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Held by 1,169 of 6,047 reporting institutions (99th 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.
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
How management deployed cash over 9 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -7%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 9 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 $3.82B covers the $222.0M due within a year 17.2× 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 ~4.8% on $18.07B of debt.
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. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $1.49B dividends + $0 buybacks = $1.49B returned on -$1.45B 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2023). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $28.42 today, the market must believe free cash flow compounds 1.6%/yr for a decade (off $2.84B on the 3-yr avg basis).
On the basis ($2.63B) the requirement is 2.7%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 10.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.72B shares (market data) · net debt $14.26B
mean -4.8% · volatility σ 64% · implied rate exceeded in 4/6 yrs
Central path = implied 1.6%/yr growth; shaded band = ±1σ (64%) 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.
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.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.97B 100.0% | $42.96B 100.0% | $44.62B 100.0% | $56.90B 100.0% | $54.97B 100.0% | $38.54B 100.0% | $42.95B 100.0% | $49.60B 100.0% | $43.73B 100.0% |
| Cost of Revenue | $37.44B 93.7% | $38.36B 89.3% | $39.74B 89.1% | $48.34B 84.9% | $44.19B 80.4% | $33.35B 86.5% | $36.66B 85.3% | $41.07B 82.8% | $36.35B 83.1% |
| Gross Profit | — | — | — | — | — | $5.20B 13.5% | $6.29B 14.7% | $8.53B 17.2% | $7.38B 16.9% |
| Selling, General & Admin | $1.39B 3.5% | $1.58B 3.7% | $1.63B 3.6% | $1.68B 2.9% | $1.65B 3.0% | $1.47B 3.8% | $1.59B 3.7% | $1.78B 3.6% | $1.79B 4.1% |
| Interest Expense | $865.0M 2.2% | $811.0M 1.9% | $746.0M 1.7% | $662.0M 1.2% | $731.0M 1.3% | $827.0M 2.1% | $933.0M 2.2% | $1.06B 2.1% | $914.0M 2.1% |
| Interest & Investment Income | $152.0M 0.4% | $200.0M 0.5% | $229.0M 0.5% | $173.0M 0.3% | $55.0M 0.1% | $38.0M 0.1% | $81.0M 0.2% | $82.0M 0.2% | $66.0M 0.2% |
| Other Income (Expense), net | $140.0M 0.4% | $415.0M 1.0% | -$280.0M -0.6% | $727.0M 1.3% | -$35.0M -0.1% | $1.27B 3.3% | $461.0M 1.1% | $96.0M 0.2% | -$154.0M -0.4% |
| Pretax Income | -$2.51B -6.3% | $1.60B 3.7% | $656.0M 1.5% | $6.09B 10.7% | $8.14B 14.8% | $2.07B 5.4% | -$1.25B -2.9% | $3.75B 7.6% | $237.0M 0.5% |
| Income Tax Expense | -$67.0M -0.2% | $399.0M 0.9% | -$4.0M -0.0% | $1.45B 2.5% | $1.74B 3.2% | $777.0M 2.0% | $470.0M 1.1% | $809.0M 1.6% | $1.52B 3.5% |
| Net Income | -$2.44B -6.1% | $1.20B 2.8% | $660.0M 1.5% | $4.64B 8.2% | $6.41B 11.7% | $1.29B 3.4% | -$1.27B -3.0% | $4.64B 9.4% | $465.0M 1.1% |
| Per Share | |||||||||
| EPS (Basic) | -$3.70 | $1.57 | $0.82 | $6.32 | $8.44 | $1.64 | -$1.84 | $6.21 | $0.60 |
| EPS (Diluted) | -$3.70 | $1.57 | $0.82 | $6.28 | $8.38 | $1.64 | -$1.84 | $6.21 | $0.60 |
| Weighted Avg Shares (Basic) | 711.6M | 703.8M | 705.7M | 721.0M | 743.6M | 740.5M | 742.5M | 747.2M | 744.8M |
| Weighted Avg Shares (Diluted) | 711.6M | 705.1M | 709.0M | 725.6M | 749.0M | 742.3M | 742.5M | 747.2M | 744.8M |
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.
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 2026-10-09
Where each multiple sits in its own 7-yr range · 48th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 7-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 -15% against ROIC -7% — -8% 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 46.4× 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 | 82.8 | 85.3 | 86.5 | 80.4 | 84.9 | 89.1 | 89.3 | 93.7 |
| Gross Profit | 17.2 | 14.7 | 13.5 | — | — | — | — | — |
| SG&A | 3.6 | 3.7 | 3.8 | 3.0 | 2.9 | 3.6 | 3.7 | 3.5 |
| Income Tax | 1.6 | 1.1 | 2.0 | 3.2 | 2.5 | -0.0 | 0.9 | -0.2 |
| Net Income | 9.4 | -3.0 | 3.4 | 11.7 | 8.2 | 1.5 | 2.8 | -6.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DOW: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -17.09pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -4.5% | 10.3% (today's — no rate published for this year) | -14.9pts |
| FY2020 | 2.4% | 10.3% (today's — no rate published for this year) | -7.9pts |
| FY2021 | 20.6% | 5.4% | 15.2pts |
| FY2022 | 13.0% | 6.4% | 6.6pts |
| FY2023 | 2.4% | 9.6% | -7.2pts |
| FY2024 | 2.9% | 10.2% | -7.3pts |
| FY2025 | -6.8% | 10.3% | -17.1pts |
| Now | -7.2% | 10.3% | -17.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 16.9% | 0.9% | 1.4% |
| FY2018 | 17.2% | 7.4% | 9.6% |
| FY2019 | 14.7% | -4.0% | -3.0% |
| FY2020 | 13.5% | 2.1% | 3.4% |
| FY2021 | 19.6% | 14.9% | 11.7% |
| FY2022 | 15.1% | 9.4% | 8.2% |
| FY2023 | 10.9% | 2.1% | 1.5% |
| FY2024 | 10.7% | 2.8% | 2.8% |
| FY2025 | 6.3% | -6.6% | -6.1% |
Return on equity is 8 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.
$7.9B of goodwill — 24% 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.
Margins have compressed 4 years running even as the spread stayed positive.
Converts 2.04x of reported profit into cash — adequate, without much margin.
Reported free cash flow is -$1.45B; after share-based compensation it is -$1.60B. The difference is a real cost that the cash flow statement adds back.
Stressed coverage falls to -2.1x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | -3.06x |
| 5% | -2.91x |
| 10% | -2.76x |
| 15% | -2.61x |
| 20% | -2.45x |
| 25% | -2.30x |
| 30% | -2.15x |
| 35% | -1.99x |
| 40% | -1.84x |
| 45% | -1.69x |
| 50% | -1.53x |
| 55% | -1.38x |
| 60% | -1.23x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Free cash flow is negative, so debt service depends on the cash balance rather than on the business.
At $28.42, free cash flow must compound 2.15%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 25.3% | 2.2% |
| FY2021 | 10.7% | 2.2% |
| FY2022 | 2.6% | 2.2% |
| FY2023 | −49.8% | 2.2% |
| FY2024 | −100.9% | 2.2% |
The implied rate has been matched or beaten in 3 of the last 5 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$2.44B | −$2.44B |
| Share-based comp | $154M | −$2.29B |
| Other non-cash & working capital | $3.32B | $1.03B |
| Operating cash flow | $1.03B | $1.03B |
| Capex | −$2.48B | −$1.45B |
| Free cash flow | −$1.45B | −$1.45B |
| FCF after SBC | −$1.60B | −$1.60B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -10.3% | 5.1% | 15.3 points |
| FY2021 | 42.6% | 34.4% | -8.2 points |
| FY2022 | 3.5% | -18.0% | -21.5 points |
| FY2023 | -21.6% | -15.9% | 5.7 points |
| FY2024 | -3.7% | 0.8% | 4.5 points |
| FY2025 | -7.0% | 0.1% | 7.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 41.2 days | 61.9 days | 38.7 days | 64.3 days |
| FY2020 | 48.2 days | 62.4 days | 41.2 days | 69.4 days |
| FY2021 | 45.4 days | 60.9 days | 46.1 days | 60.3 days |
| FY2022 | 36 days | 52.8 days | 37.3 days | 51.5 days |
| FY2023 | 38.6 days | 55.8 days | 41.6 days | 52.8 days |
| FY2024 | 40.4 days | 62.3 days | 46.1 days | 56.6 days |
| FY2025 | 43.5 days | 64.3 days | 40.5 days | 67.3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -11.9 percent |
| FY2020 | -8.0 percent |
| FY2021 | -1.0 percent |
| FY2022 | -4.7 percent |
| FY2023 | -7.8 percent |
| FY2024 | -3.0 percent |
| FY2025 | -5.9 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.