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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.
Ranked against 19 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MAR | $97.0B | 39.1× | 22.5× | 3.7× | 4.3% | — | 9.9% | -69.0% | -69.4% | -0.1× | 1,691 |
| HLT | $73.8B | 53.6× | 29.7× | 6.1× | 7.7% | — | 12.1% | -27.0% | 20.9% | 4.0× | 1,240 |
| LVS | $24.0B | 15.8× | — | 1.8× | 15.2% | — | 12.5% | 102% | 9.4% | — | 684 |
| H | $15.1B | — | 61.0× | 2.1× | 6.8% | — | -0.7% | -1.6% | -0.7% | 11.4× | 513 |
| WYNN | $7.6B | 23.5× | 9.9× | 1.1× | 0.1% | — | 4.6% | -119% | 3.2% | 5.4× | 492 |
| MGM | $7.4B | 38.1× | — | 0.4× | 1.7% | — | 1.2% | 8.5% | 2.4% | — | 646 |
| CZR | $6.0B | — | 5.2× | 0.5× | 2.1% | — | -4.4% | -14.3% | -3.3% | 3.3× | 418 |
| WH | $5.4B | 29.0× | 18.0× | 3.8× | 1.5% | — | 13.5% | 41.2% | 6.4% | 5.7× | 449 |
| BYD | $5.1B | 3.1× | 6.4× | 1.2× | 4.1% | — | 45.0% | 70.7% | 39.6% | 1.6× | 410 |
| CHH | $4.7B | 13.1× | 12.8× | 2.9× | 0.8% | — | 23.2% | 204% | 17.7% | 3.7× | 321 |
| ATAT | $4.5B | 59.3× | 12.1× | 3.2× | 41.0% | — | 16.6% | 45.1% | 42.2% | -1.3× | 178 |
| TNL | $3.8B | 18.2× | 13.6× | 0.9× | 4.1% | 93.2% | 5.7% | -23.4% | 5.0% | 7.9× | 466 |
| RRR | $2.9B | 15.9× | 7.8× | 1.5× | 3.7% | — | 9.3% | 90.3% | 5.2% | 4.1× | 237 |
| HGV | $2.7B | 39.0× | 15.9× | 0.5× | 1.3% | — | 1.6% | 6.3% | 1.4% | 9.8× | 295 |
| SHO | $2.1B | 287.8× | — | 2.2× | 6.0% | — | 2.6% | 1.3% | 0.9% | — | 260 |
| MCRI | $2.1B | 21.1× | 11.3× | 3.8× | 4.4% | 23.4% | 18.6% | 18.9% | 18.9% | 0.0× | 245 |
| TH | $1.7B | — | 67.0× | 5.3× | -17.0% | 13.3% | -11.6% | -9.5% | -9.4% | -0.2× | 162 |
| XHR | $1.7B | 28.6× | 12.5× | 1.6× | 3.8% | 30.6% | 5.8% | 5.6% | 2.5% | 5.4× | 284 |
| MLCO | $1.6B | 27.3× | 6.7× | 0.3× | 11.3% | — | 3.6% | -14.8% | 3.4% | 5.3× | 162 |
| CVEO | $311M | — | 6.3× | 0.5× | -6.3% | 23.6% | -3.1% | -11.5% | -5.6% | 2.2× | 99 |
Peers = companies sharing CVEO's sector (Hotels, Rooming Houses, Camps & Other Lodging Places) 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
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 $30.11 today, the market must believe free cash flow compounds -1.9%/yr for a decade (off $41.5M on the 3-yr avg basis).
On the basis ($31.4M) the requirement is 1.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -1.9% is more optimistic 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 · 0.01B shares (market data) · net debt $168.4M
mean -0.2% · volatility σ 62% · implied rate exceeded in 3/9 yrs
Central path = implied -1.9%/yr growth; shaded band = ±1σ (62%) 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 exceeds free cash flow (160%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $3.4M dividends + $53.6M buybacks = $57.0M returned on $2.1M 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. Current ROIC on all capital: -6%. 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 $14.4M covers the $0 due within a year 14439000.0× over. 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).
Thin coverage — earnings barely cover interest. Effective rate ~6.2% on $182.8M 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.
EOD close · as of 2026-10-14
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 | $638.8M 100.0% | $682.1M 100.0% | $700.8M 100.0% | $697.1M 100.0% | $594.5M 100.0% | $529.7M 100.0% | $527.6M 100.0% | $466.7M 100.0% | $382.3M 100.0% | $397.2M 100.0% |
| Cost of Revenue | $487.8M 76.3% | $532.7M 78.1% | $530.3M 75.7% | $517.1M 74.2% | — | — | — | — | $12.3M 3.2% | $21.6M 5.4% |
| Cost of Products | — | — | — | — | — | — | — | — | $12.3M 3.2% | $21.6M 5.4% |
| Cost of Services | — | — | — | — | — | — | — | — | $245.0M 64.1% | $238.0M 59.9% |
| Gross Profit | $151.1M 23.7% | $149.5M 21.9% | $170.5M 24.3% | $180.0M 25.8% | — | — | — | — | — | — |
| Selling, General & Admin | $75.3M 11.8% | $73.3M 10.8% | $72.6M 10.4% | $70.0M 10.0% | $60.6M 10.2% | $53.7M 10.1% | $59.6M 11.3% | $67.0M 14.4% | $63.4M 16.6% | $55.3M 13.9% |
| Total Operating Expenses | $634.7M 99.4% | $680.8M 99.8% | $661.3M 94.4% | $680.0M 97.6% | $588.4M 99.0% | $676.9M 127.8% | $576.6M 109.3% | $554.7M 118.9% | $480.2M 125.6% | $493.0M 124.1% |
| Operating Income | $4.1M 0.6% | $1.3M 0.2% | $39.5M 5.6% | $17.0M 2.4% | $6.1M 1.0% | -$147.2M -27.8% | -$49.1M -9.3% | -$88.1M -18.9% | -$98.0M -25.6% | -$95.8M -24.1% |
| Interest Expense | $11.4M 1.8% | $8.0M 1.2% | $13.2M 1.9% | $11.5M 1.6% | $13.0M 2.2% | $16.7M 3.2% | $27.4M 5.2% | $26.3M 5.6% | $21.4M 5.6% | $22.7M 5.7% |
| Interest & Investment Income | $164K 0.0% | $187K 0.0% | $172K 0.0% | $39K 0.0% | $2K 0.0% | $20K 0.0% | $78K 0.0% | $226K 0.0% | $200K 0.1% | $152K 0.0% |
| Other Income (Expense), net | -$10.6M -1.7% | -$7.3M -1.1% | $876K 0.1% | -$6.3M -0.9% | $13.2M 2.2% | $20.8M 3.9% | $7.3M 1.4% | $1.6M 0.3% | $1.3M 0.3% | $2.6M 0.7% |
| Pretax Income | -$6.5M -1.0% | -$5.9M -0.9% | $40.4M 5.8% | $10.7M 1.5% | $5.9M 1.0% | -$143.4M -27.1% | -$69.1M -13.1% | -$113.2M -24.3% | -$118.7M -31.1% | -$115.9M -29.2% |
| Income Tax Expense | $13.6M 2.1% | $12.5M 1.8% | $10.6M 1.5% | $4.4M 0.6% | $3.4M 0.6% | -$10.6M -2.0% | -$10.7M -2.0% | -$31.4M -6.7% | -$13.5M -3.5% | -$20.1M -5.1% |
| Net Income | -$20.1M -3.1% | -$17.1M -2.5% | $30.2M 4.3% | $4.0M 0.6% | $1.4M 0.2% | -$134.3M -25.3% | -$58.5M -11.1% | -$82.2M -17.6% | -$105.7M -27.7% | -$96.4M -24.3% |
| Per Share | ||||||||||
| EPS (Basic) | -$1.59 | -$1.19 | $2.02 | -$0.21 | -$0.04 | -$9.64 | -$4.33 | -$10.06 | -$0.82 | -$0.90 |
| EPS (Diluted) | -$1.59 | -$1.19 | $2.01 | -$0.21 | -$0.04 | -$9.64 | -$4.33 | -$10.06 | -$0.82 | -$0.90 |
| Weighted Avg Shares (Basic) | 12.6M | 14.3M | 14.9M | 14.0M | 14.2M | 14.1M | 13.9M | 13.1M | 128.4M | 107.0M |
| Weighted Avg Shares (Diluted) | 12.6M | 14.3M | 15.0M | 14.0M | 14.2M | 14.1M | 13.9M | 13.1M | 128.4M | 107.0M |
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.
EOD close · as of 2026-10-14
Where each multiple sits in its own 12-yr range · 51th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-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 -6% — -6% 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 -9.8% — 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
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 | — | — | — | — | 74.2 | 75.7 | 78.1 | 76.3 |
| Gross Profit | — | — | — | — | 25.8 | 24.3 | 21.9 | 23.7 |
| SG&A | 14.4 | 11.3 | 10.1 | 10.2 | 10.0 | 10.4 | 10.8 | 11.8 |
| Operating Income | -18.9 | -9.3 | -27.8 | 1.0 | 2.4 | 5.6 | 0.2 | 0.6 |
| Income Tax | -6.7 | -2.0 | -2.0 | 0.6 | 0.6 | 1.5 | 1.8 | 2.1 |
| Net Income | -17.6 | -11.1 | -25.3 | 0.2 | 0.6 | 4.3 | -2.5 | -3.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CVEO: 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.
Earns -8.11pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -3.9% | 8.9% (today's — no rate published for this year) | -12.8pts |
| FY2020 | -15.9% | 8.9% (today's — no rate published for this year) | -24.8pts |
| FY2021 | 0.8% | 8.6% | -7.8pts |
| FY2022 | 2.7% | 9.3% | -6.6pts |
| FY2023 | 6.9% | 9.6% | -2.6pts |
| FY2024 | 0.3% | 8.9% | -8.6pts |
| FY2025 | 0.8% | 8.0% | -7.2pts |
| Now | -5.6% | 8.9% | -14.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 94.6% | -24.1% | -24.3% |
| FY2017 | 96.8% | -25.6% | -27.7% |
| FY2018 | not reported | -18.9% | -17.6% |
| FY2019 | not reported | -9.3% | -11.1% |
| FY2020 | not reported | -27.8% | -25.3% |
| FY2021 | not reported | 1.0% | 0.2% |
| FY2022 | 25.8% | 2.4% | 0.6% |
| FY2023 | 24.3% | 5.6% | 4.3% |
| FY2024 | 21.9% | 0.2% | -2.5% |
| FY2025 | 23.6% | 0.6% | -3.1% |
Return on equity is 6 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
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.
$8M of goodwill — 2% 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.
Net margin is -314.17% against 57.34% 3 years ago — a step down the business has not recovered, whatever the spread says today.
Converts 24.27x of reported profit into free cash flow over 3 years, with accruals negative.
Reported free cash flow is $2M; after share-based compensation it is -$7M. The difference is a real cost that the cash flow statement adds back.
Stressed coverage falls to 0.3x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 0.36x |
| 5% | 0.34x |
| 10% | 0.32x |
| 15% | 0.31x |
| 20% | 0.29x |
| 25% | 0.27x |
| 30% | 0.25x |
| 35% | 0.23x |
| 40% | 0.22x |
| 45% | 0.20x |
| 50% | 0.18x |
| 55% | 0.16x |
| 60% | 0.14x |
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.
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 $30.11, free cash flow must compound -1.44%/yr for 10 years. It has done -39.7%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 140.2% | −1.4% |
| FY2021 | −32.0% | −1.4% |
| FY2022 | −9.1% | −1.4% |
| FY2023 | −2.1% | −1.4% |
| FY2024 | −11.6% | −1.4% |
| FY2025 | −96.3% | −1.4% |
The implied rate has been matched or beaten in 1 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$20M | −$20M |
| Share-based comp | $9M | −$11M |
| Other non-cash & working capital | $33M | $22M |
| Operating cash flow | $22M | $22M |
| Capex | −$20M | $2M |
| Free cash flow | $2M | $2M |
| FCF after SBC | −$7M | −$7M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 0.4% | -9.8% | -10.2 points |
| FY2021 | 12.2% | 27.9% | 15.7 points |
| FY2022 | 17.3% | 4.3% | -13.0 points |
| FY2023 | 0.5% | 19.6% | 19.1 points |
| FY2024 | -2.7% | -37.8% | -35.2 points |
| FY2025 | -6.3% | 1.6% | 8.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 68.8 days | not reported | not reported | not reported |
| FY2020 | 61.9 days | not reported | not reported | not reported |
| FY2021 | 70.5 days | not reported | not reported | not reported |
| FY2022 | 62.7 days | 4.9 days | 36.1 days | 31.5 days |
| FY2023 | 74.6 days | 4.8 days | 40.4 days | 39 days |
| FY2024 | 47.6 days | 5.2 days | 27.4 days | 25.4 days |
| FY2025 | 51.7 days | 4.7 days | 33.1 days | 23.2 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -13.7 percent |
| FY2020 | -34.0 percent |
| FY2021 | -13.0 percent |
| FY2022 | -15.5 percent |
| FY2023 | -12.1 percent |
| FY2024 | -24.8 percent |
| FY2025 | -8.9 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.