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Held by 1,268 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $172.58 today, the market must believe free cash flow compounds 23.9%/yr for a decade (off $1.9B normalized FCF).
The market's 23.9% is more conservative than its 9-yr track record.
2-stage DCF · 0.74B shares · net debt -$1.5B
mean 26.8% · volatility σ 16% · implied rate exceeded in 4/9 yrs
Central path = implied 23.9%/yr growth; shaded band = ±1σ (16%) 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
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.
No dividend to cover. Last year: $0 dividends + $2.3B buybacks = $2.3B returned on $2.2B 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: 83%. 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.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~2.0% on $996M of debt.
Cash of $2.5B fully covers short-term debt of $500M.
Mostly short-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
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
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 | $6.80B 100.0% | $5.96B 100.0% | $5.30B 100.0% | $4.42B 100.0% | $3.34B 100.0% | $2.59B 100.0% | $2.16B 100.0% | $1.80B 100.0% | $1.49B 100.0% | $1.28B 100.0% |
| Cost of Revenue | $1.33B 19.5% | $1.16B 19.4% | $1.24B 23.3% | $1.08B 24.6% | $783.0M 23.4% | $570.0M 22.0% | $505.9M 23.4% | $450.4M 25.0% | $385.3M 25.8% | $337.8M 26.5% |
| Cost of Products | — | — | — | — | — | — | — | $291.0M 16.1% | $243.8M 16.3% | $209.0M 16.4% |
| Cost of Services | — | — | — | — | — | — | — | $159.4M 8.8% | $141.5M 9.5% | $128.8M 10.1% |
| Gross Profit | $5.47B 80.5% | $4.80B 80.6% | $4.07B 76.7% | $3.33B 75.4% | $2.56B 76.6% | $2.02B 78.0% | $1.66B 76.6% | $1.35B 75.0% | $1.11B 74.2% | $937.6M 73.5% |
| Research & Development | $815.5M 12.0% | $716.8M 12.0% | $613.8M 11.6% | $512.4M 11.6% | $424.2M 12.7% | $341.4M 13.2% | $277.1M 12.8% | $244.5M 13.5% | $210.6M 14.1% | $183.1M 14.4% |
| Selling, General & Admin | $233.4M 3.4% | $237.8M 4.0% | $211.3M 4.0% | $169.0M 3.8% | $143.5M 4.3% | $119.5M 4.6% | $102.1M 4.7% | $93.0M 5.2% | $87.9M 5.9% | $81.1M 6.4% |
| Total Operating Expenses | $3.39B 49.8% | $2.99B 50.3% | $2.83B 53.3% | $2.36B 53.5% | $1.91B 57.1% | $1.49B 57.5% | $1.31B 60.4% | $1.12B 62.1% | $999.8M 66.9% | $894.7M 70.2% |
| Operating Income | $2.08B 30.7% | $1.80B 30.3% | $1.24B 23.4% | $969.6M 21.9% | $650.4M 19.5% | $531.8M 20.5% | $351.0M 16.2% | $234.4M 13.0% | $109.8M 7.3% | $42.9M 3.4% |
| Interest Expense | $20.1M 0.3% | $20.0M 0.3% | $21.0M 0.4% | $18.0M 0.4% | $14.9M 0.4% | $0 0.0% | $0 0.0% | — | — | — |
| Other Income (Expense), net | $55.3M 0.8% | $119.9M 2.0% | -$6.1M -0.1% | -$13.5M -0.3% | -$11.6M -0.3% | -$7.8M -0.3% | -$7.5M -0.3% | -$6.6M -0.4% | $700K 0.0% | -$7.1M -0.6% |
| Pretax Income | $2.28B 33.6% | $2.06B 34.6% | $1.33B 25.1% | $955.5M 21.6% | $628.4M 18.8% | $541.7M 20.9% | $386.0M 17.8% | $254.3M 14.1% | $124.0M 8.3% | $43.1M 3.4% |
| Income Tax Expense | $439.1M 6.5% | $283.9M 4.8% | $143.8M 2.7% | $30.8M 0.7% | $14.1M 0.4% | $53.2M 2.1% | $54.3M 2.5% | -$80.6M -4.5% | $92.6M 6.2% | $10.9M 0.9% |
| Net Income | $1.85B 27.3% | $1.75B 29.3% | $1.15B 21.6% | $857.3M 19.4% | $606.8M 18.2% | $488.5M 18.8% | $331.7M 15.3% | $334.9M 18.6% | $31.4M 2.1% | $32.2M 2.5% |
| Per Share | ||||||||||
| EPS (Basic) | $2.45 | $2.28 | $1.47 | $1.08 | $0.74 | $0.60 | $1.94 | $1.98 | $0.18 | $0.19 |
| EPS (Diluted) | $2.42 | $2.26 | $1.46 | $1.06 | $0.73 | $0.58 | $1.90 | $1.92 | $0.18 | $0.18 |
| Weighted Avg Shares (Basic) | 758.0M | 764.4M | 778.6M | 791.4M | 816.1M | 821.0M | 171.0M | 169.1M | 174.3M | 172.6M |
| Weighted Avg Shares (Diluted) | 764.6M | 771.9M | 788.2M | 805.3M | 835.3M | 838.3M | 175.0M | 174.2M | 178.1M | 176.3M |
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 · 95th 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
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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 25.0 | 23.4 | 22.0 | 23.4 | 24.6 | 23.3 | 19.4 | 19.5 |
| Gross Profit | 75.0 | 76.6 | 78.0 | 76.6 | 75.4 | 76.7 | 80.6 | 80.5 |
| R&D | 13.5 | 12.8 | 13.2 | 12.7 | 11.6 | 11.6 | 12.0 | 12.0 |
| SG&A | 5.2 | 4.7 | 4.6 | 4.3 | 3.8 | 4.0 | 4.0 | 3.4 |
| Operating Income | 13.0 | 16.2 | 20.5 | 19.5 | 21.9 | 23.4 | 30.3 | 30.7 |
| Income Tax | -4.5 | 2.5 | 2.1 | 0.4 | 0.7 | 2.7 | 4.8 | 6.5 |
| Net Income | 18.6 | 15.3 | 18.8 | 18.2 | 19.4 | 21.6 | 29.3 | 27.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FTNT: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
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 | $10.83T | — | — | — | — | — | — | — | — | — | 3,121 |
| NVDA | $5.20T | 43.6× | 39.0× | 24.1× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | 0.1× | 5,582 |
| AAPL | $4.91T | 44.6× | 34.3× | 11.8× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.6× | 5,858 |
| MSFT | $3.64T | 27.3× | 19.3× | 11.0× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.2× | 5,944 |
| AVGO | $1.61T | 71.2× | 63.6× | 25.2× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 2.5× | 4,442 |
| MU | $1.04T | 122.1× | 57.5× | 27.8× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.7× | 2,894 |
| AMD | $835.4B | 193.4× | 197.6× | 24.1× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | 0.8× | 3,059 |
| INTC | $504.6B | — | 62.9× | 9.6× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 5.5× | 2,495 |
| CSCO | $426.7B | 42.3× | 35.8× | 7.5× | 5.3% | 64.9% | 18.0% | 21.7% | 13.6% | 2.3× | 3,560 |
| PLTR | $416.9B | 276.7× | 288.5× | 93.2× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | — | 2,883 |
| DELL | $367.3B | 64.9× | 34.6× | 3.2× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 2.8× | 1,564 |
| LRCX | $341.6B | 64.9× | 54.5× | 18.5× | 23.7% | 48.7% | 29.1% | 54.3% | 37.4% | 0.7× | 2,500 |
| AMAT | $329.4B | 48.0× | 37.9× | 11.6× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | 0.8× | 2,826 |
| RPAY | $325.1B | — | — | 1051.3× | -1.2% | 75.0% | -83.0% | -53.0% | -28.2% | -1.7× | 142 |
| UMC | $283.0B | — | — | — | — | — | — | — | — | — | 302 |
| SAP | $261.9B | — | — | — | — | — | — | — | — | — | 794 |
| ARM | $259.6B | 287.0× | 223.6× | 52.8× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | — | 730 |
| PANW | $250.9B | 234.8× | 156.8× | 27.2× | 14.9% | 73.4% | 12.3% | 14.5% | 14.5% | — | 2,374 |
| ANET | $248.2B | 71.8× | 62.7× | 27.6× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | — | 1,930 |
| TXN | $236.9B | 47.8× | 31.2× | 13.4× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.8× | 2,345 |
| CRM | $232.8B | 32.1× | 25.2× | 5.6× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 1.5× | 2,547 |
| IBM | $222.5B | 21.3× | — | 3.3× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | — | 3,351 |
| SNDK | $221.9B | — | — | 30.2× | 10.4% | 30.1% | -22.3% | -17.8% | -14.8% | -1.5× | 1,127 |
| QCOM | $198.5B | 36.9× | 14.9× | 4.5× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 1.1× | 2,611 |
| MRVL | $194.6B | 74.8× | 127.2× | 23.8× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 2.9× | 1,477 |
| FTNT | $127.6B | 71.0× | 56.4× | 18.8× | 14.2% | 80.5% | 27.3% | 150% | 83.0% | 0.4× | 1,268 |
Peers = companies sharing FTNT'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.