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Held by 224 of 2,417 reporting institutions (95th 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.
No trend data available for this metric.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2023, FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $36.37 today, the market must believe free cash flow compounds 11.5%/yr for a decade (off $724.5M on the 3-yr avg basis).
Default is 7.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.53B shares (market data) · net debt $8.69B
mean 2.3% · volatility σ 103% · implied rate exceeded in 2/9 yrs
Central path = implied 11.5%/yr growth; shaded band = ±1σ (103%) 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
Ranked against 13 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| KMB | $36.6B | 18.1× | 11.6× | 2.2× | -2.1% | 36.0% | 12.3% | 135% | 92.0% | 0.0× | 524 |
| PKG | $22.7B | 29.7× | 14.8× | 2.5× | 7.2% | 21.0% | 8.6% | 16.8% | 9.0% | 1.9× | 271 |
| SW | $22.3B | 32.0× | 8.2× | 0.7× | 47.7% | 19.4% | 2.2% | 3.8% | 2.2% | 3.0× | 184 |
| IP | $19.1B | — | — | 0.8× | 49.3% | 29.6% | -14.9% | -23.7% | -14.3% | — | 224 |
| AVY | $13.8B | 20.7× | — | 1.6× | 1.1% | 28.8% | 7.8% | 30.7% | 11.5% | — | 192 |
| REYN | $5.0B | 16.5× | — | 1.3× | 0.7% | 24.6% | 8.1% | 13.4% | 7.9% | — | 66 |
| SON | $4.9B | 5.0× | 5.8× | 0.7× | 41.7% | 20.9% | 13.3% | 27.8% | 12.6% | 2.6× | 125 |
| GPK | $2.6B | 6.0× | 5.5× | 0.3× | -2.2% | 18.6% | 5.2% | 13.3% | 5.3% | 3.6× | 103 |
| SLVM | $1.3B | 10.0× | 4.5× | 0.4× | -11.2% | — | 3.9% | 13.7% | 7.5% | 1.5× | 73 |
| MATV | $621M | — | — | 0.3× | 0.3% | 18.3% | -17.0% | -67.7% | -22.2% | — | 32 |
| RYAM | $453M | — | 8.4× | 0.3× | -10.1% | 8.1% | -28.7% | -133% | -38.4% | 5.1× | 29 |
| MAGN | $433M | — | 9.9× | 0.1× | 46.5% | 10.5% | -5.0% | -14.9% | -5.3% | 7.8× | 27 |
| PACK | $292M | — | 14.8× | 0.7× | 7.1% | 33.1% | -9.7% | -7.2% | -4.1% | 8.0× | 18 |
| CLW | $210M | — | 10.4× | 0.1× | 12.4% | 7.4% | -1.2% | -2.3% | -1.6% | 6.3× | 20 |
Peers = companies sharing IP's sector (Paper Mills) 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.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $977.0M dividends + $65.0M buybacks = $1.04B returned on -$159.0M FCF.
2 consecutive years of dividend increases · -1%/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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: -14%. 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 $1.15B covers the $992.0M due within a year 1.2× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~5.6% on $9.83B of debt.
Cash of $1.15B fully covers short-term debt of $992.0M.
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.
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 | $23.63B 100.0% | $15.84B 100.0% | $16.03B 100.0% | $21.16B 100.0% | $19.36B 100.0% | $17.57B 100.0% | $18.32B 100.0% | $23.31B 100.0% | $21.74B 100.0% | $19.50B 100.0% |
| Cost of Revenue | $16.64B 70.4% | $11.40B 72.0% | $11.51B 71.8% | $15.14B 71.6% | $13.83B 71.4% | $12.34B 70.2% | $12.67B 69.2% | $15.55B 66.7% | $14.80B 68.1% | $14.06B 72.1% |
| Cost of Products | — | — | — | — | — | — | — | $15.55B 66.7% | $15.30B 70.4% | $14.06B 72.1% |
| Selling, General & Admin | $2.05B 8.7% | $1.70B 10.8% | $1.26B 7.8% | $1.29B 6.1% | $1.39B 7.2% | $1.35B 7.7% | $1.45B 7.9% | $1.72B 7.4% | $1.62B 7.5% | $1.46B 7.5% |
| Interest Expense | $551.0M 2.3% | $432.0M 2.7% | $418.0M 2.6% | $403.0M 1.9% | $430.0M 2.2% | $597.0M 3.4% | $701.0M 3.8% | $734.0M 3.1% | $758.0M 3.5% | $695.0M 3.6% |
| Interest & Investment Income | $179.0M 0.8% | $218.0M 1.4% | $188.0M 1.2% | $78.0M 0.4% | $93.0M 0.5% | $151.0M 0.9% | $202.0M 1.1% | $198.0M 0.8% | $186.0M 0.9% | $175.0M 0.9% |
| Other Income (Expense), net | — | — | — | — | — | -$7.0M -0.0% | — | — | — | — |
| Pretax Income | -$3.37B -14.3% | $369.0M 2.3% | $402.0M 2.5% | $1.51B 7.1% | $999.0M 5.2% | $329.0M 1.9% | $921.0M 5.0% | $1.78B 7.6% | $848.0M 3.9% | $795.0M 4.1% |
| Income Tax Expense | -$533.0M -2.3% | -$361.0M -2.3% | $68.0M 0.4% | -$236.0M -1.1% | $188.0M 1.0% | $176.0M 1.0% | $477.0M 2.6% | $445.0M 1.9% | -$1.08B -5.0% | $193.0M 1.0% |
| Net Income | -$3.52B -14.9% | $557.0M 3.5% | $288.0M 1.8% | $1.50B 7.1% | $1.75B 9.0% | $482.0M 2.7% | $1.23B 6.7% | $2.01B 8.6% | $2.14B 9.9% | $904.0M 4.6% |
| Per Share | ||||||||||
| EPS (Basic) | -$6.95 | $1.60 | $0.83 | $4.14 | $4.50 | $1.23 | $3.10 | $4.91 | $5.19 | $2.20 |
| EPS (Diluted) | -$6.95 | $1.57 | $0.82 | $4.10 | $4.47 | $1.22 | $3.07 | $4.85 | $5.13 | $2.18 |
| Weighted Avg Shares (Basic) | 505.7M | 347.2M | 346.9M | 363.5M | 389.4M | 393.0M | 395.3M | 409.1M | 412.7M | 411.1M |
| Weighted Avg Shares (Diluted) | 505.7M | 354.2M | 349.1M | 367.0M | 392.4M | 395.7M | 398.8M | 414.2M | 417.7M | 415.6M |
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 2026-10-30
Where each multiple sits in its own 14-yr range · 54th 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 -24% against ROIC -14% — -9% 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 -30.6% — 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
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 66.7 | 69.2 | 70.2 | 71.4 | 71.6 | 71.8 | 72.0 | 70.4 |
| SG&A | 7.4 | 7.9 | 7.7 | 7.2 | 6.1 | 7.8 | 10.8 | 8.7 |
| Income Tax | 1.9 | 2.6 | 1.0 | 1.0 | -1.1 | 0.4 | -2.3 | -2.3 |
| Net Income | 8.6 | 6.7 | 2.7 | 9.0 | 7.1 | 1.8 | 3.5 | -14.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on IP: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 27.9% | not reported | 4.6% |
| FY2017 | 31.9% | not reported | 9.9% |
| FY2018 | 33.3% | not reported | 8.6% |
| FY2019 | 30.8% | not reported | 6.7% |
| FY2020 | 29.8% | not reported | 2.7% |
| FY2021 | 28.6% | not reported | 9.0% |
| FY2022 | 28.4% | not reported | 7.1% |
| FY2023 | 28.2% | not reported | 1.8% |
| FY2024 | 28.0% | not reported | 3.5% |
| FY2025 | 29.6% | not reported | -14.9% |
Return on equity is 9 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
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: positive EBIT.
Converts 2.09x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 40% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Missing from our data, so excluded from this answer: share_based_compensation.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $36.03, free cash flow must compound 11.78%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −3.0% | 11.8% |
| FY2021 | −35.4% | 11.8% |
| FY2022 | −19.8% | 11.8% |
| FY2023 | −44.3% | 11.8% |
| FY2024 | 9.4% | 11.8% |
| FY2025 | −121.0% | 11.8% |
The implied rate of 11.78% has not been achieved in any of the last 6 years.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$3.52B | −$3.52B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $5.21B | $1.70B |
| Operating cash flow | $1.70B | $1.70B |
| Capex | −$1.86B | −$159M |
| Free cash flow | −$159M | −$159M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -4.1% | not reported | not reported |
| FY2021 | 10.2% | not reported | not reported |
| FY2022 | 9.3% | not reported | not reported |
| FY2023 | -24.2% | not reported | not reported |
| FY2024 | -1.2% | not reported | not reported |
| FY2025 | 49.3% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -7.1 percent |
| FY2020 | -8.1 percent |
| FY2021 | -1.1 percent |
| FY2022 | -2.8 percent |
| FY2023 | -6.6 percent |
| FY2024 | -4.9 percent |
| FY2025 | -13.7 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 1 year 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.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-01 | Ryerkerk Lori Director | Grantindirect | 5,952 | $0.00 | — |
| 2026-10-01 | Collins Katherine Director | Grantindirect | 6,129 | $0.00 | — |
| 2026-08-07 | 2 co-filers Exec. VP & President | Open-market sale | 24,500 | $41.20 | $1.0m |
| 2026-08-07 | 2 co-filers Exec. VP & President | Otherindirect | 24,291 | $41.58 | — |
| 2026-08-04 | Goughnour Holly G. VP & Chief Accounting Officer | Open-market sale | 3,500 | $41.96 | $147k |
| 2026-05-12 | Sullivan Kathryn D Director | Grant | 7,901 | $0.00 | $0 |
| 2026-05-12 | 2 co-filers Group filing | Grant | 5,298 | $0.00 | $0 |
| 2026-05-12 | 2 co-filers Group filing | Grant | 5,298 | $0.00 | $0 |
| 2026-05-12 | Hinman Jacqueline C. Director | Grant | 5,298 | $0.00 | $0 |
| 2026-05-12 | Gustafsson Anders Director | Grant | 11,112 | $0.00 | $0 |
| 2026-05-12 | Vincent Anton V. Director | Grantindirect | 10,203 | $0.00 | — |
| 2026-05-12 | Tozier Scott Director | Grantindirect | 5,298 | $0.00 | — |
| 2026-05-12 | Lewis Clinton A. Jr. Director | Grantindirect | 10,809 | $0.00 | — |
| 2026-05-12 | Connor Christopher M Director | Grantindirect | 11,414 | $0.00 | — |
| 2026-05-12 | Beggs Jamie A. Director | Grantindirect | 10,506 | $0.00 | — |
| 2026-05-12 | 2 co-filers Group filing | Tax withholding | 1,186 | $32.47 | $39k |
| 2026-05-12 | 2 co-filers Group filing | Tax withholding | 1,233 | $32.47 | $40k |
| 2026-05-01 | Tozier Scott Director | Open-market buy | 10,000 | $31.30 | $313k |
| 2026-04-01 | Hamic William Thomas Exec. VP & President | Tax withholding | 12,666 | $35.70 | $452k |
| 2026-04-01 | Goughnour Holly G. VP & Chief Accounting Officer | Tax withholding | 1,273 | $35.70 | $45k |
| 2026-04-01 | Loeffler Lance Senior VP & CFO | Tax withholding | 2,703 | $35.70 | $96k |
| 2026-03-12 | 2 co-filers Group filing | Open-market buy | 13,217 | $37.83 | $500k |
| 2026-03-11 | 2 co-filers Group filing | Open-market buy | 12,875 | $38.84 | $500k |
| 2026-02-09 | 2 co-filers Exec. VP & President | Grant | 52,230 | $46.58 | $2.4m |
| 2026-02-09 | 2 co-filers SVP, GC and Corp. Secretary | Grant | 24,314 | $46.58 | $1.1m |
| 2026-02-09 | 2 co-filers Exec. VP & President | Grant | 43,225 | $46.58 | $2.0m |
| 2026-02-09 | 2 co-filers VP & Chief Accounting Officer | Grant | 6,335 | $46.58 | $295k |
| 2026-02-09 | 2 co-filers Exec. VP & President | Tax withholding | 18,887 | $46.58 | $880k |
| 2026-02-09 | 2 co-filers Exec. VP & President | Tax withholding | 15,312 | $46.58 | $713k |
| 2026-02-09 | 2 co-filers VP & Chief Accounting Officer | Tax withholding | 1,543 | $46.58 | $72k |
| 2026-02-09 | 2 co-filers SVP, GC and Corp. Secretary | Tax withholding | 7,268 | $46.58 | $339k |
| 2026-02-01 | 2 co-filers Exec. VP & President | Tax withholding5d late | 1,371 | $40.32 | $55k |
| 2026-02-01 | 3 co-filers VP & Chief Accounting Officer | Tax withholding | 480 | $40.32 | $19k |
| 2026-02-01 | 2 co-filers Exec. VP & President | Tax withholding | 1,271 | $40.32 | $51k |
| 2026-02-01 | 2 co-filers SVP, GC and Corp. Secretary | Tax withholding | 857 | $40.32 | $35k |
| 2026-02-01 | 2 co-filers Exec. VP & President | Tax withholding | 1,406 | $40.32 | $57k |
| 2026-02-01 | 2 co-filers Exec. VP & President | Tax withholding5d late | 1,271 | $40.32 | $51k |
| 2026-02-01 | 2 co-filers SVP, GC and Corp. Secretary | Tax withholding | 757 | $40.32 | $31k |
| 2026-02-01 | 3 co-filers VP & Chief Accounting Officer | Tax withholding | 442 | $40.32 | $18k |
| 2026-02-01 | 3 co-filers VP & Chief Accounting Officer | Tax withholding | 259 | $40.32 | $10k |
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.