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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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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: 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 12% of free cash flow, leaving room to grow it and fund buybacks. Last year: $96.4M dividends + $230.9M buybacks = $327.3M returned on $780.2M FCF.
2 consecutive years of dividend increases · -22%/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.
EOD close · as of 2026-10-21
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.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.66B 100.0% | $4.90B 100.0% | $4.31B 100.0% | $3.00B 100.0% | $3.11B 100.0% | $4.28B 100.0% | $3.58B 100.0% | $3.10B 100.0% | $2.45B 100.0% | $1.80B 100.0% |
| Cost of Revenue | $2.57B 45.4% | $2.18B 44.6% | $2.05B 47.5% | $1.41B 47.0% | $1.75B 56.5% | $2.04B 47.6% | $1.59B 44.4% | $1.38B 44.4% | $1.07B 43.5% | $749.6M 41.7% |
| Selling, General & Admin | $1.59B 28.2% | $1.44B 29.5% | $1.25B 29.0% | $953.6M 31.8% | $1.87B 60.1% | $1.49B 34.8% | $1.15B 32.0% | $1.03B 33.2% | $794.5M 32.5% | $554.9M 30.8% |
| Total Operating Expenses | $5.02B 88.6% | $4.47B 91.3% | $3.96B 91.9% | $2.81B 93.7% | $4.09B 131.6% | $4.16B 97.3% | $3.18B 88.9% | $2.79B 90.3% | $2.18B 89.3% | $1.54B 85.4% |
| Operating Income | $643.3M 11.4% | $428.3M 8.7% | $350.4M 8.1% | $190.0M 6.3% | -$982.5M -31.6% | $117.3M 2.7% | $399.0M 11.1% | $305.5M 9.9% | $263.0M 10.7% | $262.1M 14.6% |
| Interest Expense | $28K 0.0% | $311K 0.0% | $298K 0.0% | $707K 0.0% | $4.0M 0.1% | $6.7M 0.2% | $4.6M 0.1% | $1.6M 0.1% | — | — |
| Interest & Investment Income | $76.9M 1.4% | $119.6M 2.4% | $153.6M 3.6% | $114.5M 3.8% | $123.5M 4.0% | $141.5M 3.3% | $116.1M 3.2% | $97.5M 3.1% | $84.8M 3.5% | $61.4M 3.4% |
| Other Income (Expense), net | $69.5M 1.2% | $93.9M 1.9% | $84.5M 2.0% | $111.4M 3.7% | — | — | — | — | — | — |
| Pretax Income | $730.5M 12.9% | $536.4M 10.9% | $493.8M 11.4% | $308.5M 10.3% | -$1.03B -33.3% | $315.0M 7.4% | $487.8M 13.6% | $315.8M 10.2% | $357.0M 14.6% | $330.7M 18.4% |
| Income Tax Expense | $196.1M 3.5% | $146.3M 3.0% | $109.7M 2.5% | $66.1M 2.2% | $136.3M 4.4% | $83.6M 2.0% | $134.4M 3.8% | $85.7M 2.8% | $59.4M 2.4% | $50.6M 2.8% |
| Net Income | $475.2M 8.4% | $371.7M 7.6% | $309.6M 7.2% | $177.3M 5.9% | -$1.19B -38.2% | $334.4M 7.8% | $413.3M 11.5% | $238.1M 7.7% | $296.1M 12.1% | $274.5M 15.3% |
| Per Share | ||||||||||
| Weighted Avg Shares (Basic) | 1.58B | 1.62B | 1.65B | 1.68B | 1.70B | 1.65B | 1.58B | 1.58B | 158.2M | 157.6M |
| Weighted Avg Shares (Diluted) | 1.60B | 1.63B | 1.67B | 1.69B | 1.70B | 1.65B | 1.60B | 1.59B | 158.6M | 158.0M |
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $59.50 today, the market must believe free cash flow compounds -2.4%/yr for a decade (off $769.4M on the 3-yr avg basis).
On the basis ($679.1M) the requirement is -0.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -2.4% is more conservative than its 9-yr track record.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.16B shares (market data) · net debt -$1.82B
mean -33.3% · volatility σ 111% · implied rate exceeded in 4/8 yrs
Central path = implied -2.4%/yr growth; shaded band = ±1σ (111%) 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
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.
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 2026-10-21
Where each multiple sits in its own 15-yr range · 76th 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 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 3.2× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 44.4 | 44.4 | 47.6 | 56.5 | 47.0 | 47.5 | 44.6 | 45.4 |
| SG&A | 33.2 | 32.0 | 34.8 | 60.1 | 31.8 | 29.0 | 29.5 | 28.2 |
| Operating Income | 9.9 | 11.1 | 2.7 | -31.6 | 6.3 | 8.1 | 8.7 | 11.4 |
| Income Tax | 2.8 | 3.8 | 2.0 | 4.4 | 2.2 | 2.5 | 3.0 | 3.5 |
| Net Income | 7.7 | 11.5 | 7.8 | -38.2 | 5.9 | 7.2 | 7.6 | 8.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EDU: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.