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Held by 1,198 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.
The dividend is comfortably covered — only 45% of free cash flow, leaving room to grow it and fund buybacks. Last year: $4.89B dividends + $1.11B buybacks = $6.00B returned on $10.92B FCF.
3 consecutive years of dividend increases · 69%/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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Modest payoff on reinvested capital. Current ROIC on all capital: 10%. 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 2026-10-05
How a revenue dollar becomes profit — FY2026
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 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $148.40B 100.0% | $996.35B 100.0% | $941.17B 100.0% | $868.69B 100.0% | $853.06B 100.0% | $717.29B 100.0% | $509.71B 100.0% | $376.84B 100.0% | $250.27B 100.0% | $158.27B 100.0% |
| Cost of Revenue | $89.32B 60.2% | $598.28B 60.0% | $586.32B 62.3% | $549.70B 63.3% | $539.45B 63.2% | $421.20B 58.7% | $282.37B 55.4% | $206.93B 54.9% | $107.04B 42.8% | $59.48B 37.6% |
| Research & Development | $9.64B 6.5% | $57.15B 5.7% | $52.26B 5.6% | $56.74B 6.5% | $55.47B 6.5% | $57.24B 8.0% | $43.08B 8.5% | $37.44B 9.9% | $22.75B 9.1% | $17.06B 10.8% |
| Selling, General & Admin | $4.80B 3.2% | $44.24B 4.4% | $41.98B 4.5% | $42.18B 4.9% | $31.92B 3.7% | $55.22B 7.7% | $28.20B 5.5% | $24.89B 6.6% | $16.24B 6.5% | $12.24B 7.7% |
| Operating Income | $7.27B 4.9% | $140.91B 14.1% | $113.35B 12.0% | $100.35B 11.6% | $69.64B 8.2% | $89.68B 12.5% | $91.43B 17.9% | $57.08B 15.1% | $69.31B 27.7% | $48.05B 30.4% |
| Interest Expense | $1.42B 1.0% | $9.60B 1.0% | $7.95B 0.8% | $5.92B 0.7% | $4.91B 0.6% | $4.48B 0.6% | $5.18B 1.0% | $5.19B 1.4% | $3.57B 1.4% | $2.67B 1.7% |
| Other Income (Expense), net | $220.0M 0.1% | $3.39B 0.3% | $6.16B 0.7% | $5.82B 0.7% | $10.52B 1.2% | $7.58B 1.1% | $7.44B 1.5% | $221.0M 0.1% | $4.16B 1.7% | $6.09B 3.8% |
| Pretax Income | $18.76B 12.6% | $155.46B 15.6% | $101.60B 10.8% | $89.19B 10.3% | $59.55B 7.0% | $165.58B 23.1% | $166.65B 32.7% | $96.22B 25.5% | $100.40B 40.1% | $60.03B 37.9% |
| Income Tax Expense | $4.36B 2.9% | $35.45B 3.6% | $22.53B 2.4% | $15.55B 1.8% | $26.82B 3.1% | $29.28B 4.1% | $20.56B 4.0% | $16.55B 4.4% | $18.20B 7.3% | $13.78B 8.7% |
| Net Income | $15.02B 10.1% | $130.11B 13.1% | $80.01B 8.5% | $72.78B 8.4% | $62.25B 7.3% | $150.58B 21.0% | $149.43B 29.3% | $87.89B 23.3% | $64.09B 25.6% | $43.67B 27.6% |
| Per Share | ||||||||||
| EPS (Basic) | $0.83 | $6.89 | $3.95 | $3.46 | $2.87 | $6.95 | $7.10 | $4.24 | $3.13 | $2.19 |
| EPS (Diluted) | $0.80 | $6.70 | $3.91 | $3.43 | $2.84 | $6.84 | $6.99 | $4.17 | $3.06 | $2.12 |
| Weighted Avg Shares (Basic) | 18.57B | 18.79B | 20.18B | 20.98B | 21.56B | 21.62B | 21.02B | 20.64B | 20.43B | 19.94B |
| Weighted Avg Shares (Diluted) | 19.23B | 19.32B | 20.36B | 21.11B | 21.79B | 21.98B | 21.35B | 20.99B | 20.88B | 20.58B |
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.
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.
No trend data available for this metric.
Ranked against 17 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MA | $494.6B | 34.2× | — | 15.1× | 16.4% | — | 45.6% | 193% | 56.0% | — | 3,486 |
| BABA | $275.6B | 138.5× | — | 1.9× | 8.1% | 39.8% | 10.1% | 9.8% | 9.8% | — | 1,198 |
| UBER | $141.9B | 14.7× | 23.1× | 2.7× | 18.3% | — | 19.3% | 37.2% | 26.8% | 0.5× | 2,344 |
| ACN | $119.4B | 16.1× | 10.4× | 1.7× | 7.4% | 31.9% | 11.0% | 24.6% | 21.1% | -0.6× | 1,831 |
| PDD | $110.9B | 33.0× | 7.1× | 1.8× | 14.5% | 56.3% | 22.7% | 23.7% | 23.7% | -1.2× | 503 |
| MELI | $94.3B | 47.2× | — | 3.3× | 39.1% | 44.5% | 6.9% | 29.6% | 12.5% | — | 1,395 |
| DASH | $83.1B | 90.0× | 53.5× | 6.1× | 27.9% | — | 6.8% | 9.3% | 9.3% | -3.0× | 1,018 |
| EBAY | $47.7B | 24.7× | 17.3× | 4.3× | 7.9% | 71.5% | 18.3% | 45.3% | 38.8% | -0.4× | 1,253 |
| PYPL | $46.5B | 10.1× | 6.9× | 1.4× | 4.3% | — | 15.8% | 25.8% | 17.3% | 0.3× | 1,357 |
| MSCI | $40.2B | 35.2× | 26.4× | 12.8× | 9.7% | — | 38.4% | -45.3% | 33.9% | 3.3× | 1,031 |
| CPAY | $26.4B | 26.7× | 17.6× | 5.8× | 13.9% | — | 23.6% | 27.5% | 6.2% | 5.2× | 706 |
| FISV | $24.5B | 7.3× | 3.9× | 1.2× | 3.6% | — | 16.4% | 13.5% | 12.9% | 0.1× | 1,108 |
| TCOM | $24.4B | — | 9.8× | 2.7× | 22.2% | 80.6% | 53.4% | 19.5% | 16.5% | -0.6× | — |
| GPN | $21.7B | 14.2× | 11.7× | 2.8× | -0.4% | 72.6% | 18.2% | 6.1% | 3.2% | 4.4× | 773 |
| BR | $18.0B | 16.6× | — | 2.4× | 8.5% | 31.8% | 15.0% | 39.6% | 18.4% | — | 966 |
| FIS | $17.3B | 46.0× | 7.9× | 1.6× | 5.4% | 36.9% | 3.6% | 2.7% | 1.5% | 3.1× | 821 |
| DIDIY | $16.7B | — | — | 0.6× | 32.7% | 15.3% | 0.3% | 0.5% | 0.5% | — | 4 |
| AKAM | $15.5B | 35.2× | 11.4× | 3.7× | 5.4% | 58.9% | 10.7% | 9.1% | 9.1% | -0.7× | 782 |
Peers = companies sharing BABA's sector (Services-Business Services, NEC) 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $110.80 today, the market must believe free cash flow compounds 2.0%/yr for a decade (off $19.54B on the 3-yr avg basis).
On the basis ($17.50B) the requirement is 3.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 2.0% is more optimistic than its 9-yr track record.
Default is 10.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 2.49B shares (market data) · net debt -$19.07B
mean 6.8% · volatility σ 42% · implied rate exceeded in 4/9 yrs
Central path = implied 2.0%/yr growth; shaded band = ±1σ (42%) 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.
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
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 2026-10-05
Where each multiple sits in its own 12-yr range · 14th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 10% against ROIC 10% — 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 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 54.9 | 55.4 | 58.7 | 63.2 | 63.3 | 62.3 | 60.0 | 60.2 |
| R&D | 9.9 | 8.5 | 8.0 | 6.5 | 6.5 | 5.6 | 5.7 | 6.5 |
| SG&A | 6.6 | 5.5 | 7.7 | 3.7 | 4.9 | 4.5 | 4.4 | 3.2 |
| Operating Income | 15.1 | 17.9 | 12.5 | 8.2 | 11.6 | 12.0 | 14.1 | 4.9 |
| Income Tax | 4.4 | 4.0 | 4.1 | 3.1 | 1.8 | 2.4 | 3.6 | 2.9 |
| Net Income | 23.3 | 29.3 | 21.0 | 7.3 | 8.4 | 8.5 | 13.1 | 10.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BABA: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -5.95pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 16.2% | 10.0% (today's — no rate published for this year) | 6.2pts |
| FY2021 | 11.0% | 10.0% (today's — no rate published for this year) | 1.0pts |
| FY2022 | 6.9% | 7.3% | -0.3pts |
| FY2023 | 9.5% | 8.2% | 1.4pts |
| FY2024 | 11.6% | 7.8% | 3.8pts |
| FY2025 | 12.3% | 8.3% | 4.0pts |
| FY2026 | 4.1% | 9.0% | -4.9pts |
| Now | 9.8% | 10.0% | -0.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 62.4% | 30.4% | 27.6% |
| FY2018 | 57.2% | 27.7% | 25.6% |
| FY2019 | 45.1% | 15.1% | 23.3% |
| FY2020 | 44.6% | 17.9% | 29.3% |
| FY2021 | 41.3% | 12.5% | 21.0% |
| FY2022 | 36.8% | 8.2% | 7.3% |
| FY2023 | 36.7% | 11.6% | 8.4% |
| FY2024 | 37.7% | 12.0% | 8.5% |
| FY2025 | 40.0% | 14.1% | 13.1% |
| FY2026 | 39.8% | 4.9% | 10.1% |
Return on equity (10%) and return on invested capital (10%) are within a couple of points in FY2026, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$35.9B of goodwill — 26% 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 5.52% against 4.08% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.86x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $10.92B; after share-based compensation it is $9.30B. The difference is a real cost that the cash flow statement adds back.
No debt, so there is no leverage path to distress.
Balance sheet at 2026-03-31. 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.
At $110.80, free cash flow must compound 2.0%/yr for 10 years. It has done -11.03%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 59.4% | 2.0% |
| FY2022 | −35.9% | 2.0% |
| FY2023 | 29.2% | 2.0% |
| FY2024 | −13.4% | 2.0% |
| FY2025 | −10.5% | 2.0% |
| FY2026 | −51.5% | 2.0% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $15.02B | $15.02B |
| Share-based comp | $1.62B | $16.64B |
| Other non-cash & working capital | −$5.59B | $11.05B |
| Operating cash flow | $11.05B | $11.05B |
| Capex | −$127M | $10.92B |
| Free cash flow | $10.92B | $10.92B |
| FCF after SBC | $9.30B | $9.30B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 52.1% | not reported | not reported |
| FY2022 | 22.9% | not reported | not reported |
| FY2023 | -6.0% | not reported | not reported |
| FY2024 | 3.0% | not reported | not reported |
| FY2025 | 5.3% | not reported | not reported |
| FY2026 | 8.1% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -2.4 percent |
| FY2021 | -4.8 percent |
| FY2022 | -4.8 percent |
| FY2023 | -7.2 percent |
| FY2024 | -5.8 percent |
| FY2025 | -1.9 percent |
| FY2026 | 1.4 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 (FY2026) 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.