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Held by 265 of 6,047 reporting institutions (93th 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.
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.
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
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 $57.31 today, the market must believe free cash flow compounds 11.0%/yr for a decade (off $80.0M on the 3-yr avg basis).
The market's 11.0% is more conservative than its 9-yr track record.
Default is 12.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.03B shares (market data) · net debt -$82.3M
mean 18.2% · volatility σ 32% · implied rate exceeded in 5/9 yrs
Central path = implied 11.0%/yr growth; shaded band = ±1σ (32%) 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 5% of free cash flow, leaving room to grow it and fund buybacks. Last year: $4.8M dividends + $56.2M buybacks = $60.9M returned on $86.4M FCF.
1 consecutive years of dividend increases · 0%/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 reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 12%. 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 2026-10-08
Where each multiple sits in its own 14-yr range · 82th 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 12% against ROIC 12% — 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
High operating leverage: profit moved 3.1× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 64.9 | 66.4 | 67.2 | 64.0 | 64.1 | 65.3 | 63.6 | 61.6 |
| Gross Profit | 35.1 | 33.6 | 32.8 | 36.0 | 35.9 | 34.7 | 36.4 | 38.4 |
| R&D | 5.4 | 5.5 | 5.7 | 4.7 | 4.1 | 4.5 | 4.5 | 4.7 |
| SG&A | 15.6 | 15.0 | 16.0 | 16.1 | 15.6 | 15.2 | 17.2 | 18.2 |
| Operating Income | 13.0 | 11.5 | 10.6 | 14.9 | 15.8 | 13.6 | 13.8 | 15.3 |
| Income Tax | 2.5 | 3.0 | 2.5 | -3.7 | 3.6 | 2.7 | 2.5 | 3.4 |
| Net Income | 9.9 | 7.7 | 8.2 | -8.2 | 10.2 | 11.0 | 10.8 | 12.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CTS: 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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-08
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 | $541.3M 100.0% | $514.8M 100.0% | $550.4M 100.0% | $586.9M 100.0% | $512.9M 100.0% | $424.1M 100.0% | $469.0M 100.0% | $470.5M 100.0% | $423.0M 100.0% | $396.7M 100.0% |
| Cost of Revenue | $333.3M 61.6% | $327.2M 63.6% | $359.6M 65.3% | $376.3M 64.1% | $328.3M 64.0% | $285.0M 67.2% | $311.4M 66.4% | $305.5M 64.9% | $282.6M 66.8% | $256.3M 64.6% |
| Cost of Products | — | — | — | — | — | — | — | — | $282.6M 66.8% | $256.3M 64.6% |
| Gross Profit | $208.0M 38.4% | $187.6M 36.4% | $190.9M 34.7% | $210.5M 35.9% | $184.6M 36.0% | $139.1M 32.8% | $157.6M 33.6% | $165.0M 35.1% | $140.4M 33.2% | $140.4M 35.4% |
| Research & Development | $25.3M 4.7% | $23.4M 4.5% | $24.9M 4.5% | $24.1M 4.1% | $23.9M 4.7% | $24.3M 5.7% | $26.0M 5.5% | $25.3M 5.4% | $25.1M 5.9% | $24.0M 6.1% |
| Selling, General & Admin | $98.7M 18.2% | $88.3M 17.2% | $83.8M 15.2% | $91.5M 15.6% | $82.6M 16.1% | $67.8M 16.0% | $70.4M 15.0% | $73.6M 15.6% | $71.9M 17.0% | $61.6M 15.5% |
| Operating Income | $82.6M 15.3% | $71.2M 13.8% | $75.1M 13.6% | $93.0M 15.8% | $76.5M 14.9% | $45.1M 10.6% | $53.8M 11.5% | $61.0M 13.0% | $38.5M 9.1% | $63.2M 15.9% |
| Interest Expense | $4.3M 0.8% | $4.2M 0.8% | $3.3M 0.6% | $2.2M 0.4% | $2.1M 0.4% | $3.3M 0.8% | $2.6M 0.6% | $2.1M 0.4% | $3.3M 0.8% | $3.7M 0.9% |
| Interest & Investment Income | $2.1M 0.4% | $4.3M 0.8% | $4.6M 0.8% | $1.3M 0.2% | $840K 0.2% | $1.0M 0.2% | $1.7M 0.4% | $1.8M 0.4% | $1.3M 0.3% | $1.3M 0.3% |
| Other Income (Expense), net | $1.1M 0.2% | -$2.6M -0.5% | $102K 0.0% | -$12.3M -2.1% | -$137.4M -26.8% | $350K 0.1% | -$3.5M -0.8% | -$2.9M -0.6% | $1.8M 0.4% | -$5.9M -1.5% |
| Pretax Income | $83.8M 15.5% | $68.6M 13.3% | $75.2M 13.7% | $80.7M 13.8% | -$60.9M -11.9% | $45.5M 10.7% | $50.3M 10.7% | $58.1M 12.3% | $40.3M 9.5% | $57.2M 14.4% |
| Income Tax Expense | $18.5M 3.4% | $13.1M 2.5% | $14.6M 2.7% | $21.2M 3.6% | -$19.0M -3.7% | $10.8M 2.5% | $14.1M 3.0% | $11.6M 2.5% | $25.8M 6.1% | $22.9M 5.8% |
| Net Income | $65.3M 12.1% | $55.5M 10.8% | $60.5M 11.0% | $59.6M 10.2% | -$41.9M -8.2% | $34.7M 8.2% | $36.1M 7.7% | $46.5M 9.9% | $14.4M 3.4% | $34.4M 8.7% |
| Per Share | ||||||||||
| EPS (Basic) | $2.21 | $1.82 | $1.93 | $1.86 | -$1.30 | $1.07 | $1.11 | $1.41 | $0.44 | $1.05 |
| EPS (Diluted) | $2.19 | $1.81 | $1.92 | $1.85 | -$1.30 | $1.06 | $1.09 | $1.39 | $0.43 | $1.03 |
| Weighted Avg Shares (Basic) | 29.5M | 30.4M | 31.4M | 32.0M | 32.3M | 32.3M | 32.7M | 33.0M | 32.9M | 32.7M |
| Weighted Avg Shares (Diluted) | 29.8M | 30.7M | 31.6M | 32.2M | 32.3M | 32.6M | 33.1M | 33.6M | 33.4M | 33.3M |
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.
Ranked against 26 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PENG | $3.7B | 255.6× | 32.1× | 2.7× | 16.9% | 28.8% | 1.9% | 6.4% | 3.0% | 0.1× | 345 |
| IPGP | $3.3B | 106.5× | 36.3× | 3.3× | 2.7% | 38.0% | 3.1% | 1.5% | 1.5% | -5.0× | 349 |
| OSIS | $3.1B | 21.6× | 14.2× | 1.7× | 4.3% | 33.2% | 8.7% | 18.6% | 8.4% | 2.5× | 359 |
| UCTT | $3.1B | — | — | 1.5× | -2.1% | 15.7% | -8.8% | -25.5% | -15.3% | — | 419 |
| BHE | $2.9B | 119.3× | 22.7× | 1.1× | 0.1% | 10.2% | 0.9% | 2.3% | 1.9% | -0.9× | 318 |
| NVTS | $2.9B | — | — | 62.5× | -44.9% | 31.0% | -255% | -26.4% | -26.4% | — | 347 |
| BELFA | $2.8B | — | 21.5× | 4.2× | 26.3% | 39.1% | 9.1% | 14.5% | 9.9% | 1.0× | 107 |
| POWI | $2.8B | 127.9× | 73.0× | 6.3× | 5.9% | 54.5% | 5.0% | 3.3% | 3.3% | -1.6× | 353 |
| AMBA | $2.8B | — | — | 7.1× | 37.2% | 59.2% | -19.4% | -12.8% | -12.8% | — | 335 |
| LASR | $2.2B | — | — | 8.5× | 31.6% | 29.8% | -9.0% | -10.3% | -10.3% | — | 338 |
| ICHR | $2.2B | — | — | 2.3× | 11.6% | 9.3% | -5.6% | -8.0% | -6.7% | — | 311 |
| SEDG | $2.0B | — | — | 1.7× | 31.4% | 16.6% | -34.2% | -94.8% | -94.8% | — | 354 |
| PLAB | $1.8B | 13.0× | 4.4× | 2.1× | -2.0% | 35.3% | 16.1% | 11.6% | 11.6% | -1.7× | 306 |
| CTS | $1.6B | 26.2× | 13.3× | 3.0× | 5.2% | 38.4% | 12.1% | 11.8% | 11.8% | -0.7× | 265 |
| SKYT | $1.6B | 13.3× | 54.1× | 3.6× | 29.2% | 19.7% | 26.9% | 63.3% | 29.3% | 5.9× | 191 |
| AMBQ | $1.4B | — | — | 19.6× | -4.7% | 44.3% | -50.3% | -22.4% | -22.4% | — | 179 |
| SHLS | $1.4B | 42.1× | 20.1× | 3.0× | 19.1% | 35.0% | 7.1% | 5.6% | 5.6% | -0.1× | 272 |
| VPG | $962M | 180.6× | 30.1× | 3.1× | 0.2% | 38.9% | 1.7% | 1.6% | 1.5% | -2.2× | 206 |
| AOSL | $861M | — | 86.5× | 1.3× | -2.5% | 22.3% | -6.2% | -5.3% | -5.3% | — | 207 |
| VREX | $784M | — | — | 0.9× | 4.1% | 34.4% | -8.3% | -14.9% | -8.4% | — | 181 |
| CSIQ | $748M | — | 13.0× | 0.1× | -6.6% | 18.3% | -1.9% | -3.7% | -0.9% | 11.8× | 168 |
| DQ | $725M | — | — | 1.1× | -35.3% | -20.7% | -25.6% | -3.9% | -3.9% | — | 116 |
| KE | $691M | 25.5× | 6.8× | 0.5× | -3.7% | 8.2% | 2.0% | 4.8% | 4.0% | 0.3× | 165 |
| INDI | $604M | — | — | 2.8× | 0.3% | 39.9% | -65.8% | -40.0% | -20.1% | — | 223 |
| MEI | $544M | — | 10.8× | 0.5× | -2.8% | 19.8% | -3.5% | -5.3% | -3.6% | 2.7× | 146 |
Peers = companies sharing CTS's sector (Printed Circuit Boards) 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 1.43pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 12.6% | 12.0% (today's — no rate published for this year) | 0.6pts |
| FY2020 | 9.8% | 12.0% (today's — no rate published for this year) | -2.2pts |
| FY2021 | 17.1% | 7.6% | 9.4pts |
| FY2022 | 19.2% | 8.0% | 11.2pts |
| FY2023 | 14.8% | 8.2% | 6.6pts |
| FY2024 | 12.1% | 11.3% | 0.7pts |
| FY2025 | 13.0% | 11.3% | 1.8pts |
| Now | 11.8% | 12.0% | -0.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 35.4% | 15.9% | 8.7% |
| FY2017 | 33.2% | 9.1% | 3.4% |
| FY2018 | 35.1% | 13.0% | 9.9% |
| FY2019 | 33.6% | 11.5% | 7.7% |
| FY2020 | 32.8% | 10.6% | 8.2% |
| FY2021 | 36.0% | 14.9% | -8.2% |
| FY2022 | 35.9% | 15.8% | 10.2% |
| FY2023 | 34.7% | 13.6% | 11.0% |
| FY2024 | 36.4% | 13.8% | 10.8% |
| FY2025 | 38.4% | 15.3% | 12.1% |
Return on equity (12%) and return on invested capital (12%) 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.
$209M of goodwill — 42% 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 23.27% against 13.4% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.51x of reported profit into free cash flow over 5 years, with accruals negative.
Conversion has deteriorated: 1.33x over three years against 1.51x over 5.
Missing from our data, so excluded from this answer: share_based_compensation.
Covers interest 13.4x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 19.18x |
| 5% | 18.22x |
| 10% | 17.26x |
| 15% | 16.30x |
| 20% | 15.34x |
| 25% | 14.38x |
| 30% | 13.43x |
| 35% | 12.47x |
| 40% | 11.51x |
| 45% | 10.55x |
| 50% | 9.59x |
| 55% | 8.63x |
| 60% | 7.67x |
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 $25,294,000 of the $25,294,000 total — a fixed obligation that does not appear in a headline debt figure.
At $57.31, free cash flow must compound 11.21%/yr for 10 years. It has done 12.47%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 45.1% | 11.2% |
| FY2021 | 13.8% | 11.2% |
| FY2022 | 51.6% | 11.2% |
| FY2023 | −30.7% | 11.2% |
| FY2024 | 7.5% | 11.2% |
| FY2025 | 8.5% | 11.2% |
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $65M | $65M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $37M | $102M |
| Operating cash flow | $102M | $102M |
| Capex | −$16M | $86M |
| Free cash flow | $86M | $86M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -9.6% | 3.8% | 13.4 points |
| FY2021 | 20.9% | 1.5% | -19.5 points |
| FY2022 | 14.4% | 10.6% | -3.8 points |
| FY2023 | -6.2% | -13.6% | -7.4 points |
| FY2024 | -6.5% | -1.2% | 5.3 points |
| FY2025 | 5.2% | 13.4% | 8.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 60.7 days | 49.5 days | 56.5 days | 53.7 days |
| FY2020 | 69.7 days | 58.7 days | 64.7 days | 63.8 days |
| FY2021 | 58.5 days | 55 days | 61.7 days | 51.8 days |
| FY2022 | 56.6 days | 60.4 days | 51.6 days | 65.3 days |
| FY2023 | 52.1 days | 60.9 days | 44.2 days | 68.9 days |
| FY2024 | 55.1 days | 58.4 days | 47.6 days | 65.9 days |
| FY2025 | 59.4 days | 57.9 days | 52.8 days | 64.5 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.4 percent |
| FY2020 | -6.7 percent |
| FY2021 | -19.3 percent |
| FY2022 | -8.2 percent |
| FY2023 | -3.8 percent |
| FY2024 | -5.6 percent |
| FY2025 | -4.8 percent |