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Data as of Q2 2026
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How management deployed cash over 3 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 26%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 3 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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Ranked against 36 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LECO | $14.2B | 28.0× | 18.6× | 3.4× | 5.6% | 36.2% | 12.3% | 35.4% | 18.8% | 1.2× | 664 |
| LOGI | $14.1B | 20.5× | 14.7× | 2.9× | 6.3% | 43.2% | 14.7% | 32.2% | 32.2% | -2.1× | 377 |
| BWXT | $13.2B | 40.2× | 28.6× | 4.1× | 18.3% | 22.9% | 10.3% | 26.7% | 10.1% | 3.0× | 812 |
| GGG | $12.7B | 25.4× | 16.4× | 5.7× | 5.8% | 52.5% | 23.3% | 19.7% | 19.7% | -0.8× | 706 |
| LII | $12.3B | 15.6× | — | 2.4× | -2.7% | 33.4% | 15.5% | 69.3% | 34.7% | — | 634 |
| RRX | $11.0B | 39.3× | 18.3× | 1.9× | -1.6% | 37.4% | 4.7% | 4.1% | 2.4% | 5.1× | 580 |
| DCI | $10.1B | 28.5× | 17.8× | 2.7× | 2.9% | 34.8% | 9.9% | 25.2% | 17.3% | 0.8× | 600 |
| FLS | $9.2B | 27.4× | 20.2× | 1.9× | 3.8% | 33.4% | 7.3% | 15.8% | 9.2% | 1.6× | 569 |
| TTC | $9.1B | 30.2× | 18.1× | 2.0× | -1.6% | 33.4% | 7.0% | 21.8% | 13.3% | 1.7× | 570 |
| SPXC | $8.5B | 33.7× | 18.2× | 3.8× | 14.2% | 40.5% | 10.8% | 10.9% | 8.9% | 0.3× | 492 |
| PNR | $8.4B | 13.3× | 10.8× | 2.0× | 2.3% | 40.5% | 15.7% | 16.9% | 11.9% | 1.7× | 702 |
| TKR | $8.0B | 28.3× | 12.4× | 1.8× | 0.2% | 30.4% | 6.3% | 9.1% | 5.7% | 2.0× | 584 |
| ZWS | $7.7B | 40.5× | 25.6× | 4.5× | 8.3% | 45.1% | 11.7% | 12.3% | 9.4% | 0.6× | 414 |
| AGCO | $7.2B | 10.6× | 10.3× | 0.7× | -13.5% | 25.5% | 7.2% | 17.0% | 10.8% | 1.9× | 498 |
| AAON | $7.1B | 66.8× | 31.5× | 4.9× | 20.1% | 26.7% | 7.5% | 12.0% | 12.0% | 0.0× | 448 |
| NOV | $6.8B | 48.6× | 8.7× | 0.8× | -1.4% | 20.2% | 1.7% | 2.3% | 1.8% | 0.2× | 472 |
| GTES | $6.8B | 27.8× | 12.0× | 2.0× | 1.0% | 39.8% | 7.3% | 7.5% | 4.5% | 2.1× | 343 |
| TEX | $5.8B | 15.2× | 12.0× | 1.1× | 5.7% | 19.4% | 4.1% | 10.5% | 4.7% | 2.9× | 460 |
| WFRD | $5.6B | 13.1× | 5.9× | 1.1× | -10.8% | — | 8.8% | 25.4% | 13.7% | 0.5× | 412 |
| JBTM | $5.6B | — | 15.9× | 1.5× | 121% | 35.1% | -1.3% | -1.1% | -0.8% | 3.8× | — |
| ACMR | $5.0B | 52.1× | 36.1× | 5.5× | 15.2% | 44.4% | 10.4% | 6.4% | 5.5% | -4.1× | 365 |
| MIDD | $4.8B | — | 9.9× | 1.5× | 1.6% | 39.1% | -8.7% | -10.0% | -5.6% | 2.9× | 432 |
| WHD | $4.4B | — | 13.7× | 4.1× | -4.5% | 37.0% | 15.4% | 13.5% | 13.5% | -0.4× | 329 |
| ALH | $4.2B | 38.0× | 10.0× | 2.5× | 13.3% | 37.6% | 6.0% | 26.0% | 26.0% | -0.3× | 157 |
| ACLS | $4.2B | 35.5× | 29.3× | 5.0× | -17.6% | 44.9% | 14.3% | 11.6% | 11.6% | -1.1× | 425 |
Peers = companies sharing ALH's sector (Refrigeration & Service Industry Machinery) 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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $6.2M buybacks = $6.2M returned on $158.0M FCF.
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.
EOD close · as of 2026-10-09
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 |
|---|---|---|---|
| Revenue | $1.71B 100.0% | $1.51B 100.0% | $1.37B 100.0% |
| Gross Profit | $642.1M 37.6% | $551.3M 36.5% | $473.1M 34.7% |
| Research & Development | $29.7M 1.7% | $22.8M 1.5% | $22.8M 1.7% |
| Total Operating Expenses | $324.7M 19.0% | $267.2M 17.7% | $237.4M 17.4% |
| Operating Income | $317.4M 18.6% | $284.0M 18.8% | $235.7M 17.3% |
| Interest Expense | $150.5M 8.8% | $132.0M 8.8% | $123.4M 9.0% |
| Pretax Income | $138.0M 8.1% | $123.4M 8.2% | $104.5M 7.7% |
| Income Tax Expense | $36.3M 2.1% | $25.1M 1.7% | $16.2M 1.2% |
| Net Income | $98.5M 5.8% | $98.3M 6.5% | $88.2M 6.5% |
| Per Share | |||
| EPS (Basic) | $0.57 | $0.58 | $0.52 |
| EPS (Diluted) | $0.56 | $0.56 | $0.51 |
| Weighted Avg Shares (Basic) | 177.0M | 170.6M | 171.1M |
| Weighted Avg Shares (Diluted) | 181.4M | 174.3M | 173.6M |
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.
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 $21.27 today, the market must believe free cash flow compounds 18.3%/yr for a decade (off $145.3M on the 3-yr avg basis).
On the basis ($136.6M) the requirement is 19.2%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 18.3% is more optimistic than its 2-yr track record.
Default is 13.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.20B shares (market data) · net debt -$123.1M
mean 6.4% · volatility σ 69% · implied rate exceeded in 1/2 yrs
Central path = implied 18.3%/yr growth; shaded band = ±1σ (69%) 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.
EOD close · as of 2026-10-09
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 26% against ROIC 26% — 0% 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 177.3% — 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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Gross Profit | 34.7 | 36.5 | 37.6 |
| R&D | 1.7 | 1.5 | 1.7 |
| Operating Income | 17.3 | 18.8 | 18.6 |
| Income Tax | 1.2 | 1.7 | 2.1 |
| Net Income | 6.5 | 6.5 | 5.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ALH: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 239.06pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2023 | 47.2% | 13.1% (today's — no rate published for this year) | 34.1pts |
| FY2025 | 77.5% | 12.0% | 65.4pts |
| Now | 26.0% | 13.1% | 12.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2023 | 34.7% | 17.3% | 6.5% |
| FY2024 | 36.5% | 18.8% | 6.5% |
| FY2025 | 37.6% | 18.6% | 6.0% |
Return on equity (26%) and return on invested capital (26%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
Beta was borrowed from the sector median — too little price history to measure this company's own, so WACC is an estimate of an estimate.
Converts 1.53x of reported profit into free cash flow over 3 years, with accruals negative.
Reported free cash flow is $158M; after share-based compensation it is $138M. The difference is a real cost that the cash flow statement adds back.
Stressed coverage falls to 1.5x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.11x |
| 5% | 2.00x |
| 10% | 1.90x |
| 15% | 1.79x |
| 20% | 1.69x |
| 25% | 1.58x |
| 30% | 1.48x |
| 35% | 1.37x |
| 40% | 1.27x |
| 45% | 1.16x |
| 50% | 1.05x |
| 55% | 0.95x |
| 60% | 0.84x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $21,672,000 of the $21,672,000 total — a fixed obligation that does not appear in a headline debt figure.
At $21.27, free cash flow must compound 18.4%/yr for 10 years. It has done -5.25%/yr over 2 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2024 | −42.1% | 18.4% |
| FY2025 | 55.0% | 18.4% |
The implied rate has been matched or beaten in 1 of the last 2 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $102M | $102M |
| Share-based comp | $20M | $121M |
| Other non-cash & working capital | $90M | $212M |
| Operating cash flow | $212M | $212M |
| Capex | −$54M | $158M |
| Free cash flow | $158M | $158M |
| FCF after SBC | $138M | $138M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2024 | 10.5% | not reported | not reported |
| FY2025 | 13.3% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2023 | not reported |
| FY2024 | -1.7 percent |
| FY2025 | -3.8 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.
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