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Held by 330 of 6,047 reporting institutions (94th 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.
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
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 $38.85 today, the market must believe free cash flow compounds 10.5%/yr for a decade (off $137.4M on the 3-yr avg basis).
On the basis ($124.8M) the requirement is 11.7%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 10.5% is more optimistic than its 9-yr track record.
Default is 7.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.09B shares (market data) · net debt $1.92B
mean 18.5% · volatility σ 57% · implied rate exceeded in 5/9 yrs
Central path = implied 10.5%/yr growth; shaded band = ±1σ (57%) 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 is comfortably covered — only 51% of free cash flow, leaving room to grow it and fund buybacks. Last year: $98.8M dividends + $0 buybacks = $98.8M returned on $195.0M FCF.
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: 2%. 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.
$500K of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~4.6% on $1.31B of debt. Interest last disclosed in FY2017 (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.
EOD close · as of 2026-10-14
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 | $3.26B 100.0% | $3.24B 100.0% | $3.14B 100.0% | $3.40B 100.0% | $3.32B 100.0% | $2.21B 100.0% | $2.86B 100.0% | $2.88B 100.0% | $2.59B 100.0% | $2.35B 100.0% |
| Cost of Revenue | $2.24B 68.8% | $2.18B 67.4% | $2.25B 71.6% | $2.51B 74.0% | $2.37B 71.5% | $1.55B 70.2% | $2.21B 77.0% | $2.26B 78.3% | $1.99B 77.0% | $1.79B 76.3% |
| Cost of Products | — | — | — | — | — | — | — | — | $2.51B 96.9% | $2.26B 96.3% |
| Gross Profit | $1.02B 31.2% | $1.06B 32.6% | $892.5M 28.4% | $882.7M 26.0% | $943.8M 28.5% | $660.0M 29.8% | $657.2M 23.0% | $624.8M 21.7% | $596.4M 23.0% | $556.2M 23.7% |
| Research & Development | $96.7M 3.0% | $98.7M 3.0% | $90.3M 2.9% | $84.9M 2.5% | $83.2M 2.5% | $59.8M 2.7% | $50.6M 1.8% | $49.6M 1.7% | $45.3M 1.7% | $44.3M 1.9% |
| Selling, General & Admin | $812.1M 24.9% | $727.4M 22.4% | $695.7M 22.1% | $639.4M 18.8% | $664.1M 20.0% | $548.4M 24.8% | $500.4M 17.5% | $446.2M 15.5% | $423.3M 16.3% | $385.8M 16.4% |
| Operating Income | $203.5M 6.2% | $329.3M 10.2% | $196.8M 6.3% | $243.3M 7.2% | $279.7M 8.4% | $111.6M 5.0% | $156.8M 5.5% | $178.6M 6.2% | $173.1M 6.7% | $170.4M 7.3% |
| Interest Expense | — | — | — | — | — | — | — | — | $60.8M 2.3% | $59.7M 2.5% |
| Other Income (Expense), net | $6.8M 0.2% | $1.1M 0.0% | $5.8M 0.2% | -$59.7M -1.8% | -$1.0M -0.0% | $24.0M 1.1% | $12.1M 0.4% | -$12.9M -0.4% | -$100K -0.0% | $19.3M 0.8% |
| Pretax Income | $111.7M 3.4% | $224.8M 6.9% | $87.3M 2.8% | $63.8M 1.9% | $203.5M 6.1% | $61.1M 2.8% | $109.4M 3.8% | $101.8M 3.5% | $111.9M 4.3% | $129.6M 5.5% |
| Income Tax Expense | $28.1M 0.9% | $54.1M 1.7% | $11.0M 0.4% | -$19.3M -0.6% | $51.9M 1.6% | -$11.7M -0.5% | $33.7M 1.2% | $14.4M 0.5% | $800K 0.0% | $28.3M 1.2% |
| Net Income | $81.9M 2.5% | $169.5M 5.2% | $75.7M 2.4% | $703.1M 20.7% | $230.8M 7.0% | $131.6M 5.9% | $588.6M 20.6% | $159.8M 5.5% | -$57.7M -2.2% | $165.2M 7.0% |
| Per Share | ||||||||||
| EPS (Basic) | $0.90 | $1.86 | $0.83 | $7.71 | $2.53 | $1.46 | $7.62 | $2.01 | -$0.71 | $1.97 |
| EPS (Diluted) | $0.89 | $1.84 | $0.83 | $7.63 | $2.51 | $1.45 | $7.58 | $1.99 | -$0.70 | $1.95 |
| Weighted Avg Shares (Basic) | 91.5M | 91.3M | 91.1M | 91.2M | 91.4M | 90.1M | 77.2M | 79.7M | 81.5M | 83.9M |
| Weighted Avg Shares (Diluted) | 91.8M | 92.0M | 91.8M | 92.2M | 92.1M | 90.6M | 77.7M | 80.4M | 82.1M | 84.6M |
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.
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.
EOD close · as of 2026-10-14
Where each multiple sits in its own 14-yr range · 58th 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 2% — 2% 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 | 78.3 | 77.0 | 70.2 | 71.5 | 74.0 | 71.6 | 67.4 | 68.8 |
| Gross Profit | 21.7 | 23.0 | 29.8 | 28.5 | 26.0 | 28.4 | 32.6 | 31.2 |
| R&D | 1.7 | 1.8 | 2.7 | 2.5 | 2.5 | 2.9 | 3.0 | 3.0 |
| SG&A | 15.5 | 17.5 | 24.8 | 20.0 | 18.8 | 22.1 | 22.4 | 24.9 |
| Operating Income | 6.2 | 5.5 | 5.0 | 8.4 | 7.2 | 6.3 | 10.2 | 6.2 |
| Income Tax | 0.5 | 1.2 | -0.5 | 1.6 | -0.6 | 0.4 | 1.7 | 0.9 |
| Net Income | 5.5 | 20.6 | 5.9 | 7.0 | 20.7 | 2.4 | 5.2 | 2.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AVNT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -3.64pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 5.3% | 7.4% (today's — no rate published for this year) | -2.1pts |
| FY2020 | 2.4% | 7.4% (today's — no rate published for this year) | -4.9pts |
| FY2021 | 6.0% | 7.4% (today's — no rate published for this year) | -1.4pts |
| FY2022 | 4.2% | 7.4% (today's — no rate published for this year) | -3.1pts |
| FY2023 | 3.5% | 7.4% (today's — no rate published for this year) | -3.9pts |
| FY2024 | 5.9% | 7.4% (today's — no rate published for this year) | -1.5pts |
| FY2025 | 3.7% | 7.4% (today's — no rate published for this year) | -3.7pts |
| Now | 1.9% | 7.4% | -5.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 23.0% | 9.1% | 5.6% |
| FY2017 | 23.0% | 6.7% | -2.2% |
| FY2018 | 21.7% | 6.2% | 5.5% |
| FY2019 | 23.0% | 5.5% | 20.6% |
| FY2020 | 29.8% | 5.0% | 5.9% |
| FY2021 | 28.5% | 8.4% | 7.0% |
| FY2022 | 26.0% | 7.2% | 20.7% |
| FY2023 | 28.4% | 6.3% | 2.4% |
| FY2024 | 32.6% | 10.2% | 5.2% |
| FY2025 | 31.2% | 6.2% | 2.5% |
Return on equity (3%) and return on invested capital (2%) 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.
$1.7B of goodwill — 40% 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 6.19% against 3.72% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.05x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 19% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. No cash figure on the matching balance sheet, so no coverage line is drawn.
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 $39.54, free cash flow must compound 10.83%/yr for 10 years. It has done -1.92%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −27.9% | 10.8% |
| FY2021 | −15.6% | 10.8% |
| FY2022 | 119.9% | 10.8% |
| FY2023 | −71.9% | 10.8% |
| FY2024 | 64.1% | 10.8% |
| FY2025 | 44.6% | 10.8% |
The achieved growth rate spans a reporting-basis change in FY2020, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $82M | $82M |
| Share-based comp | $9M | $91M |
| Other non-cash & working capital | $211M | $302M |
| Operating cash flow | $302M | $302M |
| Capex | −$107M | $195M |
| Free cash flow | $195M | $195M |
| FCF after SBC | $186M | $186M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -22.6% | 56.5% | 79.2 points |
| FY2021 | 49.7% | -14.8% | -64.5 points |
| FY2022 | 2.5% | 0.2% | -2.3 points |
| FY2023 | -7.5% | -9.2% | -1.8 points |
| FY2024 | 3.1% | -0.1% | -3.2 points |
| FY2025 | 0.6% | 8.9% | 8.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 42.1 days | 43.2 days | 47.6 days | 37.6 days |
| FY2020 | 85.1 days | 76.9 days | 110.7 days | 51.3 days |
| FY2021 | 48.4 days | 47.1 days | 66.1 days | 29.4 days |
| FY2022 | 47.3 days | 54.1 days | 66 days | 35.5 days |
| FY2023 | 46.4 days | 56.3 days | 70.1 days | 32.6 days |
| FY2024 | 45 days | 58 days | 69.8 days | 33.2 days |
| FY2025 | 48.7 days | 59.7 days | 66.7 days | 41.7 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 8.8 percent |
| FY2020 | -1.9 percent |
| FY2021 | -0.1 percent |
| FY2022 | 5.0 percent |
| FY2023 | -2.1 percent |
| FY2024 | -1.5 percent |
| FY2025 | -3.6 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.