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Held by 937 of 5,944 reporting institutions (99th 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
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $266.67 today, the market must believe free cash flow compounds 8.8%/yr for a decade (off $1.3B normalized FCF).
The market's 8.8% is more conservative than its 9-yr track record.
2-stage DCF · 0.10B shares · net debt -$774M
mean 41.1% · volatility σ 57% · implied rate exceeded in 6/9 yrs
Central path = implied 8.8%/yr growth; shaded band = ±1σ (57%) 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.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Comfortably covers interest; leverage falling year-over-year.
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.
The dividend is comfortably covered — only 17% of free cash flow, leaving room to grow it and fund buybacks. Last year: $284M dividends + $67M buybacks = $351M returned on $1.7B FCF.
9 consecutive years of dividend increases · 12%/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: 17%. 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.
Cash of $2.2B covers all $875M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2020-03-31 (10-Q).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.6% on $1.4B of debt.
Cash of $2.2B fully covers short-term debt of $0.
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 2026-09-17
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 | $4.71B 100.0% | $4.09B 100.0% | $3.77B 100.0% | $3.96B 100.0% | $3.49B 100.0% | $3.43B 100.0% | $2.50B 100.0% | $2.77B 100.0% | $2.23B 100.0% | $703.1M 100.0% |
| Cost of Revenue | $2.29B 48.5% | $2.02B 49.4% | $1.86B 49.2% | $2.22B 56.0% | $2.02B 57.8% | $2.17B 63.4% | $1.36B 54.5% | $1.55B 56.0% | $1.23B 55.3% | $136.7M 19.4% |
| Gross Profit | $2.43B 51.5% | $2.07B 50.6% | $1.92B 50.8% | $1.74B 44.0% | $1.48B 42.2% | $1.25B 36.6% | $1.14B 45.5% | $1.22B 44.0% | $995.6M 44.7% | $566.4M 80.6% |
| Total Operating Expenses | $962.0M 20.4% | $974.0M 23.8% | $860.1M 22.8% | $1.25B 31.6% | $670.2M 19.2% | $592.1M 17.3% | $599.7M 24.0% | $617.5M 22.3% | $623.7M 28.0% | $268.2M 38.1% |
| Operating Income | $1.47B 31.1% | $1.10B 26.8% | $1.06B 28.0% | $489.6M 12.4% | $805.9M 23.1% | $662.2M 19.3% | $537.2M 21.5% | $599.4M 21.6% | $371.9M 16.7% | $298.2M 42.4% |
| Interest Expense | $52.3M 1.1% | $51.5M 1.3% | $62.4M 1.7% | $60.0M 1.5% | $48.0M 1.4% | $38.7M 1.1% | $37.8M 1.5% | $40.5M 1.5% | $42.6M 1.9% | $5.7M 0.8% |
| Interest & Investment Income | $49.4M 1.0% | $27.3M 0.7% | $12.0M 0.3% | $3.6M 0.1% | $600K 0.0% | $1.1M 0.0% | $1.9M 0.1% | $2.3M 0.1% | $1.3M 0.1% | — |
| Other Income (Expense), net | $9.6M 0.2% | -$19.4M -0.5% | $600K 0.0% | -$7.5M -0.2% | -$3.4M -0.1% | $35.8M 1.0% | $100K 0.0% | $10.0M 0.4% | $3.8M 0.2% | $14.1M 2.0% |
| Pretax Income | $1.57B 33.2% | $1.08B 26.5% | $1.05B 27.8% | $432.9M 10.9% | $756.1M 21.6% | $660.4M 19.3% | $501.4M 20.1% | $571.2M 20.6% | $334.4M 15.0% | $306.6M 43.6% |
| Income Tax Expense | $466.6M 9.9% | $318.9M 7.8% | $286.2M 7.6% | $197.9M 5.0% | $227.1M 6.5% | $192.2M 5.6% | $130.6M 5.2% | $146.0M 5.3% | -$66.2M -3.0% | $120.9M 17.2% |
| Net Income | $1.10B 23.3% | $764.9M 18.7% | $761.4M 20.2% | $235.0M 5.9% | $529.0M 15.1% | $468.2M 13.7% | $374.9M 15.0% | $426.5M 15.4% | $401.7M 18.0% | $186.8M 26.6% |
| Per Share | ||||||||||
| EPS (Basic) | $10.46 | $7.24 | $7.16 | $2.20 | $4.93 | $4.28 | $3.35 | $3.78 | $3.70 | $2.27 |
| EPS (Diluted) | $10.42 | $7.21 | $7.13 | $2.19 | $4.92 | $4.27 | $3.34 | $3.76 | $3.69 | $2.27 |
| Weighted Avg Shares (Basic) | 104.7M | 105.1M | 105.8M | 106.3M | 107.0M | 109.1M | 111.4M | 111.8M | 107.2M | 81.4M |
| Weighted Avg Shares (Diluted) | 105.1M | 105.5M | 106.2M | 106.7M | 107.2M | 109.3M | 111.8M | 112.2M | 107.5M | 81.4M |
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.
EOD close · as of 2026-09-17
No material risks flagged.
Where each multiple sits in its own 14-yr range · 68th 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
Returns are margin-driven, not leverage-driven — higher quality.
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 2.2× 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 | 56.0 | 54.5 | 63.4 | 57.8 | 56.0 | 49.2 | 49.4 | 48.5 |
| Gross Profit | 44.0 | 45.5 | 36.6 | 42.2 | 44.0 | 50.8 | 50.6 | 51.5 |
| Operating Income | 21.6 | 21.5 | 19.3 | 23.1 | 12.4 | 28.0 | 26.8 | 31.1 |
| Income Tax | 5.3 | 5.2 | 5.6 | 6.5 | 5.0 | 7.6 | 7.8 | 9.9 |
| Net Income | 15.4 | 15.0 | 13.7 | 15.1 | 5.9 | 20.2 | 18.7 | 23.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CBOE: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 838 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| JPM | $941.8B | 17.4× | — | 5.2× | 2.8% | — | 31.3% | 15.7% | 13.4% | — | 4,823 |
| V | $694.5B | — | — | 17.4× | 11.3% | — | 50.1% | 52.9% | 31.8% | — | 4,229 |
| MA | $512.0B | 34.3× | — | 15.6× | 16.4% | — | 45.6% | 193% | 56.0% | — | 3,430 |
| BAC | $419.6B | 15.3× | — | 3.7× | 6.8% | — | 27.0% | 10.1% | 4.9% | — | 3,337 |
| GS | $282.1B | 18.5× | — | — | — | — | — | 13.7% | 3.6% | — | 2,857 |
| WFC | $268.7B | 13.9× | — | — | — | — | — | 11.8% | 5.7% | — | 2,691 |
| AXP | $213.5B | 20.2× | — | 5.2× | 6.4% | — | 26.2% | 32.4% | 11.9% | — | 2,787 |
| TYFG | $191.9B | 14.2× | — | 11135.5× | 10.2% | — | 79.3% | 8.7% | 8.7% | — | 1 |
| SCHW | $188.8B | 22.5× | — | 7.9× | 22.0% | — | 37.0% | 17.9% | 17.9% | — | 2,225 |
| HDB | $173.4B | 21.8× | — | 6.8× | 15.2% | — | 30.8% | 8.8% | 4.5% | — | 570 |
| UBS | $169.2B | — | — | — | — | — | — | — | — | — | 660 |
| BLK | $163.4B | 29.9× | — | 6.8× | 89.3% | — | 22.9% | 9.9% | 8.1% | — | 2,196 |
| GLD | $134.4B | — | — | — | — | — | — | — | — | — | 3,072 |
| CB | $133.7B | 13.3× | — | 2.3× | 6.5% | — | 17.4% | 14.0% | 11.3% | — | 2,002 |
| PGR | $126.8B | 11.3× | — | 1.4× | 16.3% | — | 12.9% | 37.3% | 37.3% | — | 1,685 |
| SPGI | $120.7B | 27.6× | 17.3× | 7.9× | 7.9% | 70.2% | 29.2% | 14.4% | 10.1% | 1.7× | 2,005 |
| HOOD | $97.6B | 53.6× | — | 21.8× | 51.6% | — | 42.1% | 20.6% | 20.6% | — | 1,230 |
| CME | $97.5B | 24.3× | — | 15.0× | 6.4% | — | 62.5% | 14.2% | 14.2% | — | 1,699 |
| USB | $96.4B | 13.0× | — | 3.4× | 4.4% | — | 26.4% | 11.6% | 9.2% | — | 1,901 |
| BX | $93.9B | 32.4× | — | 6.5× | 9.2% | — | 20.9% | 34.8% | 14.2% | — | 2,037 |
| PNC | $91.9B | 14.0× | — | 4.0× | 7.2% | — | 30.3% | 11.5% | 5.9% | — | 1,839 |
| AMUB | $89.8B | — | — | — | — | — | — | — | — | — | 7 |
| KKR | $87.5B | — | — | 4.5× | -11.0% | — | 12.2% | 7.7% | 7.7% | — | 1,216 |
| ICE | $86.9B | 26.6× | 20.6× | 6.9× | 7.5% | — | 26.2% | 11.5% | 6.8% | 3.8× | 1,641 |
| MRSH | $84.7B | 20.7× | 15.4× | 3.1× | 10.3% | — | 15.4% | 27.2% | 11.9% | 3.0× | 1,471 |
| CBOE | $27.9B | 25.6× | 17.1× | 5.9× | 15.1% | 51.5% | 23.3% | 21.4% | 16.7% | 0.9× | 937 |
Peers = companies sharing CBOE's sector (Financial Services) 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.