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Held by 724 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
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Ranked against 17 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FISV | $24.3B | 7.2× | 3.8× | 1.1× | 3.6% | — | 16.4% | 13.5% | 12.9% | 0.1× | 1,108 |
| GPN | $21.8B | 14.2× | 11.7× | 2.8× | -0.4% | 72.6% | 18.2% | 6.1% | 3.2% | 4.4× | 773 |
| BR | $18.7B | 17.2× | — | 2.5× | 8.5% | 31.8% | 15.0% | 39.6% | 18.4% | — | 966 |
| FIS | $17.6B | 46.6× | 7.9× | 1.6× | 5.4% | 36.9% | 3.6% | 2.7% | 1.5% | 3.1× | 821 |
| DIDIY | $16.2B | — | — | 0.6× | 32.7% | 15.3% | 0.3% | 0.5% | 0.5% | — | 4 |
| RBA | $15.9B | 42.1× | 14.9× | 3.5× | 7.2% | — | 9.3% | 7.7% | 5.4% | 1.6× | 537 |
| AKAM | $15.4B | 34.8× | 11.3× | 3.6× | 5.4% | 58.9% | 10.7% | 9.1% | 9.1% | -0.7× | 782 |
| FICO | $14.4B | 25.1× | 18.4× | 7.2× | 15.9% | 82.2% | 32.7% | -37.3% | 49.8% | 3.1× | 825 |
| CSGP | $12.0B | — | 59.6× | 3.7× | 18.7% | 78.9% | 0.2% | 0.1% | 0.1% | -3.4× | 724 |
| CART | $11.3B | 29.9× | 18.2× | 3.0× | 10.8% | 73.7% | 11.9% | 17.8% | 17.8% | -1.1× | 487 |
| HQY | $7.7B | 37.6× | 17.4× | 5.8× | 9.5% | 69.5% | 16.4% | 10.2% | 7.0% | 1.3× | 478 |
| ETSY | $7.0B | 55.2× | 23.6× | 2.4× | 2.7% | 71.6% | 5.7% | -14.8% | 8.7% | 4.4× | 545 |
| Z | $6.5B | 322.3× | 25.0× | 2.5× | 15.5% | 74.1% | 0.9% | 0.5% | 0.5% | -3.3× | 409 |
| LYFT | $6.1B | 2.4× | — | 1.0× | 9.2% | 41.5% | 45.0% | 86.9% | 65.7% | — | 523 |
| WEX | $5.9B | 20.4× | 9.9× | 2.2× | 1.2% | 58.6% | 11.4% | 24.6% | 5.0% | 4.0× | 400 |
| EXLS | $5.6B | 23.9× | 15.4× | 2.7× | 13.6% | 38.4% | 12.0% | 27.5% | 20.7% | 0.4× | 424 |
| RELY | $5.1B | 77.8× | 46.1× | 3.1× | 29.4% | — | 4.2% | 7.8% | 6.6% | -3.8× | 340 |
| AMTM | $4.7B | 71.4× | 15.8× | 0.3× | 71.6% | 10.5% | 0.5% | 1.5% | 0.8% | 6.7× | 461 |
Peers = companies sharing CSGP's sector (Services-Business Services, NEC) 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.
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.
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 2 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $29.67 today, the market must believe free cash flow compounds 28.8%/yr for a decade (off $108.0M on the SBC-adjusted basis).
On the basis ($247.5M) the requirement is 17.4%/yr. The difference is what charging stock compensation costs.
Default is 9.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.41B shares (market data) · net debt -$640.0M
mean -12.4% · volatility σ 79% · implied rate exceeded in 3/8 yrs
Central path = implied 28.8%/yr growth; shaded band = ±1σ (79%) 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
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $500.0M buybacks = $500.0M returned on $123.0M 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.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 0%. 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.
EOD close · as of 2026-10-09
Where each multiple sits in its own 14-yr range · 69th 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 0% against ROIC 0% — 0% 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 | 22.6 | 20.7 | 18.6 | 18.4 | 19.0 | 20.0 | 20.4 | 21.1 |
| Gross Profit | 77.4 | 79.3 | 81.4 | 81.6 | 81.0 | 80.0 | 79.6 | 78.9 |
| SG&A | 13.1 | 12.8 | 18.1 | 13.2 | 15.5 | 15.6 | 16.0 | 16.9 |
| Operating Income | 23.0 | 26.0 | 17.4 | 22.2 | 20.7 | 11.5 | 0.2 | -2.2 |
| Income Tax | 3.8 | 5.4 | 2.6 | 5.7 | 5.4 | 5.2 | 2.6 | 0.7 |
| Net Income | 20.0 | 22.5 | 13.7 | 15.1 | 16.9 | 15.3 | 5.1 | 0.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CSGP: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.63B (at 2025-12-31) covers all $1.00B 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).
Thin coverage — earnings barely cover interest. Effective rate ~1.9% on $993.0M of debt.
Cash vs short-term debt unavailable.
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.
Earns -9.97pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 10.1% | 9.3% (today's — no rate published for this year) | 0.8pts |
| FY2020 | 7.1% | 9.3% (today's — no rate published for this year) | -2.2pts |
| FY2021 | 9.9% | 5.8% | 4.1pts |
| FY2022 | 10.5% | 8.9% | 1.5pts |
| FY2023 | 6.0% | 9.6% | -3.6pts |
| FY2024 | 0.1% | 10.7% | -10.6pts |
| FY2025 | -0.6% | 8.8% | -9.4pts |
| Now | 0.1% | 9.3% | -9.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 79.2% | 17.3% | 10.2% |
| FY2017 | 77.2% | 18.0% | 12.7% |
| FY2018 | 77.4% | 23.0% | 20.0% |
| FY2019 | 79.3% | 26.0% | 22.5% |
| FY2020 | 81.4% | 17.4% | 13.7% |
| FY2021 | 81.6% | 22.2% | 15.1% |
| FY2022 | 81.0% | 20.7% | 16.9% |
| FY2023 | 80.0% | 11.5% | 15.3% |
| FY2024 | 79.6% | 0.2% | 5.1% |
| FY2025 | 78.9% | -2.2% | 0.2% |
Return on equity (0%) and return on invested capital (0%) 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.
$5.0B of goodwill — 66% 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. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
Margins have compressed 4 years running even as the spread stayed positive.
Converts 3.92x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $123M; after share-based compensation it is -$71M. The difference is a real cost that the cash flow statement adds back.
Stressed coverage falls to -1.8x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | -2.57x |
| 5% | -2.44x |
| 10% | -2.31x |
| 15% | -2.19x |
| 20% | -2.06x |
| 25% | -1.93x |
| 30% | -1.80x |
| 35% | -1.67x |
| 40% | -1.54x |
| 45% | -1.41x |
| 50% | -1.29x |
| 55% | -1.16x |
| 60% | -1.03x |
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.
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 $29.67, free cash flow must compound 28.99%/yr for 10 years. It has no positive compounding record after stock compensation to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 7.0% | 29.0% |
| FY2021 | −26.5% | 29.0% |
| FY2022 | 30.5% | 29.0% |
| FY2023 | −22.1% | 29.0% |
| FY2024 | −195.8% | 29.0% |
This is solved on free cash flow AFTER stock compensation ($108M against $248M before it). On the unadjusted figure the requirement would be 17.59%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $7M | $7M |
| Share-based comp | $194M | $201M |
| Other non-cash & working capital | $229M | $430M |
| Operating cash flow | $430M | $430M |
| Capex | −$307M | $123M |
| Free cash flow | $123M | $123M |
| FCF after SBC | −$71M | −$71M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 18.5% | 12.7% | -5.8 points |
| FY2021 | 17.2% | 20.1% | 2.9 points |
| FY2022 | 12.3% | 23.3% | 11.0 points |
| FY2023 | 12.5% | 23.5% | 11.0 points |
| FY2024 | 11.4% | -1.1% | -12.5 points |
| FY2025 | 18.7% | 24.5% | 5.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 24.1 days | not reported | 9.6 days | 14.4 days |
| FY2020 | 22.9 days | not reported | 18.6 days | 4.3 days |
| FY2021 | 23.4 days | not reported | 22.7 days | 0.7 days |
| FY2022 | 25.7 days | not reported | 25.2 days | 0.5 days |
| FY2023 | 28.2 days | not reported | 17.2 days | 11.1 days |
| FY2024 | 25.1 days | not reported | 28.8 days | -3.7 days |
| FY2025 | 26.3 days | 3.2 days | 22.3 days | 7.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.7 percent |
| FY2020 | -3.7 percent |
| FY2021 | -2.4 percent |
| FY2022 | -1.3 percent |
| FY2023 | -1.3 percent |
| FY2024 | -2.7 percent |
| FY2025 | -4.0 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.
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. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.25B 100.0% | $2.74B 100.0% | $2.46B 100.0% | $2.18B 100.0% | $1.94B 100.0% | $1.66B 100.0% | $1.40B 100.0% | $1.19B 100.0% | $965.2M 100.0% | $837.6M 100.0% |
| Cost of Revenue | $686.0M 21.1% | $558.0M 20.4% | $491.0M 20.0% | $414.0M 19.0% | $357.2M 18.4% | $309.0M 18.6% | $289.2M 20.7% | $269.9M 22.6% | $220.4M 22.8% | $173.8M 20.8% |
| Gross Profit | $2.56B 78.9% | $2.18B 79.6% | $1.96B 80.0% | $1.77B 81.0% | $1.59B 81.6% | $1.35B 81.4% | $1.11B 79.3% | $921.9M 77.4% | $744.8M 77.2% | $663.8M 79.2% |
| Selling, General & Admin | $549.0M 16.9% | $439.0M 16.0% | $382.0M 15.6% | $338.7M 15.5% | $256.8M 13.2% | $299.7M 18.1% | $178.7M 12.8% | $156.7M 13.1% | $146.1M 15.1% | $123.3M 14.7% |
| Total Operating Expenses | $2.63B 81.1% | $2.17B 79.4% | $1.68B 68.5% | $1.32B 60.4% | $1.15B 59.4% | $1.06B 63.9% | $746.9M 53.4% | $648.3M 54.4% | $571.0M 59.2% | $518.9M 61.9% |
| Operating Income | -$72.0M -2.2% | $5.0M 0.2% | $282.0M 11.5% | $451.0M 20.7% | $432.3M 22.2% | $289.2M 17.4% | $363.5M 26.0% | $273.6M 23.0% | $173.8M 18.0% | $144.9M 17.3% |
| Interest Expense | $19.0M 0.6% | $27.0M 1.0% | $31.0M 1.3% | $32.3M 1.5% | $32.3M 1.7% | $21.8M 1.3% | $2.6M 0.2% | $2.8M 0.2% | $9.0M 0.9% | $10.0M 1.2% |
| Other Income (Expense), net | -$8.0M -0.2% | -$8.0M -0.3% | $6.0M 0.2% | $3.4M 0.2% | $3.3M 0.2% | -$827K -0.0% | $10.7M 0.8% | — | — | — |
| Pretax Income | $30.0M 0.9% | $210.0M 7.7% | $502.0M 20.4% | $486.5M 22.3% | $404.0M 20.8% | $271.0M 16.3% | $390.9M 27.9% | $284.0M 23.8% | $165.1M 17.1% | $136.7M 16.3% |
| Income Tax Expense | $23.0M 0.7% | $71.0M 2.6% | $127.0M 5.2% | $117.0M 5.4% | $111.4M 5.7% | $43.9M 2.6% | $76.0M 5.4% | $45.7M 3.8% | $42.4M 4.4% | $51.6M 6.2% |
| Net Income | $6.5M 0.2% | $138.7M 5.1% | $374.7M 15.3% | $369.5M 16.9% | $292.6M 15.1% | $227.1M 13.7% | $315.0M 22.5% | $238.3M 20.0% | $122.7M 12.7% | $85.1M 10.2% |
| Per Share | ||||||||||
| EPS (Basic) | $0.02 | $0.34 | $0.92 | $0.93 | $0.75 | $0.60 | $0.87 | $6.61 | $3.70 | $2.64 |
| EPS (Diluted) | $0.02 | $0.34 | $0.92 | $0.93 | $0.74 | $0.59 | $0.86 | $6.54 | $3.66 | $2.62 |
| Weighted Avg Shares (Basic) | 416.8M | 406.3M | 405.3M | 396.3M | 392.2M | 380.7M | 363.1M | 36.1M | 33.2M | 32.2M |
| Weighted Avg Shares (Diluted) | 420.7M | 407.8M | 406.9M | 397.8M | 394.2M | 383.3M | 366.3M | 36.4M | 33.6M | 32.4M |
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.