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Held by 719 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 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 + $5.2M buybacks = $5.2M returned on $4.2M 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.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 19%. 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.
Ranked against 23 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| QCOM | $188.9B | 35.3× | 14.2× | 4.3× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 0.7× | 2,943 |
| LITE | $89.5B | — | 136.3× | 29.7× | 83.2% | 41.7% | -230% | -149% | -110% | -0.6× | 1,273 |
| MSI | $74.3B | 35.2× | 24.1× | 6.4× | 8.0% | 51.7% | 18.4% | 89.4% | 18.6% | 2.3× | 1,414 |
| CIEN | $56.8B | 471.1× | 189.7× | 11.9× | 18.8% | 42.0% | 2.6% | 4.5% | 2.9% | 1.5× | 1,193 |
| UI | $37.5B | 39.1× | 30.7× | 11.5× | 27.2% | 46.2% | 29.3% | 66.7% | 66.7% | -0.4× | 346 |
| FN | $15.3B | 32.8× | 28.3× | 3.3× | 35.7% | 12.0% | 10.2% | 19.3% | 19.3% | -0.7× | 719 |
| ESE | $6.7B | 22.6× | 27.8× | 6.2× | 19.2% | 42.1% | 27.3% | 19.4% | 17.3% | 0.3× | 421 |
| PL | $5.5B | — | — | 17.9× | 25.9% | 56.1% | -80.2% | -131% | -131% | — | 464 |
| ONDS | $3.9B | — | — | 77.0× | 605% | 39.7% | -261% | -30.2% | -30.2% | — | 419 |
| VISN | $1.4B | 0.6× | 117.1× | 0.7× | 39.7% | 49.5% | — | -227% | 36.5% | — | 345 |
| NSSC | $1.3B | 30.1× | 24.6× | 6.4× | 11.4% | 59.2% | 21.3% | 22.5% | 22.5% | -2.7× | 242 |
| HLIT | $1.1B | — | 45.2× | 3.2× | -26.2% | 48.5% | -12.0% | -11.3% | -8.7% | -0.5× | 252 |
| UMAC | $971M | — | — | 86.7× | 101% | 34.9% | -171% | -11.0% | -11.0% | — | 184 |
| GILT | $636M | 24.3× | 10.0× | 1.4× | 47.9% | 29.5% | 4.6% | 4.1% | 4.1% | -3.5× | 126 |
| NTGR | $632M | — | — | 0.9× | 3.8% | 38.0% | -2.6% | -3.6% | -3.6% | — | 179 |
| ADTN | $567M | — | 6.1× | 0.5× | 17.5% | 38.3% | -4.2% | -31.3% | -31.3% | -1.2× | 238 |
| CLFD | $442M | — | 51.1× | 3.0× | 19.6% | 33.7% | -5.4% | -3.1% | -3.1% | -2.6× | 123 |
| AIOT | $361M | — | 7.6× | 0.8× | 22.4% | 55.5% | -4.6% | -4.3% | -2.7% | 3.0× | 179 |
| AUDC | $277M | 37.0× | 13.0× | 1.1× | 1.4% | 65.0% | 3.6% | 5.2% | 5.2% | -2.5× | 66 |
| BKTI | $264M | 20.4× | 13.6× | 3.1× | 12.5% | 48.8% | 15.7% | 30.3% | 30.3% | -1.3× | 117 |
| AVNW | $262M | 107.4× | 12.7× | 0.6× | 1.2% | 31.5% | 0.6% | 0.9% | 0.7% | 1.1× | 122 |
| TBCH | $260M | 18.9× | 9.3× | 0.8× | -14.2% | 37.3% | 4.9% | 12.2% | 8.6% | 1.2× | 116 |
| VUZI | $199M | — | — | 31.7× | 9.1% | -16.9% | -514% | -131% | -131% | — | 128 |
| CRNT | $188M | — | 9.3× | 0.6× | -14.1% | 33.8% | -0.6% | -1.2% | -1.1% | -1.1× | 78 |
Peers = companies sharing FN's sector (Telephone & Telegraph Apparatus) 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $346.7M (at 2026-06-26) covers all $21.3M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2022-09-30 (10-Q). The cash figure is from 2026-06-26, 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).
Interest is easily covered by operating profit.
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.
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 2026-10-14
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 19% against ROIC 19% — 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 21.3% — 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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 88.7 | 88.7 | 88.2 | 87.7 | 87.3 | 87.6 | 87.9 | 88.0 |
| Gross Profit | 11.3 | 11.3 | 11.8 | 12.3 | 12.7 | 12.4 | 12.1 | 12.0 |
| SG&A | 3.5 | 4.2 | 3.8 | 3.3 | 2.9 | 2.7 | 2.6 | 2.0 |
| Operating Income | 7.7 | 7.2 | 8.0 | 9.0 | 9.5 | 9.6 | 9.5 | 10.0 |
| Income Tax | 0.3 | 0.4 | 0.1 | 0.3 | 0.5 | 0.5 | 0.7 | 1.8 |
| Net Income | 7.6 | 6.9 | 7.9 | 8.9 | 9.4 | 10.3 | 9.7 | 10.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FN: 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 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $392.95 today, the market must believe free cash flow compounds 31.9%/yr for a decade (off $192.4M on the 3-yr avg basis).
On the basis ($160.4M) the requirement is 34.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 31.9% is more optimistic than its 9-yr track record.
Default is 13.0% — 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 -$346.7M
mean 451.4% · volatility σ 1263% · implied rate exceeded in 3/9 yrs
Central path = implied 31.9%/yr growth; shaded band = ±1σ (1263%) 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.
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
Earns 8.47pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 12.7% | 13.0% (today's — no rate published for this year) | -0.3pts |
| FY2021 | 15.4% | 13.0% (today's — no rate published for this year) | 2.4pts |
| FY2022 | 16.5% | 8.7% | 7.8pts |
| FY2023 | 17.6% | 9.2% | 8.4pts |
| FY2024 | 18.1% | 10.4% | 7.8pts |
| FY2025 | 16.9% | 13.0% (today's — no rate published for this year) | 3.9pts |
| FY2026 | 19.2% | 12.9% | 6.3pts |
| Now | 19.3% | 13.0% | 6.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 12.1% | 7.5% | 6.8% |
| FY2018 | 11.2% | 6.8% | 6.1% |
| FY2019 | 11.3% | 7.7% | 7.6% |
| FY2020 | 11.3% | 7.2% | 6.9% |
| FY2021 | 11.8% | 8.0% | 7.9% |
| FY2022 | 12.3% | 9.0% | 8.9% |
| FY2023 | 12.7% | 9.5% | 9.4% |
| FY2024 | 12.4% | 9.6% | 10.3% |
| FY2025 | 12.1% | 9.5% | 9.7% |
| FY2026 | 12.0% | 10.0% | 10.2% |
Return on equity (19%) and return on invested capital (19%) 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.
Margins have compressed 3 years running even as the spread stayed positive.
Cash conversion of 0.53x sits below the level that would make the earnings clearly cash-backed.
Reported free cash flow is $4M; after share-based compensation it is -$30M. The difference is a real cost that the cash flow statement adds back.
Covers interest 3857.4x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 5510.56x |
| 5% | 5235.03x |
| 10% | 4959.50x |
| 15% | 4683.98x |
| 20% | 4408.45x |
| 25% | 4132.92x |
| 30% | 3857.39x |
| 35% | 3581.86x |
| 40% | 3306.34x |
| 45% | 3030.81x |
| 50% | 2755.28x |
| 55% | 2479.75x |
| 60% | 2204.22x |
This schedule comes from a filing dated 2022-09-30, 1475 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2022-09-30 (10-Q); cash from the 2026-06-26 balance sheet; FCF from FY2026.
Balance sheet at 2026-06-26. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $4,013,000 of the $4,013,000 total — a fixed obligation that does not appear in a headline debt figure.
At $427.82, free cash flow must compound 33.18%/yr for 10 years. It has done -41.77%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −29.8% | 33.2% |
| FY2022 | −54.5% | 33.2% |
| FY2023 | 338.4% | 33.2% |
| FY2024 | 140.6% | 33.2% |
| FY2025 | −43.3% | 33.2% |
| FY2026 | −98.0% | 33.2% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $473M | $473M |
| Share-based comp | $35M | $508M |
| Other non-cash & working capital | −$251M | $257M |
| Operating cash flow | $257M | $257M |
| Capex | −$253M | $4M |
| Free cash flow | $4M | $4M |
| FCF after SBC | −$30M | −$30M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 14.5% | 23.4% | 9.0 points |
| FY2022 | 20.4% | 34.5% | 14.1 points |
| FY2023 | 16.9% | 17.5% | 0.5 points |
| FY2024 | 9.0% | 11.4% | 2.4 points |
| FY2025 | 18.6% | 28.1% | 9.5 points |
| FY2026 | 35.7% | 34.1% | -1.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 60.6 days | 77.7 days | 63.1 days | 75.2 days |
| FY2021 | 65.4 days | 92.9 days | 76.3 days | 82 days |
| FY2022 | 73 days | 102.5 days | 80.9 days | 94.6 days |
| FY2023 | 73.4 days | 82.1 days | 60.2 days | 95.3 days |
| FY2024 | 75 days | 66.9 days | 63.8 days | 78.1 days |
| FY2025 | 81 days | 70.5 days | 77.4 days | 74.2 days |
| FY2026 | 80.1 days | 91.3 days | 89.9 days | 81.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -2.7 percent |
| FY2021 | 1.6 percent |
| FY2022 | 4.2 percent |
| FY2023 | 1.8 percent |
| FY2024 | -5.0 percent |
| FY2025 | 0.1 percent |
| FY2026 | 5.5 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 (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.
EOD close · as of 2026-10-14
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.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.64B 100.0% | $3.42B 100.0% | $2.88B 100.0% | $2.65B 100.0% | $2.26B 100.0% | $1.88B 100.0% | $1.64B 100.0% | $1.58B 100.0% | $1.37B 100.0% | $1.42B 100.0% |
| Cost of Revenue | $4.08B 88.0% | $3.01B 87.9% | $2.53B 87.6% | $2.31B 87.3% | $1.98B 87.7% | $1.66B 88.2% | $1.46B 88.7% | $1.41B 88.7% | $1.22B 88.8% | $1.25B 87.9% |
| Gross Profit | $556.5M 12.0% | $413.3M 12.1% | $356.1M 12.4% | $336.3M 12.7% | $278.6M 12.3% | $221.4M 11.8% | $186.1M 11.3% | $179.2M 11.3% | $153.4M 11.2% | $171.5M 12.1% |
| Selling, General & Admin | $93.5M 2.0% | $87.5M 2.6% | $78.5M 2.7% | $77.7M 2.9% | $73.9M 3.3% | $70.6M 3.8% | $68.4M 4.2% | $55.1M 3.5% | $57.8M 4.2% | $65.6M 4.6% |
| Operating Income | $462.9M 10.0% | $324.4M 9.5% | $277.6M 9.6% | $251.7M 9.5% | $204.5M 9.0% | $150.8M 8.0% | $117.4M 7.2% | $122.6M 7.7% | $93.8M 6.8% | $105.8M 7.5% |
| Interest Expense | $84K 0.0% | $0 0.0% | $124K 0.0% | $1.5M 0.1% | $432K 0.0% | $1.1M 0.1% | $3.0M 0.2% | $5.4M 0.3% | $3.6M 0.3% | $3.3M 0.2% |
| Other Income (Expense), net | $57.0M 1.2% | -$178K -0.0% | $287K 0.0% | -$159K -0.0% | -$1.6M -0.1% | -$3.5M -0.2% | $1.1M 0.1% | $868K 0.1% | $473K 0.0% | $509K 0.0% |
| Pretax Income | $555.1M 12.0% | $355.2M 10.4% | $311.4M 10.8% | $260.1M 9.8% | $207.0M 9.1% | $150.5M 8.0% | $119.2M 7.3% | $126.2M 8.0% | $88.0M 6.4% | $103.9M 7.3% |
| Income Tax Expense | $82.1M 1.8% | $22.7M 0.7% | $15.2M 0.5% | $12.2M 0.5% | $6.6M 0.3% | $2.1M 0.1% | $5.8M 0.4% | $5.3M 0.3% | $3.9M 0.3% | $6.7M 0.5% |
| Net Income | $473.0M 10.2% | $332.5M 9.7% | $296.2M 10.3% | $247.9M 9.4% | $200.4M 8.9% | $148.3M 7.9% | $113.5M 6.9% | $121.0M 7.6% | $84.2M 6.1% | $97.1M 6.8% |
| Per Share | ||||||||||
| EPS (Basic) | $13.21 | $9.23 | $8.17 | $6.79 | $5.43 | $4.02 | $3.07 | $3.29 | $2.26 | $2.63 |
| EPS (Diluted) | $13.05 | $9.17 | $8.10 | $6.73 | $5.36 | $3.95 | $3.01 | $3.23 | $2.21 | $2.57 |
| Weighted Avg Shares (Basic) | 35.8M | 36.0M | 36.2M | 36.5M | 36.9M | 36.9M | 36.9M | 36.8M | 37.3M | 36.9M |
| Weighted Avg Shares (Diluted) | 36.3M | 36.3M | 36.6M | 36.9M | 37.4M | 37.6M | 37.7M | 37.4M | 38.0M | 37.9M |
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.