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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.
Ranked against 17 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NIQ | $6.0B | — | 12.7× | 1.4× | 5.7% | — | -8.4% | -35.7% | -7.7% | 4.3× | 35 |
| WIX | $3.3B | 88.7× | 112.6× | 1.6× | 13.2% | 68.1% | 2.5% | -13.8% | -13.8% | -11.9× | 24 |
| MGNI | $3.2B | 23.6× | 21.3× | 4.5× | 6.9% | 62.7% | 20.3% | 15.7% | 9.8% | 0.0× | 60 |
| PPLI | $2.7B | — | — | 1.1× | -8.7% | 66.2% | -4.3% | -2.2% | -1.7% | — | — |
| GRND | $2.2B | 30.0× | 18.9× | 5.1× | 27.6% | — | 21.5% | 202% | 21.4% | 2.3× | 25 |
| RUM | $2.2B | — | — | 22.3× | 5.4% | -6.7% | -81.3% | -29.8% | -29.8% | — | 54 |
| DV | $2.1B | 45.2× | 13.7× | 2.8× | 13.9% | 82.2% | 6.8% | 4.5% | 4.5% | -1.9× | 61 |
| WB | $1.5B | 3.7× | 2.7× | 0.9× | 0.1% | 76.0% | 25.6% | 11.5% | 7.5% | -0.4× | 13 |
| TRIP | $1.1B | 29.7× | — | 0.6× | 3.1% | 92.3% | 2.1% | 6.2% | 2.2% | — | 56 |
| HSTM | $1.0B | 55.4× | 15.7× | 3.4× | 4.3% | — | 6.0% | 5.2% | 5.2% | -0.6× | 38 |
| TBLA | $951M | 27.1× | 12.7× | 0.5× | 8.3% | 29.8% | 2.2% | 4.7% | 4.2% | -0.3× | — |
| CEVA | $905M | — | — | 8.3× | 2.5% | 87.1% | -9.7% | -3.2% | -3.2% | — | 31 |
| NXDR | $890M | — | — | 3.5× | 4.2% | 84.1% | -21.0% | -12.6% | -12.6% | — | 26 |
| YALA | $853M | 6.8× | 2.6× | 2.5× | 0.7% | 67.3% | 43.3% | 18.3% | 18.3% | -4.3× | 7 |
| EVER | $803M | 8.7× | — | 1.2× | 38.5% | 97.2% | 14.3% | 41.7% | 41.7% | — | 42 |
| SMWB | $792M | — | — | 2.8× | 13.1% | 79.5% | -11.7% | -141% | -141% | — | 8 |
| BMBL | $789M | — | — | 0.8× | -9.9% | 70.8% | -71.8% | -122% | -59.8% | — | 27 |
| PUBM | $775M | — | — | 2.7× | -2.9% | 63.6% | -5.1% | -5.5% | -5.5% | — | 23 |
Peers = companies sharing TRIP's sector (Services-Computer Programming, Data Processing, Etc.) 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.
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
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $9.22 today, the market must believe free cash flow compounds 20.2%/yr for a decade (off $27.0M on the SBC-adjusted basis).
On the basis ($135.0M) the requirement is -2.1%/yr. The difference is what charging stock compensation costs.
The market's 20.2% is more optimistic than its 9-yr track record.
Default is 10.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.12B shares (market data) · net debt $194.2M
mean -61.3% · volatility σ 154% · implied rate exceeded in 1/6 yrs
Central path = implied 20.2%/yr growth; shaded band = ±1σ (154%) 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.
No dividend to cover. Last year: $0 dividends + $90.0M buybacks = $90.0M returned on $163.0M 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).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 2%. 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 $978.0M (at 2025-12-31) covers all $300.0M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2014-03-31 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~5.4% on $1.17B of debt.
Cash of $978.0M fully covers short-term debt of $353.2M.
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 2026-10-29
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. 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.89B 100.0% | $1.83B 100.0% | $1.79B 100.0% | $1.49B 100.0% | $902.0M 100.0% | $604.0M 100.0% | $1.56B 100.0% | $1.61B 100.0% | $1.56B 100.0% | $1.48B 100.0% |
| Cost of Revenue | $145.0M 7.7% | $128.0M 7.0% | $119.0M 6.7% | $78.0M 5.2% | — | — | — | — | — | — |
| Cost of Services | — | — | — | — | — | — | — | $86.0M 5.3% | $72.0M 4.6% | $71.0M 4.8% |
| Selling, General & Admin | $68.0M 3.6% | $91.0M 5.0% | $79.0M 4.4% | $74.0M 5.0% | $167.0M 18.5% | $173.0M 28.6% | $187.0M 12.0% | $177.0M 11.0% | $157.0M 10.1% | $143.0M 9.7% |
| Total Operating Expenses | $1.81B 95.8% | $1.74B 95.0% | $1.66B 93.0% | $1.39B 93.2% | $1.03B 114.5% | $933.0M 154.5% | $1.37B 88.0% | $1.43B 88.7% | $1.43B 92.0% | $1.31B 88.8% |
| Operating Income | $80.0M 4.2% | $92.0M 5.0% | $126.0M 7.0% | $101.0M 6.8% | -$131.0M -14.5% | -$329.0M -54.5% | $187.0M 12.0% | $183.0M 11.3% | $124.0M 8.0% | $166.0M 11.2% |
| Interest Expense | $63.0M 3.3% | $46.0M 2.5% | $44.0M 2.5% | $44.0M 2.9% | $45.0M 5.0% | $35.0M 5.8% | $7.0M 0.4% | $12.0M 0.7% | $15.0M 1.0% | $12.0M 0.8% |
| Interest & Investment Income | $40.0M 2.1% | $48.0M 2.6% | $47.0M 2.6% | $15.0M 1.0% | $1.0M 0.1% | $3.0M 0.5% | $17.0M 1.1% | $7.0M 0.4% | $1.0M 0.1% | — |
| Other Income (Expense), net | -$35.0M -1.9% | -$5.0M -0.3% | -$1.0M -0.1% | -$34.0M -2.3% | -$54.0M -6.0% | -$40.0M -6.6% | $7.0M 0.4% | -$10.0M -0.6% | -$14.0M -0.9% | -$15.0M -1.0% |
| Pretax Income | $45.0M 2.4% | $87.0M 4.7% | $125.0M 7.0% | $67.0M 4.5% | -$185.0M -20.5% | -$369.0M -61.1% | $194.0M 12.4% | $173.0M 10.7% | $110.0M 7.1% | $151.0M 10.2% |
| Income Tax Expense | $5.0M 0.3% | $82.0M 4.5% | $115.0M 6.4% | $47.0M 3.2% | -$37.0M -4.1% | -$80.0M -13.2% | $68.0M 4.4% | $60.0M 3.7% | $129.0M 8.3% | $31.0M 2.1% |
| Net Income | $40.0M 2.1% | $5.0M 0.3% | $10.0M 0.6% | $20.0M 1.3% | -$148.0M -16.4% | -$289.0M -47.8% | $126.0M 8.1% | $113.0M 7.0% | -$19.0M -1.2% | $120.0M 8.1% |
| Per Share | ||||||||||
| EPS (Basic) | $0.32 | $0.04 | $0.07 | $0.14 | -$1.08 | -$2.14 | $0.91 | $0.82 | -$0.14 | $0.83 |
| EPS (Diluted) | $0.31 | $0.04 | $0.08 | $0.14 | -$1.08 | -$2.14 | $0.89 | $0.81 | -$0.14 | $0.82 |
| Weighted Avg Shares (Basic) | 124.5M | 139.1M | 139.4M | 139.9M | 137.2M | 134.9M | 139.0M | 138.1M | 140.4M | 145.4M |
| Weighted Avg Shares (Diluted) | 131.0M | 145.0M | 144.8M | 145.7M | 137.2M | 134.9M | 140.7M | 140.4M | 140.4M | 146.9M |
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.
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 |
|---|---|---|---|---|---|
| 2026-09-02 | Ambeskovic Almir CEO, TheFork | 10b5-1 plan sale | 8,000 | $9.45 | $76k |
| 2026-08-14 | 9 co-filers CEO, TheFork | Option exercise | 2,810 | $13.46 | $38k |
| 2026-08-14 | 9 co-filers CFO & SVP | Option exercise | 4,215 | $10.97 | $46k |
| 2026-08-14 | 9 co-filers CEO and President | Option exercise |
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.
| 8,324 |
| $10.97 |
| $91k |
| 2026-08-14 | 9 co-filers Chief Strategy & Ops Officer | Option exercise | 2,810 | $10.97 | $31k |
| 2026-08-14 | 9 co-filers Group filing | Option exercise | 1,370 | $10.97 | $15k |
| 2026-08-14 | 9 co-filers Chief Strategy & Ops Officer | Tax withholding | 938 | $10.97 | $10k |
| 2026-08-14 | 9 co-filers CFO & SVP | Tax withholding | 2,038 | $10.97 | $22k |
| 2026-08-14 | 9 co-filers CEO, TheFork | Tax withholding | 1,578 | $10.31 | $16k |
| 2026-08-14 | 9 co-filers CEO and President | Tax withholding | 4,025 | $10.97 | $44k |
| 2026-08-14 | 9 co-filers Group filing | Tax withholding | 403 | $10.97 | $4k |
| 2026-08-14 | 9 co-filers CEO and President | Option exercise | 1,699 | $10.97 | $19k |
| 2026-08-14 | 9 co-filers Group filing | Option exercise | 867 | $10.97 | $10k |
| 2026-08-14 | 9 co-filers CEO, TheFork | Option exercise | 1,734 | $13.46 | $23k |
| 2026-08-14 | 9 co-filers CFO & SVP | Option exercise | 3,758 | $10.97 | $41k |
| 2026-08-14 | 9 co-filers Chief Strategy & Ops Officer | Option exercise | 2,890 | $10.97 | $32k |
| 2026-08-14 | 9 co-filers Group filing | Tax withholding | 255 | $10.97 | $3k |
| 2026-08-14 | 9 co-filers CEO and President | Tax withholding | 822 | $10.97 | $9k |
| 2026-08-14 | 9 co-filers Chief Strategy & Ops Officer | Tax withholding | 964 | $10.97 | $11k |
| 2026-08-14 | 9 co-filers CFO & SVP | Tax withholding | 1,817 | $10.97 | $20k |
| 2026-08-14 | 9 co-filers CEO, TheFork | Tax withholding | 975 | $10.31 | $10k |
| 2026-08-14 | 9 co-filers Chief Strategy & Ops Officer | Option exercise | 4,192 | $10.97 | $46k |
| 2026-08-14 | 9 co-filers Group filing | Option exercise | 2,201 | $10.97 | $24k |
| 2026-08-14 | 9 co-filers CEO, TheFork | Option exercise | 4,716 | $13.46 | $63k |
| 2026-08-14 | 9 co-filers CEO and President | Option exercise | 17,186 | $10.97 | $189k |
| 2026-08-14 | 9 co-filers CFO & SVP | Option exercise | 7,336 | $10.97 | $80k |
| 2026-08-14 | 9 co-filers Chief Strategy & Ops Officer | Tax withholding | 1,399 | $10.97 | $15k |
| 2026-08-14 | 9 co-filers CEO and President | Tax withholding | 8,310 | $10.97 | $91k |
| 2026-08-14 | 9 co-filers CFO & SVP | Tax withholding | 3,547 | $10.97 | $39k |
| 2026-08-14 | 9 co-filers CEO, TheFork | Tax withholding | 2,647 | $10.31 | $27k |
| 2026-08-14 | 9 co-filers Group filing | Tax withholding | 646 | $10.97 | $7k |
| 2026-08-14 | 9 co-filers CEO and President | Option exercise | 8,324 | $0.00 | — |
| 2026-08-14 | 9 co-filers CFO & SVP | Option exercise | 4,215 | $0.00 | — |
| 2026-08-14 | 9 co-filers Chief Strategy & Ops Officer | Option exercise | 2,810 | $0.00 | — |
| 2026-08-14 | 9 co-filers Group filing | Option exercise | 1,370 | $0.00 | — |
| 2026-08-14 | 9 co-filers CEO, TheFork | Option exercise | 2,810 | $0.00 | — |
| 2026-08-14 | 9 co-filers CEO, TheFork | Option exercise | 1,734 | $0.00 | — |
| 2026-08-14 | 9 co-filers Group filing | Option exercise | 867 | $0.00 | — |
| 2026-08-14 | 9 co-filers CFO & SVP | Option exercise | 3,758 | $0.00 | — |
| 2026-08-14 | 9 co-filers CEO and President | Option exercise | 1,699 | $0.00 | — |
EOD close · as of 2026-10-29
Where each multiple sits in its own 14-yr range · 3th 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 6% against ROIC 2% — 4% 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 5.0% — 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
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 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | — | — | — | — | 5.2 | 6.7 | 7.0 | 7.7 |
| SG&A | 11.0 | 12.0 | 28.6 | 18.5 | 5.0 | 4.4 | 5.0 | 3.6 |
| Operating Income | 11.3 | 12.0 | -54.5 | -14.5 | 6.8 | 7.0 | 5.0 | 4.2 |
| Income Tax | 3.7 | 4.4 | -13.2 | -4.1 | 3.2 | 6.4 | 4.5 | 0.3 |
| Net Income | 7.0 | 8.1 | -47.8 | -16.4 | 1.3 | 0.6 | 0.3 | 2.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TRIP: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -3.33pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 12.6% | 10.3% (today's — no rate published for this year) | 2.2pts |
| FY2020 | -20.7% | 10.3% (today's — no rate published for this year) | -31.0pts |
| FY2021 | -8.8% | 8.1% | -17.0pts |
| FY2022 | 8.8% | 7.9% | 0.9pts |
| FY2023 | 11.7% | 8.1% | 3.7pts |
| FY2024 | 7.9% | 8.8% | -0.9pts |
| FY2025 | 5.9% | 9.9% | -4.1pts |
| Now | 2.2% | 10.3% | -8.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 11.2% | 8.1% |
| FY2017 | not reported | 8.0% | -1.2% |
| FY2018 | not reported | 11.3% | 7.0% |
| FY2019 | not reported | 12.0% | 8.1% |
| FY2020 | not reported | -54.5% | -47.8% |
| FY2021 | not reported | -14.5% | -16.4% |
| FY2022 | 94.8% | 6.8% | 1.3% |
| FY2023 | 93.3% | 7.0% | 0.6% |
| FY2024 | 93.0% | 5.0% | 0.3% |
| FY2025 | 92.3% | 4.2% | 2.1% |
Leverage and buybacks account for 4 points of the 6% return on equity in FY2025. The business earns 2% 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.
$724M of goodwill — 91% 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 75.94% against 7.02% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 11.04x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $163M; after share-based compensation it is $55M. The difference is a real cost that the cash flow statement adds back. Buybacks of $90M covered 83% of the $108M charge, so the repurchase is absorbing dilution rather than returning capital.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
This schedule comes from a filing dated 2014-03-31, 4596 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2014-03-31 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. 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: ebitda.
At $9.22, free cash flow must compound 21.0%/yr for 10 years. It has done -20.45%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −265.0% | 21.0% |
| FY2023 | −70.3% | 21.0% |
| FY2024 | −165.8% | 21.0% |
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.
This is solved on free cash flow AFTER stock compensation ($27M against $135M before it). On the unadjusted figure the requirement would be -1.26%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $40M | $40M |
| Share-based comp | $108M | $148M |
| Other non-cash & working capital | $97M | $245M |
| Operating cash flow | $245M | $245M |
| Capex | −$82M | $163M |
| Free cash flow | $163M | $163M |
| FCF after SBC | $55M | $55M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -61.3% | -60.2% | 1.1 points |
| FY2021 | 49.3% | 50.0% | 0.7 points |
| FY2022 | 65.4% | 95.2% | 29.8 points |
| FY2023 | 19.8% | -6.3% | -26.2 points |
| FY2024 | 2.6% | 7.8% | 5.2 points |
| FY2025 | 3.0% | -15.6% | -18.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 41.2 days | not reported | not reported | not reported |
| FY2020 | 42.3 days | not reported | not reported | not reported |
| FY2021 | 42.5 days | not reported | not reported | not reported |
| FY2022 | 50.2 days | not reported | 182.5 days | -132.3 days |
| FY2023 | 39.2 days | not reported | 85.9 days | -46.7 days |
| FY2024 | 41.2 days | not reported | 139.7 days | -98.6 days |
| FY2025 | 33.7 days | not reported | 41 days | -7.3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -15.0 percent |
| FY2020 | -4.8 percent |
| FY2021 | -11.2 percent |
| FY2022 | -14.8 percent |
| FY2023 | -8.9 percent |
| FY2024 | -5.4 percent |
| FY2025 | -7.8 percent |
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.