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Held by 628 of 6,047 reporting institutions (97th 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.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $63.76 today, the market must believe free cash flow compounds -1.1%/yr for a decade (off $552.7M on the 3-yr avg basis).
On the basis ($494.3M) the requirement is 0.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -1.1% is more optimistic than its 9-yr track record.
Default is 6.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.11B shares (market data) · net debt $4.22B
mean 1.1% · volatility σ 36% · implied rate exceeded in 7/9 yrs
Central path = implied -1.1%/yr growth; shaded band = ±1σ (36%) 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.
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
What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 90% of free cash flow — sustainable but with limited headroom. Last year: $381.0M dividends + $0 buybacks = $381.0M returned on $424.0M FCF.
2 consecutive years of dividend increases · 7%/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.
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).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash of $566.0M is below short-term debt of $586.0M — relies on refinancing/operations.
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 2026-10-08
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 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.75B 100.0% | $9.38B 100.0% | $9.21B 100.0% | $10.58B 100.0% | $10.48B 100.0% | $8.47B 100.0% | $9.27B 100.0% | $10.15B 100.0% | $9.55B 100.0% | $9.01B 100.0% |
| Cost of Revenue | $6.91B 78.9% | $7.09B 75.6% | $7.15B 77.6% | $8.44B 79.8% | $7.98B 76.1% | $6.50B 76.7% | $7.04B 75.9% | $7.67B 75.6% | $7.19B 75.3% | $6.65B 73.8% |
| Cost of Products | — | — | — | — | — | — | — | — | $7.09B 74.3% | $6.66B 73.9% |
| Gross Profit | $1.84B 21.1% | $2.29B 24.4% | $2.06B 22.4% | $2.14B 20.2% | $2.50B 23.9% | $1.98B 23.3% | $2.23B 24.1% | $2.48B 24.4% | $2.36B 24.7% | $2.36B 26.2% |
| Research & Development | $255.0M 2.9% | $250.0M 2.7% | $239.0M 2.6% | $264.0M 2.5% | $254.0M 2.4% | $226.0M 2.7% | $234.0M 2.5% | $235.0M 2.3% | $227.0M 2.4% | $223.0M 2.5% |
| Selling, General & Admin | $658.0M 7.5% | $736.0M 7.8% | $727.0M 7.9% | $726.0M 6.9% | $795.0M 7.6% | $654.0M 7.7% | $691.0M 7.5% | $721.0M 7.1% | $729.0M 7.6% | $707.0M 7.8% |
| Operating Income | — | — | — | — | — | — | — | — | $1.53B 16.0% | $1.38B 15.4% |
| Other Income (Expense), net | -$84.0M -1.0% | -$47.0M -0.5% | -$38.0M -0.4% | $6.0M 0.1% | $17.0M 0.2% | -$8.0M -0.1% | -$3.0M -0.0% | $53.0M 0.5% | -$4.0M -0.0% | $4.0M 0.0% |
| Pretax Income | $568.0M 6.5% | $1.08B 11.5% | $1.09B 11.8% | $977.0M 9.2% | $1.08B 10.3% | $530.0M 6.3% | $902.0M 9.7% | $1.31B 12.9% | $1.29B 13.5% | $1.05B 11.6% |
| Income Tax Expense | $93.0M 1.1% | $170.0M 1.8% | $191.0M 2.1% | $181.0M 1.7% | $215.0M 2.1% | $41.0M 0.5% | $140.0M 1.5% | $226.0M 2.2% | -$99.0M -1.0% | $190.0M 2.1% |
| Net Income | $474.0M 5.4% | $905.0M 9.6% | $894.0M 9.7% | $793.0M 7.5% | $857.0M 8.2% | $478.0M 5.6% | $759.0M 8.2% | $1.08B 10.6% | $1.38B 14.5% | $854.0M 9.5% |
| Per Share | ||||||||||
| EPS (Basic) | $4.14 | $7.75 | $7.54 | $6.42 | $6.35 | $3.53 | $5.52 | $7.65 | $9.56 | $5.80 |
| EPS (Diluted) | $4.10 | $7.67 | $7.49 | $6.35 | $6.25 | $3.50 | $5.48 | $7.56 | $9.47 | $5.75 |
| Weighted Avg Shares (Basic) | 114.7M | 116.7M | 118.6M | 123.5M | 134.9M | 135.5M | 137.4M | 141.2M | 144.8M | 147.3M |
| Weighted Avg Shares (Diluted) | 115.6M | 117.9M | 119.4M | 124.9M | 137.1M | 136.5M | 138.5M | 142.9M | 146.1M | 148.4M |
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 2026-10-08
Where each multiple sits in its own 14-yr range · 54th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-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 8% against ROIC 4% — 4% 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 6.3× 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 | 75.6 | 75.9 | 76.7 | 76.1 | 79.8 | 77.6 | 75.6 | 78.9 |
| Gross Profit | 24.4 | 24.1 | 23.3 | 23.9 | 20.2 | 22.4 | 24.4 | 21.1 |
| R&D | 2.3 | 2.5 | 2.7 | 2.4 | 2.5 | 2.6 | 2.7 | 2.9 |
| SG&A | 7.1 | 7.5 | 7.7 | 7.6 | 6.9 | 7.9 | 7.8 | 7.5 |
| Income Tax | 2.2 | 1.5 | 0.5 | 2.1 | 1.7 | 2.1 | 1.8 | 1.1 |
| Net Income | 10.6 | 8.2 | 5.6 | 8.2 | 7.5 | 9.7 | 9.6 | 5.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EMN: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -1.14pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 6.3% | 6.2% (today's — no rate published for this year) | 0.2pts |
| FY2020 | 4.0% | 6.2% (today's — no rate published for this year) | -2.2pts |
| FY2021 | 8.4% | 6.2% (today's — no rate published for this year) | 2.2pts |
| FY2022 | 8.1% | 6.2% (today's — no rate published for this year) | 1.9pts |
| FY2023 | 9.4% | 6.2% (today's — no rate published for this year) | 3.3pts |
| FY2024 | 9.3% | 6.2% (today's — no rate published for this year) | 3.1pts |
| FY2025 | 5.3% | 6.2% (today's — no rate published for this year) | -0.9pts |
| Now | 4.4% | 6.2% | -1.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 26.2% | 15.4% | 9.5% |
| FY2017 | 24.7% | 16.0% | 14.5% |
| FY2018 | 24.4% | 12.4% | 10.6% |
| FY2019 | 24.1% | 9.8% | 8.2% |
| FY2020 | 23.3% | 6.3% | 5.6% |
| FY2021 | 23.9% | 10.2% | 8.2% |
| FY2022 | 20.2% | 9.2% | 7.5% |
| FY2023 | 22.4% | 12.2% | 9.7% |
| FY2024 | 24.4% | 12.0% | 9.6% |
| FY2025 | 21.1% | 7.4% | 5.4% |
ROIC ex-goodwill is 7.56% against 5.01% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.79x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $424M; after share-based compensation it is $376M. The difference is a real cost that the cash flow statement adds back.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
At $63.76, free cash flow must compound -1.06%/yr for 10 years. It has done -14.42%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −0.6% | −1.1% |
| FY2021 | −0.7% | −1.1% |
| FY2022 | −65.8% | −1.1% |
| FY2023 | 50.0% | −1.1% |
| FY2024 | 26.0% | −1.1% |
| FY2025 | −38.4% | −1.1% |
The implied rate has been matched or beaten in 4 of the last 6 years.
Leverage and buybacks account for 4 points of the 8% return on equity in FY2025. The business earns 4% on the capital it employs; the rest is balance sheet.
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.
$3.7B of goodwill — 34% 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.
| Step | Amount | Running total |
|---|---|---|
| Net income | $474M | $474M |
| Share-based comp | $48M | $522M |
| Other non-cash & working capital | $448M | $970M |
| Operating cash flow | $970M | $970M |
| Capex | −$546M | $424M |
| Free cash flow | $424M | $424M |
| FCF after SBC | $376M | $376M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -8.6% | 5.4% | 14.0 points |
| FY2021 | 23.6% | 5.6% | -18.0 points |
| FY2022 | 1.0% | -12.3% | -13.3 points |
| FY2023 | -12.9% | -13.7% | -0.7 points |
| FY2024 | 1.9% | -4.2% | -6.1 points |
| FY2025 | -6.7% | -6.8% | -0.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 38.6 days | 86.2 days | 46.2 days | 78.6 days |
| FY2020 | 44.5 days | 77.5 days | 44.9 days | 77.1 days |
| FY2021 | 38 days | 68.8 days | 56.2 days | 50.6 days |
| FY2022 | 33 days | 81.9 days | 57 days | 57.9 days |
| FY2023 | 32.7 days | 85.9 days | 59.7 days | 58.9 days |
| FY2024 | 30.8 days | 102.3 days | 67.4 days | 65.7 days |
| FY2025 | 30.7 days | 104.6 days | 64 days | 71.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.7 percent |
| FY2020 | -6.1 percent |
| FY2021 | -4.9 percent |
| FY2022 | -1.2 percent |
| FY2023 | -3.3 percent |
| FY2024 | -2.5 percent |
| FY2025 | -3.3 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.