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Held by 579 of 2,417 reporting institutions (99th percentile) — extremely crowded.
Data as of Q3 2026
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $300.0M buybacks = $300.0M returned on $2.96B 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 reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. 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.
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 $38.15 today, the market must believe free cash flow compounds 7.8%/yr for a decade (off $3.61B on the 3-yr avg basis).
On the basis ($3.43B) the requirement is 8.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 7.8% is more conservative than its 9-yr track record.
Default is 7.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 2.16B shares (market data) · net debt $33.43B
mean 19.6% · volatility σ 52% · implied rate exceeded in 4/9 yrs
Central path = implied 7.8%/yr growth; shaded band = ±1σ (52%) 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.
Cash of $969.0M is below the $2.02B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~4.1% on $34.40B of debt.
Cash of $969.0M is below short-term debt of $1.63B — relies on refinancing/operations.
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.
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 100th 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
ROIC is not available for this period, so the share of ROE attributable to leverage cannot be separated out.
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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 73.3 | 67.3 | 61.5 | 73.2 | 78.8 | 74.5 | 75.7 | 73.3 |
| SG&A | 0.6 | 0.6 | 0.8 | 0.5 | 0.4 | 0.5 | 0.4 | 0.5 |
| Operating Income | 14.8 | 18.5 | 18.5 | 15.0 | 11.9 | 13.9 | 13.1 | 13.8 |
| Income Tax | 0.2 | 0.1 | -0.5 | 0.2 | 0.1 | 0.1 | 0.1 | 0.0 |
| Net Income | 11.4 | 14.0 | 13.9 | 11.4 | 9.4 | 11.1 | 10.5 | 11.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EPD: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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 | $52.60B 100.0% | $56.22B 100.0% | $49.72B 100.0% | $58.19B 100.0% | $40.81B 100.0% | $27.20B 100.0% | $32.79B 100.0% | $36.53B 100.0% | $29.24B 100.0% | $23.02B 100.0% |
| Cost of Revenue | $38.57B 73.3% | $42.58B 75.7% | $37.02B 74.5% | $45.84B 78.8% | $29.89B 73.2% | $16.72B 61.5% | $22.07B 67.3% | $26.79B 73.3% | $21.49B 73.5% | $15.71B 68.2% |
| Cost of Products | — | — | — | — | — | — | — | — | $21.49B 73.5% | $15.71B 68.2% |
| Selling, General & Admin | $251.0M 0.5% | $244.0M 0.4% | $231.0M 0.5% | $241.0M 0.4% | $209.0M 0.5% | $220.0M 0.8% | $211.7M 0.6% | $208.3M 0.6% | $181.1M 0.6% | $160.1M 0.7% |
| Total Operating Expenses | $45.69B 86.9% | $49.29B 87.7% | $43.25B 87.0% | $51.74B 88.9% | $35.29B 86.5% | $22.59B 83.1% | $27.27B 83.2% | $31.61B 86.5% | $25.74B 88.0% | $19.80B 86.0% |
| Operating Income | $7.27B 13.8% | $7.34B 13.1% | $6.93B 13.9% | $6.91B 11.9% | $6.10B 15.0% | $5.04B 18.5% | $6.08B 18.5% | $5.41B 14.8% | $3.93B 13.4% | $3.58B 15.6% |
| Interest Expense | $1.40B 2.7% | $1.35B 2.4% | $1.27B 2.6% | $1.24B 2.1% | $1.28B 3.1% | $1.29B 4.7% | $1.24B 3.8% | $1.10B 3.0% | $984.6M 3.4% | $982.6M 4.3% |
| Interest & Investment Income | $30.0M 0.1% | $47.0M 0.1% | $27.0M 0.1% | $11.0M 0.0% | $5.0M 0.0% | $13.0M 0.0% | $11.6M 0.0% | $3.6M 0.0% | $1.3M 0.0% | — |
| Other Income (Expense), net | -$1.37B -2.6% | -$1.30B -2.3% | -$1.23B -2.5% | -$1.21B -2.1% | -$1.28B -3.1% | -$1.27B -4.7% | -$1.35B -4.1% | -$1.11B -3.0% | -$1.05B -3.6% | -$1.00B -4.4% |
| Pretax Income | $5.90B 11.2% | $6.04B 10.7% | $5.70B 11.5% | $5.70B 9.8% | $4.83B 11.8% | $3.76B 13.8% | $4.73B 14.4% | $4.30B 11.8% | $2.88B 9.9% | $2.58B 11.2% |
| Income Tax Expense | $23.0M 0.0% | $65.0M 0.1% | $44.0M 0.1% | $82.0M 0.1% | $70.0M 0.2% | -$124.0M -0.5% | $45.6M 0.1% | $60.3M 0.2% | $25.7M 0.1% | $23.4M 0.1% |
| Net Income | $5.81B 11.0% | $5.90B 10.5% | $5.53B 11.1% | $5.49B 9.4% | $4.63B 11.4% | $3.77B 13.9% | $4.59B 14.0% | $4.17B 11.4% | $2.80B 9.6% | $2.51B 10.9% |
| Per Share | ||||||||||
| Weighted Avg Shares (Diluted) | 2.19B | 2.19B | 2.19B | 2.20B | 2.20B | 2.20B | 2.20B | 2.19B | 2.15B | 2.09B |
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.
No trend data available for this metric.
Ranked against 21 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WMB | $90.9B | 34.7× | 18.3× | 7.6× | 13.8% | — | 21.9% | 20.4% | 6.3% | 4.4× | 566 |
| EPD | $82.4B | — | 12.4× | 1.6× | -6.4% | 26.7% | 11.0% | — | — | 3.6× | 579 |
| KMI | $75.5B | 24.7× | 15.0× | 4.5× | 12.2% | — | 18.0% | 9.8% | 4.8% | 4.5× | 584 |
| ET | $72.0B | — | 9.8× | 0.8× | 3.5% | 25.8% | 5.2% | 9.0% | 3.8% | 4.7× | 461 |
| TRGP | $67.5B | 37.1× | 17.5× | 4.0× | 3.9% | 38.3% | 11.3% | 62.7% | 9.4% | 3.6× | 317 |
| LNG | $67.5B | 13.7× | 8.5× | 3.4× | 27.2% | — | 26.7% | 67.3% | 17.3% | 2.1× | 403 |
| OKE | $61.2B | 17.9× | 12.8× | 1.8× | 55.0% | 30.5% | 10.1% | 15.1% | 6.3% | 4.3× | 14 |
| VG | $37.0B | 17.2× | 11.3× | 2.7× | 177% | — | 19.8% | 40.5% | 6.7% | 5.2× | 70 |
| ATO | $29.1B | 23.1× | 16.5× | 6.2× | 12.9% | — | 25.5% | 8.8% | 5.3% | 3.8× | 298 |
| DTM | $12.7B | 28.9× | — | 10.2× | 26.7% | — | 35.5% | 9.3% | 5.5% | — | 171 |
| AM | $10.1B | 25.0× | 16.9× | 8.5× | 7.4% | — | 34.8% | 21.0% | 8.0% | 3.9× | 109 |
| NFG | $7.6B | 14.0× | 7.9× | 3.3× | 17.1% | 90.6% | 22.8% | 16.8% | 9.2% | 2.0× | 164 |
| AROC | $5.6B | 17.3× | — | 3.7× | 28.7% | 48.6% | 21.6% | 21.6% | 8.3% | — | 82 |
| NJR | $5.4B | 16.0× | 8.0× | 4.0× | 9.9% | — | 24.8% | 14.0% | 13.0% | 0.3× | 102 |
| SR | $5.2B | 20.1× | 12.0× | 2.1× | -4.5% | 58.8% | 11.0% | 8.0% | 3.4% | 5.7× | 83 |
| KGS | $4.7B | 52.6× | 11.8× | 3.6× | 12.8% | — | 6.2% | 6.7% | 2.1% | 4.1× | 69 |
| KNTK | $4.6B | 21.5× | 15.3× | 2.6× | 19.0% | — | 10.1% | -31.5% | 5.5% | 7.0× | 65 |
| CPK | $3.4B | 22.9× | 14.2× | 3.7× | 18.1% | — | 15.1% | 8.8% | 4.5% | 4.3× | 77 |
| CTRI | $2.2B | 86.0× | 13.6× | 0.7× | 13.1% | 8.3% | 0.8% | 2.6% | 1.4% | 3.0× | 23 |
| NWN | $2.1B | 18.0× | — | 1.6× | 11.8% | — | 8.8% | 7.7% | 2.9% | — | 64 |
| SMC | $427M | — | — | 0.8× | 30.8% | 73.5% | -1.1% | -1.1% | -0.4% | — | 4 |
| RGCO | $239M | 17.8× | 12.9× | 2.5× | 12.6% | — | 13.9% | 11.7% | 5.1% | 5.0× | 17 |
Peers = companies sharing EPD's sector (Natural Gas Transmission) 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.
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
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.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 31.8% | 15.6% | 10.9% |
| FY2017 | 26.5% | 13.4% | 9.6% |
| FY2018 | 26.7% | 14.8% | 11.4% |
| FY2019 | 32.7% | 18.5% | 14.0% |
| FY2020 | 38.5% | 18.5% | 13.9% |
| FY2021 | 26.8% | 15.0% | 11.4% |
| FY2022 | 21.2% | 11.9% | 9.4% |
| FY2023 | 25.5% | 13.9% | 11.1% |
| FY2024 | 24.3% | 13.1% | 10.5% |
| FY2025 | 26.7% | 13.8% | 11.0% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 0.87x of reported profit into cash — adequate, without much margin.
Conversion has deteriorated: 0.63x over three years against 0.87x over 5.
Covers interest 3.6x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 5.19x |
| 5% | 4.93x |
| 10% | 4.67x |
| 15% | 4.41x |
| 20% | 4.15x |
| 25% | 3.89x |
| 30% | 3.63x |
| 35% | 3.37x |
| 40% | 3.11x |
| 45% | 2.85x |
| 50% | 2.59x |
| 55% | 2.33x |
| 60% | 2.07x |
Ladder as of 2026-06-30 (10-Q); 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.
Coverage is comfortable at 5.2x today but falls to 3.6x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $38.15, free cash flow must compound 7.88%/yr for 10 years. It has done 6.88%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 30.9% | 7.9% |
| FY2021 | 141.6% | 7.9% |
| FY2022 | −3.4% | 7.9% |
| FY2023 | −29.2% | 7.9% |
| FY2024 | −17.0% | 7.9% |
| FY2025 | −17.0% | 7.9% |
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 2 of the last 6 years.
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 |
|---|
| 2026-03-20 | Teague Aj CO-CHIEF EXECUTIVE OFFICER | Open-market buyindirect | 2,665 | $37.55 | $100k |
| 2026-02-16 | 12 co-filers CO-CHIEF EXECUTIVE OFFICER | Option exercise | 66,250 | — | — |
| 2026-02-16 | 12 co-filers EVP-FIN/SUSTAIN. AND TREASURER | Option exercise | 21,250 | — | — |
| 2026-02-16 | 12 co-filers EXECUTIVE VICE PRESIDENT & COO | Option exercise | 23,750 | — | — |
| 2026-02-16 | 12 co-filers EVP & Chief Commercial Officer | Option exercise | 8,750 | — | — |
| 2026-02-16 | 12 co-filers EVP, GENERAL COUNSEL & SEC | Option exercise | 21,875 | — | — |
| 2026-02-16 | 12 co-filers EXECUTIVE VICE PRESIDENT & CFO | Option exercise | 21,250 | — | — |
| 2026-02-16 | 3 co-filers Group filing | Option exercise | 83,500 | — | — |
| 2026-02-16 | 12 co-filers CO-CHIEF EXECUTIVE OFFICER | Option exercise | 66,250 | — | — |
| 2026-02-16 | 9 co-filers Group filing | Option exercise | 482,000 | — | — |
| 2026-02-16 | 12 co-filers EVP & Chief Commercial Officer | Tax withholding | 3,444 | $36.75 | $127k |
| 2026-02-16 | 12 co-filers EXECUTIVE VICE PRESIDENT & CFO | Tax withholding | 8,362 | $36.75 | $307k |
| 2026-02-16 | 3 co-filers Group filing | Tax withholding | 32,858 | $36.75 | $1.2m |
| 2026-02-16 | 12 co-filers CO-CHIEF EXECUTIVE OFFICER | Tax withholding | 26,070 | $36.75 | $958k |
| 2026-02-16 | 12 co-filers EVP-FIN/SUSTAIN. AND TREASURER | Tax withholding | 8,362 | $36.75 | $307k |
| 2026-02-16 | 12 co-filers CO-CHIEF EXECUTIVE OFFICER | Tax withholding | 26,070 | $36.75 | $958k |
| 2026-02-16 | 9 co-filers Group filing | Tax withholding | 189,667 | $36.75 | $7.0m |
| 2026-02-16 | 12 co-filers EVP, GENERAL COUNSEL & SEC | Tax withholding | 8,608 | $36.75 | $316k |
| 2026-02-16 | 12 co-filers EXECUTIVE VICE PRESIDENT & COO | Tax withholding | 9,346 | $36.75 | $343k |
| 2026-02-16 | 12 co-filers CO-CHIEF EXECUTIVE OFFICER | Option exercise | 75,000 | — | — |
| 2026-02-16 | 12 co-filers EXECUTIVE VICE PRESIDENT & COO | Option exercise | 25,000 | — | — |
| 2026-02-16 | 12 co-filers CO-CHIEF EXECUTIVE OFFICER | Option exercise | 75,000 | — | — |
| 2026-02-16 | 9 co-filers Group filing | Option exercise | 482,000 | $0.00 | — |
| 2026-02-16 | 12 co-filers EXECUTIVE VICE PRESIDENT & CFO | Option exercise | 23,125 | — | — |
| 2026-02-16 | 3 co-filers Group filing | Option exercise | 83,500 | $0.00 | — |
| 2026-02-16 | 12 co-filers EVP, GENERAL COUNSEL & SEC | Option exercise | 23,750 | — | — |
| 2026-02-16 | 12 co-filers EVP & Chief Commercial Officer | Option exercise | 10,000 | — | — |
| 2026-02-16 | 12 co-filers EVP-FIN/SUSTAIN. AND TREASURER | Option exercise | 23,125 | — | — |
| 2026-02-16 | 12 co-filers EVP, GENERAL COUNSEL & SEC | Tax withholding | 9,346 | $36.75 | $343k |
| 2026-02-16 | 12 co-filers EXECUTIVE VICE PRESIDENT & CFO | Tax withholding | 9,100 | $36.75 | $334k |
| 2026-02-16 | 12 co-filers EXECUTIVE VICE PRESIDENT & COO | Tax withholding | 9,838 | $36.75 | $362k |
| 2026-02-16 | 12 co-filers CO-CHIEF EXECUTIVE OFFICER | Tax withholding | 29,513 | $36.75 | $1.1m |
| 2026-02-16 | 12 co-filers CO-CHIEF EXECUTIVE OFFICER | Tax withholding | 29,513 | $36.75 | $1.1m |
| 2026-02-16 | 12 co-filers EVP & Chief Commercial Officer | Tax withholding | 3,935 | $36.75 | $145k |
| 2026-02-16 | 12 co-filers EVP-FIN/SUSTAIN. AND TREASURER | Tax withholding | 9,100 | $36.75 | $334k |
| 2026-02-16 | 12 co-filers EXECUTIVE VICE PRESIDENT & CFO | Option exercise | 24,250 | — | — |
| 2026-02-16 | 12 co-filers EVP & Chief Commercial Officer | Option exercise | 9,375 | — | — |
| 2026-02-16 | 12 co-filers EVP-FIN/SUSTAIN. AND TREASURER | Option exercise | 22,750 | — | — |
| 2026-02-16 | 12 co-filers EVP, GENERAL COUNSEL & SEC | Option exercise | 24,250 | — | — |
| 2026-02-16 | 12 co-filers EXECUTIVE VICE PRESIDENT & COO | Option exercise | 22,500 | — | — |
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.
| Step | Amount | Running total |
|---|---|---|
| Net income | $5.81B | $5.81B |
| Share-based comp | $197M | $6.01B |
| Other non-cash & working capital | $2.58B | $8.59B |
| Operating cash flow | $8.59B | $8.59B |
| Capex | −$5.62B | $2.96B |
| Free cash flow | $2.96B | $2.96B |
| FCF after SBC | $2.77B | $2.77B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -17.1% | -1.5% | 15.6 points |
| FY2021 | 50.0% | 45.1% | -5.0 points |
| FY2022 | 42.6% | -0.0% | -42.6 points |
| FY2023 | -14.6% | not reported | not reported |
| FY2024 | 13.1% | not reported | not reported |
| FY2025 | -6.4% | not reported | not reported |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 54.3 days | 34.6 days | 16.6 days | 72.2 days |
| FY2020 | 64.4 days | 72.1 days | 15.4 days | 121.2 days |
| FY2021 | 62.3 days | 32.7 days | 7.7 days | 87.3 days |
| FY2022 | 43.7 days | 20.3 days | 5.9 days | 58.1 days |
| FY2023 | not reported | 33 days | not reported | not reported |
| FY2024 | not reported | 33.9 days | not reported | not reported |
| FY2025 | not reported | 36.8 days | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.1 percent |
| FY2020 | -3.3 percent |
| FY2021 | -5.7 percent |
| FY2022 | -3.8 percent |
| FY2023 | -2.9 percent |
| FY2024 | -2.9 percent |
| FY2025 | -3.6 percent |
Below the line, the asset base is being consumed faster than it is replaced.
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.