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Institutional ownership roughly stable: -0.02% change quarter-over-quarter.
Data as of Q1 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $20.84 today, the market must believe free cash flow compounds -5.5%/yr for a decade (off $13.4B normalized FCF).
The market's -5.5% is more conservative than its 6-yr track record.
2-stage DCF · 1.11B shares · net debt $80.7B
mean -55.5% · volatility σ 341% · implied rate exceeded in 4/5 yrs
Central path = implied -5.5%/yr growth; shaded band = ±1σ (341%) 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.
EOD close · as of 2026-08-05 · 15d old
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $88.31B 100.0% | $81.40B 100.0% | $78.56B 100.0% | $79.57B 100.0% | $80.12B 100.0% | $68.40B 100.0% | $45.00B 100.0% | $43.31B 100.0% | $40.60B 100.0% | $37.49B 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | — | $11.61B 28.6% | $10.82B 28.9% |
| Cost of Products | — | — | — | — | — | — | — | — | $11.61B 28.6% | $10.82B 28.9% |
| Cost of Services | — | — | — | — | — | — | — | — | $6.10B 15.0% | $5.73B 15.3% |
| Selling, General & Admin | $23.47B 26.6% | $20.82B 25.6% | $21.31B 27.1% | $21.61B 27.2% | $20.24B 25.3% | $18.93B 27.7% | $14.14B 31.4% | $13.16B 30.4% | $12.26B 30.2% | $11.38B 30.3% |
| Total Operating Expenses | $70.03B 79.3% | $63.39B 77.9% | $64.29B 81.8% | $73.03B 91.8% | $73.23B 91.4% | $61.76B 90.3% | $39.28B 87.3% | $38.00B 87.7% | $35.72B 88.0% | $33.44B 89.2% |
| Operating Income | $18.28B 20.7% | $18.01B 22.1% | $14.27B 18.2% | $6.54B 8.2% | $6.89B 8.6% | $6.64B 9.7% | $5.72B 12.7% | $5.31B 12.3% | $4.89B 12.0% | $4.05B 10.8% |
| Interest Expense | — | — | — | — | $3.19B 4.0% | $2.48B 3.6% | $727.0M 1.6% | $835.0M 1.9% | $1.11B 2.7% | $1.42B 3.8% |
| Interest & Investment Income | — | — | — | — | $20.0M 0.0% | $29.0M 0.0% | $24.0M 0.1% | $19.0M 0.0% | $17.0M 0.0% | $13.0M 0.0% |
| Other Income (Expense), net | -$4.00B -4.5% | -$3.30B -4.1% | -$3.27B -4.2% | -$3.40B -4.3% | -$3.54B -4.4% | -$3.11B -4.5% | -$1.12B -2.5% | -$1.39B -3.2% | -$1.73B -4.3% | -$1.72B -4.6% |
| Pretax Income | $14.28B 16.2% | $14.71B 18.1% | $11.00B 14.0% | $3.15B 4.0% | $3.35B 4.2% | $3.53B 5.2% | $4.60B 10.2% | $3.92B 9.0% | $3.16B 7.8% | $2.33B 6.2% |
| Income Tax Expense | $3.29B 3.7% | $3.37B 4.1% | $2.68B 3.4% | $556.0M 0.7% | $327.0M 0.4% | $786.0M 1.1% | $1.14B 2.5% | $1.03B 2.4% | -$1.38B -3.4% | $867.0M 2.3% |
| Net Income | $10.99B 12.4% | $11.34B 13.9% | $8.32B 10.6% | $2.59B 3.3% | $3.02B 3.8% | $3.06B 4.5% | $3.47B 7.7% | $2.89B 6.7% | $4.54B 11.2% | $1.46B 3.9% |
| Per Share | ||||||||||
| EPS (Basic) | $9.75 | $9.70 | $7.02 | $2.07 | $2.42 | $2.68 | $4.06 | $3.40 | $5.39 | $1.71 |
| EPS (Diluted) | $9.72 | $9.66 | $6.93 | $2.06 | $2.41 | $2.65 | $4.02 | $3.36 | $5.20 | $1.69 |
| Weighted Avg Shares (Basic) | 1.13B | 1.17B | 1.19B | 1.25B | 1.25B | 1.14B | 854.1M | 849.7M | 831.9M | 822.5M |
| Weighted Avg Shares (Diluted) | 1.13B | 1.17B | 1.20B | 1.26B | 1.25B | 1.15B | 863.4M | 858.3M | 871.8M | 833.1M |
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.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
6/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable; leverage rising year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 23% of free cash flow, leaving room to grow it and fund buybacks. Last year: $4.1B dividends + $10.0B buybacks = $14.1B returned on $18.0B FCF.
3 consecutive years of dividend increases · 56%/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 balanced mix of reinvestment and shareholder returns.
Modest payoff on reinvested capital. Current ROIC on all capital: 8%. 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 $5.6B covers all $4.4B of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2012-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~4.5% on $70.5B of debt. Interest last disclosed in FY2021 (no longer broken out).
Cash of $5.6B fully covers short-term debt of $5.1B.
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 2026-08-05
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
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 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 30.4 | 31.4 | 27.7 | 25.3 | 27.2 | 27.1 | 25.6 | 26.6 |
| Operating Income | 12.3 | 12.7 | 9.7 | 8.6 | 8.2 | 18.2 | 22.1 | 20.7 |
| Income Tax | 2.4 | 2.5 | 1.1 | 0.4 | 0.7 | 3.4 | 4.1 | 3.7 |
| Net Income | 6.7 | 7.7 | 4.5 | 3.8 | 3.3 | 10.6 | 13.9 | 12.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TMUSZ: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Top 8 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