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Held by 164 of 2,417 reporting institutions (94th 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 19 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IOT | $24.4B | — | — | 15.1× | 29.6% | 76.7% | -0.6% | -0.6% | -0.6% | — | 146 |
| LDOS | $17.7B | 12.7× | 6.9× | 1.0× | 3.1% | 18.0% | 8.4% | 29.5% | 29.3% | -0.5× | 206 |
| CACI | $14.9B | 27.9× | 19.7× | 1.6× | 10.9% | — | 5.6% | 12.0% | 5.7% | 4.7× | 161 |
| GDDY | $13.4B | 17.0× | 13.8× | 2.7× | 8.3% | — | 17.7% | 407% | 21.9% | 3.0× | 164 |
| JKHY | $11.2B | 22.9× | 16.6× | 4.4× | 7.1% | 43.7% | 19.8% | 24.5% | 24.0% | 0.1× | 195 |
| LNWO | $6.7B | 26.8× | 10.7× | 2.0× | 4.0% | 73.3% | 8.3% | 113% | 5.1% | 4.6× | 2 |
| OTEX | $6.6B | 10.5× | — | 1.3× | 1.5% | 73.7% | 12.3% | 16.0% | 6.6% | — | 42 |
| SAIC | $6.3B | 19.6× | 15.7× | 0.9× | -2.9% | 12.0% | 4.9% | 23.9% | 9.0% | 4.2× | 109 |
| WAY | $5.4B | 46.3× | 17.5× | 4.9× | 16.5% | — | 10.2% | 2.9% | 2.1% | 3.6× | 69 |
| PSN | $5.2B | 22.4× | 13.0× | 0.8× | -5.7% | 22.5% | 3.8% | 9.1% | 6.2% | 1.7× | 57 |
| AGYS | $3.3B | 84.6× | 67.3× | 10.2× | 15.9% | 62.6% | 12.1% | 11.9% | 11.9% | -2.5× | 51 |
| KD | $3.0B | 16.4× | — | 0.2× | 0.2% | 21.8% | 1.3% | 16.9% | 2.9% | — | 179 |
| NTCT | $2.9B | 30.3× | 13.7× | 3.3× | 4.5% | 79.4% | 11.1% | 5.8% | 5.8% | -3.5× | 61 |
| PONY | $2.1B | — | — | 23.8× | 20.0% | 15.7% | -149% | -8.1% | -8.1% | — | 18 |
| OSPN | $743M | 10.7× | 11.5× | 3.0× | 0.0% | 73.8% | 30.0% | 26.8% | 26.8% | -1.2× | 31 |
| TLS | $432M | — | — | 2.6× | 52.2% | 37.0% | -22.2% | -38.1% | -38.1% | — | 24 |
| SLP | $374M | — | — | 4.7× | 13.1% | 58.4% | -81.7% | -51.9% | -51.9% | — | 25 |
| SMRT | $264M | — | — | 1.7× | -12.9% | 32.7% | -39.8% | -26.1% | -26.1% | — | 11 |
| DMRC | $198M | — | — | 5.8× | -11.7% | 61.6% | -95.3% | -80.3% | -80.3% | — | — |
| UIS | $194M | — | 4.8× | 0.1× | -2.9% | 28.2% | -17.4% | 120% | -78.9% | 2.9× | 23 |
Peers = companies sharing GDDY's sector (Services-Computer Integrated Systems Design) 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.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $105.89 today, the market must believe free cash flow compounds 2.9%/yr for a decade (off $976.1M on the SBC-adjusted basis).
On the basis ($1.28B) the requirement is -0.6%/yr. The difference is what charging stock compensation costs.
The market's 2.9% is more conservative than its 9-yr track record.
Default is 8.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.13B shares (market data) · net debt $3.78B
mean 19.4% · volatility σ 13% · implied rate exceeded in 9/9 yrs
Central path = implied 2.9%/yr growth; shaded band = ±1σ (13%) 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
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $1.60B buybacks = $1.60B returned on $1.58B 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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 22%. 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.
$636.9M of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (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).
Interest is easily covered by operating profit. Effective rate ~4.0% on $3.78B of debt.
Cash vs short-term debt unavailable.
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 2026-10-29
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 | $4.95B 100.0% | $4.57B 100.0% | $4.25B 100.0% | $4.09B 100.0% | $3.82B 100.0% | $3.32B 100.0% | $2.99B 100.0% | $2.66B 100.0% | $2.23B 100.0% | $1.85B 100.0% |
| Cost of Services | — | — | — | — | — | — | — | $893.9M 33.6% | $775.5M 34.7% | $657.8M 35.6% |
| Selling, General & Admin | $388.9M 7.9% | $394.2M 8.6% | $374.0M 8.8% | $385.5M 9.4% | $345.8M 9.1% | $323.8M 9.8% | $362.1M 12.1% | $334.0M 12.6% | $282.4M 12.7% | $221.2M 12.0% |
| Total Operating Expenses | $3.82B 77.2% | $3.68B 80.5% | $3.71B 87.1% | $3.59B 87.8% | $3.43B 90.0% | $3.04B 91.8% | $2.79B 93.2% | $2.51B 94.4% | $2.17B 97.0% | $1.80B 97.3% |
| Operating Income | $1.13B 22.8% | $893.5M 19.5% | $547.4M 12.9% | $498.8M 12.2% | $382.1M 10.0% | $272.2M 8.2% | $202.6M 6.8% | $149.6M 5.6% | $66.9M 3.0% | $50.1M 2.7% |
| Interest Expense | $151.0M 3.0% | $158.3M 3.5% | $179.0M 4.2% | $146.3M 3.6% | $126.0M 3.3% | $91.3M 2.8% | $92.1M 3.1% | $98.4M 3.7% | $83.0M 3.7% | $57.2M 3.1% |
| Other Income (Expense), net | $42.3M 0.9% | $34.8M 0.8% | $36.9M 0.9% | $7.6M 0.2% | -$2.5M -0.1% | -$1.6M -0.0% | $22.0M 0.7% | $6.9M 0.3% | $7.0M 0.3% | -$1.9M -0.1% |
| Pretax Income | $1.02B 20.6% | $765.4M 16.7% | $403.8M 9.5% | $356.5M 8.7% | $253.6M 6.6% | -$495.4M -14.9% | $126.4M 4.2% | $73.0M 2.7% | $106.8M 4.8% | -$21.5M -1.2% |
| Income Tax Expense | $145.0M 2.9% | -$171.5M -3.8% | -$971.8M -22.8% | $3.6M 0.1% | $10.8M 0.3% | -$1.3M -0.0% | -$12.0M -0.4% | -$9.0M -0.3% | -$18.9M -0.8% | $400K 0.0% |
| Net Income | $875.0M 17.7% | $936.9M 20.5% | $1.37B 32.3% | $352.2M 8.6% | $242.3M 6.4% | -$495.1M -14.9% | $137.0M 4.6% | $77.1M 2.9% | $136.4M 6.1% | -$16.5M -0.9% |
| Per Share | ||||||||||
| EPS (Basic) | $6.34 | $6.63 | $9.27 | — | — | — | — | — | — | — |
| EPS (Diluted) | $6.22 | $6.45 | $9.08 | — | — | — | — | — | — | — |
| Weighted Avg Shares (Basic) | 138.1M | 141.3M | 148.3M | — | — | — | — | — | — | 79.8M |
| Weighted Avg Shares (Diluted) | 140.6M | 145.3M | 151.5M | — | — | — | — | — | — | 79.8M |
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 2026-10-29
Where each multiple sits in its own 11-yr range · 23th 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 407% against ROIC 22% — 385% 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 192.9% — 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 3.2× 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 | 12.6 | 12.1 | 9.8 | 9.1 | 9.4 | 8.8 | 8.6 | 7.9 |
| Operating Income | 5.6 | 6.8 | 8.2 | 10.0 | 12.2 | 12.9 | 19.5 | 22.8 |
| Income Tax | -0.3 | -0.4 | -0.0 | 0.3 | 0.1 | -22.8 | -3.8 | 2.9 |
| Net Income | 2.9 | 4.6 | -14.9 | 6.4 | 8.6 | 32.3 | 20.5 | 17.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on GDDY: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 19.3pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 6.0% | 8.5% (today's — no rate published for this year) | -2.6pts |
| FY2020 | 8.2% | 8.5% (today's — no rate published for this year) | -0.3pts |
| FY2021 | 9.2% | 6.6% | 2.7pts |
| FY2022 | 13.7% | 8.8% | 4.9pts |
| FY2023 | 13.7% | 9.1% | 4.6pts |
| FY2024 | 19.5% | 9.8% | 9.7pts |
| FY2025 | 27.6% | 8.0% | 19.7pts |
| Now | 21.9% | 8.5% | 13.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 2.7% | -0.9% |
| FY2017 | not reported | 3.0% | 6.1% |
| FY2018 | not reported | 5.6% | 2.9% |
| FY2019 | not reported | 6.8% | 4.6% |
| FY2020 | not reported | 8.2% | -14.9% |
| FY2021 | not reported | 10.0% | 6.4% |
| FY2022 | not reported | 12.2% | 8.6% |
| FY2023 | not reported | 12.9% | 32.3% |
| FY2024 | not reported | 19.5% | 20.5% |
| FY2025 | not reported | 22.8% | 17.7% |
Leverage and buybacks account for 385 points of the 407% return on equity in FY2025. The business earns 22% 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.
$3.6B of goodwill — 89% 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 253.67% against 27.82% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.94x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $1.58B; after share-based compensation it is $1.26B. The difference is a real cost that the cash flow statement adds back.
Covers interest 5.2x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 7.47x |
| 5% | 7.09x |
| 10% | 6.72x |
| 15% | 6.35x |
| 20% | 5.97x |
| 25% | 5.60x |
| 30% | 5.23x |
| 35% | 4.85x |
| 40% | 4.48x |
| 45% | 4.11x |
| 50% | 3.73x |
| 55% | 3.36x |
| 60% | 2.99x |
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025. No cash figure on the matching balance sheet, so no coverage line is drawn.
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 3.1x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $105.89, free cash flow must compound 3.0%/yr for 10 years. It has done 17.06%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 3.6% | 3.0% |
| FY2021 | 12.6% | 3.0% |
| FY2022 | 15.0% | 3.0% |
| FY2023 | 8.2% | 3.0% |
| FY2024 | 35.5% | 3.0% |
| FY2025 | 30.8% | 3.0% |
This is solved on free cash flow AFTER stock compensation ($976M against $1.28B before it). On the unadjusted figure the requirement would be -0.56%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
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 |
|---|---|---|---|---|---|
| 2026-10-02 | 2 co-filers Chief Strategy & Legal Officer | 10b5-1 plan sale | 644 | $96.88 | $62k |
| 2026-10-01 | 2 co-filers Chief Strategy & Legal Officer | 10b5-1 plan sale | 1,000 | $97.50 | $98k |
| 2026-10-01 | Bhutani Amanpal Singh Chief Executive Officer | 10b5-1 plan sale | 4,500 | $97.50 | $439k |
| 2026-09-02 | 2 co-filers Chief Financial Officer | 10b5-1 plan sale | 2,000 | $100.37 | $201k |
| 2026-09-02 | Palitwanon Phontip Chief Accounting Officer | Open-market sale | 530 | $101.19 | $54k |
| 2026-09-02 | 2 co-filers Chief Executive Officer | 10b5-1 plan sale | 8,194 | $101.19 | $829k |
| 2026-09-02 | 2 co-filers Chief Strategy & Legal Officer | Open-market sale | 1,163 | $101.19 | $118k |
| 2026-09-02 | 2 co-filers Chief Financial Officer | 10b5-1 plan sale | 3,873 | $101.19 | $392k |
| 2026-09-01 | Zarmi Sigal Director | 10b5-1 plan sale | 350 | $97.44 | $34k |
| 2026-09-01 | 2 co-filers Chief Strategy & Legal Officer | Open-market sale | 3,000 | $101.92 | $306k |
| 2026-09-01 | 2 co-filers Chief Executive Officer | 10b5-1 plan sale | 4,500 | $97.44 | $438k |
| 2026-09-01 | 2 co-filers Group filing | 10b5-1 plan sale | 325 | $97.44 | $32k |
| 2026-08-28 | 2 co-filers Group filing | 10b5-1 plan sale | 325 | $97.37 | $32k |
| 2026-08-11 | 2 co-filers Chief Accounting Officer | Open-market sale | 2,073 | $91.82 | $190k |
| 2026-08-11 | 2 co-filers Chief Accounting Officer | Open-market sale | 188 | $91.70 | $17k |
| 2026-08-03 | Bhutani Amanpal Singh Chief Executive Officer | 10b5-1 plan sale | 4,500 | $83.15 | $374k |
| 2026-07-02 | Sine Jared F. Chief Strategy & Legal Officer | Open-market sale | 644 | $87.53 | $56k |
| 2026-06-08 | Mccaffrey Mark Chief Financial Officer | Open-market sale | 3,500 | $82.92 | $290k |
| 2026-06-03 | Smith Graham Director | Grant | 2,925 | $0.00 | $0 |
| 2026-06-03 | Zarmi Sigal Director | Grant | 2,925 | $0.00 | $0 |
| 2026-06-03 | Tallapragada Srinivas Director | Grant | 2,925 | $0.00 | $0 |
| 2026-06-03 | Sweet Leah Director | Grant | 2,925 | $0.00 | $0 |
| 2026-06-03 | Chen Herald Y Director | Grant | 2,925 | $0.00 | $0 |
| 2026-06-03 | Donahue Caroline F Director | Grant | 2,925 | $0.00 | $0 |
| 2026-06-03 | Garrett Mark Director | Grant | 2,925 | $0.00 | $0 |
| 2026-06-03 | Sharples Brian Director | Grant | 3,843 | $0.00 | $0 |
| 2026-06-02 | Sine Jared F. Chief Strategy & Legal Officer | Open-market sale | 1,188 | $89.86 | $107k |
| 2026-06-02 | Palitwanon Phontip Chief Accounting Officer | Open-market sale | 542 | $89.86 | $49k |
| 2026-06-02 | Mccaffrey Mark Chief Financial Officer | Open-market sale | 3,958 | $89.86 | $356k |
| 2026-06-02 | Bhutani Amanpal Singh Chief Executive Officer | Open-market sale | 8,373 | $89.86 | $752k |
| 2026-06-01 | Zarmi Sigal Director | 10b5-1 plan sale | 350 | $87.84 | $31k |
| 2026-05-18 | Sine Jared F. Chief Strategy & Legal Officer | Open-market sale | 13 | $89.15 | $1k |
| 2026-05-18 | Palitwanon Phontip Chief Accounting Officer | Open-market sale | 12 | $89.15 | $1k |
| 2026-05-18 | Mccaffrey Mark Chief Financial Officer | Open-market sale | 16 | $89.15 | $1k |
| 2026-04-02 | Sine Jared F. Chief Strategy & Legal Officer | Open-market sale | 7,793 | $80.71 | $629k |
| 2026-03-10 | Palitwanon Phontip Chief Accounting Officer | Open-market sale | 1,310 | $90.15 | $118k |
| 2026-03-04 | 4 co-filers Chief Executive Officer | Open-market sale | 34,148 | $88.99 | $3.0m |
| 2026-03-04 | 4 co-filers Chief Financial Officer | Open-market sale | 17,406 | $88.99 | $1.5m |
| 2026-03-03 | 2 co-filers Chief Accounting Officer | Grant | 5,370 | $0.00 | $0 |
| 2026-03-03 | 4 co-filers Chief Executive Officer | Grant | 85,916 | $0.00 | $0 |
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.
| Step | Amount | Running total |
|---|---|---|
| Net income | $875M | $875M |
| Share-based comp | $318M | $1.19B |
| Other non-cash & working capital | $407M | $1.60B |
| Operating cash flow | $1.60B | $1.60B |
| Capex | −$24M | $1.58B |
| Free cash flow | $1.58B | $1.58B |
| FCF after SBC | $1.26B | $1.26B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 11.0% | 38.4% | 27.4 points |
| FY2021 | 15.1% | 52.1% | 37.1 points |
| FY2022 | 7.2% | -5.5% | -12.7 points |
| FY2023 | 4.0% | 27.4% | 23.5 points |
| FY2024 | 7.5% | 18.9% | 11.4 points |
| FY2025 | 8.3% | -8.8% | -17.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 3.7 days | not reported | not reported | not reported |
| FY2020 | 4.6 days | not reported | not reported | not reported |
| FY2021 | 6.1 days | not reported | not reported | not reported |
| FY2022 | 5.4 days | not reported | not reported | not reported |
| FY2023 | 6.6 days | not reported | not reported | not reported |
| FY2024 | 7.3 days | not reported | not reported | not reported |
| FY2025 | 6.1 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -9.3 percent |
| FY2020 | -19.6 percent |
| FY2021 | -7.9 percent |
| FY2022 | -9.0 percent |
| FY2023 | 4.3 percent |
| FY2024 | -4.3 percent |
| FY2025 | -9.0 percent |
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.