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Held by 1,042 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 $93.54 today, the market must believe free cash flow compounds 15.4%/yr for a decade (off $1.8B normalized FCF).
The market's 15.4% is more optimistic than its 9-yr track record.
2-stage DCF · 0.57B shares · net debt $8.4B
mean 15.5% · volatility σ 24% · implied rate exceeded in 4/9 yrs
Central path = implied 15.4%/yr growth; shaded band = ±1σ (24%) 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
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 2026-09-18
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 | $8.26B 100.0% | $7.40B 100.0% | $6.06B 100.0% | $6.23B 100.0% | $5.89B 100.0% | $5.63B 100.0% | $4.26B 100.0% | $4.28B 100.0% | $3.95B 100.0% | $3.70B 100.0% |
| Cost of Revenue | $3.01B 36.5% | $2.75B 37.2% | $2.17B 35.8% | $2.64B 42.5% | $2.47B 41.9% | $2.72B 48.4% | $1.72B 40.5% | $1.75B 40.9% | $1.54B 38.9% | $1.43B 38.6% |
| Gross Profit | $5.25B 63.5% | $4.65B 62.8% | $3.90B 64.2% | $3.58B 57.5% | $3.42B 58.1% | $2.90B 51.6% | $2.54B 59.5% | $2.53B 59.1% | $2.41B 61.1% | $2.28B 61.4% |
| Selling, General & Admin | $75.0M 0.9% | $109.0M 1.5% | $113.0M 1.9% | $125.0M 2.0% | $85.0M 1.4% | $142.0M 2.5% | $125.0M 2.9% | $120.0M 2.8% | $82.0M 2.1% | $73.0M 2.0% |
| Total Operating Expenses | $2.92B 35.3% | $2.85B 38.5% | $2.32B 38.2% | $2.02B 32.4% | $1.98B 33.6% | $1.67B 29.7% | $1.52B 35.7% | $1.50B 35.0% | $1.42B 36.0% | $1.44B 38.9% |
| Operating Income | $2.33B 28.2% | $1.80B 24.3% | $1.58B 26.0% | $1.56B 25.1% | $1.44B 24.5% | $1.23B 21.9% | $1.02B 23.9% | $1.03B 24.0% | $991.0M 25.1% | $836.0M 22.6% |
| Interest Expense | $367.0M 4.4% | $414.0M 5.6% | $284.0M 4.7% | $129.0M 2.1% | $125.0M 2.1% | $101.0M 1.8% | $124.0M 2.9% | $150.0M 3.5% | $143.0M 3.6% | $135.0M 3.6% |
| Interest & Investment Income | $39.0M 0.5% | $28.0M 0.4% | $115.0M 1.9% | $7.0M 0.1% | $1.0M 0.0% | $4.0M 0.1% | $10.0M 0.2% | $10.0M 0.2% | $7.0M 0.2% | $5.0M 0.1% |
| Other Income (Expense), net | -$27.0M -0.3% | $21.0M 0.3% | -$1.0M -0.0% | $2.0M 0.0% | $81.0M 1.4% | $5.0M 0.1% | — | — | — | — |
| Pretax Income | $2.15B 26.0% | $1.45B 19.6% | $1.40B 23.1% | $1.48B 23.7% | $1.53B 26.1% | $1.21B 21.5% | $1.02B 23.9% | $1.06B 24.9% | $872.0M 22.1% | $133.0M 3.6% |
| Income Tax Expense | $358.0M 4.3% | $334.0M 4.5% | $344.0M 5.7% | $352.0M 5.7% | $347.0M 5.9% | $279.0M 5.0% | $245.0M 5.8% | $606.0M 14.2% | $143.0M 3.6% | $27.0M 0.7% |
| Net Income | $1.79B 21.6% | $1.12B 15.1% | $1.06B 17.5% | $1.13B 18.1% | $1.19B 20.2% | $933.0M 16.6% | $774.0M 18.2% | $458.0M 10.7% | $729.0M 18.5% | $106.0M 2.9% |
| Per Share | ||||||||||
| EPS (Basic) | $3.12 | $1.94 | $2.10 | $2.28 | $2.38 | $1.89 | $4.69 | $2.77 | $4.38 | $0.64 |
| EPS (Diluted) | $3.09 | $1.93 | $2.08 | $2.26 | $2.35 | $1.86 | $4.63 | $2.73 | $4.30 | $0.63 |
| Weighted Avg Shares (Basic) | 573.3M | 575.4M | 504.9M | 492.4M | 497.7M | 493.2M | 164.9M | 165.3M | 166.4M | 165.2M |
| Weighted Avg Shares (Diluted) | 578.6M | 579.2M | 508.4M | 497.9M | 505.1M | 500.7M | 167.0M | 167.7M | 169.6M | 168.8M |
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
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
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.
The dividend is comfortably covered — only 30% of free cash flow, leaving room to grow it and fund buybacks. Last year: $601M dividends + $616M buybacks = $1.2B returned on $2.0B FCF.
2 consecutive years of dividend increases · -1%/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.
Modest payoff on reinvested capital. Current ROIC on all capital: 8%. 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 ~4.1% on $9.0B of debt.
Cash of $604M fully covers short-term debt of $431M.
Mostly long-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 2026-09-18
Where each multiple sits in its own 14-yr range · 80th 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 2.5× 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 | 40.9 | 40.5 | 48.4 | 41.9 | 42.5 | 35.8 | 37.2 | 36.5 |
| Gross Profit | 59.1 | 59.5 | 51.6 | 58.1 | 57.5 | 64.2 | 62.8 | 63.5 |
| SG&A | 2.8 | 2.9 | 2.5 | 1.4 | 2.0 | 1.9 | 1.5 | 0.9 |
| Operating Income | 24.0 | 23.9 | 21.9 | 24.5 | 25.1 | 26.0 | 24.3 | 28.2 |
| Income Tax | 14.2 | 5.8 | 5.0 | 5.9 | 5.7 | 5.7 | 4.5 | 4.3 |
| Net Income | 10.7 | 18.2 | 16.6 | 20.2 | 18.1 | 17.5 | 15.1 | 21.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NDAQ: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 838 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| JPM | $942.8B | 17.5× | — | 5.2× | 2.8% | — | 31.3% | 15.7% | 13.4% | — | 4,823 |
| V | $691.4B | — | — | 17.3× | 11.3% | — | 50.1% | 52.9% | 31.8% | — | 4,229 |
| MA | $511.5B | 34.2× | — | 15.6× | 16.4% | — | 45.6% | 193% | 56.0% | — | 3,430 |
| BAC | $416.4B | 15.2× | — | 3.7× | 6.8% | — | 27.0% | 10.1% | 4.9% | — | 3,337 |
| GS | $279.3B | 18.4× | — | — | — | — | — | 13.7% | 3.6% | — | 2,857 |
| WFC | $266.3B | 13.8× | — | — | — | — | — | 11.8% | 5.7% | — | 2,691 |
| AXP | $213.7B | 20.3× | — | 5.2× | 6.4% | — | 26.2% | 32.4% | 11.9% | — | 2,787 |
| TYFG | $191.9B | 14.2× | — | 11135.5× | 10.2% | — | 79.3% | 8.7% | 8.7% | — | 1 |
| SCHW | $189.9B | 22.6× | — | 7.9× | 22.0% | — | 37.0% | 17.9% | 17.9% | — | 2,225 |
| HDB | $177.2B | 22.3× | — | 6.9× | 15.2% | — | 30.8% | 8.8% | 4.5% | — | 570 |
| UBS | $169.4B | — | — | — | — | — | — | — | — | — | 660 |
| BLK | $165.9B | 30.3× | — | 6.8× | 89.3% | — | 22.9% | 9.9% | 8.1% | — | 2,196 |
| GLD | $135.3B | — | — | — | — | — | — | — | — | — | 3,072 |
| CB | $133.2B | 13.3× | — | 2.2× | 6.5% | — | 17.4% | 14.0% | 11.3% | — | 2,002 |
| PGR | $125.2B | 11.1× | — | 1.4× | 16.3% | — | 12.9% | 37.3% | 37.3% | — | 1,685 |
| SPGI | $121.1B | 27.6× | 17.3× | 7.9× | 7.9% | 70.2% | 29.2% | 14.4% | 10.1% | 1.7× | 2,005 |
| HOOD | $106.5B | 58.5× | — | 23.8× | 51.6% | — | 42.1% | 20.6% | 20.6% | — | 1,230 |
| CME | $99.3B | 24.7× | — | 15.2× | 6.4% | — | 62.5% | 14.2% | 14.2% | — | 1,699 |
| USB | $96.1B | 13.0× | — | 3.4× | 4.4% | — | 26.4% | 11.6% | 9.2% | — | 1,901 |
| BX | $93.6B | 32.3× | — | 6.5× | 9.2% | — | 20.9% | 34.8% | 14.2% | — | 2,037 |
| PNC | $92.3B | 14.1× | — | 4.0× | 7.2% | — | 30.3% | 11.5% | 5.9% | — | 1,839 |
| AMUB | $89.5B | — | — | — | — | — | — | — | — | — | 7 |
| ICE | $88.2B | 26.9× | 20.9× | 7.0× | 7.5% | — | 26.2% | 11.5% | 6.8% | 3.8× | 1,641 |
| KKR | $88.1B | — | — | 4.5× | -11.0% | — | 12.2% | 7.7% | 7.7% | — | 1,216 |
| MRSH | $84.9B | 20.8× | 15.5× | 3.1× | 10.3% | — | 15.4% | 27.2% | 11.9% | 3.0× | 1,471 |
| NDAQ | $53.3B | 30.3× | 24.9× | 6.5× | 11.6% | 63.5% | 21.6% | 14.6% | 8.4% | 3.6× | 1,042 |
Peers = companies sharing NDAQ's sector (Financial Services) 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.