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Insufficient data to determine institutional momentum.
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $597.0M dividends + $0 buybacks = $597.0M returned.
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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: -5%. 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 $715.0M covers the $0 due within a year 715000000.0× 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 ~9.8% on $3.19B of debt.
Cash of $715.0M fully covers short-term debt of $60.0M.
Mostly short-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 2026-10-05
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 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.85B 100.0% | $6.72B 100.0% | $6.61B 100.0% | $13.02B 100.0% | $12.57B 100.0% | $14.34B 100.0% | — | $15.44B 100.0% | $16.38B 100.0% | $11.67B 100.0% |
| Cost of Revenue | $4.49B 65.5% | $4.50B 67.0% | $4.44B 67.2% | $8.40B 64.5% | $7.97B 63.4% | $7.06B 49.3% | — | $10.03B 65.0% | $11.12B 67.9% | $9.56B 81.9% |
| Gross Profit | — | — | — | — | — | — | — | — | $20.64B 126.0% | $12.69B 108.7% |
| Research & Development | $193.0M 2.8% | $203.0M 3.0% | $192.0M 2.9% | $536.0M 4.1% | $557.0M 4.4% | $565.0M 3.9% | — | $689.0M 4.5% | $797.0M 4.9% | $657.0M 5.6% |
| Selling, General & Admin | $1.02B 14.9% | $976.0M 14.5% | $891.0M 13.5% | $1.47B 11.3% | $1.60B 12.7% | $1.49B 10.4% | — | $2.06B 13.3% | $2.40B 14.7% | $1.61B 13.8% |
| Interest Expense | $313.0M 4.6% | $366.0M 5.4% | $396.0M 6.0% | $492.0M 3.8% | $525.0M 4.2% | $672.0M 4.7% | — | $667.0M 4.3% | $54.0M 0.3% | $0 0.0% |
| Interest & Investment Income | $98.0M 1.4% | $74.0M 1.1% | $155.0M 2.3% | $50.0M 0.4% | $12.0M 0.1% | $18.0M 0.1% | — | $56.0M 0.4% | $40.0M 0.2% | $6.0M 0.1% |
| Other Income (Expense), net | $14.0M 0.2% | -$111.0M -1.7% | $80.0M 1.2% | $191.0M 1.5% | $145.0M 1.2% | $632.0M 4.4% | — | $144.0M 0.9% | $91.0M 0.6% | $66.0M 0.6% |
| Pretax Income | $200.0M 2.9% | $117.0M 1.7% | -$279.0M -4.2% | $1.45B 11.1% | $1.44B 11.5% | -$1.26B -8.8% | — | -$126.0M -0.8% | -$135.0M -0.8% | -$1.52B -13.1% |
| Income Tax Expense | $102.0M 1.5% | $213.0M 3.2% | -$217.0M -3.3% | $387.0M 3.0% | $237.0M 1.9% | $90.0M 0.6% | — | -$2.0M -0.0% | $50.0M 0.3% | -$1.76B -15.1% |
| Net Income | $88.0M 1.3% | $703.0M 10.5% | $423.0M 6.4% | $5.87B 45.1% | $6.47B 51.5% | -$2.95B -20.6% | — | $498.0M 3.2% | $3.85B 23.5% | $1.16B 9.9% |
| Per Share | ||||||||||
| EPS (Basic) | -$1.87 | $1.68 | $0.94 | $11.77 | $11.92 | -$4.01 | — | $0.67 | $4.99 | $2.18 |
| EPS (Diluted) | -$1.86 | $1.68 | $0.94 | $11.75 | $11.89 | -$4.01 | — | $0.67 | $4.99 | $2.15 |
| Weighted Avg Shares (Basic) | 417.5M | 419.2M | 449.9M | 498.5M | 542.7M | 735.5M | — | 746.3M | 767.0M | 526.6M |
| Weighted Avg Shares (Diluted) | 419.2M | 419.2M | 449.9M | 499.4M | 544.2M | 735.5M | — | 746.3M | 767.0M | 532.7M |
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.
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.
EOD close · as of 2026-10-05
Where each multiple sits in its own 12-yr range · 97th 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 -6% against ROIC -5% — -1% 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 -4.2% — 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 | FY2019 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 65.0 | — | 49.3 | 63.4 | 64.5 | 67.2 | 67.0 | 65.5 |
| R&D | 4.5 | — | 3.9 | 4.4 | 4.1 | 2.9 | 3.0 | 2.8 |
| SG&A | 13.3 | — | 10.4 | 12.7 | 11.3 | 13.5 | 14.5 | 14.9 |
| Income Tax | -0.0 | — | 0.6 | 1.9 | 3.0 | -3.3 | 3.2 | 1.5 |
| Net Income | 3.2 | — | -20.6 | 51.5 | 45.1 | 6.4 | 10.5 | 1.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DD: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -9.96pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | -2.5% | 10.6% (today's — no rate published for this year) | -13.1pts |
| FY2021 | 2.5% | 6.9% | -4.3pts |
| FY2022 | 2.8% | 8.8% | -6.1pts |
| FY2023 | -0.8% | 9.2% | -10.0pts |
| FY2024 | 0.6% | 8.8% | -8.3pts |
| FY2025 | 0.8% | 9.4% | -8.7pts |
| Now | -4.6% | 10.6% | -15.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 108.7% | -13.6% | 9.9% |
| FY2018 | 91.4% | 2.2% | 17.0% |
| FY2019 | 53.4% | -1.3% | 2.3% |
| FY2020 | 65.4% | -9.3% | -14.5% |
| FY2021 | 36.6% | 10.3% | 51.5% |
| FY2022 | 35.5% | 9.7% | 45.1% |
| FY2023 | 32.8% | -5.4% | 6.4% |
| FY2024 | 33.0% | 3.4% | 10.5% |
| FY2025 | 34.5% | 2.7% | -11.4% |
Return on equity (-6%) and return on invested capital (-5%) 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.
$7.8B of goodwill — 36% 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 0.95% against 0.6% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Stressed coverage falls to 0.4x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 0.59x |
| 5% | 0.56x |
| 10% | 0.53x |
| 15% | 0.51x |
| 20% | 0.48x |
| 25% | 0.45x |
| 30% | 0.42x |
| 35% | 0.39x |
| 40% | 0.36x |
| 45% | 0.33x |
| 50% | 0.30x |
| 55% | 0.27x |
| 60% | 0.24x |
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.
Net debt is 3.2x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.