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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.
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 13 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| J | $17.9B | 64.2× | — | 1.5× | 4.6% | 24.8% | 2.4% | 7.9% | 4.9% | — | 239 |
| MTZ | $14.3B | 35.1× | — | 1.0× | 16.2% | — | 2.8% | 12.2% | 12.2% | — | 178 |
| STRL | $11.9B | 41.5× | 24.4× | 4.8× | 17.7% | 23.0% | 11.7% | 26.2% | 20.7% | -0.2× | 201 |
| DY | $7.2B | 25.1× | — | 1.3× | 17.9% | — | 5.1% | 15.1% | 6.0% | — | 115 |
| FLR | $6.4B | — | — | 0.4× | -5.0% | -0.8% | -0.3% | -1.6% | -1.2% | — | 109 |
| GVA | $5.4B | 31.5× | 14.0× | 1.2× | 10.4% | 16.1% | 4.4% | 16.4% | 7.7% | 1.8× | 74 |
| KBR | $4.8B | 11.9× | 8.4× | 0.6× | 1.0% | 14.8% | 5.3% | 27.6% | 10.1% | 2.5× | 79 |
| ROAD | $4.8B | 45.9× | 16.9× | 1.7× | 54.2% | 15.6% | 3.6% | 11.2% | 4.0% | 4.0× | 68 |
| MYRG | $4.4B | 37.6× | 18.5× | 1.2× | 8.8% | 11.6% | 3.2% | 17.9% | 16.5% | -0.4× | 85 |
| PRIM | $4.0B | 14.7× | 7.8× | 0.5× | 19.0% | 10.7% | 3.6% | 16.4% | 12.8% | -0.1× | 81 |
| PLPC | $1.7B | 48.9× | 22.3× | 2.5× | 12.7% | 31.2% | 5.3% | 7.4% | 6.9% | 0.5× | 43 |
| ORN | $370M | 151.8× | 13.3× | 0.4× | 7.0% | 12.4% | 0.3% | 1.6% | 1.5% | 0.2× | 29 |
| CDNL | $338M | — | 3.7× | 0.7× | 44.7% | — | 5.0% | 38.8% | 38.8% | -1.5× | 15 |
| ESOA | $182M | 489.0× | 14.3× | 0.4× | 16.8% | 9.4% | — | — | — | 3.0× | 18 |
Peers = companies sharing PLPC's sector (Water, Sewer, Pipeline, Comm & Power Line Construction) 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 (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $320.01 today, the market must believe free cash flow compounds 14.4%/yr for a decade (off $52.8M on the 3-yr avg basis).
On the basis ($48.4M) the requirement is 15.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 14.4% is more conservative than its 9-yr track record.
Default is 10.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.00B shares (market data) · net debt $39.5M
mean 183.2% · volatility σ 676% · implied rate exceeded in 1/7 yrs
Central path = implied 14.4%/yr growth; shaded band = ±1σ (676%) 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 12% of free cash flow, leaving room to grow it and fund buybacks. Last year: $4.1M dividends + $1.0M buybacks = $5.2M returned on $33.3M FCF.
1 consecutive years of dividend increases · 0%/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.
EOD close · as of 2026-10-29
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 | $669.3M 100.0% | $593.7M 100.0% | $669.7M 100.0% | $637.0M 100.0% | $517.4M 100.0% | $466.4M 100.0% | $444.9M 100.0% | $420.9M 100.0% | $378.2M 100.0% | $336.6M 100.0% |
| Cost of Revenue | $460.8M 68.8% | $403.9M 68.0% | $434.8M 64.9% | $421.8M 66.2% | $351.2M 67.9% | $312.4M 67.0% | $304.3M 68.4% | $288.6M 68.6% | $259.6M 68.6% | $227.2M 67.5% |
| Cost of Products | — | — | — | — | — | — | — | — | $259.6M 68.6% | $227.2M 67.5% |
| Gross Profit | $208.5M 31.2% | $189.8M 32.0% | $234.8M 35.1% | $215.2M 33.8% | $166.2M 32.1% | $154.0M 33.0% | $140.6M 31.6% | $132.2M 31.4% | $118.6M 31.4% | $109.4M 32.5% |
| Research & Development | — | — | $5.2M 0.8% | $4.5M 0.7% | $3.3M 0.6% | $2.8M 0.6% | $3.0M 0.7% | $2.4M 0.6% | $2.1M 0.6% | $2.7M 0.8% |
| Selling, General & Admin | $75.2M 11.2% | $67.5M 11.4% | $74.6M 11.1% | $70.3M 11.0% | $55.3M 10.7% | $56.3M 12.1% | $51.8M 11.6% | $45.4M 10.8% | $43.2M 11.4% | $42.1M 12.5% |
| Total Operating Expenses | $153.4M 22.9% | $139.1M 23.4% | $150.7M 22.5% | $145.8M 22.9% | $118.7M 22.9% | $113.8M 24.4% | $108.0M 24.3% | $99.3M 23.6% | $92.5M 24.5% | $87.9M 26.1% |
| Operating Income | $55.1M 8.2% | $50.8M 8.5% | $84.2M 12.6% | $69.4M 10.9% | $47.5M 9.2% | $40.2M 8.6% | $32.6M 7.3% | $32.9M 7.8% | $26.1M 6.9% | $21.5M 6.4% |
| Interest Expense | $1.3M 0.2% | $2.2M 0.4% | $3.9M 0.6% | $3.2M 0.5% | $2.0M 0.4% | $2.4M 0.5% | $2.2M 0.5% | $1.3M 0.3% | $1.1M 0.3% | $844K 0.3% |
| Interest & Investment Income | $2.3M 0.3% | $2.6M 0.4% | $1.8M 0.3% | $631K 0.1% | $169K 0.0% | $259K 0.1% | $783K 0.2% | $486K 0.1% | $430K 0.1% | $291K 0.1% |
| Other Income (Expense), net | -$9.5M -1.4% | $13K 0.0% | -$1.8M -0.3% | $4.3M 0.7% | $1.3M 0.3% | $364K 0.1% | -$1.2M -0.3% | -$346K -0.1% | -$302K -0.1% | -$526K -0.2% |
| Pretax Income | $45.6M 6.8% | $50.8M 8.6% | $82.3M 12.3% | $73.7M 11.6% | $48.9M 9.5% | $40.6M 8.7% | $31.5M 7.1% | $32.6M 7.7% | $25.8M 6.8% | $21.0M 6.2% |
| Income Tax Expense | $10.3M 1.5% | $13.7M 2.3% | $19.0M 2.8% | $19.3M 3.0% | $13.2M 2.5% | $10.8M 2.3% | $8.1M 1.8% | $6.0M 1.4% | $13.2M 3.5% | $5.7M 1.7% |
| Net Income | $35.3M 5.3% | $37.1M 6.2% | $63.3M 9.5% | $54.4M 8.5% | $35.7M 6.9% | $29.8M 6.4% | $23.3M 5.2% | $26.6M 6.3% | $12.7M 3.3% | $15.3M 4.5% |
| Per Share | ||||||||||
| EPS (Basic) | $7.17 | $7.56 | $12.87 | $11.03 | $7.28 | $6.05 | $4.63 | $5.28 | $2.48 | $2.95 |
| EPS (Diluted) | $7.14 | $7.50 | $12.68 | $10.88 | $7.19 | $5.98 | $4.58 | $5.21 | $2.47 | $2.95 |
| Weighted Avg Shares (Basic) | 4.9M | 4.9M | 4.9M | 4.9M | 4.9M | 4.9M | 5.0M | 5.0M | 5.1M | 5.2M |
| Weighted Avg Shares (Diluted) | 4.9M | 4.9M | 5.0M | 5.0M | 5.0M | 5.0M | 5.1M | 5.1M | 5.1M | 5.2M |
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.
How much the company owes, how it's trended, and how comfortably it's serviced.
$5.4M of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.3% on $39.5M of debt.
Cash vs short-term debt unavailable.
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 2026-10-29
Where each multiple sits in its own 14-yr range · 100th 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 7% — 1% 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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 68.6 | 68.4 | 67.0 | 67.9 | 66.2 | 64.9 | 68.0 | 68.8 |
| Gross Profit | 31.4 | 31.6 | 33.0 | 32.1 | 33.8 | 35.1 | 32.0 | 31.2 |
| R&D | 0.6 | 0.7 | 0.6 | 0.6 | 0.7 | 0.8 | — | — |
| SG&A | 10.8 | 11.6 | 12.1 | 10.7 | 11.0 | 11.1 | 11.4 | 11.2 |
| Operating Income | 7.8 | 7.3 | 8.6 | 9.2 | 10.9 | 12.6 | 8.5 | 8.2 |
| Income Tax | 1.4 | 1.8 | 2.3 | 2.5 | 3.0 | 2.8 | 2.3 | 1.5 |
| Net Income | 6.3 | 5.2 | 6.4 | 6.9 | 8.5 | 9.5 | 6.2 | 5.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on PLPC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -2.43pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 7.9% | 10.5% (today's — no rate published for this year) | -2.6pts |
| FY2020 | 9.4% | 10.5% (today's — no rate published for this year) | -1.0pts |
| FY2021 | 10.0% | 6.1% | 3.9pts |
| FY2022 | 11.5% | 8.2% | 3.3pts |
| FY2023 | 13.1% | 8.1% | 5.0pts |
| FY2024 | 8.4% | 9.1% | -0.8pts |
| FY2025 | 8.0% | 8.7% | -0.7pts |
| Now | 6.9% | 10.5% | -3.6pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 32.5% | 6.4% | 4.5% |
| FY2017 | 31.4% | 6.9% | 3.3% |
| FY2018 | 31.4% | 7.8% | 6.3% |
| FY2019 | 31.6% | 7.3% | 5.2% |
| FY2020 | 33.0% | 8.6% | 6.4% |
| FY2021 | 32.1% | 9.2% | 6.9% |
| FY2022 | 33.8% | 10.9% | 8.5% |
| FY2023 | 35.1% | 12.6% | 9.5% |
| FY2024 | 32.0% | 8.5% | 6.2% |
| FY2025 | 31.2% | 8.2% | 5.3% |
Return on equity (7%) and return on invested capital (7%) 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.
$36M of goodwill — 7% 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.
Margins have compressed 2 years running even as the spread stayed positive.
Converts 0.73x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $33M; after share-based compensation it is $28M. The difference is a real cost that the cash flow statement adds back.
Covers interest 27.6x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 39.38x |
| 5% | 37.41x |
| 10% | 35.44x |
| 15% | 33.47x |
| 20% | 31.51x |
| 25% | 29.54x |
| 30% | 27.57x |
| 35% | 25.60x |
| 40% | 23.63x |
| 45% | 21.66x |
| 50% | 19.69x |
| 55% | 17.72x |
| 60% | 15.75x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. No cash figure on the matching balance sheet, so no coverage line is drawn.
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 $348.81, free cash flow must compound 15.59%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −10.9% | 15.6% |
| FY2022 | −194.9% | 15.6% |
| FY2024 | −26.9% | 15.6% |
| FY2025 | −36.9% | 15.6% |
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 of 15.59% has not been achieved in any of the last 4 years.
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.
| Step | Amount | Running total |
|---|---|---|
| Net income | $35M | $35M |
| Share-based comp | $5M | $40M |
| Other non-cash & working capital | $33M | $73M |
| Operating cash flow | $73M | $73M |
| Capex | −$40M | $33M |
| Free cash flow | $33M | $33M |
| FCF after SBC | $28M | $28M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 4.8% | 11.0% | 6.1 points |
| FY2021 | 10.9% | 6.0% | -5.0 points |
| FY2022 | 23.1% | 27.6% | 4.4 points |
| FY2023 | 5.1% | -14.7% | -19.8 points |
| FY2024 | -11.3% | 4.2% | 15.6 points |
| FY2025 | 12.7% | 1.6% | -11.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 68.5 days | 114.8 days | 33.9 days | 149.4 days |
| FY2020 | 72.5 days | 113.9 days | 37 days | 149.5 days |
| FY2021 | 69.3 days | 119 days | 44 days | 144.2 days |
| FY2022 | 71.8 days | 127.6 days | 40.5 days | 158.8 days |
| FY2023 | 58.3 days | 124.9 days | 31.7 days | 151.5 days |
| FY2024 | 68.5 days | 117.4 days | 37.9 days | 148 days |
| FY2025 | 61.7 days | 117.8 days | 39.2 days | 140.3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -0.9 percent |
| FY2020 | -2.6 percent |
| FY2021 | 0.4 percent |
| FY2022 | 5.0 percent |
| FY2023 | -7.3 percent |
| FY2024 | -5.3 percent |
| FY2025 | -5.8 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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
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.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-08 | 2 co-filers Group filing | Open-market sale | 5,000 | $407.78 | $2.0m |
| 2026-09-04 | 2 co-filers Group filing | Open-market sale | 142 | $400.04 | $57k |
| 2026-08-05 | Corlett Glen E Director | Open-market saleindirect | 2,000 | $457.02 | $914k |
| 2026-08-03 | 2 co-filers Group filing | Other | 9,121 | $358.15 | $3.3m |
| 2026-08-03 | 2 co-filers Group filing | Otherindirect | 9,121 | $358.15 | $3.3m |
| 2026-06-12 | Klaus Andrew S CFO | Other | 635 | $362.22 | $230k |
| 2026-06-11 | Ruhlman Jon Ryan President | Other | 1,000 | $360.68 | $361k |
| 2026-06-10 | Olenik John J VP-Research & Engineering | Other | 1,000 | $360.91 | $361k |
| 2026-06-10 | 3 co-filers VP, US Manufacturing | Option exercise | 1,000 | $132.40 | $132k |
| 2026-06-10 | O'Shaughnessy Timothy V.P. Human Resources | Other | 750 | $360.91 | $271k |
| 2026-06-10 | 3 co-filers VP, US Manufacturing | Other | 1,000 | $360.91 | $361k |
| 2026-06-10 | 3 co-filers VP, US Manufacturing | Option exercise | 1,000 | $132.40 | — |
| 2026-06-09 | Cross Maegan Adams Ruhlman Director | Giftindirect51d late | 18,000 | $0.00 | $0 |
| 2026-06-09 | Ruhlman Jon Ryan President | Giftindirect51d late | 18,000 | $0.00 | $0 |
| 2026-06-09 | 2 co-filers Executive Chairman | Gift51d late | 18,000 | $0.00 | $0 |
| 2026-06-09 | 2 co-filers Executive Chairman | Gift51d late | 18,000 | $0.00 | $0 |
| 2026-06-08 | Hofstetter John M Executive Vice President | Other | 3,446 | $358.45 | $1.2m |
| 2026-03-13 | Ruhlman Robert G Executive Chairman | Other | 2,500 | $259.73 | $649k |
| 2026-03-12 | Corlett Glen E Director | Other | 400 | $260.24 | $104k |
| 2026-03-12 | Olenik John J VP-Research & Engineering | Otherindirect | 752 | $260.84 | $196k |
| 2026-03-10 | 3 co-filers VP, US Manufacturing | Option exercise | 1,750 | $132.40 | $232k |
| 2026-03-10 | Klaus Andrew S CFO | Other | 2,365 | $260.34 | $616k |
| 2026-03-10 | O'Shaughnessy Timothy V.P. Human Resources | Other | 1,244 | $260.34 | $324k |
| 2026-03-10 | Ruhlman Jon Ryan President | Other | 2,000 | $260.34 | $521k |
| 2026-03-10 | Hofstetter John M Executive Vice President | Other | 6,000 | $260.34 | $1.6m |
| 2026-03-10 | Vaccariello Caroline Saylor General Counsel&Corp Secretary | Other | 1,547 | $260.34 | $403k |
| 2026-03-10 | David C Sunkle Director | Other | 1,600 | $260.34 | $417k |
| 2026-03-10 | Mckenna Dennis F CEO | Other | 7,887 | $260.34 | $2.1m |
| 2026-03-10 | 3 co-filers VP, US Manufacturing | Other | 1,750 | $260.34 | $456k |
| 2026-03-10 | 3 co-filers VP, US Manufacturing | Option exercise | 1,750 | $132.40 | — |
| 2026-02-04 | Morcos Assaad A VP, US Manufacturing | Grant | 407 | $0.00 | — |
| 2026-02-04 | Koh William VP of Asia Pacific Region | Grant | 407 | $0.00 | — |
| 2026-02-04 | 3 co-filers CFO | Grant | 1,785 | $0.00 | $0 |
| 2026-02-04 | 3 co-filers General Counsel&Corp Secretary | Grant | 1,517 | $0.00 | $0 |
| 2026-02-04 | 2 co-filers Executive Chairman | Grant | 13,386 | $0.00 | $0 |
| 2026-02-04 | 3 co-filers VP-Research & Engineering | Grant | 1,160 | $0.00 | $0 |
| 2026-02-04 | 3 co-filers Executive Vice President | Grant | 1,696 | $0.00 | $0 |
| 2026-02-04 | 3 co-filers V.P. Human Resources | Grant | 1,227 | $0.00 | $0 |
| 2026-02-04 | 2 co-filers CEO | Grant | 2,677 | $0.00 | $0 |
| 2026-02-04 | 2 co-filers President | Grant | 1,785 | $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.