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Held by 2,265 of 2,417 reporting institutions (100th 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.
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
Ranked against 19 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NVDA | $4.94T | 41.8× | 37.1× | 22.9× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | -0.0× | 2,265 |
| AVGO | $1.56T | 68.4× | 61.6× | 24.4× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 1.9× | 1,785 |
| MU | $1.00T | 11.9× | 8.9× | 7.5× | 256% | 80.7% | 63.8% | 61.4% | 60.0% | -0.3× | 1,415 |
| AMD | $824.1B | 190.5× | 195.0× | 23.8× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | -0.6× | 1,487 |
| INTC | $349.5B | — | 44.7× | 6.6× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 3.8× | 1,283 |
| AMAT | $309.6B | 45.0× | 35.6× | 10.9× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | -0.1× | 1,159 |
| TXN | $275.0B | 55.2× | 36.0× | 15.6× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.4× | 979 |
| ARM | $220.0B | 242.3× | 189.1× | 44.7× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | -2.4× | 257 |
| ADI | $202.1B | 91.5× | 62.4× | 18.3× | 16.9% | 61.5% | 20.6% | 6.7% | 5.3% | 1.8× | 747 |
| MRVL | $176.5B | 64.0× | 115.5× | 21.5× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 1.2× | 743 |
| NXPI | $65.4B | 32.7× | 19.2× | 5.3× | -2.7% | 54.7% | 16.5% | 20.1% | 9.1% | 2.3× | 353 |
| MPWR | $59.1B | 94.2× | 74.3× | 21.2× | 26.4% | 55.2% | 22.3% | 17.6% | 17.6% | -1.4× | 343 |
| ALAB | $44.9B | 212.1× | — | 52.6× | 115% | 75.7% | 25.7% | 16.1% | 16.1% | — | 252 |
| MCHP | $42.0B | 351.6× | 40.1× | 8.9× | 7.1% | 57.7% | 4.9% | 3.6% | 1.9% | 4.5× | 378 |
| STM | $41.8B | 259.7× | 21.3× | 3.5× | -11.1% | 33.9% | 1.4% | 0.9% | 0.8% | -0.4× | 141 |
| CRDO | $28.4B | 60.2× | 56.7× | 21.3× | 206% | 68.0% | 35.4% | 22.9% | 22.9% | -2.4× | 243 |
| ON | $27.9B | 247.1× | 37.3× | 4.7× | -15.3% | 33.1% | 2.0% | 1.6% | 1.1% | 1.1× | 240 |
| Q | $24.4B | 35.4× | 20.8× | 5.1× | 9.7% | 46.2% | 15.3% | 10.3% | 6.5% | 2.4× | 356 |
| SWKS | $20.6B | 28.4× | 26.2× | 5.0× | -2.2% | 41.2% | 11.7% | 8.3% | 7.1% | -0.2× | 177 |
| TSEM | $18.9B | 85.8× | 37.9× | 12.1× | 9.1% | 23.2% | 14.1% | 7.6% | 7.2% | -0.1× | 88 |
Peers = companies sharing NVDA's sector (Semiconductors & Related Devices) 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.
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 $204.64 today, the market must believe free cash flow compounds 33.3%/yr for a decade (off $61.52B on the 3-yr avg basis).
On the basis ($56.63B) the requirement is 34.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 33.3% is more conservative than its 9-yr track record.
Default is 12.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 24.15B shares (market data) · net debt -$2.14B
mean 105.1% · volatility σ 197% · implied rate exceeded in 5/9 yrs
Central path = implied 33.3%/yr growth; shaded band = ±1σ (197%) 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.
No dividend to cover. Last year: $974.0M dividends + $40.09B buybacks = $41.06B returned on $96.68B FCF.
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: 72%. 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.1% on $8.47B of debt.
Cash of $10.61B fully covers short-term debt of $999.0M.
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.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2026
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 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $215.94B 100.0% | $130.50B 100.0% | $60.92B 100.0% | $26.97B 100.0% | $26.91B 100.0% | $16.68B 100.0% | $10.92B 100.0% | $11.72B 100.0% | $9.71B 100.0% | $6.91B 100.0% |
| Cost of Revenue | $62.48B 28.9% | $32.64B 25.0% | $16.62B 27.3% | $11.62B 43.1% | $9.44B 35.1% | $6.28B 37.7% | $4.15B 38.0% | $4.54B 38.8% | $3.89B 40.1% | $2.85B 41.2% |
| Gross Profit | $153.46B 71.1% | $97.86B 75.0% | $44.30B 72.7% | $15.36B 56.9% | $17.48B 64.9% | $10.40B 62.3% | $6.77B 62.0% | $7.17B 61.2% | $5.82B 59.9% | $4.06B 58.8% |
| Research & Development | $18.50B 8.6% | $12.91B 9.9% | $8.68B 14.2% | $7.34B 27.2% | $5.27B 19.6% | $3.92B 23.5% | $2.83B 25.9% | $2.38B 20.3% | $1.80B 18.5% | $1.46B 21.2% |
| Selling, General & Admin | $4.58B 2.1% | $3.49B 2.7% | $2.65B 4.4% | $2.44B 9.0% | $2.17B 8.0% | $1.94B 11.6% | $1.09B 10.0% | $991.0M 8.5% | $815.0M 8.4% | $663.0M 9.6% |
| Total Operating Expenses | $23.08B 10.7% | $16.41B 12.6% | $11.33B 18.6% | $11.13B 41.3% | $7.43B 27.6% | $5.86B 35.2% | $3.92B 35.9% | $3.37B 28.7% | $2.61B 26.9% | $2.13B 30.8% |
| Operating Income | $130.39B 60.4% | $81.45B 62.4% | $32.97B 54.1% | $4.22B 15.7% | $10.04B 37.3% | $4.53B 27.2% | $2.85B 26.1% | $3.80B 32.5% | $3.21B 33.0% | $1.93B 28.0% |
| Interest Expense | $259.0M 0.1% | $247.0M 0.2% | $257.0M 0.4% | $262.0M 1.0% | $236.0M 0.9% | $184.0M 1.1% | $52.0M 0.5% | $58.0M 0.5% | $61.0M 0.6% | $58.0M 0.8% |
| Interest & Investment Income | $2.30B 1.1% | $1.79B 1.4% | $866.0M 1.4% | $267.0M 1.0% | $29.0M 0.1% | $57.0M 0.3% | $178.0M 1.6% | $136.0M 1.2% | $69.0M 0.7% | $54.0M 0.8% |
| Other Income (Expense), net | $11.06B 5.1% | $2.57B 2.0% | $846.0M 1.4% | -$43.0M -0.2% | -$100.0M -0.4% | -$123.0M -0.7% | $124.0M 1.1% | $92.0M 0.8% | -$14.0M -0.1% | -$29.0M -0.4% |
| Pretax Income | $141.45B 65.5% | $84.03B 64.4% | $33.82B 55.5% | $4.18B 15.5% | $9.94B 36.9% | $4.41B 26.4% | $2.97B 27.2% | $3.90B 33.3% | $3.20B 32.9% | $1.91B 27.6% |
| Income Tax Expense | $21.38B 9.9% | $11.15B 8.5% | $4.06B 6.7% | -$187.0M -0.7% | $189.0M 0.7% | $77.0M 0.5% | $174.0M 1.6% | -$245.0M -2.1% | $149.0M 1.5% | $239.0M 3.5% |
| Net Income | $120.07B 55.6% | $72.88B 55.8% | $29.76B 48.8% | $4.37B 16.2% | $9.75B 36.2% | $4.33B 26.0% | $2.80B 25.6% | $4.14B 35.3% | $3.05B 31.4% | $1.67B 24.1% |
| Per Share | ||||||||||
| EPS (Basic) | $4.93 | $2.97 | $1.21 | $0.18 | $3.91 | $1.76 | $1.15 | $6.81 | $5.09 | $3.08 |
| EPS (Diluted) | $4.90 | $2.94 | $1.19 | $0.17 | $3.85 | $1.73 | $1.13 | $6.63 | $4.82 | $2.57 |
| Weighted Avg Shares (Basic) | 24.36B | 24.55B | 24.69B | 24.87B | 2.50B | 2.47B | 2.44B | 608.0M | 599.0M | 541.0M |
| Weighted Avg Shares (Diluted) | 24.51B | 24.80B | 24.94B | 25.07B | 2.54B | 2.51B | 2.47B | 625.0M | 632.0M | 649.0M |
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 · 77th 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?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 76% against ROIC 72% — 4% 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 101.5% — 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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 38.8 | 38.0 | 37.7 | 35.1 | 43.1 | 27.3 | 25.0 | 28.9 |
| Gross Profit | 61.2 | 62.0 | 62.3 | 64.9 | 56.9 | 72.7 | 75.0 | 71.1 |
| R&D | 20.3 | 25.9 | 23.5 | 19.6 | 27.2 | 14.2 | 9.9 | 8.6 |
| SG&A | 8.5 | 10.0 | 11.6 | 8.0 | 9.0 | 4.4 | 2.7 | 2.1 |
| Operating Income | 32.5 | 26.1 | 27.2 | 37.3 | 15.7 | 54.1 | 62.4 | 60.4 |
| Income Tax | -2.1 | 1.6 | 0.5 | 0.7 | -0.7 | 6.7 | 8.5 | 9.9 |
| Net Income | 35.3 | 25.6 | 26.0 | 36.2 | 16.2 | 48.8 | 55.8 | 55.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NVDA: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 54.51pts above its cost of capital, positive in 4 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 59.1% | 12.9% (today's — no rate published for this year) | 46.2pts |
| FY2021 | 16.3% | 12.9% (today's — no rate published for this year) | 3.4pts |
| FY2022 | 23.5% | 7.5% | 15.9pts |
| FY2023 | 11.7% | 11.9% | -0.2pts |
| FY2024 | 59.5% | 12.3% | 47.2pts |
| FY2025 | 84.3% | 13.8% | 70.5pts |
| FY2026 | 69.5% | 13.7% | 55.8pts |
| Now | 72.4% | 12.9% | 59.6pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 58.8% | 28.0% | 24.1% |
| FY2018 | 59.9% | 33.0% | 31.4% |
| FY2019 | 61.2% | 32.5% | 35.3% |
| FY2020 | 62.0% | 26.1% | 25.6% |
| FY2021 | 62.3% | 27.2% | 26.0% |
| FY2022 | 64.9% | 37.3% | 36.2% |
| FY2023 | 56.9% | 15.7% | 16.2% |
| FY2024 | 72.7% | 54.1% | 48.8% |
| FY2025 | 75.0% | 62.4% | 55.8% |
| FY2026 | 71.1% | 60.4% | 55.6% |
Leverage and buybacks account for 4 points of the 76% return on equity in FY2026. The business earns 72% 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.
$21.1B of goodwill — 13% 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 was positive in only 4 of the last 5 years.
Accruals are positive and DSO is up +13 days over 3 years — profit is being recognised ahead of collection.
Accruals are positive and DSO is up +13 days over 3 years. Either alone is explainable; together they are revenue recognised ahead of collection.
Covers interest 352.4x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 503.42x |
| 5% | 478.25x |
| 10% | 453.08x |
| 15% | 427.91x |
| 20% | 402.74x |
| 25% | 377.57x |
| 30% | 352.40x |
| 35% | 327.23x |
| 40% | 302.05x |
| 45% | 276.88x |
| 50% | 251.71x |
| 55% | 226.54x |
| 60% | 201.37x |
Balance sheet at 2026-01-25. 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 $204.64, free cash flow must compound 33.33%/yr for 10 years. It has done 65.17%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 22.3% | 33.3% |
| FY2022 | 39.7% | 33.3% |
| FY2023 | −53.2% | 33.3% |
| FY2024 | 609.6% | 33.3% |
| FY2025 | 125.2% | 33.3% |
| FY2026 | 58.9% | 33.3% |
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 (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 4 of the last 6 years.
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 |
|---|---|---|---|---|---|
| 2026-10-07 | Coxe Tench Director | Giftindirect | 500,000 | $0.00 | $0 |
| 2026-09-21 | 3 co-filers EVP, General Counsel and Sec | 10b5-1 plan saleindirect | 12,483 | $222.19 | $2.8m |
| 2026-09-21 | 3 co-filers EVP, General Counsel and Sec | 10b5-1 plan saleindirect | 13,478 | $223.05 | $3.0m |
| 2026-09-21 | 3 co-filers EVP, General Counsel and Sec | 10b5-1 plan saleindirect | 4,499 | $223.75 | $1.0m |
| 2026-09-18 | 2 co-filers Group filing | Open-market saleindirect | 1,356,000 | $219.72 | $297.9m |
| 2026-09-18 | 2 co-filers Group filing | Open-market saleindirect | 10,000 | $220.42 | $2.2m |
| 2026-09-17 | 4 co-filers EVP & Chief Financial Officer | 10b5-1 plan sale | 4,681 | $218.01 | $1.0m |
| 2026-09-17 | 2 co-filers President and CEO | Giftindirect | 438,000 | $0.00 | $0 |
| 2026-09-17 | 4 co-filers EVP & Chief Financial Officer | 10b5-1 plan sale | 20,369 | $219.02 | $4.5m |
| 2026-09-17 | 4 co-filers EVP & Chief Financial Officer | 10b5-1 plan sale | 9,868 | $219.59 | $2.2m |
| 2026-09-16 | 2 co-filers President and CEO | Tax withholding | 45,728 | $212.17 | $9.7m |
| 2026-09-16 | Teter Timothy S. EVP, General Counsel and Sec | Tax withholding | 35,738 | $212.17 | $7.6m |
| 2026-09-16 | 4 co-filers EVP & Chief Financial Officer | Tax withholding | 40,747 | $212.17 | $8.6m |
| 2026-09-16 | Shoquist Debora EVP, Operations | Tax withholding | 35,008 | $212.17 | $7.4m |
| 2026-09-16 | Gawel Scott Principal Accounting Officer | Tax withholding | 2,932 | $212.17 | $622k |
| 2026-09-09 | Parker Nicholas P. EVP, Worldwide Field Ops | Grant29d late | 160,418 | $0.00 | $0 |
| 2026-09-04 | 7 co-filers Group filing | Open-market saleindirect | 197,180 | $230.40 | $45.4m |
| 2026-09-04 | 7 co-filers Group filing | Open-market saleindirect | 237,820 | $231.17 | $55.0m |
| 2026-09-04 | 7 co-filers Group filing | Open-market saleindirect | 182,628 | $233.46 | $42.6m |
| 2026-09-04 | 7 co-filers Group filing | Open-market saleindirect | 4,611 | $234.00 | $1.1m |
| 2026-09-03 | 7 co-filers Group filing | Open-market saleindirect | 198,707 | $227.70 | $45.2m |
| 2026-09-03 | 7 co-filers Group filing | Open-market saleindirect | 1,293 | $228.27 | $295k |
| 2026-09-03 | 7 co-filers Group filing | Open-market saleindirect | 200,000 | $229.87 | $46.0m |
| 2026-09-02 | Coxe Tench Director | Giftindirect | 500,000 | $0.00 | $0 |
| 2026-09-02 | 7 co-filers Group filing | Open-market saleindirect | 300,000 | $220.08 | $66.0m |
| 2026-09-02 | 7 co-filers Group filing | Open-market saleindirect | 300,000 | $222.92 | $66.9m |
| 2026-09-02 | 7 co-filers Group filing | Open-market saleindirect | 300,000 | $224.07 | $67.2m |
| 2026-09-02 | 7 co-filers Group filing | Open-market saleindirect | 300,000 | $226.27 | $67.9m |
| 2026-09-01 | 7 co-filers Group filing | Open-market saleindirect | 63,501 | $220.06 | $14.0m |
| 2026-08-31 | 7 co-filers Group filing | Open-market saleindirect | 447,400 | $220.10 | $98.5m |
| 2026-08-31 | 3 co-filers EVP, General Counsel and Sec | 10b5-1 plan saleindirect | 6,692 | $216.84 | $1.5m |
| 2026-08-31 | 3 co-filers EVP, General Counsel and Sec | 10b5-1 plan saleindirect | 13,913 | $217.95 | $3.0m |
| 2026-08-31 | 7 co-filers Group filing | Open-market saleindirect | 137,600 | $220.91 | $30.4m |
| 2026-08-31 | 3 co-filers EVP, General Counsel and Sec | 10b5-1 plan saleindirect | 9,395 | $218.53 | $2.1m |
| 2026-08-10 | 2 co-filers Group filing | Grant | 1,262 | $0.00 | $0 |
| 2026-08-10 | 2 co-filers Group filing | Grant | 1,148 | $0.00 | $0 |
| 2026-08-05 | Coxe Tench Director | Giftindirect | 500,000 | $0.00 | $0 |
| 2026-07-01 | Coxe Tench Director | Giftindirect | 500,000 | $0.00 | $0 |
| 2026-06-25 | Seawell A Brooke Director | Grant | 1,211 | $0.00 | $0 |
| 2026-06-25 | Jones Harvey C Director | Grant | 1,211 | $0.00 | $0 |
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.
| Step | Amount | Running total |
|---|---|---|
| Net income | $120.07B | $120.07B |
| Share-based comp | $6.39B | $126.45B |
| Other non-cash & working capital | −$23.73B | $102.72B |
| Operating cash flow | $102.72B | $102.72B |
| Capex | −$6.04B | $96.68B |
| Free cash flow | $96.68B | $96.68B |
| FCF after SBC | $90.29B | $90.29B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 52.7% | 46.6% | -6.1 points |
| FY2022 | 61.4% | 91.4% | 30.0 points |
| FY2023 | 0.2% | -17.7% | -17.9 points |
| FY2024 | 125.8% | 161.3% | 35.4 points |
| FY2025 | 114.2% | 130.7% | 16.5 points |
| FY2026 | 65.5% | 66.8% | 1.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 55.4 days | 86.1 days | 60.4 days | 81.1 days |
| FY2021 | 53.2 days | 106.1 days | 66.8 days | 92.5 days |
| FY2022 | 63.1 days | 100.7 days | 68.9 days | 94.8 days |
| FY2023 | 51.8 days | 162.1 days | 37.5 days | 176.4 days |
| FY2024 | 59.9 days | 116 days | 59.3 days | 116.6 days |
| FY2025 | 64.5 days | 112.7 days | 70.6 days | 106.7 days |
| FY2026 | 65 days | 125 days | 57.3 days | 132.7 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -11.3 percent |
| FY2021 | -5.2 percent |
| FY2022 | 1.5 percent |
| FY2023 | -3.1 percent |
| FY2024 | 2.5 percent |
| FY2025 | 7.9 percent |
| FY2026 | 8.4 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 (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.