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Held by 296 of 6,047 reporting institutions (94th 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 + $0 buybacks = $0 returned.
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.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 4%. 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 $1.05B covers the $52.0M due within a year 20.3× 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).
Coverage is adequate but not comfortable. Effective rate ~4.9% on $5.10B of debt.
Cash of $1.05B fully covers short-term debt of $52.0M.
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.
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 14 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CCZ | $243.0B | 12.2× | 9.0× | 2.0× | -0.0% | — | 16.2% | 20.6% | 10.2% | 2.4× | 1 |
| VZ | $184.5B | 10.9× | 6.8× | 1.3× | 2.5% | — | 12.4% | 16.2% | 7.0% | 2.7× | 3,043 |
| TMUS | $168.4B | 16.2× | 7.8× | 1.9× | 8.5% | — | 12.4% | 18.6% | 7.6% | 2.5× | 1,605 |
| T | $161.0B | 7.7× | 6.4× | 1.3× | 2.7% | — | 17.5% | 17.4% | 8.1% | 2.8× | 2,601 |
| WBD | $77.6B | 106.7× | 16.5× | 2.1× | -5.1% | — | 1.9% | 2.0% | 1.1% | 4.4× | 1,284 |
| ROKU | $23.0B | 262.1× | — | 4.8× | 15.2% | 43.8% | 1.9% | 3.3% | 3.3% | — | 759 |
| FWONA | $20.9B | — | 38.5× | 4.7× | 22.7% | — | 12.4% | 7.2% | 4.3% | 6.2× | 296 |
| CHTR | $12.6B | 3.0× | 5.1× | 0.2× | -0.6% | — | 9.1% | 31.1% | 4.5% | 4.5× | 774 |
| GSAT | $10.7B | — | 115.3× | 39.4× | 9.0% | — | -3.2% | -2.4% | -1.0% | 0.4× | 314 |
| SIRI | $9.2B | 12.2× | 9.9× | 1.1× | -1.6% | 52.4% | 9.4% | 7.0% | 3.8% | 5.1× | 597 |
| VSAT | $8.5B | — | 5.9× | 1.8× | 2.7% | — | -0.7% | -0.7% | -0.7% | -1.5× | 480 |
| NXST | $5.1B | 54.9× | 8.4× | 1.0× | -8.5% | — | 2.2% | 5.3% | 1.3% | 4.6× | 473 |
| LUMN | $5.0B | — | 2.1× | 0.4× | -5.4% | 46.5% | -14.0% | 156% | 156% | -0.5× | 613 |
| IRDM | $4.8B | 42.4× | 14.4× | 5.5× | 4.9% | — | 13.1% | 24.7% | 5.1% | 3.7× | 472 |
| TDS | $3.9B | — | 15.3× | 3.2× | -5.3% | — | -0.5% | -0.1% | -0.1% | -3.7× | 340 |
Peers = companies sharing FWONA's sector (Television Broadcasting Stations) 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.
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 $83.18 today, the market must believe free cash flow compounds -0.3%/yr for a decade (off $2.00B on the 3-yr avg basis).
On the basis ($1.98B) the requirement is -0.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 9.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.25B shares (market data) · net debt $4.04B
mean 7.4% · volatility σ 33% · implied rate exceeded in 4/7 yrs
Central path = implied -0.3%/yr growth; shaded band = ±1σ (33%) 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.
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 | $4.48B 100.0% | $3.65B 100.0% | $3.57B 100.0% | $3.16B 100.0% | $11.40B 100.0% | $9.36B 100.0% | $10.29B 100.0% | $8.04B 100.0% | $7.59B 100.0% | $5.28B 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | — | $1.22B 16.1% | — |
| Selling, General & Admin | $514.0M 11.5% | $421.0M 11.5% | $659.0M 18.4% | $393.0M 12.4% | $1.91B 16.7% | $1.75B 18.7% | $1.80B 17.5% | $1.18B 14.7% | $1.15B 15.1% | $886.0M 16.8% |
| Total Operating Expenses | $3.90B 87.1% | $3.37B 92.1% | $3.31B 92.6% | $3.02B 95.4% | $9.42B 82.7% | $9.19B 98.1% | $8.82B 85.7% | $6.53B 81.2% | $6.20B 81.6% | $3.54B 67.1% |
| Operating Income | $577.0M 12.9% | $287.0M 7.9% | $266.0M 7.4% | $145.0M 4.6% | $1.98B 17.3% | $177.0M 1.9% | $1.47B 14.3% | $1.51B 18.8% | $1.39B 18.4% | $1.73B 32.9% |
| Interest Expense | $249.0M 5.6% | $208.0M 5.7% | $782.0M 21.9% | $689.0M 21.8% | $642.0M 5.6% | $634.0M 6.8% | $657.0M 6.4% | $606.0M 7.5% | $591.0M 7.8% | $362.0M 6.9% |
| Other Income (Expense), net | $156.0M 3.5% | -$287.0M -7.9% | -$169.0M -4.7% | $562.0M 17.8% | -$1.19B -10.4% | -$1.61B -17.2% | -$957.0M -9.3% | -$470.0M -5.8% | -$567.0M -7.5% | -$315.0M -6.0% |
| Pretax Income | $733.0M 16.4% | -$24.0M -0.7% | $97.0M 2.7% | $707.0M 22.4% | $789.0M 6.9% | -$1.44B -15.3% | $513.0M 5.0% | $1.04B 12.9% | $827.0M 10.9% | $1.42B 26.9% |
| Income Tax Expense | $137.0M 3.1% | $44.0M 1.2% | $24.0M 0.7% | -$202.0M -6.4% | $45.0M 0.4% | -$44.0M -0.5% | $166.0M 1.6% | $176.0M 2.2% | -$1.06B -14.0% | $495.0M 9.4% |
| Net Income | $555.0M 12.4% | -$2.06B -56.5% | $761.0M 21.3% | $1.81B 57.4% | $398.0M 3.5% | -$1.42B -15.2% | $106.0M 1.0% | $531.0M 6.6% | $1.35B 17.8% | $680.0M 12.9% |
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.
No trend data available for this metric.
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
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
Where each multiple sits in its own 13-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 13-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 7% against ROIC 4% — 3% 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
High operating leverage: profit moved 4.5× 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 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 14.7 | 17.5 | 18.7 | 16.7 | 12.4 | 18.4 | 11.5 | 11.5 |
| Operating Income | 18.8 | 14.3 | 1.9 | 17.3 | 4.6 | 7.4 | 7.9 | 12.9 |
| Income Tax | 2.2 | 1.6 | -0.5 | 0.4 | -6.4 | 0.7 | 1.2 | 3.1 |
| Net Income | 6.6 | 1.0 | -15.2 | 3.5 | 57.4 | 21.3 | -56.5 | 12.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FWONA: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -4.32pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 4.5% | 9.2% (today's — no rate published for this year) | -4.7pts |
| FY2020 | 0.6% | 9.2% (today's — no rate published for this year) | -8.6pts |
| FY2021 | 6.0% | 7.3% | -1.3pts |
| FY2022 | 0.4% | 9.3% | -8.8pts |
| FY2023 | 1.3% | 10.0% | -8.7pts |
| FY2024 | 3.7% | 9.5% | -5.8pts |
| FY2025 | 4.6% | 7.8% | -3.2pts |
| Now | 4.3% | 9.2% | -4.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 32.9% | 12.9% |
| FY2017 | 83.9% | 18.4% | 17.8% |
| FY2018 | not reported | 18.8% | 6.6% |
| FY2019 | not reported | 14.3% | 1.0% |
| FY2020 | not reported | 1.9% | -15.2% |
| FY2021 | not reported | 17.3% | 3.5% |
| FY2022 | not reported | 4.6% | 57.4% |
| FY2023 | not reported | 7.4% | 21.3% |
| FY2024 | not reported | 7.9% | -56.5% |
| FY2025 | not reported | 12.9% | 12.4% |
Leverage and buybacks account for 3 points of the 7% return on equity in FY2025. The business earns 4% 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.
$6.9B of goodwill — 61% 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 12.53% against 4.87% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 6.47x of reported profit into free cash flow over 4 years, with accruals negative.
Conversion has deteriorated: 2.96x over three years against 6.47x over 4.
Stressed coverage of 1.6x sits between comfortable and thin.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.32x |
| 5% | 2.20x |
| 10% | 2.09x |
| 15% | 1.97x |
| 20% | 1.85x |
| 25% | 1.74x |
| 30% | 1.62x |
| 35% | 1.51x |
| 40% | 1.39x |
| 45% | 1.27x |
| 50% | 1.16x |
| 55% | 1.04x |
| 60% | 0.93x |
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.
Net debt is 6.2x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $83.32, free cash flow must compound -0.3%/yr for 10 years. It has done 2.66%/yr over 4 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −29.1% | −0.3% |
| FY2021 | 56.3% | −0.3% |
| FY2022 | 12.0% | −0.3% |
| FY2023 | −10.5% | −0.3% |
The achieved growth rate spans a reporting-basis change in FY2022, so part of it measures the restatement rather than the business.
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -9.0% | not reported | not reported |
| FY2021 | 21.8% | not reported | not reported |
| FY2022 | -72.3% | not reported | not reported |
| FY2023 | 13.0% | not reported | not reported |
| FY2024 | 2.3% | not reported | not reported |
| FY2025 | 22.7% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -5.0 percent |
| FY2020 | -7.2 percent |
| FY2021 | -4.6 percent |
| FY2022 | -1.7 percent |
| FY2023 | -4.1 percent |
| FY2024 | not reported |
| FY2025 | not reported |
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.