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Held by 2,876 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 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 15 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LLY | $1.02T | 49.8× | — | 15.6× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,500 |
| JNJ | $617.0B | 23.2× | 19.6× | 6.5× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | 0.9× | 4,554 |
| ABBV | $464.4B | 111.4× | 33.2× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 3.9× | 4,062 |
| MRK | $356.0B | 19.8× | — | 5.5× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,683 |
| ABT | $168.7B | 26.2× | 18.3× | 3.8× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 0.5× | 2,876 |
| PFE | $158.5B | 20.4× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,748 |
| VRTX | $127.9B | 33.0× | 28.0× | 10.7× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | -1.2× | 1,689 |
| BMY | $124.9B | 17.7× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,451 |
| REGN | $75.7B | 17.7× | 18.1× | 5.3× | 1.0% | — | 31.4% | 14.4% | 13.6% | -0.3× | 1,291 |
| TEVA | $46.1B | 32.7× | 17.2× | 2.7× | 4.3% | 51.8% | 8.2% | 17.8% | 14.5% | -0.7× | 658 |
| ONC | $40.7B | — | 63.1× | 7.6× | 40.2% | 87.5% | 5.4% | 6.6% | 5.4% | -6.1× | 269 |
| ALNY | $29.4B | 94.3× | 49.9× | 7.9× | 65.2% | 81.8% | 8.4% | 39.8% | 39.8% | -3.0× | 760 |
| ZTS | $28.8B | 11.6× | 9.3× | 3.0× | 2.3% | 71.8% | 28.2% | 78.3% | 21.5% | 1.7× | 1,363 |
| RPRX | $25.5B | 32.1× | 21.6× | 10.7× | 5.1% | — | 32.4% | 7.9% | 4.1% | 5.3× | 621 |
| INSM | $24.3B | — | — | 40.0× | 66.7% | 79.7% | -211% | -173% | -99.8% | — | 644 |
| UTHR | $23.2B | 19.4× | 13.7× | 7.3× | 10.6% | 87.9% | 41.9% | 18.8% | 18.8% | -1.0× | 843 |
Peers = companies sharing ABT's sector (Pharmaceutical Preparations) 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
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 56% of free cash flow, leaving room to grow it and fund buybacks. Last year: $4.12B dividends + $893.0M buybacks = $5.01B returned on $7.39B FCF.
9 consecutive years of dividend increases · 10%/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: 10%. 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.
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 $100.10 today, the market must believe free cash flow compounds 6.7%/yr for a decade (off $6.27B on the 3-yr avg basis).
On the basis ($5.61B) the requirement is 8.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 6.7% is more conservative than its 9-yr track record.
Default is 7.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.73B shares (market data) · net debt $4.41B
mean 21.2% · volatility σ 43% · implied rate exceeded in 6/9 yrs
Central path = implied 6.7%/yr growth; shaded band = ±1σ (43%) 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $8.52B covers the $3.00B due within a year 2.8× 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).
Interest is easily covered by operating profit. Effective rate ~3.8% on $12.93B of debt.
Cash of $8.52B fully covers short-term debt of $3.03B.
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.
EOD close · as of 2026-10-05
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 | $44.33B 100.0% | $41.95B 100.0% | $40.11B 100.0% | $43.65B 100.0% | $43.08B 100.0% | $34.61B 100.0% | $31.90B 100.0% | $30.58B 100.0% | $27.39B 100.0% | $20.85B 100.0% |
| Cost of Revenue | $19.32B 43.6% | $18.71B 44.6% | $17.98B 44.8% | $19.14B 43.9% | $18.54B 43.0% | $15.00B 43.4% | $13.23B 41.5% | $12.71B 41.6% | $12.41B 45.3% | $9.09B 43.6% |
| Cost of Products | — | — | — | — | — | — | — | — | $12.34B 45.0% | $9.02B 43.3% |
| Research & Development | $2.94B 6.6% | $2.84B 6.8% | $2.74B 6.8% | $2.89B 6.6% | $2.74B 6.4% | $2.42B 7.0% | $2.44B 7.6% | $2.30B 7.5% | $2.26B 8.3% | — |
| Selling, General & Admin | $12.33B 27.8% | $11.70B 27.9% | $10.95B 27.3% | $11.25B 25.8% | $11.32B 26.3% | $9.70B 28.0% | $9.77B 30.6% | $9.74B 31.9% | $9.18B 33.5% | $6.74B 32.3% |
| Total Operating Expenses | $36.27B 81.8% | $35.13B 83.7% | $33.63B 83.8% | $35.29B 80.8% | $34.65B 80.4% | $29.25B 84.5% | $27.37B 85.8% | $26.93B 88.1% | $25.83B 94.3% | $17.83B 85.5% |
| Operating Income | $8.05B 18.2% | $6.83B 16.3% | $6.48B 16.2% | $8.36B 19.2% | $8.43B 19.6% | $5.36B 15.5% | $4.53B 14.2% | $3.65B 11.9% | $1.56B 5.7% | $3.03B 14.5% |
| Interest Expense | $493.0M 1.1% | $559.0M 1.3% | $637.0M 1.6% | $558.0M 1.3% | $533.0M 1.2% | $546.0M 1.6% | $670.0M 2.1% | $826.0M 2.7% | $904.0M 3.3% | $431.0M 2.1% |
| Interest & Investment Income | $308.0M 0.7% | $344.0M 0.8% | $385.0M 1.0% | $183.0M 0.4% | $43.0M 0.1% | $46.0M 0.1% | $94.0M 0.3% | $105.0M 0.3% | $124.0M 0.5% | $99.0M 0.5% |
| Other Income (Expense), net | $548.0M 1.2% | $376.0M 0.9% | $479.0M 1.2% | $321.0M 0.7% | $277.0M 0.6% | $103.0M 0.3% | $191.0M 0.6% | $139.0M 0.5% | $1.41B 5.2% | -$786.0M -3.8% |
| Pretax Income | $8.47B 19.1% | $7.01B 16.7% | $6.66B 16.6% | $8.31B 19.0% | $8.21B 19.1% | $4.97B 14.4% | $4.08B 12.8% | $2.87B 9.4% | $2.23B 8.1% | $1.41B 6.8% |
| Income Tax Expense | $1.94B 4.4% | -$6.39B -15.2% | $941.0M 2.3% | $1.37B 3.1% | $1.14B 2.6% | $497.0M 1.4% | $390.0M 1.2% | $539.0M 1.8% | $1.88B 6.9% | $350.0M 1.7% |
| Net Income | $6.52B 14.7% | $13.40B 31.9% | $5.72B 14.3% | $6.93B 15.9% | $7.07B 16.4% | $4.50B 13.0% | $3.69B 11.6% | $2.37B 7.7% | $477.0M 1.7% | $1.40B 6.7% |
| Per Share | ||||||||||
| EPS (Basic) | $3.73 | $7.67 | $3.28 | $3.94 | $3.97 | $2.52 | $2.07 | $1.34 | $0.27 | $0.94 |
| EPS (Diluted) | $3.72 | $7.64 | $3.26 | $3.91 | $3.94 | $2.50 | $2.06 | $1.33 | $0.27 | $0.94 |
| Weighted Avg Shares (Basic) | 1.74B | 1.74B | 1.74B | 1.75B | 1.77B | 1.77B | 1.77B | 1.76B | 1.74B | 1.48B |
| Weighted Avg Shares (Diluted) | 1.75B | 1.75B | 1.75B | 1.76B | 1.79B | 1.79B | 1.78B | 1.77B | 1.75B | 1.48B |
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 2026-10-05
Where each multiple sits in its own 14-yr range · 43th 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 13% against ROIC 10% — 2% 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 3.2× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 41.6 | 41.5 | 43.4 | 43.0 | 43.9 | 44.8 | 44.6 | 43.6 |
| R&D | 7.5 | 7.6 | 7.0 | 6.4 | 6.6 | 6.8 | 6.8 | 6.6 |
| SG&A | 31.9 | 30.6 | 28.0 | 26.3 | 25.8 | 27.3 | 27.9 | 27.8 |
| Operating Income | 11.9 | 14.2 | 15.5 | 19.6 | 19.2 | 16.2 | 16.3 | 18.2 |
| Income Tax | 1.8 | 1.2 | 1.4 | 2.6 | 3.1 | 2.3 | -15.2 | 4.4 |
| Net Income | 7.7 | 11.6 | 13.0 | 16.4 | 15.9 | 14.3 | 31.9 | 14.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ABT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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.
Earns 5.43pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 9.9% | 7.5% (today's — no rate published for this year) | 2.4pts |
| FY2020 | 11.5% | 7.5% (today's — no rate published for this year) | 4.0pts |
| FY2021 | 18.3% | 5.4% | 12.8pts |
| FY2022 | 18.3% | 7.4% | 10.9pts |
| FY2023 | 13.4% | 7.8% | 5.5pts |
| FY2024 | 12.2% | 7.7% | 4.5pts |
| FY2025 | 13.7% | 6.6% | 7.2pts |
| Now | 10.0% | 7.5% | 2.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 56.4% | 14.5% | 6.7% |
| FY2017 | 54.7% | 5.7% | 1.7% |
| FY2018 | 58.4% | 11.9% | 7.7% |
| FY2019 | 58.5% | 14.2% | 11.6% |
| FY2020 | 56.6% | 15.5% | 13.0% |
| FY2021 | 57.0% | 19.6% | 16.4% |
| FY2022 | 56.1% | 19.2% | 15.9% |
| FY2023 | 55.2% | 16.2% | 14.3% |
| FY2024 | 55.4% | 16.3% | 31.9% |
| FY2025 | 56.4% | 18.2% | 14.7% |
Leverage and buybacks account for 2 points of the 13% return on equity in FY2025. The business earns 10% 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.
$35.2B 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 29.97% against 12.97% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.97x of reported profit into cash — adequate, without much margin.
The cash conversion cycle has lengthened +26 days over 3 years to 108 — that many more days of the company's own cash funding the same volume of business.
Covers interest 11.4x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 16.33x |
| 5% | 15.52x |
| 10% | 14.70x |
| 15% | 13.88x |
| 20% | 13.07x |
| 25% | 12.25x |
| 30% | 11.43x |
| 35% | 10.62x |
| 40% | 9.80x |
| 45% | 8.98x |
| 50% | 8.17x |
| 55% | 7.35x |
| 60% | 6.53x |
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.
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 $97.50, free cash flow must compound 6.44%/yr for 10 years. It has done 8.64%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 27.3% | 6.4% |
| FY2021 | 51.1% | 6.4% |
| FY2022 | −9.8% | 6.4% |
| FY2023 | −35.2% | 6.4% |
| FY2024 | 25.5% | 6.4% |
| FY2025 | 16.4% | 6.4% |
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $6.52B | $6.52B |
| Share-based comp | $664M | $7.19B |
| Other non-cash & working capital | $2.38B | $9.57B |
| Operating cash flow | $9.57B | $9.57B |
| Capex | −$2.17B | $7.39B |
| Free cash flow | $7.39B | $7.39B |
| FCF after SBC | $6.73B | $6.73B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 8.5% | 18.2% | 9.8 points |
| FY2021 | 24.5% | 1.1% | -23.3 points |
| FY2022 | 1.3% | -4.2% | -5.5 points |
| FY2023 | -8.1% | 5.6% | 13.7 points |
| FY2024 | 4.6% | 5.5% | 0.9 points |
| FY2025 | 5.7% | 14.5% | 8.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 62.1 days | 119.1 days | 89.7 days | 91.4 days |
| FY2020 | 67.6 days | 121.9 days | 96 days | 93.6 days |
| FY2021 | 55 days | 101.5 days | 86.8 days | 69.7 days |
| FY2022 | 52 days | 117.7 days | 87.8 days | 81.9 days |
| FY2023 | 59.7 days | 133.4 days | 87.2 days | 105.9 days |
| FY2024 | 60.3 days | 120.9 days | 81.9 days | 99.3 days |
| FY2025 | 65.3 days | 122.6 days | 80.1 days | 107.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.6 percent |
| FY2020 | -4.7 percent |
| FY2021 | -4.6 percent |
| FY2022 | -3.6 percent |
| FY2023 | -2.1 percent |
| FY2024 | 6.0 percent |
| FY2025 | -3.5 percent |
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.