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Held by 1,714 of 6,047 reporting institutions (99th 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.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $1.58B dividends + $0 buybacks = $1.58B returned.
9 consecutive years of dividend increases · 9%/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.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -3%. 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.
EOD close · as of 2026-10-12
Where each multiple sits in its own 14-yr range · 95th 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 -3% against ROIC -3% — -0% 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 228.7× 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 | 69.3 | 67.0 | 66.1 | 69.6 | 73.5 | 70.1 | 67.5 | 68.6 |
| Gross Profit | 30.7 | 32.7 | 33.9 | — | — | — | — | — |
| R&D | 0.7 | 0.8 | 0.9 | 0.9 | 0.8 | 0.8 | 0.8 | 0.8 |
| SG&A | 8.5 | 8.4 | 8.8 | 8.0 | 7.1 | 7.6 | 7.8 | 7.5 |
| Operating Income | 22.0 | 24.0 | 25.3 | 22.1 | 18.4 | 19.8 | 36.9 | -7.3 |
| Income Tax | 5.9 | 5.4 | 5.4 | 4.5 | 3.9 | 4.4 | 7.8 | -0.8 |
| Net Income | 16.8 | 19.7 | 21.3 | 20.3 | 17.8 | 18.3 | 31.6 | -3.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on APD: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.86B covers the $716.6M due within a year 2.6× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-09-30 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~616.7% on $34.7M of debt.
Cash of $1.86B fully covers short-term debt of $34.7M.
Mostly short-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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
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
EOD close · as of 2026-10-12
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 | $12.04B 100.0% | $12.10B 100.0% | $12.60B 100.0% | $12.70B 100.0% | $10.32B 100.0% | $8.86B 100.0% | $8.92B 100.0% | $8.93B 100.0% | $8.19B 100.0% | $7.50B 100.0% |
| Cost of Revenue | $8.26B 68.6% | $8.17B 67.5% | $8.83B 70.1% | $9.34B 73.5% | $7.19B 69.6% | $5.86B 66.1% | $5.98B 67.0% | $6.19B 69.3% | $5.75B 70.2% | $5.18B 69.0% |
| Gross Profit | — | — | — | — | — | $3.00B 33.9% | $2.91B 32.7% | $2.74B 30.7% | $2.44B 29.8% | $2.33B 31.0% |
| Research & Development | $96.3M 0.8% | $100.2M 0.8% | $105.6M 0.8% | $102.9M 0.8% | $93.5M 0.9% | $83.9M 0.9% | $72.9M 0.8% | $64.5M 0.7% | $57.6M 0.7% | $71.8M 1.0% |
| Selling, General & Admin | $906.1M 7.5% | $942.4M 7.8% | $957.0M 7.6% | $900.6M 7.1% | $828.4M 8.0% | $775.9M 8.8% | $750.0M 8.4% | $760.8M 8.5% | $713.5M 8.7% | $683.8M 9.1% |
| Operating Income | -$877.0M -7.3% | $4.47B 36.9% | $2.49B 19.8% | $2.34B 18.4% | $2.28B 22.1% | $2.24B 25.3% | $2.14B 24.0% | $1.97B 22.0% | $1.44B 17.6% | $1.54B 20.5% |
| Interest Expense | $214.0M 1.8% | $218.8M 1.8% | $177.5M 1.4% | $128.0M 1.0% | $141.8M 1.4% | $109.3M 1.2% | $137.0M 1.5% | $130.5M 1.5% | $120.6M 1.5% | $115.2M 1.5% |
| Interest & Investment Income | — | — | — | — | — | — | — | $0 0.0% | $1.5M 0.0% | $6.1M 0.1% |
| Other Income (Expense), net | $2.6M 0.0% | -$73.8M -0.6% | -$39.0M -0.3% | $62.4M 0.5% | $73.7M 0.7% | $30.7M 0.3% | $66.7M 0.7% | $5.1M 0.1% | $16.6M 0.2% | -$5.4M -0.1% |
| Pretax Income | -$440.7M -3.7% | $4.82B 39.8% | $2.88B 22.9% | $2.75B 21.7% | $2.51B 24.3% | $2.42B 27.4% | $2.29B 25.7% | $2.02B 22.6% | $1.42B 17.3% | $1.55B 20.7% |
| Income Tax Expense | -$94.3M -0.8% | $944.9M 7.8% | $551.2M 4.4% | $500.8M 3.9% | $462.8M 4.5% | $478.4M 5.4% | $480.1M 5.4% | $524.3M 5.9% | $260.9M 3.2% | $432.6M 5.8% |
| Net Income | -$394.5M -3.3% | $3.83B 31.6% | $2.30B 18.3% | $2.26B 17.8% | $2.10B 20.3% | $1.89B 21.3% | $1.76B 19.7% | $1.50B 16.8% | $3.00B 36.6% | $631.1M 8.4% |
| Per Share | ||||||||||
| EPS (Basic) | -$1.77 | $17.21 | $10.35 | $10.16 | $9.47 | $8.53 | $7.99 | $6.83 | $13.76 | $2.92 |
| EPS (Diluted) | -$1.77 | $17.18 | $10.33 | $10.14 | $9.43 | $8.49 | $7.94 | $6.78 | $13.65 | $2.89 |
| Weighted Avg Shares (Basic) | 222.7M | 222.5M | 222.3M | 222.0M | 221.6M | 221.2M | 220.3M | 219.3M | 218.0M | 216.4M |
| Weighted Avg Shares (Diluted) | 222.7M | 222.8M | 222.7M | 222.5M | 222.5M | 222.3M | 221.6M | 220.8M | 219.8M | 218.3M |
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.
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 -14.28pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 19.2% | 9.5% (today's — no rate published for this year) | 9.8pts |
| FY2020 | 24.4% | 9.5% (today's — no rate published for this year) | 15.0pts |
| FY2021 | 18.8% | 6.2% | 12.6pts |
| FY2022 | 16.6% | 8.2% | 8.5pts |
| FY2023 | 14.5% | 9.1% | 5.4pts |
| FY2024 | 23.9% | 7.6% | 16.2pts |
| FY2025 | -5.0% | 8.5% | -13.5pts |
| Now | -2.6% | 9.5% | -12.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 31.0% | 20.5% | 8.4% |
| FY2017 | 29.8% | 17.6% | 36.6% |
| FY2018 | 30.7% | 22.0% | 16.8% |
| FY2019 | 32.7% | 24.0% | 19.7% |
| FY2020 | 33.9% | 25.3% | 21.3% |
| FY2021 | 30.4% | 22.1% | 20.3% |
| FY2022 | 26.5% | 18.4% | 17.8% |
| FY2023 | 29.9% | 19.8% | 18.3% |
| FY2024 | 32.5% | 36.9% | 31.6% |
| FY2025 | 31.4% | -7.3% | -3.3% |
Return on equity (-3%) and return on invested capital (-3%) 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.
$957M of goodwill — 6% 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.
ROIC ex-goodwill is -5.16% against -4.82% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Stressed coverage falls to -2.9x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | -4.10x |
| 5% | -3.89x |
| 10% | -3.69x |
| 15% | -3.48x |
| 20% | -3.28x |
| 25% | -3.07x |
| 30% | -2.87x |
| 35% | -2.66x |
| 40% | -2.46x |
| 45% | -2.25x |
| 50% | -2.05x |
| 55% | -1.84x |
| 60% | -1.64x |
Ladder as of 2025-09-30 (10-K); cash from the 2025-09-30 balance sheet; FCF from FY2025.
Balance sheet at 2025-09-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $707,800,000 of the $742,500,000 total — a fixed obligation that does not appear in a headline debt figure.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
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: free_cash_flow.