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Data as of Q3 2026
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What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 28% of free cash flow, leaving room to grow it and fund buybacks. Last year: $14.4M dividends + $8.0M buybacks = $22.4M returned on $50.7M FCF.
2 consecutive years of dividend increases · -15%/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.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 5%. 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.
Cash of $63.3M covers the $47.0M due within a year 1.3× over. 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).
Thin coverage — earnings barely cover interest. Effective rate ~13.7% on $369.9M of debt.
Cash of $63.3M fully covers short-term debt of $47.0M.
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.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NWS | $17.1B | 30.8× | 12.1× | 1.9× | 6.8% | — | 6.3% | 6.7% | 5.4% | -0.1× | 78 |
| NYT | $11.3B | 33.6× | 21.4× | 4.0× | 9.2% | — | 12.2% | 16.9% | 16.9% | -0.5× | 152 |
| WLY | $2.6B | 12.3× | 7.6× | 1.6× | -0.1% | 74.3% | 13.2% | 26.1% | 14.5% | 1.4× | 58 |
| MH | $2.6B | 70.2× | 7.6× | 1.2× | 0.1% | 80.9% | 1.7% | 4.9% | 1.1% | 3.6× | 14 |
| CMPR | $1.4B | 15.0× | 8.5× | 0.4× | 9.8% | 46.3% | 2.6% | -19.4% | 8.6% | 4.2× | 35 |
| WBTN | $1.2B | — | — | 0.9× | 2.5% | 23.3% | -25.0% | -29.6% | -29.6% | — | 20 |
| DLX | $1.0B | 12.6× | 6.6× | 0.5× | 0.5% | 53.0% | 3.8% | 12.1% | 3.9% | 3.8× | 49 |
| TDAY | $907M | — | 12.8× | 0.4× | -8.3% | 38.7% | 0.1% | 1.1% | 0.2% | 6.3× | 36 |
| DJCO | $867M | 7.7× | 86.5× | 9.9× | 25.4% | — | — | 28.7% | 28.7% | -2.1× | 21 |
| SCHL | $723M | 16.8× | 10.6× | 0.5× | -2.7% | 56.4% | 3.6% | 7.6% | 6.9% | -1.0× | 28 |
| EBF | $541M | 12.9× | 8.2× | 1.4× | -0.6% | 30.7% | 10.9% | 13.8% | 13.8% | -0.6× | 33 |
| ACCO | $508M | 12.5× | 11.3× | 0.3× | -8.5% | 32.8% | 2.7% | 6.2% | 2.8% | 7.0× | 36 |
| QUAD | $371M | 13.3× | 4.0× | 0.1× | -9.4% | 21.6% | 1.1% | 21.0% | 5.4% | 1.8× | 21 |
| PMTS | $303M | 20.9× | 7.3× | 0.6× | 13.1% | 31.3% | 2.8% | -86.3% | 5.6% | 3.4× | 15 |
Peers = companies sharing QUAD's sector (Commercial Printing) 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 $7.20 today, the market must believe free cash flow compounds -2.0%/yr for a decade (off $61.1M on the 3-yr avg basis).
On the basis ($54.6M) the requirement is -0.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -2.0% is more optimistic than its 9-yr track record.
Default is 9.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.05B shares (market data) · net debt $306.6M
mean 0.7% · volatility σ 75% · implied rate exceeded in 3/9 yrs
Central path = implied -2.0%/yr growth; shaded band = ±1σ (75%) 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.
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.
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 | $2.42B 100.0% | $2.67B 100.0% | $2.96B 100.0% | $3.22B 100.0% | $2.96B 100.0% | $2.93B 100.0% | $3.92B 100.0% | $3.99B 100.0% | $3.95B 100.0% | $4.33B 100.0% |
| Cost of Revenue | $1.90B 78.4% | $2.09B 78.3% | $2.38B 80.5% | $2.62B 81.4% | $2.39B 80.7% | $2.33B 79.7% | $3.19B 81.4% | $3.22B 80.8% | $3.09B 78.2% | $3.39B 78.4% |
| Cost of Products | — | — | — | — | — | — | — | $2.83B 71.0% | $2.83B 71.6% | $2.97B 68.6% |
| Cost of Services | — | — | — | — | — | — | — | $600.3M 15.1% | $432.1M 10.9% | $423.8M 9.8% |
| Research & Development | $2.9M 0.1% | $3.2M 0.1% | $3.1M 0.1% | $3.3M 0.1% | $3.1M 0.1% | $3.0M 0.1% | $3.6M 0.1% | $3.6M 0.1% | $9.0M 0.2% | $9.3M 0.2% |
| Selling, General & Admin | $325.9M 13.5% | $356.8M 13.4% | $344.5M 11.6% | $358.6M 11.1% | $326.0M 11.0% | $335.1M 11.4% | $397.6M 10.1% | $358.9M 9.0% | $408.7M 10.3% | $466.7M 10.8% |
| Total Operating Expenses | $2.32B 96.0% | $2.65B 99.3% | $2.93B 99.1% | $3.16B 98.3% | $2.87B 96.9% | $2.98B 101.6% | $3.89B 99.1% | $3.90B 97.8% | $3.78B 95.6% | $4.21B 97.3% |
| Operating Income | $97.0M 4.0% | $19.2M 0.7% | $25.7M 0.9% | $53.5M 1.7% | $92.8M 3.1% | -$46.0M -1.6% | $34.7M 0.9% | $87.3M 2.2% | $172.8M 4.4% | $117.3M 2.7% |
| Interest Expense | $50.5M 2.1% | $64.5M 2.4% | $70.0M 2.4% | $48.4M 1.5% | $59.6M 2.0% | $68.8M 2.3% | $90.0M 2.3% | $73.2M 1.8% | $70.9M 1.8% | $77.2M 1.8% |
| Pretax Income | $32.5M 1.3% | -$44.5M -1.7% | -$42.6M -1.4% | $17.7M 0.6% | $47.0M 1.6% | -$106.1M -3.6% | -$79.8M -2.0% | $26.5M 0.7% | $108.9M 2.8% | $59.3M 1.4% |
| Income Tax Expense | $5.5M 0.2% | $6.4M 0.2% | $12.8M 0.4% | $8.4M 0.3% | $9.5M 0.3% | $300K 0.0% | -$24.4M -0.6% | -$2.4M -0.1% | -$9.2M -0.2% | $13.0M 0.3% |
| Net Income | $27.0M 1.1% | -$50.9M -1.9% | -$55.4M -1.9% | $9.3M 0.3% | $37.8M 1.3% | -$128.3M -4.4% | -$156.3M -4.0% | $8.5M 0.2% | $107.2M 2.7% | $44.9M 1.0% |
| Per Share | ||||||||||
| EPS (Basic) | $0.57 | -$1.07 | -$1.14 | $0.18 | $0.74 | -$2.53 | -$3.12 | $0.17 | $2.16 | $0.94 |
| EPS (Diluted) | $0.54 | -$1.07 | -$1.14 | $0.18 | $0.71 | -$2.53 | -$3.12 | $0.16 | $2.07 | $0.90 |
| Weighted Avg Shares (Basic) | 47.6M | 47.6M | 48.4M | 50.7M | 51.3M | 50.6M | 50.0M | 49.8M | 49.6M | 47.9M |
| Weighted Avg Shares (Diluted) | 49.9M | 47.6M | 48.4M | 52.5M | 53.0M | 50.6M | 50.0M | 51.6M | 51.8M | 49.8M |
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.
Top 25 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
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 |
|---|---|---|---|---|---|
| 2026-07-31 | Fowler John C Director | Other | 26,000 | $9.86 | $256k |
| 2026-07-31 | Mckenna Donald M EVP, Chief Administrative Ofcr | Other | 12,289 | $9.84 | $121k |
| 2026-07-31 | Huet Melanie Arlene Director | Other | 28,543 | $9.99 | $285k |
| 2026-05-27 | 2 co-filers Group filing | Other | 9,692 | $7.40 | $72k |
| 2026-05-26 | 2 co-filers |
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.
| Other |
| 17,735 |
| $7.25 |
| $129k |
| 2026-05-20 | Harned Christopher B Director | Grant | 19,178 | $0.00 | $0 |
| 2026-05-20 | Flores Kathryn Quadracci Director | Grant | 19,178 | $0.00 | $0 |
| 2026-05-20 | Eason Beth-Ann Director | Grant | 19,178 | $0.00 | $0 |
| 2026-05-20 | Buth Douglas P Director | Grant | 19,178 | $0.00 | $0 |
| 2026-05-20 | Fowler John C Director | Grant | 19,178 | $0.00 | $0 |
| 2026-05-20 | Fuller Stephen M. Director | Grant | 19,178 | $0.00 | $0 |
| 2026-05-20 | Huet Melanie Arlene Director | Grant | 19,178 | $0.00 | $0 |
| 2026-05-20 | Rothman Jay O. Director | Grant | 19,178 | $0.00 | $0 |
| 2026-05-01 | Eason Beth-Ann Director | Other | 30,738 | $8.28 | $255k |
| 2026-05-01 | Flores Kathryn Quadracci Director | Other | 7,675 | $8.30 | $64k |
| 2026-03-06 | Flores Kathryn Quadracci Director | Other | 10,655 | $6.65 | $71k |
| 2026-03-02 | 2 co-filers Chief Information Officer | Other | 8,205 | $6.84 | $56k |
| 2026-03-01 | Bauer Anne M VP, Chief Accounting Officer | Tax withholding | 5,526 | $6.91 | $38k |
| 2026-03-01 | Quadracci J Joel Chairman & CEO | Tax withholding | 176,536 | $6.91 | $1.2m |
| 2026-03-01 | 2 co-filers Pres & Chief Operating Officer | Tax withholding | 73,557 | $6.91 | $508k |
| 2026-03-01 | 2 co-filers Chief Human Resources Officer | Tax withholding | 4,883 | $6.91 | $34k |
| 2026-03-01 | 2 co-filers General Counsel & Corp Sec | Tax withholding | 10,508 | $6.91 | $73k |
| 2026-03-01 | Flores Kathryn Quadracci Director | Tax withholding | 7,232 | $6.91 | $50k |
| 2026-03-01 | Currie Julie A EVP and Chief Revenue Officer | Tax withholding | 13,101 | $6.91 | $91k |
| 2026-03-01 | Vanderboom Kelly A EVP Head of Agency Operations | Tax withholding | 25,407 | $6.91 | $176k |
| 2026-03-01 | Staniak Anthony CFO & Treasurer | Tax withholding | 21,463 | $6.91 | $148k |
| 2026-03-01 | Mckenna Donald M EVP, Chief Administrative Ofcr | Tax withholding | 20,122 | $6.91 | $139k |
| 2026-03-01 | 2 co-filers Chief Information Officer | Tax withholding | 10,423 | $6.91 | $72k |
| 2026-03-01 | 2 co-filers Pres & Chief Operating Officer | Grant | 38,820 | $0.00 | $0 |
| 2026-03-01 | 2 co-filers General Counsel & Corp Sec | Tax withholding | 8,694 | $6.91 | $60k |
| 2026-03-01 | 2 co-filers Chief Human Resources Officer | Tax withholding | 2,862 | $6.91 | $20k |
| 2026-02-23 | Buth Douglas P Director | Other | 20,000 | $7.02 | $140k |
| 2026-02-20 | Mckenna Donald M EVP, Chief Administrative Ofcr | Other | 7,927 | $7.03 | $56k |
| 2026-02-20 | Flores Kathryn Quadracci Director | Other | 11,633 | $6.74 | $78k |
| 2026-02-01 | Mckenna Donald M EVP, Chief Administrative Ofcr | Grant | 16,695 | $0.00 | $0 |
| 2026-01-01 | Quadracci J Joel Chairman, Pres & CEO | Grant | 425,895 | $0.00 | $0 |
| 2026-01-01 | Bauer Anne M VP, Chief Accounting Officer | Grant | 11,500 | $0.00 | $0 |
| 2026-01-01 | Staniak Anthony CFO & Treasurer | Grant | 114,992 | $0.00 | $0 |
| 2026-01-01 | Currie Julie A EVP and Chief Revenue Officer | Grant | 42,590 | $0.00 | $0 |
| 2026-01-01 | Golden Joshua J Chief Marketing Officer | Grant | 42,590 | $0.00 | $0 |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 58th 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 21% against ROIC 5% — 16% 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 30.3% — 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
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 | 80.8 | 81.4 | 79.7 | 80.7 | 81.4 | 80.5 | 78.3 | 78.4 |
| R&D | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| SG&A | 9.0 | 10.1 | 11.4 | 11.0 | 11.1 | 11.6 | 13.4 | 13.5 |
| Operating Income | 2.2 | 0.9 | -1.6 | 3.1 | 1.7 | 0.9 | 0.7 | 4.0 |
| Income Tax | -0.1 | -0.6 | 0.0 | 0.3 | 0.3 | 0.4 | 0.2 | 0.2 |
| Net Income | 0.2 | -4.0 | -4.4 | 1.3 | 0.3 | -1.9 | -1.9 | 1.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on QUAD: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 2.12pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 1.7% | 9.1% (today's — no rate published for this year) | -7.4pts |
| FY2020 | -3.0% | 9.1% (today's — no rate published for this year) | -12.2pts |
| FY2021 | 7.0% | 6.8% | 0.3pts |
| FY2022 | 4.5% | 9.6% | -5.1pts |
| FY2023 | 3.6% | 9.3% | -5.7pts |
| FY2024 | 2.7% | 10.3% | -7.6pts |
| FY2025 | 12.5% | 9.2% | 3.3pts |
| Now | 5.4% | 9.1% | -3.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 21.6% | 2.7% | 1.0% |
| FY2017 | 21.8% | 4.4% | 2.7% |
| FY2018 | 19.2% | 2.2% | 0.2% |
| FY2019 | 18.6% | 0.9% | -4.0% |
| FY2020 | 20.3% | -1.6% | -4.4% |
| FY2021 | 19.3% | 3.1% | 1.3% |
| FY2022 | 18.6% | 1.7% | 0.3% |
| FY2023 | 19.5% | 0.9% | -1.9% |
| FY2024 | 21.7% | 0.7% | -1.9% |
| FY2025 | 21.6% | 4.0% | 1.1% |
Leverage and buybacks account for 16 points of the 21% return on equity in FY2025. The business earns 5% 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.
$108M of goodwill — 17% 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 2 of the last 5 years.
Converts 4.77x of reported profit into free cash flow over 3 years, with accruals negative.
Reported free cash flow is $51M; after share-based compensation it is $44M. The difference is a real cost that the cash flow statement adds back.
Stressed coverage falls to 1.3x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 1.92x |
| 5% | 1.82x |
| 10% | 1.73x |
| 15% | 1.63x |
| 20% | 1.54x |
| 25% | 1.44x |
| 30% | 1.34x |
| 35% | 1.25x |
| 40% | 1.15x |
| 45% | 1.06x |
| 50% | 0.96x |
| 55% | 0.86x |
| 60% | 0.77x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
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 $7.20, free cash flow must compound -0.57%/yr for 10 years. It has done 2.2%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 190.3% | −0.6% |
| FY2021 | −33.0% | −0.6% |
| FY2022 | 9.0% | −0.6% |
| FY2023 | −18.6% | −0.6% |
| FY2024 | −27.5% | −0.6% |
| FY2025 | −9.0% | −0.6% |
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 (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $27M | $27M |
| Share-based comp | $7M | $34M |
| Other non-cash & working capital | $62M | $96M |
| Operating cash flow | $96M | $96M |
| Capex | −$45M | $51M |
| Free cash flow | $51M | $51M |
| FCF after SBC | $44M | $44M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -25.3% | not reported | not reported |
| FY2021 | 1.1% | not reported | not reported |
| FY2022 | 8.7% | not reported | not reported |
| FY2023 | -8.1% | not reported | not reported |
| FY2024 | -9.7% | not reported | not reported |
| FY2025 | -9.4% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -12.9 percent |
| FY2020 | -16.5 percent |
| FY2021 | -5.2 percent |
| FY2022 | -8.5 percent |
| FY2023 | -13.4 percent |
| FY2024 | -12.6 percent |
| FY2025 | -5.5 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 7 consecutive years to the latest.
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.