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Insufficient data to determine institutional momentum.
Data as of Q3 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.
Ranked against 21 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WMB | $91.6B | 35.0× | 18.4× | 7.7× | 13.8% | — | 21.9% | 20.4% | 6.3% | 4.4× | 566 |
| KMI | $75.7B | 24.8× | 15.0× | 4.5× | 12.2% | — | 18.0% | 9.8% | 4.8% | 4.5× | 584 |
| ET | $71.9B | — | 9.8× | 0.8× | 3.5% | 25.8% | 5.2% | 9.0% | 3.8% | 4.7× | 461 |
| TRGP | $67.0B | 36.8× | 17.4× | 3.9× | 3.9% | 38.3% | 11.3% | 62.7% | 9.4% | 3.6× | 317 |
| LNG | $65.9B | 13.2× | 8.4× | 3.3× | 27.2% | — | 26.7% | 67.3% | 17.3% | 2.1× | 403 |
| OKE | $60.4B | 17.7× | 12.7× | 1.8× | 55.0% | 30.5% | 10.1% | 15.1% | 6.3% | 4.3× | 14 |
| VG | $36.9B | 17.2× | 11.3× | 2.7× | 177% | — | 19.8% | 40.5% | 6.7% | 5.2× | 70 |
| CQP | $32.3B | — | 10.6× | 3.0× | 23.6% | — | 27.8% | — | — | 3.3× | 40 |
| ATO | $28.9B | 22.9× | 16.4× | 6.2× | 12.9% | — | 25.5% | 8.8% | 5.3% | 3.8× | 298 |
| DTM | $13.0B | 29.5× | — | 10.4× | 26.7% | — | 35.5% | 9.3% | 5.5% | — | 171 |
| AM | $10.2B | 25.0× | 17.0× | 8.6× | 7.4% | — | 34.8% | 21.0% | 8.0% | 3.9× | 109 |
| NFG | $7.5B | 14.0× | 7.9× | 3.3× | 17.1% | 90.6% | 22.8% | 16.8% | 9.2% | 2.0× | 164 |
| AROC | $5.6B | 17.5× | — | 3.8× | 28.7% | 48.6% | 21.6% | 21.6% | 8.3% | — | 82 |
| NJR | $5.4B | 15.9× | 8.0× | 4.0× | 9.9% | — | 24.8% | 14.0% | 13.0% | 0.3× | 102 |
| SR | $5.1B | 19.8× | 11.9× | 2.1× | -4.5% | 58.8% | 11.0% | 8.0% | 3.4% | 5.7× | 83 |
| KGS | $4.9B | 54.2× | 12.1× | 3.7× | 12.8% | — | 6.2% | 6.7% | 2.1% | 4.1× | 69 |
| KNTK | $4.7B | 22.1× | 15.5× | 2.6× | 19.0% | — | 10.1% | -31.5% | 5.5% | 7.0× | 65 |
| CPK | $3.4B | 22.7× | 14.1× | 3.7× | 18.1% | — | 15.1% | 8.8% | 4.5% | 4.3× | 77 |
| CTRI | $2.2B | 86.2× | 13.6× | 0.7× | 13.1% | 8.3% | 0.8% | 2.6% | 1.4% | 3.0× | 23 |
| NWN | $2.1B | 18.0× | — | 1.6× | 11.8% | — | 8.8% | 7.7% | 2.9% | — | 64 |
| SMC | $433M | — | — | 0.8× | 30.8% | 73.5% | -1.1% | -1.1% | -0.4% | — | 4 |
| RGCO | $239M | 17.7× | 12.9× | 2.5× | 12.6% | — | 13.9% | 11.7% | 5.1% | 5.0× | 17 |
Peers = companies sharing CQP's sector (Natural Gas Distribution) 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 + $0 buybacks = $0 returned on $2.57B 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.
Reinvestment has been productive — operating income grew well per dollar put in. 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 $182.0M is below the $307.0M due within a year — relies on refinancing or operating cash flow. 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).
Coverage is adequate but not comfortable. Effective rate ~5.2% on $14.47B of debt.
Cash of $182.0M is below short-term debt of $306.0M — relies on refinancing/operations.
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.
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 $66.61 today, the market must believe free cash flow compounds 5.4%/yr for a decade (off $2.76B on the 3-yr avg basis).
The market's 5.4% is more conservative than its 7-yr track record.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.48B shares (market data) · net debt $14.29B
mean 54.8% · volatility σ 117% · implied rate exceeded in 3/7 yrs
Central path = implied 5.4%/yr growth; shaded band = ±1σ (117%) 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.
EOD close · as of 2026-10-30
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 | $10.76B 100.0% | $8.70B 100.0% | $9.66B 100.0% | $17.21B 100.0% | $9.43B 100.0% | $6.17B 100.0% | $6.84B 100.0% | $6.43B 100.0% | $4.30B 100.0% | $1.10B 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | $3.40B 53.0% | $2.32B 53.9% | $410.0M 37.3% |
| Cost of Products | — | — | — | — | — | — | — | — | $2.32B 53.9% | $410.0M 37.3% |
| Research & Development | — | — | — | — | $1.0M 0.0% | $0 0.0% | $0 0.0% | $2.0M 0.0% | $3.0M 0.1% | $0 0.0% |
| Selling, General & Admin | $105.0M 1.0% | $100.0M 1.1% | $99.0M 1.0% | $97.0M 0.6% | $94.0M 1.0% | $14.0M 0.2% | $11.0M 0.2% | $11.0M 0.2% | $12.0M 0.3% | $13.0M 1.2% |
| Total Operating Expenses | $7.05B 65.6% | $5.42B 62.3% | $4.63B 47.9% | $13.83B 80.4% | $6.88B 72.9% | $4.04B 65.5% | $4.80B 70.2% | $4.45B 69.2% | $3.15B 73.1% | $850.0M 77.3% |
| Operating Income | $3.71B 34.4% | $3.28B 37.7% | $5.04B 52.1% | $3.38B 19.6% | $2.56B 27.1% | $2.13B 34.5% | $2.04B 29.8% | $1.98B 30.8% | $1.16B 26.9% | $250.0M 22.7% |
| Interest Expense | $753.0M 7.0% | $800.0M 9.2% | $823.0M 8.5% | $870.0M 5.1% | $831.0M 8.8% | $909.0M 14.7% | $885.0M 12.9% | $733.0M 11.4% | $614.0M 14.3% | $357.0M 32.5% |
| Interest & Investment Income | $14.0M 0.1% | $31.0M 0.4% | $44.0M 0.5% | $16.0M 0.1% | — | — | — | — | — | — |
| Other Income (Expense), net | -$719.0M -6.7% | -$770.0M -8.8% | -$782.0M -8.1% | -$882.0M -5.1% | -$927.0M -9.8% | -$942.0M -15.3% | -$865.0M -12.6% | -$705.0M -11.0% | -$666.0M -15.5% | -$421.0M -38.3% |
| Income Tax Expense | $0 0.0% | $0 0.0% | $0 0.0% | — | — | — | — | — | — | — |
| Net Income | $2.99B 27.8% | $2.51B 28.8% | $4.25B 44.0% | $2.50B 14.5% | $1.63B 17.3% | $1.18B 19.2% | $1.18B 17.2% | $1.27B 19.8% | $490.0M 11.4% | -$171.0M -15.5% |
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.
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.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-07-14 | Rauf Zamir Director | Grant | 3,103 | $0.00 | — |
| 2026-07-14 | Jennings Michael Director | Grant | 3,103 | $0.00 | — |
| 2026-05-29 | 9 co-filers Group filing | Option exercise | 750 | — | — |
| 2026-05-29 | 9 co-filers Group filing | Option exercise | 750 | — | — |
| 2026-05-29 | 9 co-filers Group filing | Option exercise | 750 | — | — |
| 2026-05-29 | 9 co-filers Group filing | Option exercise | 750 | — | — |
| 2026-05-29 | 9 co-filers Group filing | Option exercise | 750 | — | — |
| 2026-05-29 | 9 co-filers Group filing | Option exercise | 750 | — | — |
| 2026-05-29 | 9 co-filers Group filing | Option exercise | 750 | — | — |
| 2026-05-29 | 9 co-filers Group filing | Option exercise | 750 | — | — |
| 2026-05-29 | 9 co-filers Group filing | Grant | 3,000 | $0.00 | — |
| 2025-12-07 | 13 co-filers Group filing | Option exercise | 750 | — | — |
| 2025-12-07 | 13 co-filers Group filing | Other | 375 | $55.82 | $21k |
| 2025-12-07 | 13 co-filers Group filing | Option exercise | 750 | — | — |
| 2025-12-07 | 13 co-filers Group filing | Other | 375 | $55.82 | $21k |
| 2025-12-07 | 13 co-filers Group filing | Option exercise | 750 | — | — |
| 2025-12-07 | 13 co-filers Group filing | Other | 375 | $55.82 | $21k |
| 2025-12-07 | 13 co-filers Group filing | Option exercise | 750 | — | — |
| 2025-12-07 | 13 co-filers Group filing | Other | 375 | $55.82 | $21k |
| 2025-12-07 | 13 co-filers Group filing | Option exercise | 750 | — | — |
| 2025-12-07 | 13 co-filers Group filing | Option exercise | 750 | — | — |
| 2025-12-07 | 13 co-filers Group filing | Option exercise | 750 | — | — |
| 2025-12-07 | 13 co-filers Group filing | Option exercise | 750 | — | — |
| 2025-12-07 | 13 co-filers Group filing | Grant | 3,000 | $0.00 | — |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
EOD close · as of 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROIC is not available for this period, so the share of ROE attributable to leverage cannot be separated out.
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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 53.0 | — | — | — | — | — | — | — |
| R&D | 0.0 | 0.0 | 0.0 | 0.0 | — | — | — | — |
| SG&A | 0.2 | 0.2 | 0.2 | 1.0 | 0.6 | 1.0 | 1.1 | 1.0 |
| Operating Income | 30.8 | 29.8 | 34.5 | 27.1 | 19.6 | 52.1 | 37.7 | 34.4 |
| Income Tax | — | — | — | — | — | 0.0 | 0.0 | 0.0 |
| Net Income | 19.8 | 17.2 | 19.2 | 17.3 | 14.5 | 44.0 | 28.8 | 27.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CQP: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 62.7% | 22.7% | -15.5% |
| FY2017 | 46.1% | 26.9% | 11.4% |
| FY2018 | 47.0% | 30.8% | 19.8% |
| FY2019 | not reported | 29.8% | 17.2% |
| FY2020 | not reported | 34.5% | 19.2% |
| FY2021 | not reported | 27.1% | 17.3% |
| FY2022 | not reported | 19.6% | 14.5% |
| FY2023 | not reported | 52.1% | 44.0% |
| FY2024 | not reported | 37.7% | 28.8% |
| FY2025 | not reported | 34.4% | 27.8% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: tax_rate.
Converts 1.03x of reported profit into cash — adequate, without much margin.
Capex has been below depreciation for 4 consecutive years (0.54x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Missing from our data, so excluded from this answer: share_based_compensation.
Covers interest 3.4x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 4.92x |
| 5% | 4.68x |
| 10% | 4.43x |
| 15% | 4.18x |
| 20% | 3.94x |
| 25% | 3.69x |
| 30% | 3.45x |
| 35% | 3.20x |
| 40% | 2.95x |
| 45% | 2.71x |
| 50% | 2.46x |
| 55% | 2.21x |
| 60% | 1.97x |
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.
Coverage is comfortable at 4.9x today but falls to 3.4x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $66.83, free cash flow must compound 5.47%/yr for 10 years. It has done 51.08%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 260.6% | 5.5% |
| FY2021 | 110.9% | 5.5% |
| FY2022 | 125.1% | 5.5% |
| FY2023 | −21.9% | 5.5% |
| FY2024 | −2.6% | 5.5% |
| FY2025 | −8.7% | 5.5% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.99B | $2.99B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$219M | $2.77B |
| Operating cash flow | $2.77B | $2.77B |
| Capex | −$199M | $2.57B |
| Free cash flow | $2.57B | $2.57B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -9.8% | 6.0% | 15.8 points |
| FY2021 | 53.0% | 82.0% | 29.0 points |
| FY2022 | 82.4% | 0.9% | -81.5 points |
| FY2023 | -43.8% | -100.0% | -56.2 points |
| FY2024 | -9.9% | not reported | not reported |
| FY2025 | 23.6% | -100.0% | -123.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 15.1 days | not reported | not reported | not reported |
| FY2020 | 17.8 days | not reported | not reported | not reported |
| FY2021 | 21.1 days | not reported | not reported | not reported |
| FY2022 | 11.7 days | not reported | not reported | not reported |
| FY2023 | 0 days | not reported | not reported | not reported |
| FY2024 | 0 days | not reported | not reported | not reported |
| FY2025 | 0 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.9 percent |
| FY2020 | -3.0 percent |
| FY2021 | -3.4 percent |
| FY2022 | -8.4 percent |
| FY2023 | 6.3 percent |
| FY2024 | -2.6 percent |
| FY2025 | 1.3 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 4 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.