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Held by 492 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 is comfortably covered — only 34% of free cash flow, leaving room to grow it and fund buybacks. Last year: $903.0M dividends + $1.15B buybacks = $2.06B returned on $2.68B FCF.
6 consecutive years of dividend increases · 9%/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).
Modest payoff on reinvested capital. Current ROIC on all capital: 5%. 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 $530.0M is below the $657.0M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2019-06-28 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.9% on $6.95B of debt. Interest last disclosed in FY2021 (no longer broken out).
Cash of $1.07B fully covers short-term debt of $0.
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.
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $277.61 today, the market must believe free cash flow compounds 3.9%/yr for a decade (off $2.16B on the 3-yr avg basis).
On the basis ($2.06B) the requirement is 4.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 3.9% is more conservative than its 9-yr track record.
Default is 6.6% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.19B shares (market data) · net debt $9.37B
mean 17.6% · volatility σ 31% · implied rate exceeded in 4/7 yrs
Central path = implied 3.9%/yr growth; shaded band = ±1σ (31%) 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
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2026
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $21.32B 100.0% | $19.42B 100.0% | $17.06B 100.0% | $17.81B 100.0% | $18.19B 100.0% | $12.86B 100.0% | $6.80B 100.0% | $6.18B 100.0% | $5.90B 100.0% |
| Cost of Revenue | — | $15.80B 74.1% | $14.31B 73.7% | $12.13B 71.1% | $12.44B 69.8% | $14.31B 78.6% | $9.09B 70.7% | $4.47B 65.7% | $4.07B 65.8% | $3.85B 65.3% |
| Cost of Products | — | — | — | — | — | — | — | — | — | $3.03B 51.3% |
| Cost of Services | — | — | — | — | — | — | — | — | — | $782.0M 13.3% |
| Selling, General & Admin | $3.43B | $3.57B 16.7% | $3.31B 17.1% | $3.00B 17.6% | $3.28B 18.4% | $3.31B 18.2% | $2.54B 19.8% | $1.24B 18.3% | $1.18B 19.1% | — |
| Total Operating Expenses | — | — | — | — | — | — | — | $1.24B 18.3% | $1.18B 19.1% | $1.15B 19.5% |
| Operating Income | $2.11B | $1.92B 9.0% | $1.43B 7.3% | $1.13B 6.6% | $2.11B 11.8% | $2.16B 11.9% | — | $1.45B 21.3% | $1.12B 18.1% | $1.07B 18.2% |
| Interest Expense | — | — | — | — | — | $270.0M 1.5% | $217.0M 1.7% | $169.0M 2.5% | $170.0M 2.7% | $172.0M 2.9% |
| Interest & Investment Income | — | — | — | — | — | $16.0M 0.1% | $13.0M 0.1% | $2.0M 0.0% | $2.0M 0.0% | $2.0M 0.0% |
| Other Income (Expense), net | $419.0M | $354.0M 1.7% | $338.0M 1.7% | $425.0M 2.5% | $439.0M 2.5% | $401.0M 2.2% | — | $188.0M 2.8% | $156.0M 2.5% | $166.0M 2.8% |
| Pretax Income | $1.93B | $1.60B 7.5% | $1.22B 6.3% | $1.27B 7.5% | $2.28B 12.8% | $1.32B 7.3% | $1.49B 11.6% | $1.11B 16.4% | $908.0M 14.7% | $889.0M 15.1% |
| Income Tax Expense | $326.0M | $85.0M 0.4% | $23.0M 0.1% | $212.0M 1.2% | $440.0M 2.5% | $234.0M 1.3% | $146.0M 1.1% | $160.0M 2.4% | $206.0M 3.3% | $261.0M 4.4% |
| Net Income | $1.61B | $1.50B 7.0% | $1.23B 6.3% | $1.06B 6.2% | $1.85B 10.4% | $1.12B 6.2% | $1.33B 10.4% | $949.0M 14.0% | $699.0M 11.3% | $543.0M 9.2% |
| Per Share | ||||||||||
| EPS (Basic) | $8.57 | $7.91 | $6.47 | $5.54 | $9.17 | $5.23 | $8.04 | $8.03 | $5.88 | $4.42 |
| EPS (Diluted) | $8.53 | $7.87 | $6.44 | $5.49 | $9.09 | $5.19 | $7.89 | $7.86 | $5.76 | $4.36 |
| Weighted Avg Shares (Basic) | 187.4M | 189.8M | 189.6M | 191.8M | 201.3M | 214.0M | 166.0M | 118.0M | 118.6M | 122.6M |
| Weighted Avg Shares (Diluted) | 188.4M | 190.7M | 190.6M | 193.5M | 203.2M | 215.9M | 169.0M | 120.5M | 121.1M | 124.3M |
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.
Ranked against 39 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SYK | $111.9B | 34.8× | 19.2× | 4.5× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 1.8× | 738 |
| MMM | $89.9B | 29.1× | 17.3× | 3.6× | 1.5% | 39.9% | 13.0% | 69.1% | 18.8% | 2.1× | 788 |
| TT | $89.7B | 31.6× | 22.2× | 4.2× | 7.5% | — | 13.7% | 34.0% | 22.1% | 0.7× | 570 |
| NOC | $79.2B | 19.2× | 15.1× | 1.9× | 2.2% | — | 10.0% | 25.1% | 12.9% | 1.9× | 576 |
| BSX | $60.8B | 21.6× | 11.9× | 3.0× | 19.9% | 69.0% | 14.4% | 11.9% | 11.8% | -0.3× | 407 |
| AME | $55.3B | 37.7× | 27.8× | 7.5× | 6.6% | 36.0% | 20.0% | 13.9% | 11.5% | 0.9× | 337 |
| BDX | $53.9B | 34.0× | 14.4× | 2.5× | 8.2% | 45.4% | 7.7% | 6.6% | 3.8% | 3.7× | 458 |
| EW | $53.0B | 50.3× | 35.7× | 8.7× | 11.5% | 78.0% | 17.7% | 10.4% | 9.8% | -1.6× | 399 |
| GRMN | $52.5B | 31.7× | 24.8× | 7.3× | 15.1% | 58.7% | 23.0% | 18.5% | 18.5% | -1.1× | 324 |
| KEYS | $52.3B | 62.6× | 52.6× | 9.7× | 8.0% | 62.1% | 15.8% | 14.5% | 10.1% | 0.7× | 354 |
| LHX | $51.7B | 32.5× | 18.3× | — | — | — | — | 8.2% | 5.3% | 2.8× | 492 |
| A | $49.3B | 38.3× | 28.8× | 7.1× | 6.7% | 52.4% | 18.8% | 19.3% | 12.9% | 0.9× | 357 |
| ROK | $48.4B | 56.9× | 25.2× | 5.8× | 0.9% | 48.1% | 10.4% | 23.8% | 12.6% | 1.4× | 464 |
| ROP | $46.1B | 32.9× | 17.6× | 5.8× | 12.3% | 69.2% | 19.4% | 7.7% | 5.3% | 2.9× | 303 |
| WAT | $45.4B | 43.0× | 51.4× | 14.3× | 7.0% | 59.3% | 20.3% | 25.1% | 18.3% | 0.4× | 360 |
| TER | $42.9B | 79.1× | 55.0× | 13.4× | 13.1% | 58.2% | 17.4% | 19.8% | 18.5% | -0.1× | 385 |
| COHR | $41.4B | 51.0× | — | 5.8× | 22.5% | 37.5% | 11.3% | 7.4% | 5.7% | — | 334 |
| ILMN | $35.6B | 43.3× | 33.1× | 8.2× | -0.7% | 66.1% | 19.6% | 31.2% | 31.2% | 0.0× | 308 |
| GEHC | $34.6B | 16.8× | 13.2× | 1.7× | 4.8% | 40.0% | 10.1% | 20.1% | 10.2% | 1.8× | 356 |
| MTD | $33.6B | 39.8× | 33.0× | 8.3× | 4.0% | 59.4% | 21.6% | — | 40.8% | 2.0× | 195 |
| RMD | $32.3B | 22.1× | 15.1× | 5.7× | 9.9% | 61.1% | 26.9% | 23.1% | 21.0% | -0.4× | — |
| DXCM | $31.1B | 39.4× | 25.9× | 6.7× | 15.6% | 60.1% | 17.9% | 30.5% | 30.5% | -0.8× | 287 |
| TDY | $30.5B | 34.9× | 25.7× | 5.0× | 7.9% | 42.8% | 14.6% | 8.5% | 6.9% | 1.7× | 221 |
| WST | $28.8B | 60.8× | 37.3× | 9.4× | 6.3% | 35.9% | 16.1% | 15.5% | 14.6% | -0.8× | 237 |
| MDLN | $28.2B | — | 12.0× | 1.0× | — | 26.4% | 4.1% | 10.8% | 5.0% | 3.3× | 84 |
Peers = companies sharing LHX's sector (Search, Detection, Navigation, Guidance, Aeronautical Sys) 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 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 |
|---|---|---|---|---|---|
| 2026-10-01 | Regnery David S Director | Grant | 157 | $238.40 | $38k |
| 2026-10-01 | Bedingfield Kenneth L President, Missile Solutions | Grant | 27 | $238.40 | — |
| 2026-10-01 | Zamarro Christina L Director | Grant | 157 | $238.40 | $38k |
| 2026-10-01 | Geraghty Joanna Director | Grant | 184 | $238.40 | $44k |
| 2026-09-01 | Barnes Lauren N. |
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 |
| 5,692 |
| $0.00 |
| — |
| 2026-09-01 | 2 co-filers President and CEO | Grant | 11,831 | $0.00 | — |
| 2026-09-01 | Aebli Christopher T. Pres., Comm & Spect. Dominance | Grant | 5,692 | $0.00 | — |
| 2026-09-01 | 2 co-filers President and CEO | Grant | 3,036 | $0.00 | — |
| 2026-08-03 | Mehta Samir President, S&MS and C&SD | Grant | 17,995 | $0.00 | — |
| 2026-08-03 | Rakita Melanie Vice President & CHRO | Grant | 5,399 | $0.00 | — |
| 2026-08-03 | Sharp Kenneth P SVP, Chief Financial Officer | Grant | 8,998 | $0.00 | — |
| 2026-08-03 | Bedingfield Kenneth L President, Missile Solutions | Grant | 17,995 | $0.00 | — |
| 2026-08-03 | Hanna Tania W. VP, Govt. & Customer Relations | Grant | 8,998 | $0.00 | — |
| 2026-07-01 | Zamarro Christina L Director | Grant | 128 | $292.93 | $38k |
| 2026-07-01 | Geraghty Joanna Director | Grant | 150 | $292.93 | $44k |
| 2026-07-01 | Bedingfield Kenneth L President, Missile Solutions | Grant | 19 | $292.93 | — |
| 2026-07-01 | Regnery David S Director | Grant | 128 | $292.93 | $38k |
| 2026-05-11 | Hay Lewis Iii Director | Grant | 661 | $0.00 | $0 |
| 2026-05-11 | Rice Edward A Jr Director | Grant | 661 | $0.00 | $0 |
| 2026-05-11 | Zamarro Christina L Director | Grant | 661 | $0.00 | $0 |
| 2026-05-11 | Harris Harry B. Jr Director | Grant | 661 | $0.00 | $0 |
| 2026-05-11 | Geraghty Joanna Director | Grant | 661 | $0.00 | $0 |
| 2026-05-11 | Regnery David S Director | Grant | 661 | $0.00 | $0 |
| 2026-05-11 | Fradin Roger Director | Grant | 661 | $0.00 | $0 |
| 2026-05-11 | Bailey Sallie B Director | Grant | 661 | $0.00 | $0 |
| 2026-05-11 | Dattilo Thomas A Director | Grant | 661 | $0.00 | $0 |
| 2026-05-11 | Hachigian Kirk S Director | Grant | 661 | $302.35 | $200k |
| 2026-05-05 | 4 co-filers Vice President & CHRO | 10b5-1 plan sale | 2,180 | $310.45 | $677k |
| 2026-05-01 | 4 co-filers Vice President & CHRO | Option exercise | 3,596 | $0.00 | $0 |
| 2026-05-01 | Mehta Samir Pres., Space & Mission Sys. | Grant | 3,192 | $0.00 | — |
| 2026-05-01 | 3 co-filers SVP, Chief Financial Officer | Grant | 10,021 | $0.00 | — |
| 2026-05-01 | 3 co-filers SVP, Chief Financial Officer | Grant | 2,593 | $0.00 | — |
| 2026-05-01 | 4 co-filers Vice President & CHRO | Tax withholding | 1,416 | $313.37 | $444k |
| 2026-05-01 | 3 co-filers SVP, Chief Financial Officer | Grant | 11,169 | $0.00 | — |
| 2026-05-01 | 4 co-filers Vice President & CHRO | Option exercise | 3,596 | $0.00 | — |
| 2026-04-01 | Zamarro Christina L Director | Grant | 106 | $353.91 | $38k |
| 2026-04-01 | Geraghty Joanna Director | Grant | 124 | $353.91 | $44k |
| 2026-04-01 | Regnery David S Director | Grant | 106 | $353.91 | $38k |
| 2026-04-01 | Bedingfield Kenneth L President, Missile Solutions | Grant | 98 | $353.91 | — |
| 2026-03-02 | 5 co-filers Pres., Space & Mission Sys. | 10b5-1 plan sale | 5,528 | $370.32 | $2.0m |
EOD close · as of 2026-10-30
Where each multiple sits in its own 15-yr range · 71th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 15-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 8% against ROIC 5% — 3% 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
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 65.7 | 70.7 | 78.6 | 69.8 | 71.1 | 73.7 | 74.1 | — |
| SG&A | 18.3 | 19.8 | 18.2 | 18.4 | 17.6 | 17.1 | 16.7 | — |
| Operating Income | 21.3 | — | 11.9 | 11.8 | 6.6 | 7.3 | 9.0 | — |
| Income Tax | 2.4 | 1.1 | 1.3 | 2.5 | 1.2 | 0.1 | 0.4 | — |
| Net Income | 14.0 | 10.4 | 6.2 | 10.4 | 6.2 | 6.3 | 7.0 | — |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on LHX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -0.08pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2021 | 7.2% | 6.6% (today's — no rate published for this year) | 0.6pts |
| FY2022 | 7.3% | 6.6% (today's — no rate published for this year) | 0.7pts |
| FY2023 | 4.1% | 6.6% (today's — no rate published for this year) | -2.4pts |
| FY2024 | 4.0% | 6.6% (today's — no rate published for this year) | -2.5pts |
| FY2025 | 5.5% | 6.6% (today's — no rate published for this year) | -1.0pts |
| FY2026 | 6.5% | 6.6% (today's — no rate published for this year) | -0.1pts |
| Now | 5.3% | 6.6% | -1.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 34.7% | 18.2% | 9.2% |
| FY2018 | 34.2% | 18.1% | 11.3% |
| FY2019 | 34.3% | 21.3% | 14.0% |
| FY2020 | 29.3% | not reported | 10.4% |
| FY2021 | 21.4% | 11.9% | 6.2% |
| FY2022 | 30.2% | 11.8% | 10.4% |
| FY2023 | 28.9% | 6.6% | 6.2% |
| FY2024 | 26.3% | 7.3% | 6.3% |
| FY2025 | 25.9% | 9.0% | 7.0% |
Leverage and buybacks account for 3 points of the 8% return on equity in FY2026. The business earns 5% 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.
$20.0B of goodwill — 67% 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 19.52% against 6.48% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.50x of reported profit into free cash flow over 5 years, with accruals negative.
Capex has been below depreciation for 6 consecutive years (0.33x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
This schedule comes from a filing dated 2019-06-28, 2682 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2019-06-28 (10-K); cash from the 2019-06-28 balance sheet; FCF from FY2019.
Balance sheet at 2019-06-28. 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: interest_expense.
At $277.61, free cash flow must compound 4.07%/yr for 10 years. It has done 2.06%/yr over 5 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2022 | −3.2% | 4.1% |
| FY2023 | −18.7% | 4.1% |
| FY2024 | −13.6% | 4.1% |
| FY2025 | 30.6% | 4.1% |
| FY2026 | 24.7% | 4.1% |
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 5 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.61B | $1.61B |
| Share-based comp | $113M | $1.72B |
| Other non-cash & working capital | $1.39B | $3.11B |
| Operating cash flow | $3.11B | $3.11B |
| Capex | −$424M | $2.68B |
| Free cash flow | $2.68B | $2.68B |
| FCF after SBC | $2.57B | $2.57B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 41.5% | 10.5% | -31.0 points |
| FY2022 | -2.1% | -22.3% | -20.2 points |
| FY2023 | -4.2% | 19.7% | 23.9 points |
| FY2024 | 13.8% | -1.7% | -15.5 points |
| FY2025 | 9.8% | -12.8% | -22.7 points |
| FY2026 | not reported | 27.9% | not reported |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 34.5 days | 49 days | 50.6 days | 32.8 days |
| FY2021 | 27 days | 24.8 days | 35.9 days | 15.9 days |
| FY2022 | 21.4 days | 28.8 days | 51.9 days | -1.6 days |
| FY2023 | 26.8 days | 38.8 days | 58.5 days | 7.1 days |
| FY2024 | 23.1 days | 37.6 days | 53.7 days | 6.9 days |
| FY2025 | 18.3 days | 30.7 days | 46.3 days | 2.8 days |
| FY2026 | not reported | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | not reported |
| FY2021 | -4.5 percent |
| FY2022 | -2.4 percent |
| FY2023 | -3.3 percent |
| FY2024 | -2.1 percent |
| FY2025 | -2.5 percent |
| FY2026 | -3.6 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 6 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 (FY2026) 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.