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Institutional distribution: ownership decreased -2.37% quarter-over-quarter.
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $0.96 today, the market must believe free cash flow compounds -23.7%/yr for a decade (off $40M normalized FCF).
The market's -23.7% is more conservative than its 5-yr track record.
2-stage DCF · 0.11B shares · net debt $1M
mean 14.6% · volatility σ 31% · implied rate exceeded in 5/5 yrs
Central path = implied -23.7%/yr growth; shaded band = ±1σ (31%) 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.
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 |
|---|---|---|---|---|---|---|
| Revenue | $241.5M 100.0% | $252.2M 100.0% | $251.4M 100.0% | $222.7M 100.0% | $166.2M 100.0% | $118.3M 100.0% |
| Cost of Revenue | $58.2M 24.1% | $54.7M 21.7% | $47.5M 18.9% | $42.6M 19.1% | — | — |
| Gross Profit | $183.3M 75.9% | $197.5M 78.3% | $203.9M 81.1% | $180.0M 80.9% | $125.5M 75.5% | $87.8M 74.2% |
| Research & Development | $34.8M 14.4% | $36.5M 14.5% | $42.4M 16.9% | $34.9M 15.7% | $18.6M 11.2% | $11.1M 9.3% |
| Selling, General & Admin | $51.6M 21.4% | $49.3M 19.5% | $58.9M 23.4% | $51.6M 23.2% | $32.9M 19.8% | $14.4M 12.1% |
| Total Operating Expenses | $407.5M 168.7% | $908.3M 360.1% | $533.7M 212.3% | $224.1M 100.6% | $152.8M 92.0% | $103.7M 87.7% |
| Operating Income | -$224.3M -92.9% | -$710.8M -281.8% | -$329.8M -131.2% | -$44.0M -19.8% | -$27.3M -16.4% | -$15.9M -13.4% |
| Interest Expense | $11.3M 4.7% | $14.8M 5.9% | $15.2M 6.0% | $11.2M 5.0% | $25.9M 15.6% | $36.5M 30.8% |
| Interest & Investment Income | $7.0M 2.9% | $14.6M 5.8% | $13.6M 5.4% | $2.8M 1.3% | $29K 0.0% | — |
| Other Income (Expense), net | $15.0M 6.2% | $77.1M 30.6% | $21.6M 8.6% | $2.2M 1.0% | -$35.5M -21.3% | -$36.7M -31.0% |
| Pretax Income | -$209.3M -86.6% | -$633.7M -251.3% | -$308.2M -122.6% | -$41.9M -18.8% | -$62.8M -37.8% | -$52.6M -44.5% |
| Income Tax Expense | -$10.0M -4.1% | -$42.3M -16.8% | -$18.6M -7.4% | -$17.7M -7.9% | -$443K -0.3% | $0 0.0% |
| Net Income | -$138.9M -57.5% | -$413.1M -163.8% | -$202.4M -80.5% | -$7.2M -3.2% | -$17.8M -10.7% | $0 0.0% |
| Per Share | ||||||
| EPS (Basic) | $-1.30 | $-3.54 | $-1.79 | $-0.07 | $-0.19 | — |
| EPS (Diluted) | $-1.30 | $-3.54 | $-1.79 | $-0.07 | $-0.19 | — |
| Weighted Avg Shares (Basic) | 106.7M | 116.6M | 112.8M | 101.1M | 91.9M | — |
| Weighted Avg Shares (Diluted) | 106.7M | 116.6M | 112.8M | 101.1M | 91.9M | — |
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.
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.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; 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.
No dividend to cover. Last year: $0 dividends + $49M buybacks = $49M returned on $37M 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 6 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -26%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 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 $164M covers the $9M due within a year 18.7× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~6.8% on $165M of debt.
Cash of $164M fully covers short-term debt of $9M.
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
Where each multiple sits in its own 5-yr range · 0th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-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 16.2× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cost of Revenue | — | — | 19.1 | 18.9 | 21.7 | 24.1 |
| Gross Profit | 74.2 | 75.5 | 80.9 | 81.1 | 78.3 | 75.9 |
| R&D | 9.3 | 11.2 | 15.7 | 16.9 | 14.5 | 14.4 |
| SG&A | 12.1 | 19.8 | 23.2 | 23.4 | 19.5 | 21.4 |
| Operating Income | -13.4 | -16.4 | -19.8 | -131.2 | -281.8 | -92.9 |
| Income Tax | 0.0 | -0.3 | -7.9 | -7.4 | -16.8 | -4.1 |
| Net Income | 0.0 | -10.7 | -3.2 | -80.5 | -163.8 | -57.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DH: 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 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 |
| DH | $103M | — | — | 0.4× | -4.2% | 75.9% | -57.5% | -36.7% | -25.5% | -0.7× | 113 |
Peers = companies sharing DH'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.