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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.
Ranked against 27 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MGA | $17.1B | 21.8× | 5.3× | 0.4× | -1.9% | 14.3% | 2.0% | 6.6% | 4.8% | 0.8× | 92 |
| BWA | $10.4B | 40.3× | 11.4× | 0.7× | 1.6% | 18.7% | 1.9% | 5.1% | 3.0% | 3.1× | 190 |
| APTV | $9.1B | 58.6× | 7.6× | 0.5× | 3.5% | 19.1% | 0.8% | 1.8% | 1.0% | 3.0× | 150 |
| ALSN | $8.9B | 14.7× | 10.3× | 3.0× | -6.7% | 48.6% | 20.7% | 33.4% | 13.1% | 1.4× | 135 |
| ALV | $8.5B | 12.3× | 6.7× | 0.8× | 4.1% | 19.2% | 6.8% | 28.6% | 15.6% | 1.0× | 91 |
| MOD | $6.9B | 57.4× | 17.1× | 2.2× | 23.1% | 23.0% | 3.8% | 10.2% | 7.7% | 0.8× | 101 |
| LEA | $5.8B | 14.5× | 5.5× | 0.3× | -0.2% | 6.5% | 1.9% | 8.7% | 5.6% | 1.2× | 105 |
| GNTX | $4.2B | 11.4× | 7.0× | 1.6× | 9.6% | 34.2% | 15.2% | 15.5% | 15.4% | -0.3× | 116 |
| DORM | $4.0B | 20.5× | — | 1.9× | 6.0% | 42.1% | 9.6% | 13.8% | 10.7% | — | 65 |
| GTX | $3.9B | 13.8× | 10.8× | 1.1× | 3.1% | 20.4% | 8.6% | -38.7% | 50.3% | 2.6× | 86 |
| ATMU | $3.7B | 18.3× | 12.3× | 2.1× | 5.7% | 28.2% | 11.8% | 54.8% | 21.9% | 1.0× | 63 |
| PATK | $2.5B | 19.9× | 8.4× | 0.6× | 6.3% | 23.1% | 3.4% | 11.4% | 5.5% | 2.8× | 59 |
| LCII | $2.4B | 13.1× | 7.8× | 0.6× | 10.2% | 23.8% | 4.6% | 13.8% | 8.2% | 1.8× | 61 |
| DAN | $2.3B | 36.1× | 5.1× | 0.3× | -3.0% | 8.0% | 1.1% | 10.1% | 5.8% | 0.3× | 73 |
| PHIN | $2.3B | 19.4× | 7.0× | 0.7× | 2.4% | 21.9% | 3.7% | 8.2% | 5.1% | 1.5× | 87 |
| VC | $1.8B | 10.1× | — | 0.5× | -2.5% | 14.1% | 5.3% | 12.8% | 10.8% | — | 54 |
| THRM | $1.7B | 52.5× | 13.3× | 1.1× | 2.9% | 24.2% | 1.2% | 2.5% | 2.0% | 0.2× | 49 |
| ADNT | $1.3B | — | — | 0.1× | -1.0% | 6.6% | -1.9% | -15.9% | -6.8% | — | 67 |
| DCH | $1.1B | — | 7.9× | 0.2× | -4.7% | 12.1% | -0.3% | -3.1% | -0.4% | 5.9× | — |
| SMP | $947M | 23.1× | 8.3× | 0.5× | 22.4% | 31.2% | 2.3% | 6.0% | 3.2% | 3.0× | 42 |
| CPS | $357M | — | 1.4× | 0.1× | 0.4% | 11.9% | -0.2% | 5.0% | -158% | -0.6× | 24 |
| HLLY | $319M | 16.4× | 8.7× | 0.5× | 1.9% | 43.4% | 3.1% | 4.3% | 2.0% | 5.3× | 17 |
| STRT | $250M | 12.6× | 3.4× | 0.4× | 2.5% | 16.5% | 3.6% | 8.6% | 8.6% | -2.6× | 17 |
| MPAA | $195M | 16.6× | 2.4× | 0.3× | 4.3% | 20.2% | 1.6% | 4.7% | 4.7% | -0.2× | 14 |
| RLEA | $185M | 64.3× | — | 37.7× | -29.2% | 16.2% | 58.5% | 998% | 998% | — | — |
Peers = companies sharing MGA's sector (Motor Vehicle Parts & Accessories) 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
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 $63.82 today, the market must believe free cash flow compounds -2.9%/yr for a decade (off $1.46B on the 3-yr avg basis).
The market's -2.9% is more conservative than its 8-yr track record.
Default is 7.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.26B shares (market data) · net debt $3.10B
mean 23.1% · volatility σ 61% · implied rate exceeded in 5/8 yrs
Central path = implied -2.9%/yr growth; shaded band = ±1σ (61%) 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 24% of free cash flow, leaving room to grow it and fund buybacks. Last year: $544.0M dividends + $137.0M buybacks = $681.0M returned on $2.29B FCF.
9 consecutive years of dividend increases · 8%/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.
Operating income fell despite reinvestment — a warning on capital productivity. 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 $1.61B covers the $27.0M due within a year 59.7× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (40-F).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~5.8% on $4.71B of debt.
Cash of $1.61B 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.
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 | $42.01B 100.0% | $42.84B 100.0% | $42.80B 100.0% | $37.84B 100.0% | $36.24B 100.0% | $32.65B 100.0% | $39.43B 100.0% | $40.83B 100.0% | $36.59B 100.0% | $36.45B 100.0% |
| Cost of Revenue | $36.02B 85.7% | $37.04B 86.5% | $37.19B 86.9% | $33.19B 87.7% | $31.10B 85.8% | $28.21B 86.4% | $34.02B 86.3% | $35.05B 85.9% | $30.89B 84.4% | $31.12B 85.4% |
| Cost of Products | — | — | — | — | — | — | — | — | $33.26B 90.9% | $31.12B 85.4% |
| Research & Development | $792.0M 1.9% | $874.0M 2.0% | $862.0M 2.0% | $649.0M 1.7% | $634.0M 1.7% | $830.0M 2.5% | $640.0M 1.6% | $588.0M 1.4% | $522.0M 1.4% | $460.0M 1.3% |
| Selling, General & Admin | $2.22B 5.3% | $2.06B 4.8% | $2.05B 4.8% | $1.66B 4.4% | $1.72B 4.7% | $1.59B 4.9% | $1.70B 4.3% | $1.66B 4.1% | $1.67B 4.6% | $1.60B 4.4% |
| Interest Expense | $275.0M 0.7% | $309.0M 0.7% | $242.0M 0.6% | $126.0M 0.3% | $122.0M 0.3% | $105.0M 0.3% | $104.0M 0.3% | $113.0M 0.3% | $90.0M 0.2% | $100.0M 0.3% |
| Other Income (Expense), net | -$736.0M -1.8% | -$464.0M -1.1% | -$388.0M -0.9% | -$703.0M -1.9% | -$38.0M -0.1% | -$584.0M -1.8% | -$240.0M -0.6% | -$63.0M -0.2% | -$39.0M -0.1% | -$30.0M -0.1% |
| Pretax Income | $1.31B 3.1% | $1.54B 3.6% | $1.61B 3.8% | $878.0M 2.3% | $1.95B 5.4% | $1.01B 3.1% | $2.22B 5.6% | $2.95B 7.2% | $2.98B 8.2% | $2.78B 7.6% |
| Income Tax Expense | $425.0M 1.0% | $446.0M 1.0% | $320.0M 0.7% | $237.0M 0.6% | $395.0M 1.1% | $329.0M 1.0% | $591.0M 1.5% | $619.0M 1.5% | $741.0M 2.0% | $706.0M 1.9% |
| Net Income | $829.0M 2.0% | $1.01B 2.4% | $1.21B 2.8% | $592.0M 1.6% | $1.51B 4.2% | $757.0M 2.3% | $1.76B 4.5% | $2.30B 5.6% | $2.20B 6.0% | $2.03B 5.6% |
| Per Share | ||||||||||
| EPS (Basic) | $2.94 | $3.52 | $4.24 | $2.04 | $5.04 | $2.52 | $5.61 | $6.65 | $5.91 | $5.19 |
| EPS (Diluted) | $2.93 | $3.52 | $4.23 | $2.03 | $5.00 | $2.52 | $5.59 | $6.61 | $5.87 | $5.16 |
| Weighted Avg Shares (Basic) | 281.7M | 286.8M | 286.2M | 290.4M | 300.6M | 299.7M | 314.7M | 345.4M | 371.8M | 391.0M |
| Weighted Avg Shares (Diluted) | 282.5M | 286.9M | 286.6M | 291.2M | 302.8M | 300.4M | 315.8M | 347.5M | 373.9M | 393.2M |
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 · 82th 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 7% against ROIC 5% — 2% 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 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 85.9 | 86.3 | 86.4 | 85.8 | 87.7 | 86.9 | 86.5 | 85.7 |
| R&D | 1.4 | 1.6 | 2.5 | 1.7 | 1.7 | 2.0 | 2.0 | 1.9 |
| SG&A | 4.1 | 4.3 | 4.9 | 4.7 | 4.4 | 4.8 | 4.8 | 5.3 |
| Income Tax | 1.5 | 1.5 | 1.0 | 1.1 | 0.6 | 0.7 | 1.0 | 1.0 |
| Net Income | 5.6 | 4.5 | 2.3 | 4.2 | 1.6 | 2.8 | 2.4 | 2.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MGA: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 1.45pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 12.1% | 7.5% (today's — no rate published for this year) | 4.6pts |
| FY2020 | 8.3% | 7.5% (today's — no rate published for this year) | 0.8pts |
| FY2021 | 9.8% | 6.9% | 2.9pts |
| FY2022 | 8.1% | 8.0% | 0.1pts |
| FY2023 | 8.7% | 8.4% | 0.3pts |
| FY2024 | 9.2% | 9.7% | -0.4pts |
| FY2025 | 8.9% | 7.4% | 1.5pts |
| Now | 4.8% | 7.5% | -2.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 14.6% | 8.0% | 5.6% |
| FY2017 | 15.6% | 8.5% | 6.0% |
| FY2018 | 14.1% | 7.6% | 5.6% |
| FY2019 | 13.7% | 6.5% | 4.5% |
| FY2020 | 13.6% | 5.1% | 2.3% |
| FY2021 | 14.2% | 5.7% | 4.2% |
| FY2022 | 12.3% | 4.4% | 1.6% |
| FY2023 | 13.1% | 5.0% | 2.8% |
| FY2024 | 13.5% | 5.2% | 2.4% |
| FY2025 | 14.3% | 5.4% | 2.0% |
Return on equity (7%) and return on invested capital (5%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$2.5B of goodwill — 14% 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.
The spread is 1.45pts and would invert under a ±2% move in WACC, so the verdict rests on the cost-of-capital assumption rather than on the business.
Converts 1.29x of reported profit into free cash flow over 5 years, with accruals negative.
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.
Missing from our data, so excluded from this answer: share_based_compensation.
Covers interest 5.7x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 8.19x |
| 5% | 7.78x |
| 10% | 7.37x |
| 15% | 6.96x |
| 20% | 6.55x |
| 25% | 6.14x |
| 30% | 5.73x |
| 35% | 5.33x |
| 40% | 4.92x |
| 45% | 4.51x |
| 50% | 4.10x |
| 55% | 3.69x |
| 60% | 3.28x |
Ladder as of 2025-12-31 (40-F); 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 $63.82, free cash flow must compound -1.4%/yr for 10 years. It has done -1.61%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −15.3% | −1.4% |
| FY2021 | −26.5% | −1.4% |
| FY2022 | −73.6% | −1.4% |
| FY2023 | 56.8% | −1.4% |
| FY2024 | 124.3% | −1.4% |
| FY2025 | 56.9% | −1.4% |
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $829M | $829M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $2.77B | $3.60B |
| Operating cash flow | $3.60B | $3.60B |
| Capex | −$1.31B | $2.29B |
| Free cash flow | $2.29B | $2.29B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -17.2% | 7.9% | 25.1 points |
| FY2021 | 11.0% | -1.4% | -12.4 points |
| FY2022 | 4.4% | 7.7% | 3.3 points |
| FY2023 | 13.1% | 16.1% | 3.0 points |
| FY2024 | 0.1% | -6.4% | -6.5 points |
| FY2025 | -1.9% | 2.9% | 4.9 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 54.9 days | 35.4 days | 60.4 days | 29.9 days |
| FY2020 | 71.5 days | 44.6 days | 81.1 days | 35 days |
| FY2021 | 63.5 days | 46.6 days | 75.9 days | 34.2 days |
| FY2022 | 65.5 days | 46 days | 77 days | 34.5 days |
| FY2023 | 67.2 days | 45.2 days | 77 days | 35.5 days |
| FY2024 | 62.8 days | 40.9 days | 70.9 days | 32.9 days |
| FY2025 | 66 days | 41.8 days | 69.9 days | 37.9 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -8.5 percent |
| FY2020 | -8.8 percent |
| FY2021 | -4.9 percent |
| FY2022 | -5.4 percent |
| FY2023 | -6.0 percent |
| FY2024 | -8.5 percent |
| FY2025 | -8.8 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.