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Held by 822 of 2,417 reporting institutions (99th percentile) — extremely crowded.
Data as of Q3 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $293.84 today, the market must believe free cash flow compounds 6.9%/yr for a decade (off $4.65B on the 3-yr avg basis).
On the basis ($4.40B) the requirement is 7.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 6.9% is more conservative than its 9-yr track record.
Default is 8.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.40B shares (market data) · net debt $735.0M
mean 12.6% · volatility σ 12% · implied rate exceeded in 6/9 yrs
Central path = implied 6.9%/yr growth; shaded band = ±1σ (12%) 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.
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 50% of free cash flow, leaving room to grow it and fund buybacks. Last year: $2.63B dividends + $2.08B buybacks = $4.71B returned on $5.24B FCF.
9 consecutive years of dividend increases · 13%/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: 40%. 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.
Cash of $4.23B (at 2026-06-30) covers all $34.2M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2011-06-30 (10-K). The cash figure is from 2026-06-30, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~9.3% on $4.97B of debt.
Cash of $4.23B fully covers short-term debt of $1.0M.
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 2026-10-30
How a revenue dollar becomes profit — FY2026
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 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.95B 100.0% | $20.56B 100.0% | $19.20B 100.0% | $18.01B 100.0% | $16.50B 100.0% | $15.01B 100.0% | $14.59B 100.0% | $14.11B 100.0% | $13.27B 100.0% | $12.37B 100.0% |
| Cost of Revenue | $11.76B 53.6% | $11.10B 54.0% | $10.48B 54.6% | $9.95B 55.3% | $9.46B 57.4% | $8.64B 57.6% | $8.45B 57.9% | $8.02B 56.8% | $7.76B 58.4% | $7.24B 58.6% |
| Cost of Services | — | — | — | — | — | — | — | — | $7.84B 59.1% | $7.27B 58.8% |
| Research & Development | $1.03B 4.7% | $988.6M 4.8% | $955.7M 5.0% | $844.8M 4.7% | $798.6M 4.8% | — | — | — | — | — |
| Selling, General & Admin | $4.41B 20.1% | $4.05B 19.7% | $3.78B 19.7% | $3.55B 19.7% | $3.23B 19.6% | $3.04B 20.3% | $3.00B 20.6% | $3.06B 21.7% | $2.96B 22.3% | $2.77B 22.4% |
| Total Operating Expenses | $16.63B 75.8% | $15.60B 75.9% | $14.62B 76.1% | $13.76B 76.4% | $12.78B 77.4% | $11.74B 78.2% | $11.56B 79.2% | $11.22B 79.5% | $10.82B 81.5% | $10.10B 81.6% |
| Interest Expense | $459.3M 2.1% | $455.9M 2.2% | $361.4M 1.9% | $253.3M 1.4% | $81.9M 0.5% | $59.7M 0.4% | $107.1M 0.7% | $129.9M 0.9% | $102.7M 0.8% | $80.0M 0.6% |
| Interest & Investment Income | $371.0M 1.7% | $319.5M 1.6% | $241.3M 1.3% | $149.5M 0.8% | $41.0M 0.2% | $36.5M 0.2% | $84.5M 0.6% | $97.6M 0.7% | $83.5M 0.6% | $76.7M 0.6% |
| Other Income (Expense), net | $410.6M 1.9% | $354.1M 1.7% | $286.7M 1.5% | $183.5M 1.0% | $82.8M 0.5% | $96.3M 0.6% | $148.0M 1.0% | $111.1M 0.8% | -$172.1M -1.3% | $343.2M 2.8% |
| Pretax Income | $5.73B 26.1% | $5.31B 25.8% | $4.87B 25.4% | $4.44B 24.6% | $3.80B 23.1% | $3.36B 22.4% | $3.18B 21.8% | $3.01B 21.3% | $2.28B 17.2% | $2.62B 21.2% |
| Income Tax Expense | $1.32B 6.0% | $1.23B 6.0% | $1.12B 5.8% | $1.03B 5.7% | $855.2M 5.2% | $762.7M 5.1% | $716.1M 4.9% | $712.8M 5.1% | $397.7M 3.0% | $829.1M 6.7% |
| Net Income | $4.41B 20.1% | $4.08B 19.8% | $3.75B 19.5% | $3.41B 18.9% | $2.95B 17.9% | $2.60B 17.3% | $2.47B 16.9% | $2.29B 16.2% | $1.88B 14.2% | $1.79B 14.5% |
| Per Share | ||||||||||
| EPS (Basic) | $10.97 | $10.02 | $9.14 | $8.25 | $7.04 | $6.10 | $5.73 | $5.27 | $4.28 | $3.99 |
| EPS (Diluted) | $10.94 | $9.98 | $9.10 | $8.21 | $7.00 | $6.07 | $5.70 | $5.24 | $4.25 | $3.97 |
| Weighted Avg Shares (Basic) | 402.3M | 407.1M | 410.6M | 413.7M | 418.8M | 426.3M | 430.8M | 435.0M | 440.6M | 447.8M |
| Weighted Avg Shares (Diluted) | 403.3M | 408.7M | 412.2M | 415.7M | 421.1M | 428.1M | 432.7M | 437.6M | 443.3M | 450.3M |
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.
Ranked against 38 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ADP | $116.2B | 26.9× | 19.8× | 5.3× | 6.7% | 46.4% | 20.1% | 73.2% | 40.1% | 0.1× | 822 |
| WDAY | $47.7B | 76.4× | 51.3× | 5.0× | 13.1% | — | 7.3% | 8.9% | 6.4% | 1.6× | 262 |
| VRSK | $25.5B | 30.3× | 18.5× | 8.3× | 6.6% | 69.9% | 29.6% | 294% | 13.8% | 2.6× | 240 |
| TOST | $18.3B | 56.6× | 47.6× | 3.0× | 24.1% | 25.9% | 5.6% | 16.1% | 16.1% | -3.8× | 219 |
| RDDT | $17.6B | 35.0× | 36.5× | 8.0× | 69.4% | 91.2% | 24.1% | 18.1% | 18.1% | -2.1× | 238 |
| HNGE | $9.2B | — | — | 15.7× | 50.6% | 79.6% | -89.9% | -296% | -296% | — | 54 |
| RNG | $6.8B | 169.6× | 38.1× | 2.7× | 4.8% | 71.2% | 1.7% | -7.4% | 6.5% | 5.4× | 93 |
| PEGA | $5.6B | 15.9× | 19.3× | 3.2× | 16.6% | 75.9% | 22.5% | 50.0% | 50.0% | -0.8× | 81 |
| APLD | $5.4B | — | — | 8.8× | 167% | 35.1% | -30.2% | -10.7% | -10.7% | — | 114 |
| BILI | $5.2B | 32.5× | 21.2× | 1.2× | 18.1% | 36.6% | 3.9% | 7.7% | 4.7% | -1.6× | 27 |
| JOYY | $3.9B | 40.8× | 42.0× | 1.9× | -5.1% | 35.9% | 98.8% | 32.1% | 32.0% | -4.3× | 23 |
| FA | $3.7B | — | 22.7× | 2.4× | 83.0% | — | -2.2% | -2.7% | -1.0% | 7.5× | 35 |
| LIF | $3.6B | 25.1× | 97.2× | 7.4× | 31.8% | 77.8% | 30.8% | 27.5% | 27.5% | -15.4× | 38 |
| CARG | $2.9B | 20.8× | 9.8× | 3.2× | 13.7% | 92.8% | 17.2% | 41.7% | 41.7% | -0.7× | 73 |
| FIVN | $2.7B | 80.8× | 27.4× | 2.4× | 10.3% | 55.1% | 3.4% | 5.0% | 5.0% | -2.6× | 61 |
| DXC | $2.4B | 149.8× | 2.0× | 0.2× | -1.8% | — | 0.1% | 0.6% | 0.3% | 0.8× | 90 |
| RAMP | $2.3B | 17.2× | 20.3× | 2.9× | 9.0% | 70.7% | 18.0% | 15.0% | 15.0% | -3.9× | 62 |
| ATHM | $2.3B | 47.3× | 15.7× | 49.1× | 11.1% | — | — | 6.3% | 6.3% | -2.5× | 17 |
| EVTC | $1.9B | 14.3× | 12.7× | 2.0× | 10.2% | — | 15.2% | 22.8% | 8.4% | 3.6× | 50 |
| INOD | $1.5B | 47.6× | 30.4× | 6.0× | 47.6% | 39.5% | 12.8% | 30.0% | 30.0% | -1.8× | 52 |
| GDRX | $1.2B | 38.8× | 15.4× | 1.5× | 0.6% | — | 3.8% | 4.9% | 2.8% | 2.5× | 24 |
| LZ | $1.2B | 84.0× | 15.5× | 1.5× | 10.9% | 65.9% | 2.0% | 9.0% | 9.0% | -3.3× | 38 |
| UPWK | $1.1B | 10.9× | 10.1× | 1.4× | 2.4% | 77.8% | 14.7% | 18.3% | 8.6% | 2.7× | 47 |
| CLVT | $1.1B | — | 6.2× | 0.4× | -4.0% | 66.0% | -8.2% | -4.2% | -2.2% | 4.9× | 34 |
| TASK | $761M | 7.5× | 4.3× | 0.6× | 19.0% | — | 8.6% | 17.0% | 12.2% | 0.2× | 12 |
Peers = companies sharing ADP's sector (Services-Computer Processing & Data Preparation) 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 |
|---|---|---|---|---|---|
| 2026-09-09 | 2 co-filers Chief Strategy Officer | Grant | 2,827 | $0.00 | $0 |
| 2026-09-09 | 2 co-filers Chief Strategy Officer | Grant | 2,073 | $0.00 | $0 |
| 2026-09-03 | Desilva Joseph Executive VP | 10b5-1 plan sale | 631 | $282.87 | $178k |
| 2026-09-02 | 3 co-filers Corp. VP | 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.
| 1,872 |
| $283.00 |
| $530k |
| 2026-09-02 | 16 co-filers President & CEO | 10b5-1 plan sale | 214 | $279.21 | $60k |
| 2026-09-02 | 3 co-filers Corp. VP | 10b5-1 plan sale | 1,529 | $283.00 | $433k |
| 2026-09-02 | 3 co-filers Executive VP | 10b5-1 plan sale | 6,512 | $283.00 | $1.8m |
| 2026-09-02 | 16 co-filers President & CEO | 10b5-1 plan sale | 256 | $279.44 | $72k |
| 2026-09-02 | 16 co-filers President & CEO | 10b5-1 plan sale | 559 | $279.93 | $156k |
| 2026-09-02 | 16 co-filers President & CEO | 10b5-1 plan sale | 610 | $281.86 | $172k |
| 2026-09-02 | 16 co-filers President & CEO | 10b5-1 plan sale | 700 | $278.59 | $195k |
| 2026-09-02 | 16 co-filers President & CEO | 10b5-1 plan sale | 760 | $281.70 | $214k |
| 2026-09-02 | 16 co-filers President & CEO | 10b5-1 plan sale | 786 | $280.27 | $220k |
| 2026-09-02 | 16 co-filers President & CEO | 10b5-1 plan sale | 1,018 | $281.60 | $287k |
| 2026-09-02 | 16 co-filers President & CEO | 10b5-1 plan sale | 1,018 | $280.60 | $286k |
| 2026-09-02 | 16 co-filers President & CEO | 10b5-1 plan sale | 1,193 | $280.96 | $335k |
| 2026-09-02 | 16 co-filers President & CEO | 10b5-1 plan sale | 1,483 | $281.13 | $417k |
| 2026-09-02 | 16 co-filers President & CEO | 10b5-1 plan sale | 2,898 | $279.74 | $811k |
| 2026-09-02 | 16 co-filers President & CEO | 10b5-1 plan sale | 7,724 | $281.66 | $2.2m |
| 2026-09-02 | 16 co-filers President & CEO | 10b5-1 plan sale | 10,591 | $280.82 | $3.0m |
| 2026-09-01 | 2 co-filers Corp VP | Grant | 5,259 | $0.00 | $0 |
| 2026-09-01 | Rodriguez Carlos A Director | Tax withholding | 13,472 | $283.49 | $3.8m |
| 2026-09-01 | 2 co-filers Chief Marketing Officer | Grant | 1,163 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers Executive VP | Grant | 2,683 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers Executive VP | Grant | 2,858 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers Corp. VP | Grant | 903 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers Corp VP | Grant | 1,763 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers CFO | Grant | 6,464 | $0.00 | $0 |
| 2026-09-01 | 3 co-filers Corp. VP | Grant | 4,006 | $0.00 | $0 |
| 2026-09-01 | 3 co-filers Executive VP | Grant | 5,089 | $0.00 | $0 |
| 2026-09-01 | 3 co-filers Corp. VP | Grant | 2,565 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers Corporate Vice President | Grant | 5,076 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers Corp. VP | Grant | 3,634 | $0.00 | $0 |
| 2026-09-01 | 16 co-filers President & CEO | Grant | 21,689 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers CFO | Tax withholding | 1,651 | $283.49 | $468k |
| 2026-09-01 | 2 co-filers Corp VP | Tax withholding | 1,969 | $283.49 | $558k |
| 2026-09-01 | 2 co-filers Chief Marketing Officer | Tax withholdingindirect | 154 | $283.49 | $44k |
| 2026-09-01 | 2 co-filers Corp VP | Tax withholding | 7,329 | $283.49 | $2.1m |
| 2026-09-01 | 2 co-filers Corp. VP | Tax withholding | 3,134 | $283.49 | $888k |
| 2026-09-01 | 3 co-filers Corp. VP | Tax withholding | 1,980 | $283.49 | $561k |
EOD close · as of 2026-10-30
Where each multiple sits in its own 15-yr range · 82th 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?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 73% against ROIC 40% — 33% 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 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 56.8 | 57.9 | 57.6 | 57.4 | 55.3 | 54.6 | 54.0 | 53.6 |
| R&D | — | — | — | 4.8 | 4.7 | 5.0 | 4.8 | 4.7 |
| SG&A | 21.7 | 20.6 | 20.3 | 19.6 | 19.7 | 19.7 | 19.7 | 20.1 |
| Income Tax | 5.1 | 4.9 | 5.1 | 5.2 | 5.7 | 5.8 | 6.0 | 6.0 |
| Net Income | 16.2 | 16.9 | 17.3 | 17.9 | 18.9 | 19.5 | 19.8 | 20.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ADP: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 41.4% | 18.4% | 14.5% |
| FY2018 | 41.6% | 18.5% | 14.2% |
| FY2019 | 43.2% | 20.5% | 16.2% |
| FY2020 | 42.1% | 20.8% | 16.9% |
| FY2021 | 42.4% | 21.8% | 17.3% |
| FY2022 | 42.6% | 22.6% | 17.9% |
| FY2023 | 44.7% | 23.6% | 18.9% |
| FY2024 | 45.4% | 23.9% | 19.5% |
| FY2025 | 46.0% | 24.1% | 19.8% |
| FY2026 | 46.4% | 24.2% | 20.1% |
Leverage and buybacks account for 33 points of the 73% return on equity in FY2026. The business earns 40% 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.
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: positive EBIT.
Converts 1.11x of reported profit into free cash flow over 5 years, with accruals negative.
Capex has been below depreciation for 7 consecutive years (0.34x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
This schedule comes from a filing dated 2011-06-30, 5602 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2011-06-30 (10-K); cash from the 2026-06-30 balance sheet; FCF from FY2026.
Balance sheet at 2026-06-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $286.08, free cash flow must compound 6.61%/yr for 10 years. It has done 10.68%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 2.1% | 6.6% |
| FY2022 | 0.4% | 6.6% |
| FY2023 | 36.8% | 6.6% |
| FY2024 | −1.3% | 6.6% |
| FY2025 | 20.8% | 6.6% |
| FY2026 | 9.9% | 6.6% |
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 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $4.41B | $4.41B |
| Share-based comp | $243M | $4.66B |
| Other non-cash & working capital | $785M | $5.44B |
| Operating cash flow | $5.44B | $5.44B |
| Capex | −$197M | $5.24B |
| Free cash flow | $5.24B | $5.24B |
| FCF after SBC | $5.00B | $5.00B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 2.9% | 11.7% | 8.9 points |
| FY2022 | 9.9% | 16.3% | 6.3 points |
| FY2023 | 9.2% | -5.1% | -14.3 points |
| FY2024 | 6.6% | 13.9% | 7.3 points |
| FY2025 | 7.1% | 4.4% | -2.7 points |
| FY2026 | 6.7% | -1.6% | -8.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 61.1 days | not reported | 4.4 days | 56.7 days |
| FY2021 | 66.3 days | not reported | 6 days | 60.4 days |
| FY2022 | 70.1 days | not reported | 4.3 days | 65.9 days |
| FY2023 | 61 days | not reported | 3.5 days | 57.4 days |
| FY2024 | 65.2 days | not reported | 3.5 days | 61.7 days |
| FY2025 | 63.5 days | not reported | 5.6 days | 58 days |
| FY2026 | 58.6 days | not reported | 5 days | 53.5 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -1.4 percent |
| FY2021 | -1.0 percent |
| FY2022 | -0.2 percent |
| FY2023 | -1.6 percent |
| FY2024 | -0.8 percent |
| FY2025 | -1.6 percent |
| FY2026 | -1.6 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 7 consecutive years to the latest.
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 (FY2026) 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.