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Held by 524 of 2,417 reporting institutions (98th percentile) — extremely crowded.
Data as of Q3 2026
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What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (101%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $1.66B dividends + $141.0M buybacks = $1.80B returned on $1.64B FCF.
9 consecutive years of dividend increases · 3%/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).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 92%. 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.
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 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 KMB's sector (Converted Paper & Paperboard Prods (No Contaners/Boxes)) 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.
EOD close · as of 2026-10-29
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 | $16.45B 100.0% | $16.80B 100.0% | $17.15B 100.0% | $16.95B 100.0% | $19.44B 100.0% | $19.14B 100.0% | $18.45B 100.0% | $18.49B 100.0% | $18.35B 100.0% | $18.29B 100.0% |
| Cost of Revenue | $10.52B 64.0% | $10.52B 62.6% | $10.88B 63.4% | $11.43B 67.4% | $13.45B 69.2% | $12.32B 64.4% | $12.41B 67.3% | $12.89B 69.7% | $11.76B 64.1% | $11.60B 63.4% |
| Cost of Products | — | — | — | — | — | — | — | $12.89B 69.7% | $11.76B 64.1% | $11.60B 63.4% |
| Gross Profit | $5.92B 36.0% | $6.29B 37.4% | $6.27B 36.6% | $5.52B 32.6% | $5.99B 30.8% | $6.82B 35.6% | $6.04B 32.7% | $5.60B 30.3% | $6.59B 35.9% | $6.69B 36.6% |
| Research & Development | $326.0M 2.0% | $328.0M 2.0% | $303.0M 1.8% | $285.0M 1.7% | $269.0M 1.4% | $276.0M 1.4% | $284.0M 1.5% | $317.0M 1.7% | $309.0M 1.7% | $326.0M 1.8% |
| Operating Income | $2.35B 14.3% | $2.70B 16.1% | $1.93B 11.2% | $2.31B 13.6% | $2.56B 13.2% | $3.24B 16.9% | $2.99B 16.2% | $2.23B 12.1% | $3.36B 18.3% | $3.38B 18.5% |
| Interest Expense | $256.0M 1.6% | $270.0M 1.6% | $293.0M 1.7% | $282.0M 1.7% | $256.0M 1.3% | $252.0M 1.3% | $261.0M 1.4% | $263.0M 1.4% | $318.0M 1.7% | $319.0M 1.7% |
| Interest & Investment Income | $24.0M 0.1% | $48.0M 0.3% | $66.0M 0.4% | $14.0M 0.1% | $6.0M 0.0% | $8.0M 0.0% | $11.0M 0.1% | $10.0M 0.1% | $10.0M 0.1% | $11.0M 0.1% |
| Other Income (Expense), net | -$67.0M -0.4% | -$60.0M -0.4% | -$96.0M -0.6% | -$73.0M -0.4% | -$86.0M -0.4% | -$70.0M -0.4% | -$91.0M -0.5% | -$163.0M -0.9% | -$59.0M -0.3% | -$66.0M -0.4% |
| Pretax Income | $2.05B 12.5% | $2.42B 14.4% | $1.61B 9.4% | $1.97B 11.6% | $2.23B 11.4% | $2.93B 15.3% | $2.65B 14.4% | $1.81B 9.8% | $2.99B 16.3% | $3.01B 16.5% |
| Income Tax Expense | $599.0M 3.6% | $442.0M 2.6% | $343.0M 2.0% | $405.0M 2.4% | $479.0M 2.5% | $676.0M 3.5% | $576.0M 3.1% | $471.0M 2.5% | $776.0M 4.2% | $922.0M 5.0% |
| Net Income | $2.02B 12.3% | $2.54B 15.1% | $1.76B 10.3% | $1.93B 11.4% | $1.81B 9.3% | $2.35B 12.3% | $2.16B 11.7% | $1.41B 7.6% | $2.28B 12.4% | $2.17B 11.8% |
| Per Share | ||||||||||
| EPS (Basic) | $6.09 | $7.58 | $5.22 | $5.73 | $5.38 | $6.90 | $6.28 | $4.05 | $6.44 | $6.03 |
| EPS (Diluted) | $6.07 | $7.55 | $5.21 | $5.72 | $5.35 | $6.87 | $6.24 | $4.03 | $6.40 | $5.99 |
| Weighted Avg Shares (Basic) | 331.9M | 335.6M | 337.8M | 337.4M | 337.3M | 340.7M | 343.6M | 348.0M | 353.6M | 359.4M |
| Weighted Avg Shares (Diluted) | 333.2M | 337.0M | 338.8M | 338.3M | 338.8M | 342.5M | 345.6M | 349.6M | 355.9M | 361.7M |
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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $923.0M is below the $965.0M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2016-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~36.9% on $694.0M of debt.
Cash of $688.0M is below short-term debt of $694.0M — relies on refinancing/operations.
Mostly short-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.
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 $110.02 today, the market must believe free cash flow compounds 0.1%/yr for a decade (off $2.31B on the 3-yr avg basis).
On the basis ($2.16B) the requirement is 0.9%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 0.1% is more optimistic than its 9-yr track record.
Default is 7.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.33B shares (market data) · net debt $6.0M
mean 0.4% · volatility σ 35% · implied rate exceeded in 3/9 yrs
Central path = implied 0.1%/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.
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 |
|---|---|---|---|---|---|
| 2026-07-31 | 6 co-filers Chief R&D Officer | Option exercise | 4,024 | $0.00 | $0 |
| 2026-07-31 | 3 co-filers Chief Growth Officer | Option exercise | 966 | $0.00 | $0 |
| 2026-07-31 | 6 co-filers Chief R&D Officer | Option exercise | 1,255 | $0.00 | $0 |
| 2026-07-31 | 3 co-filers Chief Growth Officer | Tax withholding | 404 | $109.31 | $44k |
| 2026-07-31 |
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.
| Tax withholding |
| 534 |
| $109.31 |
| $58k |
| 2026-07-31 | 3 co-filers Chief Growth Officer | Option exercise | 966 | $0.00 | — |
| 2026-07-31 | 6 co-filers Chief R&D Officer | Tax withholding | 1,711 | $109.31 | $187k |
| 2026-07-31 | 6 co-filers Chief R&D Officer | Option exercise | 4,024 | $0.00 | — |
| 2026-07-31 | 6 co-filers Chief R&D Officer | Option exercise | 1,255 | $0.00 | — |
| 2026-05-06 | Scribner Andrew Controller, VP & FP&A | Open-market sale | 4,095 | $98.00 | $401k |
| 2026-05-04 | 6 co-filers President, Int'l Personal Care | Open-market sale | 1,596 | $95.34 | $152k |
| 2026-05-01 | Carmichael John Patrick President, North America | Grant | 12,286 | $0.00 | — |
| 2026-05-01 | Panayiotou Stacey J. Chief Human Resources Officer | Grant | 5,119 | $0.00 | — |
| 2026-05-01 | 2 co-filers Chief Info & GBS Officer | Grant | 17,917 | $0.00 | — |
| 2026-05-01 | 7 co-filers Chairman of the Board and CEO | Option exercise | 11,122 | $0.00 | $0 |
| 2026-05-01 | 4 co-filers Chief Growth Officer | Option exercise | 966 | $0.00 | $0 |
| 2026-05-01 | 7 co-filers Chief Bus., Strat. & Admin. | Option exercise | 3,046 | $0.00 | $0 |
| 2026-05-01 | 10 co-filers Chief Supply Chain Officer | Option exercise | 2,582 | $0.00 | $0 |
| 2026-05-01 | 7 co-filers Chief Financial Officer | Option exercise | 3,384 | $0.00 | $0 |
| 2026-05-01 | 7 co-filers Controller, VP & FP&A | Option exercise | 665 | $0.00 | $0 |
| 2026-05-01 | 5 co-filers Pres. Int'l Fam. Care & Prof. | Option exercise | 1,450 | $0.00 | $0 |
| 2026-05-01 | 6 co-filers President, Int'l Personal Care | Option exercise | 1,740 | $0.00 | $0 |
| 2026-05-01 | 7 co-filers General Counsel & Secretary | Option exercise | 1,160 | $0.00 | $0 |
| 2026-05-01 | 4 co-filers Chief R&D Officer | Option exercise | 1,257 | $0.00 | $0 |
| 2026-05-01 | 7 co-filers President and COO | Option exercise | 4,158 | $0.00 | $0 |
| 2026-05-01 | 7 co-filers General Counsel & Secretary | Option exercise | 1,144 | $0.00 | $0 |
| 2026-05-01 | 7 co-filers Chairman of the Board and CEO | Option exercise | 10,490 | $0.00 | $0 |
| 2026-05-01 | 6 co-filers President, Int'l Personal Care | Option exercise | 1,716 | $0.00 | $0 |
| 2026-05-01 | 2 co-filers Chief Info & GBS Officer | Grant | 7,167 | $0.00 | — |
| 2026-05-01 | 4 co-filers Chief Growth Officer | Tax withholding | 403 | $97.67 | $39k |
| 2026-05-01 | 5 co-filers Pres. Int'l Fam. Care & Prof. | Option exercise | 1,430 | $0.00 | $0 |
| 2026-05-01 | 4 co-filers Chief R&D Officer | Tax withholding | 535 | $97.67 | $52k |
| 2026-05-01 | 7 co-filers Controller, VP & FP&A | Option exercise | 655 | $0.00 | $0 |
| 2026-05-01 | 10 co-filers Chief Supply Chain Officer | Option exercise | 1,450 | $0.00 | $0 |
| 2026-05-01 | 7 co-filers Chief Financial Officer | Option exercise | 3,337 | $0.00 | $0 |
| 2026-05-01 | 7 co-filers President and COO | Option exercise | 3,146 | $0.00 | $0 |
| 2026-05-01 | 7 co-filers Chief Bus., Strat. & Admin. | Option exercise | 3,004 | $0.00 | $0 |
| 2026-05-01 | 7 co-filers Chief Bus., Strat. & Admin. | Tax withholding | 1,183 | $97.67 | $116k |
| 2026-05-01 | 4 co-filers Chief Growth Officer | Option exercise | 966 | $0.00 | — |
| 2026-05-01 | 7 co-filers Controller, VP & FP&A | Tax withholding | 160 | $97.67 | $16k |
EOD close · as of 2026-10-29
Where each multiple sits in its own 14-yr range · 62th 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 135% against ROIC 92% — 43% 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 172.6% — 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
High operating leverage: profit moved 6.1× 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 | 69.7 | 67.3 | 64.4 | 69.2 | 67.4 | 63.4 | 62.6 | 64.0 |
| Gross Profit | 30.3 | 32.7 | 35.6 | 30.8 | 32.6 | 36.6 | 37.4 | 36.0 |
| R&D | 1.7 | 1.5 | 1.4 | 1.4 | 1.7 | 1.8 | 2.0 | 2.0 |
| Operating Income | 12.1 | 16.2 | 16.9 | 13.2 | 13.6 | 11.2 | 16.1 | 14.3 |
| Income Tax | 2.5 | 3.1 | 3.5 | 2.5 | 2.4 | 2.0 | 2.6 | 3.6 |
| Net Income | 7.6 | 11.7 | 12.3 | 9.3 | 11.4 | 10.3 | 15.1 | 12.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on KMB: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 90.2pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 125.8% | 7.8% (today's — no rate published for this year) | 118.0pts |
| FY2020 | 224.8% | 7.8% (today's — no rate published for this year) | 217.0pts |
| FY2021 | 208.4% | 6.2% | 202.2pts |
| FY2022 | 138.2% | 7.6% | 130.7pts |
| FY2023 | 116.2% | 7.6% | 108.6pts |
| FY2024 | 180.1% | 7.5% | 172.6pts |
| FY2025 | 80.0% | 7.0% | 73.0pts |
| Now | 92.0% | 7.8% | 84.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 36.6% | 18.5% | 11.8% |
| FY2017 | 35.9% | 18.3% | 12.4% |
| FY2018 | 30.3% | 12.1% | 7.6% |
| FY2019 | 32.7% | 16.2% | 11.7% |
| FY2020 | 35.6% | 16.9% | 12.3% |
| FY2021 | 30.8% | 13.2% | 9.3% |
| FY2022 | 30.8% | 13.3% | 9.6% |
| FY2023 | 36.6% | 11.2% | 10.3% |
| FY2024 | 37.4% | 16.1% | 15.1% |
| FY2025 | 36.0% | 14.3% | 12.3% |
Leverage and buybacks account for 43 points of the 135% return on equity in FY2025. The business earns 92% 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.
$1.8B of goodwill — 99% 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 10822.09% against 98.05% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.06x of reported profit into cash — adequate, without much margin.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Covers interest 6.4x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 9.18x |
| 5% | 8.72x |
| 10% | 8.27x |
| 15% | 7.81x |
| 20% | 7.35x |
| 25% | 6.89x |
| 30% | 6.43x |
| 35% | 5.97x |
| 40% | 5.51x |
| 45% | 5.05x |
| 50% | 4.59x |
| 55% | 4.13x |
| 60% | 3.67x |
This schedule comes from a filing dated 2016-12-31, 3590 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2016-12-31 (10-K); cash from the 2016-12-31 balance sheet; FCF from FY2016.
Balance sheet at 2016-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $429,000,000 of the $1,123,000,000 total — a fixed obligation that does not appear in a headline debt figure.
At $110.02, free cash flow must compound 0.22%/yr for 10 years. It has done 1.19%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 64.5% | 0.2% |
| FY2021 | −31.4% | 0.2% |
| FY2022 | 7.8% | 0.2% |
| FY2023 | 49.5% | 0.2% |
| FY2024 | −9.5% | 0.2% |
| FY2025 | −34.8% | 0.2% |
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 achieved growth rate spans a reporting-basis change in FY2023, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.02B | $2.02B |
| Share-based comp | $140M | $2.16B |
| Other non-cash & working capital | $616M | $2.78B |
| Operating cash flow | $2.78B | $2.78B |
| Capex | −$1.14B | $1.64B |
| Free cash flow | $1.64B | $1.64B |
| FCF after SBC | $1.50B | $1.50B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 3.7% | -1.2% | -5.0 points |
| FY2021 | 1.6% | -1.3% | -2.8 points |
| FY2022 | 3.8% | 3.3% | -0.5 points |
| FY2023 | -15.0% | -6.4% | 8.6 points |
| FY2024 | -2.0% | -19.1% | -17.1 points |
| FY2025 | -2.1% | 9.5% | 11.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 44.8 days | 52.6 days | 89.8 days | 7.6 days |
| FY2020 | 42.6 days | 56.4 days | 98.9 days | 0.2 days |
| FY2021 | 41.4 days | 60.8 days | 104.2 days | -2 days |
| FY2022 | 41.2 days | 59.3 days | 99.7 days | 0.9 days |
| FY2023 | 45.4 days | 65.6 days | 122.6 days | -11.5 days |
| FY2024 | 37.5 days | 50.4 days | 113.3 days | -25.4 days |
| FY2025 | 42 days | 51.2 days | 117.5 days | -24.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.8 percent |
| FY2020 | -7.9 percent |
| FY2021 | -5.1 percent |
| FY2022 | -4.5 percent |
| FY2023 | -10.3 percent |
| FY2024 | -4.2 percent |
| FY2025 | -4.4 percent |
Below the line, the asset base is being consumed faster than it is replaced.
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.