $2.76B 47.0% | $1.68B 26.5% |
| Interest Expense | $544.0M 6.6% | $542.0M 7.2% | $602.0M 8.5% | $558.0M 8.2% | $551.0M 8.4% | $558.0M 9.9% | $519.0M 9.3% | $496.0M 8.7% | $473.0M 8.0% | $331.0M 5.2% |
| Pretax Income | $2.08B 25.3% | $1.90B 25.2% | $1.82B 25.7% | $1.66B 24.3% | $1.67B 25.4% | $1.02B 18.0% | $1.37B 24.5% | $1.84B 32.3% | $2.27B 38.7% | $1.34B 21.2% |
| Income Tax Expense | $518.0M 6.3% | $414.0M 5.5% | $221.0M 3.1% | $337.0M 4.9% | $99.0M 1.5% | $116.0M 2.1% | $79.0M 1.4% | $297.0M 5.2% | $934.0M 15.9% | — |
| Net Income | $1.56B 19.0% | $1.49B 19.7% | $1.60B 22.6% | $1.32B 19.4% | $1.57B 23.9% | $904.0M 16.0% | $1.29B 23.1% | $1.54B 27.1% | $1.34B 22.8% | $1.64B 25.8% |
| Per Share | ||||||||||
| EPS (Basic) | $5.59 | $5.28 | $5.68 | $4.63 | $5.30 | $2.99 | $4.23 | $4.80 | $3.86 | $4.17 |
| EPS (Diluted) | $5.55 | $5.22 | $5.59 | $4.57 | $5.21 | $2.94 | $4.14 | $4.69 | $3.77 | $4.10 |
| Weighted Avg Shares (Basic) | 279.0M | 282.0M | 281.0M | 286.0M | 297.0M | 302.0M | 306.0M | 322.0M | 347.0M | 394.0M |
| Weighted Avg Shares (Diluted) | 281.0M | 285.0M | 285.0M | 290.0M | 302.0M | 307.0M | 313.0M | 329.0M | 355.0M | 400.0M |
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.
Cash of $709.0M covers the $28.0M due within a year 25.3× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~1431.6% on $38.0M of debt.
Cash of $709.0M fully covers short-term debt of $38.0M.
Mostly short-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 (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $155.40 today, the market must believe free cash flow compounds 9.5%/yr for a decade (off $1.46B on the 3-yr avg basis).
On the basis ($1.39B) the requirement is 10.2%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 9.5% is more conservative than its 8-yr track record.
Default is 8.6% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.27B shares (market data) · net debt -$671.0M
mean 12.3% · volatility σ 17% · implied rate exceeded in 5/8 yrs
Central path = implied 9.5%/yr growth; shaded band = ±1σ (17%) 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.
Ranked against 27 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MCD | $182.7B | 21.6× | 17.3× | 6.8× | 3.7% | — | 31.9% | -478% | 22.0% | 3.1× | 1,221 |
| YUM | $42.4B | 28.0× | 15.0× | 5.2× | 8.8% | 69.8% | 19.0% | -21.3% | -21.4% | -0.2× | 409 |
| CMG | $40.3B | 28.0× | 17.4× | 3.4× | 5.4% | — | 12.9% | 54.3% | 54.3% | -0.1× | 337 |
| QSR | $25.3B | 30.8× | 16.0× | 2.7× | 12.2% | — | 11.4% | 29.6% | 6.4% | 5.5× | 136 |
| DRI | $24.9B | 21.2× | 12.6× | 1.9× | 9.4% | 20.3% | 9.1% | 54.7% | 26.6% | 1.0× | 315 |
| YUMC | $15.4B | 18.2× | 8.6× | 1.3× | 4.4% | — | 7.9% | 17.3% | 17.2% | -0.3× | 149 |
| ARMK | $14.2B | 44.2× | 14.9× | 0.8× | 6.4% | — | 1.8% | 10.4% | 3.8% | 3.8× | 120 |
| TXRH | $12.0B | 29.9× | 17.4× | 2.0× | 9.4% | — | 7.0% | 28.4% | 28.4% | -0.2× | 132 |
| EAT | $8.8B | 19.5× | 10.9× | 1.5× | 7.9% | — | 8.4% | 110% | 54.8% | 0.4× | 110 |
| CAVA | $6.9B | 108.8× | 51.0× | 5.8× | 22.4% | — | 5.4% | 8.2% | 8.2% | -2.2× | 98 |
| CAKE | $5.6B | 36.8× | 20.3× | 1.5× | 4.7% | — | 4.0% | 34.0% | 13.9% | 1.4× | 76 |
| WING | $4.1B | 24.1× | 24.8× | 5.8× | 11.4% | — | 25.0% | -23.7% | 36.9% | 5.0× | 73 |
| CBRL | $1.6B | 50.0× | 16.9× | 0.5× | -4.7% | 69.1% | 1.0% | 6.6% | 3.9% | 2.7× | 48 |
| ARCO | $1.4B | 6.7× | 4.1× | 0.3× | 4.7% | 98.1% | 4.5% | 27.5% | 11.1% | 1.4× | 25 |
| BJRI | $1.3B | 28.9× | 11.3× | 0.9× | 3.1% | 74.7% | 3.5% | 13.3% | 10.8% | 0.5× | 31 |
| BH | $1.3B | — | 20.7× | 3.2× | 9.2% | 59.2% | -9.5% | -7.2% | -4.9% | -0.4× | 13 |
| BLMN | $905M | 105.7× | 7.6× | 0.2× | 0.1% | 70.2% | 0.2% | 2.5% | 0.7% | 3.4× | 35 |
| FWRG | $786M | 41.1× | 11.1× | 0.6× | 20.3% | — | 1.6% | 3.1% | 2.1% | 2.8× | 32 |
| PZZA | $607M | 20.5× | 7.1× | 0.3× | -0.3% | — | 1.5% | -6.9% | 11.3% | 3.8× | 47 |
| LOCO | $466M | 17.0× | 8.8× | 0.9× | 3.6% | — | 5.4% | 9.1% | 7.7% | 0.8× | 23 |
| DIN | $450M | 32.0× | — | 0.5× | 8.2% | 40.9% | 1.9% | -6.2% | 1.9% | — | 26 |
| KRUS | $425M | — | 40.6× | 1.5× | 18.9% | — | -0.7% | -0.8% | -0.8% | -5.1× | 16 |
| NATH | $418M | 21.0× | 14.2× | 2.6× | 9.4% | 34.3% | 12.4% | -141% | 59.0% | 0.8× | 22 |
| PTLO | $353M | 18.0× | 9.4× | 0.5× | 3.0% | — | 2.6% | 4.1% | 2.4% | 4.5× | 33 |
| PC | $274M | — | — | 82.0× | -12.2% | 24.8% | -127% | -52.1% | -50.5% | — | — |
Peers = companies sharing YUM's sector (Retail-Eating Places) 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 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
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 |
|---|---|---|---|---|---|
| 2026-10-07 | Turner Christopher Lee Chief Executive Officer | 10b5-1 plan sale | 285 | $140.11 | $40k |
| 2026-10-01 | 4 co-filers KFC Division CEO | Option exercise | 482 | $68.00 | $33k |
| 2026-10-01 | 4 co-filers KFC Division CEO | Other | 241 | $136.43 | $33k |
| 2026-10-01 | 4 co-filers KFC Division CEO | 10b5-1 plan sale |
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.
| 241 |
| $136.89 |
| $33k |
| 2026-10-01 | 4 co-filers KFC Division CEO | Option exercise | 482 | — | — |
| 2026-09-01 | 4 co-filers KFC Division CEO | Option exercise | 482 | $68.00 | $33k |
| 2026-09-01 | Turner Christopher Lee Chief Executive Officer | 10b5-1 plan sale | 261 | $153.64 | $40k |
| 2026-09-01 | 4 co-filers KFC Division CEO | Other | 214 | $153.31 | $33k |
| 2026-09-01 | 4 co-filers KFC Division CEO | 10b5-1 plan sale | 268 | $153.64 | $41k |
| 2026-09-01 | 4 co-filers KFC Division CEO | Option exercise | 482 | $0.00 | — |
| 2026-08-27 | 2 co-filers Group filing | Grant | 310 | $0.00 | — |
| 2026-08-27 | 2 co-filers Group filing | Grant | 166 | $0.00 | — |
| 2026-08-24 | Skeans Tracy L COO and CPO | 10b5-1 plan sale | 3,494 | $158.00 | $552k |
| 2026-08-18 | 5 co-filers Taco Bell, CEO, YUM CCO | Option exercise | 4,101 | $144.86 | $594k |
| 2026-08-18 | 5 co-filers Taco Bell, CEO, YUM CCO | Tax withholding | 2,035 | $144.86 | $295k |
| 2026-08-18 | 5 co-filers Taco Bell, CEO, YUM CCO | Option exercise | 4,101 | $0.00 | — |
| 2026-08-03 | Turner Christopher Lee Chief Executive Officer | 10b5-1 plan sale | 261 | $153.15 | $40k |
| 2026-08-03 | 4 co-filers Sr. Vice President, Controller | Option exercise | 23,163 | $68.00 | $1.6m |
| 2026-08-03 | 4 co-filers KFC Division CEO | Option exercise | 483 | $68.00 | $33k |
| 2026-08-03 | 4 co-filers Sr. Vice President, Controller | Other | 15,202 | $153.28 | $2.3m |
| 2026-08-03 | 4 co-filers KFC Division CEO | Other | 215 | $153.28 | $33k |
| 2026-08-03 | 4 co-filers KFC Division CEO | 10b5-1 plan sale | 268 | $153.15 | $41k |
| 2026-08-03 | 4 co-filers Sr. Vice President, Controller | 10b5-1 plan sale | 7,961 | $153.15 | $1.2m |
| 2026-08-03 | 4 co-filers Sr. Vice President, Controller | Option exercise | 23,163 | $0.00 | — |
| 2026-08-03 | 4 co-filers KFC Division CEO | Option exercise | 483 | $0.00 | — |
| 2026-07-01 | 4 co-filers KFC Division CEO | Option exercise | 483 | $68.00 | $33k |
| 2026-07-01 | Powell Aaron CEO - Pizza Hut | 10b5-1 plan sale | 6,001 | $160.42 | $963k |
| 2026-07-01 | Turner Christopher Lee Chief Executive Officer | 10b5-1 plan sale | 250 | $160.42 | $40k |
| 2026-07-01 | 4 co-filers KFC Division CEO | Other | 206 | $159.86 | $33k |
| 2026-07-01 | 4 co-filers KFC Division CEO | 10b5-1 plan sale | 277 | $160.42 | $44k |
| 2026-07-01 | 4 co-filers KFC Division CEO | Option exercise | 483 | $0.00 | — |
| 2026-06-12 | 5 co-filers Taco Bell, CEO, YUM CCO | Other64d late | 20 | — | — |
| 2026-06-01 | Turner Christopher Lee Chief Executive Officer | 10b5-1 plan sale | 270 | $148.14 | $40k |
| 2026-06-01 | 4 co-filers KFC Division CEO | Option exercise | 483 | $68.00 | $33k |
| 2026-06-01 | 4 co-filers KFC Division CEO | Other | 222 | $147.95 | $33k |
| 2026-06-01 | 4 co-filers KFC Division CEO | 10b5-1 plan sale | 261 | $148.14 | $39k |
| 2026-06-01 | 4 co-filers KFC Division CEO | Option exercise | 483 | — | — |
| 2026-05-26 | Tresvant Sean Taco Bell, CEO, YUM CCO | Open-market sale | 3,000 | $154.68 | $464k |
| 2026-05-19 | Powell Aaron CEO - Pizza Hut | 10b5-1 plan sale | 6,001 | $152.35 | $914k |
| 2026-05-16 | 3 co-filers Chief Financial Officer | Option exercise | 366 | $149.97 | $55k |
EOD close · as of 2026-10-30
Where each multiple sits in its own 15-yr range · 86th 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?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -21% against ROIC -21% — 0% 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 | 28.7 | 22.1 | 26.6 | 26.2 | 25.5 | 25.1 | 28.1 | 30.2 |
| SG&A | 15.7 | 16.4 | 18.8 | 16.1 | 16.7 | 16.9 | 15.6 | 15.4 |
| Operating Income | 40.4 | 34.5 | 26.6 | 32.5 | 32.0 | 32.8 | 31.8 | 31.3 |
| Income Tax | 5.2 | 1.4 | 2.1 | 1.5 | 4.9 | 3.1 | 5.5 | 6.3 |
| Net Income | 27.1 | 23.1 | 16.0 | 23.9 | 19.4 | 22.6 | 19.7 | 19.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on YUM: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 26.5% | 25.8% |
| FY2017 | 49.7% | 47.0% | 22.8% |
| FY2018 | 71.3% | 40.4% | 27.1% |
| FY2019 | 77.9% | 34.5% | 23.1% |
| FY2020 | 73.4% | 26.6% | 16.0% |
| FY2021 | 73.8% | 32.5% | 23.9% |
| FY2022 | 74.5% | 32.0% | 19.4% |
| FY2023 | 74.9% | 32.8% | 22.6% |
| FY2024 | 71.9% | 31.8% | 19.7% |
| FY2025 | 69.8% | 31.3% | 19.0% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 0.93x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Covers interest 3.3x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 4.73x |
| 5% | 4.50x |
| 10% | 4.26x |
| 15% | 4.02x |
| 20% | 3.79x |
| 25% | 3.55x |
| 30% | 3.31x |
| 35% | 3.08x |
| 40% | 2.84x |
| 45% | 2.60x |
| 50% | 2.37x |
| 55% | 2.13x |
| 60% | 1.89x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 4.7x today but falls to 3.3x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $155.40, free cash flow must compound 9.92%/yr for 10 years. It has done 6.57%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 2.3% | 9.9% |
| FY2021 | 28.9% | 9.9% |
| FY2022 | −22.2% | 9.9% |
| FY2023 | 14.8% | 9.9% |
| FY2024 | 8.6% | 9.9% |
| FY2025 | 14.5% | 9.9% |
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 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.56B | $1.56B |
| Share-based comp | $70M | $1.63B |
| Other non-cash & working capital | $381M | $2.01B |
| Operating cash flow | $2.01B | $2.01B |
| Capex | −$371M | $1.64B |
| Free cash flow | $1.64B | $1.64B |
| FCF after SBC | $1.57B | $1.57B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 1.0% | not reported | not reported |
| FY2021 | 16.5% | not reported | not reported |
| FY2022 | 3.9% | not reported | not reported |
| FY2023 | 3.4% | not reported | not reported |
| FY2024 | 6.7% | not reported | not reported |
| FY2025 | 8.8% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -0.4 percent |
| FY2020 | -6.8 percent |
| FY2021 | -2.2 percent |
| FY2022 | -1.7 percent |
| FY2023 | -0.1 percent |
| FY2024 | -3.0 percent |
| FY2025 | -5.5 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.