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Held by 809 of 2,417 reporting institutions (99th percentile) — extremely crowded.
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $103.67 today, the market must believe free cash flow compounds 16.1%/yr for a decade (off $3.15B on the 3-yr avg basis).
On the basis ($2.84B) the requirement is 17.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 16.1% is more optimistic than its 9-yr track record.
Default is 9.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.14B shares (market data) · net debt $16.07B
mean 434.0% · volatility σ 1288% · implied rate exceeded in 3/9 yrs
Central path = implied 16.1%/yr growth; shaded band = ±1σ (1288%) 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.
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 35 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MCD | $182.1B | 21.5× | 17.3× | 6.8× | 3.7% | — | 31.9% | -478% | 22.0% | 3.1× | 1,221 |
| SBUX | $120.3B | 64.7× | 29.0× | 3.2× | 2.8% | — | 5.0% | -22.9% | 23.3% | 3.4× | 809 |
| YUM | $42.2B | 27.9× | 14.9× | 5.1× | 8.8% | 69.8% | 19.0% | -21.3% | -21.4% | -0.2× | 409 |
| CMG | $39.7B | 27.4× | 17.1× | 3.3× | 5.4% | — | 12.9% | 54.3% | 54.3% | -0.1× | 337 |
| QSR | $25.5B | 31.1× | 16.1× | 2.7× | 12.2% | — | 11.4% | 29.6% | 6.4% | 5.5× | 136 |
| DRI | $24.9B | 21.2× | 12.6× | 1.9× | 9.4% | 20.3% | 9.1% | 54.7% | 26.6% | 1.0× | 315 |
| YUMC | $15.2B | 18.0× | 8.5× | 1.3× | 4.4% | — | 7.9% | 17.3% | 17.2% | -0.3× | 149 |
| ARMK | $14.7B | 45.9× | 15.4× | 0.8× | 6.4% | — | 1.8% | 10.4% | 3.8% | 3.8× | 120 |
| TXRH | $12.0B | 30.0× | 17.4× | 2.0× | 9.4% | — | 7.0% | 28.4% | 28.4% | -0.2× | 132 |
| EAT | $9.2B | 20.2× | 10.9× | 1.6× | 7.9% | — | 8.4% | 110% | 110% | -0.1× | 110 |
| LKNCY | $9.0B | 157.6× | 9.2× | 1.3× | 48.9% | — | 7.3% | 23.0% | 23.0% | -0.3× | 3 |
| CAVA | $6.9B | 109.7× | 51.4× | 5.9× | 22.4% | — | 5.4% | 8.2% | 8.2% | -2.2× | 98 |
| BROS | $6.1B | 68.7× | 21.7× | 3.7× | 27.9% | 25.9% | 4.9% | 11.7% | 9.1% | -0.3× | 122 |
| CAKE | $5.6B | 37.0× | 20.4× | 1.5× | 4.7% | — | 4.0% | 34.0% | 13.9% | 1.4× | 76 |
| WING | $3.9B | 23.4× | 24.2× | 5.6× | 11.4% | — | 25.0% | -23.7% | 36.9% | 5.0× | 73 |
| SHAK | $2.8B | 64.7× | 16.2× | 2.0× | 15.4% | — | 3.2% | 8.7% | 5.9% | -0.7× | 69 |
| CHA | $2.3B | 13.7× | 5.6× | 1.2× | — | — | 9.1% | 16.0% | 16.0% | -5.1× | 2 |
| CBRL | $1.6B | 51.8× | 17.4× | 0.5× | -4.7% | 69.1% | 1.0% | 6.6% | 3.9% | 2.7× | 48 |
| ARCO | $1.5B | 6.8× | 4.2× | 0.3× | 4.7% | 98.1% | 4.5% | 27.5% | 11.1% | 1.4× | 25 |
| WEN | $1.4B | 8.4× | 7.7× | 0.6× | -3.1% | 63.6% | 7.6% | 141% | 5.7% | 5.0× | 90 |
| BJRI | $1.3B | 29.3× | 11.4× | 1.0× | 3.1% | 74.7% | 3.5% | 13.3% | 10.8% | 0.5× | 31 |
| BH | $1.2B | — | 20.5× | 3.1× | 9.2% | 59.2% | -9.5% | -7.2% | -4.9% | -0.4× | 13 |
| BLMN | $915M | 106.9× | 7.7× | 0.2× | 0.1% | 70.2% | 0.2% | 2.5% | 0.7% | 3.4× | 35 |
| FWRG | $772M | 40.4× | 11.0× | 0.6× | 20.3% | — | 1.6% | 3.1% | 2.1% | 2.8× | 32 |
| CNNE | $744M | — | — | 1.8× | -6.4% | 15.5% | -124% | -51.9% | -48.5% | — | 40 |
Peers = companies sharing SBUX's sector (Retail-Eating & Drinking Places) 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (113%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $2.77B dividends + $0 buybacks = $2.77B returned on $2.44B FCF.
9 consecutive years of dividend increases · 13%/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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 23%. 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 2026-10-30
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. 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 | FY2025 | FY2024 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $37.18B 100.0% | $36.18B 100.0% | $35.98B 100.0% | $32.25B 100.0% | $29.06B 100.0% | $23.52B 100.0% | $26.51B 100.0% | $24.72B 100.0% | $22.39B 100.0% | $21.32B 100.0% |
| Cost of Revenue | — | — | — | — | — | — | $8.53B 32.2% | $7.93B 32.1% | $7.07B 31.6% | $8.51B 39.9% |
| Selling, General & Admin | $2.62B 7.0% | $2.52B 7.0% | $2.44B 6.8% | $2.03B 6.3% | $1.93B 6.7% | $1.68B 7.1% | $1.82B 6.9% | $1.71B 6.9% | $1.41B 6.3% | $1.41B 6.6% |
| Total Operating Expenses | $34.50B 92.8% | $31.07B 85.9% | $30.49B 84.8% | $27.87B 86.4% | $24.57B 84.6% | $22.28B 94.7% | $22.73B 85.7% | $21.14B 85.5% | $18.64B 83.3% | $17.46B 81.9% |
| Operating Income | $2.94B 7.9% | $5.41B 15.0% | $5.87B 16.3% | $4.62B 14.3% | $4.87B 16.8% | $1.56B 6.6% | $4.08B 15.4% | $3.88B 15.7% | $4.13B 18.5% | $4.17B 19.6% |
| Interest Expense | $542.6M 1.5% | $562.0M 1.6% | $550.1M 1.5% | $482.9M 1.5% | $469.8M 1.6% | $437.0M 1.9% | $331.0M 1.2% | $170.3M 0.7% | $92.5M 0.4% | $81.3M 0.4% |
| Pretax Income | $2.51B 6.7% | $4.97B 13.7% | $5.40B 15.0% | $4.23B 13.1% | $5.36B 18.4% | $1.16B 5.0% | $4.47B 16.8% | $5.78B 23.4% | $4.32B 19.3% | $4.20B 19.7% |
| Income Tax Expense | $650.6M 1.7% | $1.21B 3.3% | $1.28B 3.6% | $948.5M 2.9% | $1.16B 4.0% | $239.7M 1.0% | $871.6M 3.3% | $1.26B 5.1% | $1.43B 6.4% | $1.38B 6.5% |
| Net Income | $1.86B 5.0% | $3.76B 10.4% | $4.12B 11.5% | $3.28B 10.2% | $4.20B 14.5% | $928.3M 3.9% | $3.60B 13.6% | $4.52B 18.3% | $2.88B 12.9% | $2.82B 13.2% |
| Per Share | ||||||||||
| EPS (Basic) | $1.63 | $3.32 | $3.60 | $2.85 | $3.57 | $0.79 | $2.95 | $3.27 | $1.99 | $1.91 |
| EPS (Diluted) | $1.63 | $3.31 | $3.58 | $2.83 | $3.54 | $0.79 | $2.92 | $3.24 | $1.97 | $1.90 |
| Weighted Avg Shares (Basic) | 1.14B | 1.13B | 1.15B | 1.15B | 1.18B | 1.17B | 1.22B | 1.38B | 1.45B | 1.47B |
| Weighted Avg Shares (Diluted) | 1.14B | 1.14B | 1.15B | 1.16B | 1.19B | 1.18B | 1.23B | 1.39B | 1.46B | 1.49B |
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.
$0 of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-28 (10-Q). The cash figure is from 2025-09-28, 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).
Coverage is adequate but not comfortable. Effective rate ~3.4% on $16.07B 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.
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 2026-10-30
Where each multiple sits in its own 14-yr range · 81th 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 -23% against ROIC 23% — -46% 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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2022 | FY2023 | FY2024 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 32.1 | 32.2 | — | — | — | — | — | — |
| SG&A | 6.9 | 6.9 | 7.1 | 6.7 | 6.3 | 6.8 | 7.0 | 7.0 |
| Operating Income | 15.7 | 15.4 | 6.6 | 16.8 | 14.3 | 16.3 | 15.0 | 7.9 |
| Income Tax | 5.1 | 3.3 | 1.0 | 4.0 | 2.9 | 3.6 | 3.3 | 1.7 |
| Net Income | 18.3 | 13.6 | 3.9 | 14.5 | 10.2 | 11.5 | 10.4 | 5.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SBUX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 3.61pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 110.6% | 9.2% (today's — no rate published for this year) | 101.4pts |
| FY2020 | 9.6% | 9.2% (today's — no rate published for this year) | 0.4pts |
| FY2022 | 29.6% | 6.0% | 23.6pts |
| FY2023 | 26.1% | 7.8% | 18.2pts |
| FY2024 | 29.9% | 7.3% | 22.6pts |
| FY2024 | 22.2% | 7.3% | 14.9pts |
| FY2025 | 11.9% | 8.8% | 3.1pts |
| Now | 23.3% | 9.2% | 14.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 60.1% | 19.6% | 13.2% |
| FY2018 | 68.4% | 18.5% | 12.9% |
| FY2018 | 67.9% | 15.7% | 18.3% |
| FY2019 | 67.8% | 15.4% | 13.6% |
| FY2020 | not reported | 6.6% | 3.9% |
| FY2022 | not reported | 16.8% | 14.5% |
| FY2023 | not reported | 14.3% | 10.2% |
| FY2024 | not reported | 16.3% | 11.5% |
| FY2024 | not reported | 15.0% | 10.4% |
| FY2025 | not reported | 7.9% | 5.0% |
$1.2B 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 0.99x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $2.44B; after share-based compensation it is $2.12B. The difference is a real cost that the cash flow statement adds back.
Covers interest 3.8x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 5.41x |
| 5% | 5.14x |
| 10% | 4.87x |
| 15% | 4.60x |
| 20% | 4.33x |
| 25% | 4.06x |
| 30% | 3.79x |
| 35% | 3.52x |
| 40% | 3.25x |
| 45% | 2.98x |
| 50% | 2.71x |
| 55% | 2.44x |
| 60% | 2.16x |
Ladder as of 2026-06-28 (10-Q); cash from the 2025-09-28 balance sheet; FCF from FY2025. No cash figure on the matching balance sheet, so no coverage line is drawn.
Balance sheet at 2025-09-28. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 5.4x today but falls to 3.8x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $105.51, free cash flow must compound 17.33%/yr for 10 years. It has done -4.61%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −96.5% | 17.3% |
| FY2022 | 3857.2% | 17.3% |
| FY2023 | −43.4% | 17.3% |
| FY2024 | 43.8% | 17.3% |
| FY2024 | −9.7% | 17.3% |
| FY2025 | −26.4% | 17.3% |
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.
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 |
|---|---|---|---|---|---|
| 2026-10-20 | Brewer Brady ceo, International | 10b5-1 plan sale | 588 | $100.00 | $59k |
| 2026-10-05 | Brewer Brady ceo, International | 10b5-1 plan sale | 1,641 | $94.76 | $156k |
| 2026-09-15 | Kelly Sara evp, chief partner officer | Tax withholding | 1,454 | $96.58 | $140k |
| 2026-09-09 | Niccol Brian R chairman and ceo | Tax withholding |
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.
| 56,267 |
| $100.04 |
| $5.6m |
| 2026-09-04 | Brewer Brady ceo, International | 10b5-1 plan sale | 2,229 | $105.60 | $235k |
| 2026-08-05 | Brewer Brady ceo, International | 10b5-1 plan sale | 2,229 | $105.99 | $236k |
| 2026-07-06 | Brewer Brady ceo, International | 10b5-1 plan sale | 2,229 | $104.00 | $232k |
| 2026-06-15 | Kelly Sara evp, chief partner officer | Tax withholding | 316 | $101.59 | $32k |
| 2026-06-11 | Brewer Brady ceo, International | 10b5-1 plan sale | 588 | $100.00 | $59k |
| 2026-06-05 | Brewer Brady ceo, International | 10b5-1 plan sale | 1,641 | $94.33 | $155k |
| 2026-05-05 | Brewer Brady ceo, International | 10b5-1 plan sale | 2,229 | $104.81 | $234k |
| 2026-04-29 | Kelly Sara evp, chief partner officer | 10b5-1 plan sale | 2,000 | $105.00 | $210k |
| 2026-04-17 | Brewer Brady ceo, International | 10b5-1 plan sale | 588 | $100.00 | $59k |
| 2026-04-06 | Brewer Brady ceo, International | 10b5-1 plan sale | 1,641 | $90.00 | $148k |
| 2026-03-25 | Zhang Wei Director | Grant | 3,667 | $0.00 | $0 |
| 2026-03-25 | Sievert G Michael Director | Grant | 3,667 | $0.00 | $0 |
| 2026-03-25 | Servitje Daniel Director | Grant | 3,667 | $0.00 | $0 |
| 2026-03-25 | Moyo Dambisa F Director | Grant | 2,265 | $0.00 | $0 |
| 2026-03-25 | Mohan Neal Director | Grant | 3,667 | $0.00 | $0 |
| 2026-03-25 | Mayer Marissa A Director | Grant | 3,667 | $0.00 | $0 |
| 2026-03-25 | Knudstorp Jorgen Vig Director | Grant | 4,746 | $0.00 | $0 |
| 2026-03-25 | Ford Beth Director | Grant | 3,937 | $0.00 | $0 |
| 2026-03-25 | Campion Andrew Director | Grant | 4,099 | $0.00 | $0 |
| 2026-03-25 | Allison Richard E Jr Director | Grant | 3,991 | $0.00 | $0 |
| 2026-03-24 | Smith Cathy R evp, cfo | Tax withholding | 2,231 | $91.98 | $205k |
| 2026-03-23 | Knudstorp Jorgen Vig Director | Tax withholding | 355 | $93.83 | $33k |
| 2026-03-17 | Grams Michael David evp, chief operating officer | Tax withholding | 989 | $97.57 | $96k |
| 2026-03-09 | Brewer Brady ceo, International | 10b5-1 plan sale | 588 | $100.00 | $59k |
| 2026-03-05 | Kelly Sara evp, chief partner officer | 10b5-1 plan sale | 2,500 | $97.12 | $243k |
| 2026-03-05 | Brewer Brady ceo, International | 10b5-1 plan sale | 1,641 | $97.12 | $159k |
| 2025-11-19 | Smith Cathy R evp, cfo | Tax withholding | 1,904 | $83.68 | $159k |
| 2025-11-19 | Niccol Brian R chairman and ceo | Tax withholding | 11,822 | $83.68 | $989k |
| 2025-11-19 | 2 co-filers ceo, International | Tax withholding | 1,428 | $83.68 | $119k |
| 2025-11-19 | 2 co-filers evp, chief partner officer | Tax withholding | 1,020 | $83.68 | $85k |
| 2025-11-18 | 2 co-filers ceo, International | Tax withholding | 4,413 | $83.33 | $368k |
| 2025-11-18 | 2 co-filers evp, chief partner officer | Tax withholding | 2,042 | $83.33 | $170k |
| 2025-11-14 | Brewer Brady ceo, International | Tax withholding | 1,206 | $84.78 | $102k |
| 2025-11-14 | Lerman Bradley E evp, chief legal officer | Tax withholding | 864 | $84.78 | $73k |
| 2025-11-14 | Kelly Sara evp, chief partner officer | Tax withholding | 603 | $84.78 | $51k |
| 2025-11-11 | Niccol Brian R chairman and ceo | Grant | 106,457 | $0.00 | $0 |
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.86B | $1.86B |
| Share-based comp | $318M | $2.17B |
| Other non-cash & working capital | $2.57B | $4.75B |
| Operating cash flow | $4.75B | $4.75B |
| Capex | −$2.31B | $2.44B |
| Free cash flow | $2.44B | $2.44B |
| FCF after SBC | $2.12B | $2.12B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -11.3% | 0.5% | 11.8 points |
| FY2022 | 23.6% | 6.4% | -17.2 points |
| FY2023 | 11.0% | 25.1% | 14.1 points |
| FY2024 | 11.6% | 0.7% | -10.8 points |
| FY2024 | 0.6% | 2.5% | 1.9 points |
| FY2025 | 2.8% | 5.3% | 2.5 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 12.1 days | 65.5 days | 50.9 days | 26.6 days |
| FY2020 | 13.7 days | not reported | not reported | not reported |
| FY2022 | 11.8 days | not reported | not reported | not reported |
| FY2023 | 13.3 days | not reported | not reported | not reported |
| FY2024 | 12 days | not reported | not reported | not reported |
| FY2024 | 12.2 days | not reported | not reported | not reported |
| FY2025 | 12.5 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -7.5 percent |
| FY2020 | -2.3 percent |
| FY2022 | -5.7 percent |
| FY2023 | -4.0 percent |
| FY2024 | -6.4 percent |
| FY2024 | -7.5 percent |
| FY2025 | -9.0 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.
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.