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Held by 651 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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $290.1M buybacks = $290.1M returned on $433.7M 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.
Modest payoff on reinvested capital. Current ROIC on all capital: 3%. 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 $95.9M covers the $0 due within a year 95900000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2021-10-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~4.0% on $2.50B of debt.
Cash of $110.6M fully covers short-term debt of $47.8M.
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 2026-10-09
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 | $4.09B 100.0% | $3.90B 100.0% | $3.59B 100.0% | $3.31B 100.0% | $2.92B 100.0% | $2.43B 100.0% | $2.65B 100.0% | $2.53B 100.0% | $2.14B 100.0% | $1.97B 100.0% |
| Cost of Revenue | $1.41B 34.5% | $1.30B 33.4% | $1.24B 34.4% | $1.17B 35.3% | $966.7M 33.1% | $896.1M 36.9% | $896.6M 33.8% | $900.5M 35.6% | $773.2M 36.1% | $793.7M 40.4% |
| Gross Profit | $2.68B 65.5% | $2.60B 66.6% | $2.36B 65.6% | $2.14B 64.7% | $1.96B 66.9% | $1.53B 63.1% | $1.76B 66.2% | $1.63B 64.4% | $1.37B 63.9% | $1.17B 59.6% |
| Research & Development | $172.2M 4.2% | $155.1M 4.0% | $137.4M 3.8% | $110.3M 3.3% | $92.7M 3.2% | $93.3M 3.8% | $86.7M 3.3% | $84.8M 3.3% | $69.2M 3.2% | $65.4M 3.3% |
| Selling, General & Admin | $1.63B 39.8% | $1.53B 39.4% | $1.50B 41.8% | $1.34B 40.6% | $1.21B 41.4% | $992.5M 40.8% | $996.2M 37.5% | $973.3M 38.4% | $799.1M 37.4% | $722.8M 36.8% |
| Operating Income | $682.9M 16.7% | $705.7M 18.1% | $533.1M 14.8% | $507.6M 15.3% | $505.8M 17.3% | $311.8M 12.8% | $546.7M 20.6% | $403.1M 15.9% | $429.1M 20.1% | $324.1M 16.5% |
| Interest Expense | $100.0M 2.4% | $114.3M 2.9% | $105.3M 2.9% | $57.3M 1.7% | $23.1M 0.8% | $36.8M 1.5% | $68.0M 2.6% | $82.7M 3.3% | $33.4M 1.6% | $26.2M 1.3% |
| Other Income (Expense), net | -$16.4M -0.4% | -$9.1M -0.2% | -$14.9M -0.4% | $25.0M 0.8% | $8.8M 0.3% | -$8.5M -0.3% | -$1.3M -0.0% | $11.5M 0.5% | -$1.7M -0.1% | -$2.3M -0.1% |
| Pretax Income | $566.5M 13.8% | $582.3M 14.9% | $412.9M 11.5% | $475.3M 14.4% | $491.5M 16.8% | $266.5M 11.0% | $477.4M 18.0% | $331.9M 13.1% | $394.0M 18.4% | $295.6M 15.0% |
| Income Tax Expense | $191.6M 4.7% | $190.0M 4.9% | $118.7M 3.3% | $89.5M 2.7% | -$2.45B -83.9% | $28.1M 1.2% | $10.7M 0.4% | $192.0M 7.6% | $21.1M 1.0% | $20.7M 1.1% |
| Net Income | $374.9M 9.2% | $392.3M 10.1% | $294.2M 8.2% | $385.8M 11.7% | $2.94B 100.8% | $238.4M 9.8% | $466.7M 17.6% | $139.9M 5.5% | $372.9M 17.4% | $273.9M 13.9% |
| Per Share | ||||||||||
| EPS (Basic) | $1.88 | $1.97 | $1.49 | $1.95 | $59.80 | $4.85 | $9.44 | $2.85 | $7.63 | $5.65 |
| EPS (Diluted) | $1.87 | $1.96 | $1.48 | $1.94 | $59.16 | $4.81 | $9.33 | $2.81 | $7.52 | $5.59 |
| Weighted Avg Shares (Basic) | 199.1M | 198.9M | 197.9M | 197.4M | 49.2M | 49.1M | 49.4M | 49.1M | 48.9M | 48.5M |
| Weighted Avg Shares (Diluted) | 200.0M | 200.4M | 199.3M | 198.8M | 49.8M | 49.6M | 50.0M | 49.7M | 49.6M | 49.0M |
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 $54.37 today, the market must believe free cash flow compounds 12.6%/yr for a decade (off $312.3M on the 3-yr avg basis).
On the basis ($243.0M) the requirement is 15.9%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 12.6% is more optimistic than its 9-yr track record.
Default is 8.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.19B shares (market data) · net debt $2.39B
mean 19.9% · volatility σ 76% · implied rate exceeded in 4/9 yrs
Central path = implied 12.6%/yr growth; shaded band = ±1σ (76%) 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
EOD close · as of 2026-10-09
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 5% against ROIC 3% — 1% 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 | 35.6 | 33.8 | 36.9 | 33.1 | 35.3 | 34.4 | 33.4 | 34.5 |
| Gross Profit | 64.4 | 66.2 | 63.1 | 66.9 | 64.7 | 65.6 | 66.6 | 65.5 |
| R&D | 3.3 | 3.3 | 3.8 | 3.2 | 3.3 | 3.8 | 4.0 | 4.2 |
| SG&A | 38.4 | 37.5 | 40.8 | 41.4 | 40.6 | 41.8 | 39.4 | 39.8 |
| Operating Income | 15.9 | 20.6 | 12.8 | 17.3 | 15.3 | 14.8 | 18.1 | 16.7 |
| Income Tax | 7.6 | 0.4 | 1.2 | -83.9 | 2.7 | 3.3 | 4.9 | 4.7 |
| Net Income | 5.5 | 17.6 | 9.8 | 100.8 | 11.7 | 8.2 | 10.1 | 9.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on COO: 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.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FTV | $17.3B | 33.1× | 17.4× | 4.2× | 1.9% | 63.5% | 13.9% | 9.0% | 6.0% | 2.4× | 780 |
| RVTY | $17.2B | 74.5× | 25.6× | 6.0× | 3.7% | — | 8.4% | 3.3% | 2.3% | 3.0× | 521 |
| ZBH | $17.0B | 25.1× | 10.9× | 2.1× | 7.2% | 69.7% | 8.6% | 5.6% | 3.5% | 3.2× | 876 |
| SOLV | $14.9B | 9.8× | 7.1× | 1.8× | 0.9% | 53.5% | 18.7% | 30.8% | 15.4% | 1.6× | 853 |
| ONTO | $14.5B | 106.0× | 91.6× | 14.4× | 1.8% | 49.7% | 13.6% | 6.5% | 6.5% | -2.3× | 656 |
| TRMB | $14.0B | 34.1× | 19.1× | 3.9× | -2.6% | 69.1% | 11.8% | 7.3% | 5.9% | 1.4× | 680 |
| NXT | $13.1B | 22.4× | 16.4× | 3.7× | 20.3% | 32.6% | 16.5% | 25.1% | 25.1% | -1.5× | 695 |
| BAX | $12.6B | — | 29.8× | 1.1× | 5.7% | 30.1% | -8.5% | -15.6% | -6.1% | 11.1× | 675 |
| PEN | $12.6B | 70.7× | 60.0× | 9.0× | 17.5% | 67.1% | 12.7% | 12.4% | 12.4% | -0.9× | 440 |
| NVMI | $11.2B | 44.4× | 41.3× | 12.8× | 31.0% | 57.4% | 29.4% | 19.7% | 19.7% | -0.8× | 334 |
| AVTR | $10.6B | — | — | 1.6× | -3.4% | 32.7% | -8.1% | -9.5% | -5.6% | — | 438 |
| CGNX | $10.6B | 92.5× | 56.5× | 10.6× | 8.7% | 66.9% | 11.5% | 7.7% | 7.7% | -1.4× | 624 |
| TXG | $10.5B | — | — | 16.4× | 5.2% | 69.1% | -6.8% | -5.5% | -5.5% | — | 377 |
| COO | $10.3B | 29.1× | 12.0× | 2.5× | 5.1% | 65.5% | 9.2% | 4.6% | 3.5% | 2.3× | 651 |
| ALGN | $10.1B | 25.3× | 11.6× | 2.5× | 0.9% | 67.2% | 10.2% | 10.1% | 10.1% | -1.4× | 650 |
| GMED | $10.0B | 19.0× | 12.6× | 3.4× | 16.7% | 67.4% | 18.3% | 11.8% | 11.8% | -0.7× | 581 |
| BIO | $9.8B | 13.2× | 49.2× | 3.8× | 0.7% | 51.9% | 29.4% | 10.2% | 8.8% | 3.2× | — |
| GKOS | $9.8B | — | — | 19.3× | 32.3% | 55.7% | -37.0% | -28.6% | -28.6% | — | 346 |
| DRS | $9.7B | 35.2× | 21.3× | 2.6× | 12.8% | 23.8% | 7.6% | 10.2% | 9.0% | -0.7× | 374 |
| PODD | $9.4B | 38.9× | 16.7× | 3.5× | 30.7% | 71.6% | 9.1% | 16.3% | 16.1% | 0.0× | 708 |
| BRKR | $9.0B | — | 36.5× | 2.6× | 2.1% | 45.9% | -0.3% | -0.4% | -0.2% | 5.4× | — |
| RAL | $8.1B | — | — | 3.9× | -4.0% | 50.3% | -59.1% | -74.8% | -43.9% | — | 525 |
| CAMT | $7.1B | 146.9× | 49.7× | 14.4× | 15.6% | 50.5% | 10.2% | 8.2% | 8.2% | -1.3× | 232 |
| MSA | $7.0B | 25.5× | 16.7× | 3.7× | 3.7% | 46.5% | 14.9% | 20.4% | 14.3% | 0.9× | 439 |
| BLCO | $6.2B | — | 39.3× | 1.2× | 6.5% | — | -7.1% | -5.6% | -3.1% | 16.9× | 97 |
Peers = companies sharing COO's sector (Ophthalmic Goods) 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.
Earns -3.61pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 7.1% | 8.0% (today's — no rate published for this year) | -1.0pts |
| FY2020 | 3.8% | 8.0% (today's — no rate published for this year) | -4.3pts |
| FY2021 | 4.1% | 5.3% | -1.2pts |
| FY2022 | 3.5% | 8.1% | -4.6pts |
| FY2023 | 3.6% | 9.4% | -5.8pts |
| FY2024 | 4.5% | 8.9% | -4.3pts |
| FY2025 | 4.3% | 7.7% | -3.3pts |
| Now | 3.5% | 8.0% | -4.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 59.6% | 16.5% | 13.9% |
| FY2017 | 63.9% | 20.1% | 17.4% |
| FY2018 | 64.4% | 15.9% | 5.5% |
| FY2019 | 66.2% | 20.6% | 17.6% |
| FY2020 | 63.1% | 12.8% | 9.8% |
| FY2021 | 66.9% | 17.3% | 100.8% |
| FY2022 | 64.7% | 15.3% | 11.7% |
| FY2023 | 65.6% | 14.8% | 8.2% |
| FY2024 | 66.6% | 18.1% | 10.1% |
| FY2025 | 65.5% | 16.7% | 9.2% |
Return on equity (5%) and return on invested capital (3%) 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.
$3.9B of goodwill — 36% 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 6.9% against 4.42% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.79x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $434M; after share-based compensation it is $363M. The difference is a real cost that the cash flow statement adds back.
Covers interest 4.8x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 6.83x |
| 5% | 6.49x |
| 10% | 6.15x |
| 15% | 5.80x |
| 20% | 5.46x |
| 25% | 5.12x |
| 30% | 4.78x |
| 35% | 4.44x |
| 40% | 4.10x |
| 45% | 3.76x |
| 50% | 3.41x |
| 55% | 3.07x |
| 60% | 2.73x |
This schedule comes from a filing dated 2021-10-31, 1807 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2021-10-31 (10-K); cash from the 2021-10-31 balance sheet; FCF from FY2021.
Balance sheet at 2021-10-31. 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 $54.37, free cash flow must compound 12.93%/yr for 10 years. It has done 0.49%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −58.2% | 12.9% |
| FY2021 | 197.5% | 12.9% |
| FY2022 | −14.1% | 12.9% |
| FY2023 | −52.3% | 12.9% |
| FY2024 | 34.0% | 12.9% |
| FY2025 | 50.5% | 12.9% |
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $375M | $375M |
| Share-based comp | $71M | $445M |
| Other non-cash & working capital | $351M | $796M |
| Operating cash flow | $796M | $796M |
| Capex | −$362M | $434M |
| Free cash flow | $434M | $434M |
| FCF after SBC | $363M | $363M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -8.4% | 0.0% | 8.4 points |
| FY2021 | 20.2% | 18.4% | -1.9 points |
| FY2022 | 13.2% | 8.3% | -4.9 points |
| FY2023 | 8.6% | 9.3% | 0.7 points |
| FY2024 | 8.4% | 17.6% | 9.2 points |
| FY2025 | 5.1% | 15.6% | 10.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 59.9 days | 206.4 days | 61.1 days | 205.1 days |
| FY2020 | 65.4 days | 232.3 days | 71.7 days | 226 days |
| FY2021 | 64.4 days | 221.1 days | 60.9 days | 224.5 days |
| FY2022 | 61.5 days | 196.3 days | 77.7 days | 180.2 days |
| FY2023 | 61.9 days | 217.4 days | 77.4 days | 201.9 days |
| FY2024 | 67.2 days | 225.4 days | 73.2 days | 219.5 days |
| FY2025 | 73.9 days | 219 days | 77.7 days | 215.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.9 percent |
| FY2020 | -3.7 percent |
| FY2021 | 23.0 percent |
| FY2022 | -2.7 percent |
| FY2023 | -2.7 percent |
| FY2024 | -2.6 percent |
| FY2025 | -3.4 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.