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Held by 185 of 6,047 reporting institutions (91th percentile) — extremely crowded.
Data as of Q2 2026
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Ranked against 14 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FLO | $1.3B | 15.0× | 8.8× | 0.2× | 3.0% | — | 1.6% | 6.4% | 2.7% | 5.1× | 437 |
| SENEA | $1.1B | 27.7× | 12.5× | 0.7× | 8.2% | 9.5% | 2.6% | 6.5% | 3.8% | 3.5× | 214 |
| BRBR | $1.1B | 5.7× | 5.6× | 0.5× | 16.1% | 33.3% | 9.3% | -47.6% | 34.3% | 2.7× | 356 |
| SMPL | $972M | 10.8× | 6.3× | 0.7× | 9.0% | 36.2% | 7.1% | 5.7% | 5.0% | 0.8× | 291 |
| JBSS | $769M | 12.5× | 7.0× | 0.7× | 6.2% | 18.0% | 5.3% | 16.3% | 14.4% | 0.4× | 207 |
| MALG | $705M | 42.9× | 28.2× | 18.9× | — | 72.1% | 49.9% | 66.1% | 66.1% | -0.1× | — |
| MAMA | $619M | 101.0× | 58.2× | 3.6× | 39.2% | 25.1% | 3.1% | 10.0% | 9.1% | -1.4× | 177 |
| VITL | $352M | 5.7× | 3.1× | 0.5× | 25.3% | 37.6% | 8.7% | 18.9% | 18.9% | -0.5× | 227 |
| LWAY | $343M | 25.2× | 16.7× | 1.6× | 13.7% | 27.4% | 6.5% | 16.1% | 16.1% | -0.3× | 97 |
| AFRI | $318M | — | — | 1.8× | -35.6% | 10.4% | -8.4% | -224% | -45.1% | 9.8× | — |
| BRCC | $265M | — | — | 0.7× | 1.7% | 34.6% | -3.0% | -26.1% | -14.8% | — | 150 |
| SDSYA | $243M | 13.8× | 17.8× | 0.5× | -9.1% | 4.9% | 3.5% | 5.2% | 3.0% | 8.9× | — |
| BGS | $178M | — | 12.7× | 0.1× | -5.4% | 21.8% | -2.4% | -9.6% | -1.8% | 11.6× | 185 |
| MED | $135M | — | — | 0.3× | -36.0% | 71.3% | -4.8% | -9.4% | -9.4% | — | 115 |
| WYHG | $102M | 17.9× | 2.5× | 0.8× | -6.5% | 29.2% | 5.9% | 4.6% | 4.0% | -3.7× | — |
Peers = companies sharing BGS's sector (Food and Kindred Products) 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 (FY2023, FY2024, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $2.12 today, the market must believe free cash flow compounds 4.3%/yr for a decade (off $132.2M on the 3-yr avg basis).
On the basis ($122.4M) the requirement is 5.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 4.3% is more optimistic than its 9-yr track record.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.08B shares (market data) · net debt $1.89B
mean 790.8% · volatility σ 2315% · implied rate exceeded in 1/7 yrs
Central path = implied 4.3%/yr growth; shaded band = ±1σ (2315%) 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 takes 86% of free cash flow — sustainable but with limited headroom. Last year: $60.6M dividends + $0 buybacks = $60.6M returned on $70.7M 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 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.
Cash of $56.3M is below the $516.1M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2026-07-04 (10-Q). The cash figure is from 2026-01-03, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~4.3% on $1.73B of debt. Interest last disclosed in FY2016 (no longer broken out).
Cash of $56.3M fully covers short-term debt of $4.5M.
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 2026-10-21
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 | FY2024 | FY2023 | FY2022 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.83B 100.0% | $1.93B 100.0% | $2.06B 100.0% | $2.16B 100.0% | $2.06B 100.0% | $1.97B 100.0% | $1.66B 100.0% | $1.70B 100.0% | $1.65B 100.0% | $1.37B 100.0% |
| Cost of Revenue | $1.43B 78.2% | $1.51B 78.2% | $1.61B 77.9% | $1.75B 81.1% | $1.62B 78.7% | $1.49B 75.5% | $1.28B 76.9% | $1.35B 79.5% | $1.21B 73.2% | $943.3M 68.7% |
| Cost of Products | — | — | — | — | — | — | — | — | $1.21B 73.2% | $943.3M 68.7% |
| Gross Profit | $398.8M 21.8% | $421.9M 21.8% | $455.5M 22.1% | $409.6M 18.9% | $437.0M 21.3% | $481.7M 24.5% | $383.1M 23.1% | $349.5M 20.5% | $440.6M 26.8% | $429.0M 31.3% |
| Selling, General & Admin | $194.9M 10.7% | $188.1M 9.7% | $196.0M 9.5% | $190.4M 8.8% | $196.2M 9.5% | $186.2M 9.5% | $160.7M 9.7% | $167.4M 9.8% | $183.4M 11.1% | $157.0M 11.4% |
| Operating Income | $97.1M 5.3% | -$177.3M -9.2% | $80.4M 3.9% | $98.6M 4.6% | $196.1M 9.5% | $276.4M 14.0% | $203.8M 12.3% | $340.2M 20.0% | $237.9M 14.5% | $252.8M 18.4% |
| Interest Expense | — | — | — | — | — | — | — | — | — | $74.5M 5.4% |
| Other Income (Expense), net | $4.8M 0.3% | $4.2M 0.2% | $3.8M 0.2% | $7.4M 0.3% | $4.5M 0.2% | $2.6M 0.1% | $1.2M 0.1% | $3.6M 0.2% | $3.1M 0.2% | $1.6M 0.1% |
| Pretax Income | -$47.7M -2.6% | -$330.5M -17.1% | -$67.1M -3.3% | -$18.9M -0.9% | $93.7M 4.6% | $177.4M 9.0% | $105.7M 6.4% | $222.3M 13.1% | $148.1M 9.0% | $177.1M 12.9% |
| Income Tax Expense | -$4.5M -0.2% | -$79.3M -4.1% | -$935K -0.0% | -$7.5M -0.3% | $26.3M 1.3% | $45.4M 2.3% | $29.3M 1.8% | $49.8M 2.9% | -$69.4M -4.2% | $67.6M 4.9% |
| Net Income | -$43.3M -2.4% | -$251.3M -13.0% | -$66.2M -3.2% | -$11.4M -0.5% | $67.4M 3.3% | $132.0M 6.7% | $76.4M 4.6% | $172.4M 10.1% | $217.5M 13.2% | $109.4M 8.0% |
| Per Share | ||||||||||
| EPS (Basic) | -$0.54 | -$3.18 | -$0.89 | -$0.16 | $1.03 | $2.06 | $1.17 | $2.61 | $3.27 | $1.73 |
| EPS (Diluted) | -$0.54 | -$3.18 | -$0.89 | -$0.16 | $1.02 | $2.04 | $1.17 | $2.60 | $3.26 | $1.73 |
| Weighted Avg Shares (Basic) | 79.8M | 79.0M | 74.3M | 70.5M | 65.1M | 64.2M | 65.0M | 66.1M | 66.5M | 63.2M |
| Weighted Avg Shares (Diluted) | 79.8M | 79.0M | 74.3M | 70.5M | 65.7M | 64.6M | 65.0M | 66.3M | 66.7M | 63.4M |
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 2026-10-21
Where each multiple sits in its own 14-yr range · 21th 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?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE -10% against ROIC -2% — -8% 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 28.8× 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 | FY2021 | FY2022 | FY2022 | FY2023 | FY2024 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 79.5 | 76.9 | 75.5 | 78.7 | 81.1 | 77.9 | 78.2 | 78.2 |
| Gross Profit | 20.5 | 23.1 | 24.5 | 21.3 | 18.9 | 22.1 | 21.8 | 21.8 |
| SG&A | 9.8 | 9.7 | 9.5 | 9.5 | 8.8 | 9.5 | 9.7 | 10.7 |
| Operating Income | 20.0 | 12.3 | 14.0 | 9.5 | 4.6 | 3.9 | -9.2 | 5.3 |
| Income Tax | 2.9 | 1.8 | 2.3 | 1.3 | -0.3 | -0.0 | -4.1 | -0.2 |
| Net Income | 10.1 | 4.6 | 6.7 | 3.3 | -0.5 | -3.2 | -13.0 | -2.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BGS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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 2.19pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 5.5% | 0.8% (today's — no rate published for this year) | 4.8pts |
| FY2021 | 6.5% | 0.8% (today's — no rate published for this year) | 5.7pts |
| FY2022 | 4.5% | 0.8% (today's — no rate published for this year) | 3.7pts |
| FY2022 | 2.2% | 0.8% (today's — no rate published for this year) | 1.5pts |
| FY2023 | 2.0% | 0.8% (today's — no rate published for this year) | 1.3pts |
| FY2024 | -5.1% | 0.8% (today's — no rate published for this year) | -5.8pts |
| FY2026 | 3.0% | 0.8% (today's — no rate published for this year) | 2.2pts |
| Now | -1.8% | 0.8% | -2.6pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 31.3% | 18.4% | 8.0% |
| FY2017 | 26.8% | 14.5% | 13.2% |
| FY2018 | 20.5% | 20.0% | 10.1% |
| FY2019 | 23.1% | 12.3% | 4.6% |
| FY2021 | 24.5% | 14.0% | 6.7% |
| FY2022 | 21.3% | 9.5% | 3.3% |
| FY2022 | 18.9% | 4.6% | -0.5% |
| FY2023 | 22.1% | 3.9% | -3.2% |
| FY2024 | 21.8% | -9.2% | -13.0% |
| FY2026 | 21.8% | 5.3% | -2.4% |
Return on equity is 8 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
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.
$549M of goodwill — 22% 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 3.77% against 2.93% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.91x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $71M; after share-based compensation it is $57M. The difference is a real cost that the cash flow statement adds back.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2026-07-04 (10-Q); cash from the 2026-01-03 balance sheet; FCF from FY2026.
Balance sheet at 2026-01-03. 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 $2.19, free cash flow must compound 4.72%/yr for 10 years. It has done 60.43%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 6039.5% | 4.7% |
| FY2022 | −80.3% | 4.7% |
| FY2022 | −132.5% | 4.7% |
| FY2024 | −53.3% | 4.7% |
| FY2026 | −31.7% | 4.7% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$43M | −$43M |
| Share-based comp | $13M | −$30M |
| Other non-cash & working capital | $131M | $101M |
| Operating cash flow | $101M | $101M |
| Capex | −$31M | $71M |
| Free cash flow | $71M | $71M |
| FCF after SBC | $57M | $57M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 18.5% | -7.6% | -26.1 points |
| FY2022 | 4.5% | 9.3% | 4.8 points |
| FY2022 | 5.2% | 3.3% | -1.9 points |
| FY2023 | -4.7% | -4.7% | -0.0 points |
| FY2024 | -6.3% | 20.4% | 26.8 points |
| FY2026 | -5.4% | -18.3% | -12.9 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 31.6 days | 134.9 days | 32.8 days | 133.7 days |
| FY2021 | 24.7 days | 121 days | 31.1 days | 114.6 days |
| FY2022 | 25.8 days | 137.5 days | 29.3 days | 134 days |
| FY2022 | 25.3 days | 151.2 days | 26.6 days | 149.9 days |
| FY2023 | 25.3 days | 129.2 days | 28.1 days | 126.4 days |
| FY2024 | 32.5 days | 123.5 days | 27.4 days | 128.7 days |
| FY2026 | 28.1 days | 107.4 days | 27.5 days | 108 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 0.9 percent |
| FY2021 | -4.0 percent |
| FY2022 | -0.7 percent |
| FY2022 | -0.5 percent |
| FY2023 | -9.1 percent |
| FY2024 | -12.8 percent |
| FY2026 | -5.1 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 7 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-14 | Brunts Deann L Director | Open-market buy | 5,616 | $3.21 | $18k |
| 2026-08-10 | 2 co-filers President & CEO | Grant | 134,408 | $0.00 | $0 |
| 2026-08-10 | 2 co-filers President & CEO | Grant | 900,000 | $0.00 | $0 |
| 2026-06-01 | Palmer Cheryl M Director | Grant | 26,915 | $0.00 | $0 |
| 2026-06-01 | Mills Robert D Director | Grant | 26,915 | $0.00 | $0 |
| 2026-06-01 | Brunts Deann L Director | Grant | 26,915 | $0.00 | $0 |
| 2026-06-01 | 2 co-filers Group filing | Grant | 26,915 | $0.00 | $0 |
| 2026-06-01 | Poe Alfred Director | Grant | 26,915 | $0.00 | $0 |
| 2026-06-01 | Marcy Charles F Director | Grant | 26,915 | $0.00 | $0 |
| 2026-06-01 | Wenner David L Director | Grant | 26,915 | $0.00 | $0 |
| 2026-06-01 | Chase Debra M Director | Grant | 26,915 | $0.00 | $0 |
| 2026-06-01 | Mullen Dennis M Director | Grant | 26,915 | $0.00 | $0 |
| 2026-06-01 | 2 co-filers Group filing | Grant | 189,111 | $0.87 | $165k |
| 2026-04-07 | 2 co-filers EVP & PRES OF SPECIALTY | Grant | 10,886 | $0.00 | $0 |
| 2026-04-07 | 2 co-filers EVP & PRES OF SPECIALTY | Tax withholding | 3,729 | $5.18 | $19k |
| 2026-03-25 | 2 co-filers EVP & PRES OF SPECIALTY | Grant | 42,518 | $0.00 | $0 |
| 2026-03-25 | Thompson Kristen A. SVP, PRESIDENT OF FROZEN & VEG | Tax withholding | 2,805 | $5.11 | $14k |
| 2026-03-25 | Ozgopoyan John A. EVP of Sales | Grant | 37,571 | $0.00 | $0 |
| 2026-03-25 | 2 co-filers EVP & GENERAL COUNSEL | Grant | 57,574 | $0.00 | $0 |
| 2026-03-25 | 2 co-filers EVP of Supply Chain | Grant | 34,583 | $0.00 | $0 |
| 2026-03-25 | 2 co-filers PRESIDENT & CEO | Grant | 311,351 | $0.00 | $0 |
| 2026-03-25 | 2 co-filers VP, CHIEF ACCOUNTING OFFICER | Grant | 14,991 | $0.00 | $0 |
| 2026-03-25 | 2 co-filers EVP OF HUMAN RESOURCES & CHRO | Grant | 39,117 | $0.00 | $0 |
| 2026-03-25 | 2 co-filers EVP OF FINANCE & CFO | Grant | 57,253 | $0.00 | $0 |
| 2026-03-25 | 2 co-filers EVP, PRESIDENT OF MEALS | Grant | 37,339 | $0.00 | $0 |
| 2026-03-25 | 2 co-filers VP, CHIEF ACCOUNTING OFFICER | Tax withholding | 2,625 | $5.11 | $13k |
| 2026-03-25 | 2 co-filers PRESIDENT & CEO | Tax withholding | 80,929 | $5.11 | $414k |
| 2026-03-25 | 2 co-filers EVP of Supply Chain | Tax withholding | 4,840 | $5.11 | $25k |
| 2026-03-25 | 2 co-filers EVP & PRES OF SPECIALTY | Tax withholding | 7,535 | $5.11 | $39k |
| 2026-03-25 | 2 co-filers EVP OF HUMAN RESOURCES & CHRO | Tax withholding | 6,846 | $5.11 | $35k |
| 2026-03-25 | 2 co-filers EVP, PRESIDENT OF MEALS | Tax withholding | 6,490 | $5.11 | $33k |
| 2026-03-25 | 2 co-filers EVP & GENERAL COUNSEL | Tax withholding | 9,905 | $5.11 | $51k |
| 2026-03-25 | 2 co-filers EVP OF FINANCE & CFO | Tax withholding | 9,849 | $5.11 | $50k |
| 2026-03-13 | Wenner David L Director | Open-market sale | 19,500 | $5.19 | $101k |
| 2026-03-13 | Vogel Andrew D EVP, PRESIDENT OF MEALS | Open-market sale | 20,000 | $5.19 | $104k |
| 2026-03-12 | Schoch Martin C. EVP of Supply Chain | Open-market sale | 11,321 | $5.40 | $61k |
| 2026-03-02 | 2 co-filers EVP & PRES OF SPECIALTY | Grant | 18,864 | $0.00 | $0 |
| 2026-03-02 | 2 co-filers EVP & GENERAL COUNSEL | Grant | 45,972 | $0.00 | $0 |
| 2026-03-02 | 2 co-filers PRESIDENT & CEO | Grant | 281,820 | $0.00 | $0 |
| 2026-03-02 | 2 co-filers VP, CHIEF ACCOUNTING OFFICER | Grant | 13,185 | $0.00 | $0 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.