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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.
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 2026-10-30
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 | $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.
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 $49.30 today, the market must believe free cash flow compounds 13.7%/yr for a decade (off $888.3M on the 3-yr avg basis).
On the basis ($856.3M) the requirement is 14.2%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 13.7% is more optimistic than its 9-yr track record.
Default is 12.6% — 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 13.7%/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
Ranked against 39 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EMN | $7.8B | 16.6× | 10.3× | 0.9× | -6.7% | 21.1% | 5.4% | 8.0% | 4.4% | 3.6× | 169 |
| KNSA | $7.7B | 130.1× | 96.9× | 11.3× | 60.1% | 88.5% | 8.7% | 10.4% | 10.4% | -2.1× | 1 |
| ALKS | $7.6B | 31.7× | 25.7× | 5.2× | -5.2% | 86.7% | 16.4% | 13.3% | 13.3% | -1.4× | 74 |
| AMRX | $7.4B | 97.0× | 21.6× | 2.5× | 8.0% | 36.9% | 2.4% | -102% | 2.9% | 5.1× | 73 |
| NEU | $7.4B | 18.1× | 12.3× | 2.7× | -2.2% | 31.5% | 15.4% | 23.5% | 15.7% | 1.2× | 90 |
| IONS | $7.4B | — | — | 7.8× | 33.8% | 98.3% | -40.4% | -78.0% | -17.0% | — | 81 |
| AXTA | $7.2B | 19.3× | 11.2× | 1.4× | -3.0% | 34.4% | 7.4% | 16.1% | 6.8% | 2.9× | 71 |
| ELF | $6.7B | 256.7× | 47.4× | 4.1× | 24.6% | 70.7% | 1.6% | 2.3% | 1.3% | 3.8× | 102 |
| LNTH | $6.6B | 29.4× | — | 4.3× | 0.5% | 61.1% | 15.2% | 21.4% | 14.1% | — | 85 |
| RYTM | $6.4B | — | — | 33.8× | 45.8% | 89.7% | -104% | -141% | -79.5% | — | 46 |
| LGND | $6.3B | 51.8× | 82.3× | 23.6× | 60.4% | — | 46.4% | 12.2% | 12.2% | -2.3× | 97 |
| HXL | $6.0B | — | 23.6× | 3.2× | -0.5% | 23.0% | 5.8% | 8.7% | 4.9% | 3.1× | 118 |
| MOS | $5.8B | 10.7× | 3.4× | 0.5× | 8.4% | 15.8% | 4.5% | 4.5% | 4.2% | 0.3× | 157 |
| SXT | $5.6B | 41.6× | 23.4× | 3.5× | 3.5% | 33.5% | 8.3% | 11.3% | 7.1% | 2.5× | 74 |
| BCPC | $5.4B | 35.9× | 21.0× | 5.2× | 8.8% | 35.7% | 14.9% | 12.3% | 12.3% | -0.3× | 87 |
| PTCT | $5.4B | 8.3× | 5.2× | 3.1× | 115% | — | 39.4% | -332% | 839% | -0.8× | 62 |
| CE | $5.3B | — | — | 0.6× | -7.1% | 20.5% | -12.2% | -28.8% | -6.5% | — | 103 |
| TVTX | $4.8B | — | — | 9.7× | 110% | 97.9% | -5.2% | -22.2% | -22.2% | — | 45 |
| CSW | $4.7B | 43.5× | 30.3× | 4.4× | 23.3% | 41.9% | 10.4% | 10.7% | 5.8% | 4.5× | 75 |
| PRM | $4.7B | — | — | 7.2× | 16.4% | 57.5% | -31.6% | -18.2% | -11.4% | — | 53 |
| ADPT | $4.5B | — | — | 16.2× | 54.8% | 74.2% | -21.5% | -27.2% | -17.0% | — | 52 |
| IOVA | $4.3B | — | — | 16.4× | 60.6% | 34.3% | -148% | -56.0% | -56.0% | — | 50 |
| INDV | $4.2B | 21.5× | 15.8× | 3.4× | 4.3% | 80.2% | 16.9% | -214% | 95.0% | 0.5× | 52 |
| ARQT | $4.0B | — | — | 10.7× | 91.3% | 90.2% | -4.3% | -8.5% | -5.4% | — | 50 |
| AVNT | $3.9B | 48.2× | 15.0× | 1.2× | 0.6% | 31.2% | 2.5% | 3.4% | 1.9% | 4.9× | 64 |
Peers = companies sharing CE's sector (Plastic Material, Synth Resin/Rubber, Cellulos (No Glass)) 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.
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 |
|---|---|---|---|---|---|
| 2026-08-14 | 3 co-filers SVP & CFO | Open-market buy | 1,400 | $45.53 | $64k |
| 2026-08-14 | 3 co-filers SVP & CFO | Open-market buy | 100 | $45.51 | $5k |
| 2026-08-14 | 3 co-filers SVP & CFO | Open-market buy | 800 | $45.51 | $36k |
| 2026-08-11 | Duffie Ashley B SVP & GC | Open-market buy | 600 | $45.60 | $27k |
| 2026-08-11 |
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.
Murray Mark Christopher SVP - Acetyls |
| Open-market buy |
| 2,153 |
| $45.52 |
| $98k |
| 2026-08-10 | Rucker Kim K.W. Director | Grant | 9 | $44.46 | — |
| 2026-08-10 | Kissire Deborah J. Director | Grant | 6 | $44.46 | — |
| 2026-08-10 | Hill Kathryn Director | Grant | 1 | $44.46 | — |
| 2026-08-10 | 2 co-filers Group filing | Grant | 1,930 | $0.00 | $0 |
| 2026-08-10 | 2 co-filers Group filing | Grant | 5 | $44.46 | — |
| 2026-05-11 | Chinn Bruce E. Director | Grant | 2,975 | $0.00 | $0 |
| 2026-05-11 | Moorthy Ganesh Director | Grant | 2,975 | $0.00 | $0 |
| 2026-05-11 | 2 co-filers Group filing | Grant | 2,975 | $0.00 | $0 |
| 2026-05-11 | 2 co-filers Group filing | Grant | 4,676 | $0.00 | $0 |
| 2026-05-11 | Noonan Anne P Director | Grant | 2,975 | $0.00 | $0 |
| 2026-05-11 | 3 co-filers Group filing | Grant | 2,975 | $0.00 | $0 |
| 2026-05-11 | 2 co-filers Group filing | Grant | 2,975 | $0.00 | $0 |
| 2026-05-11 | 4 co-filers Group filing | Grant | 2,975 | $0.00 | $0 |
| 2026-05-11 | 2 co-filers Group filing | Grant | 1 | $59.55 | — |
| 2026-05-11 | 4 co-filers Group filing | Grant | 2,975 | $0.00 | $0 |
| 2026-05-11 | 2 co-filers Group filing | Grant | 3 | $59.55 | — |
| 2026-05-11 | 4 co-filers Group filing | Grant | 3 | $59.55 | — |
| 2026-05-11 | 4 co-filers Group filing | Grant | 5 | $59.55 | — |
| 2026-05-09 | 3 co-filers Group filing | Other | 3,376 | — | — |
| 2026-05-09 | 4 co-filers Group filing | Other | 3,376 | — | — |
| 2026-05-09 | 2 co-filers Group filing | Tax withholding | 1,013 | $57.51 | $58k |
| 2026-05-09 | 4 co-filers Group filing | Other | 3,376 | — | — |
| 2026-05-09 | 3 co-filers Group filing | Grant | 3,376 | $0.00 | — |
| 2026-05-09 | 4 co-filers Group filing | Grant | 3,376 | $0.00 | — |
| 2026-05-09 | 4 co-filers Group filing | Grant | 3,376 | $0.00 | — |
| 2026-03-10 | Galante Edward G Director | Grant | 4 | $50.67 | — |
| 2026-03-10 | Rucker Kim K.W. Director | Grant | 6 | $50.67 | — |
| 2026-03-10 | Kissire Deborah J. Director | Grant | 4 | $50.67 | — |
| 2026-03-10 | Ihlenfeld Jay V Director | Grant | 6 | $50.67 | — |
| 2026-03-10 | Hill Kathryn Director | Grant | 1 | $50.67 | — |
| 2026-02-27 | 2 co-filers CEO & President | Grant | 50,623 | $0.00 | $0 |
| 2026-02-27 | 2 co-filers Chief Accounting Officer | Grant | 1,687 | $0.00 | $0 |
| 2026-02-27 | 2 co-filers SVP & CFO | Grant | 15,678 | $0.00 | $0 |
| 2026-02-27 | 2 co-filers SVP, EM | Grant | 12,579 | $0.00 | $0 |
| 2026-02-27 | 2 co-filers SVP & GC | Grant | 10,431 | $0.00 | $0 |
EOD close · as of 2026-10-30
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 -16.88pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 13.0% | 12.6% (today's — no rate published for this year) | 0.4pts |
| FY2020 | 9.7% | 12.6% (today's — no rate published for this year) | -2.9pts |
| FY2021 | 23.7% | 3.7% | 20.0pts |
| FY2022 | 7.0% | 7.9% | -0.8pts |
| FY2023 | 7.4% | 9.6% | -2.2pts |
| FY2024 | -3.7% | 12.5% | -16.1pts |
| FY2025 | -4.3% | 12.2% | -16.5pts |
| Now | -6.5% | 12.6% | -19.1pts |
| 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.
Capex has been below depreciation for 3 consecutive years (0.85x 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.
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 $48.32, free cash flow must compound 13.92%/yr for 10 years. It has done -4.88%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −9.7% | 13.9% |
| FY2021 | 31.8% | 13.9% |
| FY2022 | −1.1% | 13.9% |
| FY2023 | 4.3% | 13.9% |
| FY2024 | −60.1% | 13.9% |
| FY2025 | 51.2% | 13.9% |
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 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 |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 3 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.