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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2023, FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $78.82 today, the market must believe free cash flow compounds -0.2%/yr for a decade (off $2.69B on the 3-yr avg basis).
On the basis ($1.91B) the requirement is 4.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.34B shares (market data) · net debt $3.48B
mean -33.0% · volatility σ 95% · implied rate exceeded in 2/7 yrs
Central path = implied -0.2%/yr growth; shaded band = ±1σ (95%) 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.
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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $792.0M buybacks = $792.0M returned on -$2.16B 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.
EOD close · as of 2026-10-21
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 | $18.46B 100.0% | $133.13B 100.0% | $134.60B 100.0% | $123.67B 100.0% | $124.49B 100.0% | $107.07B 100.0% | $107.41B 100.0% | $102.28B 100.0% | $84.81B 100.0% | $70.55B 100.0% |
| Cost of Revenue | $10.36B 56.1% | $66.10B 49.7% | $65.03B 48.3% | $63.94B 51.7% | $64.31B 51.7% | $55.16B 51.5% | $62.85B 58.5% | $51.74B 50.6% | $43.06B 50.8% | $35.28B 50.0% |
| Research & Development | $2.92B 15.8% | $22.13B 16.6% | $24.19B 18.0% | $23.32B 18.9% | $24.94B 20.0% | $19.51B 18.2% | $18.35B 17.1% | $15.77B 15.4% | $12.93B 15.2% | $10.15B 14.4% |
| Selling, General & Admin | $3.70B 20.0% | $23.62B 17.7% | $23.52B 17.5% | $20.51B 16.6% | $24.72B 19.9% | $18.06B 16.9% | $19.91B 18.5% | $19.23B 18.8% | $13.13B 15.5% | $15.07B 21.4% |
| Total Operating Expenses | $19.29B 104.5% | $111.86B 84.0% | $112.74B 83.8% | $107.76B 87.1% | $113.97B 91.6% | $92.73B 86.6% | $101.11B 94.1% | $86.75B 84.8% | $69.12B 81.5% | $60.50B 85.8% |
| Operating Income | -$833.0M -4.5% | $21.27B 16.0% | $21.86B 16.2% | $15.91B 12.9% | $10.52B 8.4% | $14.34B 13.4% | $6.31B 5.9% | $15.53B 15.2% | $15.69B 18.5% | $10.05B 14.2% |
| Interest Expense | $398.0M 2.2% | $2.82B 2.1% | $3.25B 2.4% | $2.91B 2.4% | $3.42B 2.7% | $3.10B 2.9% | $2.96B 2.8% | $1.88B 1.8% | $1.61B 1.9% | $1.16B 1.6% |
| Interest & Investment Income | $1.23B 6.7% | $7.96B 6.0% | $8.01B 6.0% | $6.25B 5.0% | $5.55B 4.5% | $5.36B 5.0% | $6.06B 5.6% | $4.45B 4.4% | $3.15B 3.7% | $2.34B 3.3% |
| Other Income (Expense), net | $1.79B 9.7% | $7.35B 5.5% | $3.34B 2.5% | -$5.80B -4.7% | $260.0M 0.2% | $8.75B 8.2% | -$6.65B -6.2% | $11.79B 11.5% | $5.59B 6.6% | $4.46B 6.3% |
| Pretax Income | $960.0M 5.2% | $28.62B 21.5% | $25.20B 18.7% | $10.11B 8.2% | $10.78B 8.7% | $23.09B 21.6% | -$340.0M -0.3% | $27.32B 26.7% | $21.28B 25.1% | $14.51B 20.6% |
| Income Tax Expense | $180.0M 1.0% | $4.45B 3.3% | $3.65B 2.7% | $2.58B 2.1% | $3.19B 2.6% | $4.06B 3.8% | $1.95B 1.8% | $4.74B 4.6% | $3.00B 3.5% | $2.91B 4.1% |
| Net Income | $799.0M 4.3% | $23.76B 17.8% | $20.32B 15.1% | $7.56B 6.1% | $10.23B 8.2% | $22.47B 21.0% | $2.06B 1.9% | $27.57B 27.0% | $18.30B 21.6% | $11.63B 16.5% |
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
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 2% against ROIC 2% — 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 | 50.6 | 58.5 | 51.5 | 51.7 | 51.7 | 48.3 | 49.7 | 56.1 |
| R&D | 15.4 | 17.1 | 18.2 | 20.0 | 18.9 | 18.0 | 16.6 | 15.8 |
| SG&A | 18.8 | 18.5 | 16.9 | 19.9 | 16.6 | 17.5 | 17.7 | 20.0 |
| Operating Income | 15.2 | 5.9 | 13.4 | 8.4 | 12.9 | 16.2 | 16.0 | -4.5 |
| Income Tax | 4.6 | 1.8 | 3.8 | 2.6 | 2.1 | 2.7 | 3.3 | 1.0 |
| Net Income | 27.0 | 1.9 | 21.0 | 8.2 | 6.1 | 15.1 | 17.8 | 4.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BIDU: 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~5.7% on $7.00B of debt.
Cash of $3.52B fully covers short-term debt of $1.09B.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.