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Insufficient data to determine institutional momentum.
Data as of Q2 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 26% of free cash flow, leaving room to grow it and fund buybacks. Last year: $119.2M dividends + $0 buybacks = $119.2M returned on $458.5M 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.
Modest payoff on reinvested capital. Current ROIC on all capital: 10%. 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 $344.0M is below the $626.4M due within a year — relies on refinancing or operating cash flow. 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).
Coverage is adequate but not comfortable. Effective rate ~5.6% on $4.44B of debt. Interest last disclosed in FY2024 (no longer broken out).
Cash of $344.0M is below short-term debt of $724.8M — relies on refinancing/operations.
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.
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 | $5.36B 100.0% | $5.39B 100.0% | $5.49B 100.0% | $5.64B 100.0% | $5.53B 100.0% | $4.90B 100.0% | $4.79B 100.0% | $4.73B 100.0% | $4.46B 100.0% | $4.21B 100.0% |
| Cost of Revenue | $3.76B 70.2% | $3.77B 69.9% | $3.85B 70.1% | $3.87B 68.6% | $3.85B 69.6% | $3.29B 67.2% | $3.23B 67.3% | $3.23B 68.3% | $3.05B 68.3% | $2.81B 66.7% |
| Gross Profit | $1.60B 29.8% | $1.63B 30.1% | $1.64B 29.9% | $1.77B 31.4% | $1.68B 30.4% | $1.61B 32.8% | $1.56B 32.7% | $1.50B 31.7% | $1.41B 31.7% | $1.40B 33.3% |
| Research & Development | $81.9M 1.5% | $93.4M 1.7% | $96.9M 1.8% | $102.5M 1.8% | $99.8M 1.8% | $95.9M 2.0% | $77.3M 1.6% | $80.8M 1.7% | $91.8M 2.1% | $88.0M 2.1% |
| Selling, General & Admin | $744.9M 13.9% | $752.6M 14.0% | $759.1M 13.8% | $786.2M 13.9% | $772.4M 14.0% | $773.7M 15.8% | $913.3M 19.1% | $782.3M 16.5% | $815.6M 18.3% | $754.3M 17.9% |
| Operating Income | $725.7M 13.5% | $735.9M 13.6% | $754.6M 13.7% | $944.8M 16.7% | $900.9M 16.3% | $788.1M 16.1% | $578.5M 12.1% | $656.3M 13.9% | $571.3M 12.8% | $628.9M 14.9% |
| Interest Expense | — | $247.6M 4.6% | $263.0M 4.8% | $162.3M 2.9% | $167.8M 3.0% | $174.4M 3.6% | $184.1M 3.8% | $177.9M 3.8% | $184.2M 4.1% | $191.9M 4.6% |
| Interest & Investment Income | — | — | — | — | — | — | — | — | $17.6M 0.4% | $7.5M 0.2% |
| Other Income (Expense), net | -$30.3M -0.6% | -$29.9M -0.6% | -$61.9M -1.1% | -$53.2M -0.9% | -$16.9M -0.3% | $12.5M 0.3% | -$24.1M -0.5% | -$18.1M -0.4% | $6.2M 0.1% | -$100K -0.0% |
| Pretax Income | $476.5M 8.9% | $458.4M 8.5% | $429.7M 7.8% | $729.3M 12.9% | $716.2M 12.9% | $626.2M 12.8% | $370.3M 7.7% | $457.8M 9.7% | $393.3M 8.8% | $387.9M 9.2% |
| Income Tax Expense | $35.3M 0.7% | $188.9M 3.5% | $90.4M 1.6% | $238.0M 4.2% | $225.0M 4.1% | $142.1M 2.9% | $76.6M 1.6% | $307.5M 6.5% | $330.5M 7.4% | $95.6M 2.3% |
| Net Income | $505.5M 9.4% | $264.7M 4.9% | $341.6M 6.2% | $491.6M 8.7% | $506.8M 9.2% | $502.9M 10.3% | $263.0M 5.5% | $193.1M 4.1% | $814.9M 18.3% | $486.4M 11.5% |
| Per Share | ||||||||||
| EPS (Basic) | $3.44 | $1.82 | $2.37 | $3.37 | $3.36 | $3.24 | $1.70 | $1.21 | $4.33 | $2.49 |
| EPS (Diluted) | $3.43 | $1.81 | $2.36 | $3.33 | $3.32 | $3.22 | $1.69 | $1.20 | $4.29 | $2.46 |
| Weighted Avg Shares (Basic) | 146.9M | 145.5M | 144.4M | 145.9M | 150.9M | 155.2M | 154.3M | 159.4M | 186.9M | 194.3M |
| Weighted Avg Shares (Diluted) | 147.5M | 146.0M | 144.9M | 147.4M | 152.4M | 156.0M | 155.2M | 160.2M | 188.9M | 197.2M |
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.
Top 5 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.
No current price collected.
Where each multiple sits in its own 14-yr range
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 41% against ROIC 10% — 31% 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 54.3% — 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
High operating leverage: profit moved 2.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 68.3 | 67.3 | 67.2 | 69.6 | 68.6 | 70.1 | 69.9 | 70.2 |
| Gross Profit | 31.7 | 32.7 | 32.8 | 30.4 | 31.4 | 29.9 | 30.1 | 29.8 |
| R&D | 1.7 | 1.6 | 2.0 | 1.8 | 1.8 | 1.8 | 1.7 | 1.5 |
| SG&A | 16.5 | 19.1 | 15.8 | 14.0 | 13.9 | 13.8 | 14.0 | 13.9 |
| Operating Income | 13.9 | 12.1 | 16.1 | 16.3 | 16.7 | 13.7 | 13.6 | 13.5 |
| Income Tax | 6.5 | 1.6 | 2.9 | 4.1 | 4.2 | 1.6 | 3.5 | 0.7 |
| Net Income | 4.1 | 5.5 | 10.3 | 9.2 | 8.7 | 6.2 | 4.9 | 9.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SEE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 33.3% | 14.9% | 11.5% |
| FY2017 | 31.7% | 12.8% | 18.3% |
| FY2018 | 31.7% | 13.9% | 4.1% |
| FY2019 | 32.7% | 12.1% | 5.5% |
| FY2020 | 32.8% | 16.1% | 10.3% |
| FY2021 | 30.4% | 16.3% | 9.2% |
| FY2022 | 31.4% | 16.7% | 8.7% |
| FY2023 | 29.9% | 13.7% | 6.2% |
| FY2024 | 30.1% | 13.6% | 4.9% |
| FY2025 | 29.8% | 13.5% | 9.4% |
Leverage and buybacks account for 31 points of the 41% return on equity in FY2025. The business earns 10% 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.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: beta, market_cap.
Converts 1.07x of reported profit into free cash flow over 5 years, with accruals negative.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Covers interest 2.1x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.93x |
| 5% | 2.78x |
| 10% | 2.64x |
| 15% | 2.49x |
| 20% | 2.34x |
| 25% | 2.20x |
| 30% | 2.05x |
| 35% | 1.91x |
| 40% | 1.76x |
| 45% | 1.61x |
| 50% | 1.47x |
| 55% | 1.32x |
| 60% | 1.17x |
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.
Net debt is 3.9x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
No current price or share count, so the market's assumption cannot be solved for.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: market_cap.
| Step | Amount | Running total |
|---|---|---|
| Net income | $506M | $506M |
| Share-based comp | $40M | $545M |
| Other non-cash & working capital | $83M | $628M |
| Operating cash flow | $628M | $628M |
| Capex | −$170M | $459M |
| Free cash flow | $459M | $459M |
| FCF after SBC | $419M | $419M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 2.3% | -2.8% | -5.1 points |
| FY2021 | 12.9% | 14.7% | 1.8 points |
| FY2022 | 1.9% | -4.5% | -6.5 points |
| FY2023 | -2.7% | -25.3% | -22.6 points |
| FY2024 | -1.8% | 0.1% | 1.9 points |
| FY2025 | -0.6% | 17.9% | 18.5 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 42.4 days | 64.5 days | 83.5 days | 23.4 days |
| FY2020 | 40.3 days | 66.1 days | 83.6 days | 22.8 days |
| FY2021 | 40.9 days | 68.7 days | 90.9 days | 18.7 days |
| FY2022 | 38.3 days | 81.7 days | 81.7 days | 38.4 days |
| FY2023 | 29.4 days | 73.5 days | 72.5 days | 30.4 days |
| FY2024 | 30 days | 70 days | 74.7 days | 25.3 days |
| FY2025 | 35.6 days | 71.5 days | 74.6 days | 32.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.3 percent |
| FY2020 | -3.9 percent |
| FY2021 | -3.3 percent |
| FY2022 | -2.0 percent |
| FY2023 | -2.4 percent |
| FY2024 | -6.6 percent |
| FY2025 | -1.8 percent |
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.