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Data as of Q3 2026
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Ranked against 18 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DVN | $57.4B | 12.5× | — | 3.3× | 7.8% | — | 15.4% | 17.0% | 11.0% | — | 451 |
| EQT | $34.6B | 16.7× | 7.2× | 4.0× | 63.9% | 82.3% | 23.6% | 8.6% | 6.5% | 1.3× | 277 |
| PR | $21.8B | 20.3× | — | 4.3× | 1.3% | — | 18.5% | 9.1% | 6.8% | — | 151 |
| EXE | $20.9B | 12.0× | 4.6× | 1.7× | 186% | — | 15.0% | 9.8% | 7.7% | 0.8× | 206 |
| OVV | $20.1B | 15.2× | 7.6× | 2.3× | -2.7% | — | 13.9% | 11.1% | 7.6% | 1.6× | 148 |
| AR | $12.9B | 20.7× | 8.8× | 2.5× | 22.0% | — | 12.8% | 8.9% | 7.5% | 0.9× | 137 |
| RRC | $12.8B | 19.9× | — | 4.1× | 28.9% | 94.0% | 21.1% | 15.2% | 11.9% | — | 124 |
| SM | $9.6B | 7.2× | — | 3.0× | 17.2% | — | 20.5% | 13.5% | 13.5% | — | 107 |
| CHRD | $8.6B | 212.2× | 5.9× | 1.8× | -7.1% | 80.0% | 0.9% | 0.6% | 0.5% | 0.8× | 110 |
| MTDR | $7.5B | 10.0× | 4.5× | 2.0× | 5.5% | 94.4% | 20.5% | 13.4% | 8.4% | 1.4× | 95 |
| MGY | $7.1B | — | 8.3× | 5.4× | -0.3% | — | 24.8% | 16.3% | 13.6% | 0.1× | 83 |
| MUR | $6.3B | 61.0× | 5.6× | 2.3× | -10.2% | 100% | 3.8% | 2.0% | 1.6% | 0.7× | 97 |
| CNX | $5.4B | 9.4× | 5.3× | 2.4× | 76.8% | — | 28.3% | 14.6% | 9.4% | 1.6× | 73 |
| CRC | $4.9B | 13.4× | 5.5× | 1.3× | 14.7% | — | 9.9% | 9.9% | 7.3% | 1.0× | 67 |
| CRK | $4.3B | 10.3× | 5.5× | 1.9× | 77.0% | — | 17.8% | 14.9% | 7.3% | 2.2× | 62 |
| PARR | $3.8B | 10.7× | 6.5× | 0.5× | -6.4% | — | 4.9% | 24.4% | 16.0% | 0.9× | 94 |
| TALO | $3.0B | — | 7.9× | 1.7× | -9.8% | — | -27.8% | -22.8% | -14.6% | 1.7× | 66 |
| NOG | $3.0B | 72.7× | — | 1.2× | 11.2% | 80.9% | 1.6% | 1.8% | 0.9% | — | 69 |
| GPOR | $2.9B | 7.8× | 4.1× | 2.1× | 48.5% | 74.8% | 30.1% | 23.3% | 16.3% | 0.9× | 52 |
Peers = companies sharing MTDR's sector (Crude Petroleum & Natural Gas) 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
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 60% of free cash flow, leaving room to grow it and fund buybacks. Last year: $163.1M dividends + $55.8M buybacks = $218.9M returned on $269.6M FCF.
5 consecutive years of dividend increases · 80%/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).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 8%. 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 | $3.70B 100.0% | $3.50B 100.0% | $2.81B 100.0% | $3.06B 100.0% | $1.66B 100.0% | $862.1M 100.0% | $983.7M 100.0% | $899.6M 100.0% | $544.3M 100.0% | $264.4M 100.0% |
| Cost of Revenue | $208.1M 5.6% | $167.4M 4.8% | $124.0M 4.4% | $95.5M 3.1% | $61.5M 3.7% | $41.5M 4.8% | — | — | — | — |
| Selling, General & Admin | $137.1M 3.7% | $127.5M 3.6% | $110.4M 3.9% | $116.2M 3.8% | $96.4M 5.8% | $62.6M 7.3% | $80.1M 8.1% | $69.3M 7.7% | $66.0M 12.1% | $55.1M 20.8% |
| Total Operating Expenses | $624.0M 16.9% | $492.5M 14.1% | $356.5M 12.7% | $252.6M 8.3% | $869.9M 52.3% | $1.38B 160.5% | $748.2M 76.1% | $536.3M 59.6% | $383.4M 70.4% | $441.6M 167.0% |
| Operating Income | $1.23B 33.2% | $1.43B 40.9% | $1.21B 43.1% | $1.76B 57.5% | $793.1M 47.7% | -$521.5M -60.5% | $235.5M 23.9% | $363.3M 40.4% | $160.8M 29.6% | -$177.2M -67.0% |
| Interest Expense | $208.5M 5.6% | $171.7M 4.9% | $121.5M 4.3% | $67.2M 2.2% | $74.7M 4.5% | $76.7M 8.9% | $73.9M 7.5% | $41.3M 4.6% | $34.6M 6.4% | $28.2M 10.7% |
| Other Income (Expense), net | -$193.1M -5.2% | -$171.0M -4.9% | -$112.9M -4.0% | -$73.6M -2.4% | -$77.7M -4.7% | -$77.7M -9.0% | -$77.0M -7.8% | -$71.2M -7.9% | -$31.0M -5.7% | $79.1M 29.9% |
| Pretax Income | $1.03B 28.0% | $1.26B 36.1% | $1.10B 39.1% | $1.69B 55.1% | $715.3M 43.0% | -$599.2M -69.5% | $158.5M 16.1% | $292.1M 32.5% | $129.8M 23.9% | -$98.1M -37.1% |
| Income Tax Expense | $172.7M 4.7% | $292.4M 8.3% | $186.0M 6.6% | $399.4M 13.1% | $74.7M 4.5% | -$45.6M -5.3% | $35.5M 3.6% | -$7.7M -0.9% | -$8.2M -1.5% | -$1.0M -0.4% |
| Net Income | $759.2M 20.5% | $885.3M 25.3% | $846.1M 30.1% | $1.21B 39.7% | $585.0M 35.2% | -$593.2M -68.8% | $87.8M 8.9% | $274.2M 30.5% | $125.9M 23.1% | -$97.4M -36.8% |
| Per Share | ||||||||||
| EPS (Basic) | $6.10 | $7.16 | $7.10 | $10.28 | $5.00 | -$5.11 | $0.75 | $2.41 | $1.23 | -$1.07 |
| EPS (Diluted) | $6.09 | $7.14 | $7.05 | $10.11 | $4.91 | -$5.11 | $0.75 | $2.41 | $1.23 | -$1.07 |
| Weighted Avg Shares (Basic) | 124.6M | 123.6M | 119.1M | 118.1M | 117.0M | 116.1M | 116.6M | 113.6M | 102.0M | 91.3M |
| Weighted Avg Shares (Diluted) | 124.6M | 124.1M | 120.0M | 120.1M | 119.2M | 116.1M | 117.1M | 113.7M | 102.5M | 91.3M |
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 1 positive fiscal year (FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $60.88 today, the market must believe free cash flow compounds 9.9%/yr for a decade (off $269.6M on the 3-yr avg basis).
On the basis ($251.3M) the requirement is 10.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 9.9% is more optimistic than its 4-yr track record.
Default is 7.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.12B shares (market data) · net debt $3.39B
mean 38.2% · volatility σ 406% · implied rate exceeded in 1/2 yrs
Central path = implied 9.9%/yr growth; shaded band = ±1σ (406%) 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~6.1% on $3.40B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. 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.
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 |
|---|---|---|---|---|---|
| 2026-08-27 | Calvert Christopher P EVP and CFO | Plan purchaseindirect | 2,500 | $56.64 | $142k |
| 2026-08-26 | Foran Joseph Wm Chairman and CEO | Plan purchase | 555 | $54.49 | $30k |
| 2026-08-17 | Foran Joseph Wm Chairman and CEO | Plan purchase | 400 | $53.64 | $21k |
| 2026-08-13 | 2 co-filers Chairman and CEO |
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.
| Plan purchase |
| 5,000 |
| $51.44 |
| $257k |
| 2026-08-12 | 2 co-filers Chairman and CEO | Plan purchase | 10,000 | $52.16 | $522k |
| 2026-08-11 | 2 co-filers Chairman and CEO | Plan purchase | 709 | $51.68 | $37k |
| 2026-08-10 | Elsener William Thomas EVP, Reservoir Engineering | Plan purchase | 850 | $50.94 | $43k |
| 2026-08-10 | Stewart Kenneth L. Director | Gift | 9,400 | $0.00 | $0 |
| 2026-08-10 | 2 co-filers Chairman and CEO | Plan purchase | 3,130 | $51.04 | $160k |
| 2026-06-15 | Baty Robert Gaines Director | Open-market buy | 500 | $51.44 | $26k |
| 2026-06-11 | Appel Shelley F Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Harvey Paul W Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Ehrman Monika U Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Parker Timothy E. Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Stewart Kenneth L. Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Baty Robert Gaines Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Byerley William M Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Ward Susan M Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-11 | Baribault Reynald Director | Grant | 3,642 | $0.00 | $0 |
| 2026-06-09 | Stetson Glenn W EVP and COO | Plan purchase | 500 | $53.41 | $27k |
| 2026-06-09 | Foran Joseph Wm Chairman and CEO | Plan purchase | 2,000 | $53.07 | $106k |
| 2026-06-08 | Ehrman Monika U Director | Open-market buy | 362 | $55.28 | $20k |
| 2026-06-04 | Foran Joseph Wm Chairman and CEO | Plan purchase | 2,000 | $56.25 | $113k |
| 2026-05-29 | Calvert Christopher P EVP and CFO | Plan purchaseindirect | 1,500 | $53.24 | $80k |
| 2026-05-29 | 4 co-filers SVP & Chief Accounting Officer | Plan purchaseindirect | 250 | $53.41 | $13k |
| 2026-05-29 | Foran Joseph Wm Chairman and CEO | Plan purchase | 482 | $52.70 | $25k |
| 2026-05-28 | Stetson Glenn W EVP and COO | Plan purchase | 500 | $53.94 | $27k |
| 2026-05-27 | Foran Joseph Wm Chairman and CEO | Plan purchase | 4,675 | $52.36 | $245k |
| 2026-05-01 | 4 co-filers SVP & Chief Accounting Officer | Option exercise27d late | 1,000 | $0.00 | — |
| 2026-05-01 | 4 co-filers SVP & Chief Accounting Officer | Option exercise27d late | 1,072 | $0.00 | — |
| 2026-03-31 | 4 co-filers SVP & Chief Accounting Officer | Tax withholding58d late | 447 | $64.84 | $29k |
| 2026-03-06 | Ehrman Monika U Director | Open-market buy | 267 | $56.29 | $15k |
| 2026-02-27 | Foran Joseph Wm Chairman and CEO | Plan purchase | 468 | $49.78 | $23k |
| 2026-02-17 | 4 co-filers EVP, Reservoir Engineering | Grant | 27,000 | $0.00 | — |
| 2026-02-17 | 4 co-filers EVP-Production | Grant | 27,000 | $0.00 | — |
| 2026-02-17 | 4 co-filers EVP and COO | Grant | 27,000 | $0.00 | — |
| 2026-02-17 | 4 co-filers EVP, Chief Financial Officer | Grant | 27,000 | $0.00 | — |
| 2026-02-17 | 4 co-filers Co-President,CLO & Head of M&A | Grant | 35,000 | $0.00 | — |
| 2026-02-17 | 4 co-filers CoPresident-Land, A&D,Planning | Grant | 35,000 | $0.00 | — |
| 2026-02-17 | 4 co-filers Chairman and CEO | Grant | 70,000 | $0.00 | — |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 53th 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 13% against ROIC 8% — 5% 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 | — | — | 4.8 | 3.7 | 3.1 | 4.4 | 4.8 | 5.6 |
| SG&A | 7.7 | 8.1 | 7.3 | 5.8 | 3.8 | 3.9 | 3.6 | 3.7 |
| Operating Income | 40.4 | 23.9 | -60.5 | 47.7 | 57.5 | 43.1 | 40.9 | 33.2 |
| Income Tax | -0.9 | 3.6 | -5.3 | 4.5 | 13.1 | 6.6 | 8.3 | 4.7 |
| Net Income | 30.5 | 8.9 | -68.8 | 35.2 | 39.7 | 30.1 | 25.3 | 20.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MTDR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
The spread has compressed 3 years running.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 10.0% | 7.1% (today's — no rate published for this year) | 2.9pts |
| FY2020 | -32.4% | 7.1% (today's — no rate published for this year) | -39.5pts |
| FY2021 | 33.4% | 62.4% | -29.0pts |
| FY2022 | 36.6% | 8.2% | 28.5pts |
| FY2023 | 15.9% | 7.8% | 8.1pts |
| FY2024 | 13.6% | 8.0% | 5.6pts |
| FY2025 | 10.8% | 7.8% | 3.0pts |
| Now | 8.4% | 7.1% | 1.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | -67.0% | -36.8% |
| FY2017 | not reported | 29.6% | 23.1% |
| FY2018 | not reported | 40.4% | 30.5% |
| FY2019 | not reported | 23.9% | 8.9% |
| FY2020 | 95.2% | -60.5% | -68.8% |
| FY2021 | 96.3% | 47.7% | 35.2% |
| FY2022 | 96.9% | 57.5% | 39.7% |
| FY2023 | 95.6% | 43.1% | 30.1% |
| FY2024 | 95.2% | 40.9% | 25.3% |
| FY2025 | 94.4% | 33.2% | 20.5% |
Leverage and buybacks account for 5 points of the 13% return on equity in FY2025. The business earns 8% 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.
Margins have compressed 3 years running even as the spread stayed positive.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Shares outstanding are up 7% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Covers interest 4.1x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 5.88x |
| 5% | 5.59x |
| 10% | 5.29x |
| 15% | 5.00x |
| 20% | 4.71x |
| 25% | 4.41x |
| 30% | 4.12x |
| 35% | 3.82x |
| 40% | 3.53x |
| 45% | 3.24x |
| 50% | 2.94x |
| 55% | 2.65x |
| 60% | 2.35x |
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 $60.88, free cash flow must compound 10.1%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2022 | 325.0% | 10.1% |
| FY2023 | −248.6% | 10.1% |
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 1 of the last 2 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $759M | $759M |
| Share-based comp | $18M | $778M |
| Other non-cash & working capital | $1.65B | $2.43B |
| Operating cash flow | $2.43B | $2.43B |
| Capex | −$2.16B | $270M |
| Free cash flow | $270M | $270M |
| FCF after SBC | $251M | $251M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -12.4% | -10.6% | 1.7 points |
| FY2021 | 92.9% | 93.0% | 0.1 points |
| FY2022 | 83.9% | 36.9% | -47.0 points |
| FY2023 | -8.2% | 21.9% | 30.2 points |
| FY2024 | 24.9% | 20.9% | -3.9 points |
| FY2025 | 5.5% | -13.7% | -19.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 35.3 days | not reported | not reported | not reported |
| FY2020 | 36 days | not reported | 123 days | -86.9 days |
| FY2021 | 36 days | not reported | 155.9 days | -119.9 days |
| FY2022 | 26.8 days | not reported | 224.9 days | -198 days |
| FY2023 | 35.7 days | not reported | 200.7 days | -165 days |
| FY2024 | 34.5 days | not reported | 320.8 days | -286.3 days |
| FY2025 | 28.3 days | not reported | 948 days | -919.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -11.4 percent |
| FY2020 | -29.0 percent |
| FY2021 | -11.0 percent |
| FY2022 | -13.8 percent |
| FY2023 | -13.2 percent |
| FY2024 | -12.6 percent |
| FY2025 | -14.2 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.