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Held by 5,578 of 6,047 reporting institutions (100th 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.
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 $326.56 today, the market must believe free cash flow compounds 27.2%/yr for a decade (off $48.44B on the SBC-adjusted basis).
On the basis ($71.84B) the requirement is 21.7%/yr. The difference is what charging stock compensation costs.
The market's 27.2% is more optimistic than its 9-yr track record.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 12.23B shares (market data) · net debt $17.84B
mean 15.1% · volatility σ 34% · implied rate exceeded in 3/9 yrs
Central path = implied 27.2%/yr growth; shaded band = ±1σ (34%) 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.
The dividend is comfortably covered — only 14% of free cash flow, leaving room to grow it and fund buybacks. Last year: $10.05B dividends + $45.71B buybacks = $55.76B returned on $73.27B FCF.
2 consecutive years of dividend increases · 38%/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 balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 28%. 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 $30.71B covers the $2.00B due within a year 15.4× 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 ~1.5% on $48.54B of debt.
Cash of $30.71B fully covers short-term debt of $2.00B.
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 2026-07-27 · 80d old
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 | $402.84B 100.0% | $350.02B 100.0% | $307.39B 100.0% | $282.84B 100.0% | $257.64B 100.0% | $182.53B 100.0% | $161.86B 100.0% | $136.82B 100.0% | $110.86B 100.0% | $90.27B 100.0% |
| Cost of Revenue | $162.53B 40.3% | $146.31B 41.8% | $133.33B 43.4% | $126.20B 44.6% | $110.94B 43.1% | $84.73B 46.4% | $71.90B 44.4% | $59.55B 43.5% | $45.58B 41.1% | $35.14B 38.9% |
| Research & Development | $61.09B 15.2% | $49.33B 14.1% | $45.43B 14.8% | $39.50B 14.0% | $31.56B 12.3% | $27.57B 15.1% | $26.02B 16.1% | $21.42B 15.7% | $16.63B 15.0% | $13.95B 15.5% |
| Selling, General & Admin | $21.48B 5.3% | $14.19B 4.1% | $16.43B 5.3% | $15.72B 5.6% | $13.51B 5.2% | $11.05B 6.1% | $9.55B 5.9% | $6.92B 5.1% | $6.84B 6.2% | $6.99B 7.7% |
| Total Operating Expenses | $273.80B 68.0% | $237.63B 67.9% | $223.10B 72.6% | $207.99B 73.5% | $178.92B 69.4% | $141.30B 77.4% | $127.63B 78.9% | $109.30B 79.9% | $84.68B 76.4% | $66.56B 73.7% |
| Operating Income | $129.04B 32.0% | $112.39B 32.1% | $84.29B 27.4% | $74.84B 26.5% | $78.71B 30.6% | $41.22B 22.6% | $34.23B 21.1% | $27.52B 20.1% | $26.18B 23.6% | $23.72B 26.3% |
| Interest Expense | $736.0M 0.2% | $268.0M 0.1% | $308.0M 0.1% | $357.0M 0.1% | $346.0M 0.1% | $135.0M 0.1% | $100.0M 0.1% | $114.0M 0.1% | $109.0M 0.1% | $124.0M 0.1% |
| Interest & Investment Income | $4.34B 1.1% | $4.48B 1.3% | $3.87B 1.3% | $2.17B 0.8% | $1.50B 0.6% | $1.86B 1.0% | $2.43B 1.5% | $1.88B 1.4% | $1.31B 1.2% | $1.22B 1.4% |
| Other Income (Expense), net | $29.79B 7.4% | $7.42B 2.1% | $1.42B 0.5% | -$3.51B -1.2% | $12.02B 4.7% | $6.86B 3.8% | $5.39B 3.3% | $7.39B 5.4% | $1.01B 0.9% | $434.0M 0.5% |
| Pretax Income | $158.83B 39.4% | $119.81B 34.2% | $85.72B 27.9% | $71.33B 25.2% | $90.73B 35.2% | $48.08B 26.3% | $39.63B 24.5% | $34.91B 25.5% | $27.19B 24.5% | $24.15B 26.8% |
| Income Tax Expense | $26.66B 6.6% | $19.70B 5.6% | $11.92B 3.9% | $11.36B 4.0% | $14.70B 5.7% | $7.81B 4.3% | $5.28B 3.3% | $4.18B 3.1% | $14.53B 13.1% | $4.67B 5.2% |
| Net Income | $132.17B 32.8% | $100.12B 28.6% | $73.80B 24.0% | $59.97B 21.2% | $76.03B 29.5% | $40.27B 22.1% | $34.34B 21.2% | $30.74B 22.5% | $12.66B 11.4% | $19.48B 21.6% |
| Per Share | ||||||||||
| EPS (Basic) | $10.91 | $8.13 | $5.84 | $4.59 | $5.69 | $2.96 | $49.59 | $44.22 | $18.27 | $28.32 |
| EPS (Diluted) | $10.81 | $8.04 | $5.80 | $4.56 | $5.61 | $2.93 | $49.16 | $43.70 | $18.00 | $27.85 |
| Weighted Avg Shares (Basic) | 12.12B | 12.32B | 12.63B | 13.06B | — | — | — | — | — | — |
| Weighted Avg Shares (Diluted) | 12.23B | 12.45B | 12.72B | 13.16B | — | — | — | — | — | — |
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 2026-07-27
Where each multiple sits in its own 13-yr range · 100th pct blended
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 32% against ROIC 28% — 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 35.7% — 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 | 43.5 | 44.4 | 46.4 | 43.1 | 44.6 | 43.4 | 41.8 | 40.3 |
| R&D | 15.7 | 16.1 | 15.1 | 12.3 | 14.0 | 14.8 | 14.1 | 15.2 |
| SG&A | 5.1 | 5.9 | 6.1 | 5.2 | 5.6 | 5.3 | 4.1 | 5.3 |
| Operating Income | 20.1 | 21.1 | 22.6 | 30.6 | 26.5 | 27.4 | 32.1 | 32.0 |
| Income Tax | 3.1 | 3.3 | 4.3 | 5.7 | 4.0 | 3.9 | 5.6 | 6.6 |
| Net Income | 22.5 | 21.2 | 22.1 | 29.5 | 21.2 | 24.0 | 28.6 | 32.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on GOOGL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 61.1% | 26.3% | 21.6% |
| FY2017 | 58.9% | 23.6% | 11.4% |
| FY2018 | 56.5% | 20.1% | 22.5% |
| FY2019 | 55.6% | 21.1% | 21.2% |
| FY2020 | 53.6% | 22.6% | 22.1% |
| FY2021 | 56.9% | 30.6% | 29.5% |
| FY2022 | 55.4% | 26.5% | 21.2% |
| FY2023 | 56.6% | 27.4% | 24.0% |
| FY2024 | 58.2% | 32.1% | 28.6% |
| FY2025 | 59.7% | 32.0% | 32.8% |
Leverage and buybacks account for 3 points of the 32% return on equity in FY2025. The business earns 28% 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.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: beta.
Converts 0.82x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $73.27B; after share-based compensation it is $48.31B. The difference is a real cost that the cash flow statement adds back.
Covers interest 122.7x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 175.32x |
| 5% | 166.56x |
| 10% | 157.79x |
| 15% | 149.03x |
| 20% | 140.26x |
| 25% | 131.49x |
| 30% | 122.73x |
| 35% | 113.96x |
| 40% | 105.19x |
| 45% | 96.43x |
| 50% | 87.66x |
| 55% | 78.90x |
| 60% | 70.13x |
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 $326.56, free cash flow must compound 27.29%/yr for 10 years. It has done 15.66%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 47.9% | 27.3% |
| FY2021 | 73.0% | 27.3% |
| FY2022 | −21.3% | 27.3% |
| FY2023 | 15.7% | 27.3% |
| FY2024 | 6.3% | 27.3% |
| FY2025 | −3.3% | 27.3% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $132.17B | $132.17B |
| Share-based comp | $24.95B | $157.12B |
| Other non-cash & working capital | $7.59B | $164.71B |
| Operating cash flow | $164.71B | $164.71B |
| Capex | −$91.45B | $73.27B |
| Free cash flow | $73.27B | $73.27B |
| FCF after SBC | $48.31B | $48.31B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 12.8% | 22.1% | 9.4 points |
| FY2021 | 41.1% | 27.1% | -14.1 points |
| FY2022 | 9.8% | 2.4% | -7.3 points |
| FY2023 | 8.7% | 19.1% | 10.5 points |
| FY2024 | 13.9% | 9.1% | -4.8 points |
| FY2025 | 15.1% | 20.1% | 5.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 57.1 days | 5.1 days | 28.2 days | 34 days |
| FY2020 | 61.9 days | 3.1 days | 24.1 days | 40.9 days |
| FY2021 | 55.7 days | 3.8 days | 19.9 days | 39.7 days |
| FY2022 | 52 days | 7.7 days | 14.8 days | 44.8 days |
| FY2023 | 57 days | not reported | 20.5 days | 36.4 days |
| FY2024 | 54.6 days | not reported | 19.9 days | 34.7 days |
| FY2025 | 57 days | 5.5 days | 27.4 days | 35.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -7.3 percent |
| FY2020 | -7.8 percent |
| FY2021 | -4.3 percent |
| FY2022 | -8.6 percent |
| FY2023 | -7.0 percent |
| FY2024 | -5.6 percent |
| FY2025 | -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 (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.
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.