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Held by 779 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
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Ranked against 19 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CAT | $338.2B | 39.1× | 27.2× | 5.0× | 4.3% | 33.8% | 13.1% | 41.7% | 15.4% | 2.0× | 3,960 |
| FTI | $26.8B | 29.7× | 13.9× | 2.7× | 9.4% | — | 9.7% | 28.7% | 25.4% | -0.3× | 779 |
| DOV | $26.1B | 24.4× | 16.8× | 3.2× | 4.5% | 39.8% | 13.5% | 14.8% | 10.2% | 1.9× | 1,130 |
| CNH | $19.2B | 29.1× | — | 1.1× | -8.8% | 31.5% | 2.8% | 6.6% | 6.6% | — | — |
| NOV | $6.6B | 47.8× | 8.6× | 0.8× | -1.4% | 20.2% | 1.7% | 2.3% | 1.8% | 0.2× | 472 |
| TEX | $6.0B | 15.8× | 12.4× | 1.1× | 5.7% | 19.4% | 4.1% | 10.5% | 4.7% | 2.9× | 460 |
| WFRD | $5.4B | 12.7× | 5.7× | 1.1× | -10.8% | — | 8.8% | 25.4% | 13.7% | 0.5× | 412 |
| WHD | $4.3B | — | 13.2× | 4.0× | -4.5% | 37.0% | 15.4% | 13.5% | 13.5% | -0.4× | 329 |
| DNOW | $2.7B | — | — | 1.0× | 18.8% | 17.0% | -3.2% | -4.0% | -3.4% | — | 298 |
| INVX | $1.9B | 22.8× | 9.9× | 2.0× | 48.0% | 31.0% | 8.5% | 7.9% | 7.9% | 0.0× | 213 |
| PLOW | $915M | 20.2× | 12.0× | 1.4× | 15.4% | 26.6% | 7.1% | 16.7% | 10.9% | 1.7× | 234 |
| ASTE | $895M | 23.2× | 11.3× | 0.6× | 8.1% | 26.5% | 2.8% | 5.7% | 3.8% | 2.5× | 222 |
| FET | $885M | — | 15.4× | 1.1× | -3.1% | 27.7% | -1.2% | -3.3% | -2.3% | 1.6× | 156 |
| AEBI | $870M | 66.0× | 11.7× | 0.6× | 40.6% | 19.9% | 0.6% | 1.2% | 0.7% | 4.2× | — |
| MTW | $809M | 112.2× | 10.7× | 0.4× | 2.9% | 18.1% | 0.3% | 1.0% | 0.6% | 3.5× | 164 |
| FLOC | $806M | 14.8× | 3.9× | 1.1× | 41.9% | 54.4% | 5.4% | 18.1% | 10.4% | 0.7× | 149 |
| HY | $540M | — | 47.8× | 0.1× | -12.5% | 16.8% | -1.6% | -12.7% | -5.1% | — | 150 |
| OIS | $479M | — | — | 0.7× | -3.4% | 19.9% | -16.3% | -19.1% | -17.4% | — | 197 |
| CMCO | $433M | — | — | 0.4× | 23.9% | 30.1% | -19.2% | -15.8% | -6.0% | — | 170 |
| GENC | $260M | 16.6× | 14.3× | 2.3× | 2.0% | 27.5% | 13.6% | 7.4% | 7.4% | -1.6× | 93 |
Peers = companies sharing FTI's sector (Oil & Gas Field Machinery & Equipment) 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.
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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 6% of free cash flow, leaving room to grow it and fund buybacks. Last year: $82.3M dividends + $0 buybacks = $82.3M returned on $1.45B FCF.
3 consecutive years of dividend increases · -16%/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: 25%. 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.
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 2026-10-16
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 | $9.93B 100.0% | $9.08B 100.0% | $7.82B 100.0% | $6.70B 100.0% | $6.40B 100.0% | $6.53B 100.0% | $6.95B 100.0% | $12.55B 100.0% | $15.06B 100.0% | $9.20B 100.0% |
| Cost of Revenue | — | $7.36B 81.0% | $6.54B 83.6% | $5.79B 86.5% | — | — | — | — | $2.40B 16.0% | $0 0.0% |
| Cost of Products | — | — | — | — | — | — | — | — | $2.40B 16.0% | $44.3M 0.5% |
| Cost of Services | — | — | — | — | — | — | — | — | $9.98B 66.3% | $7.59B 82.5% |
| Research & Development | $83.1M 0.8% | $73.4M 0.8% | $69.0M 0.9% | $67.0M 1.0% | $78.4M 1.2% | $75.3M 1.2% | $149.5M 2.2% | $189.2M 1.5% | $212.9M 1.4% | $105.4M 1.1% |
| Selling, General & Admin | $705.3M 7.1% | $667.1M 7.3% | $675.9M 8.6% | $616.8M 9.2% | $644.9M 10.1% | $724.1M 11.1% | $795.7M 11.4% | $1.14B 9.1% | $1.06B 7.0% | $572.6M 6.2% |
| Total Operating Expenses | $8.61B 86.7% | $8.13B 89.5% | $7.32B 93.5% | $6.50B 97.1% | $6.37B 99.5% | $10.04B 153.7% | $9.31B 133.9% | $13.47B 107.3% | $14.09B 93.6% | $8.74B 95.0% |
| Operating Income | $1.44B 14.5% | $1.16B 12.7% | $658.2M 8.4% | $375.9M 5.6% | $183.4M 2.9% | -$3.24B -49.7% | -$2.11B -30.3% | -$532.7M -4.2% | $1.35B 9.0% | $766.1M 8.3% |
| Interest Expense | $81.4M 0.8% | $97.4M 1.1% | $122.2M 1.6% | $138.7M 2.1% | $157.3M 2.5% | $134.1M 2.1% | $134.9M 1.9% | $482.3M 3.8% | $456.0M 3.0% | $114.1M 1.2% |
| Interest & Investment Income | $41.9M 0.4% | $33.9M 0.4% | $33.5M 0.4% | $17.8M 0.3% | $14.0M 0.2% | $52.3M 0.8% | $43.6M 0.6% | $121.4M 1.0% | $140.8M 0.9% | $85.3M 0.9% |
| Other Income (Expense), net | -$57.7M -0.6% | -$45.9M -0.5% | -$248.3M -3.2% | $5.4M 0.1% | $46.6M 0.7% | $25.1M 0.4% | -$181.6M -2.6% | -$323.9M -2.6% | -$25.9M -0.2% | $6.5M 0.1% |
| Pretax Income | $1.27B 12.8% | $940.4M 10.4% | $206.6M 2.6% | $68.9M 1.0% | $198.1M 3.1% | -$3.50B -53.6% | -$2.57B -37.0% | -$1.49B -11.9% | $679.7M 4.5% | $551.4M 6.0% |
| Income Tax Expense | $302.9M 3.0% | $85.1M 0.9% | $154.7M 2.0% | $105.4M 1.6% | $111.1M 1.7% | $19.4M 0.3% | $79.0M 1.1% | $422.7M 3.4% | $545.5M 3.6% | $180.3M 2.0% |
| Net Income | $963.9M 9.7% | $842.9M 9.3% | $56.2M 0.7% | -$107.2M -1.6% | $13.3M 0.2% | -$3.29B -50.3% | -$2.42B -34.8% | -$1.92B -15.3% | $113.3M 0.8% | $393.3M 4.3% |
| Per Share | ||||||||||
| EPS (Basic) | $2.34 | $1.96 | $0.13 | -$0.24 | $0.03 | -$7.33 | -$5.39 | -$4.20 | $0.24 | $3.29 |
| EPS (Diluted) | $2.30 | $1.91 | $0.12 | -$0.24 | $0.03 | -$7.33 | -$5.39 | -$4.20 | $0.24 | $3.16 |
| Weighted Avg Shares (Basic) | 412.2M | 429.1M | 438.6M | 449.5M | 450.5M | 448.7M | 448.0M | 458.0M | 466.7M | 119.4M |
| Weighted Avg Shares (Diluted) | 419.7M | 440.5M | 452.3M | 449.5M | 454.6M | 448.7M | 448.0M | 458.0M | 448.0M | 125.1M |
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 2026-10-16
Where each multiple sits in its own 11-yr range · 82th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 11-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 29% against ROIC 25% — 3% 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 29.9% — 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 2.6× 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 | — | — | — | — | 86.5 | 83.6 | 81.0 | — |
| R&D | 1.5 | 2.2 | 1.2 | 1.2 | 1.0 | 0.9 | 0.8 | 0.8 |
| SG&A | 9.1 | 11.4 | 11.1 | 10.1 | 9.2 | 8.6 | 7.3 | 7.1 |
| Operating Income | -4.2 | -30.3 | -49.7 | 2.9 | 5.6 | 8.4 | 12.7 | 14.5 |
| Income Tax | 3.4 | 1.1 | 0.3 | 1.7 | 1.6 | 2.0 | 0.9 | 3.0 |
| Net Income | -15.3 | -34.8 | -50.3 | 0.2 | -1.6 | 0.7 | 9.3 | 9.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FTI: 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 (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $69.67 today, the market must believe free cash flow compounds 11.8%/yr for a decade (off $864.9M on the 3-yr avg basis).
On the basis ($811.2M) the requirement is 12.7%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 11.8% is more conservative than its 9-yr track record.
Default is 9.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.39B shares (market data) · net debt -$601.9M
mean 20.9% · volatility σ 95% · implied rate exceeded in 4/7 yrs
Central path = implied 11.8%/yr growth; shaded band = ±1σ (95%) 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~18.9% on $430.0M of debt.
Cash of $1.03B fully covers short-term debt of $34.3M.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Earns 16.56pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -12.6% | 9.2% (today's — no rate published for this year) | -21.8pts |
| FY2020 | -31.0% | 9.2% (today's — no rate published for this year) | -40.2pts |
| FY2021 | 2.5% | 8.8% | -6.2pts |
| FY2022 | 5.7% | 8.8% | -3.1pts |
| FY2023 | 10.7% | 8.3% | 2.4pts |
| FY2024 | 20.7% | 8.4% | 12.3pts |
| FY2025 | 25.9% | 9.4% | 16.6pts |
| Now | 25.4% | 9.2% | 16.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 99.5% | 8.3% | 4.3% |
| FY2017 | 84.0% | 9.0% | 0.8% |
| FY2018 | not reported | -4.2% | -15.3% |
| FY2019 | not reported | -30.3% | -34.8% |
| FY2020 | not reported | -49.7% | -50.3% |
| FY2021 | not reported | 2.9% | 0.2% |
| FY2022 | 13.5% | 5.6% | -1.6% |
| FY2023 | 16.4% | 8.4% | 0.7% |
| FY2024 | 19.0% | 12.7% | 9.3% |
| FY2025 | not reported | 14.5% | 9.7% |
Leverage and buybacks account for 3 points of the 29% return on equity in FY2025. The business earns 25% 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.
The spread was positive in only 3 of the last 5 years.
Converts 13.74x of reported profit into free cash flow over 4 years, with accruals negative.
Conversion has deteriorated: 3.54x over three years against 13.74x over 4.
Covers interest 12.3x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 17.64x |
| 5% | 16.76x |
| 10% | 15.88x |
| 15% | 15.00x |
| 20% | 14.11x |
| 25% | 13.23x |
| 30% | 12.35x |
| 35% | 11.47x |
| 40% | 10.59x |
| 45% | 9.70x |
| 50% | 8.82x |
| 55% | 7.94x |
| 60% | 7.06x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $912,600,000 of the $1,342,600,000 total — a fixed obligation that does not appear in a headline debt figure.
At $69.67, free cash flow must compound 12.26%/yr for 10 years. It has done 22.15%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −8.0% | 12.3% |
| FY2021 | 47.1% | 12.3% |
| FY2022 | −67.1% | 12.3% |
| FY2023 | 140.9% | 12.3% |
| FY2024 | 45.2% | 12.3% |
| FY2025 | 113.0% | 12.3% |
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $964M | $964M |
| Share-based comp | $62M | $1.03B |
| Other non-cash & working capital | $739M | $1.76B |
| Operating cash flow | $1.76B | $1.76B |
| Capex | −$317M | $1.45B |
| Free cash flow | $1.45B | $1.45B |
| FCF after SBC | $1.39B | $1.39B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -6.0% | not reported | not reported |
| FY2021 | -1.9% | not reported | not reported |
| FY2022 | 4.6% | not reported | not reported |
| FY2023 | 16.8% | not reported | not reported |
| FY2024 | 16.1% | not reported | not reported |
| FY2025 | 9.3% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -13.9 percent |
| FY2020 | -20.0 percent |
| FY2021 | -7.7 percent |
| FY2022 | -4.9 percent |
| FY2023 | -6.6 percent |
| FY2024 | -1.2 percent |
| FY2025 | -7.9 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.
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