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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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How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 9%. 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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $295.5M buybacks = $295.5M returned on $374.6M 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.
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 | $2.58B 100.0% | $2.57B 100.0% | $2.67B 100.0% | $2.80B 100.0% | $2.92B 100.0% | $2.55B 100.0% | $2.31B 100.0% | $2.29B 100.0% | $2.16B 100.0% | $2.07B 100.0% |
| Cost of Revenue | $1.24B 48.1% | $1.19B 46.3% | $1.24B 46.6% | $1.23B 44.1% | $1.28B 44.0% | $1.11B 43.5% | $1.05B 45.6% | $1.07B 46.6% | $972.5M 45.0% | $929.7M 45.0% |
| Cost of Products | — | — | — | — | — | — | — | — | $972.8M 45.0% | $930.1M 45.0% |
| Gross Profit | $1.34B 51.9% | $1.38B 53.7% | $1.43B 53.4% | $1.57B 55.9% | $1.64B 56.1% | $1.44B 56.5% | $1.26B 54.4% | $1.22B 53.4% | $1.19B 55.0% | $1.14B 55.0% |
| Research & Development | $275.6M 10.7% | $295.9M 11.5% | $247.4M 9.3% | $256.9M 9.2% | $260.6M 8.9% | $217.8M 8.6% | $202.7M 8.8% | $199.2M 8.7% | $250.2M 11.6% | $205.7M 9.9% |
| Selling, General & Admin | $844.3M 32.7% | $814.0M 31.7% | $841.7M 31.5% | $827.8M 29.5% | $877.1M 30.0% | $798.8M 31.4% | $824.6M 35.7% | $834.8M 36.5% | $806.8M 37.3% | $814.7M 39.4% |
| Operating Income | $47.2M 1.8% | $269.0M 10.5% | $337.8M 12.6% | $482.6M 17.2% | $500.3M 17.1% | $421.3M 16.6% | $229.7M 9.9% | -$103.3M -4.5% | $119.3M 5.5% | $55.7M 2.7% |
| Interest Expense | $49.0M 1.9% | $48.9M 1.9% | $49.4M 1.8% | $38.1M 1.4% | $1.6M 0.1% | $21.9M 0.9% | $23.4M 1.0% | $24.0M 1.0% | $23.0M 1.1% | $23.4M 1.1% |
| Other Income (Expense), net | $90.3M 3.5% | $90.3M 3.5% | $106.5M 4.0% | $44.7M 1.6% | $26.8M 0.9% | $24.5M 1.0% | $26.1M 1.1% | $36.6M 1.6% | $10.7M 0.5% | $0 0.0% |
| Pretax Income | $995.5M 38.5% | -$2.34B -91.3% | -$850.1M -31.8% | -$4.70B -167.9% | $5.45B 186.5% | $4.92B 193.2% | $2.26B 97.8% | $512.7M 22.4% | $97.8M 4.5% | $41.6M 2.0% |
| Income Tax Expense | $235.6M 9.1% | -$498.3M -19.4% | -$212.8M -8.0% | -$1.08B -38.4% | $1.19B 40.9% | $1.10B 43.4% | $502.4M 21.7% | $147.0M 6.4% | -$24.4M -1.1% | $15.6M 0.8% |
| Net Income | $759.9M 29.4% | -$1.84B -71.9% | -$637.3M -23.9% | -$3.63B -129.5% | $4.25B 145.6% | $3.81B 149.8% | $1.76B 76.1% | $365.6M 16.0% | $122.2M 5.7% | $26.0M 1.3% |
| Per Share | ||||||||||
| EPS (Basic) | $27.87 | -$65.36 | -$21.82 | -$121.79 | $142.61 | $128.13 | $58.93 | $12.25 | $4.12 | $0.88 |
| EPS (Diluted) | $27.85 | -$65.36 | -$21.82 | -$121.79 | $140.83 | $126.47 | $58.27 | $12.10 | $4.07 | $0.88 |
| Weighted Avg Shares (Basic) | 27.3M | 28.2M | 29.2M | 29.8M | 29.8M | 29.8M | 29.8M | 29.8M | 29.7M | 29.4M |
| Weighted Avg Shares (Diluted) | 27.3M | 28.2M | 29.2M | 29.8M | 30.2M | 30.2M | 30.2M | 30.2M | 30.0M | 29.6M |
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.
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 $360.50 today, the market must believe free cash flow compounds 15.3%/yr for a decade (off $294.1M on the 3-yr avg basis).
On the basis ($233.6M) the requirement is 18.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 15.3% is more conservative than its 9-yr track record.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.03B shares (market data) · net debt $671.9M
mean 26.4% · volatility σ 94% · implied rate exceeded in 5/8 yrs
Central path = implied 15.3%/yr growth; shaded band = ±1σ (94%) 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $529.8M covers the $1.3M due within a year 407.5× over. 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).
Thin coverage — earnings barely cover interest. Effective rate ~4.1% on $1.20B 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 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 2026-10-21
Where each multiple sits in its own 14-yr range · 55th 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 10% against ROIC 9% — 1% 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 | 46.6 | 45.6 | 43.5 | 44.0 | 44.1 | 46.6 | 46.3 | 48.1 |
| Gross Profit | 53.4 | 54.4 | 56.5 | 56.1 | 55.9 | 53.4 | 53.7 | 51.9 |
| R&D | 8.7 | 8.8 | 8.6 | 8.9 | 9.2 | 9.3 | 11.5 | 10.7 |
| SG&A | 36.5 | 35.7 | 31.4 | 30.0 | 29.5 | 31.5 | 31.7 | 32.7 |
| Operating Income | -4.5 | 9.9 | 16.6 | 17.1 | 17.2 | 12.6 | 10.5 | 1.8 |
| Income Tax | 6.4 | 21.7 | 43.4 | 40.9 | -38.4 | -8.0 | -19.4 | 9.1 |
| Net Income | 16.0 | 76.1 | 149.8 | 145.6 | -129.5 | -23.9 | -71.9 | 29.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BIO: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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.