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Held by 2,037 of 6,047 reporting institutions (100th 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 $523.37 today, the market must believe free cash flow compounds 18.7%/yr for a decade (off $1.81B on the 3-yr avg basis).
On the basis ($1.72B) the requirement is 19.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 18.7% is more optimistic than its 9-yr track record.
Default is 11.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.14B shares (market data) · net debt -$2.75B
mean 91.5% · volatility σ 259% · implied rate exceeded in 4/9 yrs
Central path = implied 18.7%/yr growth; shaded band = ±1σ (259%) 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.
The dividend is comfortably covered — only 44% of free cash flow, leaving room to grow it and fund buybacks. Last year: $1.05B dividends + $0 buybacks = $1.05B returned on $2.39B FCF.
9 consecutive years of dividend increases · 7%/yr.
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 balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 24%. 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 $2.85B (at 2025-12-31) covers all $2.25B of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~350.0% on $94.0M of debt.
Cash of $2.85B fully covers short-term debt of $94.0M.
Mostly short-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 2026-10-05
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 | $33.67B 100.0% | $34.10B 100.0% | $34.06B 100.0% | $28.07B 100.0% | $24.02B 100.0% | $19.81B 100.0% | $23.57B 100.0% | $23.77B 100.0% | $20.43B 100.0% | $17.51B 100.0% |
| Cost of Revenue | $25.15B 74.7% | $25.66B 75.3% | $25.82B 75.8% | $21.36B 76.1% | $18.33B 76.3% | $14.92B 75.3% | $17.59B 74.6% | $18.03B 75.9% | $15.33B 75.0% | $13.05B 74.5% |
| Gross Profit | $8.52B 25.3% | $8.44B 24.7% | $8.25B 24.2% | $6.72B 23.9% | $5.70B 23.7% | $4.89B 24.7% | $5.98B 25.4% | $5.74B 24.1% | $5.10B 25.0% | $4.46B 25.5% |
| Research & Development | $1.40B 4.1% | $1.46B 4.3% | $1.50B 4.4% | $1.28B 4.6% | $1.09B 4.5% | $906.0M 4.6% | $1.00B 4.2% | $902.0M 3.8% | $754.0M 3.7% | $637.0M 3.6% |
| Selling, General & Admin | $3.13B 9.3% | $3.27B 9.6% | $3.33B 9.8% | $2.69B 9.6% | $2.37B 9.9% | $2.13B 10.7% | $2.45B 10.4% | $2.44B 10.3% | $2.43B 11.9% | $2.10B 12.0% |
| Operating Income | $4.03B 12.0% | $3.75B 11.0% | $1.76B 5.2% | $2.93B 10.4% | $2.71B 11.3% | $2.27B 11.5% | $2.70B 11.5% | $2.79B 11.7% | $2.33B 11.4% | $1.88B 10.7% |
| Interest Expense | $329.0M 1.0% | $370.0M 1.1% | $375.0M 1.1% | $199.0M 0.7% | $111.0M 0.5% | $100.0M 0.5% | $109.0M 0.5% | $114.0M 0.5% | $81.0M 0.4% | $69.0M 0.4% |
| Interest & Investment Income | — | — | — | — | — | $21.0M 0.1% | $46.0M 0.2% | $35.0M 0.1% | $18.0M 0.1% | $23.0M 0.1% |
| Other Income (Expense), net | $267.0M 0.8% | $1.52B 4.5% | $240.0M 0.7% | $89.0M 0.3% | $156.0M 0.6% | $169.0M 0.9% | $243.0M 1.0% | $81.0M 0.3% | $94.0M 0.5% | $96.0M 0.5% |
| Pretax Income | $3.96B 11.8% | $4.90B 14.4% | $1.63B 4.8% | $2.82B 10.0% | $2.75B 11.5% | $2.34B 11.8% | $2.83B 12.0% | $2.75B 11.6% | $2.37B 11.6% | $1.93B 11.0% |
| Income Tax Expense | $1.01B 3.0% | $835.0M 2.4% | $786.0M 2.3% | $636.0M 2.3% | $587.0M 2.4% | $527.0M 2.7% | $566.0M 2.4% | $566.0M 2.4% | $1.37B 6.7% | $474.0M 2.7% |
| Net Income | $2.96B 8.8% | $4.07B 11.9% | $840.0M 2.5% | $2.18B 7.8% | $2.16B 9.0% | $1.81B 9.1% | $2.27B 9.6% | $2.19B 9.2% | $994.0M 4.9% | $1.46B 8.3% |
| Per Share | ||||||||||
| EPS (Basic) | $20.62 | $28.55 | $5.19 | $15.20 | $14.74 | $12.07 | $14.54 | $13.20 | $5.99 | $8.25 |
| EPS (Diluted) | $20.50 | $28.37 | $5.15 | $15.12 | $14.61 | $12.01 | $14.48 | $13.15 | $5.97 | $8.23 |
| Weighted Avg Shares (Basic) | 137.9M | 138.2M | 141.7M | 141.5M | 144.6M | 148.2M | 155.4M | 162.2M | 166.7M | 169.0M |
| Weighted Avg Shares (Diluted) | 138.7M | 139.1M | 142.7M | 142.3M | 145.9M | 149.0M | 156.1M | 162.8M | 167.3M | 169.3M |
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.
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 35 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AAPL | $4.87T | 44.7× | 34.0× | 11.7× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.4× | 5,963 |
| CSCO | $442.4B | 33.7× | 28.9× | 7.0× | 11.8% | 64.5% | 21.0% | 26.4% | 16.6% | 1.4× | 3,939 |
| LRCX | $434.9B | 60.3× | 50.4× | 18.7× | 26.0% | 50.5% | 31.3% | 58.3% | 44.9% | -0.2× | 3,011 |
| CAT | $388.6B | 45.0× | 30.9× | 5.8× | 4.3% | 33.8% | 13.1% | 41.7% | 15.4% | 2.0× | 3,960 |
| DELL | $357.7B | 64.8× | 33.8× | 3.1× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 1.8× | 2,058 |
| PANW | $329.9B | — | — | 28.7× | 24.5% | 70.4% | 2.7% | 1.1% | 1.1% | -1.6× | 2,859 |
| ANET | $261.5B | 75.4× | 66.1× | 29.0× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | -0.5× | 2,177 |
| SNDK | $251.8B | 23.3× | 19.7× | 12.4× | 175% | 71.5% | 56.5% | 72.7% | 72.7% | -0.4× | 1,763 |
| IBM | $209.8B | 19.9× | 20.8× | 3.1× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | 3.9× | 3,544 |
| STX | $193.1B | 61.1× | 44.6× | 15.8× | 34.1% | 45.6% | 26.1% | 147% | 55.5% | 0.4× | 1,888 |
| DE | $185.2B | 37.1× | — | 4.0× | -11.7% | — | 11.0% | 19.4% | 12.6% | — | 2,592 |
| ETN | $169.4B | 41.7× | 29.9× | 6.2× | 10.3% | 37.6% | 14.9% | 21.0% | 13.9% | 1.6× | 2,576 |
| WDC | $149.7B | 17.1× | 31.1× | 11.6× | 35.7% | 48.9% | 72.9% | 106% | 85.9% | 0.1× | 1,791 |
| FTNT | $132.8B | 74.8× | 58.7× | 19.5× | 14.2% | 80.5% | 27.3% | 150% | 83.0% | -0.7× | 1,531 |
| JCI | $94.6B | 31.1× | — | 4.0× | 2.8% | 36.4% | 13.9% | 25.5% | 14.4% | — | 1,547 |
| HPE | $92.0B | — | 47.2× | 2.7× | 13.8% | — | 0.2% | 0.2% | 0.1% | 7.2× | 1,400 |
| ITW | $74.9B | 25.1× | 18.3× | 4.7× | 0.9% | 52.9% | 19.1% | 95.0% | 25.1% | 1.8× | 1,915 |
| CMI | $72.7B | 25.8× | 13.6× | 2.2× | -1.3% | 25.3% | 8.8% | 23.9% | 23.8% | -0.5× | 2,037 |
| P | $46.7B | 254.8× | 182.2× | 12.8× | 15.6% | 70.4% | 5.1% | 13.0% | 13.0% | -3.4× | — |
| CARR | $45.4B | 32.0× | 16.2× | 2.1× | -3.3% | — | 6.8% | 10.5% | 5.7% | 3.0× | 1,591 |
| NTAP | $44.4B | 35.6× | 24.2× | 7.1× | 5.6% | 78.5% | 20.5% | 94.4% | 33.2% | 0.2× | 931 |
| IR | $29.5B | 52.5× | 20.0× | 3.9× | 5.7% | 43.6% | 7.6% | 5.8% | 3.9% | 2.1× | 868 |
| HPQ | $29.0B | 12.1× | 8.5× | 0.5× | 3.2% | 20.6% | 4.6% | -731% | 27.1% | 1.5× | 1,047 |
| SMCI | $28.7B | 13.4× | 8.9× | 0.7× | 77.8% | 10.8% | 5.7% | 15.4% | 12.0% | -1.2× | 771 |
| NVT | $27.4B | 39.3× | 42.8× | 7.0× | 29.5% | 37.7% | 18.2% | 19.0% | 13.4% | 2.3× | 934 |
Peers = companies sharing CMI's sector (Engines & Turbines) 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.
EOD close · as of 2026-10-05
Where each multiple sits in its own 14-yr range · 98th 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 24% against ROIC 24% — 0% 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 26.1% — 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 | 75.9 | 74.6 | 75.3 | 76.3 | 76.1 | 75.8 | 75.3 | 74.7 |
| Gross Profit | 24.1 | 25.4 | 24.7 | 23.7 | 23.9 | 24.2 | 24.7 | 25.3 |
| R&D | 3.8 | 4.2 | 4.6 | 4.5 | 4.6 | 4.4 | 4.3 | 4.1 |
| SG&A | 10.3 | 10.4 | 10.7 | 9.9 | 9.6 | 9.8 | 9.6 | 9.3 |
| Operating Income | 11.7 | 11.5 | 11.5 | 11.3 | 10.4 | 5.2 | 11.0 | 12.0 |
| Income Tax | 2.4 | 2.4 | 2.7 | 2.4 | 2.3 | 2.3 | 2.4 | 3.0 |
| Net Income | 9.2 | 9.6 | 9.1 | 9.0 | 7.8 | 2.5 | 11.9 | 8.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CMI: 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 14.5pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 25.6% | 11.0% (today's — no rate published for this year) | 14.6pts |
| FY2020 | 28.5% | 11.0% (today's — no rate published for this year) | 17.5pts |
| FY2021 | 28.9% | 6.3% | 22.6pts |
| FY2022 | 23.9% | 8.2% | 15.7pts |
| FY2023 | 15.4% | 9.0% | 6.5pts |
| FY2024 | 25.1% | 10.1% | 15.0pts |
| FY2025 | 26.0% | 9.7% | 16.4pts |
| Now | 23.8% | 11.0% | 12.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 25.5% | 10.7% | 8.3% |
| FY2017 | 25.0% | 11.4% | 4.9% |
| FY2018 | 24.1% | 11.7% | 9.2% |
| FY2019 | 25.4% | 11.5% | 9.6% |
| FY2020 | 24.7% | 11.5% | 9.1% |
| FY2021 | 23.7% | 11.3% | 9.0% |
| FY2022 | 23.9% | 10.4% | 7.8% |
| FY2023 | 24.2% | 5.2% | 2.5% |
| FY2024 | 24.7% | 11.0% | 11.9% |
| FY2025 | 25.3% | 12.0% | 8.8% |
Return on equity (24%) and return on invested capital (24%) 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.
$2.2B of goodwill — 20% 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 31.93% against 25.51% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.07x of reported profit into free cash flow over 5 years, with accruals negative.
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 8.6x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 12.23x |
| 5% | 11.62x |
| 10% | 11.01x |
| 15% | 10.40x |
| 20% | 9.79x |
| 25% | 9.18x |
| 30% | 8.56x |
| 35% | 7.95x |
| 40% | 7.34x |
| 45% | 6.73x |
| 50% | 6.12x |
| 55% | 5.51x |
| 60% | 4.89x |
Ladder as of 2026-06-30 (10-Q); 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.
Operating leases are $562,000,000 of the $656,000,000 total — a fixed obligation that does not appear in a headline debt figure.
At $528.32, free cash flow must compound 18.97%/yr for 10 years. It has done -0.65%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −11.6% | 19.0% |
| FY2021 | −30.6% | 19.0% |
| FY2022 | −31.3% | 19.0% |
| FY2023 | 163.2% | 19.0% |
| FY2024 | −89.9% | 19.0% |
| FY2025 | 755.2% | 19.0% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.96B | $2.96B |
| Share-based comp | $93M | $3.05B |
| Other non-cash & working capital | $571M | $3.62B |
| Operating cash flow | $3.62B | $3.62B |
| Capex | −$1.24B | $2.39B |
| Free cash flow | $2.39B | $2.39B |
| FCF after SBC | $2.29B | $2.29B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -15.9% | 1.6% | 17.5 points |
| FY2021 | 21.3% | 3.6% | -17.6 points |
| FY2022 | 16.9% | 45.9% | 29.1 points |
| FY2023 | 21.3% | 7.3% | -14.0 points |
| FY2024 | 0.1% | -7.2% | -7.3 points |
| FY2025 | -1.3% | 12.3% | 13.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 52.4 days | 72.3 days | 52.6 days | 72.2 days |
| FY2020 | 63.4 days | 83.8 days | 69 days | 78.2 days |
| FY2021 | 54.2 days | 86.7 days | 60.2 days | 80.7 days |
| FY2022 | 67.6 days | 95.8 days | 72.7 days | 90.7 days |
| FY2023 | 59.8 days | 80.3 days | 60.2 days | 79.9 days |
| FY2024 | 55.5 days | 81.7 days | 56.2 days | 80.9 days |
| FY2025 | 63.1 days | 84.5 days | 55.1 days | 92.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.6 percent |
| FY2020 | -4.0 percent |
| FY2021 | -0.4 percent |
| FY2022 | 0.7 percent |
| FY2023 | -9.8 percent |
| FY2024 | 8.2 percent |
| FY2025 | -1.9 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.