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Held by 453 of 6,047 reporting institutions (96th percentile) — extremely crowded.
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.
Ranked against 11 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TSLA | $1.51T | 354.4× | 160.2× | 15.9× | -2.9% | 18.0% | 4.0% | 4.6% | 4.2% | -0.9× | 4,187 |
| TM | $219.4B | 57.4× | 12.5× | 0.9× | 3.8% | 18.4% | 4.4% | 7.9% | 4.1% | 4.0× | 628 |
| GM | $72.6B | 25.3× | 3.5× | 0.4× | -1.3% | — | 1.5% | 4.4% | 4.4% | -1.4× | 1,510 |
| PCAR | $56.9B | 24.0× | 15.3× | 2.0× | -15.5% | 20.1% | 8.4% | 12.3% | 12.3% | 0.0× | 1,057 |
| F | $48.5B | — | 3.7× | 0.3× | 1.2% | 6.8% | -4.4% | -22.7% | -22.7% | -3.4× | — |
| RIVN | $20.2B | — | — | 3.8× | 8.4% | 2.7% | -67.7% | -79.4% | -40.4% | — | 819 |
| LI | $11.3B | 144.3× | 7.7× | 0.7× | -18.8% | 18.7% | 1.0% | 1.6% | 1.4% | -11.5× | 161 |
| NIO | $9.0B | — | — | 0.7× | 38.9% | 13.6% | -17.1% | -359% | -85.5% | — | 420 |
| OSK | $7.7B | — | 7.2× | 0.7× | -2.9% | 17.5% | 6.2% | 14.3% | 11.5% | 0.5× | 578 |
| FSS | $6.9B | 28.3× | 17.6× | 3.2× | 17.1% | 28.9% | 11.3% | 17.8% | 12.7% | 1.2× | 453 |
| LCID | $1.5B | — | — | 1.1× | 67.6% | -92.8% | -199% | -376% | -78.5% | — | 390 |
| NIU | $155M | — | 6.9× | 0.3× | 36.7% | 19.6% | -0.9% | -4.4% | -4.4% | — | 50 |
Peers = companies sharing FSS's sector (Motor Vehicles & Passenger Car Bodies) 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
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 15% of free cash flow, leaving room to grow it and fund buybacks. Last year: $34.1M dividends + $39.7M buybacks = $73.8M returned on $227.1M FCF.
3 consecutive years of dividend increases · 8%/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 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: 13%. 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 2026-10-12
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 | $2.18B 100.0% | $1.86B 100.0% | $1.72B 100.0% | $1.43B 100.0% | $1.21B 100.0% | $1.13B 100.0% | $1.22B 100.0% | $1.09B 100.0% | $898.5M 100.0% | $707.9M 100.0% |
| Cost of Revenue | $1.55B 71.1% | $1.33B 71.4% | $1.27B 73.9% | $1.09B 76.0% | $924.5M 76.2% | $837.2M 74.0% | $898.5M 73.6% | $807.4M 74.1% | $677.3M 75.4% | $524.5M 74.1% |
| Gross Profit | $631.2M 28.9% | $533.0M 28.6% | $450.2M 26.1% | $344.9M 24.0% | $288.7M 23.8% | $293.6M 26.0% | $322.8M 26.4% | $282.1M 25.9% | $221.2M 24.6% | $183.4M 25.9% |
| Selling, General & Admin | $255.9M 11.7% | $234.0M 12.6% | $210.1M 12.2% | $171.7M 12.0% | $149.2M 12.3% | $149.2M 13.2% | $164.4M 13.5% | $159.1M 14.6% | $144.3M 16.1% | $119.5M 16.9% |
| Operating Income | $340.9M 15.6% | $281.4M 15.1% | $224.5M 13.0% | $160.8M 11.2% | $130.7M 10.8% | $131.4M 11.6% | $147.1M 12.0% | $121.5M 11.2% | $73.6M 8.2% | $60.8M 8.6% |
| Interest Expense | $14.1M 0.6% | $12.5M 0.7% | $19.7M 1.1% | $10.3M 0.7% | $4.5M 0.4% | $5.7M 0.5% | $7.9M 0.6% | $9.3M 0.9% | $7.3M 0.8% | $1.9M 0.3% |
| Other Income (Expense), net | -$2.3M -0.1% | -$1.2M -0.1% | -$1.8M -0.1% | $400K 0.0% | $1.7M 0.1% | -$1.1M -0.1% | -$600K -0.0% | -$600K -0.1% | $800K 0.1% | -$1.8M -0.3% |
| Pretax Income | $324.5M 14.9% | $263.9M 14.2% | $203.0M 11.8% | $150.9M 10.5% | $117.6M 9.7% | $124.6M 11.0% | $138.6M 11.3% | $111.6M 10.2% | $61.0M 6.8% | $56.8M 8.0% |
| Income Tax Expense | $77.9M 3.6% | $47.6M 2.6% | $45.6M 2.6% | $30.5M 2.1% | $17.0M 1.4% | $28.5M 2.5% | $30.2M 2.5% | $17.9M 1.6% | $500K 0.1% | $17.4M 2.5% |
| Net Income | $246.6M 11.3% | $216.3M 11.6% | $157.4M 9.1% | $120.4M 8.4% | $100.6M 8.3% | $96.2M 8.5% | $108.5M 8.9% | $94.0M 8.6% | $61.6M 6.9% | $43.8M 6.2% |
| Per Share | ||||||||||
| EPS (Basic) | $4.06 | $3.55 | $2.59 | $1.99 | $1.65 | $1.59 | $1.80 | $1.57 | $1.03 | $0.72 |
| EPS (Diluted) | $4.01 | $3.50 | $2.56 | $1.97 | $1.63 | $1.56 | $1.76 | $1.54 | $1.02 | $0.71 |
| Weighted Avg Shares (Basic) | 60.8M | 60.9M | 60.7M | 60.5M | 60.8M | 60.3M | 60.2M | 59.9M | 59.7M | 60.4M |
| Weighted Avg Shares (Diluted) | 61.5M | 61.7M | 61.5M | 61.2M | 61.9M | 61.7M | 61.6M | 61.2M | 60.4M | 61.2M |
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.
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 $114.78 today, the market must believe free cash flow compounds 15.3%/yr for a decade (off $194.0M on the 3-yr avg basis).
On the basis ($179.4M) the requirement is 16.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 15.3% is more conservative than its 9-yr track record.
Default is 9.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.06B shares (market data) · net debt $500.9M
mean 112.3% · volatility σ 264% · implied rate exceeded in 6/9 yrs
Central path = implied 15.3%/yr growth; shaded band = ±1σ (264%) 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.
Cash of $63.7M covers the $500K due within a year 127.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~2.5% on $564.6M of debt.
Cash of $63.7M fully covers short-term debt of $0.
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.
EOD close · as of 2026-10-12
Where each multiple sits in its own 14-yr range · 98th 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 18% against ROIC 13% — 5% 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 19.2% — 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 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 74.1 | 73.6 | 74.0 | 76.2 | 76.0 | 73.9 | 71.4 | 71.1 |
| Gross Profit | 25.9 | 26.4 | 26.0 | 23.8 | 24.0 | 26.1 | 28.6 | 28.9 |
| SG&A | 14.6 | 13.5 | 13.2 | 12.3 | 12.0 | 12.2 | 12.6 | 11.7 |
| Operating Income | 11.2 | 12.0 | 11.6 | 10.8 | 11.2 | 13.0 | 15.1 | 15.6 |
| Income Tax | 1.6 | 2.5 | 2.5 | 1.4 | 2.1 | 2.6 | 2.6 | 3.6 |
| Net Income | 8.6 | 8.9 | 8.5 | 8.3 | 8.4 | 9.1 | 11.6 | 11.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FSS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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.
Earns 5.43pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 13.1% | 9.4% (today's — no rate published for this year) | 3.7pts |
| FY2020 | 11.8% | 9.4% (today's — no rate published for this year) | 2.4pts |
| FY2021 | 9.5% | 6.4% | 3.1pts |
| FY2022 | 10.3% | 8.2% | 2.1pts |
| FY2023 | 13.6% | 8.4% | 5.1pts |
| FY2024 | 15.9% | 10.4% | 5.5pts |
| FY2025 | 13.7% | 9.1% | 4.6pts |
| Now | 12.7% | 9.4% | 3.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 25.9% | 8.6% | 6.2% |
| FY2017 | 24.6% | 8.2% | 6.9% |
| FY2018 | 25.9% | 11.2% | 8.6% |
| FY2019 | 26.4% | 12.0% | 8.9% |
| FY2020 | 26.0% | 11.6% | 8.5% |
| FY2021 | 23.8% | 10.8% | 8.3% |
| FY2022 | 24.0% | 11.2% | 8.4% |
| FY2023 | 26.1% | 13.0% | 9.1% |
| FY2024 | 28.6% | 15.1% | 11.6% |
| FY2025 | 28.9% | 15.6% | 11.3% |
Leverage and buybacks account for 5 points of the 18% return on equity in FY2025. The business earns 13% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$637M of goodwill — 35% 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 22.89% against 14.82% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.73x of reported profit into cash — adequate, without much margin.
The cash conversion cycle has lengthened +19 days over 3 years to 137 — that many more days of the company's own cash funding the same volume of business.
Covers interest 16.9x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 24.18x |
| 5% | 22.97x |
| 10% | 21.76x |
| 15% | 20.55x |
| 20% | 19.34x |
| 25% | 18.13x |
| 30% | 16.92x |
| 35% | 15.72x |
| 40% | 14.51x |
| 45% | 13.30x |
| 50% | 12.09x |
| 55% | 10.88x |
| 60% | 9.67x |
Ladder as of 2025-12-31 (10-K); 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.
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 $113.57, free cash flow must compound 15.2%/yr for 10 years. It has done 22.35%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 57.3% | 15.2% |
| FY2021 | −39.5% | 15.2% |
| FY2022 | −70.8% | 15.2% |
| FY2023 | 772.9% | 15.2% |
| FY2024 | 16.2% | 15.2% |
| FY2025 | 19.1% | 15.2% |
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $247M | $247M |
| Share-based comp | $15M | $262M |
| Other non-cash & working capital | −$7M | $255M |
| Operating cash flow | $255M | $255M |
| Capex | −$28M | $227M |
| Free cash flow | $227M | $227M |
| FCF after SBC | $212M | $212M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -7.4% | -5.4% | 2.0 points |
| FY2021 | 7.3% | 7.1% | -0.2 points |
| FY2022 | 18.3% | 27.8% | 9.5 points |
| FY2023 | 20.1% | 7.1% | -12.9 points |
| FY2024 | 8.1% | 5.5% | -2.6 points |
| FY2025 | 17.1% | 48.8% | 31.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 40.1 days | 74.3 days | 26.4 days | 88 days |
| FY2020 | 41 days | 80.7 days | 22.5 days | 99.2 days |
| FY2021 | 40.9 days | 90.5 days | 25.6 days | 105.8 days |
| FY2022 | 44.2 days | 98 days | 24.2 days | 118 days |
| FY2023 | 39.5 days | 87 days | 19.1 days | 107.3 days |
| FY2024 | 38.5 days | 90.9 days | 21.7 days | 107.7 days |
| FY2025 | 48.9 days | 111.1 days | 23.1 days | 136.9 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 0.5 percent |
| FY2020 | -3.3 percent |
| FY2021 | -0.1 percent |
| FY2022 | 3.2 percent |
| FY2023 | -2.3 percent |
| FY2024 | -0.8 percent |
| FY2025 | -0.3 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.