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Held by 623 of 6,047 reporting institutions (97th 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $134.08 today, the market must believe free cash flow compounds -1.6%/yr for a decade (off $906.6M on the SBC-adjusted basis).
On the basis ($1.07B) the requirement is -3.8%/yr. The difference is what charging stock compensation costs.
The market's -1.6% is more conservative than its 9-yr track record.
Default is 8.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.10B shares (market data) · net debt -$1.80B
mean 1.9% · volatility σ 9% · implied rate exceeded in 6/9 yrs
Central path = implied -1.6%/yr growth; shaded band = ±1σ (9%) 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.
No dividend to cover. Last year: $0 dividends + $1.40B buybacks = $1.40B returned on $1.17B 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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 37%. 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.
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. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.73B 100.0% | $2.56B 100.0% | $2.41B 100.0% | $2.33B 100.0% | $2.17B 100.0% | $2.06B 100.0% | $1.99B 100.0% | $1.92B 100.0% | $1.85B 100.0% | $1.74B 100.0% |
| Cost of Revenue | $361.8M 13.3% | $319.3M 12.4% | $282.6M 11.7% | $304.4M 13.1% | $258.1M 11.9% | $226.5M 11.0% | $215.4M 10.8% | $201.4M 10.5% | $213.0M 11.5% | $202.0M 11.6% |
| Research & Development | $456.7M 16.8% | $394.9M 15.4% | $368.9M 15.3% | $349.9M 15.0% | $292.7M 13.5% | $252.8M 12.2% | $239.2M 12.0% | $211.5M 11.0% | $192.4M 10.4% | $178.4M 10.2% |
| Selling, General & Admin | $128.8M 4.7% | $111.9M 4.4% | $117.0M 4.8% | $116.1M 5.0% | $110.7M 5.1% | $111.5M 5.4% | $105.7M 5.3% | $88.9M 4.6% | $92.0M 5.0% | $88.1M 5.1% |
| Total Operating Expenses | $1.89B 69.5% | $1.69B 65.8% | $1.52B 62.8% | $1.45B 62.0% | $1.26B 58.1% | $1.16B 56.2% | $1.11B 55.8% | $1.00B 52.3% | $930.8M 50.2% | $889.0M 51.1% |
| Operating Income | $831.1M 30.5% | $876.0M 34.2% | $899.1M 37.2% | $884.3M 38.0% | $907.5M 41.9% | $904.2M 43.8% | $881.8M 44.2% | $913.8M 47.7% | $923.9M 49.8% | $852.3M 48.9% |
| Pretax Income | $945.1M 34.7% | $972.1M 37.9% | $975.6M 40.4% | $928.3M 39.8% | $949.6M 43.8% | $970.8M 47.0% | $962.4M 48.2% | $978.9M 51.1% | $970.9M 52.3% | $896.7M 51.5% |
| Income Tax Expense | -$111.8M -4.1% | $126.4M 4.9% | $135.3M 5.6% | $131.4M 5.6% | $134.0M 6.2% | $124.2M 6.0% | $136.7M 6.9% | $157.6M 8.2% | $168.0M 9.1% | $171.8M 9.9% |
| Net Income | $1.06B 38.8% | $845.7M 33.0% | $840.3M 34.8% | $796.9M 34.2% | $815.6M 37.6% | $846.6M 41.0% | $825.7M 41.4% | $821.3M 42.9% | $802.9M 43.3% | $724.8M 41.6% |
| Per Share | ||||||||||
| EPS (Basic) | $9.85 | $7.65 | $7.19 | $6.37 | $6.13 | $6.03 | $5.48 | $5.24 | $4.93 | $4.26 |
| EPS (Diluted) | $9.62 | $7.46 | $7.10 | $6.31 | $6.08 | $5.96 | $5.43 | $5.15 | $4.82 | $4.18 |
| Weighted Avg Shares (Basic) | 107.3M | 110.6M | 116.9M | 125.2M | 133.1M | 140.5M | 150.6M | 156.6M | 162.7M | 170.2M |
| Weighted Avg Shares (Diluted) | 109.9M | 113.4M | 118.3M | 126.3M | 134.1M | 142.0M | 152.1M | 159.4M | 166.6M | 173.3M |
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.
How much the company owes, how it's trended, and how comfortably it's serviced.
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.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Ranked against 39 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| INTU | $80.6B | 18.3× | 13.8× | 3.8× | 13.9% | — | 21.3% | 24.0% | 17.1% | 0.5× | 1,694 |
| NTES | $79.9B | 83.2× | 13.4× | 5.0× | 11.6% | 64.3% | 30.9% | 21.7% | 21.7% | -1.2× | 446 |
| EA | $52.9B | 59.7× | 36.3× | 7.0× | 0.9% | 79.0% | 11.8% | 13.1% | 13.1% | -2.1× | 983 |
| VEEV | $48.8B | 55.5× | — | 15.3× | 16.3% | 75.5% | 28.4% | 12.6% | 12.6% | — | 1,032 |
| ADSK | $48.2B | 44.1× | 29.9× | 6.7× | 17.5% | 91.0% | 15.6% | 36.9% | 20.3% | 0.1× | 1,157 |
| XYZ | $46.2B | 36.6× | 22.6× | 1.9× | 0.3% | 42.8% | 5.4% | 5.9% | 4.4% | 0.3× | 1,057 |
| TWLO | $43.2B | — | 123.3× | 8.5× | 13.7% | 48.9% | 0.7% | 0.4% | 0.4% | 0.9× | 933 |
| CRWV | $42.9B | — | 25.4× | 8.4× | 168% | 71.7% | -22.7% | -35.0% | -4.7% | 7.6× | 960 |
| OKTA | $39.6B | 172.9× | — | 13.6× | 11.8% | 77.4% | 8.1% | 3.4% | 3.4% | -5.3× | 810 |
| TTWO | $37.5B | — | — | 5.6× | 18.2% | 57.2% | -4.5% | -8.5% | -4.9% | 10.3× | 1,092 |
| RBLX | $35.4B | — | — | 7.2× | 35.8% | 78.1% | -21.8% | -270% | -76.0% | — | 778 |
| MDB | $30.0B | — | — | 12.2× | 22.8% | 71.7% | -2.9% | -2.4% | -2.4% | — | 840 |
| PTC | $21.1B | 31.9× | 20.4× | 7.7× | 19.2% | 83.8% | 26.8% | 19.2% | 14.6% | 0.9× | 654 |
| U | $20.5B | — | — | 11.1× | 2.0% | 74.2% | -21.8% | -12.4% | -12.4% | — | 553 |
| NTNX | $19.7B | 14.1× | 55.0× | 6.9× | 12.4% | 86.8% | 52.8% | 214% | 214% | -2.3× | 552 |
| SSNC | $19.1B | 25.9× | 12.2× | 3.0× | 6.6% | 48.2% | 12.7% | 11.6% | 5.6% | 3.3× | 695 |
| DT | $18.6B | 119.4× | 66.5× | 9.2× | 18.8% | 81.6% | 8.1% | 6.2% | 6.2% | -4.2× | 575 |
| GEN | $14.3B | 15.2× | 8.5× | 2.9× | 27.1% | 78.5% | 19.5% | 37.3% | 9.0% | 3.0× | — |
| TYL | $14.2B | 48.2× | 27.8× | 6.1× | 9.1% | 46.5% | 13.5% | 8.5% | 7.3% | -0.8× | 737 |
| CHKP | $13.8B | 14.0× | 14.0× | 5.1× | 6.3% | 86.7% | 38.8% | 36.7% | 36.7% | -2.1× | 623 |
| GWRE | $13.6B | 101.7× | 83.3× | 9.2× | 22.7% | 64.2% | 9.4% | 11.7% | 11.7% | -2.4× | 532 |
| DOCU | $13.5B | 48.9× | 31.1× | 4.2× | 8.2% | 79.4% | 9.6% | 16.1% | 16.1% | -1.4× | 652 |
| MANH | $13.0B | 61.9× | — | 12.0× | 3.7% | 56.3% | 20.3% | 69.9% | 69.9% | — | 485 |
| FROG | $12.2B | — | — | 23.0× | 24.1% | 76.8% | -13.5% | -8.1% | -8.1% | — | 391 |
| FIG | $11.6B | — | — | 11.0× | 41.0% | 82.4% | -118% | -82.8% | -82.8% | — | 371 |
Peers = companies sharing CHKP's sector (Services-Prepackaged Software) 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.
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 2026-10-14
Earns 36.4pts above its cost of capital, but margins are compressing.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 88.4% | 48.9% | 41.6% |
| FY2017 | 88.5% | 49.8% | 43.3% |
| FY2018 | 89.5% | 47.7% | 42.9% |
| FY2019 | 89.2% | 44.2% | 41.4% |
| FY2020 | 89.0% | 43.8% | 41.0% |
| FY2021 | 88.1% | 41.9% | 37.6% |
| FY2022 | 86.9% | 38.0% | 34.2% |
| FY2023 | 88.3% | 37.2% | 34.8% |
| FY2024 | 87.6% | 34.2% | 33.0% |
| FY2025 | 86.7% | 30.5% | 38.8% |
Margins have compressed 6 years running even as the spread stayed positive.
Where each multiple sits in its own 14-yr range · 18th 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 37% against ROIC 37% — 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
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 | 10.5 | 10.8 | 11.0 | 11.9 | 13.1 | 11.7 | 12.4 | 13.3 |
| R&D | 11.0 | 12.0 | 12.2 | 13.5 | 15.0 | 15.3 | 15.4 | 16.8 |
| SG&A | 4.6 | 5.3 | 5.4 | 5.1 | 5.0 | 4.8 | 4.4 | 4.7 |
| Operating Income | 47.7 | 44.2 | 43.8 | 41.9 | 38.0 | 37.2 | 34.2 | 30.5 |
| Income Tax | 8.2 | 6.9 | 6.0 | 6.2 | 5.6 | 5.6 | 4.9 | -4.1 |
| Net Income | 42.9 | 41.4 | 41.0 | 37.6 | 34.2 | 34.8 | 33.0 | 38.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CHKP: 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.
Return on equity (37%) and return on invested capital (37%) 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.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 25.2% | 8.2% (today's — no rate published for this year) | 16.9pts |
| FY2020 | 26.4% | 8.2% (today's — no rate published for this year) | 18.2pts |
| FY2021 | 28.5% | 8.2% (today's — no rate published for this year) | 20.2pts |
| FY2022 | 30.2% | 8.2% (today's — no rate published for this year) | 22.0pts |
| FY2023 | 36.2% | 8.2% (today's — no rate published for this year) | 28.0pts |
| FY2024 | 35.2% | 8.2% (today's — no rate published for this year) | 27.0pts |
| FY2025 | 67.4% | 8.2% (today's — no rate published for this year) | 59.2pts |
| Now | 36.7% | 8.2% | 28.5pts |
Converts 1.27x of reported profit into free cash flow over 5 years, with accruals negative.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.06B | $1.06B |
| Share-based comp | $206M | $1.26B |
| Other non-cash & working capital | −$63M | $1.20B |
| Operating cash flow | $1.20B | $1.20B |
| Capex | −$27M | $1.17B |
| Free cash flow | $1.17B | $1.17B |
| FCF after SBC | $967M | $967M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 3.5% | 9.1% | 5.6 points |
| FY2021 | 4.9% | 10.5% | 5.6 points |
| FY2022 | 7.5% | 7.8% | 0.2 points |
| FY2023 | 3.6% | 2.1% | -1.5 points |
| FY2024 | 6.2% | 10.8% | 4.6 points |
| FY2025 | 6.3% | 5.5% | -0.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 90.7 days | not reported | 26.9 days | 63.8 days |
| FY2020 | 95.6 days | not reported | 28.2 days | 67.4 days |
| FY2021 | 100.7 days | not reported | 13.9 days | 86.8 days |
| FY2022 | 100.9 days | not reported | 35.5 days | 65.4 days |
| FY2023 | 99.4 days | not reported | 62.4 days | 37 days |
| FY2024 | 103.7 days | not reported | 62.6 days | 41.1 days |
| FY2025 | 103 days | not reported | 27.8 days | 75.2 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.8 percent |
| FY2020 | -5.4 percent |
| FY2021 | -6.6 percent |
| FY2022 | -5.3 percent |
| FY2023 | -3.5 percent |
| FY2024 | -3.6 percent |
| FY2025 | -1.8 percent |
Reported free cash flow is $1.17B; after share-based compensation it is $967M. The difference is a real cost that the cash flow statement adds back.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
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: interest_expense.
At $134.99, free cash flow must compound -1.42%/yr for 10 years. It has done -0.08%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 5.9% | −1.4% |
| FY2021 | 3.7% | −1.4% |
| FY2022 | −11.5% | −1.4% |
| FY2023 | −7.5% | −1.4% |
| FY2024 | 0.5% | −1.4% |
| FY2025 | 10.1% | −1.4% |
This is solved on free cash flow AFTER stock compensation ($907M against $1.07B before it). On the unadjusted figure the requirement would be -3.64%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
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.