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Held by 1,230 of 5,944 reporting institutions (99th percentile) — extremely crowded.
Data as of Q1 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $88.25 today, the market must believe free cash flow compounds 23.8%/yr for a decade (off $756M normalized FCF).
The market's 23.8% is more optimistic than its 9-yr track record.
2-stage DCF · 0.58B shares · net debt -$2.3B
mean 44.8% · volatility σ 131% · implied rate exceeded in 4/9 yrs
Central path = implied 23.8%/yr growth; shaded band = ±1σ (131%) 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.
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.
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.
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
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 | $1.24T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.03T | 50.2× | — | 15.9× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $894.1B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $650.5B | 24.5× | — | 6.9× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $467.1B | 111.9× | 33.4× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $368.2B | 20.2× | — | 5.7× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $339.9B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $257.7B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $248.2B | 37.1× | 31.9× | 5.6× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $204.6B | 26.7× | 17.6× | 5.6× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $187.3B | 22.3× | 20.4× | 6.4× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.0B | 27.5× | 19.2× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $157.1B | 20.3× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $150.2B | 42.1× | 31.0× | 6.1× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $136.2B | 48.7× | 37.5× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $131.1B | 33.7× | 28.8× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $127.8B | 18.2× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.8B | 24.9× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| CVS | $114.7B | 64.9× | 11.5× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $107.1B | 33.4× | 18.4× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $102.5B | 22.9× | 16.2× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.4B | 15.1× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.4B | 16.4× | 15.5× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $82.6B | 19.0× | 19.8× | 5.8× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| CI | $72.7B | 12.4× | 5.5× | 0.3× | 11.2% | 21.8% | 2.2% | 14.3% | 14.1% | 0.0× | 1,583 |
| EW | $51.2B | 48.2× | 34.4× | 8.4× | 11.5% | 78.0% | 17.7% | 10.4% | 9.8% | 0.4× | 1,230 |
Peers = companies sharing EW'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.
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 | $6.07B 100.0% | $5.44B 100.0% | $5.01B 100.0% | $4.46B 100.0% | $5.23B 100.0% | $4.39B 100.0% | $4.35B 100.0% | $3.72B 100.0% | $3.44B 100.0% | $2.96B 100.0% |
| Cost of Revenue | $1.33B 22.0% | $1.12B 20.5% | $978.4M 19.5% | $723.7M 16.2% | $1.25B 23.9% | $1.08B 24.6% | $1.11B 25.6% | $939.4M 25.2% | $875.3M 25.5% | $797.4M 26.9% |
| Gross Profit | $4.73B 78.0% | $4.32B 79.5% | $4.03B 80.5% | $3.74B 83.8% | $3.98B 76.1% | $3.31B 75.4% | $3.23B 74.4% | $2.78B 74.8% | $2.56B 74.5% | $2.17B 73.1% |
| Research & Development | $1.08B 17.8% | $1.05B 19.4% | $962.9M 19.2% | $843.6M 18.9% | $903.1M 17.3% | $760.7M 17.3% | $752.7M 17.3% | $622.2M 16.7% | $552.6M 16.1% | $442.2M 14.9% |
| Selling, General & Admin | $2.09B 34.4% | $1.79B 32.9% | $1.58B 31.6% | $1.36B 30.4% | $1.49B 28.5% | $1.23B 28.0% | $1.24B 28.6% | $1.09B 29.2% | $990.8M 28.8% | $904.7M 30.5% |
| Operating Income | $1.26B 20.8% | $1.38B 25.3% | $1.31B 26.1% | $1.50B 33.6% | $1.69B 32.3% | $897.6M 20.5% | $1.15B 26.4% | $748.2M 20.1% | $1.09B 31.7% | $751.2M 25.3% |
| Interest Expense | $20.4M 0.3% | $19.8M 0.4% | $17.6M 0.4% | $19.2M 0.4% | $18.4M 0.4% | $15.8M 0.4% | $20.7M 0.5% | $29.9M 0.8% | $23.2M 0.7% | $19.2M 0.6% |
| Interest & Investment Income | $168.8M 2.8% | $120.3M 2.2% | $67.2M 1.3% | $35.5M 0.8% | $17.4M 0.3% | $23.4M 0.5% | $32.2M 0.7% | $32.0M 0.9% | $20.3M 0.6% | $10.8M 0.4% |
| Other Income (Expense), net | $8.7M 0.1% | $169.4M 3.1% | $63.5M 1.3% | $21.1M 0.5% | $12.7M 0.2% | $11.5M 0.3% | $8.2M 0.2% | $4.0M 0.1% | -$1.4M -0.0% | -$4.9M -0.2% |
| Pretax Income | $1.27B 21.0% | $1.55B 28.5% | $1.37B 27.4% | $1.52B 34.0% | $1.70B 32.5% | $916.7M 20.9% | $1.17B 26.8% | $761.4M 20.5% | $1.03B 30.1% | $737.9M 24.9% |
| Income Tax Expense | $216.9M 3.6% | $152.1M 2.8% | $152.4M 3.0% | $195.5M 4.4% | $198.9M 3.8% | $93.3M 2.1% | $119.6M 2.8% | $39.2M 1.1% | $451.3M 13.1% | $168.4M 5.7% |
| Net Income | $1.07B 17.7% | $4.17B 76.7% | $1.40B 28.0% | $1.52B 34.1% | $1.50B 28.7% | — | — | — | — | — |
| Per Share | ||||||||||
| EPS (Basic) | $1.84 | $6.98 | $2.31 | $2.46 | $2.41 | $1.32 | $1.68 | $1.15 | $2.77 | $2.67 |
| EPS (Diluted) | $1.83 | $6.97 | $2.30 | $2.44 | $2.38 | $1.30 | $1.64 | $1.13 | $2.70 | $2.61 |
| Weighted Avg Shares (Basic) | 584.8M | 597.7M | 606.7M | 619.0M | 623.3M | 622.6M | 624.8M | 627.6M | 210.9M | 213.0M |
| Weighted Avg Shares (Diluted) | 585.8M | 599.3M | 609.4M | 624.2M | 631.2M | 631.9M | 636.7M | 640.9M | 215.9M | 217.8M |
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.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Comfortably covers interest; leverage rising 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 + $893M buybacks = $893M returned on $1.3B 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).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 10%. 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 $2.9B covers all $600M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2018-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.4% on $598M of debt.
Cash vs short-term debt unavailable.
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
No material risks flagged.
Where each multiple sits in its own 14-yr range · 77th 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
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 | 25.2 | 25.6 | 24.6 | 23.9 | 16.2 | 19.5 | 20.5 | 22.0 |
| Gross Profit | 74.8 | 74.4 | 75.4 | 76.1 | 83.8 | 80.5 | 79.5 | 78.0 |
| R&D | 16.7 | 17.3 | 17.3 | 17.3 | 18.9 | 19.2 | 19.4 | 17.8 |
| SG&A | 29.2 | 28.6 | 28.0 | 28.5 | 30.4 | 31.6 | 32.9 | 34.4 |
| Operating Income | 20.1 | 26.4 | 20.5 | 32.3 | 33.6 | 26.1 | 25.3 | 20.8 |
| Income Tax | 1.1 | 2.8 | 2.1 | 3.8 | 4.4 | 3.0 | 2.8 | 3.6 |
| Net Income | — | — | — | 28.7 | 34.1 | 28.0 | 76.7 | 17.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EW: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.