Loading institutional data...
Loading institutional data...
Insufficient data to determine institutional momentum.
Data as of Q2 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Top 7 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 7% of free cash flow, leaving room to grow it and fund buybacks. Last year: $98.3M dividends + $0 buybacks = $98.3M returned on $1.50B FCF.
9 consecutive years of dividend increases · 18%/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 reinvestment story — most cash went back into growth rather than to shareholders.
Insufficient data. Current ROIC on all capital: 4%. 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 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 | $3.02B 100.0% | $2.73B 100.0% | $2.68B 100.0% | $2.32B 100.0% | $2.09B 100.0% | $2.02B 100.0% | $2.02B 100.0% | $1.68B 100.0% | $1.52B 100.0% | $1.42B 100.0% |
| Selling, General & Admin | $219.4M 7.3% | $185.9M 6.8% | $186.0M 6.9% | $156.9M 6.8% | $125.3M 6.0% | $95.7M 4.7% | $123.7M 6.1% | $97.4M 5.8% | $91.3M 6.0% | $83.0M 5.8% |
| Total Operating Expenses | $1.65B 54.6% | $2.20B 80.5% | $1.93B 71.9% | $2.46B 106.0% | $1.55B 74.1% | $1.37B 67.9% | $1.28B 63.5% | $1.04B 61.9% | $906.9M 59.8% | $838.8M 59.1% |
| Interest Expense | — | — | $709.0M 26.4% | $546.2M 23.6% | $513.0M 24.6% | $474.8M 23.6% | $434.0M 21.5% | $342.7M 20.4% | $287.4M 19.0% | $286.2M 20.2% |
| Pretax Income | $1.37B 45.4% | $533.3M 19.5% | $753.6M 28.1% | -$138.8M -6.0% | $541.0M 25.9% | $646.7M 32.1% | $735.7M 36.5% | $640.1M 38.1% | $609.5M 40.2% | $580.2M 40.9% |
| Income Tax Expense | $281.3M 9.3% | $105.6M 3.9% | $139.0M 5.2% | -$41.7M -1.8% | $104.4M 5.0% | $130.4M 6.5% | $148.6M 7.4% | $129.3M 7.7% | -$146.6M -9.7% | $205.3M 14.5% |
| Net Income | $1.09B 36.1% | $427.7M 15.6% | $614.6M 22.9% | -$97.0M -4.2% | $436.6M 20.9% | $516.3M 25.6% | $587.1M 29.1% | $510.8M 30.4% | $756.2M 49.9% | $374.9M 26.4% |
| Per Share | ||||||||||
| EPS (Basic) | $9.35 | $3.34 | $5.16 | -$1.24 | $3.58 | $4.41 | $5.14 | $4.88 | $7.33 | $3.65 |
| EPS (Diluted) | $9.29 | $3.33 | $5.14 | -$1.24 | $3.57 | $4.39 | $5.09 | $4.60 | $6.82 | $3.44 |
| Weighted Avg Shares (Basic) | 111.7M | 111.3M | 111.0M | 111.6M | 114.1M | 113.7M | 111.9M | 104.7M | 103.2M | 102.8M |
| Weighted Avg Shares (Diluted) | 112.3M | 111.9M | 111.4M | 111.6M | 114.4M | 114.0M | 113.1M | 112.4M | 111.7M | 110.8M |
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 $466.4M is below the $8.25B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~3.7% on $19.18B of debt. Interest last disclosed in FY2023 (no longer broken out).
Cash vs short-term debt unavailable.
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.
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.
No current price collected.
Where each multiple sits in its own 14-yr range
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 4% — 9% 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
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 5.8 | 6.1 | 4.7 | 6.0 | 6.8 | 6.9 | 6.8 | 7.3 |
| Income Tax | 7.7 | 7.4 | 6.5 | 5.0 | -1.8 | 5.2 | 3.9 | 9.3 |
| Net Income | 30.4 | 29.1 | 25.6 | 20.9 | -4.2 | 22.9 | 15.6 | 36.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AL: 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 |
|---|---|---|---|
| FY2016 | not reported | not reported | 26.4% |
| FY2017 | not reported | not reported | 49.9% |
| FY2018 | not reported | not reported | 30.4% |
| FY2019 | not reported | not reported | 29.1% |
| FY2020 | not reported | not reported | 25.6% |
| FY2021 | not reported | not reported | 20.9% |
| FY2022 | not reported | not reported | -4.2% |
| FY2023 | not reported | not reported | 22.9% |
| FY2024 | not reported | not reported | 15.6% |
| FY2025 | not reported | not reported | 36.1% |
Leverage and buybacks account for 9 points of the 13% return on equity in FY2025. The business earns 4% 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: beta, market_cap.
Converts 2.23x 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.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2026-06-30 (10-Q); 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.
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, interest_expense.
No current price or share count, so the market's assumption cannot be solved for.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: market_cap.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.09B | $1.09B |
| Share-based comp | $49M | $1.14B |
| Other non-cash & working capital | $597M | $1.73B |
| Operating cash flow | $1.73B | $1.73B |
| Capex | −$238M | $1.50B |
| Free cash flow | $1.50B | $1.50B |
| FCF after SBC | $1.45B | $1.45B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -0.1% | not reported | not reported |
| FY2021 | 3.6% | not reported | not reported |
| FY2022 | 11.0% | not reported | not reported |
| FY2023 | 15.9% | not reported | not reported |
| FY2024 | 1.8% | not reported | not reported |
| FY2025 | 10.3% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.7 percent |
| FY2020 | -2.3 percent |
| FY2021 | -3.5 percent |
| FY2022 | -5.2 percent |
| FY2023 | -3.7 percent |
| FY2024 | -3.9 percent |
| FY2025 | -2.0 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.