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Held by 516 of 2,417 reporting institutions (98th 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.
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.
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 |
|---|---|---|---|---|---|
| 2026-09-30 | Dibadj Ali Director | Grant | 350 | $78.49 | $27k |
| 2026-09-30 | Glasscock Larry C Director | Grant | 334 | $78.49 | $26k |
| 2026-09-30 | Paul Alison Kenney Director | Grant | 105 | $78.49 | $8k |
| 2026-09-30 | Brutto Daniel J Director | Grant |
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.
| 63 |
| $78.49 |
| $5k |
| 2026-09-14 | 5 co-filers EVP and CHRO | 10b5-1 plan sale | 57 | $84.32 | $5k |
| 2026-09-11 | Keller Gregory Scott EVP | Tax withholding | 62 | $82.31 | $5k |
| 2026-09-11 | Higgs Stephen Dale SVP | Tax withholding | 176 | $82.31 | $14k |
| 2026-09-11 | Garrett Brenna C SVP, CCO | Tax withholding | 47 | $82.31 | $4k |
| 2026-09-11 | 5 co-filers EVP and CHRO | Option exercise | 960 | $69.95 | $67k |
| 2026-09-11 | 5 co-filers EVP and CHRO | 10b5-1 plan sale | 960 | $83.00 | $80k |
| 2026-09-11 | 5 co-filers EVP and CHRO | Tax withholding | 149 | $82.31 | $12k |
| 2026-09-11 | 5 co-filers EVP and CHRO | Option exercise | 960 | $0.00 | — |
| 2026-09-01 | Phillips Ronald L EVP and CHRO | Grant | 13,539 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers SVP | Grant | 9,062 | $0.00 | $0 |
| 2026-09-01 | Sewell Brandon Elliot Interim CFO | Grant | 3,285 | $0.00 | $0 |
| 2026-09-01 | Garrett Brenna C SVP, CCO | Grant | 10,270 | $0.00 | $0 |
| 2026-09-01 | Johnson Jennifer L SVP and CAO | Grant | 6,283 | $0.00 | $0 |
| 2026-09-01 | Schott Jennifer Kaplan EVP, Chief Legal Officer | Grant | 13,774 | $0.00 | $0 |
| 2026-09-01 | 3 co-filers EVP | Grant | 11,237 | $0.00 | $0 |
| 2026-09-01 | Hourican Kevin Chair and CEO | Grant | 84,581 | $0.00 | $0 |
| 2026-09-01 | 3 co-filers EVP | Grant | 6,041 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers SVP | Grant | 6,041 | $0.00 | $0 |
| 2026-09-01 | 3 co-filers EVP | Tax withholding | 47 | $81.08 | $4k |
| 2026-08-24 | 5 co-filers EVP and CHRO | 10b5-1 plan sale | 506 | $84.09 | $43k |
| 2026-08-21 | Johnson Jennifer L SVP and CAO | Tax withholding | 621 | $83.06 | $52k |
| 2026-08-21 | Schott Jennifer Kaplan EVP, Chief Legal Officer | Tax withholding | 665 | $83.06 | $55k |
| 2026-08-21 | 5 co-filers EVP and CHRO | Option exercise | 7,350 | $76.54 | $563k |
| 2026-08-21 | Hourican Kevin Chair and CEO | Tax withholding | 12,796 | $83.06 | $1.1m |
| 2026-08-21 | Higgs Stephen Dale SVP | Tax withholding | 970 | $83.06 | $81k |
| 2026-08-21 | Sewell Brandon Elliot Interim CFO | Tax withholding | 236 | $83.06 | $20k |
| 2026-08-21 | Garrett Brenna C SVP, CCO | Tax withholding | 358 | $83.06 | $30k |
| 2026-08-21 | Keller Gregory Scott EVP | Tax withholding | 1,105 | $83.06 | $92k |
| 2026-08-21 | 5 co-filers EVP and CHRO | 10b5-1 plan sale | 7,350 | $83.61 | $615k |
| 2026-08-21 | 5 co-filers EVP and CHRO | Tax withholding | 1,831 | $83.06 | $152k |
| 2026-08-21 | 5 co-filers EVP and CHRO | Option exercise | 7,350 | $0.00 | — |
| 2026-08-11 | 5 co-filers EVP and CHRO | 10b5-1 plan sale | 367 | $83.39 | $31k |
| 2026-08-10 | Hourican Kevin Chair and CEO | Tax withholding | 6,309 | $84.29 | $532k |
| 2026-08-10 | Higgs Stephen Dale SVP | Tax withholding | 310 | $84.29 | $26k |
| 2026-08-10 | Sewell Brandon Elliot Interim CFO | Tax withholding | 79 | $84.29 | $7k |
| 2026-08-10 | Garrett Brenna C SVP, CCO | Tax withholding | 87 | $84.29 | $7k |
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 $82.90 today, the market must believe free cash flow compounds 1.6%/yr for a decade (off $1.90B on the 3-yr avg basis).
On the basis ($1.79B) the requirement is 2.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 1.6% is in line with its 9-yr track record.
Default is 7.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.49B shares (market data) · net debt -$1.79B
mean 9.2% · volatility σ 41% · implied rate exceeded in 5/9 yrs
Central path = implied 1.6%/yr growth; shaded band = ±1σ (41%) 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 21 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MCK | $116.0B | 25.9× | 18.2× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 0.4× | 672 |
| COR | $63.1B | 41.6× | 18.1× | 0.2× | 9.3% | 3.6% | 0.5% | 103% | 17.0% | 0.9× | — |
| CAH | $58.0B | 34.6× | 14.9× | 0.2× | 14.2% | 3.8% | 0.7% | -59.5% | -59.5% | -1.4× | 463 |
| SYY | $40.8B | 22.6× | 9.9× | 0.5× | 3.9% | 18.5% | 2.1% | 65.9% | 65.9% | -0.5× | 516 |
| USFD | $22.4B | 35.2× | 16.6× | 0.6× | 4.1% | 17.4% | 1.7% | 15.7% | 7.1% | 3.1× | 154 |
| PFGC | $15.6B | 43.3× | 14.3× | 0.2× | 7.2% | 11.9% | 0.5% | 7.3% | 3.6% | 3.4× | 125 |
| DPZ | $10.3B | 17.9× | — | 2.1× | 5.0% | 40.0% | 12.2% | -15.4% | -15.5% | — | 181 |
| CHEF | $4.5B | 62.0× | 25.9× | 1.1× | 9.4% | 24.2% | 1.7% | 12.0% | 5.3% | 3.2× | 66 |
| SEB | $3.7B | 7.6× | 8.1× | 0.4× | 7.1% | 7.1% | 5.1% | 9.6% | 8.1% | 1.4× | 32 |
| ASH | $3.4B | — | — | 1.9× | -13.7% | 30.1% | -46.3% | -44.4% | -25.7% | — | 73 |
| HWKN | $3.2B | 39.0× | 19.6× | 2.9× | 11.2% | 22.6% | 7.5% | 15.3% | 10.5% | 1.4× | 55 |
| CENT | $2.9B | 17.9× | 9.4× | 0.9× | -2.2% | 31.9% | 5.2% | 10.3% | 5.9% | 0.9× | 35 |
| UNFI | $2.8B | 34.2× | 8.3× | 0.1× | -2.0% | 13.5% | 0.3% | 5.2% | 2.6% | 3.0× | 63 |
| ANDE | $2.2B | — | — | 0.2× | -2.2% | 6.5% | 0.9% | 7.7% | 4.7% | — | 72 |
| VSTS | $2.0B | — | 14.9× | 0.7× | -2.5% | — | -1.5% | -4.6% | -2.0% | 5.4× | 54 |
| WKC | $1.9B | — | — | 0.1× | -12.5% | 2.6% | -1.7% | -47.3% | -30.8% | — | 63 |
| HLF | $1.4B | 5.9× | 5.2× | 0.3× | 0.9% | 77.9% | 4.5% | -44.3% | 15.5% | 2.8× | 33 |
| UVV | $1.0B | 31.9× | 8.4× | 0.4× | -1.3% | 16.4% | 1.1% | 2.3% | 1.4% | 3.8× | 45 |
| CAPL | $859M | 22.1× | 8.3× | 0.2× | -10.6% | 11.0% | 1.1% | — | — | 3.7× | 11 |
| AGCC | $635M | 387.7× | — | — | 145% | 30.4% | 9.8% | 6.2% | 2.7% | — | — |
| WEYS | $501M | 21.8× | 12.7× | 1.8× | -4.9% | 43.2% | 8.4% | 9.6% | 9.6% | -3.0× | 16 |
| NUS | $226M | 1.5× | 1.8× | 0.1× | -14.3% | 69.4% | 10.8% | 19.9% | 15.6% | -0.1× | 27 |
Peers = companies sharing SYY's sector (Wholesale-Groceries & Related Products) 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 is comfortably covered — only 54% of free cash flow, leaving room to grow it and fund buybacks. Last year: $1.04B dividends + $200.0M buybacks = $1.24B returned on $1.94B 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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 66%. 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
Where each multiple sits in its own 15-yr range
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 66% against ROIC 66% — 0% 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 78.2% — 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 | FY2022 | FY2023 | FY2024 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 81.0 | 81.3 | 81.8 | 82.1 | 81.7 | 81.5 | 81.6 | 81.5 |
| Gross Profit | 19.0 | 18.7 | 18.2 | 17.9 | 18.3 | 18.5 | 18.4 | 18.5 |
| Operating Income | 3.9 | 1.4 | 2.8 | 3.4 | 4.0 | 4.1 | 3.8 | 3.7 |
| Income Tax | 0.6 | 0.1 | 0.1 | 0.6 | 0.7 | 0.8 | 0.7 | 0.6 |
| Net Income | — | 0.4 | 1.0 | 2.0 | 2.3 | 2.5 | 2.2 | 2.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SYY: 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 $1.79B covers the $1.04B due within a year 1.7× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-27 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
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.
Earns 57.42pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 5.0% | 7.2% (today's — no rate published for this year) | -2.1pts |
| FY2022 | 10.1% | 7.2% (today's — no rate published for this year) | 2.9pts |
| FY2023 | 76.2% | 7.2% (today's — no rate published for this year) | 69.1pts |
| FY2024 | 75.8% | 7.2% (today's — no rate published for this year) | 68.6pts |
| FY2024 | 76.8% | 7.2% (today's — no rate published for this year) | 69.6pts |
| FY2025 | 68.0% | 7.2% (today's — no rate published for this year) | 60.9pts |
| FY2026 | 53.5% | 7.2% (today's — no rate published for this year) | 46.4pts |
| Now | 65.9% | 7.2% | 58.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2018 | 19.1% | 3.7% | not reported |
| FY2018 | 18.9% | 3.9% | not reported |
| FY2019 | 19.0% | 3.9% | not reported |
| FY2020 | 18.7% | 1.4% | 0.4% |
| FY2022 | 18.2% | 2.8% | 1.0% |
| FY2023 | 17.9% | 3.4% | 2.0% |
| FY2024 | 18.3% | 4.0% | 2.3% |
| FY2024 | 18.5% | 4.1% | 2.5% |
| FY2025 | 18.4% | 3.8% | 2.2% |
| FY2026 | 18.5% | 3.7% | 2.1% |
Return on equity (66%) and return on invested capital (66%) are within a couple of points in FY2026, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
Margins have compressed 2 years running even as the spread stayed positive.
Converts 1.02x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2026-06-27 (10-K); cash from the 2026-06-27 balance sheet; FCF from FY2026.
Balance sheet at 2026-06-27. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
At $82.90, free cash flow must compound 2.22%/yr for 10 years. It has done 13.67%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2022 | 59.5% | 2.2% |
| FY2023 | −19.2% | 2.2% |
| FY2024 | 79.2% | 2.2% |
| FY2024 | 4.0% | 2.2% |
| FY2025 | −25.6% | 2.2% |
| FY2026 | 20.8% | 2.2% |
The implied rate has been matched or beaten in 4 of the last 6 years.
EOD close · as of 2026-10-30
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 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | FY2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $84.55B 100.0% | $81.37B 100.0% | $78.84B 100.0% | $76.33B 100.0% | $68.64B 100.0% | $51.30B 100.0% | $52.89B 100.0% | $60.11B 100.0% | $58.73B 100.0% | $55.37B 100.0% |
| Cost of Revenue | $68.91B 81.5% | $66.40B 81.6% | $64.24B 81.5% | $62.37B 81.7% | $56.32B 82.1% | $41.94B 81.8% | $42.99B 81.3% | $48.70B 81.0% | $47.64B 81.1% | $44.81B 80.9% |
| Cost of Products | — | — | — | — | — | — | — | — | $47.64B 81.1% | $44.81B 80.9% |
| Gross Profit | $15.64B 18.5% | $14.97B 18.4% | $14.61B 18.5% | $13.96B 18.3% | $12.32B 17.9% | $9.36B 18.2% | $9.90B 18.7% | $11.41B 19.0% | $11.09B 18.9% | $10.56B 19.1% |
| Total Operating Expenses | $12.54B 14.8% | $11.88B 14.6% | $11.41B 14.5% | $10.92B 14.3% | $9.97B 14.5% | $7.91B 15.4% | $9.15B 17.3% | $9.08B 15.1% | $8.77B 14.9% | $8.50B 15.4% |
| Operating Income | $3.10B 3.7% | $3.09B 3.8% | $3.20B 4.1% | $3.04B 4.0% | $2.35B 3.4% | $1.45B 2.8% | $749.5M 1.4% | $2.33B 3.9% | $2.31B 3.9% | $2.05B 3.7% |
| Other Income (Expense), net | -$102.0M -0.1% | -$38.0M -0.0% | -$30.0M -0.0% | -$227.0M -0.3% | $25.0M 0.0% | $17.7M 0.0% | -$47.9M -0.1% | $36.1M 0.1% | $37.7M 0.1% | $14.5M 0.0% |
| Pretax Income | $2.28B 2.7% | $2.42B 3.0% | $2.56B 3.3% | $2.29B 3.0% | $1.75B 2.5% | $584.7M 1.1% | $293.4M 0.6% | $2.01B 3.3% | $1.96B 3.3% | $1.77B 3.2% |
| Income Tax Expense | $519.0M 0.6% | $587.0M 0.7% | $610.0M 0.8% | $515.0M 0.7% | $388.0M 0.6% | $60.5M 0.1% | $77.9M 0.1% | $331.6M 0.6% | $525.5M 0.9% | $623.7M 1.1% |
| Net Income | $1.76B 2.1% | $1.83B 2.2% | $1.96B 2.5% | $1.77B 2.3% | $1.36B 2.0% | $524.2M 1.0% | $215.5M 0.4% | — | — | — |
| Per Share | ||||||||||
| EPS (Basic) | $3.67 | $3.74 | $3.90 | $3.49 | $2.66 | $1.03 | $0.42 | $3.24 | $2.74 | $2.10 |
| EPS (Diluted) | $3.66 | $3.73 | $3.89 | $3.47 | $2.64 | $1.02 | $0.42 | $3.20 | $2.70 | $2.08 |
| Weighted Avg Shares (Basic) | 479.1M | 488.1M | 501.2M | 507.4M | 510.6M | 510.7M | 510.1M | 516.9M | 522.9M | 543.5M |
| Weighted Avg Shares (Diluted) | 480.6M | 489.8M | 503.1M | 509.7M | 514.0M | 513.6M | 514.0M | 523.4M | 529.1M | 548.5M |
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.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.76B | $1.76B |
| Share-based comp | $118M | $1.88B |
| Other non-cash & working capital | $763M | $2.64B |
| Operating cash flow | $2.64B | $2.64B |
| Capex | −$700M | $1.94B |
| Free cash flow | $1.94B | $1.94B |
| FCF after SBC | $1.82B | $1.82B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2022 | -3.0% | not reported | not reported |
| FY2023 | 33.8% | not reported | not reported |
| FY2024 | 11.2% | not reported | not reported |
| FY2024 | 3.3% | not reported | not reported |
| FY2025 | 3.2% | not reported | not reported |
| FY2026 | 3.9% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -6.2 percent |
| FY2022 | -6.4 percent |
| FY2023 | -2.0 percent |
| FY2024 | -4.8 percent |
| FY2024 | -4.2 percent |
| FY2025 | -2.5 percent |
| FY2026 | -3.1 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 1 year 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.