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Insufficient data to determine institutional momentum.
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.
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $20.44 today, the market must believe free cash flow compounds -0.8%/yr for a decade (off $176.1M on the SBC-adjusted basis).
On the basis ($204.5M) the requirement is -2.8%/yr. The difference is what charging stock compensation costs.
The market's -0.8% is more optimistic than its 7-yr track record.
Default is 9.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.12B shares (market data) · net debt -$311.1M
mean -16.5% · volatility σ 28% · implied rate exceeded in 2/7 yrs
Central path = implied -0.8%/yr growth; shaded band = ±1σ (28%) 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (192%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $211.8M dividends + $150.4M buybacks = $362.2M returned on $110.3M 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.
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).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 6%. 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
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. 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $46.6M 100.0% | $306.0M 100.0% | $134.4M 100.0% | $226.5M 100.0% | $417.1M 100.0% | $8.66B 100.0% | $8.42B 100.0% | $7.23B 100.0% | $6.21B 100.0% | $5.96B 100.0% |
| Cost of Revenue | $255.1M 547.9% | $1.48B 484.8% | $1.41B 1050.7% | $1.24B 545.2% | $1.05B 251.3% | $961.2M 11.1% | $960.3M 11.4% | $820.3M 11.3% | $1.36B 21.9% | $2.39B 40.1% |
| Gross Profit | $667.5M 1433.9% | $5.56B 1816.1% | $5.77B 4295.5% | $5.71B 2518.6% | $6.19B 1484.0% | $7.70B 88.9% | $7.46B 88.6% | $6.41B 88.7% | $4.85B 78.1% | $3.57B 59.9% |
| Research & Development | $152.1M 326.7% | $1.32B 430.9% | $1.35B 1003.5% | $1.42B 625.5% | $1.40B 335.2% | $1.36B 15.8% | $1.29B 15.3% | $1.14B 15.7% | $878.8M 14.2% | $571.4M 9.6% |
| Selling, General & Admin | $72.1M 154.8% | $534.8M 174.8% | $538.0M 400.3% | $502.3M 221.7% | $543.8M 130.4% | $381.8M 4.4% | $318.0M 3.8% | $314.8M 4.4% | $282.0M 4.5% | $306.8M 5.1% |
| Total Operating Expenses | $586.4M 1259.5% | $4.84B 1582.4% | $4.90B 3645.6% | $4.79B 2112.5% | $4.70B 1127.4% | $4.99B 57.7% | $4.70B 55.8% | $3.89B 53.7% | $2.81B 45.2% | $2.42B 40.5% |
| Operating Income | $110.0M 236.3% | $1.00B 328.0% | $1.14B 846.4% | $1.25B 550.7% | $1.78B 427.2% | $3.15B 36.4% | $3.24B 38.4% | $2.87B 39.7% | $2.05B 33.0% | $1.17B 19.6% |
| Other Income (Expense), net | — | — | — | — | — | — | — | — | $1.3M 0.0% | $14.0M 0.2% |
| Pretax Income | $219.1M 470.5% | $1.69B 551.2% | $2.00B 1486.5% | $1.76B 778.2% | $2.18B 522.0% | $3.54B 40.9% | $3.70B 44.0% | $3.24B 44.8% | $2.26B 36.4% | $1.25B 20.9% |
| Income Tax Expense | $20.3M 43.5% | $63.0M 20.6% | $72.2M 53.7% | -$61.8M -27.3% | $34.0M 8.2% | $260.9M 3.0% | $500.4M 5.9% | $377.9M 5.2% | $267.1M 4.3% | $32.6M 0.5% |
| Net Income | $206.3M 443.2% | $1.68B 549.5% | $1.94B 1440.2% | $1.86B 818.9% | $2.25B 539.2% | $3.28B 37.8% | $3.20B 38.0% | $2.87B 39.7% | $2.00B 32.2% | $1.23B 20.6% |
| Per Share | ||||||||||
| EPS (Basic) | $0.42 | $3.34 | $3.84 | $3.62 | $4.30 | $6.86 | $6.75 | $6.10 | $17.20 | $10.75 |
| EPS (Diluted) | $0.42 | $3.33 | $3.83 | $3.62 | $4.29 | $6.83 | $6.69 | $6.02 | $16.95 | $10.58 |
| Weighted Avg Shares (Basic) | 470.2M | 484.9M | 490.0M | 499.2M | 499.9M | 477.5M | 474.3M | 470.7M | 116.4M | 114.2M |
| Weighted Avg Shares (Diluted) | 472.1M | 486.6M | 491.3M | 499.7M | 500.5M | 479.7M | 478.1M | 476.9M | 118.1M | 116.0M |
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 2026-10-12
Where each multiple sits in its own 13-yr range · 52th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 13-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 6% against ROIC 6% — 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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 11.3 | 11.4 | 11.1 | 251.3 | 545.2 | 1050.7 | 484.8 | 547.9 |
| Gross Profit | 88.7 | 88.6 | 88.9 | 1484.0 | 2518.6 | 4295.5 | 1816.1 | 1433.9 |
| R&D | 15.7 | 15.3 | 15.8 | 335.2 | 625.5 | 1003.5 | 430.9 | 326.7 |
| SG&A | 4.4 | 3.8 | 4.4 | 130.4 | 221.7 | 400.3 | 174.8 | 154.8 |
| Operating Income | 39.7 | 38.4 | 36.4 | 427.2 | 550.7 | 846.4 | 328.0 | 236.3 |
| Income Tax | 5.2 | 5.9 | 3.0 | 8.2 | -27.3 | 53.7 | 20.6 | 43.5 |
| Net Income | 39.7 | 38.0 | 37.8 | 539.2 | 818.9 | 1440.2 | 549.5 | 443.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ATHM: 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.
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.”
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.
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
Ranked against 19 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TOST | $18.1B | 55.9× | 47.0× | 2.9× | 24.1% | 25.9% | 5.6% | 16.1% | 16.1% | -3.8× | 755 |
| HNGE | $8.3B | — | — | 14.1× | 50.6% | 79.6% | -89.9% | -296% | -296% | — | 270 |
| APLD | $7.0B | — | — | 11.5× | 167% | 35.1% | -30.2% | -10.7% | -10.7% | — | 555 |
| RNG | $6.6B | 165.2× | 37.3× | 2.6× | 4.8% | 71.2% | 1.7% | -7.4% | 6.5% | 5.4× | 366 |
| BILI | $6.3B | 39.0× | 25.7× | 1.4× | 18.1% | 36.6% | 3.9% | 7.7% | 4.7% | -1.6× | 157 |
| PEGA | $5.9B | 16.7× | 20.4× | 3.4× | 16.6% | 75.9% | 22.5% | 50.0% | 50.0% | -0.8× | 424 |
| JOYY | $4.0B | 41.1× | 42.5× | 1.9× | -5.1% | 35.9% | 98.8% | 32.1% | 32.0% | -4.3× | 185 |
| LIF | $3.6B | 24.7× | 95.4× | 7.3× | 31.8% | 77.8% | 30.8% | 27.5% | 27.5% | -15.4× | 203 |
| FA | $3.3B | — | 20.9× | 2.1× | 83.0% | — | -2.2% | -2.7% | -1.0% | 7.5× | 173 |
| FIVN | $2.7B | 80.9× | 27.5× | 2.4× | 10.3% | 55.1% | 3.4% | 5.0% | 5.0% | -2.6× | 285 |
| CARG | $2.5B | 18.3× | 8.6× | 2.8× | 13.7% | 92.8% | 17.2% | 41.7% | 41.7% | -0.7× | 353 |
| ATHM | $2.4B | 48.7× | 16.2× | 50.6× | 11.1% | — | — | 6.3% | 6.3% | -2.5× | 126 |
| RAMP | $2.3B | 16.8× | 19.7× | 2.8× | 9.0% | 70.7% | 18.0% | 15.0% | 15.0% | -3.9× | 297 |
| INOD | $2.1B | 67.4× | 43.9× | 8.5× | 47.6% | 39.5% | 12.8% | 30.0% | 30.0% | -1.8× | 283 |
| DXC | $2.0B | 124.0× | 1.8× | 0.2× | -1.8% | — | 0.1% | 0.6% | 0.3% | 0.8× | 425 |
| EVTC | $1.8B | 13.5× | 12.1× | 1.9× | 10.2% | — | 15.2% | 22.8% | 8.4% | 3.6× | 239 |
| GDRX | $1.2B | 38.1× | 15.2× | 1.5× | 0.6% | — | 3.8% | 4.9% | 2.8% | 2.5× | 159 |
| UPWK | $1.1B | 10.2× | 9.7× | 1.4× | 2.4% | 77.8% | 14.7% | 18.3% | 8.6% | 2.7× | 286 |
| CLVT | $1.0B | — | 6.2× | 0.4× | -4.0% | 66.0% | -8.2% | -4.2% | -2.2% | 4.9× | 237 |
| LZ | $1.0B | 74.8× | 13.4× | 1.4× | 10.9% | 65.9% | 2.0% | 9.0% | 9.0% | -3.3× | 240 |
Peers = companies sharing ATHM'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.
Earns -5.98pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 23.8% | 9.4% (today's — no rate published for this year) | 14.3pts |
| FY2020 | 18.4% | 9.4% (today's — no rate published for this year) | 8.9pts |
| FY2021 | 9.0% | 9.4% (today's — no rate published for this year) | -0.5pts |
| FY2022 | 5.5% | 9.4% (today's — no rate published for this year) | -3.9pts |
| FY2023 | 5.6% | 9.4% (today's — no rate published for this year) | -3.8pts |
| FY2024 | 4.2% | 9.4% (today's — no rate published for this year) | -5.2pts |
| FY2025 | 3.5% | 9.4% (today's — no rate published for this year) | -6.0pts |
| Now | 6.3% | 9.4% | -3.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 59.9% | 19.3% | 20.6% |
| FY2017 | 78.1% | 32.9% | 32.2% |
| FY2018 | 88.7% | 39.7% | 39.7% |
| FY2019 | 88.6% | 38.4% | 38.0% |
| FY2020 | 88.9% | 36.4% | 39.3% |
| FY2021 | 85.5% | 24.6% | 31.1% |
| FY2022 | 82.2% | 18.0% | 26.7% |
| FY2023 | 4295.5% | 846.4% | 1440.2% |
| FY2024 | 1816.1% | 328.0% | 549.5% |
| FY2025 | 1433.9% | 236.3% | 443.2% |
Return on equity (6%) and return on invested capital (6%) 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.
$564M of goodwill — 19% 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.
Margins have compressed 2 years running even as the spread stayed positive.
Free cash flow of $110M exceeds revenue of $47M, so the cash flow statement is carrying customer balances rather than earnings. Cash conversion cannot be read here.
Banks, brokers, insurers and payment companies run customer money through operating cash flow. Treat free cash flow, FCF yield and any DCF on this company as unreliable.
Missing from our data, so excluded from this answer: free cash flow attributable to the company.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
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: interest_expense.
At $20.44, free cash flow must compound -0.73%/yr for 10 years. It has done -22.21%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 22.6% | −0.7% |
| FY2021 | 11.3% | −0.7% |
| FY2022 | −32.0% | −0.7% |
| FY2023 | −7.2% | −0.7% |
| FY2024 | −53.5% | −0.7% |
| FY2025 | −44.6% | −0.7% |
This is solved on free cash flow AFTER stock compensation ($176M against $204M before it). On the unadjusted figure the requirement would be -2.79%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.