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Held by 185 of 2,417 reporting institutions (94th percentile) — extremely crowded.
Data as of Q3 2026
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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
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.
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 $371.36 today, the market must believe free cash flow compounds 3.2%/yr for a decade (off $982.2M on the 3-yr avg basis).
On the basis ($946.8M) the requirement is 3.7%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 3.2% is more conservative than its 9-yr track record.
Default is 8.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.04B shares (market data) · net debt $1.77B
mean 30.8% · volatility σ 89% · implied rate exceeded in 4/9 yrs
Central path = implied 3.2%/yr growth; shaded band = ±1σ (89%) 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 19% of free cash flow, leaving room to grow it and fund buybacks. Last year: $181.1M dividends + $1.30B buybacks = $1.48B returned on $970.6M FCF.
9 consecutive years of dividend increases · 14%/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.
Modest payoff on reinvested capital. Current ROIC on all capital: 16%. 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 2026-10-29
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 | $5.02B 100.0% | $5.00B 100.0% | $4.59B 100.0% | $5.45B 100.0% | $3.84B 100.0% | $3.97B 100.0% | $4.48B 100.0% | $4.11B 100.0% | $3.75B 100.0% | $3.43B 100.0% |
| Cost of Revenue | $3.23B 64.3% | $3.12B 62.3% | $2.95B 64.4% | $3.58B 65.8% | $2.74B 71.4% | $2.83B 71.3% | $3.18B 70.9% | $2.98B 72.6% | $2.70B 72.1% | $2.34B 68.3% |
| Gross Profit | — | — | $1.63B 35.6% | $1.87B 34.2% | — | — | $1.37B 30.6% | $1.17B 28.6% | $1.05B 27.9% | $1.16B 33.8% |
| Research & Development | $47.1M 0.9% | $35.4M 0.7% | $28.7M 0.6% | $19.0M 0.3% | $16.4M 0.4% | $45.4M 1.1% | $52.2M 1.2% | $45.5M 1.1% | $51.3M 1.4% | $45.4M 1.3% |
| Selling, General & Admin | $745.4M 14.8% | $722.8M 14.4% | $625.2M 13.6% | $623.5M 11.4% | $507.8M 13.2% | $603.2M 15.2% | $629.8M 14.0% | $582.6M 14.2% | $532.9M 14.2% | $495.4M 14.5% |
| Operating Income | $1.00B 20.0% | $1.14B 22.8% | $982.8M 21.4% | $1.20B 22.1% | $573.4M 14.9% | $487.8M 12.3% | $634.1M 14.1% | $510.0M 12.4% | $464.0M 12.4% | $404.2M 11.8% |
| Interest Expense | $78.5M 1.6% | $73.3M 1.5% | $75.6M 1.6% | $85.9M 1.6% | — | — | — | — | — | — |
| Interest & Investment Income | $25.9M 0.5% | $60.3M 1.2% | $20.1M 0.4% | $6.8M 0.1% | $1.1M 0.0% | $4.7M 0.1% | $7.9M 0.2% | $11.1M 0.3% | $500K 0.0% | — |
| Other Income (Expense), net | -$1.1M -0.0% | -$19.2M -0.4% | $3.1M 0.1% | -$2.0M -0.0% | -$4.4M -0.1% | -$2.9M -0.1% | -$900K -0.0% | -$9.7M -0.2% | -$1.5M -0.0% | $5.6M 0.2% |
| Pretax Income | $948.8M 18.9% | $1.11B 22.2% | $930.4M 20.3% | $1.12B 20.6% | $489.9M 12.8% | $404.2M 10.2% | $575.1M 12.8% | $446.9M 10.9% | $429.0M 11.4% | $379.2M 11.1% |
| Income Tax Expense | $206.3M 4.1% | $245.8M 4.9% | $211.5M 4.6% | $265.7M 4.9% | $104.3M 2.7% | $78.5M 2.0% | $117.3M 2.6% | $88.6M 2.2% | $88.4M 2.4% | $148.1M 4.3% |
| Net Income | $740.7M 14.8% | $1.31B 26.2% | $767.4M 16.7% | $924.0M 17.0% | $421.7M 11.0% | $320.1M 8.1% | $472.8M 10.5% | $611.1M 14.9% | $365.5M 9.7% | $250.1M 7.3% |
| Per Share | ||||||||||
| EPS (Basic) | $17.27 | $28.17 | $15.35 | $17.80 | $8.01 | $5.85 | $8.28 | $10.09 | $5.75 | $3.86 |
| EPS (Diluted) | $17.12 | $27.82 | $15.18 | $17.56 | $7.91 | $5.80 | $8.19 | $10.02 | $5.71 | $3.82 |
| Weighted Avg Shares (Basic) | 42.8M | 46.5M | 49.9M | 51.8M | 52.5M | 54.5M | 56.9M | 60.4M | 63.1M | 64.2M |
| Weighted Avg Shares (Diluted) | 43.2M | 47.1M | 50.4M | 52.5M | 53.2M | 55.0M | 57.5M | 60.8M | 63.6M | 64.9M |
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.
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 ~2.7% on $2.89B of debt.
Cash of $1.11B fully covers short-term debt of $4.8M.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Ranked against 14 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NKE | $57.1B | 18.3× | 12.6× | 1.2× | 0.2% | 42.9% | 6.7% | 20.9% | 13.6% | 0.1× | 490 |
| ENTG | $24.4B | 103.2× | 42.0× | 7.7× | -1.4% | 44.4% | 7.4% | 6.0% | 3.1% | 5.0× | 182 |
| CSL | $14.7B | 21.7× | 13.8× | 2.9× | 0.3% | 35.7% | 14.8% | 41.3% | 15.8% | 1.5× | 185 |
| DECK | $11.3B | 11.8× | 7.0× | 2.1× | 9.8% | 57.7% | 18.7% | 41.0% | 41.0% | -1.4× | 202 |
| WMS | $10.3B | 25.1× | 15.1× | 3.4× | 5.0% | 38.3% | 14.0% | 22.9% | 12.3% | 1.8× | 133 |
| ATR | $8.3B | 22.2× | 11.7× | 2.2× | 5.4% | — | 10.4% | 14.7% | 9.8% | 1.2× | 131 |
| CROX | $7.2B | — | 36.3× | 1.8× | -1.5% | 58.3% | -2.0% | -6.3% | -3.2% | 4.8× | 96 |
| AWI | $6.9B | 23.4× | 13.1× | 4.3× | 12.1% | 40.6% | 19.0% | 34.3% | 23.6% | 0.5× | 98 |
| NPO | $6.0B | 148.9× | 24.8× | 5.3× | 9.0% | 42.6% | 3.5% | 2.6% | 1.8% | 2.0× | 87 |
| NWL | $2.2B | — | 18.9× | 0.3× | -5.0% | 33.8% | -4.0% | -11.9% | -4.0% | 12.8× | 83 |
| GT | $1.3B | — | — | 0.1× | -3.2% | 18.4% | -9.4% | -53.2% | -18.8% | — | 74 |
| MYE | $1.1B | 32.7× | 15.7× | 1.4× | -1.3% | 33.4% | 4.2% | 11.9% | 5.5% | 3.3× | 29 |
| KRT | $1.1B | 34.9× | 20.3× | 2.3× | 10.7% | 36.8% | 6.7% | 21.1% | 19.4% | -0.5× | 29 |
| SWIM | $854M | 80.7× | 13.0× | 1.6× | 7.4% | 33.4% | 2.0% | 2.7% | 1.6% | 2.5× | 20 |
| CMT | $199M | 17.5× | 6.8× | 0.7× | -9.5% | 17.4% | 4.1% | 7.1% | 6.3% | -0.7× | 11 |
Peers = companies sharing CSL's sector (Fabricated Rubber Products, 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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-10 | 3 co-filers Group filing | Option exercise | 4,070 | — | — |
| 2026-09-10 | Palmer Sheryl Director | Grant | 246 | $329.74 | — |
| 2026-09-10 | Ricard Corrine D. Director | Other | 197 | $329.74 | $65k |
| 2026-09-10 | Frias James D Director | Other | 197 | $329.74 | $65k |
| 2026-09-10 | 3 co-filers |
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 2026-10-29
Earns 11.08pts above its cost of capital, but net margin has stepped down from 1695.6% to 1475.53% over 3 years.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 33.8% | 11.8% | 7.3% |
| FY2017 | 27.9% | 12.4% | 9.7% |
| FY2018 | 26.2% | 11.4% | 13.6% |
| FY2019 | 30.6% | 14.1% | 10.5% |
| FY2020 | 28.7% | 12.3% | 8.1% |
| FY2021 | 28.6% | 14.9% | 11.0% |
| FY2022 | 34.2% | 22.1% | 17.0% |
| FY2023 | 35.6% | 21.4% | 16.7% |
| FY2024 | 37.7% | 22.8% | 26.2% |
| FY2025 | 35.7% | 20.0% | 14.8% |
ROIC ex-goodwill is 33.03% against 19.99% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
| Other |
| 505 |
| $0.00 |
| $0 |
| 2026-09-10 | 3 co-filers Group filing | Option exercise | 4,070 | $329.74 | — |
| 2026-09-01 | Ricard Corrine D. Director | Grant | 26 | $0.00 | — |
| 2026-09-01 | Hansen Maia Director | Grant | 1 | $0.00 | — |
| 2026-09-01 | Palmer Sheryl Director | Grant | 1 | $0.00 | — |
| 2026-09-01 | 2 co-filers Group filing | Grant | 16 | $0.00 | — |
| 2026-09-01 | Frias James D Director | Grant | 32 | $0.00 | — |
| 2026-09-01 | 2 co-filers Group filing | Grant | 13 | $0.00 | — |
| 2026-06-01 | Frias James D Director | Grant | 29 | $0.00 | — |
| 2026-06-01 | Palmer Sheryl Director | Grant | 1 | $0.00 | — |
| 2026-06-01 | Hansen Maia Director | Grant | 1 | $0.00 | — |
| 2026-06-01 | 2 co-filers Group filing | Grant | 13 | $0.00 | — |
| 2026-06-01 | Ricard Corrine D. Director | Grant | 23 | $0.00 | — |
| 2026-06-01 | 2 co-filers Group filing | Grant | 11 | $0.00 | — |
| 2026-04-29 | 2 co-filers Group filing | Option exercise | 5,902 | — | — |
| 2026-04-29 | 2 co-filers Group filing | Option exercise | 5,902 | $346.65 | — |
| 2026-04-28 | Ricard Corrine D. Director | Grant | 505 | $0.00 | $0 |
| 2026-04-28 | Hansen Maia Director | Grant | 505 | $0.00 | $0 |
| 2026-04-28 | Myers Charles David Director | Grant | 505 | $0.00 | $0 |
| 2026-04-28 | 2 co-filers Group filing | Grant | 505 | $0.00 | $0 |
| 2026-04-28 | Singh Jesse G Director | Grant | 505 | $0.00 | $0 |
| 2026-04-28 | Frias James D Director | Grant | 505 | $0.00 | $0 |
| 2026-04-28 | 2 co-filers Group filing | Grant | 43 | $357.06 | — |
| 2026-03-02 | Hansen Maia Director | Grant | 1 | $0.00 | — |
| 2026-03-02 | Collins Jonathan R. Director | Grant | 16 | $0.00 | — |
| 2026-03-02 | Palmer Sheryl Director | Grant | 1 | $0.00 | — |
| 2026-03-02 | 2 co-filers Group filing | Grant | 11 | $0.00 | — |
| 2026-03-02 | Ricard Corrine D. Director | Grant | 20 | $0.00 | — |
| 2026-03-02 | Frias James D Director | Grant | 24 | $0.00 | — |
| 2026-03-02 | 2 co-filers Group filing | Grant | 9 | $0.00 | — |
| 2026-02-19 | 3 co-filers VP & Chief Accounting Officer | Option exercise | 300 | $150.00 | $45k |
| 2026-02-19 | 3 co-filers VP & Chief Accounting Officer | Exercise & sell | 233 | $407.57 | $95k |
| 2026-02-19 | 3 co-filers VP & Chief Accounting Officer | Option exercise | 300 | — | — |
| 2026-02-12 | 4 co-filers Vice Chair of CCM | Option exercise | 1,500 | $108.72 | $163k |
| 2026-02-12 | 4 co-filers Vice Chair of CCM | Exercise & sell | 1,500 | $417.16 | $626k |
| 2026-02-12 | 4 co-filers Vice Chair of CCM | Exercise & sell | 4,549 | $417.42 | $1.9m |
Where each multiple sits in its own 14-yr range · 84th 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 41% against ROIC 16% — 25% 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 34.8% — 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
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 72.6 | 70.9 | 71.3 | 71.4 | 65.8 | 64.4 | 62.3 | 64.3 |
| Gross Profit | 28.6 | 30.6 | — | — | 34.2 | 35.6 | — | — |
| R&D | 1.1 | 1.2 | 1.1 | 0.4 | 0.3 | 0.6 | 0.7 | 0.9 |
| SG&A | 14.2 | 14.0 | 15.2 | 13.2 | 11.4 | 13.6 | 14.4 | 14.8 |
| Operating Income | 12.4 | 14.1 | 12.3 | 14.9 | 22.1 | 21.4 | 22.8 | 20.0 |
| Income Tax | 2.2 | 2.6 | 2.0 | 2.7 | 4.9 | 4.6 | 4.9 | 4.1 |
| Net Income | 14.9 | 10.5 | 8.1 | 11.0 | 17.0 | 16.7 | 26.2 | 14.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CSL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage and buybacks account for 25 points of the 41% return on equity in FY2025. The business earns 16% 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.
$1.5B of goodwill — 39% 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.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 12.2% | 8.9% (today's — no rate published for this year) | 3.3pts |
| FY2020 | 9.8% | 8.9% (today's — no rate published for this year) | 0.9pts |
| FY2021 | 8.3% | 8.9% (today's — no rate published for this year) | -0.7pts |
| FY2022 | 17.3% | 7.3% | 10.0pts |
| FY2023 | 16.3% | 7.5% | 8.9pts |
| FY2024 | 23.2% | 9.7% | 13.5pts |
| FY2025 | 20.5% | 8.8% | 11.7pts |
| Now | 15.8% | 8.9% | 6.9pts |
Converts 0.99x of reported profit into free cash flow over 5 years, with accruals negative.
| Step | Amount | Running total |
|---|---|---|
| Net income | $741M | $741M |
| Share-based comp | $35M | $776M |
| Other non-cash & working capital | $326M | $1.10B |
| Operating cash flow | $1.10B | $1.10B |
| Capex | −$131M | $971M |
| Free cash flow | $971M | $971M |
| FCF after SBC | $936M | $936M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -11.5% | -18.8% | -7.3 points |
| FY2021 | -3.4% | 46.9% | 50.3 points |
| FY2022 | 42.0% | -24.5% | -66.5 points |
| FY2023 | -15.8% | 0.0% | 15.8 points |
| FY2024 | 9.1% | -5.8% | -14.9 points |
| FY2025 | 0.3% | 2.4% | 2.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 55.5 days | 58.6 days | 37.6 days | 76.6 days |
| FY2020 | 51 days | 55.8 days | 36.7 days | 70.1 days |
| FY2021 | 77.5 days | 80.6 days | 57.6 days | 100.5 days |
| FY2022 | 41.2 days | 52.8 days | 27.9 days | 66.1 days |
| FY2023 | 49 days | 44.7 days | 30.3 days | 63.3 days |
| FY2024 | 42.3 days | 55.4 days | 30.6 days | 67.1 days |
| FY2025 | 43.2 days | 50.6 days | 26.4 days | 67.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.2 percent |
| FY2020 | -6.4 percent |
| FY2021 | 0.0 percent |
| FY2022 | -1.1 percent |
| FY2023 | -6.5 percent |
| FY2024 | 4.8 percent |
| FY2025 | -5.8 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 3 consecutive years to the latest.
Capex has been below depreciation for 3 consecutive years (0.91x 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.
Covers interest 8.9x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 12.77x |
| 5% | 12.13x |
| 10% | 11.49x |
| 15% | 10.86x |
| 20% | 10.22x |
| 25% | 9.58x |
| 30% | 8.94x |
| 35% | 8.30x |
| 40% | 7.66x |
| 45% | 7.02x |
| 50% | 6.39x |
| 55% | 5.75x |
| 60% | 5.11x |
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 $371.36, free cash flow must compound 3.28%/yr for 10 years. It has done 7.92%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −2.1% | 3.3% |
| FY2021 | −52.3% | 3.3% |
| FY2022 | 184.9% | 3.3% |
| FY2023 | 29.6% | 3.3% |
| FY2024 | −13.4% | 3.3% |
| FY2025 | 5.8% | 3.3% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The achieved growth rate spans a reporting-basis change in FY2021, so part of it measures the restatement rather than the business.
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.
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.