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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.
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.
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
Ranked against 9 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IFF | $21.2B | — | 45.9× | 1.9× | -5.2% | 36.2% | -3.3% | -2.5% | -1.8% | 9.3× | 728 |
| LYB | $19.1B | — | 28.9× | 0.6× | -9.7% | 8.5% | -2.4% | -7.3% | -3.3% | 9.2× | 845 |
| NEU | $8.5B | 20.8× | 14.0× | 3.1× | -2.2% | 31.5% | 15.4% | 23.5% | 15.7% | 1.2× | 407 |
| WLK | $8.3B | — | — | 0.7× | -8.0% | 7.3% | -13.5% | -17.2% | -10.5% | — | 352 |
| SXT | $5.5B | 40.9× | 23.0× | 3.4× | 3.5% | 33.5% | 8.3% | 11.3% | 7.1% | 2.5× | 364 |
| REX | $1.4B | 17.4× | — | 2.2× | 1.2% | 19.3% | 14.6% | 15.6% | 15.6% | — | 225 |
| GPRE | $1.1B | — | 40.9× | 0.5× | -14.9% | 6.5% | -5.8% | -15.8% | -10.4% | 6.8× | 218 |
| ALTO | $294M | 23.7× | 10.8× | 0.3× | -4.9% | 3.8% | 1.5% | 5.4% | 4.1% | 1.7× | 132 |
| FF | $224M | — | — | 2.3× | -60.7% | -41.2% | -51.6% | -30.4% | -30.4% | — | 105 |
| CDXS | $152M | — | — | 2.2× | 18.6% | 86.7% | -62.5% | -87.0% | -48.5% | — | 146 |
Peers = companies sharing FF's sector (Industrial Organic Chemicals) 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.
Free-cash-flow coverage unavailable. Last year: $10.5M dividends + $0 buybacks = $10.5M returned on -$46.0M 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).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -30%. 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
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 | $95.7M 100.0% | $243.3M 100.0% | $368.3M 100.0% | $396.0M 100.0% | $321.4M 100.0% | $204.5M 100.0% | $205.2M 100.0% | $291.0M 100.0% | $275.0M 100.0% | $253.2M 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | $191.8M 65.9% | $224.2M 81.5% | $191.7M 75.7% |
| Cost of Products | — | — | — | — | — | — | — | — | $224.2M 81.5% | $191.7M 75.7% |
| Gross Profit | -$39.4M -41.2% | $19.6M 8.1% | $41.0M 11.1% | $29.0M 7.3% | $23.5M 7.3% | $31.3M 15.3% | $74.1M 36.1% | $73.4M 25.2% | $20.3M 7.4% | $46.9M 18.5% |
| Research & Development | $3.9M 4.0% | $4.0M 1.6% | $4.4M 1.2% | $3.4M 0.9% | $3.5M 1.1% | $3.0M 1.5% | $3.2M 1.6% | $3.5M 1.2% | $3.7M 1.3% | $2.7M 1.1% |
| Selling, General & Admin | $9.7M 10.1% | $9.3M 3.8% | $9.2M 2.5% | $8.0M 2.0% | — | — | — | — | — | — |
| Total Operating Expenses | $13.6M 14.2% | $13.3M 5.5% | $13.6M 3.7% | $11.4M 2.9% | $10.6M 3.3% | $9.0M 4.4% | $8.8M 4.3% | $10.0M 3.4% | $10.4M 3.8% | $10.3M 4.1% |
| Operating Income | -$53.0M -55.3% | $6.4M 2.6% | $27.4M 7.4% | $17.5M 4.4% | $12.9M 4.0% | $22.3M 10.9% | $65.3M 31.8% | $63.4M 21.8% | $9.9M 3.6% | $36.5M 14.4% |
| Interest Expense | $153K 0.2% | $138K 0.1% | $138K 0.0% | $128K 0.0% | $131K 0.0% | $151K 0.1% | $173K 0.1% | $173K 0.1% | $172K 0.1% | $173K 0.1% |
| Other Income (Expense), net | $3.8M 3.9% | $9.9M 4.1% | $10.0M 2.7% | -$3.8M -1.0% | $3.0M 0.9% | $9.4M 4.6% | $14.5M 7.1% | -$3.3M -1.1% | $6.8M 2.5% | $4.3M 1.7% |
| Pretax Income | -$49.2M -51.4% | $16.3M 6.7% | $37.4M 10.2% | $13.7M 3.5% | $15.9M 5.0% | $31.8M 15.5% | $79.8M 38.9% | $60.2M 20.7% | $16.6M 6.1% | $40.8M 16.1% |
| Income Tax Expense | $165K 0.2% | $792K 0.3% | $1K 0.0% | -$1.5M -0.4% | -$10.3M -3.2% | -$14.8M -7.2% | -$8.4M -4.1% | $7.0M 2.4% | -$6.9M -2.5% | -$15.5M -6.1% |
| Net Income | -$49.4M -51.6% | $15.5M 6.4% | $37.4M 10.2% | $15.2M 3.8% | $26.3M 8.2% | $46.6M 22.8% | $88.2M 43.0% | $53.2M 18.3% | $23.5M 8.5% | $56.3M 22.3% |
| Per Share | ||||||||||
| EPS (Basic) | -$1.13 | $0.35 | $0.85 | $0.35 | $0.60 | $1.06 | $2.02 | $1.22 | $0.54 | $1.29 |
| EPS (Diluted) | -$1.13 | $0.35 | $0.85 | $0.35 | $0.60 | $1.06 | $2.02 | $1.22 | $0.54 | $1.29 |
| Weighted Avg Shares (Basic) | 43.9M | 43.8M | 43.8M | 43.8M | 43.8M | 43.7M | 43.7M | 43.7M | 43.7M | 43.5M |
| Weighted Avg Shares (Diluted) | 43.9M | 43.8M | 43.8M | 43.8M | 43.8M | 43.7M | 43.7M | 43.7M | 43.7M | 43.5M |
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.
EOD close · as of 2026-10-05
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
ROE -30% against ROIC -30% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -26.8% — the two diverge when buybacks or issuance move equity during the year.
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 15.4× 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 | 65.9 | — | — | — | — | — | — | — |
| Gross Profit | 25.2 | 36.1 | 15.3 | 7.3 | 7.3 | 11.1 | 8.1 | -41.2 |
| R&D | 1.2 | 1.6 | 1.5 | 1.1 | 0.9 | 1.2 | 1.6 | 4.0 |
| SG&A | — | — | — | — | 2.0 | 2.5 | 3.8 | 10.1 |
| Operating Income | 21.8 | 31.8 | 10.9 | 4.0 | 4.4 | 7.4 | 2.6 | -55.3 |
| Income Tax | 2.4 | -4.1 | -7.2 | -3.2 | -0.4 | 0.0 | 0.3 | 0.2 |
| Net Income | 18.3 | 43.0 | 22.8 | 8.2 | 3.8 | 10.2 | 6.4 | -51.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FF: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2023, FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $5.10 today, the market must believe free cash flow compounds 4.1%/yr for a decade (off $12.7M on the 3-yr avg basis).
On the basis ($12.5M) the requirement is 4.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 10.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.04B shares (market data) · net debt -$51.3M
mean -51.5% · volatility σ 215% · implied rate exceeded in 3/9 yrs
Central path = implied 4.1%/yr growth; shaded band = ±1σ (215%) 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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
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. Educational — not a recommendation.
Earns -61.11pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 28.7% | 10.9% (today's — no rate published for this year) | 17.7pts |
| FY2020 | 12.6% | 10.9% (today's — no rate published for this year) | 1.6pts |
| FY2021 | 8.2% | 7.3% | 0.8pts |
| FY2022 | 15.1% | 10.2% | 4.9pts |
| FY2023 | 27.9% | 9.8% | 18.1pts |
| FY2024 | 6.3% | 11.3% | -5.0pts |
| FY2025 | -46.8% | 10.9% | -57.7pts |
| Now | -30.4% | 10.9% | -41.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 18.5% | 14.4% | 22.3% |
| FY2017 | 7.4% | 3.6% | 8.5% |
| FY2018 | 25.2% | 21.8% | 18.3% |
| FY2019 | 36.1% | 31.8% | 43.0% |
| FY2020 | 15.3% | 10.9% | 22.8% |
| FY2021 | 7.3% | 4.0% | 8.2% |
| FY2022 | 7.3% | 4.4% | 3.8% |
| FY2023 | 11.1% | 7.4% | 10.2% |
| FY2024 | 8.1% | 2.6% | 6.4% |
| FY2025 | -41.2% | -55.3% | -51.6% |
Return on equity (-30%) and return on invested capital (-30%) 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.
ROIC ex-goodwill is -50.16% against -50.16% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.56x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is -$46M; after share-based compensation it is -$47M. The difference is a real cost that the cash flow statement adds back.
No debt, so there is no leverage path to distress.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Cash burn, not leverage, is the risk for a debt-free company — see question 2 for cash conversion.
At $5.10, free cash flow must compound 4.09%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 232.3% | 4.1% |
| FY2021 | −53.6% | 4.1% |
| FY2022 | 11.8% | 4.1% |
| FY2023 | −68.0% | 4.1% |
| FY2024 | −33.7% | 4.1% |
| FY2025 | −553.7% | 4.1% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$49M | −$49M |
| Share-based comp | $1M | −$48M |
| Other non-cash & working capital | $20M | −$29M |
| Operating cash flow | −$29M | −$29M |
| Capex | −$17M | −$46M |
| Free cash flow | −$46M | −$46M |
| FCF after SBC | −$47M | −$47M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -0.3% | -80.6% | -80.3 points |
| FY2021 | 57.1% | 37.1% | -20.1 points |
| FY2022 | 23.2% | -10.6% | -33.9 points |
| FY2023 | -7.0% | 8.4% | 15.4 points |
| FY2024 | -33.9% | -22.9% | 11.0 points |
| FY2025 | -60.6% | -57.0% | 3.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 196.1 days | not reported | not reported | not reported |
| FY2020 | 38.2 days | not reported | not reported | not reported |
| FY2021 | 33.3 days | not reported | not reported | not reported |
| FY2022 | 24.1 days | not reported | not reported | not reported |
| FY2023 | 28.2 days | not reported | not reported | not reported |
| FY2024 | 32.8 days | not reported | not reported | not reported |
| FY2025 | 35.9 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 9.1 percent |
| FY2020 | -11.3 percent |
| FY2021 | -5.2 percent |
| FY2022 | -10.5 percent |
| FY2023 | 4.4 percent |
| FY2024 | -3.8 percent |
| FY2025 | -10.3 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.