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Held by 844 of 6,047 reporting institutions (98th 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.
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 $356.53 today, the market must believe free cash flow compounds 45.3%/yr for a decade (off $320.8M on the 3-yr avg basis).
On the basis ($259.9M) the requirement is 48.7%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 45.3% is more conservative than its 3-yr track record.
Default is 14.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.13B shares (market data) · net debt $180.9M
mean 66.3% · volatility σ 27% · implied rate exceeded in 3/3 yrs
Central path = implied 45.3%/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.
Ranked against 26 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NVDA | $5.57T | 47.0× | 41.8× | 25.8× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | -0.0× | 5,775 |
| AVGO | $1.72T | 75.5× | 67.8× | 26.9× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 1.9× | 4,645 |
| MU | $1.17T | 136.5× | 64.7× | 31.3× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.1× | 3,808 |
| AMD | $1.01T | 234.2× | — | 29.3× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | -0.6× | 3,909 |
| INTC | $562.7B | — | 69.6× | 10.7× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 3.8× | 3,481 |
| AMAT | $404.4B | 58.8× | 46.5× | 14.3× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | -0.1× | 3,408 |
| ARM | $294.0B | 323.9× | — | 59.8× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | -2.4× | 957 |
| TXN | $263.2B | 52.9× | 34.5× | 14.9× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.4× | 2,767 |
| MRVL | $246.8B | 89.5× | 161.0× | 30.1× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 1.2× | 2,168 |
| APH | $210.4B | 25.5× | 31.6× | 9.1× | 51.7% | 36.9% | 18.5% | 31.8% | 14.8% | 0.6× | 2,245 |
| ADI | $196.7B | 89.0× | 60.7× | 17.9× | 16.9% | 61.5% | 20.6% | 6.7% | 5.3% | 1.8× | 2,212 |
| VRT | $93.8B | 71.5× | 44.4× | 9.2× | 27.7% | 36.3% | 13.0% | 33.8% | 19.4% | 0.6× | 1,986 |
| MPWR | $67.3B | 106.5× | 84.8× | 24.1× | 26.4% | 55.2% | 22.3% | 17.6% | 17.6% | -1.4× | 1,194 |
| ALAB | $60.2B | 284.5× | — | 70.6× | 115% | 75.7% | 25.7% | 16.1% | 16.1% | — | 965 |
| NXPI | $58.3B | 29.1× | 17.3× | 4.8× | -2.7% | 54.7% | 16.5% | 20.1% | 9.1% | 2.3× | 1,210 |
| STM | $47.2B | 292.8× | 24.1× | 4.0× | -11.1% | 33.9% | 1.4% | 0.9% | 0.8% | -0.4× | 594 |
| CLS | $45.0B | 49.8× | 37.1× | 3.6× | 28.5% | 12.1% | 6.7% | 37.6% | 27.8% | 0.1× | 844 |
| FLEX | $42.4B | 49.2× | 24.0× | 1.5× | 8.1% | 9.2% | 3.2% | 17.1% | 9.9% | 0.8× | 1,057 |
| MCHP | $41.0B | 343.3× | 39.2× | 8.7× | 7.1% | 57.7% | 4.9% | 3.6% | 1.9% | 4.5× | 1,254 |
| CRDO | $39.8B | 84.4× | 80.6× | 29.8× | 206% | 68.0% | 35.4% | 22.9% | 22.9% | -2.4× | 945 |
| JBL | $31.3B | 50.5× | 17.4× | 1.1× | 3.2% | 8.9% | 2.2% | 43.4% | 14.9% | 0.5× | 1,081 |
| ON | $30.9B | 273.8× | 41.2× | 5.2× | -15.3% | 33.1% | 2.0% | 1.6% | 1.1% | 1.1× | 969 |
| Q | $26.5B | 38.4× | 22.4× | 5.6× | 9.7% | 46.2% | 15.3% | 10.3% | 6.5% | 2.4× | 1,273 |
| TSEM | $25.9B | 117.9× | 51.9× | 16.5× | 9.1% | 23.2% | 14.1% | 7.6% | 7.2% | -0.1× | 424 |
| HUBB | $25.1B | 28.7× | 19.1× | 4.3× | 3.8% | 35.3% | 15.2% | 23.1% | 14.4% | 1.3× | 974 |
Peers = companies sharing CLS's sector (Printed Circuit Boards) 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
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $153.4M buybacks = $153.4M returned on $458.3M 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).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 28%. 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~6.8% on $776.5M of debt.
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.
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 | $12.39B 100.0% | $9.65B 100.0% | $7.96B 100.0% | $7.25B 100.0% | — | — | — | — | — | — |
| Cost of Revenue | $10.90B 87.9% | $8.61B 89.3% | $7.21B 90.5% | $6.60B 91.0% | $5.15B | $5.31B | $5.50B | $6.20B | $5.72B | $5.62B |
| Gross Profit | $1.49B 12.1% | $1.03B 10.7% | $754.1M 9.5% | $649.7M 9.0% | $487.0M | $437.6M | $384.7M | $430.5M | $418.5M | $429.6M |
| Research & Development | $118.2M 1.0% | $78.0M 0.8% | $60.9M 0.8% | $46.3M 0.6% | $38.4M | $29.9M | $28.4M | $28.8M | $26.2M | $24.9M |
| Selling, General & Admin | $259.9M 2.1% | $293.5M 3.0% | $303.2M 3.8% | $267.3M 3.7% | $245.1M | $230.7M | $227.3M | $219.0M | $203.2M | $211.1M |
| Operating Income | $1.04B 8.4% | $599.3M 6.2% | $338.3M 4.2% | $289.3M 4.0% | — | — | — | — | — | — |
| Interest Expense | $52.6M 0.4% | $52.1M 0.5% | $78.9M 1.0% | $51.7M 0.7% | — | — | — | — | — | — |
| Other Income (Expense), net | -$4.9M -0.0% | -$15.0M -0.2% | $46.6M 0.6% | $1.5M 0.0% | — | — | — | — | — | — |
| Pretax Income | $983.2M 7.9% | $532.2M 5.5% | $306.0M 3.8% | $239.1M 3.3% | — | — | — | — | — | — |
| Income Tax Expense | $150.7M 1.2% | $104.2M 1.1% | $61.6M 0.8% | $59.0M 0.8% | — | — | — | — | — | — |
| Net Income | $832.5M 6.7% | $428.0M 4.4% | $244.4M 3.1% | $180.1M 2.5% | — | — | — | — | — | — |
| Per Share | ||||||||||
| EPS (Basic) | $7.22 | $3.62 | $2.03 | $1.46 | — | — | — | — | — | — |
| EPS (Diluted) | $7.16 | $3.61 | $2.03 | $1.46 | — | — | — | — | — | — |
| Weighted Avg Shares (Basic) | 115.3M | 118.1M | 120.1M | 123.5M | — | — | — | — | — | — |
| Weighted Avg Shares (Diluted) | 116.2M | 118.7M | 120.3M | 123.6M | — | — | — | — | — | — |
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.
EOD close · as of 2026-10-08
Where each multiple sits in its own 10-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 10-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 38% against ROIC 28% — 10% 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 40.5% — 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
High operating leverage: profit moved 2.6× 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 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | — | — | — | — | 91.0 | 90.5 | 89.3 | 87.9 |
| Gross Profit | — | — | — | — | 9.0 | 9.5 | 10.7 | 12.1 |
| R&D | — | — | — | — | 0.6 | 0.8 | 0.8 | 1.0 |
| SG&A | — | — | — | — | 3.7 | 3.8 | 3.0 | 2.1 |
| Operating Income | — | — | — | — | 4.0 | 4.2 | 6.2 | 8.4 |
| Income Tax | — | — | — | — | 0.8 | 0.8 | 1.1 | 1.2 |
| Net Income | — | — | — | — | 2.5 | 3.1 | 4.4 | 6.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CLS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 14.96pts above its cost of capital, positive in 4 of the last 4 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2022 | 16.2% | 14.4% (today's — no rate published for this year) | 1.8pts |
| FY2023 | 11.8% | 10.1% | 1.7pts |
| FY2024 | 18.8% | 14.0% | 4.8pts |
| FY2025 | 30.5% | 14.5% | 16.0pts |
| Now | 27.8% | 14.4% | 13.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2022 | 9.0% | 4.0% | 2.5% |
| FY2023 | 9.5% | 4.2% | 3.1% |
| FY2024 | 10.7% | 6.2% | 4.4% |
| FY2025 | 12.1% | 8.4% | 6.7% |
Leverage and buybacks account for 10 points of the 38% return on equity in FY2025. The business earns 28% 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.
$333M of goodwill — 12% 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.
The spread was positive in only 4 of the last 4 years.
Cash conversion of 0.66x sits below the level that would make the earnings clearly cash-backed.
Reported free cash flow is $458M; after share-based compensation it is $388M. The difference is a real cost that the cash flow statement adds back.
Covers interest 13.8x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 19.79x |
| 5% | 18.80x |
| 10% | 17.81x |
| 15% | 16.82x |
| 20% | 15.83x |
| 25% | 14.84x |
| 30% | 13.85x |
| 35% | 12.86x |
| 40% | 11.87x |
| 45% | 10.88x |
| 50% | 9.89x |
| 55% | 8.90x |
| 60% | 7.91x |
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 $356.53, free cash flow must compound 45.39%/yr for 10 years. It has done 64.96%/yr over 3 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2023 | 97.0% | 45.4% |
| FY2024 | 50.7% | 45.4% |
| FY2025 | 51.3% | 45.4% |
The implied rate has been matched or beaten in 3 of the last 3 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $833M | $833M |
| Share-based comp | $70M | $902M |
| Other non-cash & working capital | −$243M | $660M |
| Operating cash flow | $660M | $660M |
| Capex | −$201M | $458M |
| Free cash flow | $458M | $458M |
| FCF after SBC | $389M | $389M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2023 | 9.8% | not reported | not reported |
| FY2024 | 21.2% | not reported | not reported |
| FY2025 | 28.5% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | not reported |
| FY2020 | not reported |
| FY2021 | not reported |
| FY2022 | -0.6 percent |
| FY2023 | -1.4 percent |
| FY2024 | -0.8 percent |
| FY2025 | 2.4 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.
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.