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Held by 141 of 2,417 reporting institutions (92th 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.
No trend data available for this metric.
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.
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
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 $49.99 today, the market must believe free cash flow compounds 3.9%/yr for a decade (off $3.61B on the 3-yr avg basis).
On the basis ($3.39B) the requirement is 4.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 3.9% is more conservative than its 9-yr track record.
Default is 11.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.89B shares (market data) · net debt -$704.0M
mean 15.5% · volatility σ 40% · implied rate exceeded in 6/9 yrs
Central path = implied 3.9%/yr growth; shaded band = ±1σ (40%) 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 16% of free cash flow, leaving room to grow it and fund buybacks. Last year: $321.0M dividends + $367.0M buybacks = $688.0M returned on $2.06B FCF.
5 consecutive years of dividend increases · 3%/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: 1%. 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 2026-10-29
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 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.80B 100.0% | $13.27B 100.0% | $17.29B 100.0% | $16.13B 100.0% | $12.76B 100.0% | $10.22B 100.0% | $9.56B 100.0% | $9.66B 100.0% | $8.35B 100.0% | $6.97B 100.0% |
| Cost of Revenue | $7.80B 66.1% | $8.05B 60.7% | $9.00B 52.1% | $8.49B 52.7% | $7.43B 58.3% | $6.43B 62.9% | $5.86B 61.3% | $5.80B 60.0% | $5.08B 60.8% | $4.51B 64.7% |
| Gross Profit | $4.00B 33.9% | $5.22B 39.3% | $8.29B 47.9% | $7.63B 47.3% | $5.33B 41.7% | $3.79B 37.1% | $3.70B 38.7% | $3.86B 40.0% | $3.27B 39.2% | $2.46B 35.3% |
| Research & Development | $2.04B 17.3% | $2.08B 15.7% | $2.10B 12.1% | $1.90B 11.8% | $1.72B 13.5% | $1.55B 15.1% | $1.50B 15.7% | $1.40B 14.5% | $1.30B 15.5% | $1.33B 19.1% |
| Selling, General & Admin | $1.63B 13.8% | $1.65B 12.4% | $1.63B 9.4% | $1.45B 9.0% | $1.32B 10.4% | $1.11B 10.9% | $1.09B 11.4% | $1.09B 11.3% | $981.0M 11.8% | $907.0M 13.0% |
| Operating Income | $175.0M 1.5% | $1.68B 12.6% | $4.61B 26.7% | $4.44B 27.5% | $2.42B 19.0% | $1.32B 12.9% | $1.20B 12.6% | $1.40B 14.5% | $1.00B 12.0% | $227.0M 3.3% |
| Interest Expense | $55.0M 0.5% | $85.0M 0.6% | $55.0M 0.3% | $13.0M 0.1% | $42.0M 0.3% | $54.0M 0.5% | $54.0M 0.6% | $54.0M 0.6% | $52.0M 0.6% | $40.0M 0.6% |
| Interest & Investment Income | $223.0M 1.9% | $303.0M 2.3% | $226.0M 1.3% | $71.0M 0.4% | $13.0M 0.1% | $34.0M 0.3% | $55.0M 0.6% | $47.0M 0.5% | $30.0M 0.4% | $20.0M 0.3% |
| Pretax Income | $400.0M 3.4% | $1.88B 14.2% | $4.76B 27.6% | $4.49B 27.8% | $2.34B 18.3% | $1.27B 12.4% | $1.19B 12.4% | $1.39B 14.4% | $953.0M 11.4% | $201.0M 2.9% |
| Income Tax Expense | $220.0M 1.9% | $313.0M 2.4% | $541.0M 3.1% | $520.0M 3.2% | $331.0M 2.6% | $159.0M 1.6% | $156.0M 1.6% | $96.0M 1.0% | $143.0M 1.7% | $31.0M 0.4% |
| Net Income | $166.0M 1.4% | $1.56B 11.7% | $4.21B 24.4% | $3.96B 24.6% | $2.00B 15.7% | $1.11B 10.8% | $1.03B 10.8% | $1.29B 13.3% | $802.0M 9.6% | $165.0M 2.4% |
| Per Share | ||||||||||
| EPS (Basic) | $0.19 | $1.73 | $4.66 | $4.37 | $2.21 | $1.24 | $1.15 | $1.43 | $0.91 | $0.19 |
| EPS (Diluted) | $0.18 | $1.66 | $4.46 | $4.19 | $2.16 | $1.20 | $1.14 | $1.41 | $0.89 | $0.19 |
| Weighted Avg Shares (Basic) | 893.3M | 901.2M | 903.5M | 905.6M | 904.3M | 894.6M | 894.3M | 899.4M | 884.7M | 881.2M |
| Weighted Avg Shares (Diluted) | 923.1M | 939.3M | 944.2M | 946.2M | 924.8M | 919.7M | 903.6M | 911.0M | 906.1M | 886.3M |
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.
EOD close · as of 2026-10-29
Where each multiple sits in its own 14-yr range · 91th 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 1% against ROIC 1% — 0% 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 8.1× 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 | 60.0 | 61.3 | 62.9 | 58.3 | 52.7 | 52.1 | 60.7 | 66.1 |
| Gross Profit | 40.0 | 38.7 | 37.1 | 41.7 | 47.3 | 47.9 | 39.3 | 33.9 |
| R&D | 14.5 | 15.7 | 15.1 | 13.5 | 11.8 | 12.1 | 15.7 | 17.3 |
| SG&A | 11.3 | 11.4 | 10.9 | 10.4 | 9.0 | 9.4 | 12.4 | 13.8 |
| Operating Income | 14.5 | 12.6 | 12.9 | 19.0 | 27.5 | 26.7 | 12.6 | 1.5 |
| Income Tax | 1.0 | 1.6 | 1.6 | 2.6 | 3.2 | 3.1 | 2.4 | 1.9 |
| Net Income | 13.3 | 10.8 | 10.8 | 15.7 | 24.6 | 24.4 | 11.7 | 1.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on STM: 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 $2.84B covers all $2.13B of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (20-F).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~2.6% on $2.13B of debt.
Cash of $2.84B fully covers short-term debt of $298.0M.
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 20 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TXN | $286.1B | 57.4× | 37.4× | 16.2× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.4× | 979 |
| ARM | $220.0B | 242.3× | 189.1× | 44.7× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | -2.4× | 257 |
| ADI | $202.1B | 91.5× | 62.4× | 18.3× | 16.9% | 61.5% | 20.6% | 6.7% | 5.3% | 1.8× | 747 |
| MRVL | $196.2B | 71.1× | 128.2× | 23.9× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 1.2× | 743 |
| NXPI | $67.0B | 33.5× | 19.6× | 5.5× | -2.7% | 54.7% | 16.5% | 20.1% | 9.1% | 2.3× | 353 |
| MPWR | $58.9B | 93.2× | 74.0× | 21.1× | 26.4% | 55.2% | 22.3% | 17.6% | 17.6% | -1.4× | 343 |
| ALAB | $44.9B | 212.1× | — | 52.6× | 115% | 75.7% | 25.7% | 16.1% | 16.1% | — | 252 |
| STM | $44.7B | 277.7× | 22.8× | 3.8× | -11.1% | 33.9% | 1.4% | 0.9% | 0.8% | -0.4× | 141 |
| MCHP | $44.0B | 368.7× | 41.8× | 9.3× | 7.1% | 57.7% | 4.9% | 3.6% | 1.9% | 4.5× | 378 |
| ON | $29.3B | 259.4× | 39.1× | 4.9× | -15.3% | 33.1% | 2.0% | 1.6% | 1.1% | 1.1× | 240 |
| CRDO | $28.4B | 60.2× | 56.7× | 21.3× | 206% | 68.0% | 35.4% | 22.9% | 22.9% | -2.4× | 243 |
| Q | $25.7B | 37.2× | 21.8× | 5.4× | 9.7% | 46.2% | 15.3% | 10.3% | 6.5% | 2.4× | 356 |
| TSEM | $21.3B | 96.9× | 42.8× | 13.6× | 9.1% | 23.2% | 14.1% | 7.6% | 7.2% | -0.1× | 88 |
| SWKS | $21.0B | 29.0× | 26.8× | 5.2× | -2.2% | 41.2% | 11.7% | 8.3% | 7.1% | -0.2× | 177 |
| MTSI | $19.3B | — | 101.9× | 19.9× | 32.6% | 54.7% | -5.6% | -4.1% | -3.0% | 2.0× | 131 |
| FSLR | $18.7B | 12.3× | — | 3.6× | 24.1% | 40.6% | 29.3% | 16.0% | 15.2% | — | 264 |
| SITM | $14.7B | — | — | 44.9× | 61.2% | 53.6% | -13.1% | -3.7% | -3.7% | — | 124 |
| LSCC | $14.6B | — | — | 28.0× | 2.7% | 68.2% | 0.6% | 0.4% | 0.4% | -4.3× | 128 |
| SMTC | $13.1B | — | — | 12.5× | 15.5% | 51.6% | -3.8% | -7.3% | -3.9% | 4.7× | 110 |
| QRVO | $10.1B | 31.5× | 18.5× | 2.7× | -1.1% | 45.9% | 9.2% | 10.1% | 6.9% | 0.6× | 115 |
| AMKR | $9.8B | 26.3× | 8.9× | 1.5× | 6.2% | 14.0% | 5.6% | 8.4% | 6.3% | 0.1× | 137 |
Peers = companies sharing STM's sector (Semiconductors & Related Devices) 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.
Earns -11.06pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 12.6% | 11.8% (today's — no rate published for this year) | 0.8pts |
| FY2020 | 11.3% | 11.8% (today's — no rate published for this year) | -0.5pts |
| FY2021 | 19.5% | 8.0% | 11.5pts |
| FY2022 | 25.2% | 9.4% | 15.8pts |
| FY2023 | 19.5% | 9.9% | 9.7pts |
| FY2024 | 6.5% | 11.7% | -5.2pts |
| FY2025 | 0.7% | 10.8% | -10.1pts |
| Now | 0.8% | 11.8% | -10.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 35.3% | 3.3% | 2.4% |
| FY2017 | 39.2% | 12.0% | 9.6% |
| FY2018 | 40.0% | 14.5% | 13.3% |
| FY2019 | 38.7% | 12.6% | 10.8% |
| FY2020 | 37.1% | 12.9% | 10.8% |
| FY2021 | 41.7% | 19.0% | 15.7% |
| FY2022 | 47.3% | 27.5% | 24.6% |
| FY2023 | 47.9% | 26.7% | 24.4% |
| FY2024 | 39.3% | 12.6% | 11.7% |
| FY2025 | 33.9% | 1.5% | 1.4% |
Return on equity (1%) and return on invested capital (1%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$315M of goodwill — 2% 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 3 years running even as the spread stayed positive.
Cash conversion is 3.68x, but receivables have outgrown revenue 2 years running.
Receivables have outgrown revenue for 2 years running — sales are being booked faster than the money arrives, which reaches the cash flow statement a year or more after it shows up here.
Covers interest 2.2x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 3.18x |
| 5% | 3.02x |
| 10% | 2.86x |
| 15% | 2.70x |
| 20% | 2.55x |
| 25% | 2.39x |
| 30% | 2.23x |
| 35% | 2.07x |
| 40% | 1.91x |
| 45% | 1.75x |
| 50% | 1.59x |
| 55% | 1.43x |
| 60% | 1.27x |
Ladder as of 2025-12-31 (20-F); 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 $49.99, free cash flow must compound 4.05%/yr for 10 years. It has done 2.27%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 12.1% | 4.1% |
| FY2021 | 46.8% | 4.1% |
| FY2022 | 72.6% | 4.1% |
| FY2023 | 15.2% | 4.1% |
| FY2024 | −51.3% | 4.1% |
| FY2025 | −28.3% | 4.1% |
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $166M | $166M |
| Share-based comp | $193M | $359M |
| Other non-cash & working capital | $1.79B | $2.15B |
| Operating cash flow | $2.15B | $2.15B |
| Capex | −$93M | $2.06B |
| Free cash flow | $2.06B | $2.06B |
| FCF after SBC | $1.87B | $1.87B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 6.9% | 6.2% | -0.8 points |
| FY2021 | 24.9% | 20.1% | -4.8 points |
| FY2022 | 26.4% | 12.0% | -14.4 points |
| FY2023 | 7.2% | -12.1% | -19.3 points |
| FY2024 | -23.2% | 1.0% | 24.3 points |
| FY2025 | -11.1% | -0.2% | 10.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 52.7 days | 105.3 days | 59.2 days | 98.9 days |
| FY2020 | 52.3 days | 104.5 days | 66.2 days | 90.6 days |
| FY2021 | 50.3 days | 96.8 days | 77.7 days | 69.5 days |
| FY2022 | 44.6 days | 111 days | 91.2 days | 64.4 days |
| FY2023 | 36.6 days | 109.4 days | 75.3 days | 70.7 days |
| FY2024 | 48.1 days | 126.7 days | 60 days | 114.8 days |
| FY2025 | 54 days | 146.7 days | 69.6 days | 131.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -7.0 percent |
| FY2020 | -6.8 percent |
| FY2021 | -6.8 percent |
| FY2022 | -6.2 percent |
| FY2023 | -7.3 percent |
| FY2024 | -5.7 percent |
| FY2025 | -8.0 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.