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Held by 490 of 2,417 reporting institutions (98th percentile) — extremely crowded.
Data as of Q3 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
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 $165.54 today, the market must believe free cash flow compounds -8.9%/yr for a decade (off $10.41B on the 3-yr avg basis).
On the basis ($10.21B) the requirement is -8.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -8.9% is more conservative than its 9-yr track record.
Default is 7.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.52B shares (market data) · net debt $4.54B
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean 24.9% · volatility σ 46% · implied rate exceeded in 7/9 yrs
Central path = implied -8.9%/yr growth; shaded band = ±1σ (46%) 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 36 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EOG | $85.1B | 17.8× | 8.3× | 3.8× | -4.5% | — | 22.0% | 16.7% | 13.2% | 0.4× | 490 |
| OXY | $63.0B | 39.1× | — | 2.9× | -1.9% | — | 11.0% | 6.6% | 4.2% | — | 383 |
| FANG | $57.8B | 36.0× | 11.4× | 3.9× | 35.8% | — | 11.1% | 4.5% | 3.2% | 2.3× | 361 |
| DVN | $56.3B | 12.3× | — | 3.3× | 7.8% | — | 15.4% | 17.0% | 11.0% | — | 451 |
| EQT | $34.1B | 16.5× | 7.2× | 4.0× | 63.9% | 82.3% | 23.6% | 8.6% | 6.5% | 1.3× | 277 |
| PR | $21.4B | 20.0× | — | 4.2× | 1.3% | — | 18.5% | 9.1% | 6.8% | — | 151 |
| EXE | $20.9B | 11.9× | 4.6× | 1.7× | 186% | — | 15.0% | 9.8% | 7.7% | 0.8× | 206 |
| OVV | $19.8B | 15.0× | 7.5× | 2.2× | -2.7% | — | 13.9% | 11.1% | 7.6% | 1.6× | 148 |
| AR | $12.7B | 20.3× | 8.6× | 2.4× | 22.0% | — | 12.8% | 8.9% | 7.5% | 0.9× | 137 |
| RRC | $12.6B | 19.7× | — | 4.0× | 28.9% | 94.0% | 21.1% | 15.2% | 11.9% | — | 124 |
| SM | $9.4B | 7.0× | — | 3.0× | 17.2% | — | 20.5% | 13.5% | 13.5% | — | 107 |
| CHRD | $8.4B | 207.6× | 5.8× | 1.7× | -7.1% | 80.0% | 0.9% | 0.6% | 0.5% | 0.8× | 110 |
| MTDR | $7.4B | 9.8× | 4.5× | 2.0× | 5.5% | 94.4% | 20.5% | 13.4% | 8.4% | 1.4× | 95 |
| MGY | $7.1B | — | 8.2× | 5.4× | -0.3% | — | 24.8% | 16.3% | 13.6% | 0.1× | 83 |
| MUR | $6.1B | 59.5× | 5.5× | 2.3× | -10.2% | 100% | 3.8% | 2.0% | 1.6% | 0.7× | 97 |
| CNX | $5.4B | 9.2× | 5.4× | 2.4× | 76.8% | — | 28.3% | 14.6% | 9.4% | 1.6× | 73 |
| CRC | $4.9B | 13.2× | 5.4× | 1.3× | 14.7% | — | 9.9% | 9.9% | 7.3% | 1.0× | 67 |
| CRK | $4.3B | 10.2× | 5.5× | 1.9× | 77.0% | — | 17.8% | 14.9% | 7.3% | 2.2× | 62 |
| PARR | $3.7B | 10.2× | 6.3× | 0.5× | -6.4% | — | 4.9% | 24.4% | 16.0% | 0.9× | 94 |
| TALO | $3.0B | — | 7.7× | 1.7× | -9.8% | — | -27.8% | -22.8% | -14.6% | 1.7× | 66 |
| NOG | $3.0B | 71.3× | — | 1.2× | 11.2% | 80.9% | 1.6% | 1.8% | 0.9% | — | 69 |
| GPOR | $2.9B | 7.7× | 4.1× | 2.0× | 48.5% | 74.8% | 30.1% | 23.3% | 16.3% | 0.9× | 52 |
| BKV | $2.3B | 10.2× | 6.3× | 2.0× | 9.9% | — | 15.7% | 9.0% | 5.7% | 1.8× | 20 |
| AESI | $1.2B | — | 11.6× | 1.1× | 3.7% | 13.8% | -4.6% | -4.2% | -2.8% | 3.9× | 52 |
| REPX | $1.1B | 6.9× | 6.0× | 2.9× | -4.4% | — | 41.0% | 25.4% | 18.2% | 1.0× | 29 |
Peers = companies sharing EOG's sector (Crude Petroleum & Natural Gas) 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.
No dividend to cover. Last year: $0 dividends + $2.56B buybacks = $2.56B returned on $9.56B 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).
Reinvestment has been productive — operating income grew well per dollar put in. 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.
Cash of $3.40B covers all $640.0M of scheduled principal — no refinancing pressure. 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).
Interest is easily covered by operating profit. Effective rate ~3.0% on $7.94B of debt.
Cash of $3.40B fully covers short-term debt of $27.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
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.
EOD close · as of 2026-10-30
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 | $22.63B 100.0% | $23.70B 100.0% | $24.19B 100.0% | $25.70B 100.0% | $18.64B 100.0% | $11.03B 100.0% | $17.38B 100.0% | $17.28B 100.0% | $11.21B 100.0% | $7.65B 100.0% |
| Selling, General & Admin | $820.0M 3.6% | $669.0M 2.8% | $640.0M 2.6% | $570.0M 2.2% | $511.0M 2.7% | $484.0M 4.4% | $489.0M 2.8% | $427.0M 2.5% | $434.5M 3.9% | $394.8M 5.2% |
| Total Operating Expenses | $16.25B 71.8% | $15.62B 65.9% | $14.58B 60.3% | $15.74B 61.2% | $12.54B 67.3% | $11.58B 104.9% | $13.68B 78.7% | $12.81B 74.1% | $10.28B 91.7% | $8.88B 116.0% |
| Operating Income | $6.38B 28.2% | $8.08B 34.1% | $9.60B 39.7% | $9.97B 38.8% | $6.10B 32.7% | -$544.0M -4.9% | $3.70B 21.3% | $4.47B 25.9% | $926.4M 8.3% | -$1.23B -16.0% |
| Interest Expense | $235.0M 1.0% | $138.0M 0.6% | $148.0M 0.6% | $179.0M 0.7% | $178.0M 1.0% | $205.0M 1.9% | $185.0M 1.1% | $245.1M 1.4% | $274.4M 2.4% | $281.7M 3.7% |
| Interest & Investment Income | $210.0M 0.9% | $277.0M 1.2% | $240.0M 1.0% | $85.0M 0.3% | $3.0M 0.0% | $12.0M 0.1% | $26.0M 0.1% | $12.0M 0.1% | $8.0M 0.1% | — |
| Other Income (Expense), net | $212.0M 0.9% | $274.0M 1.2% | $234.0M 1.0% | $114.0M 0.4% | $9.0M 0.0% | $10.0M 0.1% | $31.0M 0.2% | $16.7M 0.1% | $9.2M 0.1% | -$50.5M -0.7% |
| Pretax Income | $6.36B 28.1% | $8.22B 34.7% | $9.69B 40.1% | $9.90B 38.5% | $5.93B 31.8% | -$739.0M -6.7% | $3.54B 20.4% | $4.24B 24.5% | $661.2M 5.9% | -$1.56B -20.4% |
| Income Tax Expense | $1.38B 6.1% | $1.81B 7.7% | $2.10B 8.7% | $2.14B 8.3% | $1.27B 6.8% | -$134.0M -1.2% | $810.0M 4.7% | $822.0M 4.8% | -$1.92B -17.1% | -$460.8M -6.0% |
| Net Income | $4.98B 22.0% | $6.40B 27.0% | $7.59B 31.4% | $7.76B 30.2% | $4.66B 25.0% | -$605.0M -5.5% | $2.73B 15.7% | $3.42B 19.8% | $2.58B 23.0% | -$1.10B -14.3% |
| Per Share | ||||||||||
| EPS (Basic) | $9.17 | $11.31 | $13.07 | $13.31 | $8.03 | -$1.04 | $4.73 | $5.93 | $4.49 | -$1.98 |
| EPS (Diluted) | $9.12 | $11.25 | $13.00 | $13.22 | $7.99 | -$1.04 | $4.71 | $5.89 | $4.46 | -$1.98 |
| Weighted Avg Shares (Basic) | 543.0M | 566.0M | 581.0M | 583.0M | 581.0M | 579.0M | 578.0M | 576.6M | 574.6M | 553.4M |
| Weighted Avg Shares (Diluted) | 546.0M | 569.0M | 584.0M | 587.0M | 584.0M | 579.0M | 581.0M | 580.4M | 578.7M | 553.4M |
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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-25 | Distefano Laura B. VP & CAO | Grant | 5,772 | $0.00 | $0 |
| 2026-09-25 | 2 co-filers EVP & COO | Grant | 13,680 | $0.00 | $0 |
| 2026-09-25 | Donaldson Michael P EVP & Chief Legal Officer | Grant | 9,975 | $0.00 | $0 |
| 2026-09-25 | Yacob Ezra Y Chairman & CEO | Grant |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| 37,905 |
| $0.00 |
| $0 |
| 2026-09-25 | 2 co-filers EVP & COO | 10b5-1 plan sale | 9,039 | $140.61 | $1.3m |
| 2026-09-15 | Leitzell Jeffrey R. EVP & COO | Tax withholding | 1,905 | $153.74 | $293k |
| 2026-09-15 | Yacob Ezra Y Chairman & CEO | Tax withholding | 11,908 | $153.74 | $1.8m |
| 2026-09-15 | Janssen Ann D. EVP & Chief Financial Officer | Tax withholding | 2,978 | $153.74 | $458k |
| 2026-09-15 | Donaldson Michael P EVP & Chief Legal Officer | Tax withholding | 3,234 | $153.74 | $497k |
| 2026-09-15 | Distefano Laura B. VP & CAO | Tax withholding | 1,521 | $153.74 | $234k |
| 2026-09-11 | Donaldson Michael P EVP & Chief Legal Officer | Open-market sale | 7,336 | $148.00 | $1.1m |
| 2026-09-01 | Distefano Laura B. VP & CAO | Tax withholding | 974 | $148.35 | $144k |
| 2026-08-24 | Yacob Ezra Y Chairman & CEO | Open-market sale | 35,942 | $152.10 | $5.5m |
| 2026-07-31 | Clark Janet F Director | Grant | 314 | $148.69 | $47k |
| 2026-07-31 | Crisp Charles R Director | Grant | 283 | $148.69 | $42k |
| 2026-07-31 | Daniels Robert P Director | Grant | 446 | $148.69 | $66k |
| 2026-07-31 | Donaldson Michael P EVP & Chief Legal Officer | Grant | 148 | $148.69 | $22k |
| 2026-07-31 | Dugle Lynn A Director | Grant | 42 | $148.69 | $6k |
| 2026-07-31 | Gaut C Christopher Director | Grant | 143 | $148.69 | $21k |
| 2026-07-31 | Kerr Michael T. Director | Grant | 365 | $148.69 | $54k |
| 2026-07-31 | Leitzell Jeffrey R. EVP & COO | Grant | 4 | $148.69 | $620 |
| 2026-07-31 | Yacob Ezra Y Chairman & CEO | Grant | 2 | $148.69 | $357 |
| 2026-06-30 | Donaldson Michael P EVP & Chief Legal Officer | Grant | 233 | $91.18 | $21k |
| 2026-06-30 | Yacob Ezra Y Chairman & CEO | Grant | 163 | $91.18 | $15k |
| 2026-06-30 | Janssen Ann D. EVP & Chief Financial Officer | Grant | 233 | $91.18 | $21k |
| 2026-05-28 | Crisp Charles R Director | Open-market sale | 1,887 | $136.17 | $257k |
| 2026-05-27 | Dugle Lynn A Director | Grant | 57 | $134.30 | $8k |
| 2026-05-27 | Daniels Robert P Director | Grant | 57 | $134.30 | $8k |
| 2026-05-27 | Kerr Michael T. Director | Grant | 57 | $134.30 | $8k |
| 2026-05-26 | Daniels Robert P Director | Grant | 1,541 | $0.00 | $0 |
| 2026-05-26 | Chandler John D Director | Grant | 1,541 | $0.00 | $0 |
| 2026-05-26 | Clark Janet F Director | Grant | 1,541 | $0.00 | $0 |
| 2026-05-26 | Crisp Charles R Director | Grant | 1,541 | $0.00 | $0 |
| 2026-05-26 | Robertson Julie J Director | Grant | 1,541 | $0.00 | $0 |
| 2026-05-26 | Dugle Lynn A Director | Grant | 1,541 | $0.00 | $0 |
| 2026-05-26 | Gaut C Christopher Director | Grant | 1,541 | $0.00 | $0 |
| 2026-05-26 | Kerr Michael T. Director | Grant | 1,541 | $0.00 | $0 |
| 2026-04-30 | 2 co-filers Group filing | Grant | 137 | $140.57 | $19k |
| 2026-04-30 | 2 co-filers Chairman & CEO | Grant | 3 | $140.57 | $355 |
| 2026-04-30 | 2 co-filers EVP & COO | Grant | 4 | $140.57 | $616 |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 90th 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 17% against ROIC 13% — 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 4.7× 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 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 2.5 | 2.8 | 4.4 | 2.7 | 2.2 | 2.6 | 2.8 | 3.6 |
| Operating Income | 25.9 | 21.3 | -4.9 | 32.7 | 38.8 | 39.7 | 34.1 | 28.2 |
| Income Tax | 4.8 | 4.7 | -1.2 | 6.8 | 8.3 | 8.7 | 7.7 | 6.1 |
| Net Income | 19.8 | 15.7 | -5.5 | 25.0 | 30.2 | 31.4 | 27.0 | 22.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EOG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
The spread has compressed 3 years running.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 11.3% | 7.3% (today's — no rate published for this year) | 4.1pts |
| FY2020 | -1.8% | 7.3% (today's — no rate published for this year) | -9.1pts |
| FY2021 | 20.3% | 6.6% | 13.7pts |
| FY2022 | 30.6% | 8.3% | 22.3pts |
| FY2023 | 26.6% | 8.0% | 18.6pts |
| FY2024 | 22.0% | 8.5% | 13.6pts |
| FY2025 | 13.8% | 7.3% | 6.5pts |
| Now | 13.2% | 7.3% | 5.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | -16.0% | -14.3% |
| FY2017 | not reported | 8.3% | 23.0% |
| FY2018 | not reported | 25.9% | 19.8% |
| FY2019 | not reported | 21.3% | 15.7% |
| FY2020 | not reported | -4.9% | -5.5% |
| FY2021 | not reported | 32.7% | 25.0% |
| FY2022 | not reported | 38.8% | 30.2% |
| FY2023 | not reported | 39.7% | 31.4% |
| FY2024 | not reported | 34.1% | 27.0% |
| FY2025 | not reported | 28.2% | 22.0% |
Leverage and buybacks account for 4 points of the 17% return on equity in FY2025. The business earns 13% 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.
Margins have compressed 2 years running even as the spread stayed positive.
Converts 1.65x of reported profit into free cash flow over 5 years, with accruals negative.
Capex has been below depreciation for 7 consecutive years (0.15x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Covers interest 19.0x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 27.17x |
| 5% | 25.81x |
| 10% | 24.45x |
| 15% | 23.09x |
| 20% | 21.74x |
| 25% | 20.38x |
| 30% | 19.02x |
| 35% | 17.66x |
| 40% | 16.30x |
| 45% | 14.94x |
| 50% | 13.59x |
| 55% | 12.23x |
| 60% | 10.87x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $162.22, free cash flow must compound -8.93%/yr for 10 years. It has done 3.25%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −39.4% | −8.9% |
| FY2021 | 79.2% | −8.9% |
| FY2022 | 24.9% | −8.9% |
| FY2023 | −1.6% | −8.9% |
| FY2024 | 5.5% | −8.9% |
| FY2025 | −14.0% | −8.9% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $4.98B | $4.98B |
| Share-based comp | $216M | $5.20B |
| Other non-cash & working capital | $4.85B | $10.04B |
| Operating cash flow | $10.04B | $10.04B |
| Capex | −$479M | $9.56B |
| Free cash flow | $9.56B | $9.56B |
| FCF after SBC | $9.35B | $9.35B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -36.5% | -6.0% | 30.5 points |
| FY2021 | 69.0% | 53.4% | -15.6 points |
| FY2022 | 37.9% | 18.8% | -19.1 points |
| FY2023 | -5.9% | -2.1% | 3.8 points |
| FY2024 | -2.0% | -2.4% | -0.4 points |
| FY2025 | -4.5% | 1.2% | 5.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 34 days | not reported | not reported | not reported |
| FY2020 | 50.4 days | not reported | not reported | not reported |
| FY2021 | 45.7 days | not reported | not reported | not reported |
| FY2022 | 39.4 days | not reported | not reported | not reported |
| FY2023 | 41 days | not reported | not reported | not reported |
| FY2024 | 40.8 days | not reported | not reported | not reported |
| FY2025 | 43.2 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -14.6 percent |
| FY2020 | -15.7 percent |
| FY2021 | -10.8 percent |
| FY2022 | -8.1 percent |
| FY2023 | -8.5 percent |
| FY2024 | -12.2 percent |
| FY2025 | -9.8 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 7 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
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.