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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $342.6M buybacks = $342.6M returned on $615.7M 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 balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 13%. 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.
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 2026-10-21
How a revenue dollar becomes profit — FY2027
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 | FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2021 | FY2021 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.66B 100.0% | $3.17B 100.0% | $2.83B 100.0% | $2.75B 100.0% | $2.18B 100.0% | $1.68B 100.0% | $1.64B 100.0% | $1.36B 100.0% | $1.02B 100.0% | $739.2M 100.0% |
| Cost of Revenue | $1.08B 29.6% | $955.5M 30.2% | $809.4M 28.6% | $855.8M 31.1% | $708.3M 32.5% | $535.3M 31.8% | $509.9M 31.0% | $457.5M 33.6% | $353.8M 34.5% | $252.3M 34.1% |
| Cost of Products | — | — | — | — | — | — | — | — | $275.2M 26.9% | $194.2M 26.3% |
| Cost of Services | — | — | — | — | — | — | — | — | $78.5M 7.7% | $58.1M 7.9% |
| Gross Profit | $2.58B 70.4% | $2.21B 69.8% | $2.02B 71.4% | $1.90B 68.9% | $1.47B 67.5% | $1.15B 68.2% | $1.13B 69.0% | $902.3M 66.4% | $671.0M 65.5% | $486.9M 65.9% |
| Research & Development | $963.3M 26.3% | $804.4M 25.4% | $736.8M 26.0% | $692.5M 25.2% | $581.9M 26.7% | $480.5M 28.5% | $433.7M 26.4% | $349.9M 25.7% | $279.2M 27.2% | $245.8M 33.3% |
| Selling, General & Admin | $318.4M 8.7% | $286.2M 9.0% | $252.2M 8.9% | $238.0M 8.6% | $190.0M 8.7% | $182.5M 10.8% | $163.2M 9.9% | $137.5M 10.1% | $95.2M 9.3% | $84.7M 11.5% |
| Total Operating Expenses | $2.46B 67.2% | $2.13B 67.2% | $1.97B 69.5% | $1.81B 65.9% | $1.57B 72.0% | $1.41B 83.7% | $1.32B 80.6% | $1.07B 78.8% | $838.4M 81.8% | $708.2M 95.8% |
| Operating Income | $114.8M 3.1% | $85.3M 2.7% | $53.6M 1.9% | $83.5M 3.0% | -$98.4M -4.5% | -$261.0M -15.5% | -$191.3M -11.6% | -$169.3M -12.4% | -$167.4M -16.3% | -$221.3M -29.9% |
| Interest Expense | $3.4M 0.1% | $7.8M 0.2% | $7.5M 0.3% | $4.7M 0.2% | $36.7M 1.7% | $31.4M 1.9% | $27.9M 1.7% | $21.6M 1.6% | $19K 0.0% | $44K 0.0% |
| Interest & Investment Income | $62.5M 1.7% | $76.0M 2.4% | $50.4M 1.8% | $17.3M 0.6% | — | $17.4M 1.0% | $27.2M 1.7% | $18.0M 1.3% | $5.4M 0.5% | $4.1M 0.5% |
| Other Income (Expense), net | $109.5M 3.0% | $62.6M 2.0% | $37.0M 1.3% | $8.3M 0.3% | -$30.1M -1.4% | -$9.1M -0.5% | -$3.4M -0.2% | -$8.0M -0.6% | $11.4M 1.1% | $1.6M 0.2% |
| Pretax Income | $224.3M 6.1% | $147.8M 4.7% | $90.6M 3.2% | $91.8M 3.3% | -$128.5M -5.9% | -$270.2M -16.0% | -$194.7M -11.8% | -$177.3M -13.0% | -$156.0M -15.2% | -$219.6M -29.7% |
| Income Tax Expense | $36.1M 1.0% | $41.1M 1.3% | $29.3M 1.0% | $18.7M 0.7% | $14.8M 0.7% | $11.9M 0.7% | $6.3M 0.4% | $1.1M 0.1% | $3.9M 0.4% | $1.9M 0.3% |
| Net Income | $188.2M 5.1% | $106.7M 3.4% | $61.3M 2.2% | $73.1M 2.7% | -$143.3M -6.6% | -$282.1M -16.7% | -$201.0M -12.2% | -$178.4M -13.1% | -$159.9M -15.6% | -$221.5M -30.0% |
| Per Share | ||||||||||
| EPS (Basic) | $0.57 | $0.33 | $0.20 | $0.24 | -$0.50 | -$1.05 | -$0.79 | — | — | — |
| EPS (Diluted) | $0.55 | $0.31 | $0.19 | $0.23 | -$0.50 | -$1.05 | -$0.79 | — | — | — |
| Weighted Avg Shares (Basic) | 328.5M | 325.8M | 311.8M | 299.5M | 285.9M | 267.8M | 252.8M | — | — | — |
| Weighted Avg Shares (Diluted) | 343.0M | 342.7M | 332.6M | 339.2M | 285.9M | 267.8M | 252.8M | — | — | — |
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $130.93 today, the market must believe free cash flow compounds 47.6%/yr for a decade (off $130.3M on the SBC-adjusted basis).
On the basis ($541.7M) the requirement is 26.6%/yr. The difference is what charging stock compensation costs.
The market's 47.6% is more conservative than its 4-yr track record.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.33B shares (market data) · net debt -$854.9M
mean 299.7% · volatility σ 633% · implied rate exceeded in 1/4 yrs
Central path = implied 47.6%/yr growth; shaded band = ±1σ (633%) 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).
Interest is easily covered by operating profit.
Cash of $854.9M fully covers short-term debt of $0.
Short-term / long-term split not separately reported.
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 2026-10-21
Where each multiple sits in its own 11-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 11-yr history.
Is the profit real, and how strong is the balance sheet?
FY2027 · every deduction from revenue to net income
DuPont — the three levers
ROE 13% against ROIC 13% — 0% 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 2.2× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2021 | FY2021 | FY2023 | FY2024 | FY2025 | FY2026 | FY2027 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 33.6 | 31.0 | 31.8 | 32.5 | 31.1 | 28.6 | 30.2 | 29.6 |
| Gross Profit | 66.4 | 69.0 | 68.2 | 67.5 | 68.9 | 71.4 | 69.8 | 70.4 |
| R&D | 25.7 | 26.4 | 28.5 | 26.7 | 25.2 | 26.0 | 25.4 | 26.3 |
| SG&A | 10.1 | 9.9 | 10.8 | 8.7 | 8.6 | 8.9 | 9.0 | 8.7 |
| Operating Income | -12.4 | -11.6 | -15.5 | -4.5 | 3.0 | 1.9 | 2.7 | 3.1 |
| Income Tax | 0.1 | 0.4 | 0.7 | 0.7 | 0.7 | 1.0 | 1.3 | 1.0 |
| Net Income | -13.1 | -12.2 | -16.7 | -6.6 | 2.7 | 2.2 | 3.4 | 5.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on P: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.