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Held by 1,686 of 2,417 reporting institutions (100th 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.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| V | $767.3B | — | — | 19.2× | 11.3% | — | 50.1% | 52.9% | 31.8% | — | 1,686 |
| MA | $556.9B | 38.5× | — | 17.0× | 16.4% | — | 45.6% | 193% | 56.0% | — | 1,282 |
| BABA | $247.6B | 124.4× | — | 1.7× | 8.1% | 39.8% | 10.1% | 9.8% | 9.8% | — | 328 |
| ACN | $151.3B | 18.2× | 12.4× | 2.0× | 6.5% | 32.0% | 11.3% | 26.5% | 20.1% | -0.2× | 664 |
| UBER | $134.3B | 13.9× | 21.9× | 2.6× | 18.3% | — | 19.3% | 37.2% | 26.8% | 0.5× | 714 |
| PDD | $112.8B | 33.6× | 7.3× | 1.8× | 14.5% | 56.3% | 22.7% | 23.7% | 23.7% | -1.2× | 82 |
| 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 |
| EBAY | $53.9B | 27.9× | 19.6× | 4.9× | 7.9% | 71.5% | 18.3% | 45.3% | 38.8% | -0.4× | 360 |
| PYPL | $47.3B | 10.5× | 7.0× | 1.4× | 4.3% | — | 15.8% | 25.8% | 17.3% | 0.3× | 408 |
| MSCI | $45.0B | 39.4× | 29.2× | 14.3× | 9.7% | — | 38.4% | -45.3% | 33.9% | 3.3× | 260 |
| CPAY | $26.1B | 26.5× | 17.4× | 5.8× | 13.9% | — | 23.6% | 27.5% | 6.2% | 5.2× | 206 |
| FISV | $25.8B | 7.7× | 4.0× | 1.2× | 3.6% | — | 16.4% | 13.5% | 12.9% | 0.1× | 303 |
| TCOM | $24.3B | — | 9.8× | 2.7× | 22.2% | 80.6% | 53.4% | 19.5% | 16.5% | -0.6× | — |
| GPN | $22.7B | 14.8× | 12.0× | 2.9× | -0.4% | 72.6% | 18.2% | 6.1% | 3.2% | 4.4× | 230 |
| BR | $20.1B | 18.6× | — | 2.7× | 8.5% | 31.8% | 15.0% | 39.6% | 18.4% | — | 296 |
| FIS | $19.2B | 51.1× | 8.4× | 1.8× | 5.4% | 36.9% | 3.6% | 2.7% | 1.5% | 3.1× | 205 |
| RBA | $16.4B | 43.3× | 15.2× | 3.6× | 7.2% | — | 9.3% | 7.7% | 5.4% | 1.6× | 121 |
Peers = companies sharing V's sector (Services-Business Services, 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.
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.
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 $410.54 today, the market must believe free cash flow compounds 14.4%/yr for a decade (off $19.99B on the 3-yr avg basis).
On the basis ($19.15B) the requirement is 15.0%/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 conservative than its 9-yr track record.
Default is 9.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.87B shares (market data) · net debt $8.01B
mean 20.5% · volatility σ 29% · implied rate exceeded in 5/9 yrs
Central path = implied 14.4%/yr growth; shaded band = ±1σ (29%) 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 21% of free cash flow, leaving room to grow it and fund buybacks. Last year: $4.63B dividends + $18.32B buybacks = $22.95B returned on $21.58B 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).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 32%. 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. 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 | $40.00B 100.0% | $35.93B 100.0% | $32.65B 100.0% | $29.31B 100.0% | $24.11B 100.0% | $21.85B 100.0% | $22.98B 100.0% | $20.61B 100.0% | $18.36B 100.0% | $15.08B 100.0% |
| Selling, General & Admin | $1.93B 4.8% | $1.60B 4.4% | $1.33B 4.1% | $1.19B 4.1% | $985.0M 4.1% | $1.10B 5.0% | $1.20B 5.2% | $1.15B 5.6% | $1.06B 5.8% | $796.0M 5.3% |
| Total Operating Expenses | $16.01B 40.0% | $12.33B 34.3% | $11.65B 35.7% | $10.50B 35.8% | $8.30B 34.4% | $7.76B 35.5% | $7.98B 34.7% | $7.66B 37.1% | $6.21B 33.8% | $7.20B 47.7% |
| Operating Income | $23.99B 60.0% | $23.59B 65.7% | $21.00B 64.3% | $18.81B 64.2% | $15.80B 65.6% | $14.08B 64.5% | $15.00B 65.3% | $12.95B 62.9% | $12.14B 66.2% | $7.88B 52.3% |
| Interest Expense | $589.0M 1.5% | $641.0M 1.8% | $644.0M 2.0% | $538.0M 1.8% | — | — | — | — | — | — |
| Other Income (Expense), net | $200.0M 0.5% | $321.0M 0.9% | $37.0M 0.1% | -$677.0M -2.3% | $259.0M 1.1% | -$291.0M -1.3% | -$117.0M -0.5% | -$148.0M -0.7% | -$450.0M -2.5% | $129.0M 0.9% |
| Pretax Income | $24.19B 60.5% | $23.92B 66.6% | $21.04B 64.4% | $18.14B 61.9% | $16.06B 66.6% | $13.79B 63.1% | $14.88B 64.8% | $12.81B 62.1% | $11.69B 63.7% | $8.01B 53.1% |
| Income Tax Expense | $4.14B 10.3% | $4.17B 11.6% | $3.76B 11.5% | $3.18B 10.8% | $3.75B 15.6% | $2.92B 13.4% | $2.80B 12.2% | $2.50B 12.2% | $5.00B 27.2% | $2.02B 13.4% |
| Net Income | $20.06B 50.1% | $19.74B 55.0% | $17.27B 52.9% | $14.96B 51.0% | $12.31B 51.1% | $10.87B 49.7% | $12.08B 52.6% | $10.30B 50.0% | $6.70B 36.5% | $5.99B 39.7% |
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 $17.16B covers the $5.59B due within a year 3.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-09-30 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~2.3% on $25.17B of debt.
Cash of $17.16B fully covers short-term debt of $5.57B.
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.
EOD close · as of 2026-10-29
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 53% against ROIC 32% — 21% 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 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 5.6 | 5.2 | 5.0 | 4.1 | 4.1 | 4.1 | 4.4 | 4.8 |
| Operating Income | 62.9 | 65.3 | 64.5 | 65.6 | 64.2 | 64.3 | 65.7 | 60.0 |
| Income Tax | 12.2 | 12.2 | 13.4 | 15.6 | 10.8 | 11.5 | 11.6 | 10.3 |
| Net Income | 50.0 | 52.6 | 49.7 | 51.1 | 51.0 | 52.9 | 55.0 | 50.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on V: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 32.76pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 28.1% | 9.0% (today's — no rate published for this year) | 19.1pts |
| FY2020 | 25.8% | 9.0% (today's — no rate published for this year) | 16.8pts |
| FY2021 | 30.2% | 9.0% (today's — no rate published for this year) | 21.2pts |
| FY2022 | 35.7% | 8.7% | 27.0pts |
| FY2023 | 39.3% | 9.2% | 30.1pts |
| FY2024 | 39.3% | 8.0% | 31.3pts |
| FY2025 | 41.6% | 8.3% | 33.3pts |
| Now | 31.8% | 9.0% | 22.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 52.3% | 39.7% |
| FY2017 | not reported | 66.2% | 36.5% |
| FY2018 | not reported | 62.9% | 50.0% |
| FY2019 | not reported | 65.3% | 52.6% |
| FY2020 | not reported | 64.5% | 49.7% |
| FY2021 | not reported | 65.6% | 51.1% |
| FY2022 | not reported | 64.2% | 51.0% |
| FY2023 | not reported | 64.3% | 52.9% |
| FY2024 | not reported | 65.7% | 55.0% |
| FY2025 | not reported | 60.0% | 50.1% |
Leverage and buybacks account for 21 points of the 53% return on equity in FY2025. The business earns 32% 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.
$20.9B of goodwill — 44% 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 74.68% against 41.77% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.11x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-09-30 (10-K); cash from the 2025-09-30 balance sheet; FCF from FY2025.
Balance sheet at 2025-09-30. 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 $410.54, free cash flow must compound 14.45%/yr for 10 years. It has done 10.23%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −19.3% | 14.5% |
| FY2021 | 49.6% | 14.5% |
| FY2022 | 23.1% | 14.5% |
| FY2023 | 10.2% | 14.5% |
| FY2024 | −5.1% | 14.5% |
| FY2025 | 15.4% | 14.5% |
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $20.06B | $20.06B |
| Share-based comp | $897M | $20.95B |
| Other non-cash & working capital | $2.10B | $23.06B |
| Operating cash flow | $23.06B | $23.06B |
| Capex | −$1.48B | $21.58B |
| Free cash flow | $21.58B | $21.58B |
| FCF after SBC | $20.68B | $20.68B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -4.9% | 4.9% | 9.8 points |
| FY2021 | 10.3% | 21.6% | 11.3 points |
| FY2022 | 21.6% | 2.6% | -18.9 points |
| FY2023 | 11.4% | 13.4% | 2.0 points |
| FY2024 | 10.0% | 11.8% | 1.8 points |
| FY2025 | 11.3% | 22.1% | 10.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 24.5 days | not reported | not reported | not reported |
| FY2020 | 27 days | not reported | not reported | not reported |
| FY2021 | 29.8 days | not reported | not reported | not reported |
| FY2022 | 25.2 days | not reported | not reported | not reported |
| FY2023 | 25.6 days | not reported | not reported | not reported |
| FY2024 | 26 days | not reported | not reported | not reported |
| FY2025 | 28.5 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.0 percent |
| FY2020 | 0.5 percent |
| FY2021 | -3.5 percent |
| FY2022 | -4.5 percent |
| FY2023 | -3.9 percent |
| FY2024 | -0.2 percent |
| FY2025 | -3.0 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.
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 |
|---|---|---|---|---|---|
| 2026-10-01 | 3 co-filers Chief Executive Officer | Option exercise | 5,875 | $134.76 | $792k |
| 2026-10-01 | 3 co-filers Chief Executive Officer | 10b5-1 plan sale | 5,875 | $358.81 | $2.1m |
| 2026-10-01 | 3 co-filers Chief Executive Officer | Option exercise | 5,875 | $0.00 | — |
| 2026-09-09 | 3 co-filers GENERAL COUNSEL | 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.
| 1,867 |
| $134.76 |
| $252k |
| 2026-09-09 | 3 co-filers GENERAL COUNSEL | 10b5-1 plan sale | 1,867 | $368.34 | $688k |
| 2026-09-09 | 3 co-filers GENERAL COUNSEL | Option exercise | 1,867 | $0.00 | — |
| 2026-09-01 | 3 co-filers Chief Executive Officer | Option exercise | 5,875 | $134.76 | $792k |
| 2026-09-01 | 3 co-filers Chief Executive Officer | 10b5-1 plan sale | 5,875 | $379.65 | $2.2m |
| 2026-09-01 | 3 co-filers Chief Executive Officer | Option exercise | 5,875 | $0.00 | — |
| 2026-08-31 | 3 co-filers GENERAL COUNSEL | Option exercise | 2,028 | $109.82 | $223k |
| 2026-08-31 | 3 co-filers GENERAL COUNSEL | 10b5-1 plan sale | 2,028 | $381.35 | $773k |
| 2026-08-31 | 3 co-filers GENERAL COUNSEL | Option exercise | 2,028 | $0.00 | — |
| 2026-08-21 | Taneja Rajat PRESIDENT, TECHNOLOGY | Open-market sale | 17,927 | $371.00 | $6.7m |
| 2026-08-21 | 3 co-filers Chief Executive Officer | Option exercise | 5,875 | $134.76 | $792k |
| 2026-08-21 | 3 co-filers Chief Executive Officer | 10b5-1 plan sale | 5,875 | $367.87 | $2.2m |
| 2026-08-21 | 3 co-filers Chief Executive Officer | Option exercise | 5,875 | $0.00 | — |
| 2026-08-15 | 4 co-filers GBL CORP CONTROLLER, CAO | Option exercise | 4,170 | — | — |
| 2026-08-15 | 3 co-filers CHIEF FINANCIAL OFFICER | Option exercise | 15,289 | — | — |
| 2026-08-15 | 3 co-filers CHIEF FINANCIAL OFFICER | Tax withholding | 6,992 | $364.15 | $2.5m |
| 2026-08-15 | 4 co-filers GBL CORP CONTROLLER, CAO | Tax withholding | 1,714 | $364.15 | $624k |
| 2026-08-15 | 4 co-filers GBL CORP CONTROLLER, CAO | Option exercise | 4,170 | — | — |
| 2026-08-15 | 3 co-filers CHIEF FINANCIAL OFFICER | Option exercise | 15,289 | — | — |
| 2026-08-15 | 4 co-filers GBL CORP CONTROLLER, CAO | Grant | 5,492 | $0.00 | — |
| 2026-07-30 | 4 co-filers VICE CHAIR, CHF PPL & CORP AFF | Option exercise | 37,281 | $109.82 | $4.1m |
| 2026-07-30 | 4 co-filers VICE CHAIR, CHF PPL & CORP AFF | Exercise & sell | 37,281 | $365.05 | $13.6m |
| 2026-07-30 | 4 co-filers VICE CHAIR, CHF PPL & CORP AFF | Exercise & sell | 19,991 | $364.81 | $7.3m |
| 2026-07-30 | 4 co-filers VICE CHAIR, CHF PPL & CORP AFF | Option exercise | 37,281 | $0.00 | — |
| 2026-07-02 | 3 co-filers GENERAL COUNSEL | Option exercise | 2,027 | $109.82 | $223k |
| 2026-07-02 | 3 co-filers GENERAL COUNSEL | 10b5-1 plan sale | 2,027 | $360.00 | $730k |
| 2026-07-02 | 3 co-filers GENERAL COUNSEL | Option exercise | 2,027 | $0.00 | — |
| 2026-07-01 | 4 co-filers Chief Executive Officer | Option exercise | 10,490 | $109.82 | $1.2m |
| 2026-07-01 | 4 co-filers Chief Executive Officer | 10b5-1 plan sale | 8,852 | $343.88 | $3.0m |
| 2026-07-01 | 4 co-filers Chief Executive Officer | 10b5-1 plan sale | 1,638 | $344.55 | $564k |
| 2026-07-01 | 4 co-filers Chief Executive Officer | Option exercise | 10,490 | $0.00 | — |
| 2026-06-29 | 3 co-filers Chief Executive Officer | Option exercise | 20,970 | $109.82 | $2.3m |
| 2026-06-29 | 3 co-filers Chief Executive Officer | 10b5-1 plan sale | 20,970 | $340.25 | $7.1m |
| 2026-06-29 | 3 co-filers Chief Executive Officer | Option exercise | 20,970 | $0.00 | — |
| 2026-05-12 | Suh Chris CHIEF FINANCIAL OFFICER | Open-market sale | 10,639 | $324.81 | $3.5m |
| 2026-04-29 | 3 co-filers Chief Executive Officer | Option exercise | 31,455 | $109.82 | $3.5m |
| 2026-04-29 | 3 co-filers Chief Executive Officer | 10b5-1 plan sale | 31,455 | $340.14 | $10.7m |