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Held by 611 of 6,047 reporting institutions (97th percentile) — extremely crowded.
Data as of Q2 2026
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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 $303.25 today, the market must believe free cash flow compounds 6.1%/yr for a decade (off $533.2M on the 3-yr avg basis).
On the basis ($488.6M) the requirement is 7.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 6.1% is in line with its 9-yr track record.
Default is 9.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.03B shares (market data) · net debt $474.3M
mean 11.3% · volatility σ 38% · implied rate exceeded in 4/9 yrs
Central path = implied 6.1%/yr growth; shaded band = ±1σ (38%) 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 4% of free cash flow, leaving room to grow it and fund buybacks. Last year: $20.6M dividends + $118.5M buybacks = $139.1M returned on $533.0M FCF.
2 consecutive years of dividend increases · 3%/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 balanced mix of reinvestment and shareholder returns.
Modest payoff on reinvested capital. Current ROIC on all capital: 11%. 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 2026-10-16
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 | $4.35B 100.0% | $3.84B 100.0% | $3.95B 100.0% | $4.01B 100.0% | $3.46B 100.0% | $3.33B 100.0% | $3.67B 100.0% | $3.68B 100.0% | $3.51B 100.0% | $3.29B 100.0% |
| Cost of Revenue | $2.27B 52.2% | $2.06B 53.6% | $2.24B 56.7% | $2.33B 58.2% | $1.99B 57.4% | $1.92B 57.8% | $2.19B 59.7% | $2.19B 59.6% | $2.02B 57.7% | $1.86B 56.4% |
| Cost of Products | — | — | — | — | — | — | — | $2.19B 59.6% | $2.02B 57.7% | $1.86B 56.4% |
| Gross Profit | $2.08B 47.8% | $1.78B 46.4% | $1.71B 43.3% | $1.67B 41.8% | $1.48B 42.6% | $1.40B 42.2% | $1.48B 40.3% | $1.49B 40.4% | $1.48B 42.3% | $1.44B 43.6% |
| Research & Development | $140.2M 3.2% | $102.3M 2.7% | $97.1M 2.5% | $95.1M 2.4% | $88.3M 2.6% | $82.0M 2.5% | $74.7M 2.0% | $63.9M 1.7% | $52.0M 1.5% | $47.1M 1.4% |
| Selling, General & Admin | $1.48B 34.2% | $1.23B 32.0% | $1.21B 30.7% | $1.16B 29.0% | $1.04B 30.2% | $1.03B 30.9% | $1.01B 27.6% | $1.02B 27.7% | $942.3M 26.9% | $946.0M 28.7% |
| Operating Income | $563.9M 13.0% | $553.3M 14.4% | $473.4M 12.0% | $509.7M 12.7% | $427.6M 12.4% | $353.9M 10.6% | $462.9M 12.6% | $460.8M 12.5% | $527.5M 15.0% | $475.2M 14.4% |
| Interest Expense | $42.5M 1.0% | $25.3M 0.7% | $27.9M 0.7% | $27.0M 0.7% | $24.2M 0.7% | $26.4M 0.8% | $36.4M 1.0% | $35.5M 1.0% | $34.1M 1.0% | $33.3M 1.0% |
| Interest & Investment Income | $20.5M 0.5% | $29.8M 0.8% | $9.0M 0.2% | $2.1M 0.1% | $1.0M 0.0% | $3.1M 0.1% | $3.1M 0.1% | $2.0M 0.1% | $1.6M 0.0% | $1.1M 0.0% |
| Other Income (Expense), net | -$63.7M -1.5% | -$4.7M -0.1% | -$26.7M -0.7% | -$15.8M -0.4% | -$31.4M -0.9% | -$5.9M -0.2% | -$4.7M -0.1% | -$1.4M -0.0% | -$2.4M -0.1% | $1.6M 0.0% |
| Pretax Income | $500.2M 11.5% | $548.6M 14.3% | $446.7M 11.3% | $493.9M 12.3% | $396.2M 11.4% | $324.7M 9.8% | $424.9M 11.6% | $425.9M 11.6% | $492.6M 14.1% | $444.6M 13.5% |
| Income Tax Expense | $103.6M 2.4% | $126.0M 3.3% | $100.7M 2.5% | $109.9M 2.7% | $89.9M 2.6% | $76.4M 2.3% | $94.5M 2.6% | $76.3M 2.1% | $170.9M 4.9% | $153.8M 4.7% |
| Net Income | $396.6M 9.1% | $422.6M 11.0% | $346.0M 8.8% | $384.0M 9.6% | $306.3M 8.9% | $248.3M 7.5% | $330.4M 9.0% | $349.6M 9.5% | $321.7M 9.2% | $290.8M 8.8% |
| Per Share | ||||||||||
| EPS (Basic) | $12.85 | $13.68 | $10.88 | $11.23 | $8.44 | $6.29 | $8.32 | $8.54 | $7.46 | $6.67 |
| EPS (Diluted) | $12.53 | $13.44 | $10.76 | $11.08 | $8.38 | $6.27 | $8.29 | $8.52 | $7.43 | $6.63 |
| Weighted Avg Shares (Basic) | 30.9M | 30.9M | 31.8M | 34.2M | 36.3M | 39.5M | 39.7M | 40.9M | 43.1M | 43.5M |
| Weighted Avg Shares (Diluted) | 31.6M | 31.4M | 32.2M | 34.6M | 36.6M | 39.6M | 39.8M | 41.0M | 43.3M | 43.8M |
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.
EOD close · as of 2026-10-16
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 15% against ROIC 11% — 4% 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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 59.6 | 59.7 | 57.8 | 57.4 | 58.2 | 56.7 | 53.6 | 52.2 |
| Gross Profit | 40.4 | 40.3 | 42.2 | 42.6 | 41.8 | 43.3 | 46.4 | 47.8 |
| R&D | 1.7 | 2.0 | 2.5 | 2.6 | 2.4 | 2.5 | 2.7 | 3.2 |
| SG&A | 27.7 | 27.6 | 30.9 | 30.2 | 29.0 | 30.7 | 32.0 | 34.2 |
| Operating Income | 12.5 | 12.6 | 10.6 | 12.4 | 12.7 | 12.0 | 14.4 | 13.0 |
| Income Tax | 2.1 | 2.6 | 2.3 | 2.6 | 2.7 | 2.5 | 3.3 | 2.4 |
| Net Income | 9.5 | 9.0 | 7.5 | 8.9 | 9.6 | 8.8 | 11.0 | 9.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AYI: 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 $560.7M covers all $401.1M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2020-08-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~4.7% on $896.8M of debt.
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.
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 39 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FSLR | $19.2B | 12.6× | — | 3.7× | 24.1% | 40.6% | 29.3% | 16.0% | 15.2% | — | 990 |
| SWKS | $18.6B | 25.7× | 23.7× | 4.5× | -2.2% | 41.2% | 11.7% | 8.3% | 7.1% | -0.2× | 686 |
| LSCC | $15.2B | — | — | 29.1× | 2.7% | 68.2% | 0.6% | 0.4% | 0.4% | -4.3× | 579 |
| SITM | $15.1B | — | — | 46.2× | 61.2% | 53.6% | -13.1% | -3.7% | -3.7% | — | 538 |
| FN | $13.8B | 29.5× | 25.4× | 3.0× | 35.7% | 12.0% | 10.2% | 19.3% | 19.3% | -0.7× | 719 |
| SMTC | $13.5B | — | — | 12.8× | 15.5% | 51.6% | -3.8% | -7.3% | -3.9% | 4.7× | 546 |
| NJDCY | $12.6B | 0.6× | 9.0× | 1.5× | 31.1% | 25.5% | 7.6% | 14.7% | 10.3% | 0.5× | 6 |
| GNRC | $11.7B | 73.8× | 26.1× | 2.8× | -2.0% | 38.3% | 3.8% | 6.1% | 4.1% | 1.9× | 965 |
| AMKR | $10.9B | 29.4× | 9.9× | 1.6× | 6.2% | 14.0% | 5.6% | 8.4% | 6.3% | 0.1× | 632 |
| TTMI | $10.7B | 60.3× | 29.6× | 3.7× | 19.0% | 20.7% | 6.1% | 10.1% | 6.6% | 1.1× | 607 |
| VICR | $10.1B | 84.3× | 94.9× | 22.4× | 26.1% | 57.3% | 26.2% | 16.7% | 16.7% | -3.9× | 490 |
| SANM | $10.1B | 42.3× | 20.0× | 1.2× | 7.4% | 8.8% | 3.0% | 9.7% | 8.7% | -1.3× | 547 |
| AEIS | $10.1B | 65.7× | 45.4× | 5.6× | 21.4% | 37.7% | 8.2% | 10.9% | 5.9% | 1.5× | 641 |
| RMBS | $10.1B | 44.0× | 36.3× | 14.2× | 27.1% | 79.6% | 32.6% | 16.9% | 16.9% | -0.7× | 593 |
| QRVO | $10.1B | 31.5× | 18.5× | 2.7× | -1.1% | 45.9% | 9.2% | 10.1% | 6.9% | 0.6× | 525 |
| LFUS | $10.0B | — | 90.7× | 4.2× | 8.9% | 38.0% | -3.0% | -3.0% | -2.2% | 2.1× | 569 |
| VIAV | $9.1B | — | 59.5× | 6.0× | 40.0% | 57.7% | -2.0% | -2.1% | -1.8% | -2.8× | 540 |
| AYI | $9.0B | 24.1× | 13.7× | 2.1× | 13.1% | 47.8% | 9.1% | 14.6% | 11.0% | 0.7× | 611 |
| FPS | $8.9B | — | 37.6× | 6.3× | 88.5% | 35.0% | 5.8% | 14.5% | 7.1% | 1.9× | 359 |
| FORM | $8.9B | 164.3× | 92.6× | 11.3× | 2.8% | 39.3% | 6.9% | 5.3% | 5.2% | -1.0× | 484 |
| AOS | $8.1B | 15.4× | 9.9× | 2.1× | 0.3% | 38.8% | 14.3% | 29.4% | 27.1% | -0.0× | 587 |
| SIMO | $7.4B | 240.0× | 58.5× | 8.4× | 10.2% | 48.3% | 13.8% | 14.8% | 14.8% | -1.6× | 372 |
| SLAB | $7.4B | — | — | 9.4× | 34.3% | 58.2% | -8.3% | -5.9% | -5.9% | — | 349 |
| AAOI | $7.1B | — | — | 15.6× | 82.8% | 30.0% | -8.4% | -5.2% | -4.8% | — | 468 |
| MXL | $7.1B | — | — | 15.2× | 29.7% | 56.8% | -29.2% | -30.2% | -23.7% | — | 414 |
Peers = companies sharing AYI's sector (Electric Lighting & Wiring Equipment) 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.
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 2.99pts above its cost of capital, without much margin of safety.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 43.6% | 14.4% | 8.8% |
| FY2017 | 42.3% | 15.0% | 9.2% |
| FY2018 | 40.4% | 12.5% | 9.5% |
| FY2019 | 40.3% | 12.6% | 9.0% |
| FY2020 | 42.2% | 10.6% | 7.5% |
| FY2021 | 42.6% | 12.4% | 8.8% |
| FY2022 | 41.8% | 12.7% | 9.6% |
| FY2023 | 43.3% | 12.0% | 8.8% |
| FY2024 | 46.4% | 14.4% | 11.0% |
| FY2025 | 47.8% | 13.0% | 9.1% |
ROIC ex-goodwill is 23.09% against 12.93% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Leverage and buybacks account for 4 points of the 15% return on equity in FY2025. The business earns 11% 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.
$1.5B of goodwill — 44% 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.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 19.1% | 9.9% (today's — no rate published for this year) | 9.2pts |
| FY2020 | 13.1% | 9.9% (today's — no rate published for this year) | 3.1pts |
| FY2021 | 15.3% | 9.9% (today's — no rate published for this year) | 5.3pts |
| FY2022 | 16.8% | 7.7% | 9.1pts |
| FY2023 | 16.1% | 8.5% | 7.7pts |
| FY2024 | 19.8% | 8.8% | 10.9pts |
| FY2025 | 12.9% | 9.6% | 3.4pts |
| Now | 11.0% | 9.9% | 1.0pts |
Converts 1.20x of reported profit into cash — adequate, without much margin.
| Step | Amount | Running total |
|---|---|---|
| Net income | $397M | $397M |
| Share-based comp | $45M | $442M |
| Other non-cash & working capital | $160M | $601M |
| Operating cash flow | $601M | $601M |
| Capex | −$68M | $533M |
| Free cash flow | $533M | $533M |
| FCF after SBC | $488M | $488M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -9.4% | -10.8% | -1.4 points |
| FY2021 | 4.0% | 14.3% | 10.2 points |
| FY2022 | 15.8% | 16.5% | 0.7 points |
| FY2023 | -1.4% | -16.6% | -15.3 points |
| FY2024 | -2.8% | 1.4% | 4.2 points |
| FY2025 | 13.1% | 5.5% | -7.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 55.8 days | 56.7 days | 56.4 days | 56.1 days |
| FY2020 | 54.9 days | 60.7 days | 61.9 days | 53.7 days |
| FY2021 | 60.3 days | 73.3 days | 72 days | 61.6 days |
| FY2022 | 60.7 days | 76 days | 62.2 days | 74.4 days |
| FY2023 | 51.3 days | 60.1 days | 46.6 days | 64.8 days |
| FY2024 | 53.5 days | 68.7 days | 62.4 days | 59.8 days |
| FY2025 | 49.9 days | 84.8 days | 73.2 days | 61.5 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -5.2 percent |
| FY2020 | -7.3 percent |
| FY2021 | -2.9 percent |
| FY2022 | 1.9 percent |
| FY2023 | -6.8 percent |
| FY2024 | -5.2 percent |
| FY2025 | -4.3 percent |
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.
Covers interest 9.3x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 13.27x |
| 5% | 12.60x |
| 10% | 11.94x |
| 15% | 11.28x |
| 20% | 10.61x |
| 25% | 9.95x |
| 30% | 9.29x |
| 35% | 8.62x |
| 40% | 7.96x |
| 45% | 7.30x |
| 50% | 6.63x |
| 55% | 5.97x |
| 60% | 5.31x |
This schedule comes from a filing dated 2020-08-31, 2237 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2020-08-31 (10-K); cash from the 2020-08-31 balance sheet; FCF from FY2020.
Balance sheet at 2020-08-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $301.87, free cash flow must compound 6.19%/yr for 10 years. It has done 3.18%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 1.9% | 6.2% |
| FY2021 | −18.9% | 6.2% |
| FY2022 | −28.8% | 6.2% |
| FY2023 | 96.8% | 6.2% |
| FY2024 | 8.6% | 6.2% |
| FY2025 | −4.0% | 6.2% |
The implied rate has been matched or beaten in 2 of the last 6 years.
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.