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Held by 1,958 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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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 $88.10 today, the market must believe free cash flow compounds 3.3%/yr for a decade (off $3.41B on the 3-yr avg basis).
On the basis ($3.27B) the requirement is 3.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 3.3% is in line with its 9-yr track record.
Default is 7.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.80B shares (market data) · net debt $6.70B
mean 6.8% · volatility σ 27% · implied rate exceeded in 5/9 yrs
Central path = implied 3.3%/yr growth; shaded band = ±1σ (27%) 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.
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.
No dividend to cover. Last year: $0 dividends + $1.21B buybacks = $1.21B returned on $3.63B 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: 27%. 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 $1.29B covers the $1.11B due within a year 1.2× 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).
Interest is easily covered by operating profit. Effective rate ~3.3% on $7.99B of debt.
Cash of $1.29B fully covers short-term debt of $1.11B.
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 2026-10-08
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 | $20.38B 100.0% | $20.10B 100.0% | $19.46B 100.0% | $17.97B 100.0% | $17.42B 100.0% | $16.47B 100.0% | $15.69B 100.0% | $15.54B 100.0% | $15.45B 100.0% | $15.20B 100.0% |
| Cost of Revenue | $8.13B 39.9% | $7.94B 39.5% | $8.13B 41.8% | $7.72B 43.0% | $7.05B 40.4% | $6.45B 39.2% | $6.37B 40.6% | $6.31B 40.6% | $6.17B 40.0% | $6.07B 40.0% |
| Gross Profit | $12.25B 60.1% | $12.16B 60.5% | $11.33B 58.2% | $10.25B 57.0% | $10.38B 59.6% | $10.02B 60.8% | $9.32B 59.4% | $9.23B 59.4% | $9.28B 60.0% | $9.12B 60.0% |
| Research & Development | $366.0M 1.8% | $355.0M 1.8% | $343.0M 1.8% | $320.0M 1.8% | $307.0M 1.8% | $290.0M 1.8% | $281.0M 1.8% | $277.0M 1.8% | $285.0M 1.8% | $289.0M 1.9% |
| Selling, General & Admin | $7.90B 38.8% | $7.73B 38.5% | $7.15B 36.8% | $6.57B 36.5% | $6.41B 36.8% | $6.02B 36.5% | $5.58B 35.5% | $5.39B 34.7% | $5.40B 34.9% | $5.14B 33.8% |
| Operating Income | $3.31B 16.2% | $4.27B 21.2% | $3.98B 20.5% | $2.89B 16.1% | $3.33B 19.1% | $3.88B 23.6% | $3.55B 22.6% | $3.69B 23.8% | $3.71B 24.0% | $3.96B 26.0% |
| Interest Expense | $267.0M 1.3% | $292.0M 1.5% | $287.0M 1.5% | $167.0M 0.9% | $120.0M 0.7% | $184.0M 1.1% | $193.0M 1.2% | $195.0M 1.3% | $156.0M 1.0% | $155.0M 1.0% |
| Interest & Investment Income | $75.0M 0.4% | $67.0M 0.3% | $55.0M 0.3% | $14.0M 0.1% | $17.0M 0.1% | $19.0M 0.1% | $47.0M 0.3% | $50.0M 0.3% | $51.0M 0.3% | $50.0M 0.3% |
| Pretax Income | $3.06B 15.0% | $3.96B 19.7% | $3.39B 17.4% | $2.66B 14.8% | $3.09B 17.7% | $3.65B 22.1% | $3.30B 21.0% | $3.46B 22.3% | $3.49B 22.6% | $3.74B 24.6% |
| Income Tax Expense | $798.0M 3.9% | $907.0M 4.5% | $937.0M 4.8% | $693.0M 3.9% | $749.0M 4.3% | $787.0M 4.8% | $774.0M 4.9% | $906.0M 5.8% | $1.31B 8.5% | $1.15B 7.6% |
| Net Income | $2.13B 10.5% | $2.89B 14.4% | $2.30B 11.8% | $1.78B 9.9% | $2.17B 12.4% | $2.69B 16.4% | $2.37B 15.1% | $2.40B 15.4% | $2.02B 13.1% | $2.44B 16.1% |
| Per Share | ||||||||||
| EPS (Basic) | $2.64 | $3.53 | $2.78 | $2.13 | $2.56 | $3.15 | $2.76 | $2.76 | $2.30 | $2.74 |
| EPS (Diluted) | $2.63 | $3.51 | $2.77 | $2.13 | $2.55 | $3.14 | $2.75 | $2.75 | $2.28 | $2.72 |
| Weighted Avg Shares (Basic) | 808.7M | 819.1M | 827.4M | 836.4M | 845.0M | 856.8M | 859.1M | 870.6M | 881.8M | 891.8M |
| Weighted Avg Shares (Diluted) | 811.1M | 823.2M | 829.2M | 838.8M | 848.3M | 859.3M | 861.1M | 873.0M | 887.8M | 898.4M |
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.
Ranked against 13 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PG | $349.8B | 22.8× | 16.8× | 4.0× | 3.3% | 50.2% | 18.4% | 29.5% | 18.1% | 1.5× | 3,918 |
| ECL | $79.0B | 38.7× | 25.4× | 4.9× | 2.2% | 44.5% | 12.9% | 21.2% | 11.5% | 2.2× | 1,647 |
| CL | $70.2B | 33.5× | 19.5× | 3.5× | 1.4% | 60.1% | 10.5% | — | 26.5% | 1.7× | 1,958 |
| EL | $34.2B | 188.6× | 22.0× | 2.3× | 5.0% | 75.5% | 1.2% | 4.8% | 4.2% | 0.3× | 807 |
| KVUE | $34.1B | 23.3× | 11.6× | 2.3× | -2.1% | 58.1% | 9.7% | 13.7% | 12.0% | 0.1× | 974 |
| CHD | $23.2B | 32.4× | 18.9× | 3.7× | 1.6% | 44.7% | 11.9% | 18.4% | 11.9% | 1.4× | 1,026 |
| CLX | $10.1B | 12.8× | — | 1.4× | 0.2% | 45.2% | 11.4% | 252% | 28.9% | — | 1,027 |
| ELF | $6.3B | 240.8× | 44.7× | 3.8× | 24.6% | 70.7% | 1.6% | 2.3% | 1.3% | 3.8× | 428 |
| IPAR | $3.6B | 21.3× | 12.5× | 2.4× | 2.5% | 63.6% | 11.3% | 19.1% | 16.6% | 0.4× | 304 |
| COTY | $2.5B | — | 13.3× | 0.4× | -1.5% | 62.9% | -10.4% | -20.2% | -10.0% | 7.2× | 308 |
| SCL | $1.4B | 29.8× | 9.2× | 0.6× | 7.0% | 11.6% | 2.0% | 3.8% | 2.5% | 2.4× | 223 |
| EPC | $1.3B | 52.3× | 14.3× | 0.6× | -1.3% | 41.6% | 1.1% | 1.6% | 0.9% | 7.5× | 215 |
| ODD | $902M | 10.9× | 3.9× | 1.1× | 25.2% | 72.7% | 13.7% | 27.9% | 27.9% | -3.1× | 138 |
| WALD | $121M | — | — | 0.4× | -0.7% | 67.3% | -84.4% | -49.7% | -38.4% | — | — |
Peers = companies sharing CL's sector (Perfumes, Cosmetics & Other Toilet Preparations) 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 2026-10-08
Where each multiple sits in its own 14-yr range · 88th 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 3948% against ROIC 27% — 3922% 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 1603.0% — 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 | 40.6 | 40.6 | 39.2 | 40.4 | 43.0 | 41.8 | 39.5 | 39.9 |
| Gross Profit | 59.4 | 59.4 | 60.8 | 59.6 | 57.0 | 58.2 | 60.5 | 60.1 |
| R&D | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 |
| SG&A | 34.7 | 35.5 | 36.5 | 36.8 | 36.5 | 36.8 | 38.5 | 38.8 |
| Operating Income | 23.8 | 22.6 | 23.6 | 19.1 | 16.1 | 20.5 | 21.2 | 16.2 |
| Income Tax | 5.8 | 4.9 | 4.8 | 4.3 | 3.9 | 4.8 | 4.5 | 3.9 |
| Net Income | 15.4 | 15.1 | 16.4 | 12.4 | 9.9 | 11.8 | 14.4 | 10.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CL: 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 26.55pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 34.0% | 7.3% (today's — no rate published for this year) | 26.7pts |
| FY2020 | 35.5% | 7.3% (today's — no rate published for this year) | 28.2pts |
| FY2021 | 31.3% | 4.6% | 26.7pts |
| FY2022 | 23.3% | 6.5% | 16.8pts |
| FY2023 | 33.8% | 6.5% | 27.3pts |
| FY2024 | 39.6% | 6.7% | 32.9pts |
| FY2025 | 31.9% | 6.4% | 25.5pts |
| Now | 26.5% | 7.3% | 19.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 60.0% | 26.0% | 16.1% |
| FY2017 | 60.0% | 24.0% | 13.1% |
| FY2018 | 59.4% | 23.8% | 15.4% |
| FY2019 | 59.4% | 22.6% | 15.1% |
| FY2020 | 60.8% | 23.6% | 16.4% |
| FY2021 | 59.6% | 19.1% | 12.4% |
| FY2022 | 57.0% | 16.1% | 9.9% |
| FY2023 | 58.2% | 20.5% | 11.8% |
| FY2024 | 60.5% | 21.2% | 14.4% |
| FY2025 | 60.1% | 16.2% | 10.5% |
Leverage and buybacks account for 3922 points of the 3948% return on equity in FY2025. The business earns 27% on the capital it employs; the rest is balance sheet.
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.
$3.1B of goodwill — 43% 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.
ROIC ex-goodwill is 59.15% against 33.9% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.31x of reported profit into cash — adequate, without much margin.
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.
Covers interest 8.7x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 12.38x |
| 5% | 11.76x |
| 10% | 11.14x |
| 15% | 10.52x |
| 20% | 9.91x |
| 25% | 9.29x |
| 30% | 8.67x |
| 35% | 8.05x |
| 40% | 7.43x |
| 45% | 6.81x |
| 50% | 6.19x |
| 55% | 5.57x |
| 60% | 4.95x |
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.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $88.10, free cash flow must compound 3.42%/yr for 10 years. It has done 4.45%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 18.3% | 3.4% |
| FY2021 | −16.7% | 3.4% |
| FY2022 | −32.6% | 3.4% |
| FY2023 | 63.4% | 3.4% |
| FY2024 | 16.6% | 3.4% |
| FY2025 | 2.5% | 3.4% |
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.13B | $2.13B |
| Share-based comp | $155M | $2.29B |
| Other non-cash & working capital | $1.91B | $4.20B |
| Operating cash flow | $4.20B | $4.20B |
| Capex | −$564M | $3.63B |
| Free cash flow | $3.63B | $3.63B |
| FCF after SBC | $3.48B | $3.48B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 5.0% | -12.2% | -17.2 points |
| FY2021 | 5.8% | 2.6% | -3.2 points |
| FY2022 | 3.1% | 16.0% | 12.8 points |
| FY2023 | 8.3% | 5.5% | -2.8 points |
| FY2024 | 3.3% | -4.1% | -7.4 points |
| FY2025 | 1.4% | 10.1% | 8.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 33.5 days | 80.2 days | 70.9 days | 42.8 days |
| FY2020 | 28 days | 94.6 days | 78.8 days | 43.8 days |
| FY2021 | 27.2 days | 87.6 days | 76.6 days | 38.2 days |
| FY2022 | 30.6 days | 98.1 days | 73.3 days | 55.3 days |
| FY2023 | 29.8 days | 86.8 days | 76.2 days | 40.3 days |
| FY2024 | 27.6 days | 91.3 days | 83 days | 36 days |
| FY2025 | 30 days | 91.2 days | 93.8 days | 27.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -5.1 percent |
| FY2020 | -6.4 percent |
| FY2021 | -7.7 percent |
| FY2022 | -4.9 percent |
| FY2023 | -8.8 percent |
| FY2024 | -7.6 percent |
| FY2025 | -12.7 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.