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Held by 193 of 6,047 reporting institutions (91th percentile) — extremely crowded.
Data as of Q2 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.
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
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $2.40 today, the market must believe free cash flow compounds 39.4%/yr for a decade (off $32.0M on the 3-yr avg basis).
On the basis ($6.3M) the requirement is 65.2%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 39.4% is more optimistic than its 9-yr track record.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.51B shares (market data) · net debt $4.91B
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.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $32.0M 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 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: 1%. 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 $190.0M covers the $312K due within a year 609.0× 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 ~7.8% on $5.10B of debt.
Cash of $190.0M fully covers short-term debt of $312K.
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 2026-10-05
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 | $1.60B 100.0% | $1.51B 100.0% | $1.43B 100.0% | $1.38B 100.0% | $1.77B 100.0% | $1.85B 100.0% | $2.68B 100.0% | $2.72B 100.0% | $2.59B 100.0% | $2.68B 100.0% |
| Selling, General & Admin | $262.4M 16.4% | $252.9M 16.8% | $235.5M 16.4% | $231.2M 16.7% | $329.6M 18.6% | $442.3M 23.8% | $520.9M 19.4% | $522.9M 19.2% | $499.2M 19.3% | $515.4M 19.2% |
| Operating Income | $310.6M 19.4% | $279.2M 18.5% | $216.8M 15.1% | $255.9M 18.5% | $58.8M 3.3% | -$292.4M -15.8% | $252.9M 9.4% | $251.8M 9.3% | $232.3M 9.0% | $631.9M 23.6% |
| Interest Expense | $395.6M 24.7% | $401.5M 26.7% | $398.1M 27.8% | $334.1M 24.2% | $349.0M 19.7% | $360.3M 19.4% | $419.5M 15.6% | $387.7M 14.2% | $379.7M 14.7% | $375.0M 14.0% |
| Other Income (Expense), net | $1.2M 0.1% | -$8.4M -0.6% | -$5.7M -0.4% | -$784K -0.1% | -$1.6M -0.1% | -$170K -0.0% | -$15.4M -0.6% | -$34.4M -1.3% | $27.8M 1.1% | -$70.2M -2.6% |
| Pretax Income | -$98.8M -6.2% | -$133.1M -8.8% | -$183.1M -12.8% | -$79.0M -5.7% | -$394.6M -22.3% | -$658.2M -35.5% | -$289.5M -10.8% | -$170.3M -6.3% | -$906.4M -35.0% | $235.4M 8.8% |
| Income Tax Expense | $4.9M 0.3% | -$9.4M -0.6% | -$23.7M -1.7% | -$89.9M -6.5% | -$36.5M -2.1% | -$58.0M -3.1% | $72.3M 2.7% | $32.5M 1.2% | -$280.2M -10.8% | $77.5M 2.9% |
| Net Income | $19.9M 1.2% | -$179.3M -11.9% | -$310.9M -21.7% | -$96.6M -7.0% | -$433.8M -24.5% | -$582.7M -31.4% | -$363.3M -13.5% | -$218.2M -8.0% | -$644.3M -24.9% | $135.1M 5.0% |
| Per Share | ||||||||||
| EPS (Basic) | $0.04 | -$0.37 | -$0.65 | -$0.20 | -$0.93 | -$1.25 | -$0.88 | -$0.60 | -$1.78 | $0.37 |
| EPS (Diluted) | $0.04 | -$0.37 | -$0.65 | -$0.20 | -$0.93 | -$1.25 | -$0.88 | -$0.60 | -$1.78 | $0.37 |
| Weighted Avg Shares (Basic) | 495.4M | 487.7M | 481.7M | 474.4M | 468.5M | 464.5M | 413.1M | 361.7M | 361.1M | 360.3M |
| Weighted Avg Shares (Diluted) | 495.4M | 487.7M | 481.7M | 483.5M | 468.5M | 464.5M | 413.1M | 361.7M | 361.1M | 361.6M |
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.
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 2026-10-05
Where each multiple sits in its own 14-yr range · 81th 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 -1% against ROIC 1% — -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
High operating leverage: profit moved 1.7× 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 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 19.2 | 19.4 | 23.8 | 18.6 | 16.7 | 16.4 | 16.8 | 16.4 |
| Operating Income | 9.3 | 9.4 | -15.8 | 3.3 | 18.5 | 15.1 | 18.5 | 19.4 |
| Income Tax | 1.2 | 2.7 | -3.1 | -2.1 | -6.5 | -1.7 | -0.6 | 0.3 |
| Net Income | -8.0 | -13.5 | -31.4 | -24.5 | -7.0 | -21.7 | -11.9 | 1.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CCO: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 23.6% | 5.0% |
| FY2017 | not reported | 9.0% | -24.9% |
| FY2018 | not reported | 9.3% | -8.0% |
| FY2019 | not reported | 9.4% | -13.5% |
| FY2020 | not reported | -15.8% | -31.4% |
| FY2021 | not reported | 3.3% | -24.5% |
| FY2022 | not reported | 18.5% | -7.0% |
| FY2023 | not reported | 15.1% | -21.7% |
| FY2024 | not reported | 18.5% | -11.9% |
| FY2025 | not reported | 19.4% | 1.2% |
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: tax_rate.
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 0.5x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 0.79x |
| 5% | 0.75x |
| 10% | 0.71x |
| 15% | 0.67x |
| 20% | 0.63x |
| 25% | 0.59x |
| 30% | 0.55x |
| 35% | 0.51x |
| 40% | 0.47x |
| 45% | 0.43x |
| 50% | 0.39x |
| 55% | 0.35x |
| 60% | 0.31x |
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.
Net debt is 12.9x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $2.39, free cash flow must compound 42.41%/yr for 10 years. It has no positive compounding record to compare against, though across a reporting-basis change.
The achieved growth rate spans a reporting-basis change in FY2021, so part of it measures the restatement rather than the business.