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Held by 319 of 2,417 reporting institutions (97th percentile) — extremely crowded.
Data as of Q3 2026
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Ranked against 37 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IQV | $45.3B | 35.1× | 17.8× | 2.8× | 5.9% | — | 8.3% | 20.9% | 6.1% | 4.1× | 319 |
| PAYX | $38.9B | 22.4× | 14.4× | 6.0× | 16.9% | 74.3% | 27.0% | 47.1% | 21.2% | 1.2× | 517 |
| INCY | $23.7B | 18.2× | 12.8× | 4.6× | 21.2% | 92.8% | 25.0% | 24.9% | 24.9% | -1.9× | 239 |
| MEDP | $19.0B | 44.3× | 32.8× | 7.5× | 20.0% | — | 17.8% | 98.3% | 98.3% | -0.9× | 174 |
| CRL | $18.0B | — | 41.4× | 4.5× | -0.9% | — | -3.6% | -4.6% | -4.6% | -0.5× | 132 |
| ICLR | $16.1B | 74.3× | 22.2× | 2.0× | 0.8% | — | 2.8% | 2.5% | 1.9% | 2.7× | 86 |
| ULS | $15.2B | 47.2× | 21.7× | 5.0× | 6.4% | 49.5% | 10.6% | 25.8% | 18.5% | 0.3× | 72 |
| IT | $14.2B | 23.3× | 12.6× | 2.2× | 3.7% | 68.8% | 11.2% | 228% | 22.1% | 1.0× | 163 |
| BAH | $10.0B | 12.2× | 11.1× | 0.9× | -6.4% | 52.7% | 7.6% | 77.0% | 16.9% | 2.7× | 118 |
| TTEK | $9.8B | 41.0× | 22.2× | 1.8× | 4.7% | 17.7% | 4.6% | 13.9% | 9.7% | 1.3× | 123 |
| ACM | $8.2B | 15.1× | 6.2× | 0.5× | 0.2% | 7.5% | 3.5% | 22.5% | 22.5% | -1.5× | 125 |
| G | $6.5B | 12.4× | 8.8× | 1.3× | 6.6% | 36.0% | 10.9% | 21.7% | 13.5% | 0.8× | 112 |
| FCN | $5.0B | 22.0× | 11.7× | 1.3× | 2.4% | 32.1% | 7.1% | 15.6% | 12.9% | 0.2× | 66 |
| VSEC | $4.4B | 281.9× | 35.3× | 3.9× | 41.5% | — | 1.1% | 0.8% | 0.7% | 1.7× | 74 |
| EXPO | $3.7B | 37.8× | — | 6.4× | 4.2% | — | 18.2% | 27.2% | 27.2% | — | 76 |
| HURN | $3.1B | 33.0× | 16.9× | 1.8× | 11.7% | — | 6.2% | 19.9% | 10.1% | 2.3× | 48 |
| VVX | $2.5B | 32.9× | 17.1× | 0.6× | 3.7% | 8.3% | 1.7% | 7.2% | 3.6% | 5.2× | 62 |
| NEO | $2.3B | — | — | 3.2× | 10.1% | 43.2% | -14.9% | -12.9% | -9.2% | — | 56 |
| ASTH | $1.8B | 79.6× | 19.5× | 0.6× | 56.4% | — | 0.7% | 2.9% | 1.2% | 4.9× | 35 |
| ICFI | $1.7B | 19.4× | 10.4× | 0.9× | -7.3% | 37.2% | 4.9% | 8.9% | 6.4% | 1.9× | 35 |
| WLDN | $1.2B | 22.1× | 18.4× | 1.7× | 20.5% | 37.5% | 7.7% | 17.2% | 14.9% | -0.3× | 37 |
| BWMN | $711M | 58.7× | 20.6× | 1.4× | 14.9% | 53.4% | 2.6% | 4.9% | 4.0% | 1.3× | 22 |
| MG | $644M | 38.1× | 11.1× | 0.9× | -0.8% | 28.2% | 2.3% | 7.2% | 4.1% | 2.1× | 24 |
| ONT | $523M | — | 33.3× | 0.6× | 19.3% | 40.3% | -0.1% | -0.2% | -0.1% | 11.5× | — |
| NRC | $498M | 0.5× | — | 3.6× | -4.0% | — | 8.4% | 82.9% | 12.5% | — | 22 |
Peers = companies sharing IQV's sector (Services-Commercial Physical & Biological Research) 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.
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.
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 |
|---|---|---|---|---|---|
| 2026-09-02 | 4 co-filers See Remarks | Option exercise | 5,381 | $131.82 | $709k |
| 2026-09-02 | 4 co-filers See Remarks | Exercise & sell | 2,668 | $261.33 | $697k |
| 2026-09-02 | 4 co-filers See Remarks | Other | 2,713 | $261.54 | $710k |
| 2026-09-02 | 4 co-filers See Remarks | Option exercise | 5,381 | $131.82 | — |
| 2026-08-03 | Staub W Richard |
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.
| Open-market sale |
| 5,500 |
| $232.68 |
| $1.3m |
| 2026-07-31 | Patel Bhavik See Remarks | Open-market sale | 1,855 | $235.27 | $436k |
| 2026-07-29 | 8 co-filers See Remarks | Option exercise | 156,206 | $78.21 | $12.2m |
| 2026-07-29 | Sherbet Eric See Remarks | Open-market sale | 5,000 | $249.16 | $1.2m |
| 2026-07-29 | Cherofsky Keriann See Remarks | Open-market sale | 558 | $245.21 | $137k |
| 2026-07-29 | 8 co-filers See Remarks | Exercise & sell | 4,465 | $247.10 | $1.1m |
| 2026-07-29 | 8 co-filers See Remarks | Exercise & sell | 4,584 | $246.85 | $1.1m |
| 2026-07-29 | 8 co-filers See Remarks | Exercise & sell | 44,039 | $246.08 | $10.8m |
| 2026-07-29 | 8 co-filers See Remarks | Exercise & sell | 53,191 | $244.78 | $13.0m |
| 2026-07-29 | 8 co-filers See Remarks | Other | 47,858 | $244.60 | $11.7m |
| 2026-07-29 | 8 co-filers See Remarks | Other | 2,069 | $247.00 | $511k |
| 2026-07-29 | 8 co-filers See Remarks | Option exercise | 156,206 | $78.21 | — |
| 2026-07-14 | Goggins Colleen A Director | Grant | 183 | $207.83 | — |
| 2026-07-14 | Wims Morris Leslie Director | Grant | 148 | $207.83 | — |
| 2026-07-14 | Fasano Jim Director | Grant | 195 | $207.83 | — |
| 2026-07-14 | Danhakl John G Director | Grant | 160 | $207.83 | — |
| 2026-05-07 | Wims Morris Leslie Director | Grant | 171 | $178.64 | — |
| 2026-05-07 | Goggins Colleen A Director | Grant | 214 | $178.64 | — |
| 2026-05-07 | Fasano Jim Director | Grant | 228 | $178.64 | — |
| 2026-05-07 | Danhakl John G Director | Grant | 185 | $178.64 | — |
| 2026-04-23 | Stamps Sheila A Director | Grant | 1,571 | $160.68 | — |
| 2026-04-23 | Wims Morris Leslie Director | Grant | 1,571 | $160.68 | — |
| 2026-04-23 | Kaelin William G Jr Director | Grant | 1,571 | $160.68 | — |
| 2026-04-23 | Leonard John M Director | Grant | 1,571 | $0.00 | $0 |
| 2026-04-23 | Goggins Colleen A Director | Grant | 1,571 | $0.00 | $0 |
| 2026-04-23 | Fasano Jim Director | Grant | 1,571 | $160.68 | — |
| 2026-04-23 | Danhakl John G Director | Grantindirect | 1,571 | $0.00 | $0 |
| 2026-04-23 | Burt Carol Director | Grantindirect | 1,571 | $0.00 | $0 |
| 2026-02-13 | Haas Bernd See Remarks | Tax withholding | 20 | $166.94 | $3k |
| 2026-02-13 | Fedock Michael J. See Remarks | Tax withholding | 123 | $166.94 | $21k |
| 2026-02-09 | Grenfell Alistair See Remarks | Grant | 26,088 | $0.00 | — |
| 2026-02-09 | Staub W Richard See Remarks | Grant | 26,088 | $0.00 | — |
| 2026-02-09 | Sherbet Eric See Remarks | Grant | 12,112 | $0.00 | — |
| 2026-02-09 | Patel Bhavik See Remarks | Grant | 11,180 | $0.00 | — |
| 2026-02-09 | Haas Bernd See Remarks | Grant | 11,180 | $0.00 | — |
| 2026-02-09 | Fedock Michael J. See Remarks | Grant | 18,634 | $0.00 | — |
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 $267.33 today, the market must believe free cash flow compounds 12.1%/yr for a decade (off $1.89B on the 3-yr avg basis).
On the basis ($1.67B) the requirement is 13.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 12.1% is in line with its 9-yr track record.
Default is 9.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.16B shares (market data) · net debt $13.74B
mean 17.5% · volatility σ 35% · implied rate exceeded in 4/9 yrs
Central path = implied 12.1%/yr growth; shaded band = ±1σ (35%) 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 + $1.24B buybacks = $1.24B returned on $2.05B 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 balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 6%. 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.
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 | $16.31B 100.0% | $15.40B 100.0% | $14.98B 100.0% | $14.41B 100.0% | $13.87B 100.0% | $11.36B 100.0% | $11.09B 100.0% | $10.41B 100.0% | $9.74B 100.0% | $6.88B 100.0% |
| Cost of Services | — | — | — | — | — | — | — | $6.75B 64.8% | $4.62B 47.5% | $3.24B 47.0% |
| Selling, General & Admin | $2.00B 12.3% | $1.99B 12.9% | $2.05B 13.7% | $2.07B 14.4% | $1.96B 14.2% | $1.79B 15.7% | $1.73B 15.6% | $1.72B 16.5% | $1.62B 16.7% | $1.02B 14.8% |
| Operating Income | $2.18B 13.4% | $2.20B 14.3% | $1.98B 13.2% | $1.80B 12.5% | $1.39B 10.0% | $731.0M 6.4% | $777.0M 7.0% | $741.0M 7.1% | $665.0M 6.8% | $576.0M 8.4% |
| Interest Expense | $729.0M 4.5% | $670.0M 4.3% | $672.0M 4.5% | $416.0M 2.9% | $375.0M 2.7% | $416.0M 3.7% | $447.0M 4.0% | $414.0M 4.0% | $346.0M 3.6% | $144.0M 2.1% |
| Interest & Investment Income | $45.0M 0.3% | $47.0M 0.3% | $36.0M 0.2% | $13.0M 0.1% | $6.0M 0.0% | $6.0M 0.1% | $9.0M 0.1% | $8.0M 0.1% | $7.0M 0.1% | $4.0M 0.1% |
| Other Income (Expense), net | $99.0M 0.6% | $90.0M 0.6% | $124.0M 0.8% | -$33.0M -0.2% | $130.0M 0.9% | $65.0M 0.6% | $37.0M 0.3% | -$5.0M -0.0% | -$13.0M -0.1% | $11.0M 0.2% |
| Pretax Income | $1.59B 9.8% | $1.67B 10.8% | $1.46B 9.7% | $1.36B 9.5% | $1.13B 8.1% | $373.0M 3.3% | $352.0M 3.2% | $328.0M 3.2% | $294.0M 3.0% | $416.0M 6.0% |
| Income Tax Expense | $252.0M 1.5% | $301.0M 2.0% | $101.0M 0.7% | $260.0M 1.8% | $163.0M 1.2% | $72.0M 0.6% | $116.0M 1.0% | $59.0M 0.6% | -$992.0M -10.2% | $325.0M 4.7% |
| Net Income | $1.36B 8.3% | $1.37B 8.9% | $1.36B 9.1% | $1.09B 7.6% | $966.0M 7.0% | $279.0M 2.5% | $191.0M 1.7% | $259.0M 2.5% | $1.28B 13.1% | $72.0M 1.0% |
| Per Share | ||||||||||
| EPS (Basic) | $7.91 | $7.57 | $7.39 | $5.82 | $5.05 | $1.46 | $0.98 | $1.27 | $5.86 | $0.48 |
| EPS (Diluted) | $7.84 | $7.49 | $7.29 | $5.72 | $4.95 | $1.43 | $0.96 | $1.24 | $5.74 | $0.47 |
| Weighted Avg Shares (Basic) | 171.9M | 181.3M | 183.8M | 187.6M | 191.4M | 191.3M | 195.1M | 203.7M | 217.8M | 149.1M |
| Weighted Avg Shares (Diluted) | 173.5M | 183.4M | 186.3M | 190.6M | 195.0M | 195.0M | 199.6M | 208.2M | 222.6M | 152.0M |
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 2026-10-30
Where each multiple sits in its own 13-yr range · 71th 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 21% against ROIC 6% — 15% of the return on equity comes from leverage and buybacks rather than from the operating business.
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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 16.5 | 15.6 | 15.7 | 14.2 | 14.4 | 13.7 | 12.9 | 12.3 |
| Operating Income | 7.1 | 7.0 | 6.4 | 10.0 | 12.5 | 13.2 | 14.3 | 13.4 |
| Income Tax | 0.6 | 1.0 | 0.6 | 1.2 | 1.8 | 0.7 | 2.0 | 1.5 |
| Net Income | 2.5 | 1.7 | 2.5 | 7.0 | 7.6 | 9.1 | 8.9 | 8.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on IQV: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.98B (at 2025-12-31) covers the $1.83B due within a year 1.1× 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 ~4.6% on $15.72B of debt.
Cash of $1.98B fully covers short-term debt of $1.84B.
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.
Earns -0.25pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 3.8% | 9.4% (today's — no rate published for this year) | -5.5pts |
| FY2020 | 3.6% | 9.4% (today's — no rate published for this year) | -5.8pts |
| FY2021 | 6.8% | 6.8% | 0.0pts |
| FY2022 | 8.6% | 8.9% | -0.3pts |
| FY2023 | 8.9% | 9.9% | -1.0pts |
| FY2024 | 9.9% | 9.7% | 0.2pts |
| FY2025 | 8.9% | 8.5% | 0.4pts |
| Now | 6.1% | 9.4% | -3.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 8.4% | 1.0% |
| FY2017 | not reported | 6.8% | 13.1% |
| FY2018 | not reported | 7.1% | 2.5% |
| FY2019 | not reported | 7.0% | 1.7% |
| FY2020 | not reported | 6.4% | 2.5% |
| FY2021 | not reported | 10.0% | 7.0% |
| FY2022 | not reported | 12.5% | 7.6% |
| FY2023 | not reported | 13.2% | 9.1% |
| FY2024 | not reported | 14.3% | 8.9% |
| FY2025 | not reported | 13.4% | 8.3% |
Leverage and buybacks account for 15 points of the 21% return on equity in FY2025. The business earns 6% 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.
$16.9B of goodwill — 82% 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 49.57% against 9.11% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.60x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $2.05B; after share-based compensation it is $1.80B. The difference is a real cost that the cash flow statement adds back.
Covers interest 2.1x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.99x |
| 5% | 2.84x |
| 10% | 2.69x |
| 15% | 2.54x |
| 20% | 2.39x |
| 25% | 2.24x |
| 30% | 2.10x |
| 35% | 1.95x |
| 40% | 1.80x |
| 45% | 1.65x |
| 50% | 1.50x |
| 55% | 1.35x |
| 60% | 1.20x |
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.
Net debt is 4.3x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $267.33, free cash flow must compound 12.22%/yr for 10 years. It has done 16.16%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 60.8% | 12.2% |
| FY2021 | 71.4% | 12.2% |
| FY2022 | −31.1% | 12.2% |
| FY2023 | −5.4% | 12.2% |
| FY2024 | 40.9% | 12.2% |
| FY2025 | −3.0% | 12.2% |
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 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.36B | $1.36B |
| Share-based comp | $247M | $1.61B |
| Other non-cash & working capital | $1.05B | $2.65B |
| Operating cash flow | $2.65B | $2.65B |
| Capex | −$603M | $2.05B |
| Free cash flow | $2.05B | $2.05B |
| FCF after SBC | $1.80B | $1.80B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 2.4% | not reported | not reported |
| FY2021 | 22.1% | not reported | not reported |
| FY2022 | 3.9% | not reported | not reported |
| FY2023 | 4.0% | not reported | not reported |
| FY2024 | 2.8% | not reported | not reported |
| FY2025 | 5.9% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -5.3 percent |
| FY2020 | -6.8 percent |
| FY2021 | -8.0 percent |
| FY2022 | -4.6 percent |
| FY2023 | -3.0 percent |
| FY2024 | -5.0 percent |
| FY2025 | -4.3 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.