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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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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 $246.20 today, the market must believe free cash flow compounds 9.0%/yr for a decade (off $1.54B on the 3-yr avg basis).
On the basis ($1.45B) the requirement is 9.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 9.0% is more conservative than its 9-yr track record.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.14B shares (market data) · net debt -$809.9M
mean 37.5% · volatility σ 74% · implied rate exceeded in 5/9 yrs
Central path = implied 9.0%/yr growth; shaded band = ±1σ (74%) 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 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 21% of free cash flow, leaving room to grow it and fund buybacks. Last year: $349.7M dividends + $700.0M buybacks = $1.05B returned on $1.65B FCF.
9 consecutive years of dividend increases · 7%/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 balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 21%. 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 2026-10-21
Where each multiple sits in its own 15-yr range · 47th 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 23% against ROIC 21% — 2% 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 24.3% — 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
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 | 42.7 | 41.9 | 42.5 | 43.4 | 44.2 | 43.3 | 40.6 | 38.9 |
| Gross Profit | 57.3 | 58.1 | 57.5 | 56.6 | 55.8 | 56.7 | 59.4 | 61.1 |
| R&D | 6.9 | 6.8 | 7.0 | 7.1 | 6.8 | 6.6 | 6.4 | 6.7 |
| SG&A | 24.7 | 22.9 | 21.0 | 20.6 | 20.7 | 19.6 | 19.3 | 19.8 |
| Operating Income | 22.2 | 27.4 | 28.3 | 28.0 | 26.8 | 28.2 | 32.7 | 33.4 |
| Income Tax | 4.4 | 3.8 | 12.8 | 5.1 | 4.8 | 5.2 | 5.4 | 7.0 |
| Net Income | 15.5 | 21.0 | 14.8 | 21.8 | 21.3 | 21.8 | 27.2 | 26.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on RMD: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.47B (at 2026-06-30) covers all $100.2M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2011-06-30 (10-K). The cash figure is from 2026-06-30, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.7% on $655.4M of debt. Interest last disclosed in FY2021 (no longer broken out).
Cash of $1.47B fully covers short-term debt of $259.9M.
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.
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.
EOD close · as of 2026-10-21
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 | $5.65B 100.0% | $5.15B 100.0% | $4.69B 100.0% | $4.22B 100.0% | $3.58B 100.0% | $3.20B 100.0% | $2.96B 100.0% | $2.61B 100.0% | $2.34B 100.0% | $2.07B 100.0% |
| Cost of Revenue | $2.20B 38.9% | $2.09B 40.6% | $2.03B 43.3% | $1.87B 44.2% | $1.55B 43.4% | $1.36B 42.5% | $1.24B 41.9% | $1.11B 42.7% | $1.01B 43.0% | $865.0M 41.9% |
| Cost of Products | — | — | — | — | — | — | — | — | $978.0M 41.8% | $865.0M 41.9% |
| Gross Profit | $3.45B 61.1% | $3.05B 59.4% | $2.66B 56.7% | $2.36B 55.8% | $2.02B 56.6% | $1.84B 57.5% | $1.72B 58.1% | $1.49B 57.3% | $1.33B 57.0% | $1.20B 58.1% |
| Research & Development | $378.3M 6.7% | $331.3M 6.4% | $307.5M 6.6% | $287.6M 6.8% | $253.6M 7.1% | $225.3M 7.0% | $201.9M 6.8% | $180.7M 6.9% | $155.1M 6.6% | $144.5M 7.0% |
| Selling, General & Admin | $1.12B 19.8% | $993.0M 19.3% | $917.1M 19.6% | $874.0M 20.7% | $737.5M 20.6% | $670.4M 21.0% | $676.7M 22.9% | $645.0M 24.7% | $600.4M 25.7% | $554.0M 26.8% |
| Total Operating Expenses | $1.57B 27.7% | $1.37B 26.6% | $1.34B 28.5% | $1.22B 29.0% | $1.02B 28.6% | $935.4M 29.3% | $908.1M 30.7% | $914.8M 35.1% | $793.1M 33.9% | $775.9M 37.5% |
| Operating Income | $1.89B 33.4% | $1.69B 32.7% | $1.32B 28.2% | $1.13B 26.8% | $1.00B 28.0% | $903.7M 28.3% | $809.7M 27.4% | $579.3M 22.2% | $541.8M 23.2% | $425.8M 20.6% |
| Interest Expense | — | — | — | — | — | $24.0M 0.8% | $40.4M 1.4% | $36.2M 1.4% | $28.4M 1.2% | $28.2M 1.4% |
| Interest & Investment Income | — | — | — | — | — | $362K 0.0% | $1.0M 0.0% | $2.3M 0.1% | $16.4M 0.7% | $17.1M 0.8% |
| Other Income (Expense), net | $32.7M 0.6% | -$7.8M -0.2% | -$55.1M -1.2% | -$30.2M -0.7% | -$39.8M -1.1% | -$20.0M -0.6% | -$76.6M -2.6% | -$60.4M -2.3% | -$20.5M -0.9% | -$7.1M -0.3% |
| Pretax Income | $1.92B 34.0% | $1.68B 32.6% | $1.26B 27.0% | $1.10B 26.1% | $960.5M 26.8% | $883.7M 27.6% | $733.1M 24.8% | $518.8M 19.9% | $521.3M 22.3% | $418.7M 20.3% |
| Income Tax Expense | $396.1M 7.0% | $276.8M 5.4% | $243.8M 5.2% | $204.1M 4.8% | $181.0M 5.1% | $409.2M 12.8% | $111.4M 3.8% | $114.3M 4.4% | $205.7M 8.8% | $76.5M 3.7% |
| Net Income | $1.52B 26.9% | $1.40B 27.2% | $1.02B 21.8% | $897.6M 21.3% | $779.4M 21.8% | $474.5M 14.8% | $621.7M 21.0% | $404.6M 15.5% | $315.6M 13.5% | $342.3M 16.6% |
| Per Share | ||||||||||
| EPS (Basic) | $10.47 | $9.55 | $6.94 | $6.12 | $5.34 | $3.27 | $4.31 | $2.83 | $2.21 | $2.42 |
| EPS (Diluted) | $10.43 | $9.51 | $6.92 | $6.09 | $5.30 | $3.24 | $4.27 | $2.80 | $2.19 | $2.40 |
| Weighted Avg Shares (Basic) | 145.5M | 146.7M | 147.0M | 146.8M | 146.1M | 145.3M | 144.3M | 143.1M | 142.8M | 141.4M |
| Weighted Avg Shares (Diluted) | 146.1M | 147.3M | 147.6M | 147.5M | 147.0M | 146.5M | 145.7M | 144.5M | 144.0M | 142.5M |
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.