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Held by 204 of 2,417 reporting institutions (95th percentile) — extremely crowded.
Data as of Q3 2026
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Ranked against 12 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ISRG | $158.5B | 57.0× | 43.8× | 15.8× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | -0.9× | 693 |
| EW | $54.4B | 51.6× | 36.7× | 9.0× | 11.5% | 78.0% | 17.7% | 10.4% | 9.8% | -1.6× | 399 |
| STE | $22.6B | 29.3× | 15.2× | 3.8× | 8.7% | 44.2% | 13.2% | 10.9% | 8.6% | 0.9× | 204 |
| ZBH | $18.6B | 27.5× | 11.6× | 2.3× | 7.2% | 69.7% | 8.6% | 5.6% | 3.5% | 3.2× | 253 |
| ALGN | $10.9B | 27.2× | 12.5× | 2.7× | 0.9% | 67.2% | 10.2% | 10.1% | 10.1% | -1.4× | 152 |
| MSA | $6.9B | 25.3× | 16.5× | 3.7× | 3.7% | 46.5% | 14.9% | 20.4% | 14.3% | 0.9× | 104 |
| ESTA | $2.0B | — | — | 9.7× | 27.1% | 69.3% | -24.2% | -217% | -18.8% | — | 21 |
| CDRE | $1.3B | 30.5× | 17.6× | 2.2× | 7.5% | 42.5% | 7.2% | 13.9% | 7.1% | 2.1× | 31 |
| ENOV | $1.3B | — | 11.7× | 0.6× | 6.7% | 59.8% | -52.7% | -79.5% | -42.5% | 5.7× | 46 |
| AVNS | $1.2B | — | — | 1.7× | 1.9% | 50.5% | -10.4% | -9.4% | -8.3% | — | 1 |
| SMTI | $302M | — | 29.5× | 2.9× | 19.0% | 92.7% | -36.4% | -633% | -72.4% | 2.6× | 13 |
| INGN | $193M | — | — | 0.6× | 3.9% | 44.2% | -6.5% | -11.8% | -11.8% | — | 20 |
| ZJYL | $137M | 186.0× | 174.3× | 6.6× | -12.0% | 29.2% | 5.8% | 4.0% | 2.5% | 13.4× | — |
Peers = companies sharing STE's sector (Orthopedic, Prosthetic & Surgical Appliances & Supplies) 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.
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 25% of free cash flow, leaving room to grow it and fund buybacks. Last year: $241.8M dividends + $235.5M buybacks = $477.3M returned on $972.4M FCF.
9 consecutive years of dividend increases · 10%/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.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 9%. 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.
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 $232.14 today, the market must believe free cash flow compounds 8.0%/yr for a decade (off $787.8M on the 3-yr avg basis).
On the basis ($729.3M) the requirement is 9.0%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 8.0% is more conservative than its 9-yr track record.
Default is 7.7% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.10B shares (market data) · net debt $1.49B
mean 17.6% · volatility σ 19% · implied rate exceeded in 6/9 yrs
Central path = implied 8.0%/yr growth; shaded band = ±1σ (19%) 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $439.6M covers the $0 due within a year 439600000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-03-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.1% on $1.93B of debt.
Cash of $439.6M fully covers short-term debt of $118.9M.
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.
EOD close · as of 2026-10-29
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 | $5.94B 100.0% | $5.46B 100.0% | $5.14B 100.0% | $4.54B 100.0% | $4.22B 100.0% | $3.11B 100.0% | $3.03B 100.0% | $2.78B 100.0% | $2.62B 100.0% | $2.61B 100.0% |
| Cost of Revenue | $3.31B 55.8% | $3.06B 56.0% | $2.92B 56.8% | $2.56B 56.3% | $2.34B 55.4% | $1.76B 56.8% | $1.71B 56.5% | $1.61B 57.8% | $1.53B 58.3% | $1.59B 60.7% |
| Gross Profit | $2.63B 44.2% | $2.40B 44.0% | $2.22B 43.2% | $1.98B 43.7% | $1.88B 44.6% | $1.34B 43.2% | $1.32B 43.6% | $1.17B 42.2% | $1.09B 41.7% | $1.03B 39.3% |
| Research & Development | $112.9M 1.9% | $107.6M 2.0% | $103.7M 2.0% | $98.5M 2.2% | $86.7M 2.1% | $66.3M 2.1% | $65.5M 2.2% | $63.0M 2.3% | $60.8M 2.3% | $59.4M 2.3% |
| Selling, General & Admin | $1.41B 23.7% | $1.33B 24.4% | $1.25B 24.4% | $1.09B 24.0% | $1.32B 31.2% | $731.3M 23.5% | $716.7M 23.6% | $669.9M 24.1% | $632.0M 24.1% | $682.0M 26.1% |
| Total Operating Expenses | $1.52B 25.7% | $1.54B 28.1% | $1.38B 26.9% | $1.19B 26.2% | $1.41B 33.3% | $794.7M 25.6% | $783.0M 25.8% | $764.0M 27.5% | $692.9M 26.4% | $800.0M 30.6% |
| Operating Income | $1.10B 18.6% | $866.6M 15.9% | $836.1M 16.3% | $791.1M 17.4% | $477.8M 11.3% | $548.4M 17.6% | $537.0M 17.7% | $411.0M 14.8% | $399.9M 15.3% | $226.2M 8.7% |
| Interest Expense | $60.7M 1.0% | $86.3M 1.6% | $144.4M 2.8% | $108.0M 2.4% | $89.5M 2.1% | $37.2M 1.2% | $40.3M 1.3% | $45.0M 1.6% | $50.6M 1.9% | $44.5M 1.7% |
| Other Income (Expense), net | -$54.4M -0.9% | -$70.4M -1.3% | -$133.3M -2.6% | -$110.8M -2.4% | -$111.0M -2.6% | -$30.8M -1.0% | -$38.3M -1.3% | -$42.0M -1.5% | -$44.9M -1.7% | -$41.6M -1.6% |
| Pretax Income | $1.05B 17.6% | $796.2M 14.6% | $702.8M 13.7% | $680.3M 15.0% | $366.8M 8.7% | $517.5M 16.7% | $498.8M 16.5% | $369.0M 13.3% | $355.0M 13.5% | $184.6M 7.1% |
| Income Tax Expense | $262.2M 4.4% | $184.7M 3.4% | $149.5M 2.9% | $124.1M 2.7% | $82.3M 1.9% | $120.7M 3.9% | $90.9M 3.0% | $64.3M 2.3% | $63.4M 2.4% | $74.0M 2.8% |
| Net Income | $782.3M 13.2% | $614.6M 11.3% | $378.2M 7.4% | $107.0M 2.4% | $243.9M 5.8% | $397.4M 12.8% | $407.7M 13.5% | $303.7M 10.9% | $290.9M 11.1% | $110.0M 4.2% |
| Per Share | ||||||||||
| EPS (Basic) | $7.97 | $6.24 | $3.83 | $1.07 | $2.50 | $4.66 | $4.81 | $3.59 | $3.42 | $1.29 |
| EPS (Diluted) | $7.93 | $6.20 | $3.81 | $1.07 | $2.48 | $4.63 | $4.76 | $3.55 | $3.39 | $1.28 |
| Weighted Avg Shares (Basic) | 98.2M | 98.6M | 98.8M | 99.7M | 97.5M | 85.2M | 84.8M | 84.6M | 85.0M | 85.5M |
| Weighted Avg Shares (Diluted) | 98.7M | 99.1M | 99.4M | 100.2M | 98.3M | 85.9M | 85.6M | 85.5M | 85.7M | 86.1M |
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 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
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 |
|---|---|---|---|---|---|
| 2026-10-01 | Burton Karen L Sr. Vice Pres., CFO | Tax withholding | 228 | $0.00 | $0 |
| 2026-08-12 | 5 co-filers Group filing | Option exercise | 4,058 | $86.23 | $350k |
| 2026-08-12 | 5 co-filers Group filing | Exercise & sell | 4,058 | $235.78 | $957k |
| 2026-08-12 | 5 co-filers Group filing | Option exercise | 4,058 | $0.00 | — |
| 2026-08-10 |
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.
| Grant |
| 1,506 |
| $0.00 |
| — |
| 2026-08-10 | Shapiro Louis Director | Grant | 1,025 | $0.00 | — |
| 2026-08-10 | 2 co-filers Group filing | Grant | 1,506 | $0.00 | — |
| 2026-08-10 | Holland Christopher S Director | Grant | 1,025 | $0.00 | — |
| 2026-08-10 | 2 co-filers Group filing | Grant | 1,506 | $0.00 | — |
| 2026-08-10 | Boulud Pierre Director | Grant | 1,025 | $0.00 | — |
| 2026-08-10 | 2 co-filers Group filing | Grant | 1,506 | $0.00 | — |
| 2026-08-10 | 2 co-filers Group filing | Grant | 512 | $0.00 | — |
| 2026-08-10 | 2 co-filers Group filing | Grant | 512 | $0.00 | — |
| 2026-08-10 | 2 co-filers Group filing | Grant | 512 | $0.00 | — |
| 2026-08-10 | 2 co-filers Group filing | Grant | 512 | $0.00 | — |
| 2026-08-10 | 5 co-filers Group filing | Grant | 1,099 | $0.00 | — |
| 2026-08-10 | 5 co-filers Group filing | Grant | 1,229 | $0.00 | — |
| 2026-07-01 | 3 co-filers Group filing | Option exercise | 3,781 | $71.40 | $270k |
| 2026-07-01 | 3 co-filers Group filing | Tax withholding | 1,837 | $212.30 | $390k |
| 2026-07-01 | 3 co-filers Group filing | Option exercise | 3,781 | $0.00 | — |
| 2026-06-15 | Zangerle John Adam Sr. VP, Gen Counsel, and Sec. | 10b5-1 plan sale | 1,419 | $209.28 | $297k |
| 2026-06-05 | 3 co-filers President and CEO | 10b5-1 plan sale | 1,374 | $212.00 | $291k |
| 2026-06-04 | Burton Karen L Sr. Vice Pres., CFO | Tax withholding | 90 | $212.24 | $19k |
| 2026-06-04 | Kohler Kenneth E SVP & GM, AST | Tax withholding | 150 | $212.24 | $32k |
| 2026-06-04 | Fraser Mary Clare SVP & Chief HRO | Tax withholding | 600 | $212.24 | $127k |
| 2026-06-04 | 3 co-filers President and CEO | Tax withholding | 1,889 | $212.24 | $401k |
| 2026-06-04 | Madsen Julia Sr. VP and GM, Life Sciences | Tax withholding | 195 | $212.24 | $41k |
| 2026-06-04 | Zangerle John Adam Sr. VP, Gen Counsel, and Sec. | Tax withholding | 401 | $212.24 | $85k |
| 2026-06-04 | Tamaro Renato V.P. & Corporate Treasurer | Tax withholding | 65 | $212.24 | $14k |
| 2026-06-04 | 3 co-filers President and CEO | 10b5-1 plan sale | 3,054 | $214.64 | $656k |
| 2026-06-03 | Zangerle John Adam Sr. VP, Gen Counsel, and Sec. | Tax withholding | 365 | $210.19 | $77k |
| 2026-06-03 | Tamaro Renato V.P. & Corporate Treasurer | Tax withholding | 64 | $210.19 | $13k |
| 2026-06-03 | Madsen Julia Sr. VP and GM, Life Sciences | Tax withholding | 239 | $210.19 | $50k |
| 2026-06-03 | Kohler Kenneth E SVP & GM, AST | Tax withholding | 184 | $210.19 | $39k |
| 2026-06-03 | Fraser Mary Clare SVP & Chief HRO | Tax withholding | 311 | $210.19 | $65k |
| 2026-06-03 | Carestio Daniel A President and CEO | Tax withholding | 2,619 | $210.19 | $550k |
| 2026-06-03 | Burton Karen L Sr. Vice Pres., CFO | Tax withholding | 190 | $210.19 | $40k |
| 2026-06-02 | 3 co-filers President and CEO | Grant | 23,736 | $0.00 | $0 |
| 2026-06-02 | 3 co-filers Sr. VP, Gen Counsel, and Sec. | Grant | 4,359 | $0.00 | $0 |
| 2026-06-02 | 3 co-filers V.P. & Corporate Treasurer | Grant | 750 | $0.00 | $0 |
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 2026-10-29
Where each multiple sits in its own 10-yr range · 38th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 10-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 11% against ROIC 9% — 2% 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
High operating leverage: profit moved 3.1× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 57.8 | 56.5 | 56.8 | 55.4 | 56.3 | 56.8 | 56.0 | 55.8 |
| Gross Profit | 42.2 | 43.6 | 43.2 | 44.6 | 43.7 | 43.2 | 44.0 | 44.2 |
| R&D | 2.3 | 2.2 | 2.1 | 2.1 | 2.2 | 2.0 | 2.0 | 1.9 |
| SG&A | 24.1 | 23.6 | 23.5 | 31.2 | 24.0 | 24.4 | 24.4 | 23.7 |
| Operating Income | 14.8 | 17.7 | 17.6 | 11.3 | 17.4 | 16.3 | 15.9 | 18.6 |
| Income Tax | 2.3 | 3.0 | 3.9 | 1.9 | 2.7 | 2.9 | 3.4 | 4.4 |
| Net Income | 10.9 | 13.5 | 12.8 | 5.8 | 2.4 | 7.4 | 11.3 | 13.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on STE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 1.95pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 9.3% | 7.7% (today's — no rate published for this year) | 1.6pts |
| FY2021 | 7.4% | 7.7% (today's — no rate published for this year) | -0.3pts |
| FY2022 | 3.8% | 6.4% | -2.6pts |
| FY2023 | 6.6% | 8.5% | -1.9pts |
| FY2024 | 6.7% | 9.0% | -2.3pts |
| FY2025 | 7.6% | 6.9% | 0.7pts |
| FY2026 | 9.5% | 7.2% | 2.3pts |
| Now | 8.6% | 7.7% | 0.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 39.3% | 8.7% | 4.2% |
| FY2018 | 41.7% | 15.3% | 11.1% |
| FY2019 | 42.2% | 14.8% | 10.9% |
| FY2020 | 43.6% | 17.7% | 13.5% |
| FY2021 | 43.2% | 17.6% | 12.8% |
| FY2022 | 44.6% | 11.3% | 5.8% |
| FY2023 | 43.7% | 17.4% | 2.4% |
| FY2024 | 43.2% | 16.3% | 7.4% |
| FY2025 | 44.0% | 15.9% | 11.3% |
| FY2026 | 44.2% | 18.6% | 13.2% |
Leverage and buybacks account for 2 points of the 11% return on equity in FY2026. The business earns 9% 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.
$4.2B of goodwill — 48% 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.
ROIC ex-goodwill is 18.38% against 9.62% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.89x of reported profit into cash — adequate, without much margin.
Capex has been below depreciation for 5 consecutive years (0.67x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Covers interest 12.7x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 18.15x |
| 5% | 17.24x |
| 10% | 16.34x |
| 15% | 15.43x |
| 20% | 14.52x |
| 25% | 13.61x |
| 30% | 12.71x |
| 35% | 11.80x |
| 40% | 10.89x |
| 45% | 9.98x |
| 50% | 9.08x |
| 55% | 8.17x |
| 60% | 7.26x |
Ladder as of 2026-03-31 (10-K); cash from the 2026-03-31 balance sheet; FCF from FY2026.
Balance sheet at 2026-03-31. 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 $232.14, free cash flow must compound 8.09%/yr for 10 years. It has done 17.16%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 19.8% | 8.1% |
| FY2022 | −11.8% | 8.1% |
| FY2023 | −0.6% | 8.1% |
| FY2024 | 55.2% | 8.1% |
| FY2025 | 26.9% | 8.1% |
| FY2026 | 25.0% | 8.1% |
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 achieved growth rate spans a reporting-basis change in FY2022, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $782M | $782M |
| Share-based comp | $62M | $844M |
| Other non-cash & working capital | $497M | $1.34B |
| Operating cash flow | $1.34B | $1.34B |
| Capex | −$369M | $972M |
| Free cash flow | $972M | $972M |
| FCF after SBC | $911M | $911M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 2.5% | 3.9% | 1.4 points |
| FY2022 | 35.9% | 31.1% | -4.8 points |
| FY2023 | 7.4% | 8.3% | 0.8 points |
| FY2024 | 13.3% | 16.6% | 3.3 points |
| FY2025 | 6.2% | 3.5% | -2.7 points |
| FY2026 | 8.7% | 4.7% | -4.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 70.6 days | 56.2 days | 31.9 days | 95 days |
| FY2021 | 71.6 days | 65.2 days | 32.5 days | 104.3 days |
| FY2022 | 69.1 days | 89.7 days | 35.2 days | 123.5 days |
| FY2023 | 69.6 days | 86.3 days | 37.7 days | 118.2 days |
| FY2024 | 71.6 days | 84.3 days | 31.5 days | 124.5 days |
| FY2025 | 69.8 days | 69.4 days | 33.5 days | 105.7 days |
| FY2026 | 67.2 days | 69.7 days | 37.4 days | 99.5 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -3.4 percent |
| FY2021 | -4.5 percent |
| FY2022 | -3.9 percent |
| FY2023 | -6.0 percent |
| FY2024 | -5.4 percent |
| FY2025 | -5.3 percent |
| FY2026 | -5.2 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 5 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 (FY2026) 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.