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Held by 194 of 2,417 reporting institutions (95th 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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $1.39B buybacks = $1.39B returned on $2.53B 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 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: 14%. 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 (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $273.25 today, the market must believe free cash flow compounds 3.0%/yr for a decade (off $1.76B on the 3-yr avg basis).
On the basis ($1.68B) the requirement is 3.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 3.0% is more conservative than its 8-yr track record.
Default is 8.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.08B shares (market data) · net debt $10.29B
mean 99.4% · volatility σ 200% · implied rate exceeded in 4/8 yrs
Central path = implied 3.0%/yr growth; shaded band = ±1σ (200%) 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~6.2% on $13.17B of debt.
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. 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.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.31B 100.0% | $20.68B 100.0% | $20.56B 100.0% | $19.17B 100.0% | $19.48B 100.0% | $17.64B 100.0% | $18.48B 100.0% | $18.31B 100.0% | $19.18B 100.0% | $19.62B 100.0% |
| Operating Income | $3.51B 16.5% | $5.96B 28.8% | $2.51B 12.2% | $2.33B 12.2% | $2.87B 14.7% | $1.99B 11.3% | $1.54B 8.3% | $1.64B 8.9% | $1.11B 5.8% | $1.25B 6.4% |
| Interest Expense | $821.0M 3.9% | $826.0M 4.0% | $901.0M 4.4% | $890.0M 4.6% | $923.0M 4.7% | $1.00B 5.7% | $985.0M 5.3% | $1.00B 5.5% | $1.03B 5.4% | $979.0M 5.0% |
| Other Income (Expense), net | $117.0M 0.5% | $126.0M 0.6% | $19.0M 0.1% | $11.0M 0.1% | $14.0M 0.1% | $1.0M 0.0% | -$5.0M -0.0% | -$5.0M -0.0% | — | — |
| Pretax Income | $2.80B 13.1% | $5.25B 25.4% | $1.62B 7.9% | $1.34B 7.0% | $1.89B 9.7% | $671.0M 3.8% | $320.0M 1.7% | $629.0M 3.4% | -$101.0M -0.5% | $248.0M 1.3% |
| Income Tax Expense | $433.0M 2.0% | $1.18B 5.7% | $306.0M 1.5% | $344.0M 1.8% | $411.0M 2.1% | -$97.0M -0.5% | $160.0M 0.9% | $173.0M 0.9% | $219.0M 1.1% | $67.0M 0.3% |
| Net Income | $2.37B 11.1% | $4.06B 19.7% | $1.31B 6.4% | $1.00B 5.2% | $1.48B 7.6% | $768.0M 4.4% | $171.0M 0.9% | $459.0M 2.5% | -$320.0M -1.7% | $176.0M 0.9% |
| Per Share | ||||||||||
| EPS (Basic) | $15.61 | $33.02 | $6.01 | $3.84 | $8.55 | $3.80 | -$2.08 | $1.02 | -$7.00 | -$1.93 |
| EPS (Diluted) | $15.49 | $32.70 | $5.71 | $3.79 | $8.42 | $3.75 | -$2.08 | $1.00 | -$7.00 | -$1.93 |
| Weighted Avg Shares (Basic) | 90.2M | 96.9M | 101.6M | 106.9M | 106.8M | 105.0M | 103.4M | 102.1M | 100.6M | 99.3M |
| Weighted Avg Shares (Diluted) | 90.8M | 97.9M | 104.8M | 110.5M | 108.6M | 106.3M | 103.4M | 103.9M | 100.6M | 99.3M |
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.
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
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 · 79th 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 56% against ROIC 14% — 42% 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 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 8.9 | 8.3 | 11.3 | 14.7 | 12.2 | 12.2 | 28.8 | 16.5 |
| Income Tax | 0.9 | 0.9 | -0.5 | 2.1 | 1.8 | 1.5 | 5.7 | 2.0 |
| Net Income | 2.5 | 0.9 | 4.4 | 7.6 | 5.2 | 6.4 | 19.7 | 11.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on THC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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 |
|---|---|---|---|---|---|
| 2026-09-14 | 3 co-filers Group filing | Open-market sale | 5,483 | $263.04 | $1.4m |
| 2026-09-14 | 3 co-filers Group filing | Open-market sale | 4,025 | $264.10 | $1.1m |
| 2026-09-14 | 3 co-filers Group filing | Open-market sale | 2,502 | $264.62 | $662k |
| 2026-09-10 | Mark Richard J Director | Open-market sale |
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.
| 10,000 |
| $263.42 |
| $2.6m |
| 2026-09-02 | West Nadja Director | Open-market sale | 1,152 | $258.80 | $298k |
| 2026-08-31 | Foo Lisa Y EVP, Chief Operating Officer | Open-market sale | 24,000 | $266.32 | $6.4m |
| 2026-08-28 | Haney Cecil D Director | Gift | 150 | $0.00 | $0 |
| 2026-08-25 | 5 co-filers CEO | Open-market sale | 17,220 | $273.34 | $4.7m |
| 2026-08-25 | 5 co-filers CEO | Open-market sale | 24,881 | $274.10 | $6.8m |
| 2026-08-25 | 5 co-filers CEO | Open-market sale | 7,899 | $275.26 | $2.2m |
| 2026-08-24 | Haney Cecil D Director | Open-market sale | 1,300 | $278.03 | $361k |
| 2026-08-24 | 5 co-filers CEO | Open-market sale | 13,344 | $278.17 | $3.7m |
| 2026-08-24 | 5 co-filers CEO | Open-market sale | 36,656 | $278.90 | $10.2m |
| 2026-08-07 | 2 co-filers Group filing | Open-market sale | 2,500 | $260.83 | $652k |
| 2026-08-06 | 2 co-filers Group filing | Open-market sale | 4,922 | $264.15 | $1.3m |
| 2026-08-05 | Blunt Roy Director | Open-market sale | 600 | $262.68 | $158k |
| 2026-07-29 | Foo Lisa Y EVP, Chief Operating Officer | Open-market sale | 10,000 | $258.03 | $2.6m |
| 2026-07-27 | Arbour Paola M EVP, Chief Information Officer | Open-market sale | 10,878 | $243.90 | $2.7m |
| 2026-07-27 | Lynch Christopher S. Director | Open-market sale | 3,837 | $243.44 | $934k |
| 2026-07-27 | Bierman James L Director | Open-market sale | 5,000 | $244.96 | $1.2m |
| 2026-05-28 | 5 co-filers Group filing | Open-market sale | 1,969 | $173.12 | $341k |
| 2026-05-28 | 5 co-filers Group filing | Open-market sale | 1,690 | $173.97 | $294k |
| 2026-05-28 | 5 co-filers Group filing | Open-market sale | 713 | $175.13 | $125k |
| 2026-05-28 | 5 co-filers Group filing | Open-market sale | 905 | $176.89 | $160k |
| 2026-05-28 | 5 co-filers Group filing | Open-market sale | 361 | $177.52 | $64k |
| 2026-05-27 | Fisher Richard W Director | Grant | 1,188 | $0.00 | — |
| 2026-05-27 | Haney Cecil D Director | Grant | 1,188 | $0.00 | — |
| 2026-05-27 | Bierman James L Director | Grant | 1,188 | $0.00 | — |
| 2026-05-27 | Romo Tammy Director | Grant | 1,188 | $0.00 | — |
| 2026-05-27 | Lynch Christopher S. Director | Grant | 1,188 | $0.00 | — |
| 2026-05-27 | Kerrey J Robert Director | Grant | 1,464 | $0.00 | — |
| 2026-05-27 | Fitzgerald Meghan Director | Grant | 1,188 | $0.00 | — |
| 2026-05-27 | Agarwala Vineeta Director | Grant | 1,188 | $0.00 | — |
| 2026-05-27 | Blunt Roy Director | Grant | 1,188 | $0.00 | — |
| 2026-05-27 | Mark Richard J Director | Grant | 1,188 | $0.00 | — |
| 2026-05-27 | 2 co-filers Group filing | Open-market sale | 3,000 | $177.35 | $532k |
| 2026-05-27 | 2 co-filers Group filing | Grant | 1,188 | $0.00 | — |
| 2026-05-22 | 3 co-filers Group filing | Option exercise | 1,333 | — | — |
| 2026-05-22 | 2 co-filers Group filing | Option exercise | 1,333 | — | — |
| 2026-05-22 | 2 co-filers Group filing | Option exercise | 1,333 | — | — |
Ranked against 39 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LH | $29.3B | 34.5× | 16.6× | 2.1× | 7.2% | 28.8% | 6.3% | 10.2% | 6.2% | 2.5× | 310 |
| DGX | $27.8B | 28.8× | 15.5× | 2.5× | 11.8% | 33.2% | 9.0% | 13.8% | 7.7% | 2.5× | 328 |
| THC | $22.0B | 17.6× | 7.4× | 1.0× | 3.1% | — | 11.1% | 56.1% | 13.6% | 2.4× | 194 |
| EHC | $13.4B | 24.5× | — | 2.3× | 10.5% | — | 9.5% | 23.2% | 23.2% | — | 142 |
| BTSG | $13.2B | 76.9× | 42.6× | 1.0× | 28.2% | 11.8% | 1.5% | 10.2% | 4.4% | 6.6× | 91 |
| DVA | $12.0B | 19.1× | 7.8× | 0.9× | 6.5% | — | 5.5% | -115% | 7.8% | 3.5× | 149 |
| ENSG | $10.6B | 31.1× | 19.3× | 2.1× | 18.7% | 20.5% | 6.8% | 15.4% | 14.5% | -0.7× | 126 |
| UHS | $10.4B | 7.6× | 5.8× | 0.6× | 9.7% | — | 8.6% | 20.5% | 12.4% | 1.8× | 144 |
| CAI | $9.7B | — | 137.1× | 11.9× | 97.0% | — | -8.4% | -11.8% | -7.1% | -6.2× | 62 |
| PACS | $7.6B | 39.2× | — | 1.4× | 29.3% | — | 3.6% | 20.2% | 16.0% | — | 46 |
| CHE | $6.9B | 29.2× | 17.0× | 2.7× | 4.1% | 32.5% | 10.5% | 27.1% | 27.1% | -0.2× | 116 |
| HIMS | $6.5B | 54.3× | 38.9× | 2.8× | 59.0% | 73.8% | 5.5% | 23.7% | 23.7% | -1.4× | 101 |
| RDNT | $5.8B | — | 28.5× | 2.8× | 11.5% | — | -0.9% | -1.7% | -0.9% | 1.5× | 66 |
| BLLN | $5.3B | — | — | 17.5× | 100.0% | 68.3% | 2.4% | 1.6% | 1.4% | -19.1× | 21 |
| SHC | $5.2B | 67.2× | 17.9× | 4.5× | 5.7% | 55.5% | 6.7% | 12.9% | 2.8% | 4.6× | 58 |
| CON | $5.1B | 31.1× | 17.3× | 2.4× | 13.9% | — | 7.7% | 42.3% | 8.5% | 3.9× | 73 |
| LFST | $5.1B | — | 77.9× | 3.6× | 13.9% | — | 0.7% | 0.6% | 0.5% | 0.5× | 61 |
| OPCH | $4.8B | 25.1× | 14.1× | 0.8× | 13.0% | 19.3% | 3.7% | 15.7% | 8.3% | 2.3× | 72 |
| VCYT | $4.0B | 61.0× | 46.2× | 7.8× | 16.0% | 70.1% | 12.8% | 5.1% | 5.1% | -4.6× | 60 |
| NHC | $3.2B | 26.9× | 18.3× | 2.1× | 16.1% | — | 7.9% | 11.2% | 10.8% | -0.3× | 58 |
| SGRY | $3.0B | — | 11.7× | 0.9× | 6.2% | — | -2.4% | -4.5% | -1.4% | 6.4× | 26 |
| AVAH | $2.9B | 12.5× | 14.9× | 1.2× | 20.2% | 33.3% | 9.2% | 116% | 15.1% | 4.2× | 34 |
| PRVA | $2.7B | 119.3× | 51.3× | 1.3× | 22.3% | — | 1.1% | 3.1% | 3.1% | -10.9× | 58 |
| BKD | $2.5B | — | 16.9× | 0.8× | 2.2% | 26.2% | -8.2% | 587% | -6.2% | 10.5× | 32 |
| ADUS | $2.3B | 24.1× | 15.4× | 1.6× | 23.2% | 32.5% | 6.7% | 8.8% | 8.0% | 0.3× | 63 |
Peers = companies sharing THC's sector (Services-General Medical & Surgical Hospitals, NEC) 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 9.71pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 8.1% | 8.3% (today's — no rate published for this year) | -0.2pts |
| FY2020 | 10.9% | 8.3% (today's — no rate published for this year) | 2.6pts |
| FY2021 | 14.7% | 9.5% | 5.2pts |
| FY2022 | 11.1% | 8.9% | 2.3pts |
| FY2023 | 12.0% | 8.9% | 3.1pts |
| FY2024 | 30.4% | 8.8% | 21.5pts |
| FY2025 | 17.6% | 8.2% | 9.4pts |
| Now | 13.6% | 8.3% | 5.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 6.4% | 0.9% |
| FY2017 | not reported | 5.8% | -1.7% |
| FY2018 | not reported | 8.9% | 2.5% |
| FY2019 | not reported | 8.3% | 0.9% |
| FY2020 | not reported | 11.3% | 4.4% |
| FY2021 | not reported | 14.7% | 7.6% |
| FY2022 | not reported | 12.2% | 5.2% |
| FY2023 | not reported | 12.2% | 6.4% |
| FY2024 | not reported | 28.8% | 19.7% |
| FY2025 | not reported | 16.5% | 11.1% |
Leverage and buybacks account for 42 points of the 56% return on equity in FY2025. The business earns 14% 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.
$11.6B of goodwill — 74% 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. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 68.58% against 18.0% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.70x of reported profit into cash — adequate, without much margin.
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.
Covers interest 3.0x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 4.27x |
| 5% | 4.06x |
| 10% | 3.85x |
| 15% | 3.63x |
| 20% | 3.42x |
| 25% | 3.20x |
| 30% | 2.99x |
| 35% | 2.78x |
| 40% | 2.56x |
| 45% | 2.35x |
| 50% | 2.14x |
| 55% | 1.92x |
| 60% | 1.71x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 4.3x today but falls to 3.0x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $273.25, free cash flow must compound 3.51%/yr for 10 years. It has done 28.46%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 409.2% | 3.5% |
| FY2021 | −68.3% | 3.5% |
| FY2022 | −64.7% | 3.5% |
| FY2023 | 405.6% | 3.5% |
| FY2024 | −31.2% | 3.5% |
| FY2025 | 126.7% | 3.5% |
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 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.37B | $2.37B |
| Share-based comp | $104M | $2.47B |
| Other non-cash & working capital | $1.07B | $3.54B |
| Operating cash flow | $3.54B | $3.54B |
| Capex | −$1.01B | $2.53B |
| Free cash flow | $2.53B | $2.53B |
| FCF after SBC | $2.43B | $2.43B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -4.5% | -1.9% | 2.6 points |
| FY2021 | 10.5% | 3.0% | -7.5 points |
| FY2022 | -1.6% | 6.3% | 7.8 points |
| FY2023 | 7.3% | -1.0% | -8.2 points |
| FY2024 | 0.5% | -13.0% | -13.5 points |
| FY2025 | 3.1% | 1.1% | -1.9 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 54.2 days | not reported | not reported | not reported |
| FY2020 | 55.7 days | not reported | not reported | not reported |
| FY2021 | 51.9 days | not reported | not reported | not reported |
| FY2022 | 56 days | not reported | not reported | not reported |
| FY2023 | 51.7 days | not reported | not reported | not reported |
| FY2024 | 44.8 days | not reported | not reported | not reported |
| FY2025 | 43.9 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.5 percent |
| FY2020 | -9.7 percent |
| FY2021 | -0.3 percent |
| FY2022 | -0.3 percent |
| FY2023 | -3.8 percent |
| FY2024 | 7.0 percent |
| FY2025 | -4.0 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.