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Held by 205 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 17 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DASH | $77.6B | 84.0× | 49.8× | 5.7× | 27.9% | — | 6.8% | 9.3% | 9.3% | -3.0× | 277 |
| EBAY | $53.9B | 27.9× | 19.6× | 4.9× | 7.9% | 71.5% | 18.3% | 45.3% | 38.8% | -0.4× | 360 |
| PYPL | $47.3B | 10.5× | 7.0× | 1.4× | 4.3% | — | 15.8% | 25.8% | 17.3% | 0.3× | 408 |
| MSCI | $45.0B | 39.4× | 29.2× | 14.3× | 9.7% | — | 38.4% | -45.3% | 33.9% | 3.3× | 260 |
| CPAY | $26.1B | 26.5× | 17.4× | 5.8× | 13.9% | — | 23.6% | 27.5% | 6.2% | 5.2× | 206 |
| FISV | $25.8B | 7.7× | 4.0× | 1.2× | 3.6% | — | 16.4% | 13.5% | 12.9% | 0.1× | 303 |
| TCOM | $24.3B | — | 9.8× | 2.7× | 22.2% | 80.6% | 53.4% | 19.5% | 16.5% | -0.6× | — |
| GPN | $22.7B | 14.8× | 12.0× | 2.9× | -0.4% | 72.6% | 18.2% | 6.1% | 3.2% | 4.4× | 230 |
| BR | $20.1B | 18.6× | — | 2.7× | 8.5% | 31.8% | 15.0% | 39.6% | 18.4% | — | 296 |
| FIS | $19.2B | 51.1× | 8.4× | 1.8× | 5.4% | 36.9% | 3.6% | 2.7% | 1.5% | 3.1× | 205 |
| RBA | $16.4B | 43.3× | 15.2× | 3.6× | 7.2% | — | 9.3% | 7.7% | 5.4% | 1.6× | 121 |
| FICO | $15.3B | 26.7× | 19.4× | 7.7× | 15.9% | 82.2% | 32.7% | -37.3% | 49.8% | 3.1× | 157 |
| AKAM | $14.3B | 32.4× | 10.5× | 3.4× | 5.4% | 58.9% | 10.7% | 9.1% | 9.1% | -0.7× | 180 |
| DIDIY | $13.8B | — | — | 0.5× | 32.7% | 15.3% | 0.3% | 0.5% | 0.5% | — | — |
| CART | $13.6B | 35.7× | 21.9× | 3.6× | 10.8% | 73.7% | 11.9% | 17.8% | 17.8% | -1.1× | 106 |
| CSGP | $11.4B | — | 56.4× | 3.5× | 18.7% | 78.9% | 0.2% | 0.1% | 0.1% | -3.4× | 150 |
| HQY | $8.4B | 41.2× | 18.9× | 6.4× | 9.5% | 69.5% | 16.4% | 10.2% | 7.0% | 1.3× | 120 |
| ETSY | $7.9B | 65.9× | 25.9× | 2.7× | 2.7% | 71.6% | 5.7% | -14.8% | 8.7% | 4.4× | 111 |
Peers = companies sharing FIS's sector (Services-Business Services, NEC) 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
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2023). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $38.55 today, the market must believe free cash flow compounds -10.9%/yr for a decade (off $4.22B on the 3-yr avg basis).
On the basis ($4.10B) the requirement is -10.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 7.4% — 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 $11.20B
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 16.8% · volatility σ 35% · implied rate exceeded in 6/7 yrs
Central path = implied -10.9%/yr growth; shaded band = ±1σ (35%) 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.
Free-cash-flow coverage unavailable. Last year: $847.0M dividends + $1.43B buybacks = $2.27B returned.
1 consecutive years of dividend increases · 5%/yr.
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).
Modest payoff on reinvested capital. Current ROIC on all capital: 1%. 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 $599.0M (at 2025-12-31) covers the $118.1M due within a year 5.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2013-03-31 (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 ~3.3% on $11.80B of debt.
Cash of $599.0M is below short-term debt of $2.73B — 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.
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. 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.68B 100.0% | $10.13B 100.0% | $9.83B 100.0% | $9.72B 100.0% | $9.34B 100.0% | $12.55B 100.0% | $10.33B 100.0% | $8.42B 100.0% | $8.67B 100.0% | $8.83B 100.0% |
| Cost of Revenue | $6.74B 63.1% | $6.32B 62.4% | $6.17B 62.8% | $6.26B 64.4% | $5.99B 64.1% | $8.35B 66.5% | $6.61B 64.0% | $5.57B 66.1% | $5.79B 66.8% | $5.89B 66.8% |
| Cost of Services | — | — | — | — | — | — | — | — | $5.79B 66.8% | $5.89B 66.8% |
| Gross Profit | $3.94B 36.9% | $3.80B 37.6% | $3.66B 37.2% | $3.46B 35.6% | $3.35B 35.9% | $4.20B 33.5% | $3.72B 36.0% | $2.85B 33.9% | $2.87B 33.2% | $2.94B 33.2% |
| Selling, General & Admin | $2.26B 21.2% | $2.19B 21.6% | $2.10B 21.3% | $2.18B 22.4% | $2.12B 22.6% | $3.52B 28.0% | $2.67B 25.8% | $1.30B 15.4% | $1.44B 16.6% | $1.71B 19.3% |
| Total Operating Expenses | — | — | — | — | — | — | — | — | — | $7.94B 89.9% |
| Operating Income | $1.74B 16.3% | $1.71B 16.9% | $1.45B 14.7% | $1.18B 12.1% | $1.04B 11.1% | $552.0M 4.4% | $969.0M 9.4% | $1.46B 17.3% | $1.43B 16.5% | $1.23B 13.9% |
| Interest Expense | $391.0M 3.7% | $351.0M 3.5% | $713.0M 7.3% | $298.0M 3.1% | $214.0M 2.3% | $339.0M 2.7% | $389.0M 3.8% | $314.0M 3.7% | $359.0M 4.1% | $403.0M 4.6% |
| Interest & Investment Income | $24.0M 0.2% | $101.0M 1.0% | $92.0M 0.9% | $17.0M 0.2% | $2.0M 0.0% | $5.0M 0.0% | $52.0M 0.5% | $17.0M 0.2% | $22.0M 0.3% | $20.0M 0.2% |
| Other Income (Expense), net | -$198.0M -1.9% | -$162.0M -1.6% | -$164.0M -1.7% | $3.0M 0.0% | -$109.0M -1.2% | $48.0M 0.4% | -$219.0M -2.1% | -$57.0M -0.7% | -$119.0M -1.4% | -$9.0M -0.1% |
| Pretax Income | $1.18B 11.0% | $1.30B 12.8% | $662.0M 6.7% | -$16.33B -168.0% | $789.0M 8.4% | $266.0M 2.1% | $413.0M 4.0% | $1.10B 13.1% | $976.0M 11.3% | $837.0M 9.5% |
| Income Tax Expense | $265.0M 2.5% | $362.0M 3.6% | $157.0M 1.6% | $314.0M 3.2% | $403.0M 4.3% | $96.0M 0.8% | $100.0M 1.0% | $208.0M 2.5% | -$321.0M -3.7% | $291.0M 3.3% |
| Net Income | $382.0M 3.6% | $1.45B 14.3% | -$6.66B -67.7% | -$16.75B -172.3% | $417.0M 4.5% | $158.0M 1.3% | $298.0M 2.9% | $846.0M 10.0% | $1.26B 14.5% | $525.0M 5.9% |
| Per Share | ||||||||||
| EPS (Basic) | $0.73 | $2.62 | -$11.26 | -$27.74 | $0.68 | $0.26 | $0.67 | $2.58 | $3.82 | $1.61 |
| EPS (Diluted) | $0.73 | $2.61 | -$11.26 | -$27.74 | $0.67 | $0.25 | $0.66 | $2.55 | $3.75 | $1.59 |
| Weighted Avg Shares (Basic) | 523.0M | 553.0M | 591.0M | 604.0M | 616.0M | 619.0M | 445.0M | 328.0M | 330.0M | 326.0M |
| Weighted Avg Shares (Diluted) | 525.0M | 555.0M | 591.0M | 604.0M | 621.0M | 627.0M | 451.0M | 332.0M | 336.0M | 330.0M |
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.
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 28th 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 3% against ROIC 1% — 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
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 | 66.1 | 64.0 | 66.5 | 64.1 | 64.4 | 62.8 | 62.4 | 63.1 |
| Gross Profit | 33.9 | 36.0 | 33.5 | 35.9 | 35.6 | 37.2 | 37.6 | 36.9 |
| SG&A | 15.4 | 25.8 | 28.0 | 22.6 | 22.4 | 21.3 | 21.6 | 21.2 |
| Operating Income | 17.3 | 9.4 | 4.4 | 11.1 | 12.1 | 14.7 | 16.9 | 16.3 |
| Income Tax | 2.5 | 1.0 | 0.8 | 4.3 | 3.2 | 1.6 | 3.6 | 2.5 |
| Net Income | 10.0 | 2.9 | 1.3 | 4.5 | -172.3 | -67.7 | 14.3 | 3.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FIS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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 |
|---|---|---|---|---|---|
| 2026-10-15 | Goldstein Jeffrey A Director | Plan purchase | 1,585 | $36.40 | $58k |
| 2026-08-21 | Keller Charles H. Chief Legal Officer | Grant | 1,367 | $0.00 | — |
| 2026-08-05 | Keller Charles H. Chief Legal Officer | Grant | 7,106 | $0.00 | — |
| 2026-08-05 | Duet Donald Joseph Chief Technology Officer | Grant | 9,478 | $0.00 | — |
| 2026-07-15 |
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.
Earns -2.88pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 1.1% | 7.4% (today's — no rate published for this year) | -6.3pts |
| FY2020 | 0.6% | 7.4% (today's — no rate published for this year) | -6.7pts |
| FY2021 | 1.2% | 5.2% | -4.0pts |
| FY2022 | 2.0% | 7.7% | -5.8pts |
| FY2023 | 3.0% | 8.7% | -5.7pts |
| FY2024 | 5.0% | 7.6% | -2.6pts |
| FY2025 | 5.1% | 6.5% | -1.4pts |
| Now | 1.5% | 7.4% | -5.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 33.2% | 13.9% | 5.9% |
| FY2017 | 33.2% | 16.5% | 14.5% |
| FY2018 | 33.9% | 17.3% | 10.0% |
| FY2019 | 36.0% | 9.4% | 2.9% |
| FY2020 | 33.5% | 4.4% | 1.3% |
| FY2021 | 35.9% | 11.1% | 4.5% |
| FY2022 | 35.6% | 12.1% | -172.3% |
| FY2023 | 37.2% | 14.7% | -67.7% |
| FY2024 | 37.6% | 16.9% | 14.3% |
| FY2025 | 36.9% | 16.3% | 3.6% |
Return on equity (3%) and return on invested capital (1%) 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.
$25.0B of goodwill — 86% 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. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 30.97% against 4.48% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 14.88x of reported profit into free cash flow over 3 years, with accruals negative.
Capex has been below depreciation for 7 consecutive years (0.08x 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 3.1x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 4.45x |
| 5% | 4.23x |
| 10% | 4.01x |
| 15% | 3.78x |
| 20% | 3.56x |
| 25% | 3.34x |
| 30% | 3.12x |
| 35% | 2.89x |
| 40% | 2.67x |
| 45% | 2.45x |
| 50% | 2.23x |
| 55% | 2.00x |
| 60% | 1.78x |
This schedule comes from a filing dated 2013-03-31, 4961 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2013-03-31 (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 4.5x today but falls to 3.1x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $37.28, free cash flow must compound -11.13%/yr for 10 years. It has done 17.55%/yr over 4 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 89.1% | −11.1% |
| FY2021 | 7.4% | −11.1% |
| FY2022 | −17.3% | −11.1% |
| FY2023 | 13.7% | −11.1% |
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 achieved growth rate spans a reporting-basis change in FY2021, so part of it measures the restatement rather than the business.
| Plan purchase |
| 1,386 |
| $41.39 |
| $57k |
| 2026-06-15 | Lauer Gary L Director | Grant | 5,485 | $0.00 | — |
| 2026-06-15 | Anasenes Nicole Director | Grant | 5,485 | $0.00 | — |
| 2026-06-15 | Stallings James B Jr Director | Grant | 5,485 | $0.00 | $0 |
| 2026-06-15 | Goldstein Jeffrey A Director | Grant | 8,036 | $0.00 | — |
| 2026-06-15 | Lamneck Kenneth T Director | Grant | 5,485 | $0.00 | $0 |
| 2026-06-15 | Gibson Kourtney Director | Grant | 5,485 | $0.00 | — |
| 2026-06-15 | Chakravarthy Anil Director | Grant | 5,485 | $0.00 | $0 |
| 2026-06-15 | Hook Lisa Director | Grant | 5,485 | $0.00 | — |
| 2026-04-15 | Goldstein Jeffrey A Director | Plan purchase | 1,197 | $47.39 | $57k |
| 2026-03-05 | Ferris Stephanie CEO and President | Open-market buy | 19,846 | $50.39 | $1.0m |
| 2026-02-28 | 2 co-filers EVP, Chief People Officer | Tax withholding25d late | 1,828 | $51.05 | $93k |
| 2026-02-28 | 4 co-filers EVP, Chief Accounting Officer | Option exercise4d late | 2,406 | $0.00 | $0 |
| 2026-02-28 | Ferris Stephanie CEO and President | Tax withholding25d late | 12,265 | $51.05 | $626k |
| 2026-02-28 | 7 co-filers See Remarks | Option exercise4d late | 7,954 | $0.00 | $0 |
| 2026-02-28 | 7 co-filers EVP, Chief Financial Officer | Option exercise4d late | 10,123 | $0.00 | $0 |
| 2026-02-28 | 12 co-filers See Remarks | Grant4d late | 9,232 | $0.00 | $0 |
| 2026-02-28 | 4 co-filers EVP, Chief Accounting Officer | Tax withholding4d late | 691 | $51.05 | $35k |
| 2026-02-28 | 2 co-filers EVP, Chief People Officer | Grant25d late | 49,058 | $0.00 | — |
| 2026-02-28 | 7 co-filers See Remarks | Tax withholding4d late | 2,403 | $51.05 | $123k |
| 2026-02-28 | 7 co-filers EVP, Chief Financial Officer | Tax withholding4d late | 2,488 | $51.05 | $127k |
| 2026-02-28 | 12 co-filers See Remarks | Tax withholding4d late | 2,318 | $51.05 | $118k |
| 2026-02-28 | 4 co-filers EVP, Chief Accounting Officer | Grant4d late | 9,812 | $0.00 | — |
| 2026-02-28 | 12 co-filers See Remarks | Option exercise4d late | 8,285 | $0.00 | $0 |
| 2026-02-28 | 7 co-filers See Remarks | Option exercise4d late | 9,627 | $0.00 | $0 |
| 2026-02-28 | 7 co-filers EVP, Chief Financial Officer | Option exercise4d late | 10,108 | $0.00 | $0 |
| 2026-02-28 | 7 co-filers See Remarks | Tax withholding4d late | 3,144 | $51.05 | $161k |
| 2026-02-28 | 12 co-filers See Remarks | Tax withholding4d late | 2,018 | $51.05 | $103k |
| 2026-02-28 | 4 co-filers EVP, Chief Accounting Officer | Option exercise4d late | 2,406 | $0.00 | — |
| 2026-02-28 | 7 co-filers EVP, Chief Financial Officer | Tax withholding4d late | 2,558 | $51.05 | $131k |
| 2026-02-28 | 7 co-filers See Remarks | Grant4d late | 39,246 | $0.00 | — |
| 2026-02-28 | 12 co-filers See Remarks | Option exercise4d late | 15,667 | $0.00 | $0 |
| 2026-02-28 | 7 co-filers EVP, Chief Financial Officer | Grant4d late | 41,209 | $0.00 | — |
| 2026-02-28 | 7 co-filers EVP, Chief Financial Officer | Option exercise4d late | 10,123 | $0.00 | — |
| 2026-02-28 | 12 co-filers See Remarks | Tax withholding4d late | 5,855 | $51.05 | $299k |
| 2026-02-28 | 7 co-filers See Remarks | Option exercise4d late | 7,954 | $0.00 | — |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 21.5% | 2.2% | -19.3 points |
| FY2021 | -25.6% | 13.8% | 39.4 points |
| FY2022 | 4.1% | -51.4% | -55.5 points |
| FY2023 | 1.1% | -5.2% | -6.4 points |
| FY2024 | 3.0% | not reported | not reported |
| FY2025 | 5.4% | not reported | not reported |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 114.5 days | not reported | 76.5 days | 38 days |
| FY2020 | 96.4 days | not reported | 68.9 days | 27.5 days |
| FY2021 | 147.4 days | not reported | 111.4 days | 36 days |
| FY2022 | 68.9 days | not reported | 36.3 days | 32.5 days |
| FY2023 | 64.5 days | not reported | 6.5 days | 58 days |
| FY2024 | not reported | not reported | 12.4 days | not reported |
| FY2025 | not reported | not reported | 10.4 days | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.5 percent |
| FY2020 | -5.1 percent |
| FY2021 | -5.3 percent |
| FY2022 | -32.7 percent |
| FY2023 | -20.0 percent |
| FY2024 | not reported |
| FY2025 | not reported |
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.