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Held by 266 of 5,944 reporting institutions (94th percentile) — extremely crowded.
Data as of Q1 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
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $700.4M 100.0% | $653.3M 100.0% | $590.0M 100.0% | $522.9M 100.0% | $425.7M 100.0% | $351.7M 100.0% | $289.0M 100.0% | $227.8M 100.0% | $177.0M 100.0% | $123.1M 100.0% |
| Cost of Revenue | $173.4M 24.8% | $162.0M 24.8% | $146.8M 24.9% | $129.4M 24.7% | $97.9M 23.0% | $69.0M 19.6% | $59.0M 20.4% | $50.9M 22.3% | $41.5M 23.4% | $30.2M 24.5% |
| Gross Profit | $527.0M 75.2% | $491.4M 75.2% | $443.2M 75.1% | $393.6M 75.3% | $327.8M 77.0% | $282.8M 80.4% | $230.0M 79.6% | $176.9M 77.7% | $134.2M 75.8% | $97.8M 79.5% |
| Research & Development | $109.2M 15.6% | $101.0M 15.5% | $103.2M 17.5% | $108.9M 20.8% | $77.3M 18.2% | $56.5M 16.1% | $43.0M 14.9% | $30.8M 13.5% | $23.9M 13.5% | $21.1M 17.2% |
| Selling, General & Admin | $118.7M 17.0% | $121.8M 18.6% | $71.5M 12.1% | $80.2M 15.3% | $86.5M 20.3% | $71.6M 20.4% | $56.1M 19.4% | $47.2M 20.7% | $36.8M 20.8% | $27.9M 22.7% |
| Total Operating Expenses | $501.5M 71.6% | $472.8M 72.4% | $428.9M 72.7% | $449.8M 86.0% | $366.4M 86.1% | $302.7M 86.0% | $257.9M 89.2% | $206.8M 90.8% | $164.6M 93.0% | $121.0M 98.3% |
| Operating Income | $25.6M 3.6% | $18.5M 2.8% | $14.3M 2.4% | -$56.2M -10.7% | -$38.6M -9.1% | -$19.9M -5.7% | -$27.9M -9.7% | -$29.8M -13.1% | -$30.4M -17.2% | -$23.2M -18.8% |
| Interest Expense | $10.1M 1.4% | $8.8M 1.3% | $5.9M 1.0% | $5.8M 1.1% | $62.9M 14.8% | $23.3M 6.6% | $8.7M 3.0% | $4K 0.0% | $13K 0.0% | $5.9M 4.8% |
| Interest & Investment Income | $32.8M 4.7% | $49.8M 7.6% | $52.1M 8.8% | $14.6M 2.8% | $700K 0.2% | $4.5M 1.3% | $6.1M 2.1% | $2.1M 0.9% | $1.1M 0.6% | $4K 0.0% |
| Other Income (Expense), net | $22.7M 3.2% | $106.2M 16.2% | $46.2M 7.8% | $8.8M 1.7% | -$62.2M -14.6% | -$18.8M -5.3% | -$2.5M -0.9% | $2.1M 0.9% | -$2.4M -1.4% | -$11.8M -9.6% |
| Pretax Income | $48.2M 6.9% | $124.7M 19.1% | $60.5M 10.3% | -$47.4M -9.1% | -$100.9M -23.7% | -$38.7M -11.0% | -$30.4M -10.5% | -$27.7M -12.2% | -$32.8M -18.6% | -$35.0M -28.4% |
| Income Tax Expense | $21.0M 3.0% | -$43.1M -6.6% | $1.4M 0.2% | -$13.5M -2.6% | $135K 0.0% | $702K 0.2% | $1.7M 0.6% | $1.1M 0.5% | $565K 0.3% | -$8.7M -7.0% |
| Net Income | $24.5M 3.5% | $161.2M 24.7% | $52.8M 9.0% | -$29.4M -5.6% | -$115.2M -27.1% | -$46.9M -13.3% | -$32.5M -11.3% | -$28.7M -12.6% | -$33.4M -18.9% | -$26.3M -21.4% |
| Per Share | ||||||||||
| EPS (Basic) | $0.40 | $2.59 | $0.87 | $-0.49 | $-1.97 | $-0.83 | $-0.59 | $-0.53 | $-0.64 | $-0.62 |
| EPS (Diluted) | $0.39 | $1.45 | $0.81 | $-0.49 | $-1.97 | $-0.83 | $-0.59 | $-0.53 | $-0.64 | $-0.62 |
| Weighted Avg Shares (Basic) | 61.4M | 62.1M | 60.8M | 59.5M | 58.4M | 56.8M | 55.3M | 53.9M | 52.2M | 42.5M |
| Weighted Avg Shares (Diluted) | 65.9M | 73.5M | 72.0M | 59.5M | 58.4M | 56.8M | 55.3M | 53.9M | 52.2M | 42.5M |
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $28.50 today, the market must believe free cash flow compounds -4.4%/yr for a decade (off $157M normalized FCF).
The market's -4.4% is more conservative than its 8-yr track record.
2-stage DCF · 0.06B shares · net debt -$390M
mean 96.8% · volatility σ 111% · implied rate exceeded in 6/8 yrs
Central path = implied -4.4%/yr growth; shaded band = ±1σ (111%) 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.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
6/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $236M buybacks = $236M returned on $161M 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.
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.
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).
Coverage is adequate but not comfortable.
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.
EOD close · as of 2026-09-17
No material risks flagged.
Where each multiple sits in its own 10-yr range · 11th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 10-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
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 5.3× 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 | 22.3 | 20.4 | 19.6 | 23.0 | 24.7 | 24.9 | 24.8 | 24.8 |
| Gross Profit | 77.7 | 79.6 | 80.4 | 77.0 | 75.3 | 75.1 | 75.2 | 75.2 |
| R&D | 13.5 | 14.9 | 16.1 | 18.2 | 20.8 | 17.5 | 15.5 | 15.6 |
| SG&A | 20.7 | 19.4 | 20.4 | 20.3 | 15.3 | 12.1 | 18.6 | 17.0 |
| Operating Income | -13.1 | -9.7 | -5.7 | -9.1 | -10.7 | 2.4 | 2.8 | 3.6 |
| Income Tax | 0.5 | 0.6 | 0.2 | 0.0 | -2.6 | 0.2 | -6.6 | 3.0 |
| Net Income | -12.6 | -11.3 | -13.3 | -27.1 | -5.6 | 9.0 | 24.7 | 3.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BL: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
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.
Ranked against 743 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TSM | $11.16T | — | — | — | — | — | — | — | — | — | 3,121 |
| NVDA | $5.33T | 44.8× | 40.0× | 24.7× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | 0.1× | 5,582 |
| AAPL | $4.98T | 45.2× | 34.8× | 12.0× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.6× | 5,858 |
| MSFT | $3.70T | 27.7× | 19.6× | 11.1× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.2× | 5,944 |
| AVGO | $1.65T | 72.8× | 65.1× | 25.8× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 2.5× | 4,442 |
| MU | $1.10T | 128.8× | 60.7× | 29.3× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.7× | 2,894 |
| AMD | $888.5B | 205.7× | 210.2× | 25.6× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | 0.8× | 3,059 |
| INTC | $543.3B | — | 67.4× | 10.3× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 5.5× | 2,495 |
| CSCO | $436.6B | 43.2× | 36.6× | 7.7× | 5.3% | 64.9% | 18.0% | 21.7% | 13.6% | 2.3× | 3,560 |
| PLTR | $421.4B | 279.8× | 291.6× | 94.2× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | — | 2,883 |
| DELL | $383.6B | 67.8× | 36.1× | 3.4× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 2.8× | 1,564 |
| LRCX | $341.7B | 64.9× | 54.5× | 18.5× | 23.7% | 48.7% | 29.1% | 54.3% | 37.4% | 0.7× | 2,500 |
| RPAY | $338.0B | — | — | 1092.8× | -1.2% | 75.0% | -83.0% | -53.0% | -28.2% | -1.7× | 142 |
| AMAT | $331.0B | 48.2× | 38.1× | 11.7× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | 0.8× | 2,826 |
| UMC | $307.4B | — | — | — | — | — | — | — | — | — | 302 |
| ARM | $281.9B | 311.6× | 242.9× | 57.3× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | — | 730 |
| SAP | $262.5B | — | — | — | — | — | — | — | — | — | 794 |
| ANET | $250.7B | 72.6× | 63.3× | 27.8× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | — | 1,930 |
| PANW | $250.5B | 234.4× | 156.5× | 27.2× | 14.9% | 73.4% | 12.3% | 14.5% | 14.5% | — | 2,374 |
| SNDK | $235.7B | — | — | 32.0× | 10.4% | 30.1% | -22.3% | -17.8% | -14.8% | -1.5× | 1,127 |
| TXN | $234.6B | 47.4× | 30.9× | 13.3× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.8× | 2,345 |
| CRM | $225.6B | 31.1× | 24.4× | 5.4× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 1.5× | 2,547 |
| IBM | $222.8B | 21.3× | — | 3.3× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | — | 3,351 |
| MRVL | $204.0B | 78.4× | 133.3× | 24.9× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 2.9× | 1,477 |
| QCOM | $202.7B | 37.7× | 15.2× | 4.6× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 1.1× | 2,611 |
| BL | $1.7B | 73.1× | 22.7× | 2.4× | 7.2% | 75.2% | 3.5% | 7.4% | 7.4% | — | 266 |
Peers = companies sharing BL's sector (Technology) 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.