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Held by 567 of 6,047 reporting institutions (97th 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MLM | $33.5B | 25.2× | 18.7× | 5.5× | 8.6% | 30.7% | 18.5% | 11.3% | 7.4% | 2.5× | 1,040 |
| VMC | $31.6B | 30.0× | 15.1× | 4.0× | 7.1% | 27.4% | 13.6% | 12.6% | 8.4% | 1.8× | 1,035 |
| HL | $10.9B | 33.0× | 15.6× | 7.6× | 53.0% | 43.7% | 22.6% | 12.4% | 12.4% | -0.4× | 567 |
| MDU | $3.9B | 20.0× | 13.2× | 2.1× | 6.7% | — | 10.2% | 6.9% | 3.5% | 5.3× | 424 |
| USLM | $3.1B | 22.8× | 14.7× | 8.2× | 17.3% | 48.9% | 36.0% | 21.3% | 21.3% | -2.0× | 228 |
| KNF | $2.8B | 17.7× | 8.1× | 0.9× | 8.5% | 18.4% | 5.0% | 9.6% | 5.6% | 2.3× | 378 |
| LEU | $2.7B | 34.4× | 32.7× | 6.1× | 1.5% | 26.2% | 17.3% | 10.2% | 4.0% | -13.0× | 374 |
| UUUU | $2.5B | — | — | 37.2× | -15.6% | 20.9% | -130% | -12.6% | -6.3% | — | 350 |
| CMP | $975M | — | 13.6× | 0.8× | 11.3% | 15.3% | -6.4% | -34.1% | -7.5% | 6.0× | 230 |
| IPI | $445M | 38.9× | 7.0× | 1.5× | 17.1% | 18.4% | 3.7% | 2.3% | 2.3% | -1.6× | 149 |
| ABAT | $250M | — | — | 11.5× | 407% | -14.2% | -338% | -58.1% | -58.1% | — | 176 |
| SND | $227M | 178.7× | 9.3× | 0.7× | 6.0% | 11.5% | 0.4% | 0.6% | 0.5% | -0.4× | 88 |
Peers = companies sharing HL's sector (Mining & Quarrying of Nonmetallic Minerals (No Fuels)) 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
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $14.90 today, the market must believe free cash flow compounds 25.5%/yr for a decade (off $157.0M on the 3-yr avg basis).
On the basis ($147.2M) the requirement is 26.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 25.5% is more optimistic than its 9-yr track record.
Default is 11.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.67B shares (market data) · net debt -$241.6M
mean 1511.5% · volatility σ 3684% · implied rate exceeded in 1/5 yrs
Central path = implied 25.5%/yr growth; shaded band = ±1σ (3684%) 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 3% of free cash flow, leaving room to grow it and fund buybacks. Last year: $10.4M dividends + $885K buybacks = $11.3M returned on $310.2M 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 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: 12%. 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash of $241.6M 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. Educational — not a recommendation.
No trend data available for this metric.
EOD close · as of 2026-10-14
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 | $1.42B 100.0% | $929.9M 100.0% | $720.2M 100.0% | $718.9M 100.0% | $807.5M 100.0% | $691.9M 100.0% | $673.3M 100.0% | $567.1M 100.0% | $577.8M 100.0% | $646.0M 100.0% |
| Cost of Revenue | $800.8M 56.3% | $731.7M 78.7% | $607.3M 84.3% | $602.7M 83.8% | $589.7M 73.0% | $530.8M 76.7% | $639.4M 95.0% | $484.0M 85.3% | $425.3M 73.6% | $462.0M 71.5% |
| Cost of Products | — | — | — | — | — | — | — | — | $420.8M 72.8% | $454.5M 70.4% |
| Gross Profit | $622.2M 43.7% | $198.2M 21.3% | $112.9M 15.7% | $116.2M 16.2% | $217.8M 27.0% | $161.1M 23.3% | $33.8M 5.0% | $75.0M 13.2% | $152.4M 26.4% | $184.0M 28.5% |
| Research & Development | — | — | — | — | — | $0 0.0% | $535K 0.1% | $5.4M 1.0% | $3.3M 0.6% | $243K 0.0% |
| Selling, General & Admin | $57.6M 4.0% | $45.4M 4.9% | $42.7M 5.9% | $43.4M 6.0% | $34.6M 4.3% | $35.6M 5.1% | $35.8M 5.3% | $36.5M 6.4% | $35.6M 6.2% | $45.0M 7.0% |
| Total Operating Expenses | $107.4M 7.5% | $91.9M 9.9% | $157.6M 21.9% | $128.6M 17.9% | $134.4M 16.6% | $94.1M 13.6% | $80.5M 12.0% | $118.2M 20.8% | $92.3M 16.0% | $74.6M 11.5% |
| Operating Income | $514.8M 36.2% | $106.3M 11.4% | -$44.7M -6.2% | -$12.4M -1.7% | $83.4M 10.3% | $67.0M 9.7% | -$46.7M -6.9% | -$35.1M -6.2% | $60.1M 10.4% | $109.4M 16.9% |
| Interest Expense | -$41.6M -2.9% | -$49.8M -5.4% | -$43.3M -6.0% | -$42.8M -6.0% | $41.9M 5.2% | $49.6M 7.2% | $48.4M 7.2% | $40.9M 7.2% | $38.0M 6.6% | $21.8M 3.4% |
| Other Income (Expense), net | -$35.6M -2.5% | -$40.1M -4.3% | -$38.3M -5.3% | -$32.5M -4.5% | -$77.9M -9.6% | -$68.2M -9.9% | -$66.5M -9.9% | $5.9M 1.0% | -$67.7M -11.7% | -$19.8M -3.1% |
| Pretax Income | $479.2M 33.7% | $66.2M 7.1% | -$83.0M -11.5% | -$44.9M -6.2% | $5.5M 0.7% | -$1.3M -0.2% | -$113.2M -16.8% | -$29.2M -5.1% | -$7.6M -1.3% | $89.7M 13.9% |
| Income Tax Expense | $157.5M 11.1% | $30.4M 3.3% | $1.2M 0.2% | -$7.6M -1.1% | -$29.6M -3.7% | -$8.2M -1.2% | -$18.3M -2.7% | -$2.4M -0.4% | $21.0M 3.6% | $28.1M 4.3% |
| Net Income | $321.7M 22.6% | $35.8M 3.8% | -$84.2M -11.7% | -$37.3M -5.2% | $35.1M 4.3% | -$9.5M -1.4% | -$94.9M -14.1% | -$26.8M -4.7% | -$28.5M -4.9% | $61.6M 9.5% |
| Per Share | ||||||||||
| EPS (Basic) | $0.49 | $0.06 | -$0.14 | -$0.07 | $0.06 | -$0.02 | -$0.19 | -$0.06 | -$0.07 | $0.16 |
| EPS (Diluted) | $0.49 | $0.06 | -$0.14 | -$0.07 | $0.06 | -$0.02 | -$0.19 | -$0.06 | -$0.07 | $0.16 |
| Weighted Avg Shares (Basic) | 652.0M | 620.8M | 605.7M | 557.3M | 536K | 527.3M | 490.4M | 433.4M | 397.4M | 386.4M |
| Weighted Avg Shares (Diluted) | 655.8M | 622.5M | 605.7M | 557.3M | 542K | 527.3M | 490.4M | 433.4M | 397.4M | 389.3M |
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 2026-10-14
Where each multiple sits in its own 14-yr range · 57th 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 12% against ROIC 12% — 0% 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 13.9% — 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 7.2× 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 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 85.3 | 95.0 | 76.7 | 73.0 | 83.8 | 84.3 | 78.7 | 56.3 |
| Gross Profit | 13.2 | 5.0 | 23.3 | 27.0 | 16.2 | 15.7 | 21.3 | 43.7 |
| R&D | 1.0 | 0.1 | 0.0 | — | — | — | — | — |
| SG&A | 6.4 | 5.3 | 5.1 | 4.3 | 6.0 | 5.9 | 4.9 | 4.0 |
| Operating Income | -6.2 | -6.9 | 9.7 | 10.3 | -1.7 | -6.2 | 11.4 | 36.2 |
| Income Tax | -0.4 | -2.7 | -1.2 | -3.7 | -1.1 | 0.2 | 3.3 | 11.1 |
| Net Income | -4.7 | -14.1 | -1.4 | 4.3 | -5.2 | -11.7 | 3.8 | 22.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on HL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 12.54pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -2.1% | 11.0% (today's — no rate published for this year) | -13.1pts |
| FY2020 | 4.1% | 11.0% (today's — no rate published for this year) | -6.9pts |
| FY2021 | 5.2% | 8.2% | -2.9pts |
| FY2022 | -0.7% | 8.1% | -8.7pts |
| FY2023 | -2.3% | 8.8% | -11.1pts |
| FY2024 | 5.1% | 11.9% | -6.8pts |
| FY2025 | 21.4% | 10.0% | 11.4pts |
| Now | 12.4% | 11.0% | 1.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 28.5% | 16.9% | 9.5% |
| FY2017 | 26.4% | 10.4% | -4.9% |
| FY2018 | 13.2% | -6.2% | -4.7% |
| FY2019 | 5.0% | -6.9% | -14.1% |
| FY2020 | 23.3% | 9.7% | -1.4% |
| FY2021 | 27.0% | 10.3% | 4.3% |
| FY2022 | 16.2% | -1.7% | -5.2% |
| FY2023 | 15.7% | -6.2% | -11.7% |
| FY2024 | 21.3% | 11.4% | 3.9% |
| FY2025 | 43.7% | 36.2% | 22.6% |
Return on equity (12%) and return on invested capital (12%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
The spread was positive in only 1 of the last 5 years.
Cash conversion is 1.41x, but receivables have outgrown revenue 2 years running.
Receivables have outgrown revenue for 2 years running — sales are being booked faster than the money arrives, which reaches the cash flow statement a year or more after it shows up here.
Stressed coverage falls to -8.7x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | -12.38x |
| 5% | -11.76x |
| 10% | -11.14x |
| 15% | -10.52x |
| 20% | -9.90x |
| 25% | -9.29x |
| 30% | -8.67x |
| 35% | -8.05x |
| 40% | -7.43x |
| 45% | -6.81x |
| 50% | -6.19x |
| 55% | -5.57x |
| 60% | -4.95x |
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 $23,200,000 of the $23,200,000 total — a fixed obligation that does not appear in a headline debt figure.
At $16.18, free cash flow must compound 26.75%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 24.0% | 26.7% |
| FY2022 | −153.5% | 26.7% |
| FY2025 | 8096.8% | 26.7% |
The implied rate has been matched or beaten in 1 of the last 3 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $322M | $322M |
| Share-based comp | $11M | $333M |
| Other non-cash & working capital | $230M | $563M |
| Operating cash flow | $563M | $563M |
| Capex | −$252M | $310M |
| Free cash flow | $310M | $310M |
| FCF after SBC | $299M | $299M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 2.8% | 133.1% | 130.4 points |
| FY2021 | 16.7% | 30.8% | 14.1 points |
| FY2022 | -11.0% | 23.8% | 34.8 points |
| FY2023 | 0.2% | -57.0% | -57.2 points |
| FY2024 | 29.1% | 62.5% | 33.3 points |
| FY2025 | 53.0% | 440.2% | 387.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 6.5 days | 17.2 days | 32.9 days | -9.3 days |
| FY2020 | 14.7 days | 39.6 days | 47.1 days | 7.2 days |
| FY2021 | 16.5 days | not reported | 42.2 days | -25.7 days |
| FY2022 | 22.9 days | 22.6 days | 51.3 days | -5.8 days |
| FY2023 | 9.8 days | 17.3 days | 49 days | -21.9 days |
| FY2024 | 12.4 days | 17.4 days | 44.4 days | -14.6 days |
| FY2025 | 43.7 days | 12.1 days | 35.4 days | 20.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -8.1 percent |
| FY2020 | -7.0 percent |
| FY2021 | -6.8 percent |
| FY2022 | -4.3 percent |
| FY2023 | -5.3 percent |
| FY2024 | -6.1 percent |
| FY2025 | -6.8 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.