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Held by 239 of 2,417 reporting institutions (96th 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.
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
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
Ranked against 31 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $171.1B | 167.8× | — | 15.8× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 501 |
| PLD | $121.7B | 36.0× | — | 13.8× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 505 |
| EQIX | $102.3B | 75.3× | 26.1× | 11.1× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | -0.1× | 381 |
| AMT | $86.2B | 34.4× | 20.5× | 8.1× | 5.1% | — | 24.7% | 72.0% | 6.4% | 6.0× | 536 |
| SPG | $69.8B | 15.2× | — | 11.0× | 6.7% | — | 84.3% | 103% | 15.9% | — | 400 |
| DLR | $67.9B | 51.1× | — | 11.1× | 10.0% | — | 21.4% | 5.7% | 5.7% | — | — |
| PSA | $59.2B | 35.2× | — | 12.3× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 335 |
| O | $54.1B | 48.9× | — | 9.4× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 459 |
| VTR | $44.3B | 155.0× | — | 7.6× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 256 |
| CCI | $37.8B | 88.0× | 25.3× | 8.9× | -4.4% | 97.3% | 10.4% | -27.2% | 1.7% | 10.5× | 240 |
| IRM | $35.2B | 241.6× | 23.5× | 5.1× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.4× | 348 |
| EXR | $31.7B | 32.7× | 14.8× | 9.4× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | -0.1× | 204 |
| AVB | $27.1B | 25.6× | 12.3× | 8.9× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.1× | 1 |
| VICI | $27.0B | 9.4× | — | 6.7× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 233 |
| SBAC | $19.6B | 18.9× | 21.9× | 7.0× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.6× | 151 |
| HST | $17.6B | 23.4× | — | 2.9× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 196 |
| ESS | $17.0B | 25.5× | 11.3× | 9.0× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | -0.1× | 148 |
| KIM | $16.4B | — | 17.1× | 7.7× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.4× | 174 |
| LAMR | $16.1B | 27.6× | — | 7.1× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 205 |
| WY | $14.2B | 43.9× | 15.6× | 2.1× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.1× | 239 |
| OHI | $14.2B | 24.1× | 22.3× | 11.9× | 13.2% | — | 49.6% | 11.4% | 6.3% | 5.1× | 219 |
| REG | $13.7B | — | 12.1× | 8.8× | 6.9% | — | 34.0% | 7.6% | 4.5% | 3.1× | — |
| MAA | $13.7B | 31.3× | — | 6.2× | 0.8% | — | 20.2% | 7.9% | 7.9% | — | 172 |
| SUI | $13.7B | 10.3× | 112.4× | 5.9× | 2.0% | — | 61.3% | 20.3% | 20.3% | -4.9× | 114 |
| DOC | $13.1B | 189.4× | — | 4.6× | 4.5% | — | 2.5% | 1.0% | 0.4% | — | 216 |
Peers = companies sharing WY's sector (Real Estate Investment Trusts) 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 (119%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $606.0M dividends + $160.0M buybacks = $766.0M returned on $511.0M 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 cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 2%. 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.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $464.0M is below the $522.0M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Coverage is adequate but not comfortable. Effective rate ~4.9% on $5.57B of debt.
Cash of $464.0M is below short-term debt of $522.0M — relies on refinancing/operations.
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.
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. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.91B 100.0% | $7.12B 100.0% | $7.67B 100.0% | $10.18B 100.0% | $10.20B 100.0% | $7.53B 100.0% | $6.55B 100.0% | $7.48B 100.0% | $7.20B 100.0% | $6.37B 100.0% |
| Cost of Revenue | $5.88B 85.2% | $5.81B 81.6% | $5.99B 78.1% | $6.56B 64.5% | $6.10B 59.8% | $5.45B 72.3% | $5.41B 82.6% | $5.59B 74.8% | $5.30B 73.6% | $4.98B 78.2% |
| Cost of Products | — | — | — | — | — | — | — | — | $5.30B 73.6% | $4.98B 78.2% |
| Gross Profit | $1.02B 14.8% | $1.31B 18.4% | $1.68B 21.9% | $3.62B 35.5% | $4.10B 40.2% | $2.08B 27.7% | $1.14B 17.4% | $1.88B 25.2% | $1.90B 26.4% | $1.39B 21.8% |
| Research & Development | $5.0M 0.1% | $7.0M 0.1% | $7.0M 0.1% | $6.0M 0.1% | $5.0M 0.0% | $5.0M 0.1% | $6.0M 0.1% | $8.0M 0.1% | $14.0M 0.2% | $19.0M 0.3% |
| Selling, General & Admin | $453.0M 6.6% | $480.0M 6.7% | $431.0M 5.6% | $398.0M 3.9% | $396.0M 3.9% | $347.0M 4.6% | $348.0M 5.3% | $318.0M 4.3% | $310.0M 4.3% | $338.0M 5.3% |
| Operating Income | $731.0M 10.6% | $685.0M 9.6% | $1.19B 15.5% | $3.08B 30.2% | $3.64B 35.7% | $1.71B 22.7% | $651.0M 9.9% | $1.39B 18.6% | $1.13B 15.7% | $822.0M 12.9% |
| Interest Expense | $273.0M 4.0% | $269.0M 3.8% | $280.0M 3.6% | $270.0M 2.7% | $313.0M 3.1% | $351.0M 4.7% | $378.0M 5.8% | $375.0M 5.0% | $393.0M 5.5% | $431.0M 6.8% |
| Other Income (Expense), net | — | -$15.0M -0.2% | -$30.0M -0.4% | -$24.0M -0.2% | -$25.0M -0.2% | -$35.0M -0.5% | -$28.0M -0.4% | -$52.0M -0.7% | — | — |
| Pretax Income | $260.0M 3.8% | $427.0M 6.0% | $937.0M 12.2% | $2.31B 22.6% | $3.32B 32.5% | $982.0M 13.0% | -$213.0M -3.2% | $807.0M 10.8% | $716.0M 9.9% | $504.0M 7.9% |
| Income Tax Expense | -$64.0M -0.9% | $31.0M 0.4% | $98.0M 1.3% | $425.0M 4.2% | $709.0M 7.0% | $185.0M 2.5% | -$137.0M -2.1% | $59.0M 0.8% | $134.0M 1.9% | $89.0M 1.4% |
| Net Income | $324.0M 4.7% | $396.0M 5.6% | $839.0M 10.9% | $1.88B 18.5% | $2.61B 25.6% | $797.0M 10.6% | -$76.0M -1.2% | $748.0M 10.0% | $582.0M 8.1% | $1.03B 16.1% |
| Per Share | ||||||||||
| EPS (Basic) | $0.45 | $0.54 | $1.15 | $2.53 | $3.48 | $1.07 | -$0.10 | $0.99 | $0.77 | $1.40 |
| EPS (Diluted) | $0.45 | $0.54 | $1.15 | $2.53 | $3.47 | $1.07 | -$0.10 | $0.99 | $0.77 | $1.39 |
| Weighted Avg Shares (Basic) | 723.2M | 728.4M | 731.7M | 741.9M | 749.5M | 746.9M | 745.9M | 754.6M | 753.1M | 718.6M |
| Weighted Avg Shares (Diluted) | 723.6M | 729.0M | 732.2M | 743.0M | 751.0M | 747.9M | 745.9M | 756.8M | 756.7M | 722.4M |
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.
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 |
|---|---|---|---|---|---|
| 2026-06-03 | Chaney Brian K Senior Vice President | Tax withholding | 3,491 | $24.39 | $85k |
| 2026-05-16 | Wold David M Senior Vice President & CFO | Tax withholding | 1,062 | $22.68 | $24k |
| 2026-05-15 | 2 co-filers Group filing | Grant | 7,832 | $0.00 | $0 |
| 2026-05-15 | Lewis Sara Grootwassink Director | Grant | 7,832 | $0.00 | — |
| 2026-05-15 |
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.
| Grant |
| 7,832 |
| $0.00 |
| — |
| 2026-05-15 | Beckwitt Richard Director | Grant | 7,832 | $0.00 | $0 |
| 2026-05-15 | Piasecki Nicole Weyerhaeuser Director | Grant | 7,832 | $0.00 | — |
| 2026-05-15 | Selzer Lawrence A Director | Grant | 7,832 | $0.00 | $0 |
| 2026-05-15 | Emmert Mark A Director | Grant | 7,832 | $0.00 | $0 |
| 2026-05-15 | 2 co-filers Group filing | Grant | 7,832 | $0.00 | $0 |
| 2026-05-15 | 2 co-filers Group filing | Grant | 7,832 | $0.00 | $0 |
| 2026-05-15 | Holley Rick R Director | Grant | 11,531 | $0.00 | — |
| 2026-05-15 | 2 co-filers Group filing | Grant | 4,926 | $22.98 | $113k |
| 2026-05-15 | 2 co-filers Group filing | Grant | 3,781 | $22.98 | $87k |
| 2026-05-15 | 2 co-filers Group filing | Grant | 5,222 | $22.98 | — |
| 2026-05-09 | Selzer Lawrence A Director | Tax withholding | 106 | $23.53 | $3k |
| 2026-05-09 | O'Rourke James Calvin Director | Tax withholding | 106 | $23.53 | $3k |
| 2026-05-09 | Emmert Mark A Director | Tax withholding | 106 | $23.53 | $3k |
| 2026-05-09 | Monaco Albert Director | Tax withholding | 2,386 | $23.53 | $56k |
| 2026-05-09 | Williams Kim Director | Tax withholding | 106 | $23.53 | $3k |
| 2026-05-09 | Beckwitt Richard Director | Tax withholding | 61 | $23.53 | $1k |
| 2026-05-09 | Piasecki Nicole Weyerhaeuser Director | Tax withholding | 106 | $23.53 | $3k |
| 2026-03-01 | Whitney Alex G VP & Chief Accounting Officer | Tax withholding | 1,044 | $24.53 | $26k |
| 2026-03-01 | 2 co-filers Senior Vice President | Tax withholding | 4,830 | $24.53 | $118k |
| 2026-03-01 | 2 co-filers Senior Vice President | Tax withholding | 8,250 | $24.53 | $202k |
| 2026-03-01 | 2 co-filers Senior Vice President | Tax withholding | 4,132 | $24.53 | $101k |
| 2026-03-01 | 2 co-filers President and CEO | Tax withholding | 48,338 | $24.53 | $1.2m |
| 2026-03-01 | 2 co-filers Senior Vice President | Tax withholding | 10,510 | $24.53 | $258k |
| 2026-03-01 | 2 co-filers Senior Vice President | Tax withholding | 9,590 | $24.53 | $235k |
| 2026-03-01 | 2 co-filers Senior Vice President & CFO | Tax withholding | 9,524 | $24.53 | $234k |
| 2026-03-01 | 2 co-filers Senior Vice President | Tax withholding | 1,082 | $24.53 | $27k |
| 2026-03-01 | 2 co-filers Senior Vice President | Tax withholding | 637 | $24.53 | $16k |
| 2026-03-01 | 2 co-filers Senior Vice President | Tax withholding | 9,027 | $24.53 | $221k |
| 2026-03-01 | 2 co-filers Senior Vice President & CFO | Tax withholding | 9,027 | $24.53 | $221k |
| 2026-03-01 | 2 co-filers Senior Vice President | Tax withholding | 8,455 | $24.53 | $207k |
| 2026-03-01 | 2 co-filers President and CEO | Tax withholding | 43,844 | $24.53 | $1.1m |
| 2026-03-01 | 2 co-filers Senior Vice President | Tax withholding | 8,184 | $24.53 | $201k |
| 2026-02-20 | O'Rourke James Calvin Director | Plan purchase | 4,000 | $25.35 | $101k |
| 2026-02-19 | Beckwitt Richard Director | Plan purchase | 20,000 | $25.70 | $514k |
| 2026-02-13 | Whitney Alex G VP & Chief Accounting Officer | Grant | 4,629 | $0.00 | $0 |
EOD close · as of 2026-10-29
Where each multiple sits in its own 14-yr range · 52th 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 3% against ROIC 2% — 1% 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 | 74.8 | 82.6 | 72.3 | 59.8 | 64.5 | 78.1 | 81.6 | 85.2 |
| Gross Profit | 25.2 | 17.4 | 27.7 | 40.2 | 35.5 | 21.9 | 18.4 | 14.8 |
| R&D | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 |
| SG&A | 4.3 | 5.3 | 4.6 | 3.9 | 3.9 | 5.6 | 6.7 | 6.6 |
| Operating Income | 18.6 | 9.9 | 22.7 | 35.7 | 30.2 | 15.5 | 9.6 | 10.6 |
| Income Tax | 0.8 | -2.1 | 2.5 | 7.0 | 4.2 | 1.3 | 0.4 | -0.9 |
| Net Income | 10.0 | -1.2 | 10.6 | 25.6 | 18.5 | 10.9 | 5.6 | 4.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on WY: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 21.8% | 12.9% | 16.1% |
| FY2017 | 26.4% | 15.7% | 8.1% |
| FY2018 | 25.2% | 18.6% | 10.0% |
| FY2019 | 17.4% | 9.9% | -1.2% |
| FY2020 | 27.7% | 22.7% | 10.6% |
| FY2021 | 40.2% | 35.7% | 25.6% |
| FY2022 | 35.5% | 30.2% | 18.5% |
| FY2023 | 21.9% | 15.5% | 10.9% |
| FY2024 | 18.4% | 9.6% | 5.6% |
| FY2025 | 14.8% | 10.6% | 4.7% |
Return on equity (3%) and return on invested capital (2%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
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: wacc.
Converts 1.66x of reported profit into free cash flow over 5 years, with accruals negative.
Capex has been below depreciation for 7 consecutive years (0.11x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Leverage is not measurable this way for a reit.
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.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $19.75, free cash flow must compound 8.1%/yr for 10 years. It has done -9.15%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 62.0% | 8.1% |
| FY2021 | 110.7% | 8.1% |
| FY2022 | −10.5% | 8.1% |
| FY2023 | −50.5% | 8.1% |
| FY2024 | −30.5% | 8.1% |
| FY2025 | −46.5% | 8.1% |
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 cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $324M | $324M |
| Share-based comp | $43M | $367M |
| Other non-cash & working capital | $195M | $562M |
| Operating cash flow | $562M | $562M |
| Capex | −$51M | $511M |
| Free cash flow | $511M | $511M |
| FCF after SBC | $468M | $468M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 14.9% | 45.6% | 30.7 points |
| FY2021 | 35.4% | 12.7% | -22.8 points |
| FY2022 | -0.2% | -29.6% | -29.4 points |
| FY2023 | -24.6% | -0.8% | 23.8 points |
| FY2024 | -7.2% | -13.6% | -6.4 points |
| FY2025 | -3.1% | -1.0% | 2.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 17.2 days | 28.1 days | 16.6 days | 28.7 days |
| FY2020 | 21.8 days | 29.7 days | 13.7 days | 37.8 days |
| FY2021 | 18.1 days | 31.1 days | 16.8 days | 32.4 days |
| FY2022 | 12.8 days | 30.6 days | 13.7 days | 29.6 days |
| FY2023 | 16.8 days | 34.5 days | 17.5 days | 33.8 days |
| FY2024 | 15.7 days | 38.1 days | 16 days | 37.8 days |
| FY2025 | 16 days | 36.8 days | 17.3 days | 35.6 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -6.3 percent |
| FY2020 | -4.5 percent |
| FY2021 | -3.1 percent |
| FY2022 | -5.5 percent |
| FY2023 | -3.5 percent |
| FY2024 | -3.7 percent |
| FY2025 | -1.4 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 7 consecutive years to the latest.
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.