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Held by 310 of 2,417 reporting institutions (97th 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 20% of free cash flow, leaving room to grow it and fund buybacks. Last year: $240.7M dividends + $450.0M buybacks = $690.7M returned on $1.21B FCF.
1 consecutive years of dividend increases · 10%/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 reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $532.3M covers the $500.3M due within a year 1.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~4.0% on $5.58B of debt.
Cash of $532.3M fully covers short-term debt of $500.1M.
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 | $13.95B 100.0% | $13.01B 100.0% | $12.16B 100.0% | $11.86B 100.0% | $13.14B 100.0% | $13.98B 100.0% | $11.55B 100.0% | $11.33B 100.0% | $10.31B 100.0% | $9.55B 100.0% |
| Cost of Revenue | $9.94B 71.2% | $9.38B 72.1% | $8.80B 72.3% | $8.15B 68.7% | $8.14B 62.0% | $9.03B 64.6% | $8.30B 71.9% | $8.16B 72.0% | $7.22B 70.0% | $6.70B 70.1% |
| Gross Profit | $4.01B 28.8% | $3.62B 27.9% | $3.36B 27.7% | $3.71B 31.3% | $4.99B 38.0% | $4.95B 35.4% | $3.25B 28.1% | $3.18B 28.0% | $3.09B 30.0% | $2.85B 29.9% |
| Selling, General & Admin | $2.22B 15.9% | $2.23B 17.1% | $2.02B 16.6% | $1.76B 14.9% | $1.69B 12.9% | $1.73B 12.4% | $1.62B 14.1% | $1.57B 13.9% | $1.50B 14.5% | $1.35B 14.1% |
| Operating Income | $1.38B 9.9% | $1.09B 8.4% | $725.6M 6.0% | $1.44B 12.1% | $3.05B 23.2% | $2.45B 17.5% | $1.33B 11.5% | $1.33B 11.7% | $1.31B 12.7% | $1.27B 13.3% |
| Interest Expense | $224.1M 1.6% | $208.3M 1.6% | $199.6M 1.6% | $179.8M 1.5% | $211.8M 1.6% | $207.4M 1.5% | $240.7M 2.1% | $244.2M 2.2% | $235.1M 2.3% | $219.1M 2.3% |
| Other Income (Expense), net | -$55.0M -0.4% | $60.2M 0.5% | $15.5M 0.1% | -$32.2M -0.3% | $15.5M 0.1% | -$226.3M -1.6% | -$225.3M -1.9% | -$57.4M -0.5% | -$227.7M -2.2% | -$197.0M -2.1% |
| Income Tax Expense | $229.8M 1.6% | $212.4M 1.6% | $188.5M 1.5% | $233.9M 2.0% | $690.0M 5.3% | $662.1M 4.7% | $280.0M 2.4% | $384.4M 3.4% | -$155.4M -1.5% | $360.7M 3.8% |
| Net Income | $877.0M 6.3% | $746.0M 5.7% | $418.0M 3.4% | $1.28B 10.8% | $2.38B 18.1% | $1.56B 11.1% | $823.8M 7.1% | $883.7M 7.8% | $1.23B 11.9% | $711.8M 7.5% |
| Per Share | ||||||||||
| EPS (Basic) | $10.54 | $8.89 | $4.80 | $14.05 | $24.60 | $15.99 | $8.42 | $8.71 | $11.99 | $6.94 |
| EPS (Diluted) | $10.46 | $8.84 | $4.77 | $13.97 | $24.39 | $15.88 | $8.35 | $8.61 | $11.81 | $6.82 |
| Weighted Avg Shares (Basic) | 83.2M | 83.9M | 87.1M | 91.1M | 96.7M | 97.3M | 97.9M | 101.4M | 102.4M | 102.5M |
| Weighted Avg Shares (Diluted) | 83.8M | 84.4M | 87.6M | 91.6M | 97.5M | 98.0M | 98.6M | 102.6M | 103.9M | 104.3M |
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.
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 $361.39 today, the market must believe free cash flow compounds 7.5%/yr for a decade (off $1.06B on the 3-yr avg basis).
On the basis ($934.9M) the requirement is 9.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 7.5% is more optimistic than its 9-yr track record.
Default is 7.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.08B shares (market data) · net debt $5.05B
mean 10.1% · volatility σ 39% · implied rate exceeded in 6/9 yrs
Central path = implied 7.5%/yr growth; shaded band = ±1σ (39%) 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.
Ranked against 10 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LH | $29.3B | 34.5× | 16.6× | 2.1× | 7.2% | 28.8% | 6.3% | 10.2% | 6.2% | 2.5× | 310 |
| DGX | $27.8B | 28.8× | 15.5× | 2.5× | 11.8% | 33.2% | 9.0% | 13.8% | 7.7% | 2.5× | 328 |
| CAI | $9.7B | — | 137.1× | 11.9× | 97.0% | — | -8.4% | -11.8% | -7.1% | -6.2× | 62 |
| RDNT | $5.8B | — | 28.5× | 2.8× | 11.5% | — | -0.9% | -1.7% | -0.9% | 1.5× | 66 |
| BLLN | $5.3B | — | — | 17.5× | 100.0% | 68.3% | 2.4% | 1.6% | 1.4% | -19.1× | 21 |
| VCYT | $4.0B | 61.0× | 46.2× | 7.8× | 16.0% | 70.1% | 12.8% | 5.1% | 5.1% | -4.6× | 60 |
| PSNL | $1.7B | — | — | 24.3× | -17.7% | 22.7% | -117% | -31.1% | -31.1% | — | 20 |
| CSTL | $1.1B | — | — | 3.3× | 3.7% | 79.4% | -7.0% | -5.1% | -5.0% | — | 30 |
| FLGT | $567M | — | — | 1.8× | 13.8% | 40.6% | -18.8% | -5.4% | -5.4% | — | 22 |
| XGN | $208M | — | — | 3.1× | 19.7% | 58.3% | -30.0% | -114% | -49.4% | — | 3 |
| CFOR | $121M | 4.2× | 5.0× | 4.0× | 481% | — | 78.2% | 74.1% | 74.1% | -0.0× | — |
Peers = companies sharing LH's sector (Services-Medical Laboratories) 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
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 · 96th 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 10% against ROIC 6% — 4% 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
High operating leverage: profit moved 3.8× 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 | 72.0 | 71.9 | 64.6 | 62.0 | 68.7 | 72.3 | 72.1 | 71.2 |
| Gross Profit | 28.0 | 28.1 | 35.4 | 38.0 | 31.3 | 27.7 | 27.9 | 28.8 |
| SG&A | 13.9 | 14.1 | 12.4 | 12.9 | 14.9 | 16.6 | 17.1 | 15.9 |
| Operating Income | 11.7 | 11.5 | 17.5 | 23.2 | 12.1 | 6.0 | 8.4 | 9.9 |
| Income Tax | 3.4 | 2.4 | 4.7 | 5.3 | 2.0 | 1.5 | 1.6 | 1.6 |
| Net Income | 7.8 | 7.1 | 11.1 | 18.1 | 10.8 | 3.4 | 5.7 | 6.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on LH: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -0.69pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 6.4% | 7.2% (today's — no rate published for this year) | -0.9pts |
| FY2020 | 11.3% | 7.2% (today's — no rate published for this year) | 4.1pts |
| FY2021 | 13.8% | 6.5% | 7.3pts |
| FY2022 | 6.2% | 7.3% | -1.1pts |
| FY2023 | 3.8% | 7.8% | -4.1pts |
| FY2024 | 5.4% | 7.5% | -2.1pts |
| FY2025 | 6.5% | 6.6% | -0.0pts |
| Now | 6.2% | 7.2% | -1.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 29.9% | 13.3% | 7.5% |
| FY2017 | 30.0% | 12.7% | 11.9% |
| FY2018 | 28.0% | 11.7% | 7.8% |
| FY2019 | 28.1% | 11.5% | 7.1% |
| FY2020 | 35.4% | 17.5% | 11.1% |
| FY2021 | 38.0% | 23.2% | 18.1% |
| FY2022 | 31.3% | 12.1% | 10.8% |
| FY2023 | 27.7% | 6.0% | 3.4% |
| FY2024 | 27.9% | 8.4% | 5.7% |
| FY2025 | 28.8% | 9.9% | 6.3% |
Leverage and buybacks account for 4 points of the 10% 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.
$7.0B of goodwill — 47% 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.
ROIC ex-goodwill is 12.45% against 6.54% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.45x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $1.21B; after share-based compensation it is $1.08B. The difference is a real cost that the cash flow statement adds back.
Covers interest 4.3x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 6.18x |
| 5% | 5.87x |
| 10% | 5.56x |
| 15% | 5.25x |
| 20% | 4.94x |
| 25% | 4.63x |
| 30% | 4.33x |
| 35% | 4.02x |
| 40% | 3.71x |
| 45% | 3.40x |
| 50% | 3.09x |
| 55% | 2.78x |
| 60% | 2.47x |
Ladder as of 2025-12-31 (10-K); 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.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $361.39, free cash flow must compound 7.89%/yr for 10 years. It has done 2.43%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 67.9% | 7.9% |
| FY2021 | 53.3% | 7.9% |
| FY2022 | −43.2% | 7.9% |
| FY2023 | −42.7% | 7.9% |
| FY2024 | 25.4% | 7.9% |
| FY2025 | 10.0% | 7.9% |
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 FY2021, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $877M | $877M |
| Share-based comp | $126M | $1.00B |
| Other non-cash & working capital | $638M | $1.64B |
| Operating cash flow | $1.64B | $1.64B |
| Capex | −$435M | $1.21B |
| Free cash flow | $1.21B | $1.21B |
| FCF after SBC | $1.08B | $1.08B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 21.0% | 60.6% | 39.6 points |
| FY2021 | -6.0% | -8.8% | -2.8 points |
| FY2022 | -9.7% | -21.1% | -11.4 points |
| FY2023 | 2.5% | 7.2% | 4.7 points |
| FY2024 | 7.0% | 1.6% | -5.4 points |
| FY2025 | 7.3% | 8.2% | 1.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 48.8 days | 10.8 days | 27.8 days | 31.7 days |
| FY2020 | 64.8 days | 17.1 days | 25.8 days | 56 days |
| FY2021 | 62.8 days | 18 days | 27.8 days | 53 days |
| FY2022 | 54.9 days | 21.1 days | 38.1 days | 37.9 days |
| FY2023 | 57.4 days | 19.7 days | 34.3 days | 42.8 days |
| FY2024 | 54.5 days | 19.2 days | 34.1 days | 39.7 days |
| FY2025 | 55 days | 19.6 days | 30.9 days | 43.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.4 percent |
| FY2020 | -2.9 percent |
| FY2021 | -3.6 percent |
| FY2022 | -3.4 percent |
| FY2023 | -5.4 percent |
| FY2024 | -4.6 percent |
| FY2025 | -4.2 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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
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.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-01 | Vaughn Bryan T EVP and President, Diagnostics | Grant | 1,500 | $0.00 | — |
| 2026-09-01 | Meltzer Jonathan C EVP, COO | Grant | 900 | $0.00 | — |
| 2026-09-01 | Caveney Brian J EVP, Pres of BLS, CMO & CSO | Grant | 3,000 | $0.00 | — |
| 2026-09-01 | Oyegunwa Akinbolade EVP, CIO & CTO | Grant | 750 | $0.00 | — |
| 2026-08-17 | Anderson Kerrii B Director | 10b5-1 plan sale | 3,000 | $318.02 | $954k |
| 2026-08-11 | Schechter Adam H President & CEO | 10b5-1 plan sale | 4,669 | $320.37 | $1.5m |
| 2026-08-04 | Summy Amy B. EVP, Chief Marketing Officer | Open-market sale | 924 | $306.74 | $283k |
| 2026-08-03 | 4 co-filers SVP, Chief Accounting Officer | Exercise & sell | 82 | $309.22 | $25k |
| 2026-08-03 | 4 co-filers SVP, Chief Accounting Officer | Option exercise | 1,338 | $209.25 | $280k |
| 2026-08-03 | 4 co-filers SVP, Chief Accounting Officer | Exercise & sell | 1,338 | $309.23 | $414k |
| 2026-08-03 | 4 co-filers SVP, Chief Accounting Officer | Option exercise | 1,338 | $0.00 | — |
| 2026-07-02 | 4 co-filers EVP, Chief Legal Officer | 10b5-1 plan sale | 92 | $286.19 | $26k |
| 2026-07-02 | 4 co-filers EVP and President, Diagnostics | 10b5-1 plan sale | 234 | $286.19 | $67k |
| 2026-07-01 | 4 co-filers EVP and President, Diagnostics | Option exercise | 327 | — | — |
| 2026-07-01 | 4 co-filers EVP, Chief Legal Officer | Option exercise | 256 | — | — |
| 2026-07-01 | 4 co-filers EVP, Chief Legal Officer | Tax withholding | 73 | $283.88 | $21k |
| 2026-07-01 | 4 co-filers EVP and President, Diagnostics | Tax withholding | 93 | $283.88 | $26k |
| 2026-07-01 | 4 co-filers EVP and President, Diagnostics | Option exercise | 327 | $0.00 | — |
| 2026-07-01 | 4 co-filers EVP, Chief Legal Officer | Option exercise | 256 | $0.00 | — |
| 2026-06-08 | Kyle Kathryn W EVP, Chief Legal Officer | 10b5-1 plan sale | 762 | $263.89 | $201k |
| 2026-05-11 | Schechter Adam H President & CEO | 10b5-1 plan sale | 5,903 | $254.50 | $1.5m |
| 2026-03-27 | 3 co-filers EVP, Operations | 10b5-1 plan sale | 839 | $267.05 | $224k |
| 2026-03-27 | 3 co-filers SVP, Chief Accounting Officer | 10b5-1 plan sale | 1,633 | $267.05 | $436k |
| 2026-03-26 | 4 co-filers EVP, Pres Diagnostics & COO | Grant | 9,304 | $0.00 | $0 |
| 2026-03-26 | 2 co-filers EVP, Chief Marketing Officer | Grant | 3,994 | $0.00 | $0 |
| 2026-03-26 | 3 co-filers SVP, Chief Accounting Officer | Grant | 2,388 | $0.00 | $0 |
| 2026-03-26 | 3 co-filers EVP, Operations | Grant | 2,388 | $0.00 | $0 |
| 2026-03-26 | 2 co-filers EVP, Pres, Central Labs & Intl | Grant | 1,184 | $0.00 | $0 |
| 2026-03-26 | 4 co-filers EVP, Pres of ED, CMO & CSO | Grant | 9,304 | $0.00 | $0 |
| 2026-03-26 | 2 co-filers President & CEO | Grant | 58,470 | $0.00 | $0 |
| 2026-03-26 | 2 co-filers EVP, Chief Legal Officer | Grant | 1,584 | $0.00 | $0 |
| 2026-03-26 | 2 co-filers EVP, CIO & CTO | Grant | 1,340 | $0.00 | $0 |
| 2026-03-26 | 2 co-filers EVP, CHRO | Grant | 6,604 | $0.00 | $0 |
| 2026-03-26 | 2 co-filers EVP, Diagnostics | Grant | 1,584 | $0.00 | $0 |
| 2026-03-26 | 2 co-filers EVP, Corporate Affairs | Grant | 6,382 | $0.00 | $0 |
| 2026-03-26 | 2 co-filers EVP, Chief Legal Officer | Tax withholding | 451 | $268.38 | $121k |
| 2026-03-26 | 2 co-filers President & CEO | Tax withholding | 26,106 | $268.38 | $7.0m |
| 2026-03-26 | 2 co-filers EVP, CHRO | Tax withholding | 2,879 | $268.38 | $773k |
| 2026-03-26 | 4 co-filers EVP, Pres Diagnostics & COO | Tax withholding | 4,600 | $268.38 | $1.2m |
| 2026-03-26 | 4 co-filers EVP, Pres of ED, CMO & CSO | Tax withholding | 4,042 | $268.38 | $1.1m |
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.