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Held by 807 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
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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 (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $101.59 today, the market must believe free cash flow compounds 18.4%/yr for a decade (off $1.14B on the 3-yr avg basis).
On the basis ($829.3M) the requirement is 23.0%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 18.4% is more optimistic than its 9-yr track record.
Default is 12.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.36B shares (market data) · net debt $503.0M
mean 17.8% · volatility σ 64% · implied rate exceeded in 4/9 yrs
Central path = implied 18.4%/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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 39% of free cash flow, leaving room to grow it and fund buybacks. Last year: $508.0M dividends + $70.0M buybacks = $578.0M returned on $1.32B 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 balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 4%. 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~66.4% on $503.0M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
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 2026-10-14
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 | $15.05B 100.0% | $14.33B 100.0% | $15.61B 100.0% | $15.91B 100.0% | $17.74B 100.0% | $16.21B 100.0% | $14.29B 100.0% | $14.86B 100.0% | $13.68B 100.0% | $11.82B 100.0% |
| Cost of Revenue | $3.69B 24.5% | $3.73B 26.0% | $4.42B 28.3% | $4.56B 28.7% | $4.30B 24.3% | $3.83B 23.6% | $3.55B 24.8% | $3.39B 22.8% | $2.84B 20.8% | $2.43B 20.6% |
| Gross Profit | $11.36B 75.5% | $10.60B 74.0% | $11.18B 71.7% | $11.35B 71.3% | $13.43B 75.7% | $12.38B 76.4% | $10.74B 75.2% | $11.48B 77.2% | $10.84B 79.2% | $9.39B 79.4% |
| Selling, General & Admin | $9.69B 64.4% | $9.46B 66.0% | $9.62B 61.6% | $9.57B 60.2% | $9.89B 55.7% | $9.37B 57.8% | $8.64B 60.4% | $8.86B 59.6% | $8.55B 62.5% | $7.46B 63.1% |
| Total Operating Expenses | $10.58B 70.3% | $11.38B 79.4% | $10.21B 65.4% | $9.84B 61.8% | $10.26B 57.9% | $9.76B 60.2% | $10.14B 70.9% | $9.16B 61.6% | $8.78B 64.2% | $7.69B 65.0% |
| Operating Income | $780.0M 5.2% | -$785.0M -5.5% | $970.0M 6.2% | $1.51B 9.5% | $3.17B 17.9% | $2.62B 16.1% | $606.0M 4.2% | $2.31B 15.6% | $2.06B 15.0% | $1.70B 14.4% |
| Interest Expense | $334.0M 2.2% | $357.0M 2.5% | $378.0M 2.4% | $255.0M 1.6% | $167.0M 0.9% | $173.0M 1.1% | $161.0M 1.1% | $133.0M 0.9% | $128.0M 0.9% | $103.0M 0.9% |
| Pretax Income | $517.0M 3.4% | -$1.04B -7.3% | $772.0M 4.9% | $1.40B 8.8% | $3.04B 17.1% | $3.33B 20.5% | $1.05B 7.3% | $2.31B 15.5% | $1.98B 14.5% | $1.62B 13.7% |
| Income Tax Expense | $335.0M 2.2% | $93.0M 0.6% | $363.0M 2.3% | $387.0M 2.4% | $628.0M 3.5% | $456.0M 2.8% | $350.0M 2.4% | $513.0M 3.5% | $863.0M 6.3% | $361.0M 3.1% |
| Net Income | $182.0M 1.2% | -$1.13B -7.9% | $409.0M 2.6% | $1.01B 6.3% | $2.41B 13.6% | $2.88B 17.7% | $684.0M 4.8% | $1.78B 12.0% | $1.11B 8.1% | $1.25B 10.6% |
| Per Share | ||||||||||
| EPS (Basic) | $0.50 | -$3.15 | $1.09 | $2.81 | $6.64 | $7.91 | $1.90 | $4.91 | $3.01 | $3.40 |
| EPS (Diluted) | $0.50 | -$3.15 | $1.08 | $2.79 | $6.55 | $7.79 | $1.86 | $4.82 | $2.95 | $3.35 |
| Weighted Avg Shares (Basic) | 362.3M | 360.1M | 359.0M | 357.9M | 360.0M | 362.9M | 360.6M | 363.5M | 368.0M | 367.1M |
| Weighted Avg Shares (Diluted) | 364.8M | 360.1M | 360.8M | 360.9M | 364.9M | 368.2M | 366.9M | 370.4M | 375.7M | 373.0M |
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.
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 13 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PG | $355.5B | 23.1× | 17.0× | 4.1× | 3.3% | 50.2% | 18.4% | 29.5% | 18.1% | 1.5× | 3,918 |
| ECL | $80.1B | 39.2× | 25.7× | 5.0× | 2.2% | 44.5% | 12.9% | 21.2% | 11.5% | 2.2× | 1,647 |
| CL | $71.7B | 34.2× | 19.9× | 3.5× | 1.4% | 60.1% | 10.5% | — | 26.5% | 1.7× | 1,958 |
| EL | $36.1B | 199.5× | 23.3× | 2.4× | 5.0% | 75.5% | 1.2% | 4.8% | 4.2% | 0.3× | 807 |
| KVUE | $34.1B | 23.4× | 11.6× | 2.3× | -2.1% | 58.1% | 9.7% | 13.7% | 12.0% | 0.1× | 974 |
| CHD | $23.8B | 33.2× | 19.3× | 3.8× | 1.6% | 44.7% | 11.9% | 18.4% | 11.9% | 1.4× | 1,026 |
| CLX | $10.2B | 12.9× | — | 1.4× | 0.2% | 45.2% | 11.4% | 252% | 28.9% | — | 1,027 |
| ELF | $6.4B | 245.8× | 45.5× | 3.9× | 24.6% | 70.7% | 1.6% | 2.3% | 1.3% | 3.8× | 428 |
| IPAR | $3.7B | 21.8× | 12.8× | 2.5× | 2.5% | 63.6% | 11.3% | 19.1% | 16.6% | 0.4× | 304 |
| COTY | $2.6B | — | 13.7× | 0.5× | -1.5% | 62.9% | -10.4% | -20.2% | -10.0% | 7.2× | 308 |
| SCL | $1.4B | 30.3× | 9.3× | 0.6× | 7.0% | 11.6% | 2.0% | 3.8% | 2.5% | 2.4× | 223 |
| EPC | $1.3B | 53.8× | 14.6× | 0.6× | -1.3% | 41.6% | 1.1% | 1.6% | 0.9% | 7.5× | 215 |
| ODD | $1.0B | 12.3× | 4.8× | 1.3× | 25.2% | 72.7% | 13.7% | 27.9% | 27.9% | -3.1× | 138 |
| WALD | $108M | — | — | 0.4× | -0.7% | 67.3% | -84.4% | -49.7% | -38.4% | — | — |
Peers = companies sharing EL's sector (Perfumes, Cosmetics & Other Toilet Preparations) 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.
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 2026-10-14
Where each multiple sits in its own 15-yr range · 100th 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 5% against ROIC 4% — 1% 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 | 22.8 | 24.8 | 23.6 | 24.3 | 28.7 | 28.3 | 26.0 | 24.5 |
| Gross Profit | 77.2 | 75.2 | 76.4 | 75.7 | 71.3 | 71.7 | 74.0 | 75.5 |
| SG&A | 59.6 | 60.4 | 57.8 | 55.7 | 60.2 | 61.6 | 66.0 | 64.4 |
| Operating Income | 15.6 | 4.2 | 16.1 | 17.9 | 9.5 | 6.2 | -5.5 | 5.2 |
| Income Tax | 3.5 | 2.4 | 2.8 | 3.5 | 2.4 | 2.3 | 0.6 | 2.2 |
| Net Income | 12.0 | 4.8 | 17.7 | 13.6 | 6.3 | 2.6 | -7.9 | 1.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -3.0pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 5.4% | 12.0% (today's — no rate published for this year) | -6.6pts |
| FY2021 | 21.1% | 12.0% (today's — no rate published for this year) | 9.2pts |
| FY2022 | 27.4% | 8.6% | 18.7pts |
| FY2023 | 12.2% | 9.0% | 3.2pts |
| FY2024 | 8.6% | 9.1% | -0.6pts |
| FY2025 | -9.1% | 9.9% | -19.0pts |
| FY2026 | 8.7% | 11.2% | -2.5pts |
| Now | 4.2% | 12.0% | -7.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 79.4% | 14.4% | 10.6% |
| FY2018 | 79.2% | 15.0% | 8.1% |
| FY2019 | 77.2% | 15.6% | 12.0% |
| FY2020 | 75.2% | 4.2% | 4.8% |
| FY2021 | 76.4% | 16.1% | 17.7% |
| FY2022 | 75.7% | 17.9% | 13.6% |
| FY2023 | 71.3% | 9.5% | 6.3% |
| FY2024 | 71.7% | 6.2% | 2.6% |
| FY2025 | 74.0% | -5.5% | -7.9% |
| FY2026 | 75.5% | 5.2% | 1.2% |
Return on equity (5%) and return on invested capital (4%) 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.
$2.1B of goodwill — 35% 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 13.75% against 8.98% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 2.67x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $1.32B; after share-based compensation it is $1.01B. The difference is a real cost that the cash flow statement adds back.
Stressed coverage of 1.6x sits between comfortable and thin.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.34x |
| 5% | 2.22x |
| 10% | 2.10x |
| 15% | 1.99x |
| 20% | 1.87x |
| 25% | 1.75x |
| 30% | 1.63x |
| 35% | 1.52x |
| 40% | 1.40x |
| 45% | 1.28x |
| 50% | 1.17x |
| 55% | 1.05x |
| 60% | 0.93x |
Balance sheet at 2026-06-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $1,968,000,000 of the $2,471,000,000 total — a fixed obligation that does not appear in a headline debt figure.
At $99.73, free cash flow must compound 18.89%/yr for 10 years. It has done -3.77%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 80.7% | 18.9% |
| FY2022 | −33.2% | 18.9% |
| FY2023 | −63.6% | 18.9% |
| FY2024 | 97.9% | 18.9% |
| FY2025 | −53.5% | 18.9% |
| FY2026 | 96.4% | 18.9% |
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $182M | $182M |
| Share-based comp | $310M | $492M |
| Other non-cash & working capital | $1.28B | $1.77B |
| Operating cash flow | $1.77B | $1.77B |
| Capex | −$457M | $1.32B |
| Free cash flow | $1.32B | $1.32B |
| FCF after SBC | $1.01B | $1.01B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 13.4% | 42.5% | 29.1 points |
| FY2022 | 9.4% | -4.3% | -13.7 points |
| FY2023 | -10.3% | -10.9% | -0.6 points |
| FY2024 | -1.9% | 18.9% | 20.8 points |
| FY2025 | -8.2% | -11.4% | -3.2 points |
| FY2026 | 5.0% | -0.8% | -5.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 30.5 days | 211.9 days | 120.9 days | 121.4 days |
| FY2021 | 38.3 days | 238.5 days | 161.1 days | 115.7 days |
| FY2022 | 33.5 days | 247.6 days | 154.5 days | 126.6 days |
| FY2023 | 33.3 days | 238.2 days | 133.6 days | 138 days |
| FY2024 | 40.4 days | 179.4 days | 118.8 days | 101 days |
| FY2025 | 39 days | 203 days | 146.5 days | 95.5 days |
| FY2026 | 36.8 days | 197.9 days | 156.2 days | 78.5 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -9.0 percent |
| FY2021 | -3.4 percent |
| FY2022 | -3.0 percent |
| FY2023 | -3.1 percent |
| FY2024 | -9.0 percent |
| FY2025 | -12.1 percent |
| FY2026 | -8.1 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.