Loading institutional data...
Loading institutional data...
Insufficient data to determine institutional momentum.
Data as of Q2 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
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
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$66.0M 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 6 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: -3%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The most recent twelve months of free cash flow. Most current, and the most exposed to one quarter of working-capital timing.
To be worth $16.49 today, the market must believe free cash flow compounds 26.2%/yr for a decade (off $137.0M on the TTM basis).
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.36B shares (market data) · net debt $4.67B
mean -46.2% · volatility σ 186% · implied rate exceeded in 1/3 yrs
Central path = implied 26.2%/yr growth; shaded band = ±1σ (186%) 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 $383.0M (at 2025-12-31) covers the $42.0M due within a year 9.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, 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).
Thin coverage — earnings barely cover interest. Effective rate ~8.3% on $5.05B of debt.
Cash of $383.0M fully covers short-term debt of $28.0M.
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 2026-10-16
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 |
|---|---|---|---|---|---|---|
| Revenue | $5.10B 100.0% | $4.79B 100.0% | $4.15B 100.0% | $3.77B 100.0% | $3.77B 100.0% | $3.41B 100.0% |
| Selling, General & Admin | $2.23B 43.8% | $2.08B 43.5% | $1.74B 41.9% | $1.48B 39.2% | $1.39B 36.9% | $1.25B 36.7% |
| Total Operating Expenses | $4.99B 97.8% | $4.63B 96.6% | $4.02B 96.9% | $3.56B 94.5% | $3.44B 91.3% | $3.15B 92.4% |
| Operating Income | $113.0M 2.2% | $162.0M 3.4% | $130.0M 3.1% | $207.0M 5.5% | $329.0M 8.7% | $260.0M 7.6% |
| Interest Expense | $421.0M 8.3% | $399.0M 8.3% | $283.0M 6.8% | $146.0M 3.9% | $0 0.0% | $0 0.0% |
| Interest & Investment Income | $12.0M 0.2% | $15.0M 0.3% | $15.0M 0.4% | $6.0M 0.2% | $0 0.0% | $3.0M 0.1% |
| Other Income (Expense), net | — | — | -$74.0M -1.8% | -$13.0M -0.3% | -$17.0M -0.5% | -$38.0M -1.1% |
| Pretax Income | -$317.0M -6.2% | -$234.0M -4.9% | -$166.0M -4.0% | $73.0M 1.9% | $318.0M 8.4% | $290.0M 8.5% |
| Income Tax Expense | $35.0M 0.7% | $71.0M 1.5% | $82.0M 2.0% | $58.0M 1.5% | $125.0M 3.3% | $307.0M 9.0% |
| Net Income | -$360.0M -7.1% | -$317.0M -6.6% | -$260.0M -6.3% | $6.0M 0.2% | $182.0M 4.8% | -$18.0M -0.5% |
| Per Share | ||||||
| EPS (Basic) | -$1.02 | -$0.90 | -$0.74 | $0.02 | $0.52 | -$0.05 |
| EPS (Diluted) | -$1.02 | -$0.90 | -$0.74 | $0.02 | $0.52 | -$0.05 |
| Weighted Avg Shares (Basic) | 353.8M | 351.8M | 350.5M | 350.0M | 350.0M | 350.0M |
| Weighted Avg Shares (Diluted) | 353.8M | 351.8M | 350.5M | 350.2M | 350.0M | 350.0M |
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
Where each multiple sits in its own 4-yr range · 42th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 4-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 -6% against ROIC -3% — -2% 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 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| SG&A | 36.7 | 36.9 | 39.2 | 41.9 | 43.5 | 43.8 |
| Operating Income | 7.6 | 8.7 | 5.5 | 3.1 | 3.4 | 2.2 |
| Income Tax | 9.0 | 3.3 | 1.5 | 2.0 | 1.5 | 0.7 |
| Net Income | -0.5 | 4.8 | 0.2 | -6.3 | -6.6 | -7.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BLCO: 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.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TRMB | $13.9B | 33.8× | 18.9× | 3.9× | -2.6% | 69.1% | 11.8% | 7.3% | 5.9% | 1.4× | 680 |
| BAX | $13.1B | — | 30.5× | 1.2× | 5.7% | 30.1% | -8.5% | -15.6% | -6.1% | 11.1× | 675 |
| PEN | $12.6B | 71.0× | 60.2× | 9.0× | 17.5% | 67.1% | 12.7% | 12.4% | 12.4% | -0.9× | 440 |
| NXT | $12.1B | 20.8× | 15.2× | 3.4× | 20.3% | 32.6% | 16.5% | 25.1% | 25.1% | -1.5× | 695 |
| AVTR | $11.1B | — | — | 1.7× | -3.4% | 32.7% | -8.1% | -9.5% | -5.6% | — | 438 |
| COO | $11.0B | 31.0× | 12.7× | 2.7× | 5.1% | 65.5% | 9.2% | 4.6% | 3.5% | 2.3× | 651 |
| ONTO | $10.8B | 79.4× | 68.1× | 10.8× | 1.8% | 49.7% | 13.6% | 6.5% | 6.5% | -2.3× | 656 |
| ALGN | $10.5B | 26.1× | 12.0× | 2.6× | 0.9% | 67.2% | 10.2% | 10.1% | 10.1% | -1.4× | 650 |
| GMED | $10.3B | 19.6× | 12.9× | 3.5× | 16.7% | 67.4% | 18.3% | 11.8% | 11.8% | -0.7× | 581 |
| NVMI | $10.2B | 40.4× | 37.5× | 11.6× | 31.0% | 57.4% | 29.4% | 19.7% | 19.7% | -0.8× | 334 |
| PODD | $9.8B | 40.5× | 17.4× | 3.6× | 30.7% | 71.6% | 9.1% | 16.3% | 16.1% | 0.0× | 708 |
| GKOS | $9.7B | — | — | 19.2× | 32.3% | 55.7% | -37.0% | -28.6% | -28.6% | — | 346 |
| BIO | $9.5B | 12.7× | 47.6× | 3.7× | 0.7% | 51.9% | 29.4% | 10.2% | 8.8% | 3.2× | — |
| DRS | $9.5B | 34.4× | 20.8× | 2.6× | 12.8% | 23.8% | 7.6% | 10.2% | 9.0% | -0.7× | 374 |
| TXG | $9.1B | — | — | 14.2× | 5.2% | 69.1% | -6.8% | -5.5% | -5.5% | — | 377 |
| CGNX | $9.1B | 79.4× | 48.2× | 9.1× | 8.7% | 66.9% | 11.5% | 7.7% | 7.7% | -1.4× | 624 |
| BRKR | $8.3B | — | 34.3× | 2.4× | 2.1% | 45.9% | -0.3% | -0.4% | -0.2% | 5.4× | — |
| RAL | $7.4B | — | — | 3.6× | -4.0% | 50.3% | -59.1% | -74.8% | -43.9% | — | 525 |
| MSA | $6.9B | 25.3× | 16.5× | 3.7× | 3.7% | 46.5% | 14.9% | 20.4% | 14.3% | 0.9× | 439 |
| CAMT | $6.0B | 124.5× | 41.9× | 12.2× | 15.6% | 50.5% | 10.2% | 8.2% | 8.2% | -1.3× | 232 |
| ST | $5.9B | 193.2× | 16.5× | 1.6× | -5.8% | 29.3% | 0.8% | 1.1% | 0.6% | 4.6× | 449 |
| BLCO | $5.9B | — | 38.2× | 1.1× | 6.5% | — | -7.1% | -5.6% | -3.1% | 16.9× | 97 |
| TFX | $5.5B | — | 44.6× | 2.8× | 17.2% | 56.2% | -45.4% | -29.0% | -15.7% | 13.0× | 371 |
| HAE | $5.4B | 57.7× | 29.2× | 4.0× | -2.0% | 59.0% | 7.3% | 12.2% | 4.8% | 4.5× | 315 |
| MMSI | $5.3B | 41.9× | 18.2× | 3.5× | 11.8% | 48.7% | 8.5% | 8.1% | 5.5% | 0.9× | 386 |
Peers = companies sharing BLCO's sector (Ophthalmic Goods) 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.
Earns -9.06pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 1.8% | 9.8% (today's — no rate published for this year) | -7.9pts |
| FY2021 | 2.5% | 9.8% (today's — no rate published for this year) | -7.3pts |
| FY2022 | 1.6% | 8.9% | -7.4pts |
| FY2023 | 0.8% | 9.0% | -8.2pts |
| FY2024 | 1.0% | 9.3% | -8.3pts |
| FY2025 | 0.7% | 9.0% | -8.3pts |
| Now | -3.1% | 9.8% | -12.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2020 | not reported | 7.6% | -0.5% |
| FY2021 | not reported | 8.7% | 4.8% |
| FY2022 | not reported | 5.5% | 0.2% |
| FY2023 | not reported | 3.1% | -6.3% |
| FY2024 | not reported | 3.4% | -6.6% |
| FY2025 | not reported | 2.2% | -7.1% |
Return on equity is 2 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.
$4.7B of goodwill — 42% 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 1.21% against 0.7% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
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.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Stressed coverage falls to 0.2x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 0.27x |
| 5% | 0.25x |
| 10% | 0.24x |
| 15% | 0.23x |
| 20% | 0.21x |
| 25% | 0.20x |
| 30% | 0.19x |
| 35% | 0.17x |
| 40% | 0.16x |
| 45% | 0.15x |
| 50% | 0.13x |
| 55% | 0.12x |
| 60% | 0.11x |
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Free cash flow is negative, so debt service depends on the cash balance rather than on the business.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.