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Held by 272 of 2,417 reporting institutions (96th 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.
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 $116.29 today, the market must believe free cash flow compounds 5.5%/yr for a decade (off $1.35B on the 3-yr avg basis).
On the basis ($1.26B) the requirement is 6.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 5.5% is more conservative than its 9-yr track record.
Default is 9.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.20B shares (market data) · net debt $1.42B
mean 56.7% · volatility σ 171% · implied rate exceeded in 4/9 yrs
Central path = implied 5.5%/yr growth; shaded band = ±1σ (171%) 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 18% of free cash flow, leaving room to grow it and fund buybacks. Last year: $326.1M dividends + $1.55B buybacks = $1.88B returned on $1.81B FCF.
5 consecutive years of dividend increases · 2%/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).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 49%. 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 $974.7M covers the $0 due within a year 974700000.0× 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 is easily covered by operating profit. Effective rate ~5.0% on $2.40B of debt.
Cash of $974.7M fully covers short-term debt of $0.
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 6 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TPR | $23.1B | 16.0× | 11.8× | 2.9× | 14.2% | 77.8% | 19.1% | 221% | 49.5% | 0.7× | 272 |
| SHOO | $3.2B | 69.0× | 28.9× | 1.3× | 11.0% | 41.4% | 1.9% | 5.7% | 4.5% | 1.1× | 55 |
| CPRI | $2.1B | 16.4× | 20.6× | 0.6× | -4.1% | 62.3% | 3.9% | 171% | 31.4% | 1.9× | 53 |
| WWW | $1.7B | 18.3× | 12.8× | 0.9× | 6.8% | 47.3% | 5.1% | 23.5% | 10.0% | 3.1× | 44 |
| CAL | $465M | — | 8.0× | 0.2× | 1.3% | 43.0% | -0.2% | -1.1% | -1.1% | -0.5× | 25 |
| RCKY | $371M | 16.6× | 11.1× | 0.8× | 6.2% | 40.9% | 4.6% | 8.8% | 5.9% | 2.7× | 18 |
| VRA | $189M | — | — | 0.7× | -15.4% | 46.4% | -17.7% | -36.3% | -36.3% | — | 10 |
Peers = companies sharing TPR's sector (Leather & Leather 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.
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. 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 | FY2026 | FY2025 | FY2024 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | FY2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.00B 100.0% | $7.01B 100.0% | $6.67B 100.0% | $6.66B 100.0% | $6.68B 100.0% | $5.75B 100.0% | $4.96B 100.0% | $6.03B 100.0% | $5.88B 100.0% | $4.49B 100.0% |
| Cost of Revenue | $1.78B 22.2% | $1.72B 24.6% | $1.78B 26.7% | $1.95B 29.2% | $2.03B 30.4% | $1.66B 29.0% | $1.72B 34.7% | $1.97B 32.7% | $2.03B 34.5% | $1.41B 31.4% |
| Gross Profit | $6.23B 77.8% | $5.29B 75.4% | $4.89B 73.3% | $4.71B 70.8% | $4.65B 69.6% | $4.08B 71.0% | $3.24B 65.3% | $4.05B 67.3% | $3.85B 65.5% | $3.08B 68.6% |
| Selling, General & Admin | $4.31B 53.9% | $4.02B 57.3% | $3.75B 56.2% | $3.54B 53.2% | $3.47B 52.0% | $3.11B 54.2% | — | $3.23B 53.7% | $3.18B 54.0% | $2.29B 51.1% |
| Operating Income | $1.91B 23.9% | $415.0M 5.9% | $1.14B 17.1% | $1.17B 17.6% | $1.18B 17.6% | $968.0M 16.8% | -$550.8M -11.1% | $819.7M 13.6% | $672.0M 11.4% | $787.4M 17.5% |
| Interest Expense | $119.3M 1.5% | $271.2M 3.9% | $369.6M 5.5% | $72.8M 1.1% | $68.8M 1.0% | $73.5M 1.3% | $71.5M 1.4% | $66.9M 1.1% | $86.3M 1.5% | $26.8M 0.6% |
| Other Income (Expense), net | $1.4M 0.0% | $6.6M 0.1% | -$3.2M -0.0% | -$1.7M -0.0% | -$16.4M -0.2% | $700K 0.0% | -$13.3M -0.3% | -$5.6M -0.1% | — | — |
| Pretax Income | $1.86B 23.2% | $216.1M 3.1% | $1.01B 15.2% | $1.14B 17.2% | $1.05B 15.7% | $897.3M 15.6% | -$624.2M -12.6% | $766.2M 12.7% | $596.8M 10.1% | $759.0M 16.9% |
| Income Tax Expense | $332.9M 4.2% | $32.9M 0.5% | $195.9M 2.9% | $207.1M 3.1% | $190.7M 2.9% | $63.1M 1.1% | $27.9M 0.6% | $122.8M 2.0% | $199.3M 3.4% | $168.0M 3.7% |
| Net Income | $1.53B 19.1% | $183.2M 2.6% | $816.0M 12.2% | $936.0M 14.1% | $856.3M 12.8% | $834.2M 14.5% | -$652.1M -13.1% | $643.4M 10.7% | $397.5M 6.8% | $591.0M 13.2% |
| Per Share | ||||||||||
| EPS (Basic) | $7.49 | $0.84 | $3.56 | $3.96 | $3.24 | $3.00 | -$2.34 | $2.22 | $1.39 | $2.11 |
| EPS (Diluted) | $7.27 | $0.82 | $3.50 | $3.88 | $3.17 | $2.95 | -$2.34 | $2.21 | $1.38 | $2.09 |
| Weighted Avg Shares (Basic) | 204.0M | 216.8M | 229.2M | 236.4M | 264.3M | 277.9M | 278.6M | 289.4M | 285.4M | 280.6M |
| Weighted Avg Shares (Diluted) | 210.2M | 222.5M | 233.2M | 241.3M | 270.1M | 283.0M | 278.6M | 290.8M | 288.6M | 282.8M |
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.
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 |
|---|---|---|---|---|---|
| 2026-09-09 | 5 co-filers Chief People Officer | Option exercise | 6,910 | $40.58 | $280k |
| 2026-09-09 | 5 co-filers Chief People Officer | Exercise & sell | 2,191 | $115.40 | $253k |
| 2026-09-09 | 5 co-filers Chief People Officer | Exercise & sell | 3,619 | $115.36 | $417k |
| 2026-09-09 | 5 co-filers Chief People Officer | Tax withholding |
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.
| 4,719 |
| $115.40 |
| $545k |
| 2026-09-09 | 5 co-filers Chief People Officer | Option exercise | 6,910 | $0.00 | — |
| 2026-08-21 | 4 co-filers Chief Executive Officer | Grant | 220,940 | $33.81 | $7.5m |
| 2026-08-21 | 4 co-filers CFO and COO | Grant | 82,854 | $33.81 | $2.8m |
| 2026-08-21 | 4 co-filers CEO and Brand President, Coach | Grant | 66,282 | $33.81 | $2.2m |
| 2026-08-21 | 4 co-filers Chief Legal Officer, Secretary | Grant | 27,619 | $33.81 | $934k |
| 2026-08-21 | 2 co-filers VP, Controller and PAO | Tax withholding | 976 | $130.17 | $127k |
| 2026-08-21 | 2 co-filers VP, Controller and PAO | Tax withholding | 1,099 | $130.17 | $143k |
| 2026-08-21 | 4 co-filers Chief Executive Officer | Tax withholding | 8,001 | $130.17 | $1.0m |
| 2026-08-21 | 4 co-filers CEO and Brand President, Coach | Tax withholding | 2,001 | $130.17 | $260k |
| 2026-08-21 | 4 co-filers Chief Legal Officer, Secretary | Tax withholding | 1,601 | $130.17 | $208k |
| 2026-08-21 | 4 co-filers CFO and COO | Tax withholding | 2,817 | $130.17 | $367k |
| 2026-08-21 | 4 co-filers Chief Legal Officer, Secretary | Tax withholding | 2,029 | $130.17 | $264k |
| 2026-08-21 | 4 co-filers Chief Executive Officer | Tax withholding | 8,112 | $130.17 | $1.1m |
| 2026-08-21 | 4 co-filers CEO and Brand President, Coach | Tax withholding | 2,434 | $130.17 | $317k |
| 2026-08-21 | 4 co-filers CFO and COO | Tax withholding | 3,296 | $130.17 | $429k |
| 2026-08-21 | 4 co-filers Chief Executive Officer | Tax withholding | 112,790 | $130.17 | $14.7m |
| 2026-08-21 | 4 co-filers CEO and Brand President, Coach | Tax withholding | 33,837 | $130.17 | $4.4m |
| 2026-08-21 | 4 co-filers CFO and COO | Tax withholding | 45,819 | $130.17 | $6.0m |
| 2026-08-21 | 4 co-filers Chief Legal Officer, Secretary | Tax withholding | 14,100 | $130.17 | $1.8m |
| 2026-08-19 | Roe Scott A. CFO and COO | Tax withholding | 2,646 | $131.72 | $349k |
| 2026-08-19 | Kulikowsky Denise Chief People Officer | Tax withholding | 1,086 | $131.72 | $143k |
| 2026-08-19 | Kahn Todd CEO and Brand President, Coach | Tax withholding | 1,955 | $131.72 | $258k |
| 2026-08-19 | 2 co-filers Chief Legal Officer, Secretary | Tax withholding | 1,628 | $131.72 | $214k |
| 2026-08-19 | Dadlani Manesh VP, Controller and PAO | Tax withholding | 882 | $131.72 | $116k |
| 2026-08-19 | 9 co-filers Chief Executive Officer | Option exercise | 35,770 | $20.97 | $750k |
| 2026-08-19 | 2 co-filers Chief Legal Officer, Secretary | Tax withholding | 3,256 | $131.72 | $429k |
| 2026-08-19 | 9 co-filers Chief Executive Officer | Option exercise | 30,291 | $15.83 | $480k |
| 2026-08-19 | 9 co-filers Chief Executive Officer | Tax withholding | 6,512 | $131.72 | $858k |
| 2026-08-19 | 9 co-filers Chief Executive Officer | 10b5-1 plan sale | 13,041 | $132.47 | $1.7m |
| 2026-08-19 | 9 co-filers Chief Executive Officer | 10b5-1 plan sale | 14,720 | $132.47 | $1.9m |
| 2026-08-19 | 9 co-filers Chief Executive Officer | Tax withholding | 17,250 | $132.47 | $2.3m |
| 2026-08-19 | 9 co-filers Chief Executive Officer | Tax withholding | 21,050 | $132.47 | $2.8m |
| 2026-08-19 | 9 co-filers Chief Executive Officer | Option exercise | 30,291 | $0.00 | — |
| 2026-08-19 | 9 co-filers Chief Executive Officer | Option exercise | 35,770 | $0.00 | — |
| 2026-08-18 | Dadlani Manesh VP, Controller and PAO | Tax withholding5d late | 282 | $132.26 | $37k |
| 2026-08-17 | Kahn Todd CEO and Brand President, Coach | Grant12d late | 31,397 | $0.00 | — |
EOD close · as of 2026-10-30
Where each multiple sits in its own 15-yr range · 81th pct blended
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 221% against ROIC 49% — 171% 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 197.1% — 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
High operating leverage: profit moved 25.5× 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 | FY2022 | FY2023 | FY2024 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 32.7 | 34.7 | 29.0 | 30.4 | 29.2 | 26.7 | 24.6 | 22.2 |
| Gross Profit | 67.3 | 65.3 | 71.0 | 69.6 | 70.8 | 73.3 | 75.4 | 77.8 |
| SG&A | 53.7 | — | 54.2 | 52.0 | 53.2 | 56.2 | 57.3 | 53.9 |
| Operating Income | 13.6 | -11.1 | 16.8 | 17.6 | 17.6 | 17.1 | 5.9 | 23.9 |
| Income Tax | 2.0 | 0.6 | 1.1 | 2.9 | 3.1 | 2.9 | 0.5 | 4.2 |
| Net Income | 10.7 | -13.1 | 14.5 | 12.8 | 14.1 | 12.2 | 2.6 | 19.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TPR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 31.81pts above its cost of capital, positive in 4 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | -8.3% | 9.5% (today's — no rate published for this year) | -17.9pts |
| FY2022 | 16.6% | 9.5% (today's — no rate published for this year) | 7.0pts |
| FY2023 | 19.8% | 7.6% | 12.2pts |
| FY2024 | 19.4% | 9.1% | 10.3pts |
| FY2024 | 16.4% | 9.1% | 7.3pts |
| FY2025 | 9.0% | 9.5% | -0.6pts |
| FY2026 | 41.0% | 9.2% | 31.9pts |
| Now | 49.5% | 9.5% | 39.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2018 | 68.6% | 17.5% | 13.2% |
| FY2018 | 65.5% | 11.4% | 6.8% |
| FY2019 | 67.3% | 13.6% | 10.7% |
| FY2020 | 65.3% | -11.1% | -13.1% |
| FY2022 | 71.0% | 16.8% | 14.5% |
| FY2023 | 69.6% | 17.6% | 12.8% |
| FY2024 | 70.8% | 17.6% | 14.1% |
| FY2024 | 73.3% | 17.1% | 12.2% |
| FY2025 | 75.4% | 5.9% | 2.6% |
| FY2026 | 77.8% | 23.9% | 19.1% |
Leverage and buybacks account for 171 points of the 221% return on equity in FY2026. The business earns 49% 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.
$958M of goodwill — 25% 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 55.19% against 41.35% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 2.06x of reported profit into cash — adequate, without much margin.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Covers interest 11.2x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 16.05x |
| 5% | 15.24x |
| 10% | 14.44x |
| 15% | 13.64x |
| 20% | 12.84x |
| 25% | 12.04x |
| 30% | 11.23x |
| 35% | 10.43x |
| 40% | 9.63x |
| 45% | 8.83x |
| 50% | 8.02x |
| 55% | 7.22x |
| 60% | 6.42x |
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.
Operating leases are $1,574,000,000 of the $3,970,600,000 total — a fixed obligation that does not appear in a headline debt figure.
At $116.29, free cash flow must compound 6.3%/yr for 10 years. It has done 44.2%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2022 | 499.1% | 6.3% |
| FY2023 | −37.1% | 6.3% |
| FY2024 | 4.2% | 6.3% |
| FY2024 | 45.0% | 6.3% |
| FY2025 | −4.6% | 6.3% |
| FY2026 | 65.7% | 6.3% |
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 implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.53B | $1.53B |
| Share-based comp | $105M | $1.63B |
| Other non-cash & working capital | $346M | $1.98B |
| Operating cash flow | $1.98B | $1.98B |
| Capex | −$166M | $1.81B |
| Free cash flow | $1.81B | $1.81B |
| FCF after SBC | $1.71B | $1.71B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2022 | 15.8% | 3.6% | -12.3 points |
| FY2023 | 16.3% | 26.0% | 9.7 points |
| FY2024 | -0.3% | -16.2% | -15.8 points |
| FY2024 | 0.1% | 7.9% | 7.8 points |
| FY2025 | 5.1% | 4.9% | -0.2 points |
| FY2026 | 14.2% | -0.9% | -15.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 14.2 days | 156.2 days | 27.7 days | 142.7 days |
| FY2022 | 12.7 days | 161.1 days | 97.6 days | 76.2 days |
| FY2023 | 13.8 days | 178.4 days | 93.4 days | 98.7 days |
| FY2024 | 11.6 days | 172.5 days | 78.2 days | 105.9 days |
| FY2024 | 12.5 days | 169 days | 92.6 days | 88.8 days |
| FY2025 | 12.5 days | 182.5 days | 96.7 days | 98.2 days |
| FY2026 | 10.8 days | 169.9 days | 119.7 days | 61 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -13.4 percent |
| FY2022 | -5.8 percent |
| FY2023 | 0.0 percent |
| FY2024 | -0.6 percent |
| FY2024 | -3.3 percent |
| FY2025 | -15.7 percent |
| FY2026 | -6.7 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 (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.