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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.
No trend data available for this metric.
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 |
|---|---|---|---|---|---|
| 2026-08-26 | Wang Yan Director | Other | 31,200 | $7.10 | $222k |
| 2026-08-17 | 3 co-filers Group filing | Tax withholding | 3,105 | $7.67 | $24k |
| 2026-08-16 | 2 co-filers Group filing | Option exercise | 6,250 | $0.00 | $0 |
| 2026-08-16 | 3 co-filers Group filing | Option exercise | 6,250 | $0.00 | $0 |
| 2026-08-16 | 2 co-filers Group filing | Other | 6,250 | $0.00 | — |
| 2026-08-16 | 3 co-filers Group filing | Other | 6,250 | $0.00 | — |
| 2026-08-05 | 2 co-filers Chief Executive Officer | Other | 374,791 | $0.00 | $0 |
| 2026-08-05 | 2 co-filers Chief Executive Officer | Otherindirect | 374,791 | $0.00 | $0 |
| 2026-06-23 | Wang Gaofei Chief Executive Officer | Other | 374,791 | $0.00 | $0 |
| 2026-05-16 | 2 co-filers Group filing | Option exercise | 6,250 | $0.00 | $0 |
| 2026-05-16 | 2 co-filers Group filing | Option exercise | 6,250 | $0.00 | $0 |
| 2026-05-16 | 2 co-filers Group filing | Option exercise | 6,250 | $0.00 | — |
| 2026-05-16 | 2 co-filers Group filing | Option exercise | 6,250 | $0.00 | — |
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.
Top 16 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
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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 41% of free cash flow, leaving room to grow it and fund buybacks. Last year: $195.6M dividends + $0 buybacks = $195.6M returned on $477.1M FCF.
1 consecutive years of dividend increases · -2%/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: 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 | $1.76B 100.0% | $1.75B 100.0% | $1.76B 100.0% | $1.84B 100.0% | $2.26B 100.0% | $1.69B 100.0% | $1.77B 100.0% | $1.72B 100.0% | $1.15B 100.0% | $655.8M 100.0% |
| Cost of Revenue | $421.8M 24.0% | $369.5M 21.1% | $374.3M 21.3% | $400.6M 21.8% | $403.8M 17.9% | $302.2M 17.9% | $328.8M 18.6% | $277.6M 16.2% | $231.3M 20.1% | $171.2M 26.1% |
| Research & Development | $324.2M 18.5% | $308.7M 17.6% | $333.6M 19.0% | $415.2M 22.6% | $430.7M 19.1% | $324.1M 19.2% | $284.4M 16.1% | $249.9M 14.5% | $193.4M 16.8% | $154.1M 23.5% |
| Selling, General & Admin | $55.9M 3.2% | $101.3M 5.8% | $117.6M 6.7% | $52.8M 2.9% | $133.5M 5.9% | $101.2M 6.0% | $90.7M 5.1% | $43.8M 2.5% | $42.3M 3.7% | $41.2M 6.3% |
| Total Operating Expenses | $1.29B 73.5% | $1.26B 71.8% | $1.29B 73.1% | $1.36B 73.8% | $1.56B 69.1% | $1.18B 70.0% | $1.17B 66.2% | $1.11B 64.5% | $742.5M 64.6% | $514.8M 78.5% |
| Operating Income | $464.8M 26.5% | $494.3M 28.2% | $472.9M 26.9% | $480.5M 26.2% | $697.4M 30.9% | $506.8M 30.0% | $597.6M 33.8% | $609.3M 35.5% | $407.6M 35.4% | $141.0M 21.5% |
| Interest Expense | $82.4M 4.7% | $105.4M 6.0% | $120.1M 6.8% | $71.6M 3.9% | $71.0M 3.1% | $57.4M 3.4% | $29.9M 1.7% | $15.4M 0.9% | — | — |
| Interest & Investment Income | $116.8M 6.6% | $123.3M 7.0% | $118.2M 6.7% | $105.4M 5.7% | $77.3M 3.4% | $85.8M 5.1% | $85.4M 4.8% | $58.0M 3.4% | $19.5M 1.7% | $7.6M 1.2% |
| Other Income (Expense), net | — | — | — | — | — | — | $59.9M 3.4% | $43.8M 2.5% | $13.3M 1.2% | $8.8M 1.3% |
| Pretax Income | $605.6M 34.5% | $420.7M 24.0% | $502.8M 28.6% | $128.1M 7.0% | $550.7M 24.4% | $375.9M 22.2% | $602.4M 34.1% | $668.8M 38.9% | $417.1M 36.3% | $110.0M 16.8% |
| Income Tax Expense | $144.5M 8.2% | $110.5M 6.3% | $145.3M 8.3% | $30.3M 1.6% | $138.8M 6.2% | $61.3M 3.6% | $109.6M 6.2% | $96.2M 5.6% | $66.7M 5.8% | $4.3M 0.7% |
| Net Income | $449.0M 25.6% | $300.8M 17.1% | $342.6M 19.5% | $85.6M 4.7% | $428.3M 19.0% | $313.4M 18.5% | $494.7M 28.0% | $571.8M 33.3% | $352.6M 30.7% | $108.0M 16.5% |
| Per Share | ||||||||||
| EPS (Basic) | $1.88 | $1.27 | $1.45 | $0.36 | $1.87 | $1.38 | $2.19 | $2.56 | $1.60 | $0.50 |
| EPS (Diluted) | $1.70 | $1.16 | $1.43 | $0.36 | $1.86 | $1.38 | $2.18 | $2.52 | $1.56 | $0.48 |
| Weighted Avg Shares (Basic) | 238.8M | 237.3M | 235.6M | 235K | 229K | 226.9M | 225.5M | 223.8M | 220.6M | 214.7M |
| Weighted Avg Shares (Diluted) | 268.6M | 265.2M | 240.0M | 236K | 230K | 227.6M | 226.4M | 232.7M | 225.4M | 222.9M |
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.
EOD close · as of 2026-10-30
Where each multiple sits in its own 12-yr range · 2th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-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% — 4% 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
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 | 16.2 | 18.6 | 17.9 | 17.9 | 21.8 | 21.3 | 21.1 | 24.0 |
| R&D | 14.5 | 16.1 | 19.2 | 19.1 | 22.6 | 19.0 | 17.6 | 18.5 |
| SG&A | 2.5 | 5.1 | 6.0 | 5.9 | 2.9 | 6.7 | 5.8 | 3.2 |
| Operating Income | 35.5 | 33.8 | 30.0 | 30.9 | 26.2 | 26.9 | 28.2 | 26.5 |
| Income Tax | 5.6 | 6.2 | 3.6 | 6.2 | 1.6 | 8.3 | 6.3 | 8.2 |
| Net Income | 33.3 | 28.0 | 18.5 | 19.0 | 4.7 | 19.5 | 17.1 | 25.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on WB: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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 $6.21 today, the market must believe free cash flow compounds -28.5%/yr for a decade (off $563.9M on the 3-yr avg basis).
On the basis ($492.9M) the requirement is -26.2%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -28.5% is more conservative than its 9-yr track record.
Default is 7.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.25B shares (market data) · net debt -$202.8M
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean 15.8% · volatility σ 49% · implied rate exceeded in 8/9 yrs
Central path = implied -28.5%/yr growth; shaded band = ±1σ (49%) 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~3.9% on $2.10B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TTD | $5.8B | 13.7× | 7.3× | 2.0× | 18.5% | 78.6% | 15.3% | 17.8% | 17.8% | -0.9× | 154 |
| WIX | $3.2B | 87.6× | 111.0× | 1.6× | 13.2% | 68.1% | 2.5% | -13.8% | -13.8% | -11.9× | 24 |
| MGNI | $3.1B | 22.6× | 20.4× | 4.3× | 6.9% | 62.7% | 20.3% | 15.7% | 9.8% | 0.0× | 60 |
| PPLI | $2.7B | — | — | 1.1× | -8.7% | 66.2% | -4.3% | -2.2% | -1.7% | — | — |
| GRND | $2.2B | 29.4× | 18.6× | 5.0× | 27.6% | — | 21.5% | 202% | 21.4% | 2.3× | 25 |
| RUM | $2.1B | — | — | 21.1× | 5.4% | -6.7% | -81.3% | -29.8% | -29.8% | — | 54 |
| DV | $2.1B | 45.2× | 13.7× | 2.8× | 13.9% | 82.2% | 6.8% | 4.5% | 4.5% | -1.9× | 61 |
| WB | $1.5B | 3.6× | 2.6× | 0.9× | 0.1% | 76.0% | 25.6% | 11.5% | 7.5% | -0.4× | 13 |
| TRIP | $1.1B | 29.7× | — | 0.6× | 3.1% | 92.3% | 2.1% | 6.2% | 2.2% | — | 56 |
| HSTM | $1.0B | 55.3× | 15.6× | 3.4× | 4.3% | — | 6.0% | 5.2% | 5.2% | -0.6× | 38 |
| TBLA | $936M | 26.6× | 12.5× | 0.5× | 8.3% | 29.8% | 2.2% | 4.7% | 4.2% | -0.3× | — |
| NXDR | $867M | — | — | 3.4× | 4.2% | 84.1% | -21.0% | -12.6% | -12.6% | — | 26 |
| YALA | $834M | 6.6× | 2.5× | 2.4× | 0.7% | 67.3% | 43.3% | 18.3% | 18.3% | -4.3× | 7 |
| CEVA | $831M | — | — | 7.6× | 2.5% | 87.1% | -9.7% | -3.2% | -3.2% | — | 31 |
| EVER | $828M | 8.9× | — | 1.2× | 38.5% | 97.2% | 14.3% | 41.7% | 41.7% | — | 42 |
| BMBL | $790M | — | — | 0.8× | -9.9% | 70.8% | -71.8% | -122% | -59.8% | — | 27 |
| SMWB | $771M | — | — | 2.7× | 13.1% | 79.5% | -11.7% | -141% | -141% | — | 8 |
| PUBM | $724M | — | — | 2.6× | -2.9% | 63.6% | -5.1% | -5.5% | -5.5% | — | 23 |
Peers = companies sharing WB's sector (Services-Computer Programming, Data Processing, Etc.) 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 24.57pts above its cost of capital, without much margin of safety.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 73.9% | 21.5% | 16.5% |
| FY2017 | 79.9% | 35.4% | 30.7% |
| FY2018 | 83.8% | 35.5% | 33.3% |
| FY2019 | 81.4% | 33.8% | 28.0% |
| FY2020 | 82.1% | 30.0% | 18.5% |
| FY2021 | 82.1% | 30.9% | 19.0% |
| FY2022 | 78.2% | 26.2% | 4.7% |
| FY2023 | 78.7% | 26.9% | 19.5% |
| FY2024 | 78.9% | 28.2% | 17.1% |
| FY2025 | 76.0% | 26.5% | 25.6% |
The spread was positive in only 2 of the last 5 years.
Leverage and buybacks account for 4 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.
$169M of goodwill — 16% 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.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 50.3% | 7.2% (today's — no rate published for this year) | 43.1pts |
| FY2020 | 35.9% | 7.2% (today's — no rate published for this year) | 28.8pts |
| FY2021 | 40.3% | 53.5% | -13.3pts |
| FY2022 | 47.7% | 50.3% | -2.6pts |
| FY2023 | 38.6% | 100.3% | -61.7pts |
| FY2024 | 9.4% | 7.2% | 2.2pts |
| FY2025 | 9.0% | 6.3% | 2.7pts |
| Now | 7.5% | 7.2% | 0.3pts |
Converts 2.55x of reported profit into cash — adequate, without much margin.
| Step | Amount | Running total |
|---|---|---|
| Net income | $449M | $449M |
| Share-based comp | $42M | $491M |
| Other non-cash & working capital | $28M | $519M |
| Operating cash flow | $519M | $519M |
| Capex | −$42M | $477M |
| Free cash flow | $477M | $477M |
| FCF after SBC | $435M | $435M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -4.4% | not reported | not reported |
| FY2021 | 33.6% | 47.0% | 13.4 points |
| FY2022 | -18.6% | -30.5% | -11.9 points |
| FY2023 | -4.2% | -12.3% | -8.1 points |
| FY2024 | -0.3% | -22.9% | -22.6 points |
| FY2025 | 0.1% | 17.8% | 17.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | not reported | not reported | 140.1 days | not reported |
| FY2020 | 106.3 days | not reported | 180.6 days | -74.3 days |
| FY2021 | 116.9 days | not reported | 178.6 days | -61.7 days |
| FY2022 | 99.9 days | not reported | 146.7 days | -46.9 days |
| FY2023 | 91.4 days | not reported | 157.5 days | -66.1 days |
| FY2024 | 70.7 days | not reported | 156.5 days | -85.8 days |
| FY2025 | 83.1 days | not reported | 215.4 days | -132.3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.9 percent |
| FY2020 | -6.8 percent |
| FY2021 | -5.1 percent |
| FY2022 | -6.7 percent |
| FY2023 | -4.5 percent |
| FY2024 | -5.2 percent |
| FY2025 | -1.0 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.
Shares outstanding are up 9% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Covers interest 3.9x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 5.64x |
| 5% | 5.36x |
| 10% | 5.07x |
| 15% | 4.79x |
| 20% | 4.51x |
| 25% | 4.23x |
| 30% | 3.95x |
| 35% | 3.66x |
| 40% | 3.38x |
| 45% | 3.10x |
| 50% | 2.82x |
| 55% | 2.54x |
| 60% | 2.26x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 5.6x today but falls to 3.9x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $6.21, free cash flow must compound -27.98%/yr for 10 years. It has done -4.01%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 15.9% | −28.0% |
| FY2021 | 10.2% | −28.0% |
| FY2022 | −33.1% | −28.0% |
| FY2023 | 22.1% | −28.0% |
| FY2024 | −9.1% | −28.0% |
| FY2025 | −17.5% | −28.0% |
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 5 of the last 6 years.
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.