Loading institutional data...
Loading institutional data...
Held by 182 of 5,944 reporting institutions (91th percentile) — extremely crowded.
Data as of Q1 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading quality & risk...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
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.
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 | $379.8M 100.0% | $333.8M 100.0% | $280.3M 100.0% | $321.8M 100.0% | $296.4M 100.0% | $192.2M 100.0% | $127.1M 100.0% | $76.6M 100.0% | $48.3M 100.0% | $40.6M 100.0% |
| Cost of Revenue | — | — | — | — | — | — | $45.5M 35.8% | $33.0M 43.1% | $21.4M 44.2% | $10.2M 25.2% |
| Cost of Products | — | — | — | — | — | — | — | — | $9.0M 18.7% | $10.2M 25.2% |
| Cost of Services | — | — | — | — | — | — | — | — | $12.3M 25.5% | $10.9M 26.8% |
| Gross Profit | — | — | — | — | — | — | $81.6M 64.2% | $43.6M 56.9% | $27.0M 55.8% | — |
| Research & Development | $71.4M 18.8% | $72.5M 21.7% | $82.4M 29.4% | $90.4M 28.1% | $76.5M 25.8% | $48.9M 25.5% | $30.7M 24.2% | $14.5M 19.0% | $12.4M 25.6% | $12.4M 30.5% |
| Selling, General & Admin | $107.6M 28.3% | $125.1M 37.5% | $118.8M 42.4% | $100.4M 31.2% | $75.0M 25.3% | $48.8M 25.4% | $36.5M 28.8% | $23.0M 30.0% | $20.1M 41.6% | $20.7M 51.0% |
| Total Operating Expenses | $410.6M 108.1% | $293.0M 87.8% | $483.7M 172.5% | $399.0M 124.0% | $326.1M 110.0% | $214.7M 111.7% | $151.6M 119.3% | $92.1M 120.3% | $47.2M 97.8% | $78.0M 191.9% |
| Operating Income | -$30.8M -8.1% | $40.8M 12.2% | -$203.4M -72.5% | -$77.2M -24.0% | -$29.7M -10.0% | -$22.5M -11.7% | -$24.5M -19.3% | -$15.6M -20.3% | -$20.3M -42.0% | -$37.3M -91.9% |
| Other Income (Expense), net | $9.7M 2.6% | $12.1M 3.6% | $13.2M 4.7% | $997K 0.3% | -$2.4M -0.8% | $2.8M 1.4% | $585K 0.5% | -$32.6M -42.6% | -$37.0M -76.5% | -$1.9M -4.7% |
| Pretax Income | -$21.1M -5.6% | $52.9M 15.8% | -$190.1M -67.8% | -$76.2M -23.7% | -$32.1M -10.8% | -$19.8M -10.3% | -$23.9M -18.8% | -$48.2M -63.0% | -$57.3M -118.5% | -$41.4M -101.8% |
| Income Tax Expense | $271K 0.1% | $310K 0.1% | $141K 0.1% | $379K 0.1% | -$1.4M -0.5% | -$1.0M -0.5% | -$2.0M -1.6% | -$1.4M -1.9% | -$1.7M -3.5% | -$1.6M -4.0% |
| Net Income | -$21.4M -5.6% | $52.5M 15.7% | -$190.3M -67.9% | -$76.6M -23.8% | -$30.7M -10.3% | -$18.7M -9.7% | -$22.0M -17.3% | -$46.8M -61.1% | -$55.5M -114.8% | -$39.5M -97.1% |
| Per Share | ||||||||||
| EPS (Basic) | $-0.40 | $1.00 | $-3.54 | $-1.44 | $-0.59 | $-0.40 | $-0.52 | $-1.31 | $-2.38 | $-2.39 |
| EPS (Diluted) | $-0.40 | $0.93 | $-3.54 | $-1.44 | $-0.59 | $-0.40 | $-0.52 | $-1.31 | $-2.38 | $-2.39 |
| Weighted Avg Shares (Basic) | 53.3M | 52.8M | 53.8M | 53.3M | 52.2M | 46.5M | 42.2M | 35.6M | 23.3M | 16.5M |
| Weighted Avg Shares (Diluted) | 53.3M | 56.6M | 53.8M | 53.3M | 52.2M | 46.5M | 42.2M | 35.6M | 23.3M | 16.5M |
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.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
4/7 of the 9 checks — 2 couldn't be scored (see above), so the score is out of the 7 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.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
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 + $88M buybacks = $88M returned.
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).
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).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
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.
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
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
Where each multiple sits in its own 12-yr range · 74th 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
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
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 | 43.1 | 35.8 | — | — | — | — | — | — |
| Gross Profit | 56.9 | 64.2 | — | — | — | — | — | — |
| R&D | 19.0 | 24.2 | 25.5 | 25.8 | 28.1 | 29.4 | 21.7 | 18.8 |
| SG&A | 30.0 | 28.8 | 25.4 | 25.3 | 31.2 | 42.4 | 37.5 | 28.3 |
| Operating Income | -20.3 | -19.3 | -11.7 | -10.0 | -24.0 | -72.5 | 12.2 | -8.1 |
| Income Tax | -1.9 | -1.6 | -0.5 | -0.5 | 0.1 | 0.1 | 0.1 | 0.1 |
| Net Income | -61.1 | -17.3 | -9.7 | -10.3 | -23.8 | -67.9 | 15.7 | -5.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CDNA: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 1085 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.20T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.02T | 49.6× | — | 15.7× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $916.2B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $643.4B | 24.2× | — | 6.8× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $464.4B | 111.2× | 33.2× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $362.6B | 19.9× | — | 5.6× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $340.0B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $252.6B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $244.5B | 36.5× | 31.5× | 5.5× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $202.8B | 26.4× | 17.4× | 5.5× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $183.3B | 21.8× | 20.0× | 6.2× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.2B | 27.5× | 19.3× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $156.1B | 20.2× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $147.3B | 41.3× | 30.5× | 6.0× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $135.8B | 48.6× | 37.3× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $130.4B | 33.5× | 28.6× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $129.4B | 18.4× | — | 2.7× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.5B | 24.8× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| LGVN | $117.4B | — | — | 97924.4× | -49.9% | 67.0% | -1894% | -400% | -400% | — | 31 |
| CVS | $116.6B | 66.0× | 11.7× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $108.8B | 33.9× | 18.7× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $103.4B | 23.1× | 16.3× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.7B | 15.2× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.1B | 16.4× | 15.4× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $81.0B | 18.7× | 19.4× | 5.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| CDNA | $2.7B | — | — | 7.2× | 13.8% | — | -5.6% | -7.0% | -7.0% | — | 182 |
Peers = companies sharing CDNA's sector (Healthcare) 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.