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Held by 407 of 2,417 reporting institutions (98th percentile) — extremely crowded.
Data as of Q3 2026
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Ranked against 16 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SYK | $111.9B | 34.8× | 19.2× | 4.5× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 1.8× | 738 |
| MMM | $89.9B | 29.1× | 17.3× | 3.6× | 1.5% | 39.9% | 13.0% | 69.1% | 18.8% | 2.1× | 788 |
| BSX | $60.8B | 21.6× | 11.9× | 3.0× | 19.9% | 69.0% | 14.4% | 11.9% | 11.8% | -0.3× | 407 |
| BDX | $53.9B | 34.0× | 14.4× | 2.5× | 8.2% | 45.4% | 7.7% | 6.6% | 3.8% | 3.7× | 458 |
| RMD | $32.3B | 22.1× | 15.1× | 5.7× | 9.9% | 61.1% | 26.9% | 23.1% | 21.0% | -0.4× | — |
| DXCM | $31.1B | 39.4× | 25.9× | 6.7× | 15.6% | 60.1% | 17.9% | 30.5% | 30.5% | -0.8× | 287 |
| WST | $28.8B | 60.8× | 37.3× | 9.4× | 6.3% | 35.9% | 16.1% | 15.5% | 14.6% | -0.8× | 237 |
| MDLN | $28.2B | — | 12.0× | 1.0× | — | 26.4% | 4.1% | 10.8% | 5.0% | 3.3× | 84 |
| GKOS | $14.1B | — | — | 27.7× | 32.3% | 55.7% | -37.0% | -28.6% | -28.6% | — | 82 |
| SOLV | $13.8B | 9.2× | 6.7× | 1.7× | 0.9% | 53.5% | 18.7% | 30.8% | 15.4% | 1.6× | 246 |
| PEN | $12.6B | 70.6× | 59.9× | 8.9× | 17.5% | 67.1% | 12.7% | 12.4% | 12.4% | -0.9× | 76 |
| BAX | $11.9B | — | 28.8× | 1.1× | 5.7% | 30.1% | -8.5% | -15.6% | -6.1% | 11.1× | 197 |
| GMED | $10.5B | 19.9× | 13.2× | 3.6× | 16.7% | 67.4% | 18.3% | 11.8% | 11.8% | -0.7× | 146 |
| PODD | $10.4B | 43.0× | 18.4× | 3.8× | 30.7% | 71.6% | 9.1% | 16.3% | 16.1% | 0.0× | 164 |
| TFX | $5.9B | — | 46.9× | 3.0× | 17.2% | 56.2% | -45.4% | -29.0% | -15.7% | 13.0× | 73 |
| HAE | $5.4B | 58.4× | 29.5× | 4.1× | -2.0% | 59.0% | 7.3% | 12.2% | 4.8% | 4.5× | 58 |
| MMSI | $5.1B | 40.5× | 17.7× | 3.4× | 11.8% | 48.7% | 8.5% | 8.1% | 5.5% | 0.9× | 94 |
Peers = companies sharing BSX's sector (Surgical & Medical Instruments & Apparatus) 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.
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 $3.66B 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.
Modest payoff on reinvested capital. Current ROIC on all capital: 12%. 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.
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 $41.98 today, the market must believe free cash flow compounds 7.6%/yr for a decade (off $2.70B on the 3-yr avg basis).
On the basis ($2.43B) the requirement is 9.0%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 7.6% is more conservative than its 9-yr track record.
Default is 9.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.45B shares (market data) · net debt -$1.67B
mean 10.5% · volatility σ 59% · implied rate exceeded in 5/8 yrs
Central path = implied 7.6%/yr growth; shaded band = ±1σ (59%) 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 $1.97B (at 2025-12-31) covers the $0 due within a year 1965000000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2017-03-31 (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).
Interest is easily covered by operating profit. Effective rate ~116.7% on $299.0M of debt.
Cash of $1.97B fully covers short-term debt of $299.0M.
Mostly short-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 2026-10-30
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 | $20.07B 100.0% | $16.75B 100.0% | $14.24B 100.0% | $12.68B 100.0% | $11.89B 100.0% | $9.91B 100.0% | $10.73B 100.0% | $9.82B 100.0% | $9.05B 100.0% | $9.08B 100.0% |
| Cost of Revenue | $6.22B 31.0% | $5.26B 31.4% | $4.34B 30.5% | $3.96B 31.2% | $3.71B 31.2% | $3.46B 35.0% | $3.12B 29.0% | $2.81B 28.6% | $2.59B 28.7% | $2.42B 26.7% |
| Gross Profit | $13.85B 69.0% | $11.49B 68.6% | $9.90B 69.5% | $8.73B 68.8% | $8.18B 68.8% | $6.45B 65.0% | $7.62B 71.0% | $7.01B 71.4% | $6.46B 71.3% | $5.96B 65.7% |
| Selling, General & Admin | $6.89B 34.3% | $5.98B 35.7% | $5.19B 36.4% | $4.52B 35.6% | $4.36B 36.7% | $3.79B 38.2% | $3.94B 36.7% | $3.57B 36.3% | $3.29B 36.4% | $3.10B 34.1% |
| Total Operating Expenses | $10.24B 51.0% | $8.89B 53.1% | $7.55B 53.0% | $7.08B 55.8% | $6.98B 58.7% | $6.53B 65.9% | $6.10B 56.8% | $5.50B 56.0% | $5.17B 57.1% | $5.51B 60.8% |
| Operating Income | $3.61B 18.0% | $2.60B 15.5% | $2.34B 16.5% | $1.65B 13.0% | $1.20B 10.1% | -$80.0M -0.8% | $1.52B 14.1% | $1.51B 15.3% | $1.28B 14.2% | $447.0M 4.9% |
| Interest Expense | $349.0M 1.7% | $305.0M 1.8% | $265.0M 1.9% | $470.0M 3.7% | $341.0M 2.9% | $361.0M 3.6% | $473.0M 4.4% | $241.0M 2.5% | $229.0M 2.5% | $233.0M 2.6% |
| Other Income (Expense), net | -$228.0M -1.1% | -$321.0M -1.9% | -$358.0M -2.5% | -$508.0M -4.0% | -$123.0M -1.0% | $1.0M 0.0% | -$831.0M -7.7% | -$85.0M -0.9% | -$353.0M -3.9% | -$270.0M -3.0% |
| Pretax Income | $3.38B 16.9% | $2.28B 13.6% | $1.99B 13.9% | $1.14B 9.0% | $1.08B 9.1% | -$79.0M -0.8% | $687.0M 6.4% | $1.42B 14.5% | $933.0M 10.3% | $177.0M 2.0% |
| Income Tax Expense | $493.0M 2.5% | $436.0M 2.6% | $393.0M 2.8% | $443.0M 3.5% | $36.0M 0.3% | $2.0M 0.0% | -$4.01B -37.4% | -$249.0M -2.5% | $828.0M 9.2% | -$170.0M -1.9% |
| Net Income | $2.89B 14.4% | $1.85B 11.0% | $1.59B 11.2% | $698.0M 5.5% | $1.04B 8.8% | -$82.0M -0.8% | $4.70B 43.8% | $1.67B 17.0% | $104.0M 1.1% | $347.0M 3.8% |
| Per Share | ||||||||||
| EPS (Basic) | $1.96 | $1.26 | $1.08 | $0.45 | $0.69 | -$0.08 | $3.38 | $1.21 | $0.08 | $0.26 |
| EPS (Diluted) | $1.94 | $1.25 | $1.07 | $0.45 | $0.69 | -$0.08 | $3.33 | $1.19 | $0.08 | $0.25 |
| Weighted Avg Shares (Basic) | 1.48B | 1.47B | 1.45B | 1.43B | 1.42B | 1.42B | 1.39B | 1.38B | 1.37B | 1.36B |
| Weighted Avg Shares (Diluted) | 1.49B | 1.49B | 1.46B | 1.44B | 1.43B | 1.42B | 1.41B | 1.40B | 1.39B | 1.38B |
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 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
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 14th 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 12% against ROIC 12% — 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
High operating leverage: profit moved 2.0× 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 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 28.6 | 29.0 | 35.0 | 31.2 | 31.2 | 30.5 | 31.4 | 31.0 |
| Gross Profit | 71.4 | 71.0 | 65.0 | 68.8 | 68.8 | 69.5 | 68.6 | 69.0 |
| SG&A | 36.3 | 36.7 | 38.2 | 36.7 | 35.6 | 36.4 | 35.7 | 34.3 |
| Operating Income | 15.3 | 14.1 | -0.8 | 10.1 | 13.0 | 16.5 | 15.5 | 18.0 |
| Income Tax | -2.5 | -37.4 | 0.0 | 0.3 | 3.5 | 2.8 | 2.6 | 2.5 |
| Net Income | 17.0 | 43.8 | -0.8 | 8.8 | 5.5 | 11.2 | 11.0 | 14.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BSX: 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 2.87pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 8.0% | 9.3% (today's — no rate published for this year) | -1.3pts |
| FY2020 | -0.5% | 9.3% (today's — no rate published for this year) | -9.8pts |
| FY2021 | 6.3% | 7.7% | -1.5pts |
| FY2022 | 7.8% | 9.7% | -1.8pts |
| FY2023 | 9.8% | 8.5% | 1.3pts |
| FY2024 | 8.9% | 8.8% | 0.1pts |
| FY2025 | 12.6% | 9.0% | 3.6pts |
| Now | 11.8% | 9.3% | 2.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 65.7% | 4.9% | 3.8% |
| FY2017 | 71.3% | 14.2% | 1.1% |
| FY2018 | 71.4% | 15.3% | 17.0% |
| FY2019 | 71.0% | 14.1% | 43.8% |
| FY2020 | 65.0% | -0.8% | -0.8% |
| FY2021 | 68.8% | 10.1% | 8.8% |
| FY2022 | 68.8% | 13.0% | 5.5% |
| FY2023 | 69.5% | 16.5% | 11.2% |
| FY2024 | 68.6% | 15.5% | 11.0% |
| FY2025 | 69.0% | 18.0% | 14.4% |
Return on equity (12%) and return on invested capital (12%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$18.6B of goodwill — 77% 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. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 52.21% against 12.2% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.29x of reported profit into free cash flow over 5 years, with accruals negative.
Capex has been below depreciation for 7 consecutive years (0.58x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Covers interest 7.2x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 10.35x |
| 5% | 9.83x |
| 10% | 9.32x |
| 15% | 8.80x |
| 20% | 8.28x |
| 25% | 7.76x |
| 30% | 7.25x |
| 35% | 6.73x |
| 40% | 6.21x |
| 45% | 5.69x |
| 50% | 5.18x |
| 55% | 4.66x |
| 60% | 4.14x |
This schedule comes from a filing dated 2017-03-31, 3501 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2017-03-31 (10-Q); 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.
Operating leases are $659,000,000 of the $958,000,000 total — a fixed obligation that does not appear in a headline debt figure.
At $41.98, free cash flow must compound 7.73%/yr for 10 years. It has done 17.71%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −17.7% | 7.7% |
| FY2021 | 16.3% | 7.7% |
| FY2022 | −28.7% | 7.7% |
| FY2023 | 91.0% | 7.7% |
| FY2024 | 47.6% | 7.7% |
| FY2025 | 38.3% | 7.7% |
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 (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 | $2.89B | $2.89B |
| Share-based comp | $299M | $3.19B |
| Other non-cash & working capital | $1.34B | $4.53B |
| Operating cash flow | $4.53B | $4.53B |
| Capex | −$876M | $3.66B |
| Free cash flow | $3.66B | $3.66B |
| FCF after SBC | $3.36B | $3.36B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -7.7% | not reported | not reported |
| FY2021 | 19.9% | not reported | not reported |
| FY2022 | 6.7% | not reported | not reported |
| FY2023 | 12.3% | not reported | not reported |
| FY2024 | 17.6% | not reported | not reported |
| FY2025 | 19.9% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 9.4 percent |
| FY2020 | -5.2 percent |
| FY2021 | -2.6 percent |
| FY2022 | -2.5 percent |
| FY2023 | -2.6 percent |
| FY2024 | -4.0 percent |
| FY2025 | -3.8 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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
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.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-02 | 3 co-filers EVP, Global Operations | Option exercise | 1,171 | $0.00 | $0 |
| 2026-09-02 | 3 co-filers EVP, Global Operations | Tax withholding | 567 | $48.37 | $27k |
| 2026-09-02 | 3 co-filers EVP, Global Operations | Option exercise | 1,171 | $0.00 | — |
| 2026-08-25 | Morano Susan E Director | Open-market buy | 2,040 | $49.22 | $100k |
| 2026-08-11 | Woodworth Emily SVP, Global Controller and CAO | Otherindirect | 2,930 | $51.19 | $150k |
| 2026-08-10 | Monson Jonathan EVP and CFO | Otherindirect | 9,908 | $50.46 | $500k |
| 2026-08-05 | Habiger David C Director | Open-market buy | 2,100 | $47.59 | $100k |
| 2026-08-04 | 2 co-filers Group filing | Open-market buy | 140 | $48.59 | $7k |
| 2026-08-03 | 2 co-filers Group filing | Open-market buy | 1,042 | $48.07 | $50k |
| 2026-08-03 | 2 co-filers Chairman, President & CEO | Plan purchase | 186,240 | $48.33 | $9.0m |
| 2026-08-03 | 2 co-filers Chairman, President & CEO | Otherindirect | 22,119 | $48.43 | $1.1m |
| 2026-07-31 | Ludwig Edward J Director | Open-market buy | 5,000 | $45.48 | $227k |
| 2026-07-31 | Fitzgerald Joseph Michael EVP & Group Pres, Cardiology | Otherindirect | 64,198 | $46.73 | $3.0m |
| 2026-07-01 | 3 co-filers EVP and CFO | Option exercise | 2,087 | $0.00 | $0 |
| 2026-07-01 | 3 co-filers EVP and CFO | Tax withholding | 1,010 | $43.06 | $43k |
| 2026-07-01 | 3 co-filers EVP and CFO | Option exercise | 2,087 | $0.00 | — |
| 2026-05-28 | Mahoney Michael F Chairman, President & CEO | Giftindirect | 386,755 | $0.00 | $0 |
| 2026-05-20 | Pegus Cheryl Director | Open-market buy | 1,770 | $56.49 | $100k |
| 2026-05-20 | Ludwig Edward J Director | Open-market buy | 3,580 | $56.68 | $203k |
| 2026-05-20 | 2 co-filers Group filing | Open-market buy | 2,250 | $55.92 | $126k |
| 2026-05-19 | 2 co-filers Group filing | Open-market buy | 2,200 | $56.95 | $125k |
| 2026-05-07 | 2 co-filers Group filing | Grant | 3,800 | $0.00 | $0 |
| 2026-05-07 | Zane Ellen M Director | Grant | 3,800 | $0.00 | $0 |
| 2026-05-07 | Mega Jessica L Director | Grant | 3,800 | $0.00 | $0 |
| 2026-05-07 | Ludwig Edward J Director | Grant | 3,800 | $0.00 | $0 |
| 2026-05-07 | Habiger David C Director | Grant | 3,800 | $0.00 | $0 |
| 2026-05-07 | 2 co-filers Group filing | Grant | 3,800 | $0.00 | — |
| 2026-05-07 | 3 co-filers Group filing | Grant | 1,767 | $0.00 | $0 |
| 2026-05-07 | 2 co-filers Group filing | Grant | 3,800 | $0.00 | — |
| 2026-05-07 | Wichmann David S Director | Grant | 3,800 | $0.00 | $0 |
| 2026-05-07 | 2 co-filers Group filing | Grant | 1,281 | $0.00 | $0 |
| 2026-05-07 | 3 co-filers Group filing | Grant | 1,140 | $0.00 | $0 |
| 2026-05-07 | 2 co-filers Group filing | Grant | 2,209 | $0.00 | — |
| 2026-05-07 | 2 co-filers Group filing | Grant | 1,281 | $0.00 | — |
| 2026-05-07 | 3 co-filers Group filing | Grant | 2,660 | $0.00 | — |
| 2026-05-02 | 3 co-filers EVP, Global Operations | Option exercise | 1,802 | $0.00 | $0 |
| 2026-05-02 | 3 co-filers EVP& Grp Pres, MedSurg & APAC | Option exercise | 2,102 | $0.00 | $0 |
| 2026-05-02 | 3 co-filers EVP& Grp Pres, MedSurg & APAC | Tax withholding | 1,007 | $56.50 | $57k |
| 2026-05-02 | 3 co-filers EVP, Global Operations | Tax withholding | 872 | $56.50 | $49k |
| 2026-05-02 | 3 co-filers EVP, Global Operations | Option exercise | 1,802 | $0.00 | — |
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.