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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.
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 $29.35 today, the market must believe free cash flow compounds 8.9%/yr for a decade (off $277.0M on the 3-yr avg basis).
On the basis ($189.7M) the requirement is 13.9%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 8.9% is more optimistic than its 9-yr track record.
Default is 8.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.07B shares (market data) · net debt $5.26B
mean -5.1% · volatility σ 47% · implied rate exceeded in 4/9 yrs
Central path = implied 8.9%/yr growth; shaded band = ±1σ (47%) 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.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ATKR | $3.2B | — | 23.4× | 1.1× | -11.0% | 23.7% | -0.5% | -1.1% | -0.7% | 1.7× | 40 |
| PENG | $3.0B | 22.6× | 14.6× | 1.7× | 26.5% | 27.7% | 10.4% | 34.7% | 13.8% | 0.7× | 65 |
| KN | $3.0B | 69.9× | 28.4× | 5.0× | 7.2% | 43.2% | 7.5% | 5.7% | 5.0% | 0.6× | 73 |
| AMBA | $2.9B | — | — | 7.3× | 37.2% | 59.2% | -19.4% | -12.8% | -12.8% | — | 63 |
| POWI | $2.7B | 125.7× | 71.7× | 6.2× | 5.9% | 54.5% | 5.0% | 3.3% | 3.3% | -1.6× | 69 |
| BELFA | $2.7B | — | 20.7× | 4.0× | 26.3% | 39.1% | 9.1% | 14.5% | 9.9% | 1.0× | 15 |
| BHE | $2.6B | 106.3× | 20.1× | 1.0× | 0.1% | 10.2% | 0.9% | 2.3% | 1.9% | -0.9× | 65 |
| UCTT | $2.5B | — | — | 1.2× | -2.1% | 15.7% | -8.8% | -25.5% | -15.3% | — | 73 |
| NVTS | $2.4B | — | — | 52.6× | -44.9% | 31.0% | -255% | -26.4% | -26.4% | — | 64 |
| LASR | $2.3B | — | — | 8.6× | 31.6% | 29.8% | -9.0% | -10.3% | -10.3% | — | 42 |
| SONO | $2.1B | — | 159.5× | 1.4× | -4.9% | 43.7% | -4.2% | -17.2% | -17.2% | -14.7× | 48 |
| PLUG | $2.0B | — | — | 2.8× | 12.9% | -34.1% | -230% | -167% | -167% | — | 128 |
| WHR | $1.9B | 5.2× | 6.1× | 0.1× | -6.5% | 15.4% | 2.0% | 11.7% | 3.7% | 4.5× | 87 |
| SEDG | $1.9B | — | — | 1.6× | 31.4% | 16.6% | -34.2% | -94.8% | -94.8% | — | 58 |
| SPB | $1.9B | 21.1× | 10.4× | 0.7× | -5.2% | 36.7% | 3.6% | 5.2% | 4.0% | 2.0× | 61 |
| RUN | $1.8B | 4.4× | — | 0.6× | 45.1% | — | 15.2% | 14.4% | 2.5% | — | 77 |
| CTS | $1.8B | 29.0× | 14.7× | 3.3× | 5.2% | 38.4% | 12.1% | 11.8% | 11.8% | -0.7× | 46 |
| PLAB | $1.7B | 12.8× | 4.3× | 2.0× | -2.0% | 35.3% | 16.1% | 11.6% | 11.6% | -1.7× | 76 |
| SKYT | $1.6B | 13.3× | 54.1× | 3.6× | 29.2% | 19.7% | 26.9% | 63.3% | 29.3% | 5.9× | 1 |
| ICHR | $1.6B | — | — | 1.7× | 11.6% | 9.3% | -5.6% | -8.0% | -6.7% | — | 55 |
| ENR | $1.6B | 7.0× | 11.6× | 0.5× | 2.3% | 41.7% | 8.1% | 141% | 6.7% | 7.7× | 63 |
| VISN | $1.5B | 0.7× | 119.0× | 0.8× | 39.7% | 49.5% | — | -227% | 36.5% | — | 48 |
| NSSC | $1.4B | 33.3× | 27.4× | 7.1× | 11.4% | 59.2% | 21.3% | 22.5% | 22.5% | -2.7× | 52 |
| AMSC | $1.4B | 9.2× | 76.9× | 4.5× | 34.3% | 30.5% | 44.7% | 24.1% | 24.1% | -8.9× | 48 |
| AMPX | $1.3B | — | — | 18.3× | 202% | 11.3% | -60.3% | -42.4% | -42.4% | — | 42 |
Peers = companies sharing WHR's sector (Household Appliances) 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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (370%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $300.0M dividends + $0 buybacks = $300.0M returned on $81.0M 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 balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 4%. 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.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.52B 100.0% | $16.61B 100.0% | $19.45B 100.0% | $19.72B 100.0% | $21.98B 100.0% | $19.46B 100.0% | $20.42B 100.0% | $21.04B 100.0% | $21.25B 100.0% | $20.72B 100.0% |
| Cost of Revenue | $13.14B 84.6% | $14.03B 84.5% | $16.29B 83.7% | $16.65B 84.4% | $17.58B 79.9% | $15.61B 80.3% | $16.91B 82.8% | $17.45B 83.0% | $17.65B 83.1% | $17.03B 82.2% |
| Cost of Products | — | — | — | — | — | — | — | — | $17.65B 83.1% | $17.03B 82.2% |
| Gross Profit | $2.39B 15.4% | $2.58B 15.5% | $3.17B 16.3% | $3.07B 15.6% | $4.41B 20.1% | $3.84B 19.7% | $3.51B 17.2% | $3.58B 17.0% | $3.60B 16.9% | $3.69B 17.8% |
| Research & Development | $370.0M 2.4% | $405.0M 2.4% | $473.0M 2.4% | $465.0M 2.4% | $485.0M 2.2% | $455.0M 2.3% | $541.0M 2.6% | $572.0M 2.7% | $596.0M 2.8% | $604.0M 2.9% |
| Selling, General & Admin | $1.63B 10.5% | $1.68B 10.1% | $1.99B 10.2% | $1.82B 9.2% | $2.08B 9.5% | $1.88B 9.6% | $2.14B 10.5% | $2.19B 10.4% | $2.11B 9.9% | $2.08B 10.0% |
| Operating Income | $838.0M 5.4% | $143.0M 0.9% | $1.01B 5.2% | -$1.06B -5.4% | $2.35B 10.7% | $1.61B 8.3% | $1.55B 7.6% | $325.0M 1.5% | $1.14B 5.3% | $1.37B 6.6% |
| Interest Expense | $341.0M 2.2% | $358.0M 2.2% | $351.0M 1.8% | $190.0M 1.0% | $175.0M 0.8% | $189.0M 1.0% | $187.0M 0.9% | $192.0M 0.9% | $162.0M 0.8% | $161.0M 0.8% |
| Other Income (Expense), net | $20.0M 0.1% | $27.0M 0.2% | -$71.0M -0.4% | $19.0M 0.1% | $159.0M 0.7% | $21.0M 0.1% | $168.0M 0.8% | -$108.0M -0.5% | -$87.0M -0.4% | -$93.0M -0.4% |
| Pretax Income | $516.0M 3.3% | -$188.0M -1.1% | $593.0M 3.0% | -$1.23B -6.2% | $2.33B 10.6% | $1.45B 7.4% | $1.53B 7.5% | $25.0M 0.1% | $887.0M 4.2% | $1.11B 5.4% |
| Income Tax Expense | $142.0M 0.9% | $10.0M 0.1% | $77.0M 0.4% | $265.0M 1.3% | $518.0M 2.4% | $382.0M 2.0% | $348.0M 1.7% | $150.0M 0.7% | $550.0M 2.6% | $186.0M 0.9% |
| Net Income | $318.0M 2.0% | -$323.0M -1.9% | $481.0M 2.5% | -$1.52B -7.7% | $1.78B 8.1% | $1.07B 5.5% | $1.17B 5.7% | -$149.0M -0.7% | $350.0M 1.6% | $888.0M 4.3% |
| Per Share | ||||||||||
| EPS (Basic) | $5.68 | -$5.87 | $8.76 | -$27.18 | $28.73 | $17.15 | $18.34 | -$2.22 | $4.78 | $11.67 |
| EPS (Diluted) | $5.66 | -$5.87 | $8.72 | -$27.18 | $28.36 | $16.98 | $18.19 | -$2.22 | $4.70 | $11.50 |
| Weighted Avg Shares (Basic) | 56.0M | 55.1M | 55.0M | 55.9M | 62.1M | 62.7M | 63.7M | 67.2M | 73.3M | 76.1M |
| Weighted Avg Shares (Diluted) | 56.2M | 55.1M | 55.2M | 55.9M | 62.9M | 63.3M | 64.2M | 67.2M | 74.4M | 77.2M |
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 $669.0M covers the $586.0M due within a year 1.1× over. 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).
Coverage is adequate but not comfortable. Effective rate ~5.7% on $5.93B of debt.
Cash of $669.0M fully covers short-term debt of $351.0M.
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.
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 |
|---|---|---|---|---|---|
| 2026-08-17 | 2 co-filers CHAIRMAN AND CEO | Giftindirect | 40,000 | $0.00 | $0 |
| 2026-08-17 | 2 co-filers CHAIRMAN AND CEO | Giftindirect | 40,000 | $0.00 | $0 |
| 2026-08-01 | 3 co-filers EVP & Chief Legal Officer | Option exercise | 1,000 | $0.00 | $0 |
| 2026-08-01 | 3 co-filers EP, WHR NA & GL Strat Source | Option exercise | 1,750 | $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.
EOD close · as of 2026-10-29
Earns -2.23pts against its cost of capital — capital is being consumed, not created.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 17.8% | 6.6% | 4.3% |
| FY2017 | 16.9% | 5.3% | 1.6% |
| FY2018 | 16.8% | 1.3% | -0.9% |
| FY2019 | 17.2% | 7.6% | 5.7% |
| FY2020 | 19.7% | 8.3% | 5.5% |
| FY2021 | 20.1% | 10.7% | 8.1% |
| FY2022 | 15.6% | -5.4% | -7.7% |
| FY2023 | 16.3% | 5.2% | 2.5% |
| FY2024 | 15.5% | 0.9% | -1.9% |
| FY2025 | 15.4% | 5.4% | 2.0% |
ROIC ex-goodwill is 9.71% against 6.67% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
| 2026-08-01 | 3 co-filers EVP & Chief Financial Officer | Option exercise | 6,667 | $0.00 | $0 |
| 2026-08-01 | 3 co-filers EVP & Chief HR, Corp Rel, BUS | Option exercise | 5,000 | $0.00 | $0 |
| 2026-08-01 | 3 co-filers EVP & Chief Financial Officer | Tax withholding | 1,907 | $38.07 | $73k |
| 2026-08-01 | 3 co-filers EVP & Chief Legal Officer | Tax withholding | 286 | $38.07 | $11k |
| 2026-08-01 | 3 co-filers EP, WHR NA & GL Strat Source | Tax withholding | 509 | $38.07 | $19k |
| 2026-08-01 | 3 co-filers EVP & Chief HR, Corp Rel, BUS | Tax withholding | 1,430 | $38.07 | $54k |
| 2026-08-01 | 3 co-filers EP, WHR NA & GL Strat Source | Option exercise | 1,750 | $0.00 | — |
| 2026-08-01 | 3 co-filers EVP & Chief Legal Officer | Option exercise | 1,000 | $0.00 | — |
| 2026-08-01 | 3 co-filers EVP & Chief Financial Officer | Option exercise | 6,667 | $0.00 | — |
| 2026-08-01 | 3 co-filers EVP & Chief HR, Corp Rel, BUS | Option exercise | 5,000 | $0.00 | — |
| 2026-04-21 | Creed Greg Director | Grant | 2,811 | $0.00 | — |
| 2026-04-21 | Buckner Judith K. Director | Grant19d late | 2,811 | $0.00 | — |
| 2026-04-21 | Wilson Rudolph Director | Grant | 2,811 | $0.00 | $0 |
| 2026-04-21 | Elliott Geraldine Director | Grantindirect | 2,811 | $0.00 | $0 |
| 2026-04-21 | Dietz Diane M. Director | Grant | 2,811 | $0.00 | $0 |
| 2026-04-21 | Liu John D Director | Grant | 2,811 | $0.00 | $0 |
| 2026-04-21 | Morikis John G Director | Grant | 2,811 | $0.00 | $0 |
| 2026-04-21 | Kramer Richard J Director | Grant | 2,811 | $0.00 | — |
| 2026-04-21 | Loree James M Director | Grant | 2,811 | $0.00 | $0 |
| 2026-04-21 | Laclair Jennifer A. Director | Grant | 2,811 | $0.00 | $0 |
| 2026-04-21 | Adcock Mary Ellen Director | Grant | 2,811 | $0.00 | $0 |
| 2026-03-03 | 2 co-filers CHAIRMAN AND CEO | Giftindirect | 3,110 | $0.00 | $0 |
| 2026-03-03 | Creed Greg Director | Open-market buyindirect | 3,305 | $60.16 | $199k |
| 2026-03-03 | 2 co-filers CHAIRMAN AND CEO | Giftindirect | 3,110 | $0.00 | $0 |
| 2026-03-01 | 3 co-filers EP, WHR NA & GL Strat Source | Option exercise | 1,033 | $0.00 | $0 |
| 2026-03-01 | 12 co-filers Vice President and Controller | Option exercise | 89 | $0.00 | $0 |
| 2026-03-01 | 11 co-filers EVP & Chief Financial Officer | Option exercise | 99 | $0.00 | $0 |
| 2026-03-01 | 3 co-filers CHAIRMAN AND CEO | Option exerciseindirect | 11,070 | $0.00 | $0 |
| 2026-03-01 | 9 co-filers EVP & Chief Legal Officer | Option exercise | 195 | $0.00 | $0 |
| 2026-03-01 | 3 co-filers EVP & Chief HR, Corp Rel, BUS | Option exercise | 1,805 | $0.00 | $0 |
| 2026-03-01 | 3 co-filers EP, KASA, WHR LAR, & Global IT | Option exercise | 795 | $0.00 | $0 |
| 2026-03-01 | 12 co-filers Vice President and Controller | Tax withholding | 30 | $69.13 | $2k |
| 2026-03-01 | 3 co-filers EP, WHR NA & GL Strat Source | Tax withholding | 339 | $69.13 | $23k |
| 2026-03-01 | 3 co-filers EVP & Chief HR, Corp Rel, BUS | Tax withholding | 554 | $69.13 | $38k |
| 2026-03-01 | 11 co-filers EVP & Chief Financial Officer | Tax withholding | 34 | $69.13 | $2k |
| 2026-03-01 | 3 co-filers EP, KASA, WHR LAR, & Global IT | Tax withholding | 260 | $69.13 | $18k |
Where each multiple sits in its own 14-yr range · 12th 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 12% against ROIC 4% — 8% 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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 83.0 | 82.8 | 80.3 | 79.9 | 84.4 | 83.7 | 84.5 | 84.6 |
| Gross Profit | 17.0 | 17.2 | 19.7 | 20.1 | 15.6 | 16.3 | 15.5 | 15.4 |
| R&D | 2.7 | 2.6 | 2.3 | 2.2 | 2.4 | 2.4 | 2.4 | 2.4 |
| SG&A | 10.4 | 10.5 | 9.6 | 9.5 | 9.2 | 10.2 | 10.1 | 10.5 |
| Operating Income | 1.5 | 7.6 | 8.3 | 10.7 | -5.4 | 5.2 | 0.9 | 5.4 |
| Income Tax | 0.7 | 1.7 | 2.0 | 2.4 | 1.3 | 0.4 | 0.1 | 0.9 |
| Net Income | -0.7 | 5.7 | 5.5 | 8.1 | -7.7 | 2.5 | -1.9 | 2.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on WHR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage and buybacks account for 8 points of the 12% return on equity in FY2025. The business earns 4% 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.
$3.1B of goodwill — 31% 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 | 17.9% | 8.9% (today's — no rate published for this year) | 8.9pts |
| FY2020 | 17.6% | 8.9% (today's — no rate published for this year) | 8.7pts |
| FY2021 | 23.3% | 3.8% | 19.5pts |
| FY2022 | -9.6% | 10.1% | -19.6pts |
| FY2023 | 9.8% | 8.0% | 1.8pts |
| FY2024 | 1.3% | 10.7% | -9.5pts |
| FY2025 | 7.4% | 8.0% | -0.6pts |
| Now | 3.7% | 8.9% | -5.2pts |
Converts 0.71x of reported profit into cash — adequate, without much margin.
| Step | Amount | Running total |
|---|---|---|
| Net income | $318M | $318M |
| Share-based comp | $137M | $455M |
| Other non-cash & working capital | $15M | $470M |
| Operating cash flow | $470M | $470M |
| Capex | −$389M | $81M |
| Free cash flow | $81M | $81M |
| FCF after SBC | −$56M | −$56M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -4.7% | 41.5% | 46.2 points |
| FY2021 | 13.0% | -0.3% | -13.3 points |
| FY2022 | -10.3% | -49.8% | -39.6 points |
| FY2023 | -1.4% | -1.7% | -0.3 points |
| FY2024 | -14.6% | -13.9% | 0.8 points |
| FY2025 | -6.5% | -3.1% | 3.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 39.3 days | 52.6 days | 98.2 days | -6.2 days |
| FY2020 | 58.3 days | 53.8 days | 113 days | -0.9 days |
| FY2021 | 51.5 days | 56.4 days | 112.4 days | -4.5 days |
| FY2022 | 28.8 days | 45.8 days | 74 days | 0.6 days |
| FY2023 | 28.7 days | 50.4 days | 80.6 days | -1.6 days |
| FY2024 | 28.9 days | 53 days | 91.9 days | -10 days |
| FY2025 | 30 days | 64.1 days | 102.9 days | -8.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -0.3 percent |
| FY2020 | -2.1 percent |
| FY2021 | -1.9 percent |
| FY2022 | -17.0 percent |
| FY2023 | -2.5 percent |
| FY2024 | -7.1 percent |
| FY2025 | -0.9 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.
Reported free cash flow is $81M; after share-based compensation it is -$56M. The difference is a real cost that the cash flow statement adds back.
Stressed coverage of 1.7x sits between comfortable and thin.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.46x |
| 5% | 2.33x |
| 10% | 2.21x |
| 15% | 2.09x |
| 20% | 1.97x |
| 25% | 1.84x |
| 30% | 1.72x |
| 35% | 1.60x |
| 40% | 1.47x |
| 45% | 1.35x |
| 50% | 1.23x |
| 55% | 1.11x |
| 60% | 0.98x |
Ladder as of 2025-12-31 (10-K); 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.
Net debt is 5.0x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $29.35, free cash flow must compound 10.07%/yr for 10 years. It has done -30.16%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 56.2% | 10.1% |
| FY2021 | 51.5% | 10.1% |
| FY2022 | −50.3% | 10.1% |
| FY2023 | −55.4% | 10.1% |
| FY2024 | 4.9% | 10.1% |
| FY2025 | −78.9% | 10.1% |
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.
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.