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Held by 904 of 2,417 reporting institutions (99th percentile) — extremely crowded.
Data as of Q3 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.
No trend data available for this metric.
Ranked against 15 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LLY | $1.22T | 59.9× | — | 18.8× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 1,730 |
| JNJ | $662.5B | 24.9× | 21.0× | 7.0× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | 0.9× | 1,839 |
| ABBV | $513.9B | 123.2× | 36.4× | 8.4× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 3.9× | 1,635 |
| MRK | $361.0B | 20.1× | — | 5.5× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 1,469 |
| ABT | $180.9B | 28.1× | 19.5× | 4.1× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 0.5× | 1,081 |
| PFE | $170.7B | 22.0× | — | 2.7× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 1,034 |
| VRTX | $136.9B | 35.3× | 30.1× | 11.4× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | -1.2× | 568 |
| BMY | $125.4B | 17.7× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 904 |
| REGN | $84.3B | 19.7× | 20.2× | 5.9× | 1.0% | — | 31.4% | 14.4% | 13.6% | -0.3× | 408 |
| TEVA | $48.4B | 34.3× | 18.1× | 2.8× | 4.3% | 51.8% | 8.2% | 17.8% | 14.5% | -0.7× | 7 |
| ONC | $42.3B | — | 65.7× | 7.9× | 40.2% | 87.5% | 5.4% | 6.6% | 5.4% | -6.1× | 61 |
| ZTS | $32.6B | 13.1× | 10.3× | 3.4× | 2.3% | 71.8% | 28.2% | 78.3% | 21.5% | 1.7× | 388 |
| RPRX | $29.4B | 37.0× | 24.1× | 12.3× | 5.1% | — | 32.4% | 7.9% | 4.1% | 5.3× | 161 |
| UTHR | $25.5B | 21.3× | 15.1× | 8.0× | 10.6% | 87.9% | 41.9% | 18.8% | 18.8% | -1.0× | 202 |
| INSM | $24.4B | — | — | 40.2× | 66.7% | 79.7% | -211% | -173% | -99.8% | — | 154 |
| ALNY | $23.3B | 74.7× | 38.9× | 6.3× | 65.2% | 81.8% | 8.4% | 39.8% | 39.8% | -3.0× | 163 |
Peers = companies sharing BMY's sector (Pharmaceutical Preparations) 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, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $62.48 today, the market must believe free cash flow compounds -6.6%/yr for a decade (off $13.15B on the 3-yr avg basis).
On the basis ($12.62B) the requirement is -6.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -6.6% is more conservative than its 9-yr track record.
Default is 6.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 2.04B shares (market data) · net debt $34.90B
mean 30.7% · volatility σ 47% · implied rate exceeded in 7/9 yrs
Central path = implied -6.6%/yr growth; shaded band = ±1σ (47%) 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 is comfortably covered — only 39% of free cash flow, leaving room to grow it and fund buybacks. Last year: $5.04B dividends + $0 buybacks = $5.04B returned on $12.85B FCF.
6 consecutive years of dividend increases · 6%/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 balanced mix of reinvestment and shareholder returns.
Insufficient data. Current ROIC on all capital: 11%. 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 $10.21B covers all $8.84B of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~4.2% on $45.11B of debt.
Cash of $10.21B fully covers short-term debt of $2.26B.
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.
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
EOD close · as of 2026-10-30
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 | $48.19B 100.0% | $48.30B 100.0% | $45.01B 100.0% | $46.16B 100.0% | $46.38B 100.0% | $42.52B 100.0% | $26.14B 100.0% | $22.56B 100.0% | $20.78B 100.0% | $19.43B 100.0% |
| Cost of Revenue | $13.94B 28.9% | $13.97B 28.9% | $10.69B 23.8% | $10.14B 22.0% | $9.94B 21.4% | $11.77B 27.7% | $8.08B 30.9% | $6.47B 28.7% | $6.01B 28.9% | $4.97B 25.6% |
| Cost of Products | — | — | — | — | — | — | — | — | $6.07B 29.2% | $4.95B 25.5% |
| Gross Profit | — | — | — | — | — | $30.75B 72.3% | $18.07B 69.1% | $16.09B 71.3% | $14.68B 70.7% | $14.48B 74.5% |
| Research & Development | $9.95B 20.6% | $11.16B 23.1% | $9.30B 20.7% | $9.51B 20.6% | $10.20B 22.0% | $10.05B 23.6% | $6.15B 23.5% | $6.33B 28.1% | $6.47B 31.1% | $5.01B 25.8% |
| Selling, General & Admin | $7.27B 15.1% | $8.41B 17.4% | $7.77B 17.3% | $7.81B 16.9% | $7.69B 16.6% | $7.66B 18.0% | $4.87B 18.6% | $4.55B 20.2% | $4.75B 22.9% | $4.98B 25.6% |
| Total Operating Expenses | $38.87B 80.6% | $56.68B 117.3% | $36.57B 81.2% | $38.45B 83.3% | $38.29B 82.5% | $49.39B 116.2% | $21.17B 81.0% | $16.59B 73.5% | $15.64B 75.3% | $13.51B 69.6% |
| Interest Expense | $1.89B 3.9% | $1.95B 4.0% | $1.17B 2.6% | $1.23B 2.7% | $1.33B 2.9% | $1.42B 3.3% | $656.0M 2.5% | $183.0M 0.8% | $196.0M 0.9% | $167.0M 0.9% |
| Interest & Investment Income | $586.0M 1.2% | $478.0M 1.0% | $449.0M 1.0% | $171.0M 0.4% | $39.0M 0.1% | $121.0M 0.3% | $464.0M 1.8% | $173.0M 0.8% | $126.0M 0.6% | $97.0M 0.5% |
| Other Income (Expense), net | -$674.0M -1.4% | -$893.0M -1.8% | $1.16B 2.6% | -$576.0M -1.2% | $720.0M 1.6% | $2.31B 5.4% | -$938.0M -3.6% | $854.0M 3.8% | $1.69B 8.1% | $1.45B 7.5% |
| Pretax Income | $9.33B 19.4% | -$8.38B -17.3% | $8.44B 18.8% | $7.71B 16.7% | $8.10B 17.5% | -$6.87B -16.2% | $4.97B 19.0% | $5.97B 26.5% | $5.13B 24.7% | $5.92B 30.4% |
| Income Tax Expense | $2.27B 4.7% | $554.0M 1.1% | $400.0M 0.9% | $1.37B 3.0% | $1.08B 2.3% | $2.12B 5.0% | $1.51B 5.8% | $1.02B 4.5% | $4.16B 20.0% | $1.41B 7.2% |
| Net Income | $7.05B 14.6% | -$8.95B -18.5% | $8.03B 17.8% | $6.33B 13.7% | $6.99B 15.1% | -$9.02B -21.2% | $3.44B 13.2% | $4.92B 21.8% | $1.01B 4.8% | $4.46B 22.9% |
| Per Share | ||||||||||
| EPS (Basic) | $3.47 | -$4.41 | $3.88 | $2.97 | $3.15 | -$3.99 | $2.02 | $3.01 | $0.61 | $2.67 |
| EPS (Diluted) | $3.46 | -$4.41 | $3.86 | $2.95 | $3.12 | -$3.99 | $2.01 | $3.01 | $0.61 | $2.65 |
| Weighted Avg Shares (Basic) | 2.03B | 2.03B | 2.07B | 2.13B | 2.22B | 2.26B | 1.71B | 1.63B | 1.65B | 1.67B |
| Weighted Avg Shares (Diluted) | 2.04B | 2.03B | 2.08B | 2.15B | 2.25B | 2.26B | 1.71B | 1.64B | 1.65B | 1.68B |
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.
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.
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 |
|---|---|---|---|---|---|
| 2026-10-02 | 3 co-filers EVP, General Counsel | Option exercise | 4,559 | $0.00 | $0 |
| 2026-10-02 | 3 co-filers EVP, General Counsel | Tax withholding | 2,332 | $61.15 | $143k |
| 2026-10-02 | 3 co-filers EVP, General Counsel | Option exercise | 4,559 | $0.00 | — |
| 2026-09-30 | Mcmullen Michael R. Director | Grant | 561 | $62.40 | — |
| 2026-09-30 |
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.
| Grant |
| 561 |
| $62.40 |
| — |
| 2026-09-30 | Samuels Theodore R. Ii Director | Grant | 821 | $62.40 | — |
| 2026-09-30 | Arduini Peter J Director | Grant | 561 | $62.40 | — |
| 2026-09-30 | Rice Derica W Director | Grant | 621 | $62.40 | — |
| 2026-09-09 | Massacesi Cristian EVP,Chief Med Offr,Head of Dev | Open-market sale | 6,249 | $64.57 | $403k |
| 2026-09-01 | 3 co-filers EVP, Corporate Affairs | Option exercise | 1,236 | $66.92 | $83k |
| 2026-09-01 | 3 co-filers EVP, Corporate Affairs | Tax withholding | 633 | $66.92 | $42k |
| 2026-09-01 | 3 co-filers EVP, Corporate Affairs | Option exercise | 1,236 | $0.00 | — |
| 2026-08-25 | Holzer Phil M SVP and Controller | Open-market sale | 500 | $67.50 | $34k |
| 2026-08-01 | 3 co-filers EVP,Chief Med Offr,Head of Dev | Option exercise | 51,172 | $0.00 | $0 |
| 2026-08-01 | 3 co-filers EVP, General Counsel | Option exercise | 1,061 | $0.00 | $0 |
| 2026-08-01 | 3 co-filers EVP,Chief Med Offr,Head of Dev | Tax withholding | 26,175 | $65.31 | $1.7m |
| 2026-08-01 | 3 co-filers EVP, General Counsel | Tax withholding | 543 | $65.31 | $35k |
| 2026-08-01 | 3 co-filers EVP,Chief Med Offr,Head of Dev | Option exercise | 51,172 | $0.00 | — |
| 2026-08-01 | 3 co-filers EVP, General Counsel | Option exercise | 1,061 | $0.00 | — |
| 2026-06-30 | Mcmullen Michael R. Director | Grant | 607 | $57.62 | — |
| 2026-06-30 | Rice Derica W Director | Grant | 673 | $57.62 | — |
| 2026-06-30 | Yale Phyllis R Director | Grant | 607 | $57.62 | — |
| 2026-06-30 | Arduini Peter J Director | Grant | 607 | $57.62 | — |
| 2026-06-30 | Samuels Theodore R. Ii Director | Grant | 889 | $57.62 | — |
| 2026-06-15 | 2 co-filers Group filing | Option exercise | 20,460 | $53.76 | $1.1m |
| 2026-06-15 | 2 co-filers Group filing | Option exercise | 20,460 | $0.00 | — |
| 2026-06-03 | 3 co-filers EVP, Corporate Affairs | Option exercise | 8,040 | $0.00 | $0 |
| 2026-06-03 | 3 co-filers EVP, Corporate Affairs | Tax withholding | 3,876 | $54.72 | $212k |
| 2026-06-03 | 3 co-filers EVP, Corporate Affairs | Option exercise | 8,040 | $0.00 | — |
| 2026-05-01 | 4 co-filers EVP, Chief Commercial Officer | Option exercise | 1,373 | $0.00 | $0 |
| 2026-05-01 | 4 co-filers EVP, Chief Commercial Officer | Other | 203 | $0.00 | $0 |
| 2026-05-01 | 4 co-filers EVP, Chief Commercial Officer | Tax withholding | 599 | $58.22 | $35k |
| 2026-05-01 | 4 co-filers EVP, Chief Commercial Officer | Option exercise | 1,373 | $0.00 | — |
| 2026-04-01 | 2 co-filers EVP, Chief Financial Officer | Open-market sale | 25,519 | $61.60 | $1.6m |
| 2026-04-01 | 3 co-filers EVP, Chief Supply Chain & Ops | Option exercise | 3,307 | $0.00 | $0 |
| 2026-04-01 | 3 co-filers EVP, Chief Supply Chain & Ops | Tax withholding | 1,692 | $61.73 | $104k |
| 2026-04-01 | 2 co-filers EVP, Chief Financial Officer | Open-market sale | 4,481 | $62.05 | $278k |
| 2026-04-01 | 3 co-filers EVP, Chief Supply Chain & Ops | Option exercise | 3,307 | $0.00 | — |
| 2026-03-31 | Samuels Theodore R. Ii Director | Grant | 845 | $60.65 | — |
| 2026-03-31 | Mcmullen Michael R. Director | Grant | 577 | $60.65 | — |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 64th 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 38% against ROIC 11% — 27% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 40.5% — the two diverge when buybacks or issuance move equity during the year.
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
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 28.7 | 30.9 | 27.7 | 21.4 | 22.0 | 23.8 | 28.9 | 28.9 |
| Gross Profit | 71.3 | 69.1 | 72.3 | — | — | — | — | — |
| R&D | 28.1 | 23.5 | 23.6 | 22.0 | 20.6 | 20.7 | 23.1 | 20.6 |
| SG&A | 20.2 | 18.6 | 18.0 | 16.6 | 16.9 | 17.3 | 17.4 | 15.1 |
| Income Tax | 4.5 | 5.8 | 5.0 | 2.3 | 3.0 | 0.9 | 1.1 | 4.7 |
| Net Income | 21.8 | 13.2 | -21.2 | 15.1 | 13.7 | 17.8 | -18.5 | 14.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BMY: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 74.5% | not reported | 22.9% |
| FY2017 | 70.7% | not reported | 4.8% |
| FY2018 | 71.3% | not reported | 21.8% |
| FY2019 | 69.1% | not reported | 13.2% |
| FY2020 | 72.3% | not reported | -21.2% |
| FY2021 | 78.6% | not reported | 15.1% |
| FY2022 | 78.0% | not reported | 13.7% |
| FY2023 | 76.2% | not reported | 17.8% |
| FY2024 | 71.1% | not reported | -18.5% |
| FY2025 | 71.1% | not reported | 14.6% |
Leverage and buybacks account for 27 points of the 38% return on equity in FY2025. The business earns 11% on the capital it employs; the rest is balance sheet.
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.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Converts 1.92x of reported profit into cash — adequate, without much margin.
The cash conversion cycle has lengthened +10 days over 3 years to 50 — that many more days of the company's own cash funding the same volume of business.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. 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.
Missing from our data, so excluded from this answer: ebitda.
At $61.39, free cash flow must compound -6.6%/yr for 10 years. It has done 9.69%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 80.3% | −6.6% |
| FY2021 | 14.5% | −6.6% |
| FY2022 | −21.6% | −6.6% |
| FY2023 | 5.9% | −6.6% |
| FY2024 | 10.2% | −6.6% |
| FY2025 | −7.9% | −6.6% |
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 (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $7.05B | $7.05B |
| Share-based comp | $553M | $7.61B |
| Other non-cash & working capital | $6.55B | $14.16B |
| Operating cash flow | $14.16B | $14.16B |
| Capex | −$1.31B | $12.85B |
| Free cash flow | $12.85B | $12.85B |
| FCF after SBC | $12.29B | $12.29B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 62.6% | 11.5% | -51.1 points |
| FY2021 | 9.1% | 10.5% | 1.4 points |
| FY2022 | -0.5% | 2.2% | 2.7 points |
| FY2023 | -2.5% | 9.0% | 11.5 points |
| FY2024 | 7.3% | 1.5% | -5.9 points |
| FY2025 | -0.2% | 6.4% | 6.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 90.4 days | 194 days | 110.5 days | 173.9 days |
| FY2020 | 62 days | 64.3 days | 84.1 days | 42.2 days |
| FY2021 | 62.8 days | 76.9 days | 108.3 days | 31.4 days |
| FY2022 | 64.5 days | 84.2 days | 109.5 days | 39.2 days |
| FY2023 | 72 days | 90.9 days | 111.2 days | 51.7 days |
| FY2024 | 68.1 days | 66.8 days | 94.1 days | 40.8 days |
| FY2025 | 72.6 days | 70.5 days | 93.6 days | 49.5 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.7 percent |
| FY2020 | -19.5 percent |
| FY2021 | -8.4 percent |
| FY2022 | -7.0 percent |
| FY2023 | -6.1 percent |
| FY2024 | -26.1 percent |
| FY2025 | -7.9 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 (FY2025) 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.