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Held by 196 of 2,417 reporting institutions (95th 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.
Ranked against 26 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AMGN | $249.1B | 32.4× | 20.7× | 6.8× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.2× | 1,228 |
| GILD | $205.3B | 24.4× | 22.2× | 7.0× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 787 |
| MRNA | $88.9B | — | — | 45.8× | -39.9% | 55.3% | -145% | -32.6% | -30.5% | — | 279 |
| BIIB | $36.9B | 28.4× | 16.4× | 3.7× | 2.2% | 75.7% | 13.1% | 7.1% | 5.3% | 2.4× | 288 |
| EXEL | $16.4B | 23.8× | 17.7× | 7.1× | 7.0% | 96.4% | 33.7% | 36.2% | 36.2% | -0.5× | 196 |
| HALO | $14.9B | 51.2× | 35.2× | 10.7× | 37.6% | 83.6% | 22.7% | 649% | 14.5% | 4.2× | 187 |
| NBIX | $14.9B | 31.3× | 22.0× | 5.2× | 21.4% | 98.2% | 16.7% | 14.7% | 14.7% | -1.1× | 181 |
| RGEN | $12.0B | 219.3× | 126.0× | 16.2× | 16.4% | 52.3% | 6.6% | 2.3% | 1.8% | -0.3× | 109 |
| TWST | $11.5B | — | — | 30.5× | 20.3% | 50.7% | -20.6% | -16.4% | -16.4% | — | 67 |
| TECH | $11.4B | 62.7× | 31.9× | 9.4× | -0.4% | 65.8% | 15.0% | 8.6% | 8.6% | -0.8× | 115 |
| QGEN | $10.4B | 25.9× | 17.0× | 5.0× | 5.7% | 62.2% | 20.3% | 11.2% | 7.8% | 1.2× | — |
| KRYS | $9.6B | 47.5× | 54.5× | 24.7× | 33.9% | — | 52.6% | 16.8% | 16.8% | -3.0× | 86 |
| ADPT | $4.5B | — | — | 16.2× | 54.8% | 74.2% | -21.5% | -27.2% | -17.0% | — | 52 |
| IOVA | $4.3B | — | — | 16.4× | 60.6% | 34.3% | -148% | -56.0% | -56.0% | — | 50 |
| ADMA | $2.6B | 19.6× | 13.1× | 5.2× | 19.6% | 57.4% | 28.8% | 30.8% | 26.7% | -0.1× | 72 |
| RXRX | $2.5B | — | — | 33.9× | 26.9% | 5.0% | -863% | -57.0% | -56.1% | — | 63 |
| VCEL | $2.2B | 134.1× | 92.8× | 8.0× | 16.5% | 74.4% | 6.0% | 4.7% | 4.7% | -4.4× | 55 |
| BCRX | $2.2B | 7.0× | 6.1× | 2.5× | 94.1% | 97.8% | 30.2% | -221% | -221% | -0.3× | 43 |
| VIR | $2.0B | — | — | 29.0× | -7.6% | 100.0% | -639% | -57.2% | -57.2% | — | 42 |
| NVAX | $1.7B | 4.1× | 3.6× | 1.5× | 64.7% | 93.5% | 39.2% | -345% | 378% | 0.0× | 44 |
| IMCR | $1.6B | — | — | 4.0× | 29.0% | 98.7% | -8.9% | -9.3% | -9.3% | — | 14 |
| AUTL | $421M | — | — | 5.6× | 645% | -27.8% | -381% | -161% | -161% | — | 10 |
| PLX | $210M | — | — | 4.0× | -1.2% | 48.8% | -12.5% | -13.7% | -13.7% | — | 14 |
| CGEN | $193M | 5.4× | 3.2× | 2.7× | 161% | 87.3% | 48.6% | 34.4% | 34.4% | -2.9× | 12 |
| CHRS | $139M | 0.6× | — | 3.3× | 59.8% | 67.2% | — | 275% | 275% | — | 21 |
Peers = companies sharing EXEL's sector (Biological Products, (No Diagnostic Substances)) 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $66.20 today, the market must believe free cash flow compounds 10.3%/yr for a decade (off $613.4M on the 3-yr avg basis).
On the basis ($509.0M) the requirement is 12.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 10.3% is more conservative than its 9-yr track record.
Default is 9.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.25B shares (market data) · net debt -$482.5M
mean 38.0% · volatility σ 77% · implied rate exceeded in 5/9 yrs
Central path = implied 10.3%/yr growth; shaded band = ±1σ (77%) 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.
No dividend to cover. Last year: $0 dividends + $947.5M buybacks = $947.5M returned on $875.8M 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: 36%. 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 2026-10-29
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 | FY2023 | FY2022 | FY2021 | FY2021 | FY2020 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.32B 100.0% | $2.17B 100.0% | $1.83B 100.0% | $1.61B 100.0% | $1.43B 100.0% | $987.5M 100.0% | $967.8M 100.0% | $853.8M 100.0% | $452.5M 100.0% | $191.5M 100.0% |
| Cost of Revenue | $83.7M 3.6% | $76.2M 3.5% | $72.5M 4.0% | $57.9M 3.6% | $52.9M 3.7% | $36.3M 3.7% | $33.1M 3.4% | $26.3M 3.1% | $15.1M 3.3% | $6.6M 3.4% |
| Cost of Products | — | — | — | — | — | — | — | — | $15.1M 3.3% | $6.6M 3.4% |
| Research & Development | $825.0M 35.6% | $910.4M 42.0% | $1.04B 57.0% | $891.8M 55.4% | $693.7M 48.3% | $547.9M 55.5% | $337.0M 34.8% | $182.3M 21.3% | $112.2M 24.8% | $96.0M 50.1% |
| Selling, General & Admin | $518.7M 22.4% | $492.1M 22.7% | $542.7M 29.7% | $459.9M 28.5% | $401.7M 28.0% | $293.4M 29.7% | $228.2M 23.6% | $206.4M 24.2% | $159.3M 35.2% | $116.1M 60.7% |
| Total Operating Expenses | $1.45B 62.4% | $1.56B 72.1% | $1.66B 90.7% | $1.41B 87.5% | $1.15B 80.0% | $877.5M 88.9% | $598.3M 61.8% | $415.0M 48.6% | $286.6M 63.3% | $219.6M 114.7% |
| Operating Income | $872.2M 37.6% | $604.6M 27.9% | $170.9M 9.3% | $201.5M 12.5% | $286.7M 20.0% | $110.1M 11.1% | $369.5M 38.2% | $438.9M 51.4% | $165.9M 36.7% | -$28.1M -14.7% |
| Interest Expense | — | — | — | — | — | — | $0 0.0% | $0 0.0% | $8.7M 1.9% | $33.1M 17.3% |
| Interest & Investment Income | $69.2M 3.0% | $77.2M 3.6% | $86.5M 4.7% | $33.1M 2.1% | $7.7M 0.5% | $19.9M 2.0% | $28.0M 2.9% | $12.8M 1.5% | $4.9M 1.1% | — |
| Other Income (Expense), net | -$198K -0.0% | -$133K -0.0% | $93K 0.0% | -$197K -0.0% | -$184K -0.0% | $912K 0.1% | $28.6M 3.0% | $397K 0.0% | -$7.3M -1.6% | -$42.1M -22.0% |
| Pretax Income | — | — | — | — | — | $130.8M 13.2% | $398.1M 41.1% | $452.1M 52.9% | $158.6M 35.0% | -$70.2M -36.7% |
| Income Tax Expense | $158.6M 6.8% | $160.4M 7.4% | $49.8M 2.7% | $52.1M 3.2% | $63.1M 4.4% | $19.1M 1.9% | $77.1M 8.0% | -$238.0M -27.9% | $4.3M 1.0% | $0 0.0% |
| Net Income | $782.6M 33.7% | $521.3M 24.0% | $207.8M 11.4% | $182.3M 11.3% | $231.1M 16.1% | $111.8M 11.3% | $321.0M 33.2% | $690.1M 80.8% | $154.2M 34.1% | -$70.2M -36.7% |
| Per Share | ||||||||||
| EPS (Basic) | $2.88 | $1.80 | $0.65 | $0.57 | $0.73 | $0.36 | $1.06 | $2.32 | $0.52 | — |
| EPS (Diluted) | $2.78 | $1.76 | $0.65 | $0.56 | $0.72 | $0.35 | $1.02 | $2.21 | $0.49 | — |
| Weighted Avg Shares (Basic) | 271.6M | 290.0M | 318.2M | 321.5M | 314.9M | 308.3M | 302.6M | 297.9M | 293.6M | — |
| Weighted Avg Shares (Diluted) | 281.9M | 296.1M | 321.5M | 324.6M | 322.4M | 318.0M | 315.0M | 312.8M | 312.0M | — |
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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $482.5M (at 2026-01-02) covers the $0 due within a year 482488000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2015-12-31 (10-K). The cash figure is from 2026-01-02, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Interest last disclosed in FY2017 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
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.
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.
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 |
|---|---|---|---|---|---|
| 2026-08-10 | Beckerle Mary C Director | 10b5-1 plan sale | 9,812 | $53.66 | $527k |
| 2026-06-01 | Eckhardt Sue Gail Director | 10b5-1 plan sale | 9,812 | $50.14 | $492k |
| 2026-06-01 | Wyszomierski Jack L Director | 10b5-1 plan sale | 3,925 | $50.55 | $198k |
| 2026-05-27 | Eckhardt Sue Gail Director | 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.
| 8,367 |
| $0.00 |
| $0 |
| 2026-05-27 | Smith Julie Director | Grant | 8,367 | $0.00 | $0 |
| 2026-05-27 | Freire Maria C Director | Grant | 8,367 | $0.00 | $0 |
| 2026-05-27 | Beckerle Mary C Director | Grant | 8,367 | $0.00 | $0 |
| 2026-05-27 | Oliver Bob Director | Grant | 8,367 | $0.00 | $0 |
| 2026-05-27 | Wyszomierski Jack L Director | Grant | 8,367 | $0.00 | $0 |
| 2026-05-27 | Poste George Director | Grant | 8,367 | $0.00 | $0 |
| 2026-05-27 | 2 co-filers Group filing | Grant | 19,133 | $0.00 | — |
| 2026-05-27 | Papadopoulos Stelios Director | Grant | 8,367 | $0.00 | $0 |
| 2026-05-27 | Heyman Tomas J. Director | Grant | 8,367 | $0.00 | $0 |
| 2026-05-26 | Aftab Dana EVP, Research and Development | Open-market sale | 43,451 | $50.35 | $2.2m |
| 2026-05-20 | Haley Patrick J. EVP, Commercial | Open-market sale | 32,110 | $49.81 | $1.6m |
| 2026-05-18 | 2 co-filers EVP and CFO | Open-market sale | 34,901 | $50.00 | $1.7m |
| 2026-05-18 | 2 co-filers SVP and General Counsel | 10b5-1 plan sale | 6,625 | $50.21 | $333k |
| 2026-05-18 | 3 co-filers President and CEO | Gift | 124,047 | $0.00 | $0 |
| 2026-05-18 | 3 co-filers President and CEO | Giftindirect | 124,047 | $0.00 | $0 |
| 2026-05-15 | 3 co-filers President and CEO | Tax withholding | 128,497 | $51.10 | $6.6m |
| 2026-05-15 | 2 co-filers EVP and CFO | Tax withholding | 40,892 | $51.10 | $2.1m |
| 2026-05-15 | Haley Patrick J. EVP, Commercial | Tax withholding | 33,265 | $51.10 | $1.7m |
| 2026-05-15 | 2 co-filers SVP and General Counsel | Tax withholding | 6,411 | $51.10 | $328k |
| 2026-05-15 | Aftab Dana EVP, Research and Development | Tax withholding | 30,578 | $51.10 | $1.6m |
| 2026-05-07 | Poste George Director | Open-market sale | 60,000 | $45.71 | $2.7m |
| 2026-05-07 | 3 co-filers Group filing | Option exercise | 3,856 | $23.24 | $90k |
| 2026-05-07 | 3 co-filers Group filing | Option exercise | 20,634 | $19.77 | $408k |
| 2026-05-07 | 3 co-filers Group filing | Exercise & sell | 20,634 | $46.00 | $949k |
| 2026-05-07 | 3 co-filers Group filing | Exercise & sell | 7,712 | $48.45 | $374k |
| 2026-05-07 | 3 co-filers Group filing | Option exercise | 3,856 | $0.00 | — |
| 2026-05-07 | 3 co-filers Group filing | Option exercise | 20,634 | $0.00 | — |
| 2026-05-06 | Morrissey Michael President and CEO | Giftindirect | 109,676 | $0.00 | $0 |
| 2026-02-26 | Aftab Dana EVP, Research and Development | Grant | 52,018 | $0.00 | $0 |
| 2026-02-26 | Senner Christopher J. EVP and CFO | Grant | 52,018 | $0.00 | $0 |
| 2026-02-26 | Hefti Brenda SVP and General Counsel | Grant | 23,119 | $0.00 | $0 |
| 2026-02-26 | Haley Patrick J. EVP, Commercial | Grant | 40,459 | $0.00 | $0 |
| 2026-02-26 | 2 co-filers President and CEO | Grant | 160,437 | $0.00 | $0 |
| 2026-02-24 | 2 co-filers President and CEO | Giftindirect1d late | 100,278 | $0.00 | $0 |
| 2026-02-24 | Aftab Dana EVP, Research and Development | Open-market sale | 47,918 | $44.50 | $2.1m |
| 2026-02-19 | Aftab Dana EVP, Research and Development | Open-market sale | 29,873 | $44.35 | $1.3m |
EOD close · as of 2026-10-29
Where each multiple sits in its own 16-yr range · 55th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 16-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 36% against ROIC 36% — 0% 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 | FY2020 | FY2021 | FY2021 | FY2022 | FY2023 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 3.1 | 3.4 | 3.7 | 3.7 | 3.6 | 4.0 | 3.5 | 3.6 |
| R&D | 21.3 | 34.8 | 55.5 | 48.3 | 55.4 | 57.0 | 42.0 | 35.6 |
| SG&A | 24.2 | 23.6 | 29.7 | 28.0 | 28.5 | 29.7 | 22.7 | 22.4 |
| Operating Income | 51.4 | 38.2 | 11.1 | 20.0 | 12.5 | 9.3 | 27.9 | 37.6 |
| Income Tax | -27.9 | 8.0 | 1.9 | 4.4 | 3.2 | 2.7 | 7.4 | 6.8 |
| Net Income | 80.8 | 33.2 | 11.3 | 16.1 | 11.3 | 11.4 | 24.0 | 33.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EXEL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 21.84pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 17.4% | 9.5% (today's — no rate published for this year) | 7.8pts |
| FY2021 | 4.7% | 9.5% (today's — no rate published for this year) | -4.8pts |
| FY2021 | 12.2% | 9.5% (today's — no rate published for this year) | 2.6pts |
| FY2022 | 6.3% | 9.5% (today's — no rate published for this year) | -3.2pts |
| FY2023 | 5.3% | 9.5% (today's — no rate published for this year) | -4.2pts |
| FY2025 | 18.5% | 9.5% (today's — no rate published for this year) | 9.0pts |
| FY2026 | 31.7% | 9.5% (today's — no rate published for this year) | 22.2pts |
| Now | 36.2% | 9.5% | 26.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 96.6% | -14.7% | -36.7% |
| FY2017 | 96.7% | 36.7% | 34.1% |
| FY2018 | 96.9% | 51.4% | 80.8% |
| FY2020 | 96.6% | 38.2% | 33.2% |
| FY2021 | 96.3% | 11.1% | 11.3% |
| FY2021 | 96.3% | 20.0% | 16.1% |
| FY2022 | 96.4% | 12.5% | 11.3% |
| FY2023 | 96.0% | 9.3% | 11.4% |
| FY2025 | 96.5% | 27.9% | 24.0% |
| FY2026 | 96.4% | 37.6% | 33.7% |
Return on equity (36%) and return on invested capital (36%) 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.
$64M of goodwill — 3% 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.
The spread was positive in only 3 of the last 5 years.
Converts 1.43x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $876M; after share-based compensation it is $763M. 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.
This schedule comes from a filing dated 2015-12-31, 3956 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2015-12-31 (10-K); cash from the 2026-01-02 balance sheet; FCF from FY2026.
Balance sheet at 2026-01-02. 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 $66.20, free cash flow must compound 10.45%/yr for 10 years. It has done 9.28%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −65.3% | 10.4% |
| FY2021 | 94.0% | 10.4% |
| FY2022 | −3.4% | 10.4% |
| FY2023 | −12.6% | 10.4% |
| FY2025 | 129.3% | 10.4% |
| FY2026 | 30.4% | 10.4% |
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.
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $783M | $783M |
| Share-based comp | $113M | $896M |
| Other non-cash & working capital | −$11M | $884M |
| Operating cash flow | $884M | $884M |
| Capex | −$8M | $876M |
| Free cash flow | $876M | $876M |
| FCF after SBC | $763M | $763M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 2.0% | not reported | not reported |
| FY2021 | 45.3% | not reported | not reported |
| FY2022 | 12.3% | not reported | not reported |
| FY2023 | 13.6% | not reported | not reported |
| FY2025 | 18.5% | not reported | not reported |
| FY2026 | 7.0% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -10.9 percent |
| FY2021 | -4.5 percent |
| FY2021 | -6.5 percent |
| FY2022 | -5.9 percent |
| FY2023 | -4.3 percent |
| FY2025 | -6.1 percent |
| FY2026 | -3.6 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 2 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 (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.