Loading institutional data...
Loading institutional data...
Held by 447 of 6,047 reporting institutions (96th percentile) — extremely crowded.
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.
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 $45.82 today, the market must believe free cash flow compounds 13.8%/yr for a decade (off $888.3M on the 3-yr avg basis).
On the basis ($856.3M) the requirement is 14.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 13.8% is more optimistic than its 9-yr track record.
Default is 12.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.11B shares (market data) · net debt $13.82B
mean 12.9% · volatility σ 53% · implied rate exceeded in 3/9 yrs
Central path = implied 13.8%/yr growth; shaded band = ±1σ (53%) 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.
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.
The dividend is comfortably covered — only 2% of free cash flow, leaving room to grow it and fund buybacks. Last year: $13.0M dividends + $0 buybacks = $13.0M returned on $803.0M 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: -7%. 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.
$1.20B of principal comes due within a year. 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 ~5.1% on $13.82B 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.
EOD close · as of 2026-10-14
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 | $9.54B 100.0% | $10.27B 100.0% | $10.93B 100.0% | $9.67B 100.0% | $8.54B 100.0% | $5.66B 100.0% | $6.30B 100.0% | $7.16B 100.0% | $6.14B 100.0% | $5.39B 100.0% |
| Cost of Revenue | $7.59B 79.5% | $7.93B 77.2% | $8.34B 76.4% | $7.29B 75.4% | $5.86B 68.6% | $4.36B 77.1% | $4.69B 74.5% | $5.18B 72.4% | $4.63B 75.4% | $3.98B 73.9% |
| Gross Profit | $1.95B 20.5% | $2.34B 22.8% | $2.58B 23.6% | $2.38B 24.6% | $2.68B 31.4% | $1.29B 22.9% | $1.61B 25.5% | $1.97B 27.6% | $1.51B 24.6% | $1.41B 26.1% |
| Research & Development | $125.0M 1.3% | $130.0M 1.3% | $146.0M 1.3% | $112.0M 1.2% | $86.0M 1.0% | $74.0M 1.3% | $67.0M 1.1% | $72.0M 1.0% | $73.0M 1.2% | $78.0M 1.4% |
| Selling, General & Admin | $899.0M 9.4% | $1.03B 10.1% | $1.08B 9.9% | $824.0M 8.5% | $633.0M 7.4% | $482.0M 8.5% | $483.0M 7.7% | $546.0M 7.6% | $496.0M 8.1% | $378.0M 7.0% |
| Operating Income | -$786.0M -8.2% | -$720.0M -7.0% | $1.67B 15.2% | $1.38B 14.2% | $1.95B 22.8% | $664.0M 11.7% | $834.0M 13.2% | $1.33B 18.6% | $857.0M 14.0% | $934.0M 17.3% |
| Interest Expense | $701.0M 7.3% | $676.0M 6.6% | $720.0M 6.6% | $405.0M 4.2% | $91.0M 1.1% | $109.0M 1.9% | $115.0M 1.8% | $125.0M 1.7% | $122.0M 2.0% | $120.0M 2.2% |
| Interest & Investment Income | $24.0M 0.3% | $33.0M 0.3% | $39.0M 0.4% | $69.0M 0.7% | $8.0M 0.1% | $6.0M 0.1% | $6.0M 0.1% | $6.0M 0.1% | $2.0M 0.0% | $2.0M 0.0% |
| Other Income (Expense), net | $7.0M 0.1% | $40.0M 0.4% | $25.0M 0.2% | $9.0M 0.1% | -$5.0M -0.1% | $5.0M 0.1% | -$8.0M -0.1% | $8.0M 0.1% | $3.0M 0.0% | -$2.0M -0.0% |
| Pretax Income | -$1.22B -12.8% | -$1.02B -9.9% | $1.16B 10.6% | $1.42B 14.7% | $2.25B 26.3% | $2.25B 39.8% | $988.0M 15.7% | $1.51B 21.1% | $1.07B 17.5% | $1.03B 19.1% |
| Income Tax Expense | -$90.0M -0.9% | $507.0M 4.9% | -$795.0M -7.3% | -$489.0M -5.1% | $330.0M 3.9% | $247.0M 4.4% | $124.0M 2.0% | $292.0M 4.1% | $213.0M 3.5% | $122.0M 2.3% |
| Net Income | -$1.17B -12.2% | -$1.54B -15.0% | $1.94B 17.8% | $1.89B 19.6% | $1.89B 22.1% | $1.99B 35.1% | $852.0M 13.5% | $1.21B 16.9% | $843.0M 13.7% | $900.0M 16.7% |
| Per Share | ||||||||||
| EPS (Basic) | -$10.64 | -$14.11 | $17.85 | $17.48 | $16.99 | $16.85 | $6.88 | $8.99 | $6.11 | $6.21 |
| EPS (Diluted) | -$10.64 | -$14.11 | $17.76 | $17.34 | $16.86 | $16.75 | $6.84 | $8.91 | $6.09 | $6.18 |
| Weighted Avg Shares (Basic) | 109.5M | 109.3M | 108.8M | 108.4M | 111.2M | 117.8M | 123.9M | 134.3M | 137.9M | 144.9M |
| Weighted Avg Shares (Diluted) | 109.5M | 109.3M | 109.4M | 109.2M | 112.1M | 118.5M | 124.7M | 135.4M | 138.3M | 145.7M |
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 2026-10-14
Where each multiple sits in its own 14-yr range · 7th 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 -29% against ROIC -7% — -22% 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 -25.4% — 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
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 | 72.4 | 74.5 | 77.1 | 68.6 | 75.4 | 76.4 | 77.2 | 79.5 |
| Gross Profit | 27.6 | 25.5 | 22.9 | 31.4 | 24.6 | 23.6 | 22.8 | 20.5 |
| R&D | 1.0 | 1.1 | 1.3 | 1.0 | 1.2 | 1.3 | 1.3 | 1.3 |
| SG&A | 7.6 | 7.7 | 8.5 | 7.4 | 8.5 | 9.9 | 10.1 | 9.4 |
| Operating Income | 18.6 | 13.2 | 11.7 | 22.8 | 14.2 | 15.2 | -7.0 | -8.2 |
| Income Tax | 4.1 | 2.0 | 4.4 | 3.9 | -5.1 | -7.3 | 4.9 | -0.9 |
| Net Income | 16.9 | 13.5 | 35.1 | 22.1 | 19.6 | 17.8 | -15.0 | -12.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -17.11pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 13.0% | 12.8% (today's — no rate published for this year) | 0.1pts |
| FY2020 | 9.7% | 12.8% (today's — no rate published for this year) | -3.2pts |
| FY2021 | 23.7% | 3.7% | 20.1pts |
| FY2022 | 7.0% | 7.8% | -0.8pts |
| FY2023 | 7.4% | 9.6% | -2.2pts |
| FY2024 | -3.7% | 12.5% | -16.2pts |
| FY2025 | -4.3% | 12.3% | -16.6pts |
| Now | -6.5% | 12.8% | -19.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 26.1% | 17.3% | 16.7% |
| FY2017 | 24.6% | 14.0% | 13.7% |
| FY2018 | 27.6% | 18.6% | 16.9% |
| FY2019 | 25.5% | 13.2% | 13.5% |
| FY2020 | 22.9% | 11.7% | 35.1% |
| FY2021 | 31.4% | 22.8% | 22.1% |
| FY2022 | 24.6% | 14.2% | 19.6% |
| FY2023 | 23.6% | 15.2% | 17.8% |
| FY2024 | 22.8% | -7.0% | -15.0% |
| FY2025 | 20.5% | -8.2% | -12.2% |
Return on equity is 22 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.
$4.2B of goodwill — 23% 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.
Margins have compressed 4 years running even as the spread stayed positive.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Conversion has deteriorated: 0.68x over three years against 0.76x over 5.
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. No cash figure on the matching balance sheet, so no coverage line is drawn.
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 $45.82, free cash flow must compound 14.12%/yr for 10 years. It has done -4.88%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −9.7% | 14.1% |
| FY2021 | 31.8% | 14.1% |
| FY2022 | −1.1% | 14.1% |
| FY2023 | 4.3% | 14.1% |
| FY2024 | −60.1% | 14.1% |
| FY2025 | 51.2% | 14.1% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$1.17B | −$1.17B |
| Share-based comp | $24M | −$1.14B |
| Other non-cash & working capital | $2.29B | $1.15B |
| Operating cash flow | $1.15B | $1.15B |
| Capex | −$343M | $803M |
| Free cash flow | $803M | $803M |
| FCF after SBC | $779M | $779M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -10.2% | -6.8% | 3.4 points |
| FY2021 | 51.0% | 46.6% | -4.4 points |
| FY2022 | 13.3% | 18.8% | 5.5 points |
| FY2023 | 12.9% | -9.9% | -22.8 points |
| FY2024 | -6.0% | -9.8% | -3.8 points |
| FY2025 | -7.0% | -17.8% | -10.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 49.3 days | 80.8 days | 60.7 days | 69.3 days |
| FY2020 | 51.1 days | 81.8 days | 66.7 days | 66.3 days |
| FY2021 | 49.6 days | 95 days | 72.3 days | 72.3 days |
| FY2022 | 52 days | 140.5 days | 76 days | 116.6 days |
| FY2023 | 41.5 days | 103.1 days | 66.1 days | 78.6 days |
| FY2024 | 39.8 days | 105.1 days | 56.5 days | 88.4 days |
| FY2025 | 35.3 days | 106.7 days | 61.5 days | 80.5 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -6.3 percent |
| FY2020 | 5.9 percent |
| FY2021 | 1.1 percent |
| FY2022 | 0.3 percent |
| FY2023 | 0.2 percent |
| FY2024 | -11.0 percent |
| FY2025 | -10.7 percent |
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.