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Institutional accumulation: ownership increased +1.46% 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 $33.29 today, the market must believe free cash flow compounds 2.4%/yr for a decade (off $87M normalized FCF).
The market's 2.4% is more optimistic than its 8-yr track record.
2-stage DCF · 0.02B shares · net debt $593M
mean 98.3% · volatility σ 398% · implied rate exceeded in 3/7 yrs
Central path = implied 2.4%/yr growth; shaded band = ±1σ (398%) 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.
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 | $3.77B 100.0% | $4.31B 100.0% | $4.12B 100.0% | $3.55B 100.0% | $3.08B 100.0% | $2.81B 100.0% | $3.29B 100.0% | $3.18B 100.0% | $2.89B 100.0% | $2.57B 100.0% |
| Cost of Revenue | $3.14B 83.2% | $3.41B 79.2% | $3.33B 80.9% | $3.11B 87.8% | $2.71B 88.2% | $2.35B 83.5% | $2.75B 83.5% | $2.68B 84.4% | $2.38B 82.6% | $2.14B 83.4% |
| Cost of Products | — | — | — | — | — | — | — | — | $2.38B 82.6% | $2.14B 83.4% |
| Gross Profit | $632.8M 16.8% | $895.5M 20.8% | $785.6M 19.1% | $433.9M 12.2% | $363.4M 11.8% | $465.4M 16.5% | $541.8M 16.5% | $497.0M 15.6% | $502.6M 17.4% | $427.5M 16.6% |
| Research & Development | $137.2M 3.6% | $135.9M 3.2% | $119.7M 2.9% | $100.7M 2.8% | $108.3M 3.5% | $100.5M 3.6% | $115.3M 3.5% | $110.9M 3.5% | $104.5M 3.6% | $107.0M 4.2% |
| Selling, General & Admin | $616.5M 16.4% | $628.1M 14.6% | $576.9M 14.0% | $473.0M 13.3% | $450.1M 14.6% | $415.5M 14.8% | $487.9M 14.8% | $458.2M 14.4% | $428.5M 14.9% | $394.6M 15.4% |
| Total Operating Expenses | $654.9M 17.4% | $650.7M 15.1% | $576.9M 14.0% | $473.0M 13.3% | $515.7M 16.8% | $415.5M 14.8% | $487.9M 14.8% | $458.2M 14.4% | $428.5M 14.9% | $394.6M 15.4% |
| Operating Income | -$22.1M -0.6% | $244.8M 5.7% | $208.7M 5.1% | -$39.1M -1.1% | -$152.3M -5.0% | $49.9M 1.8% | $53.9M 1.6% | $38.8M 1.2% | $74.1M 2.6% | $32.9M 1.3% |
| Interest Expense | $31.2M 0.8% | $33.8M 0.8% | $37.3M 0.9% | $28.4M 0.8% | $15.5M 0.5% | $13.7M 0.5% | $19.8M 0.6% | $16.0M 0.5% | $14.6M 0.5% | $6.7M 0.3% |
| Interest & Investment Income | — | — | — | — | $600K 0.0% | $1.4M 0.0% | $1.8M 0.1% | $2.4M 0.1% | $3.6M 0.1% | $2.0M 0.1% |
| Other Income (Expense), net | -$20.8M -0.6% | -$25.8M -0.6% | -$27.7M -0.7% | -$23.3M -0.7% | -$2.6M -0.1% | -$7.7M -0.3% | -$6.0M -0.2% | -$2.2M -0.1% | $19.7M 0.7% | $5.4M 0.2% |
| Pretax Income | -$42.9M -1.1% | $219.0M 5.1% | $181.0M 4.4% | -$62.4M -1.8% | -$154.9M -5.0% | $42.2M 1.5% | $47.9M 1.5% | $36.6M 1.2% | $93.8M 3.3% | $38.3M 1.5% |
| Income Tax Expense | $15.1M 0.4% | $74.8M 1.7% | $52.9M 1.3% | $9.2M 0.3% | $28.3M 0.9% | $3.7M 0.1% | $11.3M 0.3% | $2.3M 0.1% | $44.9M 1.6% | -$4.0M -0.2% |
| Net Income | -$60.1M -1.6% | $142.3M 3.3% | $125.9M 3.1% | -$74.1M -2.1% | -$173.0M -5.6% | $37.1M 1.3% | $35.8M 1.1% | $34.7M 1.1% | $48.6M 1.7% | $42.8M 1.7% |
| Per Share | ||||||||||
| EPS (Basic) | $-3.40 | $8.16 | $7.35 | $-4.38 | $-10.29 | $2.21 | $2.15 | $2.10 | $2.95 | $2.61 |
| EPS (Diluted) | $-3.40 | $8.04 | $7.24 | $-4.38 | $-10.29 | $2.21 | $2.14 | $2.09 | $2.94 | $2.61 |
| Weighted Avg Shares (Basic) | 17.7M | 17.4M | 17.1M | 16.9M | 16.8M | 16.8M | 16.6M | 16.5M | 16.4M | 16.4M |
| Weighted Avg Shares (Diluted) | 17.7M | 17.7M | 17.4M | 16.9M | 16.8M | 16.8M | 16.7M | 16.6M | 16.5M | 16.4M |
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.
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 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.
The dividend exceeds free cash flow (108%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $25M dividends + $5M buybacks = $30M returned on $24M FCF.
9 consecutive years of dividend increases · 2%/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 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: -5%. 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 $123M is below the $235M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~4.4% on $716M of debt.
Cash of $123M is below short-term debt of $242M — relies on refinancing/operations.
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 standout strengths flagged.
Where each multiple sits in its own 14-yr range · 38th 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
High operating leverage: profit moved 8.7× 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 | 84.4 | 83.5 | 83.5 | 88.2 | 87.8 | 80.9 | 79.2 | 83.2 |
| Gross Profit | 15.6 | 16.5 | 16.5 | 11.8 | 12.2 | 19.1 | 20.8 | 16.8 |
| R&D | 3.5 | 3.5 | 3.6 | 3.5 | 2.8 | 2.9 | 3.2 | 3.6 |
| SG&A | 14.4 | 14.8 | 14.8 | 14.6 | 13.3 | 14.0 | 14.6 | 16.4 |
| Operating Income | 1.2 | 1.6 | 1.8 | -5.0 | -1.1 | 5.1 | 5.7 | -0.6 |
| Income Tax | 0.1 | 0.3 | 0.1 | 0.9 | 0.3 | 1.3 | 1.7 | 0.4 |
| Net Income | 1.1 | 1.1 | 1.3 | -5.6 | -2.1 | 3.1 | 3.3 | -1.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on HY: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
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.
Ranked against 651 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LTM | $28.75T | — | — | — | — | — | — | — | — | — | 160 |
| CAT | $364.2B | 41.6× | 29.1× | 5.4× | 4.3% | 33.8% | 13.1% | 41.7% | 15.4% | 2.7× | 3,616 |
| GE | $328.2B | 38.4× | — | 7.2× | 18.5% | — | 19.0% | 46.6% | 22.2% | — | 3,077 |
| RTX | $264.2B | 39.7× | 18.8× | 3.0× | 9.7% | — | 7.6% | 10.3% | 10.3% | 0.0× | 3,277 |
| BA | $204.4B | 81.4× | 41.0× | 2.3× | 34.5% | 4.8% | 2.5% | 41.0% | 3.3% | 10.0× | 2,435 |
| DE | $181.0B | 36.2× | — | 4.0× | -11.7% | — | 11.0% | 19.4% | 12.6% | — | 2,491 |
| ABBNY | $174.3B | 47.1× | 31.1× | 5.4× | 9.5% | 34.8% | 11.9% | 28.5% | 20.4% | 0.9× | 48 |
| UNP | $166.7B | 23.4× | 16.0× | 6.8× | 1.1% | — | 29.1% | 38.7% | 14.2% | 2.6× | 2,648 |
| ETN | $154.3B | 38.1× | — | 5.6× | 10.3% | 37.6% | 14.9% | 21.0% | 13.9% | — | 2,398 |
| HON | $131.9B | 28.2× | 16.2× | 3.5× | 7.8% | 36.9% | 12.6% | 34.0% | 9.8% | 3.6× | 2,694 |
| LMT | $123.0B | 25.0× | 16.1× | 1.6× | 5.6% | 10.2% | 6.7% | 74.6% | 17.7% | 2.5× | 2,807 |
| PH | $117.9B | 33.9× | 26.6× | 5.9× | -0.4% | 36.9% | 17.8% | 25.8% | 16.7% | 1.6× | 1,845 |
| ADP | $108.7B | 25.0× | — | 5.0× | 6.7% | 46.4% | 20.1% | 73.2% | 40.1% | — | 2,179 |
| GD | $97.3B | 23.3× | 17.1× | 1.9× | 10.1% | — | 8.0% | 16.4% | 12.5% | 1.3× | 2,123 |
| TT | $94.0B | 32.5× | 23.2× | 4.4× | 7.5% | — | 13.7% | 34.0% | 22.1% | 1.1× | 1,658 |
| PWR | $92.6B | 91.1× | 46.0× | 3.3× | 20.3% | 15.0% | 3.6% | 11.5% | 10.6% | 0.4× | 1,659 |
| VRT | $91.6B | 70.2× | 43.4× | 8.9× | 27.7% | 36.3% | 13.0% | 33.8% | 19.4% | 1.4× | 1,748 |
| JCI | $91.6B | 27.9× | — | 3.9× | 2.8% | 36.4% | 13.9% | 25.5% | 14.4% | — | 1,487 |
| HWM | $91.5B | 61.4× | 40.3× | 11.1× | 11.1% | — | 18.3% | 28.2% | 17.9% | 1.3× | 1,399 |
| CSX | $89.1B | 31.1× | 14.4× | 6.3× | -3.1% | — | 20.5% | 22.0% | 22.0% | — | 1,791 |
| MMM | $86.2B | 27.1× | 16.6× | 3.5× | 1.5% | 39.9% | 13.0% | 69.1% | 18.8% | 2.1× | 2,051 |
| WM | $86.2B | 31.9× | 12.1× | 3.4× | 14.2% | 40.4% | 10.7% | 27.1% | 25.3% | 0.1× | 2,262 |
| UPS | $83.9B | 15.1× | 9.4× | 0.9× | -2.6% | — | 6.3% | 34.3% | 13.8% | 2.2× | 2,025 |
| EMR | $82.1B | 36.1× | — | 4.6× | 3.0% | 52.8% | 12.7% | 11.3% | 6.9% | — | 2,112 |
| CTAS | $80.4B | 45.3× | 28.9× | 7.8× | 7.7% | 50.0% | 17.5% | 38.7% | 25.5% | 0.8× | 1,366 |
| HY | $593M | — | 50.0× | 0.2× | -12.5% | 16.8% | -1.6% | -12.7% | -5.1% | 30.2× | 143 |
Peers = companies sharing HY's sector (Industrials) 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.