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Held by 347 of 2,417 reporting institutions (97th 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.
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 |
|---|---|---|---|---|---|
| 2026-10-06 | 10 co-filers President and CEO | 10b5-1 plan sale | 259 | $291.37 | $75k |
| 2026-10-06 | 10 co-filers President and CEO | 10b5-1 plan sale | 345 | $292.33 | $101k |
| 2026-10-06 | 10 co-filers President and CEO | 10b5-1 plan sale | 261 | $293.34 | $77k |
| 2026-10-06 | 10 co-filers President and CEO | 10b5-1 plan sale |
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.
| 222 |
| $294.16 |
| $65k |
| 2026-10-05 | 10 co-filers President and CEO | 10b5-1 plan sale | 42 | $287.24 | $12k |
| 2026-10-05 | 10 co-filers President and CEO | 10b5-1 plan sale | 36 | $288.14 | $10k |
| 2026-10-05 | 10 co-filers President and CEO | 10b5-1 plan sale | 33 | $289.96 | $10k |
| 2026-10-05 | 10 co-filers President and CEO | 10b5-1 plan sale | 278 | $291.52 | $81k |
| 2026-10-05 | 10 co-filers President and CEO | 10b5-1 plan sale | 614 | $292.36 | $180k |
| 2026-10-05 | 10 co-filers President and CEO | 10b5-1 plan sale | 84 | $292.99 | $25k |
| 2026-09-02 | 8 co-filers President and CEO | 10b5-1 plan sale | 370 | $279.21 | $103k |
| 2026-09-02 | 8 co-filers President and CEO | 10b5-1 plan sale | 323 | $280.21 | $91k |
| 2026-09-02 | 8 co-filers President and CEO | 10b5-1 plan sale | 268 | $281.10 | $75k |
| 2026-09-02 | 8 co-filers President and CEO | 10b5-1 plan sale | 126 | $282.03 | $36k |
| 2026-09-01 | 8 co-filers President and CEO | 10b5-1 plan sale | 194 | $278.93 | $54k |
| 2026-09-01 | 8 co-filers President and CEO | 10b5-1 plan sale | 590 | $279.87 | $165k |
| 2026-09-01 | 8 co-filers President and CEO | 10b5-1 plan sale | 194 | $280.86 | $54k |
| 2026-09-01 | 8 co-filers President and CEO | 10b5-1 plan sale | 118 | $281.74 | $33k |
| 2026-08-21 | 2 co-filers President, Equipment Group | Open-market sale | 2,910 | $297.05 | $864k |
| 2026-08-21 | 2 co-filers President, Equipment Group | Open-market sale | 9 | $296.24 | $3k |
| 2026-08-20 | 2 co-filers Pres., Freight Components Grp. | Open-market sale | 2,962 | $293.16 | $868k |
| 2026-08-20 | 2 co-filers Pres., Freight Components Grp. | Open-market sale | 288 | $293.84 | $85k |
| 2026-08-17 | Sbrocco Gregory EVP Operations | 10b5-1 plan sale | 952 | $300.00 | $286k |
| 2026-08-05 | 8 co-filers President and CEO | 10b5-1 plan sale | 397 | $296.14 | $118k |
| 2026-08-05 | 8 co-filers President and CEO | 10b5-1 plan sale | 518 | $297.05 | $154k |
| 2026-08-05 | 8 co-filers President and CEO | 10b5-1 plan sale | 194 | $298.26 | $58k |
| 2026-08-05 | 8 co-filers President and CEO | 10b5-1 plan sale | 54 | $298.85 | $16k |
| 2026-08-04 | 8 co-filers President and CEO | 10b5-1 plan sale | 80 | $296.46 | $24k |
| 2026-08-04 | 8 co-filers President and CEO | 10b5-1 plan sale | 120 | $297.68 | $36k |
| 2026-08-04 | 8 co-filers President and CEO | 10b5-1 plan sale | 334 | $298.90 | $100k |
| 2026-08-04 | 8 co-filers President and CEO | 10b5-1 plan sale | 629 | $299.70 | $189k |
| 2026-07-24 | Gaur Sameer Pres., Global Freight Services | Open-market sale | 1,000 | $300.64 | $301k |
| 2026-07-24 | Deninno David L Exec VP, General Counsel, Sec. | Open-market sale | 3,000 | $301.31 | $904k |
| 2026-07-24 | 4 co-filers Chief Technology Officer | Open-market sale | 1,107 | $297.39 | $329k |
| 2026-07-24 | 4 co-filers Chief Technology Officer | Open-market sale | 2,040 | $298.86 | $610k |
| 2026-07-24 | 4 co-filers Chief Technology Officer | Open-market sale | 2,353 | $299.69 | $705k |
| 2026-07-24 | 4 co-filers Chief Technology Officer | Open-market sale | 1,600 | $300.49 | $481k |
| 2026-07-07 | 8 co-filers President and CEO | 10b5-1 plan sale | 287 | $254.34 | $73k |
| 2026-07-07 | 8 co-filers President and CEO | 10b5-1 plan sale | 147 | $255.60 | $38k |
| 2026-07-07 | 8 co-filers President and CEO | 10b5-1 plan sale | 189 | $256.50 | $48k |
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 $279.60 today, the market must believe free cash flow compounds 14.8%/yr for a decade (off $1.38B on the 3-yr avg basis).
On the basis ($1.32B) the requirement is 15.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 14.8% is more conservative than its 9-yr track record.
Default is 9.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.17B shares (market data) · net debt $5.54B
mean 45.2% · volatility σ 103% · implied rate exceeded in 4/9 yrs
Central path = implied 14.8%/yr growth; shaded band = ±1σ (103%) 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.
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
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 12% of free cash flow, leaving room to grow it and fund buybacks. Last year: $173.0M dividends + $223.0M buybacks = $396.0M returned on $1.50B FCF.
6 consecutive years of dividend increases · 13%/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 reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 7%. 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 2026-10-30
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 | $11.17B 100.0% | $10.39B 100.0% | $9.68B 100.0% | $8.36B 100.0% | $7.82B 100.0% | $7.56B 100.0% | $8.20B 100.0% | $4.36B 100.0% | $3.88B 100.0% | $2.93B 100.0% |
| Cost of Revenue | $7.36B 65.9% | $7.02B 67.6% | $6.73B 69.6% | $5.82B 69.6% | $5.45B 69.7% | $5.42B 71.7% | $5.92B 72.2% | $3.13B 71.7% | $2.82B 72.6% | $2.01B 68.5% |
| Gross Profit | $3.81B 34.1% | $3.37B 32.4% | $2.94B 30.4% | $2.54B 30.4% | $2.37B 30.3% | $2.14B 28.3% | $2.28B 27.8% | $1.23B 28.3% | $1.07B 27.4% | $924.2M 31.5% |
| Research & Development | $223.0M 2.0% | $206.0M 2.0% | $218.0M 2.3% | $209.0M 2.5% | $176.0M 2.3% | $162.0M 2.1% | $210.0M 2.6% | $87.5M 2.0% | $95.2M 2.5% | $71.4M 2.4% |
| Selling, General & Admin | $1.49B 13.3% | $1.25B 12.0% | $1.14B 11.8% | $1.03B 12.3% | $1.03B 13.2% | $948.0M 12.5% | $1.17B 14.2% | $633.2M 14.5% | $512.5M 13.2% | $373.6M 12.7% |
| Total Operating Expenses | $2.01B 18.0% | $1.76B 16.9% | $1.68B 17.3% | $1.53B 18.3% | $1.49B 19.1% | $1.39B 18.4% | $1.61B 19.7% | $760.5M 17.4% | $644.2M 16.6% | $467.6M 16.0% |
| Operating Income | $1.79B 16.1% | $1.61B 15.5% | $1.27B 13.1% | $1.01B 12.1% | $876.0M 11.2% | $745.0M 9.9% | $663.0M 8.1% | $473.4M 10.8% | $421.1M 10.8% | $456.6M 15.6% |
| Interest Expense | $225.0M 2.0% | $201.0M 1.9% | $218.0M 2.3% | $186.0M 2.2% | — | — | — | — | — | — |
| Other Income (Expense), net | $24.0M 0.2% | $2.0M 0.0% | $44.0M 0.5% | $29.0M 0.3% | $38.0M 0.5% | $11.0M 0.1% | $3.0M 0.0% | $6.4M 0.1% | $8.9M 0.2% | $6.5M 0.2% |
| Pretax Income | $1.59B 14.3% | $1.41B 13.6% | $1.09B 11.3% | $854.0M 10.2% | $737.0M 9.4% | $557.0M 7.4% | $447.0M 5.5% | $367.6M 8.4% | $352.1M 9.1% | $412.8M 14.1% |
| Income Tax Expense | $409.0M 3.7% | $343.0M 3.3% | $267.0M 2.8% | $213.0M 2.5% | $172.0M 2.2% | $145.0M 1.9% | $120.0M 1.5% | $75.9M 1.7% | $89.8M 2.3% | $99.4M 3.4% |
| Net Income | $1.17B 10.5% | $1.06B 10.2% | $815.0M 8.4% | $633.0M 7.6% | $558.0M 7.1% | $414.0M 5.5% | $327.0M 4.0% | $294.9M 6.8% | $262.3M 6.8% | $304.9M 10.4% |
| Per Share | ||||||||||
| EPS (Basic) | $6.84 | $6.05 | $4.54 | $3.46 | $2.96 | $2.18 | $1.91 | $3.06 | $2.74 | $3.37 |
| EPS (Diluted) | $6.83 | $6.04 | $4.53 | $3.46 | $2.96 | $2.17 | $1.84 | $3.05 | $2.72 | $3.34 |
| Weighted Avg Shares (Basic) | 170.5M | 174.1M | 178.8M | 182.2M | 187.7M | 189.9M | 170.5M | 96.0M | 95.5M | 90.4M |
| Weighted Avg Shares (Diluted) | 171.1M | 174.8M | 179.5M | 182.8M | 188.1M | 190.4M | 177.3M | 96.5M | 96.1M | 91.1M |
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 96th 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 11% against ROIC 7% — 3% 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
High operating leverage: profit moved 1.5× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 71.7 | 72.2 | 71.7 | 69.7 | 69.6 | 69.6 | 67.6 | 65.9 |
| Gross Profit | 28.3 | 27.8 | 28.3 | 30.3 | 30.4 | 30.4 | 32.4 | 34.1 |
| R&D | 2.0 | 2.6 | 2.1 | 2.3 | 2.5 | 2.3 | 2.0 | 2.0 |
| SG&A | 14.5 | 14.2 | 12.5 | 13.2 | 12.3 | 11.8 | 12.0 | 13.3 |
| Operating Income | 10.8 | 8.1 | 9.9 | 11.2 | 12.1 | 13.1 | 15.5 | 16.1 |
| Income Tax | 1.7 | 1.5 | 1.9 | 2.2 | 2.5 | 2.8 | 3.3 | 3.7 |
| Net Income | 6.8 | 4.0 | 5.5 | 7.1 | 7.6 | 8.4 | 10.2 | 10.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on WAB: 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.
$1.25B of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~4.1% on $5.54B of debt.
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.
Ranked against 23 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TSLA | $1.58T | 370.2× | 167.5× | 16.7× | -2.9% | 18.0% | 4.0% | 4.6% | 4.2% | -0.9× | 1,590 |
| RTX | $269.6B | 40.3× | 21.7× | 3.0× | 9.7% | — | 7.6% | 10.3% | 6.7% | 2.0× | 1,281 |
| TM | $230.5B | 60.6× | 12.9× | 1.0× | 3.8% | 18.4% | 4.4% | 7.9% | 4.1% | 4.0× | 195 |
| LMT | $147.1B | 29.6× | 18.9× | 2.0× | 5.6% | 10.2% | 6.7% | 74.6% | 17.7% | 2.0× | 1,005 |
| BA | $135.9B | 69.2× | 30.1× | 1.5× | 34.5% | 4.8% | 2.5% | 41.0% | 3.3% | 8.2× | 871 |
| GD | $100.8B | 24.1× | 17.6× | 1.9× | 10.1% | — | 8.0% | 16.4% | 12.5% | 0.9× | 747 |
| GM | $74.2B | 26.7× | 3.6× | 0.4× | -1.3% | — | 1.5% | 4.4% | 4.4% | -1.4× | 445 |
| HON | $69.2B | 29.7× | 9.6× | 1.9× | 7.8% | 36.9% | 12.6% | 34.0% | 9.8% | 2.3× | 16 |
| TDG | $63.4B | 35.8× | 19.9× | 7.2× | 11.2% | 60.1% | 23.5% | -21.4% | 10.5% | 5.9× | 301 |
| PCAR | $53.7B | 22.6× | 14.5× | 1.9× | -15.5% | 20.1% | 8.4% | 12.3% | 12.3% | 0.0× | 301 |
| F | $48.9B | — | 3.8× | 0.3× | 1.2% | 6.8% | -4.4% | -22.7% | -22.7% | -3.4× | — |
| WAB | $47.2B | 40.9× | 26.5× | 4.2× | 7.5% | 34.1% | 10.5% | 10.5% | 7.0% | 2.8× | 347 |
| HEI | $44.9B | 65.6× | 36.8× | 10.0× | 16.3% | 39.8% | 15.4% | 16.0% | 16.0% | -0.2× | 193 |
| ESLT | $36.5B | 68.5× | 42.7× | 4.6× | 16.3% | 24.4% | 6.7% | 12.9% | 12.6% | -0.6× | 82 |
| RKLB | $35.0B | — | — | 58.1× | 38.0% | 34.4% | -32.9% | -11.5% | -11.5% | — | 331 |
| RIVN | $17.6B | — | — | 3.3× | 8.4% | 2.7% | -67.7% | -79.4% | -40.4% | — | 220 |
| MGA | $17.1B | 21.8× | 5.3× | 0.4× | -1.9% | 14.3% | 2.0% | 6.6% | 4.8% | 0.8× | 92 |
| TXT | $14.5B | 16.8× | — | 1.0× | 8.0% | — | 6.2% | 11.7% | 11.7% | — | 191 |
| HII | $12.5B | 20.6× | 15.4× | 1.0× | 8.2% | — | 4.8% | 11.9% | 7.8% | 2.7× | 209 |
| LI | $10.8B | 137.9× | 6.9× | 0.7× | -18.8% | 18.7% | 1.0% | 1.6% | 1.4% | -11.5× | 30 |
| BWA | $10.4B | 40.3× | 11.4× | 0.7× | 1.6% | 18.7% | 1.9% | 5.1% | 3.0% | 3.1× | 190 |
| APTV | $9.1B | 58.6× | 7.6× | 0.5× | 3.5% | 19.1% | 0.8% | 1.8% | 1.0% | 3.0× | 150 |
| ALSN | $8.9B | 14.7× | 10.3× | 3.0× | -6.7% | 48.6% | 20.7% | 33.4% | 13.1% | 1.4× | 135 |
| OSK | $8.5B | — | 7.9× | 0.8× | -2.9% | 17.5% | 6.2% | 14.3% | 11.5% | 0.5× | 146 |
Peers = companies sharing WAB's sector (Railroad Equipment) 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.
Earns -1.42pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 3.6% | 9.2% (today's — no rate published for this year) | -5.7pts |
| FY2020 | 4.0% | 9.2% (today's — no rate published for this year) | -5.2pts |
| FY2021 | 4.7% | 9.2% (today's — no rate published for this year) | -4.5pts |
| FY2022 | 5.4% | 8.5% | -3.1pts |
| FY2023 | 6.5% | 8.3% | -1.8pts |
| FY2024 | 8.6% | 9.6% | -1.0pts |
| FY2025 | 8.1% | 9.2% | -1.1pts |
| Now | 7.0% | 9.2% | -2.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 31.5% | 15.6% | 10.4% |
| FY2017 | 27.4% | 10.8% | 6.8% |
| FY2018 | 28.3% | 10.8% | 6.8% |
| FY2019 | 27.8% | 8.1% | 4.0% |
| FY2020 | 28.3% | 9.9% | 5.5% |
| FY2021 | 30.3% | 11.2% | 7.1% |
| FY2022 | 30.4% | 12.1% | 7.6% |
| FY2023 | 30.4% | 13.1% | 8.4% |
| FY2024 | 32.4% | 15.5% | 10.2% |
| FY2025 | 34.1% | 16.1% | 10.5% |
Leverage and buybacks account for 3 points of the 11% return on equity in FY2025. The business earns 7% 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.
$10.6B of goodwill — 62% 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 20.39% against 7.82% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.43x of reported profit into cash — adequate, without much margin.
The cash conversion cycle has lengthened +24 days over 3 years to 113 — that many more days of the company's own cash funding the same volume of business.
Covers interest 5.6x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 7.97x |
| 5% | 7.57x |
| 10% | 7.17x |
| 15% | 6.77x |
| 20% | 6.38x |
| 25% | 5.98x |
| 30% | 5.58x |
| 35% | 5.18x |
| 40% | 4.78x |
| 45% | 4.38x |
| 50% | 3.98x |
| 55% | 3.59x |
| 60% | 3.19x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. No cash figure on the matching balance sheet, so no coverage line is drawn.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $279.60, free cash flow must compound 14.79%/yr for 10 years. It has done 10.35%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −21.9% | 14.8% |
| FY2021 | 45.5% | 14.8% |
| FY2022 | −5.7% | 14.8% |
| FY2023 | 14.2% | 14.8% |
| FY2024 | 60.3% | 14.8% |
| FY2025 | −7.9% | 14.8% |
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.
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.17B | $1.17B |
| Share-based comp | $80M | $1.25B |
| Other non-cash & working capital | $509M | $1.76B |
| Operating cash flow | $1.76B | $1.76B |
| Capex | −$260M | $1.50B |
| Free cash flow | $1.50B | $1.50B |
| FCF after SBC | $1.42B | $1.42B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -7.8% | -15.7% | -7.9 points |
| FY2021 | 3.5% | 12.0% | 8.5 points |
| FY2022 | 6.9% | -10.1% | -17.0 points |
| FY2023 | 15.7% | 19.0% | 3.2 points |
| FY2024 | 7.3% | -0.7% | -8.0 points |
| FY2025 | 7.5% | 22.4% | 14.9 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 51.2 days | 109.3 days | 71.3 days | 89.1 days |
| FY2020 | 46.8 days | 110.6 days | 61.2 days | 96.2 days |
| FY2021 | 50.6 days | 113.1 days | 67.7 days | 95.9 days |
| FY2022 | 42.6 days | 127.5 days | 81.6 days | 88.5 days |
| FY2023 | 43.8 days | 123.8 days | 67.8 days | 99.8 days |
| FY2024 | 40.5 days | 120.3 days | 67.6 days | 93.2 days |
| FY2025 | 46.1 days | 136.1 days | 69.5 days | 112.7 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.6 percent |
| FY2020 | -2.0 percent |
| FY2021 | -2.8 percent |
| FY2022 | -2.2 percent |
| FY2023 | -2.0 percent |
| FY2024 | -4.2 percent |
| FY2025 | -2.7 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.