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Held by 357 of 2,417 reporting institutions (97th 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.
Ranked against 11 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| A | $51.1B | 39.6× | 29.8× | 7.3× | 6.7% | 52.4% | 18.8% | 19.3% | 12.9% | 0.9× | 357 |
| WAT | $47.1B | 44.6× | 53.3× | 14.9× | 7.0% | 59.3% | 20.3% | 25.1% | 18.3% | 0.4× | 360 |
| ILMN | $43.8B | 53.2× | 40.7× | 10.1× | -0.7% | 66.1% | 19.6% | 31.2% | 31.2% | 0.0× | 308 |
| MTD | $34.4B | 40.9× | 33.8× | 8.6× | 4.0% | 59.4% | 21.6% | — | 40.8% | 2.0× | 195 |
| RVTY | $18.5B | 80.1× | 27.3× | 6.5× | 3.7% | — | 8.4% | 3.3% | 2.3% | 3.0× | 133 |
| AVTR | $11.3B | — | — | 1.7× | -3.4% | 32.7% | -8.1% | -9.5% | -5.6% | — | 99 |
| TXG | $10.6B | — | — | 16.5× | 5.2% | 69.1% | -6.8% | -5.5% | -5.5% | — | 96 |
| BIO | $10.3B | 13.8× | 51.5× | 4.0× | 0.7% | 51.9% | 29.4% | 10.2% | 8.8% | 3.2× | — |
| BRKR | $9.4B | — | 38.1× | 2.8× | 2.1% | 45.9% | -0.3% | -0.4% | -0.2% | 5.4× | — |
| CTKB | $819M | — | — | 4.1× | 0.5% | 51.8% | -33.0% | -19.5% | -19.5% | — | 20 |
| LAB | $245M | — | — | 2.9× | -6.2% | 49.9% | -87.8% | -17.7% | -17.7% | — | 7 |
| QTRX | $149M | — | — | 1.1× | 1.1% | 46.8% | -77.1% | -36.2% | -36.2% | — | 18 |
Peers = companies sharing A's sector (Laboratory Analytical Instruments) 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
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 $174.87 today, the market must believe free cash flow compounds 15.3%/yr for a decade (off $1.33B on the 3-yr avg basis).
On the basis ($1.21B) the requirement is 16.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 15.3% is more optimistic than its 9-yr track record.
Default is 9.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.28B shares (market data) · net debt $1.56B
mean 9.6% · volatility σ 29% · implied rate exceeded in 3/9 yrs
Central path = implied 15.3%/yr growth; shaded band = ±1σ (29%) 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 24% of free cash flow, leaving room to grow it and fund buybacks. Last year: $282.0M dividends + $425.0M buybacks = $707.0M returned on $1.15B FCF.
9 consecutive years of dividend increases · 17%/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 balanced mix of reinvestment and shareholder returns.
Modest payoff on reinvested capital. Current ROIC on all capital: 13%. 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.3% on $3.35B of debt.
Cash of $1.79B fully covers short-term debt of $304.0M.
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.
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 | $6.95B 100.0% | $6.51B 100.0% | $6.83B 100.0% | $6.85B 100.0% | $6.32B 100.0% | $5.34B 100.0% | $5.16B 100.0% | $4.91B 100.0% | $4.47B 100.0% | $4.20B 100.0% |
| Cost of Revenue | $3.31B 47.6% | $2.98B 45.7% | $3.37B 49.3% | $3.13B 45.6% | $2.91B 46.1% | $2.50B 46.9% | $2.36B 45.7% | $2.23B 45.5% | $2.06B 46.1% | $2.00B 47.7% |
| Cost of Products | — | — | — | — | — | — | — | — | $1.47B 32.8% | $1.46B 34.8% |
| Research & Development | $455.0M 6.5% | $479.0M 7.4% | $481.0M 7.0% | $467.0M 6.8% | $441.0M 7.0% | $495.0M 9.3% | $404.0M 7.8% | $387.0M 7.9% | $341.0M 7.6% | $329.0M 7.8% |
| Selling, General & Admin | $1.71B 24.6% | $1.57B 24.1% | $1.63B 23.9% | $1.64B 23.9% | $1.62B 25.6% | $1.50B 28.0% | $1.46B 28.3% | $1.39B 28.3% | $1.25B 28.0% | $1.25B 29.8% |
| Total Operating Expenses | $5.47B 78.7% | $5.02B 77.1% | $5.48B 80.2% | $5.23B 76.4% | $4.97B 78.7% | $4.49B 84.2% | $4.22B 81.8% | $4.01B 81.6% | $3.67B 82.0% | $3.59B 85.4% |
| Operating Income | $1.48B 21.3% | $1.49B 22.9% | $1.35B 19.8% | $1.62B 23.6% | $1.35B 21.3% | $846.0M 15.8% | $941.0M 18.2% | $904.0M 18.4% | $807.0M 18.0% | $615.0M 14.6% |
| Interest Expense | $112.0M 1.6% | $96.0M 1.5% | $95.0M 1.4% | $84.0M 1.2% | $81.0M 1.3% | $78.0M 1.5% | $74.0M 1.4% | $75.0M 1.5% | $79.0M 1.8% | $72.0M 1.7% |
| Interest & Investment Income | $62.0M 0.9% | $80.0M 1.2% | $51.0M 0.7% | $9.0M 0.1% | $2.0M 0.0% | $8.0M 0.1% | $36.0M 0.7% | $38.0M 0.8% | $22.0M 0.5% | $11.0M 0.3% |
| Other Income (Expense), net | $6.0M 0.1% | $49.0M 0.8% | $33.0M 0.5% | -$39.0M -0.6% | $92.0M 1.5% | $66.0M 1.2% | $16.0M 0.3% | $79.0M 1.6% | $53.0M 1.2% | -$10.0M -0.2% |
| Pretax Income | $1.44B 20.7% | $1.52B 23.4% | $1.34B 19.6% | $1.50B 22.0% | $1.36B 21.5% | $842.0M 15.8% | $919.0M 17.8% | $946.0M 19.3% | $974.0M 21.8% | $859.0M 20.4% |
| Income Tax Expense | $132.0M 1.9% | $232.0M 3.6% | $99.0M 1.4% | $250.0M 3.7% | $150.0M 2.4% | $123.0M 2.3% | -$152.0M -2.9% | $630.0M 12.8% | $119.0M 2.7% | $82.0M 2.0% |
| Net Income | $1.30B 18.8% | $1.29B 19.8% | $1.24B 18.1% | $1.25B 18.3% | $1.21B 19.1% | $719.0M 13.5% | $1.07B 20.7% | $316.0M 6.4% | $684.0M 15.3% | $462.0M 11.0% |
| Per Share | ||||||||||
| EPS (Basic) | $4.59 | $4.44 | $4.22 | $4.19 | $3.98 | $2.33 | $3.41 | $0.98 | $2.12 | $1.42 |
| EPS (Diluted) | $4.57 | $4.43 | $4.19 | $4.18 | $3.94 | $2.30 | $3.37 | $0.97 | $2.10 | $1.40 |
| Weighted Avg Shares (Basic) | 284.0M | 290.0M | 294.0M | 299.0M | 304.0M | 309.0M | 314.0M | 321.0M | 322.0M | 326.0M |
| Weighted Avg Shares (Diluted) | 285.0M | 291.0M | 296.0M | 300.0M | 307.0M | 312.0M | 318.0M | 325.0M | 326.0M | 329.0M |
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.
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 |
|---|---|---|---|---|---|
| 2026-09-08 | Boehnlein Glenn S Director | Grant | 817 | $146.85 | $120k |
| 2026-09-04 | Dolsten Mikael Director | Open-market sale | 634 | $151.38 | $96k |
| 2026-06-26 | Kirkwood Jonah Prevost Senior Vice President | Tax withholding | 30 | $136.01 | $4k |
| 2026-06-03 | Mcdonnell Padraig President and CEO | Tax withholding |
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.
| 418 |
| $137.40 |
| $57k |
| 2026-05-29 | Dolsten Mikael Director | Open-market sale | 1,600 | $135.42 | $217k |
| 2026-05-19 | Buckner Michael Steven Senior Vice President | Grant | 8,872 | $0.00 | $0 |
| 2026-05-08 | May Simon Senior Vice President | Tax withholding | 368 | $115.62 | $43k |
| 2026-03-31 | Henson Meghan Senior Vice President | Tax withholding | 153 | $113.98 | $17k |
| 2026-03-19 | Podolsky Daniel K Director | Grant | 2,158 | $111.75 | $241k |
| 2026-03-19 | Rataj Sue H. Director | Grant | 2,158 | $111.75 | $241k |
| 2026-03-19 | 2 co-filers Group filing | Grant | 2,158 | $111.75 | $241k |
| 2026-03-19 | 2 co-filers Group filing | Grant | 2,158 | $111.75 | $241k |
| 2026-03-19 | 2 co-filers Group filing | Grant | 2,158 | $111.75 | $241k |
| 2026-03-19 | Wilson Dow R Director | Grant | 2,158 | $111.75 | $241k |
| 2026-03-19 | 2 co-filers Group filing | Grant | 2,158 | $111.75 | $241k |
| 2026-03-19 | Dolsten Mikael Director | Grant | 2,158 | $111.75 | $241k |
| 2026-03-19 | Brown Judy L Director | Grant | 2,158 | $111.75 | $241k |
| 2026-03-19 | Anand Mala Director | Grant | 2,158 | $111.75 | $241k |
| 2026-03-19 | 2 co-filers Group filing | Tax withholding | 648 | $111.75 | $72k |
| 2026-03-19 | 2 co-filers Group filing | Grant | 888 | $111.75 | $99k |
| 2026-03-19 | 2 co-filers Group filing | Tax withholding | 648 | $111.75 | $72k |
| 2026-03-19 | 2 co-filers Group filing | Grant | 1,057 | $111.75 | $118k |
| 2026-02-27 | Riemann Angelica Senior Vice President | Tax withholding | 89 | $121.38 | $11k |
| 2026-02-27 | Mcdonnell Padraig President and CEO | Tax withholding | 279 | $121.38 | $34k |
| 2026-02-27 | Kirkwood Jonah Prevost Senior Vice President | Tax withholding | 124 | $121.38 | $15k |
| 2025-12-01 | Dolsten Mikael Director | Open-market sale | 2,600 | $149.81 | $390k |
| 2025-11-26 | Dimarco Bret Senior Vice President | Tax withholding | 332 | $154.37 | $51k |
| 2025-11-26 | Zhang Jianmiao Mike Senior Vice President | Tax withholding | 208 | $154.37 | $32k |
| 2025-11-26 | Kirkwood Jonah Prevost Senior Vice President | Tax withholding | 430 | $154.37 | $66k |
| 2025-11-26 | Riemann Angelica Senior Vice President | Tax withholding | 280 | $154.37 | $43k |
| 2025-11-26 | May Simon Senior Vice President | Tax withholding | 300 | $154.37 | $46k |
| 2025-11-26 | Mcdonnell Padraig President and CEO | Tax withholding | 1,948 | $154.37 | $301k |
| 2025-11-21 | Kirkwood Jonah Prevost Senior Vice President | Tax withholding | 113 | $151.25 | $17k |
| 2025-11-21 | Zhang Jianmiao Mike Senior Vice President | Tax withholding | 67 | $151.25 | $10k |
| 2025-11-21 | Riemann Angelica Senior Vice President | Tax withholding | 75 | $151.25 | $11k |
| 2025-11-21 | Mcdonnell Padraig President and CEO | Tax withholding | 541 | $151.25 | $82k |
| 2025-11-21 | Gonsalves Rodney V.P., Corporate Controller | Tax withholding | 138 | $151.25 | $21k |
| 2025-11-18 | Dimarco Bret Senior Vice President | Grant | 6,922 | $0.00 | $0 |
| 2025-11-18 | 3 co-filers V.P., Corporate Controller | Grant | 2,540 | $0.00 | $0 |
| 2025-11-18 | May Simon Senior Vice President | Grant | 6,781 | $0.00 | $0 |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 84th 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 19% against ROIC 13% — 6% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 20.6% — the two diverge when buybacks or issuance move equity during the year.
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 | 45.5 | 45.7 | 46.9 | 46.1 | 45.6 | 49.3 | 45.7 | 47.6 |
| R&D | 7.9 | 7.8 | 9.3 | 7.0 | 6.8 | 7.0 | 7.4 | 6.5 |
| SG&A | 28.3 | 28.3 | 28.0 | 25.6 | 23.9 | 23.9 | 24.1 | 24.6 |
| Operating Income | 18.4 | 18.2 | 15.8 | 21.3 | 23.6 | 19.8 | 22.9 | 21.3 |
| Income Tax | 12.8 | -2.9 | 2.3 | 2.4 | 3.7 | 1.4 | 3.6 | 1.9 |
| Net Income | 6.4 | 20.7 | 13.5 | 19.1 | 18.3 | 18.1 | 19.8 | 18.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on A: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 5.51pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 14.3% | 9.5% (today's — no rate published for this year) | 4.8pts |
| FY2020 | 12.4% | 9.5% (today's — no rate published for this year) | 3.0pts |
| FY2021 | 17.3% | 5.7% | 11.7pts |
| FY2022 | 19.8% | 9.0% | 10.8pts |
| FY2023 | 16.6% | 9.9% | 6.7pts |
| FY2024 | 16.1% | 9.4% | 6.7pts |
| FY2025 | 15.3% | 8.8% | 6.5pts |
| Now | 12.9% | 9.5% | 3.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 52.3% | 14.6% | 11.0% |
| FY2017 | 53.9% | 18.0% | 15.3% |
| FY2018 | 54.5% | 18.4% | 6.4% |
| FY2019 | 54.3% | 18.2% | 20.7% |
| FY2020 | 53.1% | 15.8% | 13.5% |
| FY2021 | 53.9% | 21.3% | 19.1% |
| FY2022 | 54.4% | 23.6% | 18.3% |
| FY2023 | 50.7% | 19.8% | 18.1% |
| FY2024 | 54.3% | 22.9% | 19.8% |
| FY2025 | 52.4% | 21.3% | 18.8% |
Leverage and buybacks account for 6 points of the 19% return on equity in FY2025. The business earns 13% 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.
$5.0B of goodwill — 57% 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 34.77% against 14.97% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.00x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $1.15B; after share-based compensation it is $1.02B. The difference is a real cost that the cash flow statement adds back.
Covers interest 9.2x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 13.21x |
| 5% | 12.55x |
| 10% | 11.88x |
| 15% | 11.22x |
| 20% | 10.56x |
| 25% | 9.90x |
| 30% | 9.24x |
| 35% | 8.58x |
| 40% | 7.92x |
| 45% | 7.26x |
| 50% | 6.60x |
| 55% | 5.94x |
| 60% | 5.28x |
Balance sheet at 2025-10-31. 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 $181.15, free cash flow must compound 15.79%/yr for 10 years. It has done 4.87%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −7.4% | 15.8% |
| FY2021 | 61.7% | 15.8% |
| FY2022 | −21.3% | 15.8% |
| FY2023 | 44.4% | 15.8% |
| FY2024 | −6.9% | 15.8% |
| FY2025 | −16.1% | 15.8% |
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 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.30B | $1.30B |
| Share-based comp | $128M | $1.43B |
| Other non-cash & working capital | $128M | $1.56B |
| Operating cash flow | $1.56B | $1.56B |
| Capex | −$407M | $1.15B |
| Free cash flow | $1.15B | $1.15B |
| FCF after SBC | $1.02B | $1.02B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 3.4% | 11.6% | 8.2 points |
| FY2021 | 18.4% | 12.9% | -5.4 points |
| FY2022 | 8.4% | 19.9% | 11.5 points |
| FY2023 | -0.2% | -8.1% | -7.9 points |
| FY2024 | -4.7% | 2.6% | 7.3 points |
| FY2025 | 6.7% | 12.3% | 5.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 65.7 days | 105.1 days | 54.8 days | 116.1 days |
| FY2020 | 71 days | 105 days | 51.6 days | 124.4 days |
| FY2021 | 67.7 days | 104 days | 55.9 days | 115.8 days |
| FY2022 | 74.9 days | 121.2 days | 67.7 days | 128.4 days |
| FY2023 | 69 days | 111.7 days | 45.3 days | 135.4 days |
| FY2024 | 74.2 days | 119.3 days | 66.3 days | 127.2 days |
| FY2025 | 78.1 days | 113.2 days | 63 days | 128.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 0.5 percent |
| FY2020 | -2.1 percent |
| FY2021 | -2.6 percent |
| FY2022 | -0.6 percent |
| FY2023 | -4.9 percent |
| FY2024 | -3.9 percent |
| FY2025 | -2.0 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.