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Data as of Q3 2026
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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 |
|---|---|---|---|---|---|
| 2026-07-03 | Barron Melissa Controller | Tax withholding | 260 | $75.35 | $20k |
| 2026-07-01 | 2 co-filers Controller | Grant | 8,673 | $0.00 | $0 |
| 2026-07-01 | 2 co-filers Controller | Tax withholding | 735 | $72.46 | $53k |
| 2026-06-10 | 4 co-filers Group filing | Option exercise | 4,860 | $0.00 | $0 |
| 2026-06-10 | Goldschmid Joseph Director | Grant | 2,188 | $0.00 | $0 |
| 2026-06-10 | 4 co-filers Group filing | Option exercise | 6,978 | $0.00 | $0 |
| 2026-06-10 | 2 co-filers Group filing | Grant | 2,493 | $0.00 | $0 |
| 2026-06-10 | Fagerstal Dick Director | Grant | 2,391 | $0.00 | — |
| 2026-06-10 | 4 co-filers Group filing | Other | 2,792 | $88.98 | $248k |
| 2026-06-10 | 2 co-filers Group filing | Tax withholding | 397 | $88.98 | $35k |
| 2026-06-10 | 4 co-filers Group filing | Other | 1,944 | $88.98 | $173k |
| 2026-06-10 | 4 co-filers Group filing | Option exercise | 6,978 | $0.00 | — |
| 2026-06-10 | 4 co-filers Group filing | Grant | 1,984 | $0.00 | $0 |
| 2026-06-10 | 4 co-filers Group filing | Option exercise | 4,860 | $0.00 | — |
| 2026-06-10 | 4 co-filers Group filing | Grant | 2,849 | $0.00 | — |
| 2026-04-07 | 2 co-filers SVP - COO | Grant | 379 | $0.00 | $0 |
| 2026-04-07 | 2 co-filers SVP - CFO | Grant | 379 | $0.00 | $0 |
| 2026-04-07 | 2 co-filers SVP & General Counsel | Grant | 221 | $0.00 | $0 |
| 2026-04-07 | 2 co-filers President & CEO | Grant | 1,067 | $0.00 | $0 |
| 2026-04-07 | 2 co-filers SVP - CCO | Grant | 379 | $0.00 | $0 |
| 2026-04-07 | 2 co-filers SVP - CCO | Tax withholding | 60 | $99.70 | $6k |
| 2026-04-07 | 2 co-filers SVP & General Counsel | Tax withholding | 30 | $99.70 | $3k |
| 2026-04-07 | 2 co-filers SVP - COO | Tax withholding | 50 | $99.70 | $5k |
| 2026-04-07 | 2 co-filers SVP - CFO | Tax withholding | 50 | $99.70 | $5k |
| 2026-04-07 | 2 co-filers President & CEO | Tax withholding | 141 | $99.70 | $14k |
| 2026-04-01 | Barron Melissa Controller | Tax withholding | 20 | $96.38 | $2k |
| 2026-03-05 | Dibowitz Anton President & CEO | Tax withholding | 2,332 | $90.59 | $211k |
| 2026-03-05 | Lyne Matthew SVP - CCO | Tax withholding | 991 | $90.59 | $90k |
| 2026-03-05 | Vukadin Davor SVP & General Counsel | Tax withholding | 479 | $90.59 | $43k |
| 2026-03-05 | Weber Christopher T SVP - CFO | Tax withholding | 830 | $90.59 | $75k |
| 2026-03-05 | Luca Gilles SVP - COO | Tax withholding | 830 | $90.59 | $75k |
| 2026-03-03 | Dibowitz Anton President & CEO | Tax withholding | 3,405 | $90.63 | $309k |
| 2026-03-03 | Weber Christopher T SVP - CFO | Tax withholding | 1,193 | $90.63 | $108k |
| 2026-03-03 | Vukadin Davor SVP & General Counsel | Tax withholding | 690 | $90.63 | $63k |
| 2026-03-03 | Luca Gilles SVP - COO | Tax withholding | 1,193 | $90.63 | $108k |
| 2026-03-03 | Lyne Matthew SVP - CCO | Tax withholding | 1,449 | $90.63 | $131k |
| 2026-03-02 | Dibowitz Anton President & CEO | Grant | 14,037 | $0.00 | $0 |
| 2026-03-02 | Luca Gilles SVP - COO | Grant | 4,992 | $0.00 | $0 |
| 2026-03-02 | Lyne Matthew SVP - CCO | Grant | 4,992 | $0.00 | $0 |
| 2026-03-02 | Vukadin Davor SVP & General Counsel | Grant | 3,270 | $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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $100.0M buybacks = $100.0M returned on $202.7M 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 reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 23%. 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.
No current price collected.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 31% against ROIC 23% — 8% 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 36.3% — 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
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 77.4 | 88.0 | — | — | 86.3 | 86.5 | 74.5 | 68.8 |
| SG&A | 6.0 | 9.2 | 15.0 | — | 5.0 | 5.6 | 4.9 | 4.1 |
| Operating Income | -13.8 | -32.6 | -303.7 | — | 2.3 | 3.0 | 14.9 | 20.1 |
| Income Tax | 5.3 | 6.3 | -18.2 | — | 2.7 | -43.9 | 0.0 | -18.0 |
| Net Income | -37.5 | -9.6 | -340.2 | — | -280.0 | 10.2 | 36.7 | 41.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VAL-WT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $599.4M (at 2025-12-31) covers the $0 due within a year 599400000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2017-09-30 (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. Interest last disclosed in FY2020 (no longer broken out).
Cash vs short-term debt unavailable.
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.
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 | $2.37B 100.0% | $2.36B 100.0% | $1.78B 100.0% | $1.60B 100.0% | — | $1.43B 100.0% | $2.05B 100.0% | $1.71B 100.0% | $1.84B 100.0% | $2.78B 100.0% |
| Cost of Revenue | $1.63B 68.8% | $1.76B 74.5% | $1.54B 86.5% | $1.38B 86.3% | — | — | $1.81B 88.0% | $1.32B 77.4% | $1.19B 64.5% | — |
| Selling, General & Admin | $97.1M 4.1% | $116.3M 4.9% | $99.3M 5.6% | $80.9M 5.0% | — | $214.6M 15.0% | $188.9M 9.2% | $102.7M 6.0% | $157.8M 8.6% | $100.8M 3.6% |
| Total Operating Expenses | $1.90B 80.2% | $2.00B 84.6% | $1.74B 97.7% | $1.38B 86.3% | — | $1.47B 103.0% | $1.81B 88.0% | $1.32B 77.4% | $1.19B 64.5% | $1.85B 66.5% |
| Operating Income | $477.0M 20.1% | $352.3M 14.9% | $53.5M 3.0% | $37.2M 2.3% | — | -$4.33B -303.7% | -$669.8M -32.6% | -$235.9M -13.8% | -$132.0M -7.2% | $929.3M 33.5% |
| Interest Expense | — | — | — | — | — | $290.6M 20.4% | $428.3M 20.9% | $282.7M 16.6% | $224.2M 12.2% | $228.8M 8.2% |
| Other Income (Expense), net | $75.3M 3.2% | $17.9M 0.8% | $30.7M 1.7% | $187.7M 11.7% | — | -$782.5M -54.8% | $606.0M 29.5% | -$303.0M -17.8% | -$64.0M -3.5% | $68.2M 2.5% |
| Pretax Income | $552.3M 23.3% | $370.2M 15.7% | $84.2M 4.7% | $224.9M 14.0% | — | -$5.12B -358.5% | -$63.8M -3.1% | -$538.9M -31.6% | -$196.0M -10.6% | $997.5M 35.9% |
| Income Tax Expense | -$426.8M -18.0% | $400K 0.0% | -$782.6M -43.9% | $43.1M 2.7% | — | -$259.4M -18.2% | $128.4M 6.3% | $89.6M 5.3% | $109.2M 5.9% | $108.5M 3.9% |
| Net Income | $979.1M 41.3% | $866.8M 36.7% | $181.8M 10.2% | -$4.49B -280.0% | $369.8M | -$4.86B -340.2% | -$198.0M -9.6% | -$639.7M -37.5% | -$303.7M -16.5% | $890.2M 32.1% |
| Per Share | ||||||||||
| EPS (Basic) | $13.92 | $5.18 | $11.68 | $2.35 | — | -$24.42 | — | — | — | — |
| EPS (Diluted) | $13.86 | $5.12 | $11.51 | $2.33 | — | -$24.42 | — | — | — | — |
| Weighted Avg Shares (Basic) | 70.6M | 72.1M | 74.1M | 75.1M | — | 198.9M | — | — | — | — |
| Weighted Avg Shares (Diluted) | 70.9M | 72.9M | 75.2M | 75.6M | 199.6M | 198.9M | — | — | — | — |
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.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 33.5% | 32.1% |
| FY2017 | 35.5% | -7.2% | -16.5% |
| FY2018 | 22.6% | -13.8% | -37.5% |
| FY2019 | 12.0% | -32.6% | -9.6% |
| FY2020 | not reported | -303.7% | -340.2% |
| FY2022 | 13.7% | 2.3% | 11.0% |
| FY2023 | 13.5% | 3.0% | 48.5% |
| FY2024 | 25.5% | 14.9% | 15.8% |
| FY2025 | 31.2% | 20.1% | 41.5% |
Leverage and buybacks account for 8 points of the 31% return on equity in FY2025. The business earns 23% 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.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: beta, market_cap.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Reported free cash flow is $203M; after share-based compensation it is $178M. The difference is a real cost that the cash flow statement adds back.
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 2017-09-30, 3317 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2017-09-30 (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: interest_expense.
No current price or share count, so the market's assumption cannot be solved for.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: market_cap.
| Step | Amount | Running total |
|---|---|---|
| Net income | $983M | $983M |
| Share-based comp | $25M | $1.01B |
| Other non-cash & working capital | −$462M | $546M |
| Operating cash flow | $546M | $546M |
| Capex | −$344M | $203M |
| Free cash flow | $203M | $203M |
| FCF after SBC | $178M | $178M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -30.5% | not reported | not reported |
| FY2023 | 11.3% | not reported | not reported |
| FY2024 | 32.4% | not reported | not reported |
| FY2025 | 0.3% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 0.5 percent |
| FY2020 | -35.8 percent |
| FY2021 | not reported |
| FY2022 | 1.7 percent |
| FY2023 | 13.8 percent |
| FY2024 | 0.4 percent |
| FY2025 | 8.2 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 (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.