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Held by 1,285 of 2,417 reporting institutions (100th 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 35 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AAPL | $5.03T | 46.2× | 35.1× | 12.1× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.4× | 2,417 |
| CSCO | $412.0B | 31.4× | 27.0× | 6.5× | 11.8% | 64.5% | 21.0% | 26.4% | 16.6% | 1.4× | 1,514 |
| PANW | $299.4B | — | 191.6× | 26.1× | 24.5% | 70.4% | 2.7% | 1.1% | 1.1% | -1.6× | 1,108 |
| DELL | $269.8B | 48.9× | 25.9× | 2.4× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 1.8× | 778 |
| IBM | $243.7B | 23.1× | 23.5× | 3.6× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | 3.9× | 1,285 |
| ANET | $213.0B | 61.4× | 53.7× | 23.6× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | -0.5× | 782 |
| SNDK | $166.3B | 15.6× | 12.9× | 8.2× | 175% | 71.5% | 56.5% | 72.7% | 72.7% | -0.4× | 551 |
| STX | $148.3B | 46.4× | 34.4× | 12.2× | 34.1% | 45.6% | 26.1% | 147% | 55.5% | 0.4× | 623 |
| WDC | $137.0B | 15.1× | 28.5× | 10.6× | 35.7% | 48.9% | 72.9% | 106% | 85.9% | 0.1× | 513 |
| FTNT | $99.8B | 56.2× | 44.0× | 14.7× | 14.2% | 80.5% | 27.3% | 150% | 83.0% | -0.7× | 536 |
| HPE | $73.1B | — | 39.0× | 2.1× | 13.8% | — | 0.2% | 0.2% | 0.1% | 7.2× | 498 |
| P | $42.3B | 230.9× | 164.8× | 11.6× | 15.6% | 70.4% | 5.1% | 13.0% | 13.0% | -3.4× | — |
| NTAP | $39.1B | 31.4× | 21.3× | 6.3× | 5.6% | 78.5% | 20.5% | 94.4% | 33.2% | 0.2× | 305 |
| HPQ | $26.0B | 10.9× | 7.8× | 0.5× | 3.2% | 20.6% | 4.6% | -731% | 27.1% | 1.5× | 362 |
| SMCI | $21.6B | 10.1× | 6.4× | 0.6× | 77.8% | 10.8% | 5.7% | 15.4% | 12.0% | -1.2× | 212 |
| FFIV | $19.2B | 28.7× | 20.8× | 6.2× | 9.7% | 81.4% | 22.4% | 19.3% | 19.3% | -1.6× | 222 |
| LOGI | $13.5B | 19.9× | 14.1× | 2.8× | 6.3% | 43.2% | 14.7% | 32.2% | 32.2% | -2.1× | 80 |
| NATL | $3.4B | 21.4× | 7.5× | 0.8× | 1.1% | — | 3.7% | 40.2% | 5.1% | 3.0× | 73 |
| EXTR | $3.0B | 72.9× | 37.5× | 2.3× | 12.6% | 61.5% | 3.3% | 47.5% | 16.7% | -0.6× | 58 |
| DGII | $2.8B | 67.3× | 32.1× | 6.4× | 1.5% | 62.9% | 9.5% | 6.4% | 5.1% | 1.5× | 63 |
| DBD | $1.8B | 21.7× | 6.5× | 0.5× | 1.5% | 25.3% | 2.5% | 8.6% | 4.6% | 1.5× | 33 |
| ATEN | $1.8B | 43.0× | 31.1× | 6.1× | 11.0% | 79.3% | 14.5% | 19.9% | 9.8% | 2.4× | 51 |
| OMCL | $1.7B | — | 17.5× | 1.4× | 6.5% | 42.5% | 0.2% | 0.2% | 0.2% | -2.3× | 47 |
| CRSR | $1.4B | — | 86.5× | 0.9× | 11.9% | 28.9% | -1.1% | -2.6% | -2.1% | 1.5× | 38 |
| VYX | $1.2B | 28.3× | 7.9× | 0.4× | -4.6% | — | 2.3% | 6.5% | 3.0% | 3.4× | 62 |
Peers = companies sharing IBM's sector (Computer & office 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.
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 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 $257.81 today, the market must believe free cash flow compounds 7.8%/yr for a decade (off $12.39B on the 3-yr avg basis).
On the basis ($11.01B) the requirement is 9.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 7.8% is more optimistic than its 9-yr track record.
Default is 9.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.95B shares (market data) · net debt $47.67B
mean 0.7% · volatility σ 21% · implied rate exceeded in 2/9 yrs
Central path = implied 7.8%/yr growth; shaded band = ±1σ (21%) 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 52% of free cash flow, leaving room to grow it and fund buybacks. Last year: $6.25B dividends + $0 buybacks = $6.25B returned on $12.10B FCF.
9 consecutive years of dividend increases · 2%/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.
Modest payoff on reinvested capital. Current ROIC on all capital: 11%. 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 $13.59B (at 2025-12-31) covers the $7.09B due within a year 1.9× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-09-30 (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).
Coverage is adequate but not comfortable. Effective rate ~3.2% on $61.26B of debt.
Cash of $13.59B fully covers short-term debt of $6.42B.
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 2026-10-30
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 | $67.53B 100.0% | $62.75B 100.0% | $61.86B 100.0% | $60.53B 100.0% | $57.35B 100.0% | $55.18B 100.0% | $57.71B 100.0% | $79.59B 100.0% | $79.14B 100.0% | $79.92B 100.0% |
| Cost of Revenue | $28.24B 41.8% | $27.20B 43.3% | $27.56B 44.6% | $27.84B 46.0% | $25.86B 45.1% | $24.31B 44.1% | $26.18B 45.4% | $42.66B 53.6% | $42.20B 53.3% | $41.40B 51.8% |
| Cost of Products | — | — | — | — | — | — | — | — | $7.26B 9.2% | $6.56B 8.2% |
| Cost of Services | — | — | — | — | — | — | — | — | $34.45B 43.5% | $34.02B 42.6% |
| Gross Profit | $39.30B 58.2% | $35.55B 56.7% | $34.30B 55.4% | $32.69B 54.0% | $31.49B 54.9% | $30.86B 55.9% | $31.53B 54.6% | $36.94B 46.4% | $36.94B 46.7% | $38.52B 48.2% |
| Research & Development | $8.32B 12.3% | $7.48B 11.9% | $6.78B 11.0% | $6.57B 10.8% | $6.49B 11.3% | $6.26B 11.3% | $5.91B 10.2% | $5.38B 6.8% | $5.59B 7.1% | $5.73B 7.2% |
| Selling, General & Admin | $20.12B 29.8% | $19.69B 31.4% | $19.00B 30.7% | $18.61B 30.7% | $18.75B 32.7% | $20.56B 37.3% | $18.72B 32.4% | $19.37B 24.3% | $19.68B 24.9% | $20.87B 26.1% |
| Interest Expense | $1.94B 2.9% | $1.71B 2.7% | $1.61B 2.6% | $1.22B 2.0% | $1.16B 2.0% | $1.29B 2.3% | $1.34B 2.3% | $723.0M 0.9% | $615.0M 0.8% | $630.0M 0.8% |
| Interest & Investment Income | $645.0M 1.0% | $747.0M 1.2% | $670.0M 1.1% | $162.0M 0.3% | $52.0M 0.1% | $105.0M 0.2% | — | — | — | — |
| Other Income (Expense), net | $221.0M 0.3% | $877.0M 1.4% | $266.0M 0.4% | $443.0M 0.7% | $225.0M 0.4% | $156.0M 0.3% | — | — | — | — |
| Pretax Income | $10.33B 15.3% | $5.80B 9.2% | $8.69B 14.0% | $1.16B 1.9% | $4.84B 8.4% | $2.57B 4.7% | $7.21B 12.5% | $11.34B 14.3% | $11.40B 14.4% | $12.33B 15.4% |
| Income Tax Expense | -$242.0M -0.4% | -$218.0M -0.3% | $1.18B 1.9% | -$626.0M -1.0% | $124.0M 0.2% | -$1.36B -2.5% | $60.0M 0.1% | $2.62B 3.3% | $5.64B 7.1% | $449.0M 0.6% |
| Net Income | $10.59B 15.7% | $6.02B 9.6% | $7.50B 12.1% | $1.64B 2.7% | $5.74B 10.0% | $5.59B 10.1% | $9.43B 16.3% | $8.73B 11.0% | $5.75B 7.3% | $11.87B 14.9% |
| Per Share | ||||||||||
| EPS (Basic) | $11.36 | $6.53 | $8.23 | $1.82 | $6.41 | $6.28 | $10.63 | $9.57 | $6.17 | $12.43 |
| EPS (Diluted) | $11.17 | $6.43 | $8.14 | $1.80 | $6.35 | $6.23 | $10.56 | $9.52 | $6.14 | $12.38 |
| Weighted Avg Shares (Basic) | 932.3M | 921.8M | 911.2M | 902.7M | 896.0M | 890.3M | 887.2M | 912.0M | 932.8M | 955.4M |
| Weighted Avg Shares (Diluted) | 948.7M | 937.2M | 922.1M | 912.3M | 904.6M | 896.6M | 892.8M | 916.3M | 937.4M | 958.7M |
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.
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 |
|---|---|---|---|---|---|
| 2026-09-30 | Farr David N Director | Grant | 268 | $219.93 | — |
| 2026-09-30 | Zollar Alfred W Director | Grant | 415 | $219.93 | — |
| 2026-09-30 | Liveris Andrew N Director | Grant | 444 | $219.93 | — |
| 2026-09-30 | Gorsky Alex Director | Grant | 489 | $219.93 | — |
| 2026-09-30 | Voser Peter R. Director |
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.
| Grant |
| 455 |
| $219.93 |
| — |
| 2026-09-30 | Laguarta Ramon Director | Grant | 415 | $219.93 | — |
| 2026-09-30 | Mcnabb Frederick William Iii Director | Grant | 415 | $219.93 | — |
| 2026-09-30 | Buberl Thomas Director | Grant | 444 | $219.93 | — |
| 2026-09-30 | Pollack Martha E Director | Grant | 268 | $219.93 | — |
| 2026-09-30 | Howard Michelle J Director | Grant | 291 | $219.93 | — |
| 2026-09-30 | Miebach Michael Director | Grant | 415 | $219.93 | — |
| 2026-09-30 | Brown Marianne Catherine Director | Grant | 415 | $219.93 | — |
| 2026-08-27 | Krishna Arvind Chairman, President & CEO | Other | 8,376 | $238.79 | — |
| 2026-08-26 | Thomas Robert David Senior Vice President | Open-market sale | 25,000 | $230.32 | $5.8m |
| 2026-07-01 | 6 co-filers Senior Vice President | Option exercise | 5,883 | $0.00 | $0 |
| 2026-07-01 | 6 co-filers Senior Vice President | Tax withholding | 3,254 | $286.73 | $933k |
| 2026-07-01 | 6 co-filers Senior Vice President | Option exercise | 1,412 | $0.00 | $0 |
| 2026-07-01 | 6 co-filers Senior Vice President | Tax withholding | 781 | $286.73 | $224k |
| 2026-07-01 | 6 co-filers Senior Vice President | Option exercise | 5,883 | $0.00 | — |
| 2026-07-01 | 6 co-filers Senior Vice President | Option exercise | 1,412 | $0.00 | — |
| 2026-06-30 | Brown Marianne Catherine Director | Grant | 325 | $281.21 | — |
| 2026-06-30 | Miebach Michael Director | Grant | 325 | $281.21 | — |
| 2026-06-30 | Howard Michelle J Director | Grant | 228 | $281.21 | — |
| 2026-06-30 | Pollack Martha E Director | Grant | 209 | $281.21 | — |
| 2026-06-30 | Buberl Thomas Director | Grant | 341 | $281.21 | — |
| 2026-06-30 | Mcnabb Frederick William Iii Director | Grant | 325 | $281.21 | — |
| 2026-06-30 | Laguarta Ramon Director | Grant | 325 | $281.21 | — |
| 2026-06-30 | Voser Peter R. Director | Grant | 356 | $281.21 | — |
| 2026-06-30 | Gorsky Alex Director | Grant | 383 | $281.21 | — |
| 2026-06-30 | Liveris Andrew N Director | Grant | 347 | $281.21 | — |
| 2026-06-30 | Zollar Alfred W Director | Grant | 325 | $281.21 | — |
| 2026-06-30 | Farr David N Director | Grant | 209 | $281.21 | — |
| 2026-06-04 | Fehring Nicolas A. VP, Controller | Gift | 400 | $0.00 | $0 |
| 2026-03-31 | Brown Marianne Catherine Director | Grant | 377 | $242.39 | — |
| 2026-03-31 | Miebach Michael Director | Grant | 377 | $242.39 | — |
| 2026-03-31 | Howard Michelle J Director | Grant | 264 | $242.39 | — |
| 2026-03-31 | Pollack Martha E Director | Grant | 243 | $242.39 | — |
| 2026-03-31 | Buberl Thomas Director | Grant | 377 | $242.39 | — |
| 2026-03-31 | Mcnabb Frederick William Iii Director | Grant | 377 | $242.39 | — |
| 2026-03-31 | Laguarta Ramon Director | Grant | 126 | $242.39 | — |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 77th 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 32% against ROIC 11% — 21% 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 35.3% — 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 13.8× 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 | 53.6 | 45.4 | 44.1 | 45.1 | 46.0 | 44.6 | 43.3 | 41.8 |
| Gross Profit | 46.4 | 54.6 | 55.9 | 54.9 | 54.0 | 55.4 | 56.7 | 58.2 |
| R&D | 6.8 | 10.2 | 11.3 | 11.3 | 10.8 | 11.0 | 11.9 | 12.3 |
| SG&A | 24.3 | 32.4 | 37.3 | 32.7 | 30.7 | 30.7 | 31.4 | 29.8 |
| Income Tax | 3.3 | 0.1 | -2.5 | 0.2 | -1.0 | 1.9 | -0.3 | -0.4 |
| Net Income | 11.0 | 16.3 | 10.1 | 10.0 | 2.7 | 12.1 | 9.6 | 15.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on IBM: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 1.89pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 3.2% | 9.0% (today's — no rate published for this year) | -5.8pts |
| FY2021 | 6.5% | 6.0% | 0.6pts |
| FY2022 | 1.0% | 8.6% | -7.6pts |
| FY2023 | 11.6% | 7.4% | 4.2pts |
| FY2024 | 6.5% | 8.8% | -2.3pts |
| FY2025 | 11.4% | 7.7% | 3.7pts |
| Now | 11.3% | 9.0% | 2.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 48.2% | not reported | 14.9% |
| FY2017 | 46.7% | not reported | 7.3% |
| FY2018 | 46.4% | not reported | 11.0% |
| FY2019 | 54.6% | not reported | 16.3% |
| FY2020 | 55.9% | 4.4% | 10.1% |
| FY2021 | 54.9% | 8.0% | 10.0% |
| FY2022 | 54.0% | 1.2% | 2.7% |
| FY2023 | 55.4% | 13.6% | 12.1% |
| FY2024 | 56.7% | 7.8% | 9.6% |
| FY2025 | 58.2% | 15.0% | 15.7% |
Leverage and buybacks account for 21 points of the 32% return on equity in FY2025. The business earns 11% 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.
$74.9B of goodwill — 83% 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 63.3% against 10.89% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 2.46x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $12.10B; after share-based compensation it is $10.39B. The difference is a real cost that the cash flow statement adds back.
Covers interest 3.7x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 5.22x |
| 5% | 4.96x |
| 10% | 4.70x |
| 15% | 4.44x |
| 20% | 4.18x |
| 25% | 3.92x |
| 30% | 3.66x |
| 35% | 3.40x |
| 40% | 3.13x |
| 45% | 2.87x |
| 50% | 2.61x |
| 55% | 2.35x |
| 60% | 2.09x |
Ladder as of 2026-09-30 (10-Q); 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.
Coverage is comfortable at 5.2x today but falls to 3.7x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $257.81, free cash flow must compound 7.99%/yr for 10 years. It has done -0.52%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 24.8% | 8.0% |
| FY2021 | −31.1% | 8.0% |
| FY2022 | −15.3% | 8.0% |
| FY2023 | 39.6% | 8.0% |
| FY2024 | −2.3% | 8.0% |
| FY2025 | −2.4% | 8.0% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $10.59B | $10.59B |
| Share-based comp | $1.72B | $12.31B |
| Other non-cash & working capital | $885M | $13.19B |
| Operating cash flow | $13.19B | $13.19B |
| Capex | −$1.09B | $12.10B |
| Free cash flow | $12.10B | $12.10B |
| FCF after SBC | $10.39B | $10.39B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -4.4% | -26.4% | -22.0 points |
| FY2021 | 3.9% | 16.6% | 12.7 points |
| FY2022 | 5.5% | -3.1% | -8.7 points |
| FY2023 | 2.2% | 10.3% | 8.1 points |
| FY2024 | 1.4% | -5.7% | -7.1 points |
| FY2025 | 7.6% | 19.2% | 11.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 49.8 days | 22.6 days | 68.3 days | 4.1 days |
| FY2020 | 38.3 days | 27.2 days | 60.5 days | 5 days |
| FY2021 | 43 days | 23.3 days | 55.8 days | 10.4 days |
| FY2022 | 39.4 days | 20.3 days | 53.1 days | 6.7 days |
| FY2023 | 42.6 days | 15.4 days | 54.7 days | 3.2 days |
| FY2024 | 39.6 days | 17.3 days | 54.1 days | 2.8 days |
| FY2025 | 43.8 days | 15.8 days | 61.5 days | -1.9 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.5 percent |
| FY2020 | -8.1 percent |
| FY2021 | -5.3 percent |
| FY2022 | -6.9 percent |
| FY2023 | -4.8 percent |
| FY2024 | -5.4 percent |
| FY2025 | -1.7 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.