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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 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IOT | $24.6B | — | — | 15.2× | 29.6% | 76.7% | -0.6% | -0.6% | -0.6% | — | 146 |
| LDOS | $17.9B | 12.8× | 7.0× | 1.0× | 3.1% | 18.0% | 8.4% | 29.5% | 29.3% | -0.5× | 206 |
| CACI | $14.9B | 28.0× | 19.7× | 1.6× | 10.9% | — | 5.6% | 12.0% | 5.7% | 4.7× | 161 |
| GDDY | $14.8B | 18.9× | 15.0× | 3.0× | 8.3% | — | 17.7% | 407% | 21.9% | 3.0× | 164 |
| JKHY | $11.3B | 23.1× | 16.8× | 4.5× | 7.1% | 43.7% | 19.8% | 24.5% | 24.0% | 0.1× | 195 |
| LNWO | $6.7B | 27.0× | 10.8× | 2.0× | 4.0% | 73.3% | 8.3% | 113% | 5.1% | 4.6× | 2 |
| OTEX | $6.5B | 10.3× | — | 1.2× | 1.5% | 73.7% | 12.3% | 16.0% | 6.6% | — | 42 |
| SAIC | $6.4B | 19.7× | 15.7× | 0.9× | -2.9% | 12.0% | 4.9% | 23.9% | 9.0% | 4.2× | 109 |
| WAY | $5.4B | 46.3× | 17.5× | 4.9× | 16.5% | — | 10.2% | 2.9% | 2.1% | 3.6× | 69 |
| PSN | $5.3B | 23.0× | 13.3× | 0.8× | -5.7% | 22.5% | 3.8% | 9.1% | 6.2% | 1.7× | 57 |
| AGYS | $3.3B | 84.5× | 67.2× | 10.2× | 15.9% | 62.6% | 12.1% | 11.9% | 11.9% | -2.5× | 51 |
| KD | $3.0B | 16.3× | — | 0.2× | 0.2% | 21.8% | 1.3% | 16.9% | 2.9% | — | 179 |
| NTCT | $2.8B | 29.5× | 13.2× | 3.3× | 4.5% | 79.4% | 11.1% | 5.8% | 5.8% | -3.5× | 61 |
| PONY | $2.0B | — | — | 22.4× | 20.0% | 15.7% | -149% | -8.1% | -8.1% | — | 18 |
| OSPN | $946M | 13.7× | 15.0× | 3.9× | 0.0% | 73.8% | 30.0% | 26.8% | 26.8% | -1.2× | 31 |
| TLS | $405M | — | — | 2.5× | 52.2% | 37.0% | -22.2% | -38.1% | -38.1% | — | 24 |
| SLP | $374M | — | — | 4.7× | 13.1% | 58.4% | -81.7% | -51.9% | -51.9% | — | 25 |
| SMRT | $260M | — | — | 1.7× | -12.9% | 32.7% | -39.8% | -26.1% | -26.1% | — | 11 |
| DMRC | $199M | — | — | 5.9× | -11.7% | 61.6% | -95.3% | -80.3% | -80.3% | — | — |
| UIS | $190M | — | 4.8× | 0.1× | -2.9% | 28.2% | -17.4% | 120% | -78.9% | 2.9× | 23 |
Peers = companies sharing OTEX's sector (Services-Computer Integrated Systems Design) 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 $26.59 today, the market must believe free cash flow compounds 3.5%/yr for a decade (off $767.8M on the 3-yr avg basis).
On the basis ($659.3M) the requirement is 5.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 3.5% is more conservative than its 9-yr track record.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.24B shares (market data) · net debt $4.81B
mean 12.4% · volatility σ 28% · implied rate exceeded in 6/9 yrs
Central path = implied 3.5%/yr growth; shaded band = ±1σ (28%) 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 33% of free cash flow, leaving room to grow it and fund buybacks. Last year: $268.4M dividends + $416.4M buybacks = $684.8M returned on $807.5M FCF.
9 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: 7%. 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 expense isn't separately reported — often netted into “other income (expense), net.”
Cash of $956.0M fully covers short-term debt of $35.9M.
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. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.25B 100.0% | $5.17B 100.0% | $5.77B 100.0% | $4.48B 100.0% | $3.49B 100.0% | $3.39B 100.0% | $3.11B 100.0% | $2.87B 100.0% | $2.82B 100.0% | $2.29B 100.0% |
| Cost of Revenue | $1.38B 26.3% | $1.43B 27.7% | $1.58B 27.4% | $1.32B 29.4% | $1.06B 30.4% | $1.03B 30.6% | $1.00B 32.3% | $930.7M 32.4% | $951.4M 33.8% | $762.4M 33.3% |
| Gross Profit | $3.87B 73.7% | $3.73B 72.3% | $4.19B 72.6% | $3.17B 70.6% | $2.43B 69.6% | $2.35B 69.4% | $2.11B 67.7% | $1.94B 67.6% | $1.86B 66.2% | $1.53B 66.8% |
| Selling, General & Admin | $436.6M 8.3% | $427.8M 8.3% | $577.0M 10.0% | $419.6M 9.4% | $317.1M 9.1% | $263.5M 7.8% | $237.5M 7.6% | $207.9M 7.2% | $205.2M 7.3% | $170.4M 7.4% |
| Total Operating Expenses | $2.79B 53.1% | $2.84B 55.0% | $3.30B 57.3% | $2.65B 59.1% | $1.79B 51.1% | $1.61B 47.6% | $1.60B 51.5% | $1.37B 47.8% | $1.36B 48.2% | $1.17B 51.3% |
| Operating Income | $1.08B 20.6% | $892.7M 17.3% | $887.1M 15.4% | $516.3M 11.5% | $644.8M 18.5% | $740.9M 21.9% | $503.5M 16.2% | $567.0M 19.8% | $506.7M 18.0% | $354.7M 15.5% |
| Other Income (Expense), net | $85.9M 1.6% | -$82.8M -1.6% | $358.4M 6.2% | $34.5M 0.8% | $29.1M 0.8% | $61.4M 1.8% | -$11.9M -0.4% | $10.2M 0.4% | $18.0M 0.6% | $15.7M 0.7% |
| Pretax Income | $858.9M 16.4% | $482.1M 9.3% | $729.3M 12.6% | $221.3M 4.9% | $516.0M 14.8% | $650.8M 19.2% | $345.2M 11.1% | $440.6M 15.4% | $386.1M 13.7% | $249.6M 10.9% |
| Income Tax Expense | $215.6M 4.1% | $46.0M 0.9% | $264.0M 4.6% | $70.8M 1.6% | $118.8M 3.4% | $339.9M 10.0% | $110.8M 3.6% | $154.9M 5.4% | $143.8M 5.1% | -$776.4M -33.9% |
| Net Income | $643.0M 12.3% | $435.9M 8.4% | $465.1M 8.1% | $150.4M 3.4% | $397.1M 11.4% | $310.7M 9.2% | $234.2M 7.5% | $285.5M 10.0% | $242.2M 8.6% | $1.03B 44.8% |
| Per Share | ||||||||||
| EPS (Basic) | $2.58 | $1.66 | $1.71 | $0.56 | $1.46 | $1.14 | $0.86 | $1.06 | $0.91 | $4.04 |
| EPS (Diluted) | $2.58 | $1.65 | $1.71 | $0.56 | $1.46 | $1.14 | $0.86 | $1.06 | $0.91 | $4.01 |
| Weighted Avg Shares (Basic) | 249.0M | 263.3M | 271.5M | 270.3M | 271.3M | 272.5M | 270.8M | 268.8M | 266.1M | 253.9M |
| Weighted Avg Shares (Diluted) | 249.4M | 263.6M | 272.6M | 270.5M | 271.9M | 273.5M | 271.8M | 269.9M | 267.5M | 255.8M |
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 15-yr range · 9th 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 16% against ROIC 7% — 9% 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 14.1× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 32.4 | 32.3 | 30.6 | 30.4 | 29.4 | 27.4 | 27.7 | 26.3 |
| Gross Profit | 67.6 | 67.7 | 69.4 | 69.6 | 70.6 | 72.6 | 72.3 | 73.7 |
| SG&A | 7.2 | 7.6 | 7.8 | 9.1 | 9.4 | 10.0 | 8.3 | 8.3 |
| Operating Income | 19.8 | 16.2 | 21.9 | 18.5 | 11.5 | 15.4 | 17.3 | 20.6 |
| Income Tax | 5.4 | 3.6 | 10.0 | 3.4 | 1.6 | 4.6 | 0.9 | 4.1 |
| Net Income | 10.0 | 7.5 | 9.2 | 11.4 | 3.4 | 8.1 | 8.4 | 12.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on OTEX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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.
Earns 3.85pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 5.6% | 5.0% (today's — no rate published for this year) | 0.7pts |
| FY2021 | 8.8% | 5.0% (today's — no rate published for this year) | 3.9pts |
| FY2022 | 7.2% | 5.0% (today's — no rate published for this year) | 2.2pts |
| FY2023 | 3.3% | 5.0% (today's — no rate published for this year) | -1.7pts |
| FY2024 | 7.0% | 5.0% (today's — no rate published for this year) | 2.0pts |
| FY2025 | 7.2% | 5.0% (today's — no rate published for this year) | 2.2pts |
| FY2026 | 9.1% | 5.0% (today's — no rate published for this year) | 4.1pts |
| Now | 6.6% | 5.0% | 1.6pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 66.8% | 15.5% | 44.8% |
| FY2018 | 66.2% | 18.0% | 8.6% |
| FY2019 | 67.6% | 19.8% | 10.0% |
| FY2020 | 67.7% | 16.2% | 7.5% |
| FY2021 | 69.4% | 21.9% | 9.2% |
| FY2022 | 69.6% | 18.5% | 11.4% |
| FY2023 | 70.6% | 11.5% | 3.4% |
| FY2024 | 72.6% | 15.4% | 8.1% |
| FY2025 | 72.3% | 17.3% | 8.4% |
| FY2026 | 73.7% | 20.6% | 12.3% |
Leverage and buybacks account for 9 points of the 16% return on equity in FY2026. The business earns 7% 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.
$7.3B of goodwill — 78% 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 40.05% against 8.8% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Cash conversion is 2.23x, but receivables have outgrown revenue 2 years running.
Receivables have outgrown revenue for 2 years running — sales are being booked faster than the money arrives, which reaches the cash flow statement a year or more after it shows up here.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Balance sheet at 2026-06-30. 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: ebitda, interest_expense.
At $26.59, free cash flow must compound 3.72%/yr for 10 years. It has done -1.46%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −7.9% | 3.7% |
| FY2022 | 9.4% | 3.7% |
| FY2023 | −26.3% | 3.7% |
| FY2024 | 23.3% | 3.7% |
| FY2025 | −15.0% | 3.7% |
| FY2026 | 17.5% | 3.7% |
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 cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $643M | $643M |
| Share-based comp | $81M | $724M |
| Other non-cash & working capital | $283M | $1.01B |
| Operating cash flow | $1.01B | $1.01B |
| Capex | −$199M | $808M |
| Free cash flow | $808M | $808M |
| FCF after SBC | $727M | $727M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 8.9% | -6.0% | -14.9 points |
| FY2022 | 3.2% | -2.7% | -5.9 points |
| FY2023 | 28.4% | 60.0% | 31.6 points |
| FY2024 | 28.6% | -8.3% | -36.9 points |
| FY2025 | -10.4% | 5.3% | 15.8 points |
| FY2026 | 1.5% | 13.8% | 12.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 54.7 days | not reported | 15.1 days | 39.7 days |
| FY2021 | 47.3 days | not reported | 20.3 days | 27 days |
| FY2022 | 44.6 days | not reported | 39.2 days | 5.4 days |
| FY2023 | 55.5 days | not reported | 45.1 days | 10.4 days |
| FY2024 | 39.6 days | not reported | 35 days | 4.7 days |
| FY2025 | 46.6 days | not reported | 34.7 days | 11.9 days |
| FY2026 | 52.3 days | not reported | 33.8 days | 18.5 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -7.0 percent |
| FY2021 | -5.9 percent |
| FY2022 | -5.7 percent |
| FY2023 | -3.7 percent |
| FY2024 | -3.5 percent |
| FY2025 | -2.9 percent |
| FY2026 | -2.8 percent |
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.