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Held by 983 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $209.70 today, the market must believe free cash flow compounds 14.8%/yr for a decade (off $1.47B on the SBC-adjusted basis).
On the basis ($2.10B) the requirement is 10.0%/yr. The difference is what charging stock compensation costs.
The market's 14.8% is more optimistic than its 7-yr track record.
Default is 9.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.25B shares (market data) · net debt -$2.86B
mean 11.7% · volatility σ 43% · implied rate exceeded in 2/7 yrs
Central path = implied 14.8%/yr growth; shaded band = ±1σ (43%) 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.
Ranked against 38 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MSFT | $3.88T | 29.1× | 20.6× | 11.7× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.1× | 6,047 |
| PLTR | $477.7B | 315.5× | — | — | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | -1.0× | 2,794 |
| ORCL | $411.3B | 23.3× | 13.7× | 6.1× | 17.3% | — | 25.4% | 40.2% | 34.4% | -0.8× | 3,403 |
| CRWD | $269.3B | — | — | 56.0× | 21.7% | 74.7% | -3.4% | -3.7% | -3.1% | — | 2,385 |
| SHOP | $211.7B | 175.1× | 140.2× | 18.3× | 30.1% | 48.1% | 10.7% | 9.1% | 9.1% | -1.0× | 1,643 |
| CRM | $187.5B | 29.2× | 20.4× | 4.5× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 0.8× | 2,393 |
| NOW | $144.5B | 83.7× | 55.5× | 10.9× | 20.9% | 77.5% | 13.2% | 13.5% | 12.1% | -0.9× | 2,160 |
| NET | $121.7B | — | — | 56.1× | 29.8% | 74.5% | -4.7% | -7.0% | -7.0% | — | 1,182 |
| SNOW | $121.2B | — | — | 25.9× | 29.2% | 67.2% | -28.4% | -69.2% | -69.2% | — | 1,428 |
| DDOG | $98.3B | — | — | 28.7× | 27.7% | 80.0% | 3.1% | 2.9% | 2.9% | — | 1,222 |
| CDNS | $96.1B | 85.9× | 54.1× | 18.1× | 14.1% | — | 20.9% | 20.3% | 20.3% | -1.8× | 1,445 |
| SNPS | $95.4B | 61.9× | 67.3× | 13.5× | 15.1% | 77.0% | 18.9% | 4.7% | 3.2% | 6.7× | 1,391 |
| ADBE | $93.8B | 14.4× | 9.9× | 4.0× | 10.5% | 89.3% | 30.0% | 61.3% | 40.0% | 0.1× | 1,914 |
| INTU | $81.2B | 18.5× | 13.9× | 3.8× | 13.9% | — | 21.3% | 24.0% | 17.1% | 0.5× | 1,694 |
| NTES | $76.6B | 79.7× | 12.8× | 4.8× | 11.6% | 64.3% | 30.9% | 21.7% | 21.7% | -1.2× | 446 |
| EA | $52.9B | 59.7× | 36.3× | 7.0× | 0.9% | 79.0% | 11.8% | 13.1% | 13.1% | -2.1× | 983 |
| ADSK | $48.8B | 44.7× | 30.3× | 6.8× | 17.5% | 91.0% | 15.6% | 36.9% | 20.3% | 0.1× | 1,157 |
| VEEV | $46.1B | 52.4× | — | 14.4× | 16.3% | 75.5% | 28.4% | 12.6% | 12.6% | — | 1,032 |
| XYZ | $45.2B | 35.8× | 22.1× | 1.9× | 0.3% | 42.8% | 5.4% | 5.9% | 4.4% | 0.3× | 1,057 |
| CRWV | $45.0B | — | 26.3× | 8.8× | 168% | 71.7% | -22.7% | -35.0% | -4.7% | 7.6× | 960 |
| TWLO | $42.4B | — | 120.8× | 8.4× | 13.7% | 48.9% | 0.7% | 0.4% | 0.4% | 0.9× | 933 |
| TTWO | $39.1B | — | — | 5.9× | 18.2% | 57.2% | -4.5% | -8.5% | -4.9% | 10.3× | 1,092 |
| OKTA | $38.5B | 168.1× | — | 13.2× | 11.8% | 77.4% | 8.1% | 3.4% | 3.4% | -5.3× | 810 |
| RBLX | $32.5B | — | — | 6.7× | 35.8% | 78.1% | -21.8% | -270% | -76.0% | — | 778 |
| MDB | $29.9B | — | — | 12.1× | 22.8% | 71.7% | -2.9% | -2.4% | -2.4% | — | 840 |
Peers = companies sharing EA's sector (Services-Prepackaged Software) 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 8% of free cash flow, leaving room to grow it and fund buybacks. Last year: $191.0M dividends + $769.0M buybacks = $960.0M returned on $2.32B 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 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: 13%. 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.
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 2026-08-04 · 66d old
How a revenue dollar becomes profit — FY2026
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 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.53B 100.0% | $7.46B 100.0% | $7.56B 100.0% | $7.43B 100.0% | $6.99B 100.0% | $5.63B 100.0% | $5.54B 100.0% | $4.95B 100.0% | $5.15B 100.0% | $4.84B 100.0% |
| Cost of Revenue | $1.58B 21.0% | $1.54B 20.7% | $1.71B 22.6% | $1.79B 24.1% | $1.86B 26.6% | $1.49B 26.5% | $1.37B 24.7% | $1.32B 26.7% | $1.28B 24.8% | $1.30B 26.8% |
| Cost of Products | — | — | — | — | — | — | — | — | $822.0M 16.0% | $893.0M 18.4% |
| Cost of Services | — | — | — | — | — | — | — | — | $455.0M 8.8% | $405.0M 8.4% |
| Gross Profit | $5.95B 79.0% | $5.92B 79.3% | $5.85B 77.4% | $5.63B 75.9% | $5.13B 73.4% | $4.13B 73.5% | $4.17B 75.3% | $3.63B 73.3% | $3.87B 75.2% | $3.55B 73.2% |
| Selling, General & Admin | $763.0M 10.1% | $745.0M 10.0% | $691.0M 9.1% | $727.0M 9.8% | $673.0M 9.6% | $592.0M 10.5% | $506.0M 9.1% | $460.0M 9.3% | $469.0M 9.1% | $439.0M 9.1% |
| Total Operating Expenses | $4.79B 63.5% | $4.40B 59.0% | $4.33B 57.3% | $4.30B 57.9% | $4.00B 57.3% | $3.09B 54.9% | $2.72B 49.2% | $2.63B 53.2% | $2.44B 47.4% | $2.32B 47.9% |
| Operating Income | $1.16B 15.4% | $1.52B 20.4% | $1.52B 20.1% | $1.33B 17.9% | $1.13B 16.1% | $1.05B 18.6% | $1.45B 26.1% | $996.0M 20.1% | $1.43B 27.8% | $1.22B 25.3% |
| Interest Expense | $53.0M 0.7% | $58.0M 0.8% | $58.0M 0.8% | $58.0M 0.8% | $58.0M 0.8% | $45.0M 0.8% | $44.0M 0.8% | $45.0M 0.9% | $44.0M 0.9% | $47.0M 1.0% |
| Other Income (Expense), net | $18.0M 0.2% | $85.0M 1.1% | $71.0M 0.9% | -$6.0M -0.1% | -$48.0M -0.7% | -$29.0M -0.5% | $63.0M 1.1% | $83.0M 1.7% | $15.0M 0.3% | -$14.0M -0.3% |
| Pretax Income | $1.18B 15.7% | $1.60B 21.5% | $1.59B 21.0% | $1.33B 17.9% | $1.08B 15.5% | $1.02B 18.1% | $1.51B 27.2% | $1.08B 21.8% | $1.45B 28.1% | $1.21B 25.0% |
| Income Tax Expense | $293.0M 3.9% | $484.0M 6.5% | $316.0M 4.2% | $524.0M 7.1% | $292.0M 4.2% | $180.0M 3.2% | -$1.53B -27.7% | $60.0M 1.2% | $406.0M 7.9% | $243.0M 5.0% |
| Net Income | $887.0M 11.8% | $1.12B 15.0% | $1.27B 16.8% | $802.0M 10.8% | $789.0M 11.3% | $837.0M 14.9% | $3.04B 54.9% | $1.02B 20.6% | $1.04B 20.3% | $967.0M 20.0% |
| Per Share | ||||||||||
| EPS (Basic) | $3.55 | $4.28 | $4.71 | $2.90 | $2.78 | $2.90 | $10.37 | $3.36 | $3.39 | $3.19 |
| EPS (Diluted) | $3.51 | $4.25 | $4.68 | $2.88 | $2.76 | $2.87 | $10.30 | $3.33 | $3.34 | $3.08 |
| Weighted Avg Shares (Basic) | 250.0M | 262.0M | 270.0M | 277.0M | 284.0M | 289.0M | 293.0M | 303.0M | 308.0M | 303.0M |
| Weighted Avg Shares (Diluted) | 253.0M | 264.0M | 272.0M | 278.0M | 286.0M | 292.0M | 295.0M | 306.0M | 312.0M | 314.0M |
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.
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
EOD close · as of 2026-08-04
Where each multiple sits in its own 15-yr range · 92th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 15-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 13% against ROIC 13% — 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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 26.7 | 24.7 | 26.5 | 26.6 | 24.1 | 22.6 | 20.7 | 21.0 |
| Gross Profit | 73.3 | 75.3 | 73.5 | 73.4 | 75.9 | 77.4 | 79.3 | 79.0 |
| SG&A | 9.3 | 9.1 | 10.5 | 9.6 | 9.8 | 9.1 | 10.0 | 10.1 |
| Operating Income | 20.1 | 26.1 | 18.6 | 16.1 | 17.9 | 20.1 | 20.4 | 15.4 |
| Income Tax | 1.2 | -27.7 | 3.2 | 4.2 | 7.1 | 4.2 | 6.5 | 3.9 |
| Net Income | 20.6 | 54.9 | 14.9 | 11.3 | 10.8 | 16.8 | 15.0 | 11.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EA: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 8.87pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 26.9% | 9.9% (today's — no rate published for this year) | 17.0pts |
| FY2021 | 26.4% | 9.9% (today's — no rate published for this year) | 16.5pts |
| FY2022 | 15.7% | 7.9% | 7.8pts |
| FY2023 | 18.6% | 8.4% | 10.2pts |
| FY2024 | 22.4% | 9.1% | 13.3pts |
| FY2025 | 24.1% | 9.3% | 14.8pts |
| FY2026 | 19.7% | 9.1% | 10.7pts |
| Now | 13.1% | 9.9% | 3.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 73.2% | 25.3% | 20.0% |
| FY2018 | 75.2% | 27.8% | 20.3% |
| FY2019 | 73.3% | 20.1% | 20.6% |
| FY2020 | 75.3% | 26.1% | 54.9% |
| FY2021 | 73.5% | 18.6% | 14.9% |
| FY2022 | 73.4% | 16.1% | 11.3% |
| FY2023 | 75.9% | 17.9% | 10.8% |
| FY2024 | 77.4% | 20.1% | 16.8% |
| FY2025 | 79.3% | 20.4% | 15.0% |
| FY2026 | 79.0% | 15.4% | 11.8% |
Return on equity (13%) and return on invested capital (13%) are within a couple of points in FY2026, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
The spread has been narrowing over the last three years.
Converts 1.96x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $2.32B; after share-based compensation it is $1.67B. The difference is a real cost that the cash flow statement adds back.
Covers interest 15.3x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 21.92x |
| 5% | 20.83x |
| 10% | 19.73x |
| 15% | 18.64x |
| 20% | 17.54x |
| 25% | 16.44x |
| 30% | 15.35x |
| 35% | 14.25x |
| 40% | 13.15x |
| 45% | 12.06x |
| 50% | 10.96x |
| 55% | 9.87x |
| 60% | 8.77x |
Balance sheet at 2026-03-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $369,000,000 of the $369,000,000 total — a fixed obligation that does not appear in a headline debt figure.
At $209.70, free cash flow must compound 14.9%/yr for 10 years. It has done 4.1%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 5.0% | 14.9% |
| FY2022 | −14.0% | 14.9% |
| FY2023 | −32.8% | 14.9% |
| FY2024 | 92.7% | 14.9% |
| FY2025 | −20.6% | 14.9% |
| FY2026 | 37.1% | 14.9% |
This is solved on free cash flow AFTER stock compensation ($1.47B against $2.10B before it). On the unadjusted figure the requirement would be 10.08%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $887M | $887M |
| Share-based comp | $656M | $1.54B |
| Other non-cash & working capital | $1.01B | $2.55B |
| Operating cash flow | $2.55B | $2.55B |
| Capex | −$230M | $2.32B |
| Free cash flow | $2.32B | $2.32B |
| FCF after SBC | $1.67B | $1.67B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 1.7% | 13.0% | 11.4 points |
| FY2022 | 24.2% | 24.8% | 0.6 points |
| FY2023 | 6.2% | 5.2% | -1.0 points |
| FY2024 | 1.8% | -17.4% | -19.2 points |
| FY2025 | -1.3% | 20.2% | 21.5 points |
| FY2026 | 0.9% | -6.9% | -7.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 30.4 days | not reported | 18.1 days | 12.3 days |
| FY2021 | 33.8 days | not reported | 23.5 days | 10.3 days |
| FY2022 | 33.9 days | not reported | 19.8 days | 14.1 days |
| FY2023 | 33.6 days | not reported | 20.2 days | 13.5 days |
| FY2024 | 27.3 days | not reported | 23.5 days | 3.8 days |
| FY2025 | 33.2 days | not reported | 24.8 days | 8.4 days |
| FY2026 | 30.6 days | not reported | 29.5 days | 1.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | 11.2 percent |
| FY2021 | -8.3 percent |
| FY2022 | -8.0 percent |
| FY2023 | -5.6 percent |
| FY2024 | -7.8 percent |
| FY2025 | -7.8 percent |
| FY2026 | -12.7 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 (FY2026) 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.
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.