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Held by 1,289 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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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 $87.23 today, the market must believe free cash flow compounds 19.3%/yr for a decade (off $755.9M on the 3-yr avg basis).
On the basis ($602.6M) the requirement is 22.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 19.3% is more optimistic than its 9-yr track record.
Default is 8.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.58B shares (market data) · net debt -$2.34B
mean 44.8% · volatility σ 131% · implied rate exceeded in 4/9 yrs
Central path = implied 19.3%/yr growth; shaded band = ±1σ (131%) 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.
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
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.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ISRG | $143.6B | 51.6× | 39.5× | 14.3× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | -0.9× | 2,165 |
| EW | $50.3B | 47.7× | 33.7× | 8.3× | 11.5% | 78.0% | 17.7% | 10.4% | 9.8% | -1.6× | 1,289 |
| STE | $20.6B | 26.6× | 13.9× | 3.5× | 8.7% | 44.2% | 13.2% | 10.9% | 8.6% | 0.9× | 796 |
| ZBH | $17.5B | 25.8× | 11.1× | 2.1× | 7.2% | 69.7% | 8.6% | 5.6% | 3.5% | 3.2× | 876 |
| ALGN | $10.0B | 24.9× | 11.4× | 2.5× | 0.9% | 67.2% | 10.2% | 10.1% | 10.1% | -1.4× | 650 |
| MSA | $7.1B | 25.8× | 16.9× | 3.8× | 3.7% | 46.5% | 14.9% | 20.4% | 14.3% | 0.9× | 439 |
| ESTA | $2.0B | — | — | 9.4× | 27.1% | 69.3% | -24.2% | -217% | -18.8% | — | 196 |
| AVNS | $1.2B | — | — | 1.7× | 1.9% | 50.5% | -10.4% | -9.4% | -8.3% | — | 279 |
| ENOV | $1.1B | — | 10.6× | 0.5× | 6.7% | 59.8% | -52.7% | -79.5% | -42.5% | 5.7× | 247 |
| CDRE | $1.1B | 24.5× | 14.6× | 1.8× | 7.5% | 42.5% | 7.2% | 13.9% | 7.1% | 2.1× | 150 |
| SMTI | $322M | — | 31.2× | 3.1× | 19.0% | 92.7% | -36.4% | -633% | -72.4% | 2.6× | 76 |
| INGN | $158M | — | — | 0.5× | 3.9% | 44.2% | -6.5% | -11.8% | -11.8% | — | 126 |
| ZJYL | $146M | 198.0× | 184.6× | 7.0× | -12.0% | 29.2% | 5.8% | 4.0% | 2.5% | 13.4× | — |
| LAKE | $117M | — | — | 0.6× | 15.2% | 32.9% | -13.1% | -19.6% | -15.7% | — | 67 |
Peers = companies sharing EW's sector (Orthopedic, Prosthetic & Surgical Appliances & Supplies) 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 + $893.4M buybacks = $893.4M returned on $1.33B 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: 10%. 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.
EOD close · as of 2026-10-05
Where each multiple sits in its own 14-yr range · 77th 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 10% against ROIC 10% — 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 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 25.2 | 25.6 | 24.6 | 23.9 | 16.2 | 19.5 | 20.5 | 22.0 |
| Gross Profit | 74.8 | 74.4 | 75.4 | 76.1 | 83.8 | 80.5 | 79.5 | 78.0 |
| R&D | 16.7 | 17.3 | 17.3 | 17.3 | 18.9 | 19.2 | 19.4 | 17.8 |
| SG&A | 29.2 | 28.6 | 28.0 | 28.5 | 30.4 | 31.6 | 32.9 | 34.4 |
| Operating Income | 20.1 | 26.4 | 20.5 | 32.3 | 33.6 | 26.1 | 25.3 | 20.8 |
| Income Tax | 1.1 | 2.8 | 2.1 | 3.8 | 4.4 | 3.0 | 2.8 | 3.6 |
| Net Income | — | — | — | 28.7 | 34.1 | 28.0 | 76.7 | 17.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EW: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $714.1M covers all $600.0M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2018-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.4% on $598.3M of debt.
Cash vs short-term debt unavailable.
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.
Earns 4.81pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 26.8% | 8.4% (today's — no rate published for this year) | 18.5pts |
| FY2020 | 18.8% | 8.4% (today's — no rate published for this year) | 10.4pts |
| FY2021 | 25.6% | 6.9% | 18.7pts |
| FY2022 | 22.5% | 9.0% | 13.5pts |
| FY2023 | 18.1% | 9.4% | 8.7pts |
| FY2024 | 15.5% | 10.8% | 4.7pts |
| FY2025 | 13.4% | 8.1% | 5.4pts |
| Now | 9.8% | 8.4% | 1.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 73.1% | 25.3% | not reported |
| FY2017 | 74.5% | 31.7% | not reported |
| FY2018 | 74.8% | 20.1% | not reported |
| FY2019 | 74.4% | 26.4% | not reported |
| FY2020 | 75.4% | 20.5% | not reported |
| FY2021 | 76.1% | 32.3% | 28.7% |
| FY2022 | 83.8% | 33.6% | 34.1% |
| FY2023 | 80.5% | 26.1% | 28.0% |
| FY2024 | 79.5% | 25.3% | 76.7% |
| FY2025 | 78.0% | 20.8% | 17.7% |
Return on equity (10%) and return on invested capital (10%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$2.0B of goodwill — 23% 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 17.17% against 13.17% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Cash conversion of 0.67x sits below the level that would make the earnings clearly cash-backed.
Reported free cash flow is $1.33B; after share-based compensation it is $1.18B. The difference is a real cost that the cash flow statement adds back.
Covers interest 43.4x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 61.97x |
| 5% | 58.87x |
| 10% | 55.77x |
| 15% | 52.67x |
| 20% | 49.58x |
| 25% | 46.48x |
| 30% | 43.38x |
| 35% | 40.28x |
| 40% | 37.18x |
| 45% | 34.08x |
| 50% | 30.99x |
| 55% | 27.89x |
| 60% | 24.79x |
This schedule comes from a filing dated 2018-12-31, 2836 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2018-12-31 (10-K); cash from the 2018-12-31 balance sheet; FCF from FY2018.
Balance sheet at 2018-12-31. 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 $87.23, free cash flow must compound 19.36%/yr for 10 years. It has done 6.24%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −30.3% | 19.4% |
| FY2021 | 117.3% | 19.4% |
| FY2022 | −30.8% | 19.4% |
| FY2023 | −34.0% | 19.4% |
| FY2024 | −54.9% | 19.4% |
| FY2025 | 360.5% | 19.4% |
The achieved growth rate spans a reporting-basis change in FY2022, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.07B | $1.07B |
| Share-based comp | $158M | $1.23B |
| Other non-cash & working capital | $364M | $1.60B |
| Operating cash flow | $1.60B | $1.60B |
| Capex | −$260M | $1.33B |
| Free cash flow | $1.33B | $1.33B |
| FCF after SBC | $1.18B | $1.18B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 0.9% | -5.3% | -6.2 points |
| FY2021 | 19.3% | 13.1% | -6.1 points |
| FY2022 | -14.7% | 10.4% | 25.1 points |
| FY2023 | 12.2% | 20.0% | 7.8 points |
| FY2024 | 8.6% | -21.1% | -29.6 points |
| FY2025 | 11.6% | 8.3% | -3.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 45.6 days | 209.9 days | 59.1 days | 196.5 days |
| FY2020 | 42.8 days | 271 days | 66.4 days | 247.4 days |
| FY2021 | 40.6 days | 212.4 days | 59.8 days | 193.2 days |
| FY2022 | 52.6 days | 441.6 days | 101.8 days | 392.3 days |
| FY2023 | 56.2 days | 337.1 days | 69.6 days | 323.7 days |
| FY2024 | 40.9 days | 354.9 days | 64.5 days | 331.3 days |
| FY2025 | 39.7 days | 308.1 days | 62.2 days | 285.5 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | not reported |
| FY2020 | not reported |
| FY2021 | -2.7 percent |
| FY2022 | 3.7 percent |
| FY2023 | 5.4 percent |
| FY2024 | 27.8 percent |
| FY2025 | -3.8 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.
EOD close · as of 2026-10-05
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 | $6.07B 100.0% | $5.44B 100.0% | $5.01B 100.0% | $4.46B 100.0% | $5.23B 100.0% | $4.39B 100.0% | $4.35B 100.0% | $3.72B 100.0% | $3.44B 100.0% | $2.96B 100.0% |
| Cost of Revenue | $1.33B 22.0% | $1.12B 20.5% | $978.4M 19.5% | $723.7M 16.2% | $1.25B 23.9% | $1.08B 24.6% | $1.11B 25.6% | $939.4M 25.2% | $875.3M 25.5% | $797.4M 26.9% |
| Gross Profit | $4.73B 78.0% | $4.32B 79.5% | $4.03B 80.5% | $3.74B 83.8% | $3.98B 76.1% | $3.31B 75.4% | $3.23B 74.4% | $2.78B 74.8% | $2.56B 74.5% | $2.17B 73.1% |
| Research & Development | $1.08B 17.8% | $1.05B 19.4% | $962.9M 19.2% | $843.6M 18.9% | $903.1M 17.3% | $760.7M 17.3% | $752.7M 17.3% | $622.2M 16.7% | $552.6M 16.1% | $442.2M 14.9% |
| Selling, General & Admin | $2.09B 34.4% | $1.79B 32.9% | $1.58B 31.6% | $1.36B 30.4% | $1.49B 28.5% | $1.23B 28.0% | $1.24B 28.6% | $1.09B 29.2% | $990.8M 28.8% | $904.7M 30.5% |
| Operating Income | $1.26B 20.8% | $1.38B 25.3% | $1.31B 26.1% | $1.50B 33.6% | $1.69B 32.3% | $897.6M 20.5% | $1.15B 26.4% | $748.2M 20.1% | $1.09B 31.7% | $751.2M 25.3% |
| Interest Expense | $20.4M 0.3% | $19.8M 0.4% | $17.6M 0.4% | $19.2M 0.4% | $18.4M 0.4% | $15.8M 0.4% | $20.7M 0.5% | $29.9M 0.8% | $23.2M 0.7% | $19.2M 0.6% |
| Interest & Investment Income | $168.8M 2.8% | $120.3M 2.2% | $67.2M 1.3% | $35.5M 0.8% | $17.4M 0.3% | $23.4M 0.5% | $32.2M 0.7% | $32.0M 0.9% | $20.3M 0.6% | $10.8M 0.4% |
| Other Income (Expense), net | $8.7M 0.1% | $169.4M 3.1% | $63.5M 1.3% | $21.1M 0.5% | $12.7M 0.2% | $11.5M 0.3% | $8.2M 0.2% | $4.0M 0.1% | -$1.4M -0.0% | -$4.9M -0.2% |
| Pretax Income | $1.27B 21.0% | $1.55B 28.5% | $1.37B 27.4% | $1.52B 34.0% | $1.70B 32.5% | $916.7M 20.9% | $1.17B 26.8% | $761.4M 20.5% | $1.03B 30.1% | $737.9M 24.9% |
| Income Tax Expense | $216.9M 3.6% | $152.1M 2.8% | $152.4M 3.0% | $195.5M 4.4% | $198.9M 3.8% | $93.3M 2.1% | $119.6M 2.8% | $39.2M 1.1% | $451.3M 13.1% | $168.4M 5.7% |
| Net Income | $1.07B 17.7% | $4.17B 76.7% | $1.40B 28.0% | $1.52B 34.1% | $1.50B 28.7% | — | — | — | — | — |
| Per Share | ||||||||||
| EPS (Basic) | $1.84 | $6.98 | $2.31 | $2.46 | $2.41 | $1.32 | $1.68 | $1.15 | $2.77 | $2.67 |
| EPS (Diluted) | $1.83 | $6.97 | $2.30 | $2.44 | $2.38 | $1.30 | $1.64 | $1.13 | $2.70 | $2.61 |
| Weighted Avg Shares (Basic) | 584.8M | 597.7M | 606.7M | 619.0M | 623.3M | 622.6M | 624.8M | 627.6M | 210.9M | 213.0M |
| Weighted Avg Shares (Diluted) | 585.8M | 599.3M | 609.4M | 624.2M | 631.2M | 631.9M | 636.7M | 640.9M | 215.9M | 217.8M |
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.