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Held by 506 of 2,417 reporting institutions (98th 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.
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
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNOW | $116.5B | — | — | 24.9× | 29.2% | 67.2% | -28.4% | -69.2% | -69.2% | — | 464 |
| NOW | $113.4B | 65.7× | 43.4× | 8.5× | 20.9% | 77.5% | 13.2% | 13.5% | 12.1% | -0.9× | 745 |
| ADP | $113.2B | 26.1× | — | 5.2× | 6.7% | 46.4% | 20.1% | 73.2% | 40.1% | — | 822 |
| PDD | $112.8B | 33.6× | 7.3× | 1.8× | 14.5% | 56.3% | 22.7% | 23.7% | 23.7% | -1.2× | 82 |
| NET | $110.5B | — | — | 51.0× | 29.8% | 74.5% | -4.7% | -7.0% | -7.0% | — | 390 |
| ABNB | $98.1B | — | 36.5× | 8.0× | 10.3% | 83.0% | 20.5% | 30.6% | 24.6% | -1.8× | 364 |
| ADBE | $96.6B | 14.9× | 10.2× | 4.1× | 10.5% | 89.3% | 30.0% | 61.3% | 40.0% | 0.1× | 627 |
| DDOG | $95.5B | — | — | 27.9× | 27.7% | 80.0% | 3.1% | 2.9% | 2.9% | — | 350 |
| CDNS | $94.0B | 84.4× | 52.9× | 17.8× | 14.1% | — | 20.9% | 20.3% | 20.3% | -1.8× | 390 |
| SNPS | $93.9B | 61.0× | 66.4× | 13.3× | 15.1% | 77.0% | 18.9% | 4.7% | 3.2% | 6.7× | 389 |
| INTU | $88.5B | 20.1× | 15.1× | 4.1× | 13.9% | — | 21.3% | 24.0% | 17.1% | 0.5× | 532 |
| APP | $85.6B | 26.1× | 19.9× | 15.6× | 70.0% | 87.9% | 60.8% | 156% | 59.0% | 0.2× | 327 |
| MCO | $84.3B | 35.8× | — | 10.9× | 8.9% | 74.4% | 31.9% | 60.7% | 22.3% | — | 391 |
| MELI | $84.2B | 42.1× | — | 2.9× | 39.1% | 44.5% | 6.9% | 29.6% | 12.5% | — | 406 |
| DASH | $77.6B | 84.0× | 49.8× | 5.7× | 27.9% | — | 6.8% | 9.3% | 9.3% | -3.0× | 277 |
| URI | $74.2B | 31.1× | — | 4.6× | 4.9% | 38.2% | 15.5% | 27.8% | 10.0% | — | 506 |
| NTES | $71.8B | 74.7× | 11.9× | 4.5× | 11.6% | 64.3% | 30.9% | 21.7% | 21.7% | -1.2× | 101 |
| EBAY | $53.9B | 27.9× | 19.6× | 4.9× | 7.9% | 71.5% | 18.3% | 45.3% | 38.8% | -0.4× | 360 |
| EA | $52.9B | 59.7× | 36.3× | 7.0× | 0.9% | 79.0% | 11.8% | 13.1% | 13.1% | -2.1× | 2 |
| ADSK | $50.5B | 46.2× | 31.3× | 7.0× | 17.5% | 91.0% | 15.6% | 36.9% | 20.3% | 0.1× | 339 |
| VEEV | $50.2B | 57.0× | — | 15.7× | 16.3% | 75.5% | 28.4% | 12.6% | 12.6% | — | 342 |
| PYPL | $47.3B | 10.5× | 7.0× | 1.4× | 4.3% | — | 15.8% | 25.8% | 17.3% | 0.3× | 408 |
| WDAY | $47.1B | 75.5× | 50.7× | 4.9× | 13.1% | — | 7.3% | 8.9% | 6.4% | 1.6× | 262 |
| SE | $46.9B | 30.4× | 18.1× | 2.0× | 36.4% | 44.7% | 6.9% | 12.6% | 12.6% | -1.8× | 160 |
| NBIS | $46.8B | — | — | 88.3× | 479% | 68.6% | 15.6% | 1.8% | 0.9% | — | — |
Peers = companies sharing URI's sector (Services-Equipment Rental & Leasing, 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.
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 $1198.68 today, the market must believe free cash flow compounds 14.4%/yr for a decade (off $2.15B on the 3-yr avg basis).
On the basis ($2.04B) the requirement is 15.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 14.4% is more optimistic than its 9-yr track record.
Default is 8.6% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.06B shares (market data) · net debt $15.42B
mean 123.9% · volatility σ 386% · implied rate exceeded in 3/9 yrs
Central path = implied 14.4%/yr growth; shaded band = ±1σ (386%) 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 9% of free cash flow, leaving room to grow it and fund buybacks. Last year: $464.0M dividends + $1.97B buybacks = $2.43B returned on $5.19B FCF.
3 consecutive years of dividend increases · 10%/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.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 10%. 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.
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.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.10B 100.0% | $15.35B 100.0% | $14.33B 100.0% | $11.64B 100.0% | $9.72B 100.0% | $8.53B 100.0% | $9.35B 100.0% | $8.05B 100.0% | $6.64B 100.0% | $5.76B 100.0% |
| Cost of Revenue | $9.96B 61.8% | $9.20B 59.9% | $8.52B 59.4% | $6.65B 57.1% | $5.86B 60.3% | $5.35B 62.7% | $5.68B 60.8% | $4.68B 58.2% | $3.87B 58.3% | $3.36B 58.3% |
| Gross Profit | $6.14B 38.2% | $6.15B 40.1% | $5.81B 40.6% | $5.00B 42.9% | $3.85B 39.7% | $3.18B 37.3% | $3.67B 39.2% | $3.36B 41.8% | $2.77B 41.7% | $2.40B 41.7% |
| Selling, General & Admin | $1.73B 10.8% | $1.65B 10.7% | $1.53B 10.7% | $1.40B 12.0% | $1.20B 12.3% | $979.0M 11.5% | $1.09B 11.7% | $1.04B 12.9% | $903.0M 13.6% | $719.0M 12.5% |
| Operating Income | $3.97B 24.7% | $4.07B 26.5% | $3.83B 26.7% | $3.23B 27.8% | $2.28B 23.4% | $1.80B 21.1% | $2.15B 23.0% | $1.95B 24.2% | $1.51B 22.7% | $1.42B 24.6% |
| Other Income (Expense), net | $81.0M 0.5% | $14.0M 0.1% | $19.0M 0.1% | $15.0M 0.1% | -$7.0M -0.1% | $8.0M 0.1% | $10.0M 0.1% | $6.0M 0.1% | $5.0M 0.1% | $5.0M 0.1% |
| Pretax Income | $3.34B 20.7% | $3.39B 22.1% | $3.21B 22.4% | $2.80B 24.1% | $1.85B 19.0% | $1.14B 13.4% | $1.51B 16.2% | $1.48B 18.3% | $1.05B 15.8% | $909.0M 15.8% |
| Income Tax Expense | $844.0M 5.2% | $813.0M 5.3% | $787.0M 5.5% | $697.0M 6.0% | $460.0M 4.7% | $249.0M 2.9% | $340.0M 3.6% | $380.0M 4.7% | -$298.0M -4.5% | $343.0M 6.0% |
| Net Income | $2.49B 15.5% | $2.58B 16.8% | $2.42B 16.9% | $2.10B 18.1% | $1.39B 14.3% | $890.0M 10.4% | $1.17B 12.6% | $1.10B 13.6% | $1.35B 20.3% | $566.0M 9.8% |
| Per Share | ||||||||||
| EPS (Basic) | $38.71 | $38.82 | $35.40 | $29.77 | $19.14 | $12.24 | $15.18 | $13.26 | $15.91 | $6.49 |
| EPS (Diluted) | $38.61 | $38.69 | $35.28 | $29.65 | $19.04 | $12.20 | $15.11 | $13.12 | $15.73 | $6.45 |
| Weighted Avg Shares (Basic) | 64.4M | 66.3M | 68.5M | 70.7M | 72.4M | 72.7M | 77.3M | 82.7M | 84.6M | 87.2M |
| Weighted Avg Shares (Diluted) | 64.6M | 66.6M | 68.7M | 71.0M | 72.8M | 72.9M | 77.7M | 83.5M | 85.6M | 87.8M |
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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $459.0M is below the $1.58B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash of $459.0M is below short-term debt of $1.58B — relies on refinancing/operations.
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.
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 |
|---|---|---|---|---|---|
| 2026-09-30 | Bruno Marc A Director | Grant | 38 | $1000.78 | $38k |
| 2026-09-29 | Durand Michael D EVP, Chief Operating Officer | Tax withholding | 492 | $1014.54 | $499k |
| 2026-07-24 | Grace William E. EVP, CFO | Open-market sale | 1,500 | $1133.15 | $1.7m |
| 2026-06-30 | Bruno Marc A Director | Grant |
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.
| 34 |
| $1132.89 |
| $39k |
| 2026-05-08 | Lopez-Balboa Francisco J Director | Grant | 203 | $937.00 | $190k |
| 2026-05-08 | Kelly Terri L. Director | Grant | 203 | $937.00 | $190k |
| 2026-05-08 | Jones Kim Harris Director | Grant | 203 | $937.00 | $190k |
| 2026-05-08 | De Shon Larry D Director | Grant | 203 | $937.00 | $190k |
| 2026-05-08 | Bruno Marc A Director | Grant | 203 | $937.00 | $190k |
| 2026-05-08 | Heuer Brandt Julie M Director | Grant | 203 | $937.00 | $190k |
| 2026-05-08 | Taussig Alexander R. Director | Grant | 203 | $937.00 | $190k |
| 2026-05-08 | Singh Shiv Director | Grant | 203 | $937.00 | $190k |
| 2026-05-08 | Martore Gracia C Director | Grant | 203 | $937.00 | $190k |
| 2026-05-04 | Martore Gracia C Director | Other | 213 | $925.21 | $197k |
| 2026-04-27 | Gross Joli L. SVP, Chief LGL & Sustain. Off. | Open-market sale | 306 | $954.99 | $292k |
| 2026-04-27 | Pintoff Craig Adam EVP, Chief Admin. Officer | Open-market sale | 2,466 | $963.00 | $2.4m |
| 2026-04-24 | Limoges Andrew B. VP, Controller | Open-market sale | 548 | $977.86 | $536k |
| 2026-04-24 | Flannery Matthew John President & CEO | Open-market sale | 22,768 | $984.98 | $22.4m |
| 2026-03-31 | Bruno Marc A Director | Grant | 51 | $728.56 | $37k |
| 2026-03-05 | 5 co-filers EVP, Chief Admin. Officer | Tax withholding | 297 | $842.93 | $250k |
| 2026-03-05 | 5 co-filers VP, Controller | Tax withholding | 37 | $842.93 | $31k |
| 2026-03-05 | 5 co-filers SVP | Tax withholding | 73 | $842.93 | $62k |
| 2026-03-05 | 5 co-filers SVP, Chief LGL & Sustain. Off. | Tax withholding | 92 | $842.93 | $77k |
| 2026-03-05 | 5 co-filers EVP, CFO | Tax withholding | 191 | $842.93 | $161k |
| 2026-03-05 | 5 co-filers President & CEO | Tax withholding | 440 | $842.93 | $371k |
| 2026-03-05 | 5 co-filers EVP, Chief Operating Officer | Tax withholding | 169 | $842.93 | $143k |
| 2026-03-04 | 5 co-filers EVP, CFO | Tax withholding | 136 | $851.88 | $116k |
| 2026-03-04 | 5 co-filers SVP | Tax withholding | 55 | $851.88 | $47k |
| 2026-03-04 | 5 co-filers EVP, Chief Admin. Officer | Tax withholding | 233 | $851.88 | $198k |
| 2026-03-04 | 5 co-filers EVP, Chief Operating Officer | Tax withholding | 120 | $851.88 | $103k |
| 2026-03-04 | 5 co-filers President & CEO | Tax withholding | 317 | $851.88 | $270k |
| 2026-03-04 | 5 co-filers VP, Controller | Tax withholding | 29 | $851.88 | $25k |
| 2026-03-04 | 5 co-filers SVP, Chief LGL & Sustain. Off. | Tax withholding | 72 | $851.88 | $61k |
| 2026-03-04 | 5 co-filers VP, Controller | Grant | 203 | $851.88 | $173k |
| 2026-03-04 | 5 co-filers EVP, Chief Admin. Officer | Grant | 1,304 | $851.88 | $1.1m |
| 2026-03-04 | 5 co-filers SVP | Grant | 405 | $851.88 | $345k |
| 2026-03-04 | 5 co-filers SVP, Chief LGL & Sustain. Off. | Grant | 485 | $851.88 | $413k |
| 2026-03-04 | 5 co-filers EVP, CFO | Grant | 987 | $851.88 | $841k |
| 2026-03-04 | 5 co-filers President & CEO | Grant | 2,583 | $851.88 | $2.2m |
| 2026-03-04 | 5 co-filers EVP, Chief Operating Officer | Grant | 987 | $851.88 | $841k |
EOD close · as of 2026-10-29
Where each multiple sits in its own 14-yr range · 98th 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 28% against ROIC 10% — 18% 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 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 58.2 | 60.8 | 62.7 | 60.3 | 57.1 | 59.4 | 59.9 | 61.8 |
| Gross Profit | 41.8 | 39.2 | 37.3 | 39.7 | 42.9 | 40.6 | 40.1 | 38.2 |
| SG&A | 12.9 | 11.7 | 11.5 | 12.3 | 12.0 | 10.7 | 10.7 | 10.8 |
| Operating Income | 24.2 | 23.0 | 21.1 | 23.4 | 27.8 | 26.7 | 26.5 | 24.7 |
| Income Tax | 4.7 | 3.6 | 2.9 | 4.7 | 6.0 | 5.5 | 5.3 | 5.2 |
| Net Income | 13.6 | 12.6 | 10.4 | 14.3 | 18.1 | 16.9 | 16.8 | 15.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on URI: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 3.53pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 9.4% | 8.6% (today's — no rate published for this year) | 0.8pts |
| FY2020 | 8.6% | 8.6% (today's — no rate published for this year) | -0.0pts |
| FY2021 | 9.8% | 8.6% (today's — no rate published for this year) | 1.1pts |
| FY2022 | 12.4% | 8.6% (today's — no rate published for this year) | 3.8pts |
| FY2023 | 12.9% | 8.6% (today's — no rate published for this year) | 4.3pts |
| FY2024 | 12.4% | 8.6% (today's — no rate published for this year) | 3.8pts |
| FY2025 | 11.3% | 8.6% (today's — no rate published for this year) | 2.7pts |
| Now | 10.0% | 8.6% | 1.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 41.7% | 24.6% | 9.8% |
| FY2017 | 41.7% | 22.7% | 20.3% |
| FY2018 | 41.8% | 24.2% | 13.6% |
| FY2019 | 39.2% | 23.0% | 12.6% |
| FY2020 | 37.3% | 21.1% | 10.4% |
| FY2021 | 39.7% | 23.4% | 14.3% |
| FY2022 | 42.9% | 27.8% | 18.1% |
| FY2023 | 40.6% | 26.7% | 16.9% |
| FY2024 | 40.1% | 26.5% | 16.8% |
| FY2025 | 38.2% | 24.7% | 15.5% |
Leverage and buybacks account for 18 points of the 28% return on equity in FY2025. The business earns 10% 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.
$7.3B of goodwill — 29% 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 17.21% against 12.15% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Cash conversion of 0.66x sits below the level that would make the earnings clearly cash-backed.
The cash conversion cycle has lengthened +24 days over 3 years to 37 — that many more days of the company's own cash funding the same volume of business.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); 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, interest_expense.
At $1198.68, free cash flow must compound 14.68%/yr for 10 years. It has done 10.79%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −12.3% | 14.7% |
| FY2021 | −80.0% | 14.7% |
| FY2022 | 51.3% | 14.7% |
| FY2023 | 13.1% | 14.7% |
| FY2024 | −50.5% | 14.7% |
| FY2025 | 1147.6% | 14.7% |
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. No TTM point: the four most recent quarters do not form a usable window.
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.49B | $2.49B |
| Share-based comp | $134M | $2.63B |
| Other non-cash & working capital | $2.56B | $5.19B |
| Operating cash flow | $5.19B | $5.19B |
| Capex | $0 | $5.19B |
| Free cash flow | $5.19B | $5.19B |
| FCF after SBC | $5.06B | $5.06B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -8.8% | -14.1% | -5.3 points |
| FY2021 | 13.9% | 27.5% | 13.6 points |
| FY2022 | 19.8% | 19.5% | -0.3 points |
| FY2023 | 23.1% | 11.3% | -11.8 points |
| FY2024 | 7.1% | 5.7% | -1.4 points |
| FY2025 | 4.9% | 6.5% | 1.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 59.7 days | 7.7 days | 29.2 days | 38.3 days |
| FY2020 | 56.3 days | 8.5 days | 31.8 days | 33 days |
| FY2021 | 63 days | 10.2 days | 50.8 days | 22.4 days |
| FY2022 | 62.8 days | 12.7 days | 62.6 days | 13 days |
| FY2023 | 56.8 days | 8.8 days | 38.8 days | 26.8 days |
| FY2024 | 56.1 days | 7.9 days | 29.7 days | 34.3 days |
| FY2025 | 56.9 days | 8.8 days | 28.5 days | 37.3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -9.8 percent |
| FY2020 | -9.9 percent |
| FY2021 | -11.3 percent |
| FY2022 | -9.6 percent |
| FY2023 | -8.9 percent |
| FY2024 | -7.0 percent |
| FY2025 | -9.0 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.