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Data as of Q3 2026
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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 $36.86 today, the market must believe free cash flow compounds 6.3%/yr for a decade (off $95.0M on the 3-yr avg basis).
The market's 6.3% is more optimistic than its 9-yr track record.
Default is 7.5% — 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 -$127.2M
mean 19.3% · volatility σ 73% · implied rate exceeded in 4/9 yrs
Central path = implied 6.3%/yr growth; shaded band = ±1σ (73%) 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.
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.
Ranked against 23 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CELH | $7.4B | 116.5× | 44.8× | 2.9× | 85.5% | 50.4% | 4.3% | 9.1% | 5.8% | 1.6× | 108 |
| SFD | $7.2B | 7.3× | 5.7× | 0.5× | 9.8% | 13.5% | 6.4% | 14.5% | 11.2% | 1.2× | 54 |
| PRMB | $7.1B | 123.4× | 11.5× | 1.1× | 29.3% | 30.3% | 0.9% | 2.0% | 0.7% | 4.6× | 63 |
| PPC | $6.8B | 6.3× | 4.5× | 0.4× | 3.5% | 12.7% | 5.9% | 29.4% | 16.0% | 1.2× | 71 |
| CPB | $6.4B | 16.4× | 5.5× | 0.7× | -5.0% | 28.1% | 4.1% | 10.5% | 8.3% | 0.5× | 164 |
| INGR | $6.1B | 8.7× | 5.5× | 0.8× | -2.8% | 25.3% | 10.1% | 17.1% | 12.0% | 0.6× | 153 |
| POST | $3.7B | 15.1× | 8.2× | 0.5× | 3.0% | 28.7% | 4.1% | 8.9% | 3.0% | 5.5× | 95 |
| COCO | $3.3B | 49.1× | 37.6× | 5.5× | 18.2% | 36.5% | 11.7% | 21.5% | 21.5% | -2.4× | 70 |
| FIZZ | $3.3B | 18.0× | 11.7× | 2.8× | -1.7% | 37.0% | 15.6% | 28.9% | 28.9% | -1.4× | 40 |
| FRPT | $3.2B | 25.6× | 18.3× | 2.9× | 13.0% | 40.8% | 12.6% | 11.5% | 11.5% | -1.7× | 56 |
| MZTI | $3.0B | 15.7× | 10.2× | 1.6× | 1.1% | 24.7% | 9.9% | 18.2% | 15.3% | 0.6× | 62 |
| TR | $2.8B | — | 22.0× | 3.8× | 1.3% | 35.3% | 13.7% | 10.6% | 10.6% | -1.1× | 43 |
| UTZ | $2.1B | — | 27.3× | 1.4× | 2.1% | 24.9% | 0.1% | 0.1% | 0.1% | 7.2× | 35 |
| SAM | $2.0B | 20.4× | 7.7× | 1.0× | -2.4% | 48.5% | 5.5% | 12.8% | 12.8% | -0.9× | 72 |
| JJSF | $1.6B | 25.4× | 9.4× | 1.0× | 0.5% | 29.7% | 4.1% | 6.8% | 6.8% | -0.7× | 49 |
| FLO | $1.3B | 15.7× | 9.0× | 0.3× | 3.0% | — | 1.6% | 6.4% | 2.7% | 5.1× | 94 |
| SENEA | $1.1B | 27.1× | 12.3× | 0.7× | 8.2% | 9.5% | 2.6% | 6.5% | 3.8% | 3.5× | 36 |
| BRBR | $1.1B | 5.5× | 5.5× | 0.5× | 16.1% | 33.3% | 9.3% | -47.6% | 34.3% | 2.7× | 51 |
| SMPL | $977M | 11.0× | 6.3× | 0.7× | 9.0% | 36.2% | 7.1% | 5.7% | 5.0% | 0.8× | 42 |
| MALG | $914M | 55.6× | 36.6× | 24.4× | — | 72.1% | 49.9% | 66.1% | 66.1% | -0.1× | — |
| JBSS | $630M | 10.3× | 5.8× | 0.5× | 6.2% | 18.0% | 5.3% | 16.3% | 14.4% | 0.4× | 36 |
| MAMA | $598M | 97.5× | 56.2× | 3.5× | 39.2% | 25.1% | 3.1% | 10.0% | 9.1% | -1.4× | 20 |
| VITL | $372M | 6.0× | 3.3× | 0.5× | 25.3% | 37.6% | 8.7% | 18.9% | 18.9% | -0.5× | 39 |
| LWAY | $350M | 25.8× | 17.1× | 1.6× | 13.7% | 27.4% | 6.5% | 16.1% | 16.1% | -0.3× | 14 |
Peers = companies sharing TR's sector (Sugar & Confectionery 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 27% of free cash flow, leaving room to grow it and fund buybacks. Last year: $26.1M dividends + $6.5M buybacks = $32.5M returned on $96.4M FCF.
1 consecutive years of dividend increases · 1%/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).
Modest payoff on reinvested capital. Current ROIC on all capital: 11%. 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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
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 | $732.5M 100.0% | $723.2M 100.0% | $769.4M 100.0% | $687.0M 100.0% | $570.8M 100.0% | $471.1M 100.0% | $527.1M 100.0% | $518.9M 100.0% | $519.3M 100.0% | $521.1M 100.0% |
| Cost of Revenue | $474.1M 64.7% | $470.0M 65.0% | $512.5M 66.6% | $454.2M 66.1% | $371.5M 65.1% | $300.7M 63.8% | $330.1M 62.6% | $330.7M 63.7% | $327.4M 63.0% | $321.9M 61.8% |
| Cost of Products | — | — | — | — | — | — | — | — | $325.9M 62.8% | $320.3M 61.5% |
| Gross Profit | $258.4M 35.3% | $253.2M 35.0% | $256.8M 33.4% | $232.7M 33.9% | $199.2M 34.9% | $170.4M 36.2% | $197.0M 37.4% | $188.2M 36.3% | $191.9M 37.0% | $199.2M 38.2% |
| Selling, General & Admin | $157.5M 21.5% | $152.7M 21.1% | $155.0M 20.1% | $122.0M 17.8% | $132.1M 23.1% | $112.1M 23.8% | $127.8M 24.2% | $117.7M 22.7% | $121.5M 23.4% | $108.0M 20.7% |
| Operating Income | $100.9M 13.8% | $100.5M 13.9% | $101.8M 13.2% | $110.8M 16.1% | $67.1M 11.8% | $58.2M 12.4% | $69.2M 13.1% | $70.5M 13.6% | $70.4M 13.6% | $91.2M 17.5% |
| Interest Expense | $447K 0.1% | $509K 0.1% | $337K 0.0% | $104K 0.0% | $46K 0.0% | $164K 0.0% | $220K 0.0% | $181K 0.0% | $144K 0.0% | $105K 0.0% |
| Other Income (Expense), net | $36.3M 5.0% | $26.4M 3.6% | $18.1M 2.3% | -$12.6M -1.8% | $18.6M 3.3% | $18.0M 3.8% | $16.2M 3.1% | $2.7M 0.5% | $14.1M 2.7% | $6.7M 1.3% |
| Pretax Income | $137.2M 18.7% | $126.9M 17.5% | $119.9M 15.6% | $98.1M 14.3% | $85.7M 15.0% | $76.3M 16.2% | $85.4M 16.2% | $73.2M 14.1% | $84.6M 16.3% | $97.9M 18.8% |
| Income Tax Expense | $37.3M 5.1% | $40.1M 5.5% | $28.0M 3.6% | $22.2M 3.2% | $20.4M 3.6% | $17.3M 3.7% | $20.6M 3.9% | $16.4M 3.2% | $3.9M 0.8% | $30.6M 5.9% |
| Net Income | $100.1M 13.7% | $86.8M 12.0% | $91.9M 11.9% | $75.9M 11.1% | $65.3M 11.4% | $59.0M 12.5% | $64.9M 12.3% | $56.9M 11.0% | $80.9M 15.6% | $67.5M 13.0% |
| Per Share | ||||||||||
| EPS (Basic) | $1.37 | $1.18 | $1.28 | $1.04 | $0.91 | $0.84 | $0.94 | $0.84 | $1.21 | $1.02 |
| Weighted Avg Shares (Basic) | 72.9M | 73.4M | 71.9M | 72.9M | 71.5M | 70.5M | 69.4M | 68.1M | 67.0M | 66.0M |
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.
No trend data available for this metric.
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 · 57th 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 11% against ROIC 11% — 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
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 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 63.7 | 62.6 | 63.8 | 65.1 | 66.1 | 66.6 | 65.0 | 64.7 |
| Gross Profit | 36.3 | 37.4 | 36.2 | 34.9 | 33.9 | 33.4 | 35.0 | 35.3 |
| SG&A | 22.7 | 24.2 | 23.8 | 23.1 | 17.8 | 20.1 | 21.1 | 21.5 |
| Operating Income | 13.6 | 13.1 | 12.4 | 11.8 | 16.1 | 13.2 | 13.9 | 13.8 |
| Income Tax | 3.2 | 3.9 | 3.7 | 3.6 | 3.2 | 3.6 | 5.5 | 5.1 |
| Net Income | 11.0 | 12.3 | 12.5 | 11.4 | 11.1 | 11.9 | 12.0 | 13.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-08 | Gordon Ellen R CHAIRMAN AND CEO | Giftindirect | 23,000 | $0.00 | $0 |
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.
The spread has compressed 3 years running.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 7.9% | 7.5% (today's — no rate published for this year) | 0.5pts |
| FY2020 | 7.0% | 7.5% (today's — no rate published for this year) | -0.5pts |
| FY2021 | 7.2% | 4.0% | 3.1pts |
| FY2022 | 10.8% | 6.4% | 4.4pts |
| FY2023 | 9.6% | 6.8% | 2.8pts |
| FY2024 | 9.7% | 7.1% | 2.6pts |
| FY2025 | 8.8% | 6.7% | 2.1pts |
| Now | 10.6% | 7.5% | 3.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 38.2% | 17.5% | 13.0% |
| FY2017 | 37.0% | 13.6% | 15.6% |
| FY2018 | 36.3% | 13.6% | 11.0% |
| FY2019 | 37.4% | 13.1% | 12.3% |
| FY2020 | 36.2% | 12.4% | 12.5% |
| FY2021 | 34.9% | 11.8% | 11.4% |
| FY2022 | 33.9% | 16.1% | 11.1% |
| FY2023 | 33.4% | 13.2% | 11.9% |
| FY2024 | 35.0% | 13.9% | 12.0% |
| FY2025 | 35.3% | 13.8% | 13.7% |
Return on equity (11%) and return on invested capital (11%) 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.
$73M of goodwill — 9% 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.
The spread is 1.14pts and would invert under a ±2% move in WACC, so the verdict rests on the cost-of-capital assumption rather than on the business.
Converts 0.91x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 5% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Missing from our data, so excluded from this answer: share_based_compensation.
Covers interest 158.1x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 225.81x |
| 5% | 214.52x |
| 10% | 203.23x |
| 15% | 191.94x |
| 20% | 180.65x |
| 25% | 169.36x |
| 30% | 158.07x |
| 35% | 146.78x |
| 40% | 135.49x |
| 45% | 124.20x |
| 50% | 112.91x |
| 55% | 101.62x |
| 60% | 90.33x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $5,391,000 of the $5,391,000 total — a fixed obligation that does not appear in a headline debt figure.
At $36.86, free cash flow must compound 6.31%/yr for 10 years. It has done 3.16%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −29.0% | 6.3% |
| FY2021 | −5.1% | 6.3% |
| FY2022 | −9.6% | 6.3% |
| FY2023 | 39.3% | 6.3% |
| FY2024 | 78.3% | 6.3% |
| FY2025 | −20.3% | 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 (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $100M | $100M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $31M | $131M |
| Operating cash flow | $131M | $131M |
| Capex | −$34M | $96M |
| Free cash flow | $96M | $96M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -10.6% | -8.5% | 2.1 points |
| FY2021 | 21.2% | 33.3% | 12.1 points |
| FY2022 | 20.4% | 6.6% | -13.7 points |
| FY2023 | 12.0% | -5.1% | -17.1 points |
| FY2024 | -6.0% | -21.2% | -15.2 points |
| FY2025 | 1.3% | 9.3% | 8.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 31.2 days | not reported | 14.1 days | 17.1 days |
| FY2020 | 31.9 days | not reported | 15.8 days | 16.1 days |
| FY2021 | 35.1 days | not reported | 14.7 days | 20.4 days |
| FY2022 | 31.1 days | not reported | 20.3 days | 10.8 days |
| FY2023 | 26.4 days | not reported | 11.3 days | 15.1 days |
| FY2024 | 22.1 days | not reported | 10.4 days | 11.7 days |
| FY2025 | 23.9 days | not reported | 12.2 days | 11.7 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.6 percent |
| FY2020 | -1.6 percent |
| FY2021 | -2.0 percent |
| FY2022 | 0.4 percent |
| FY2023 | -0.3 percent |
| FY2024 | -4.5 percent |
| FY2025 | -2.4 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.