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Held by 342 of 2,417 reporting institutions (97th percentile) — extremely crowded.
Data as of Q3 2026
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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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MSFT | $3.94T | 29.5× | 20.9× | 11.9× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.1× | 2,407 |
| PLTR | $472.0B | 311.8× | — | — | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | -1.0× | 1,128 |
| ORCL | $423.1B | 23.9× | 14.1× | 6.3× | 17.3% | — | 25.4% | 40.2% | 34.4% | -0.8× | 1,233 |
| CRWD | $267.4B | — | — | 55.6× | 21.7% | 74.7% | -3.4% | -3.7% | -3.1% | — | 951 |
| SHOP | $214.7B | 177.5× | 142.2× | 18.6× | 30.1% | 48.1% | 10.7% | 9.1% | 9.1% | -1.0× | 575 |
| CRM | $190.0B | 29.6× | 20.7× | 4.6× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 0.8× | 896 |
| 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 |
| NET | $110.5B | — | — | 51.0× | 29.8% | 74.5% | -4.7% | -7.0% | -7.0% | — | 390 |
| 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 |
| NTES | $71.8B | 74.7× | 11.9× | 4.5× | 11.6% | 64.3% | 30.9% | 21.7% | 21.7% | -1.2× | 101 |
| 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 |
| XYZ | $46.2B | 36.6× | 22.6× | 1.9× | 0.3% | 42.8% | 5.4% | 5.9% | 4.4% | 0.3× | 289 |
| OKTA | $38.8B | 169.4× | — | 13.3× | 11.8% | 77.4% | 8.1% | 3.4% | 3.4% | -5.3× | 249 |
| RBLX | $37.5B | — | — | 7.7× | 35.8% | 78.1% | -21.8% | -270% | -76.0% | — | 184 |
| TWLO | $37.1B | — | 106.0× | 7.3× | 13.7% | 48.9% | 0.7% | 0.4% | 0.4% | 0.9× | 290 |
| TTWO | $36.2B | — | — | 5.4× | 18.2% | 57.2% | -4.5% | -8.5% | -4.9% | 10.3× | 276 |
| CRWV | $33.5B | — | 21.5× | 6.5× | 168% | 71.7% | -22.7% | -35.0% | -4.7% | 7.6× | 269 |
| MDB | $31.0B | — | — | 12.6× | 22.8% | 71.7% | -2.9% | -2.4% | -2.4% | — | 220 |
Peers = companies sharing VEEV's sector (Services-Prepackaged Software) 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 $310.34 today, the market must believe free cash flow compounds 24.4%/yr for a decade (off $704.3M on the SBC-adjusted basis).
On the basis ($1.14B) the requirement is 17.8%/yr. The difference is what charging stock compensation costs.
The market's 24.4% is more conservative than its 9-yr track record.
Default is 9.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.16B shares (market data) · net debt -$1.42B
mean 31.4% · volatility σ 26% · implied rate exceeded in 6/9 yrs
Central path = implied 24.4%/yr growth; shaded band = ±1σ (26%) 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 + $169.9M buybacks = $169.9M returned on $1.42B 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.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 13%. 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 — FY2026
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 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.20B 100.0% | $2.75B 100.0% | $2.36B 100.0% | $2.16B 100.0% | $1.85B 100.0% | $1.47B 100.0% | $1.10B 100.0% | $862.2M 100.0% | $690.6M 100.0% | $550.5M 100.0% |
| Cost of Revenue | $782.0M 24.5% | $699.6M 25.5% | $677.3M 28.7% | $609.4M 28.3% | $503.7M 27.2% | $408.9M 27.9% | $303.4M 27.5% | $245.3M 28.4% | $211.4M 30.6% | $173.7M 31.5% |
| Gross Profit | $2.41B 75.5% | $2.05B 74.5% | $1.69B 71.3% | $1.55B 71.7% | $1.35B 72.8% | $1.06B 72.1% | $800.7M 72.5% | $616.9M 71.6% | $479.1M 69.4% | $376.9M 68.5% |
| Research & Development | $767.4M 24.0% | $693.1M 25.2% | $629.0M 26.6% | $520.3M 24.1% | $382.0M 20.6% | $294.2M 20.1% | $209.9M 19.0% | $158.8M 18.4% | $132.0M 19.1% | $96.7M 17.6% |
| Selling, General & Admin | $300.7M 9.4% | $265.7M 9.7% | $246.5M 10.4% | $217.6M 10.1% | $171.5M 9.3% | $149.1M 10.2% | $114.3M 10.3% | $86.4M 10.0% | $60.4M 8.7% | $48.8M 8.9% |
| Total Operating Expenses | $1.50B 46.8% | $1.36B 49.4% | $1.26B 53.2% | $1.09B 50.4% | $841.6M 45.5% | $678.3M 46.3% | $514.5M 46.6% | $394.1M 45.7% | $321.2M 46.5% | $256.2M 46.5% |
| Operating Income | $916.4M 28.7% | $691.4M 25.2% | $429.3M 18.2% | $459.1M 21.3% | $505.5M 27.3% | $377.8M 25.8% | $286.2M 25.9% | $222.9M 25.8% | $157.9M 22.9% | $120.7M 21.9% |
| Other Income (Expense), net | $278.1M 8.7% | $227.9M 8.3% | $158.7M 6.7% | $50.0M 2.3% | $6.8M 0.4% | $16.2M 1.1% | $27.5M 2.5% | $15.8M 1.8% | $7.8M 1.1% | $1.7M 0.3% |
| Pretax Income | $1.19B 37.4% | $919.4M 33.5% | $588.0M 24.9% | $509.1M 23.6% | $512.3M 27.7% | $394.0M 26.9% | $313.7M 28.4% | $238.6M 27.7% | $165.8M 24.0% | $122.4M 22.2% |
| Income Tax Expense | $285.6M 8.9% | $205.2M 7.5% | $62.3M 2.6% | $21.4M 1.0% | $84.9M 4.6% | $14.0M 1.0% | $12.6M 1.1% | $8.8M 1.0% | $14.6M 2.1% | $44.8M 8.1% |
| Net Income | $908.9M 28.4% | $714.1M 26.0% | $525.7M 22.2% | $487.7M 22.6% | $427.4M 23.1% | $380.0M 25.9% | $301.1M 27.3% | $229.8M 26.7% | $151.2M 21.9% | $77.6M 14.1% |
| Per Share | ||||||||||
| EPS (Basic) | $5.55 | $4.41 | $3.27 | $3.14 | $2.79 | $2.52 | $2.04 | $1.59 | $1.08 | $0.57 |
| EPS (Diluted) | $5.44 | $4.32 | $3.22 | $3.00 | $2.63 | $2.36 | $1.90 | $1.47 | $0.98 | $0.53 |
| Weighted Avg Shares (Basic) | 163.7M | 161.9M | 160.5M | 155.4M | 153.3M | 150.7M | 147.8M | 144.2M | 140.3M | 135.7M |
| Weighted Avg Shares (Diluted) | 167.0M | 165.2M | 163.5M | 162.4M | 162.3M | 160.7M | 158.3M | 156.1M | 153.7M | 147.6M |
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.
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 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.
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.
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 |
|---|---|---|---|---|---|
| 2026-10-15 | 2 co-filers Group filing | Otherindirect | 14,301 | $0.00 | $0 |
| 2026-10-15 | 2 co-filers Group filing | Otherindirect | 250,000 | $0.00 | $0 |
| 2026-10-14 | 3 co-filers SVP, Gen. Counsel, Secretary | 10b5-1 plan sale | 3,515 | $300.14 | $1.1m |
| 2026-10-14 |
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.
| 10b5-1 plan sale |
| 975 |
| $299.29 |
| $292k |
| 2026-10-14 | 3 co-filers SVP, Gen. Counsel, Secretary | 10b5-1 plan sale | 708 | $298.19 | $211k |
| 2026-10-02 | 5 co-filers EVP, Sales, Consulting, & Svcs | Open-market sale | 4,520 | $276.53 | $1.2m |
| 2026-10-02 | 4 co-filers SVP, Gen. Counsel, Secretary | Gift | 803 | $0.00 | $0 |
| 2026-10-02 | 5 co-filers EVP, Sales, Consulting, & Svcs | Open-market sale | 321 | $276.21 | $89k |
| 2026-10-01 | 5 co-filers EVP, Sales, Consulting, & Svcs | Option exercise | 1,672 | $0.00 | $0 |
| 2026-10-01 | 4 co-filers SVP, Gen. Counsel, Secretary | Option exercise | 1,636 | $0.00 | $0 |
| 2026-10-01 | 3 co-filers Chief Accounting Officer | Option exercise | 168 | $0.00 | $0 |
| 2026-10-01 | 3 co-filers Pres. & Chief Customer Officer | Option exercise | 2,907 | $0.00 | $0 |
| 2026-10-01 | 3 co-filers Chief Financial Officer | Option exercise | 1,636 | $0.00 | $0 |
| 2026-10-01 | 3 co-filers President & Chief of Staff | Option exercise | 2,181 | $0.00 | $0 |
| 2026-10-01 | 4 co-filers SVP, Gen. Counsel, Secretary | Tax withholding | 833 | $281.93 | $235k |
| 2026-10-01 | 5 co-filers EVP, Sales, Consulting, & Svcs | Tax withholding | 854 | $281.93 | $241k |
| 2026-10-01 | 3 co-filers Pres. & Chief Customer Officer | Tax withholding | 1,272 | $281.93 | $359k |
| 2026-10-01 | 3 co-filers Chief Financial Officer | Tax withholding | 705 | $281.93 | $199k |
| 2026-10-01 | 3 co-filers President & Chief of Staff | Tax withholding | 1,110 | $281.93 | $313k |
| 2026-10-01 | 3 co-filers Chief Accounting Officer | Tax withholding | 61 | $281.93 | $17k |
| 2026-10-01 | 3 co-filers President & Chief of Staff | Option exercise | 2,181 | $0.00 | — |
| 2026-10-01 | 3 co-filers Chief Accounting Officer | Option exercise | 168 | $0.00 | — |
| 2026-10-01 | 3 co-filers Chief Financial Officer | Option exercise | 1,636 | $0.00 | — |
| 2026-10-01 | 3 co-filers Pres. & Chief Customer Officer | Option exercise | 2,907 | $0.00 | — |
| 2026-10-01 | 4 co-filers SVP, Gen. Counsel, Secretary | Option exercise | 1,636 | $0.00 | — |
| 2026-10-01 | 5 co-filers EVP, Sales, Consulting, & Svcs | Option exercise | 1,672 | $0.00 | — |
| 2026-09-14 | Schwenger Thomas D. Pres. & Chief Customer Officer | 10b5-1 plan sale | 1,000 | $265.20 | $265k |
| 2026-09-09 | Hung Priscilla Director | Open-market sale | 750 | $261.04 | $196k |
| 2026-09-01 | 4 co-filers Group filing | Otherindirect | 250,000 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers Group filing | Option exercise | 460 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers Group filing | Option exercise | 460 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers Group filing | Option exercise | 525 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers Group filing | Option exercise | 477 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers Group filing | Option exercise | 477 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers Group filing | Option exercise | 493 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers Group filing | Option exercise | 477 | $0.00 | $0 |
| 2026-09-01 | 2 co-filers Group filing | Option exercise | 525 | $0.00 | — |
| 2026-09-01 | 2 co-filers Group filing | Option exercise | 460 | $0.00 | — |
| 2026-09-01 | 2 co-filers Group filing | Option exercise | 477 | $0.00 | — |
| 2026-09-01 | 2 co-filers Group filing | Option exercise | 477 | $0.00 | — |
EOD close · as of 2026-10-29
Where each multiple sits in its own 13-yr range · 49th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 13-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 13% against ROIC 13% — 0% 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 13.9% — 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
High operating leverage: profit moved 2.0× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 28.4 | 27.5 | 27.9 | 27.2 | 28.3 | 28.7 | 25.5 | 24.5 |
| Gross Profit | 71.6 | 72.5 | 72.1 | 72.8 | 71.7 | 71.3 | 74.5 | 75.5 |
| R&D | 18.4 | 19.0 | 20.1 | 20.6 | 24.1 | 26.6 | 25.2 | 24.0 |
| SG&A | 10.0 | 10.3 | 10.2 | 9.3 | 10.1 | 10.4 | 9.7 | 9.4 |
| Operating Income | 25.8 | 25.9 | 25.8 | 27.3 | 21.3 | 18.2 | 25.2 | 28.7 |
| Income Tax | 1.0 | 1.1 | 1.0 | 4.6 | 1.0 | 2.6 | 7.5 | 8.9 |
| Net Income | 26.7 | 27.3 | 25.9 | 23.1 | 22.6 | 22.2 | 26.0 | 28.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VEEV: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 3.52pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 18.3% | 9.9% (today's — no rate published for this year) | 8.5pts |
| FY2021 | 18.8% | 9.9% (today's — no rate published for this year) | 8.9pts |
| FY2022 | 22.0% | 9.9% (today's — no rate published for this year) | 12.1pts |
| FY2023 | 12.7% | 9.9% (today's — no rate published for this year) | 2.8pts |
| FY2024 | 8.6% | 9.9% (today's — no rate published for this year) | -1.3pts |
| FY2025 | 11.6% | 9.9% (today's — no rate published for this year) | 1.7pts |
| FY2026 | 12.5% | 9.9% (today's — no rate published for this year) | 2.6pts |
| Now | 12.6% | 9.9% | 2.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 68.5% | 21.9% | 14.1% |
| FY2018 | 69.4% | 22.9% | 21.9% |
| FY2019 | 71.6% | 25.8% | 26.7% |
| FY2020 | 72.5% | 25.9% | 27.3% |
| FY2021 | 72.1% | 25.8% | 25.9% |
| FY2022 | 72.8% | 27.3% | 23.1% |
| FY2023 | 71.7% | 21.3% | 22.6% |
| FY2024 | 71.3% | 18.2% | 22.2% |
| FY2025 | 74.5% | 25.2% | 26.0% |
| FY2026 | 75.5% | 28.7% | 28.4% |
Return on equity (13%) and return on invested capital (13%) are within a couple of points in FY2026, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$493M 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 was positive in only 4 of the last 5 years.
Converts 1.64x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $1.42B; after share-based compensation it is $943M. The difference is a real cost that the cash flow statement adds back. Buybacks of $170M covered 36% of the $473M 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.
Balance sheet at 2026-01-31. 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 $310.34, free cash flow must compound 24.42%/yr for 10 years. It has done 19.83%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 15.0% | 24.4% |
| FY2022 | 44.7% | 24.4% |
| FY2023 | −19.1% | 24.4% |
| FY2024 | 20.8% | 24.4% |
| FY2025 | 26.1% | 24.4% |
| FY2026 | 44.4% | 24.4% |
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 ($704M against $1.14B before it). On the unadjusted figure the requirement would be 17.8%/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 | $909M | $909M |
| Share-based comp | $473M | $1.38B |
| Other non-cash & working capital | $34M | $1.42B |
| Operating cash flow | $1.42B | $1.42B |
| Capex | $0 | $1.42B |
| Free cash flow | $1.42B | $1.42B |
| FCF after SBC | $943M | $943M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 32.7% | 44.8% | 12.1 points |
| FY2022 | 26.3% | 11.8% | -14.5 points |
| FY2023 | 16.4% | 11.4% | -5.0 points |
| FY2024 | 9.7% | 21.2% | 11.5 points |
| FY2025 | 16.2% | 19.3% | 3.1 points |
| FY2026 | 16.3% | 23.9% | 7.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 128.8 days | not reported | 23.4 days | 105.5 days |
| FY2021 | 140.6 days | not reported | 20.8 days | 119.9 days |
| FY2022 | 124.5 days | not reported | 14.7 days | 109.7 days |
| FY2023 | 119.1 days | not reported | 25 days | 94.1 days |
| FY2024 | 131.6 days | not reported | 17 days | 114.6 days |
| FY2025 | 135.1 days | not reported | 15.9 days | 119.2 days |
| FY2026 | 143.9 days | not reported | 17.6 days | 126.3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -6.0 percent |
| FY2021 | -5.6 percent |
| FY2022 | -8.8 percent |
| FY2023 | -6.1 percent |
| FY2024 | -6.5 percent |
| FY2025 | -5.1 percent |
| FY2026 | -5.6 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 (FY2026) 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.