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Held by 329 of 5,944 reporting institutions (95th 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 $57.95 today, the market must believe free cash flow compounds 10.9%/yr for a decade (off $129M normalized FCF).
The market's 10.9% is more conservative than its 4-yr track record.
2-stage DCF · 0.06B shares · net debt -$368M
mean 107.2% · volatility σ 44% · implied rate exceeded in 4/4 yrs
Central path = implied 10.9%/yr growth; shaded band = ±1σ (44%) 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 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
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 | $794.8M 100.0% | $696.5M 100.0% | $624.6M 100.0% | $565.7M 100.0% | $498.7M 100.0% | $402.8M 100.0% | $315.5M 100.0% | $241.1M 100.0% | $194.0M 100.0% | $150.2M 100.0% |
| Cost of Revenue | $365.1M 45.9% | $342.0M 49.1% | $322.0M 51.5% | $309.3M 54.7% | $273.7M 54.9% | $228.2M 56.6% | $162.5M 51.5% | $121.9M 50.5% | $99.5M 51.3% | $77.4M 51.5% |
| Gross Profit | $429.7M 54.1% | $354.5M 50.9% | $302.7M 48.5% | $256.3M 45.3% | $225.0M 45.1% | $174.6M 43.4% | $153.0M 48.5% | $119.2M 49.5% | $94.5M 48.7% | $72.8M 48.5% |
| Research & Development | $154.3M 19.4% | $143.2M 20.6% | $137.3M 22.0% | $130.1M 23.0% | $117.0M 23.5% | $97.4M 24.2% | $76.3M 24.2% | $51.3M 21.3% | $40.3M 20.8% | $32.5M 21.6% |
| Selling, General & Admin | $125.5M 15.8% | $122.9M 17.7% | $110.2M 17.6% | $90.2M 15.9% | $77.9M 15.6% | $70.9M 17.6% | $56.7M 18.0% | $45.0M 18.7% | $37.2M 19.2% | $32.0M 21.3% |
| Total Operating Expenses | $389.8M 49.0% | $396.7M 57.0% | $388.7M 62.2% | $361.1M 63.8% | $303.0M 60.8% | $274.4M 68.1% | $219.7M 69.7% | $151.1M 62.7% | $121.4M 62.6% | $108.5M 72.2% |
| Operating Income | $39.9M 5.0% | -$42.3M -6.1% | -$86.1M -13.8% | -$104.8M -18.5% | -$78.0M -15.6% | -$99.8M -24.8% | -$66.7M -21.2% | -$31.9M -13.2% | -$26.9M -13.9% | -$35.7M -23.8% |
| Interest Expense | $4.9M 0.6% | $4.7M 0.7% | $4.6M 0.7% | — | — | — | — | — | — | — |
| Interest & Investment Income | — | — | $10.1M 1.6% | $5.4M 0.9% | $1.5M 0.3% | $1.2M 0.3% | $3.7M 1.2% | $2.8M 1.2% | $553K 0.3% | $358K 0.2% |
| Other Income (Expense), net | $14.8M 1.9% | $11.4M 1.6% | $24.2M 3.9% | -$1.3M -0.2% | -$33.1M -6.6% | -$36.4M -9.0% | -$16.6M -5.3% | -$7.3M -3.0% | $429K 0.2% | -$209K -0.1% |
| Pretax Income | $54.7M 6.9% | -$30.9M -4.4% | -$61.8M -9.9% | -$106.1M -18.8% | -$111.1M -22.3% | -$136.2M -33.8% | -$83.4M -26.4% | -$39.2M -16.3% | -$26.5M -13.7% | -$35.9M -23.9% |
| Income Tax Expense | $2.7M 0.3% | $7.7M 1.1% | $3.6M 0.6% | $2.9M 0.5% | $1.6M 0.3% | $1.4M 0.4% | -$12.5M -4.0% | -$3.8M -1.6% | -$314K -0.2% | $427K 0.3% |
| Net Income | $52.0M 6.5% | -$38.5M -5.5% | -$65.4M -10.5% | -$109.0M -19.3% | -$112.7M -22.6% | -$137.6M -34.2% | -$70.9M -22.5% | -$35.4M -14.7% | -$26.2M -13.5% | -$36.4M -24.2% |
| Per Share | ||||||||||
| EPS (Basic) | $0.84 | $-0.64 | $-1.12 | $-1.90 | $-2.00 | $-2.65 | $-1.53 | — | — | — |
| EPS (Diluted) | $0.80 | $-0.64 | $-1.12 | $-1.90 | $-2.00 | $-2.65 | $-1.53 | — | — | — |
| Weighted Avg Shares (Basic) | 62.2M | 60.1M | 58.4M | 57.3M | 56.4M | 52.0M | 46.2M | — | — | — |
| Weighted Avg Shares (Diluted) | 65.1M | 60.1M | 58.4M | 57.3M | 56.4M | 52.0M | 46.2M | — | — | — |
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.
6/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
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.
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 + $5M buybacks = $5M returned on $195M 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 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.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
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
No material risks flagged.
Where each multiple sits in its own 12-yr range · 12th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-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
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 | 50.5 | 51.5 | 56.6 | 54.9 | 54.7 | 51.5 | 49.1 | 45.9 |
| Gross Profit | 49.5 | 48.5 | 43.4 | 45.1 | 45.3 | 48.5 | 50.9 | 54.1 |
| R&D | 21.3 | 24.2 | 24.2 | 23.5 | 23.0 | 22.0 | 20.6 | 19.4 |
| SG&A | 18.7 | 18.0 | 17.6 | 15.6 | 15.9 | 17.6 | 17.7 | 15.8 |
| Operating Income | -13.2 | -21.2 | -24.8 | -15.6 | -18.5 | -13.8 | -6.1 | 5.0 |
| Income Tax | -1.6 | -4.0 | 0.4 | 0.3 | 0.5 | 0.6 | 1.1 | 0.3 |
| Net Income | -14.7 | -22.5 | -34.2 | -22.6 | -19.3 | -10.5 | -5.5 | 6.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on QTWO: 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 | $11.16T | — | — | — | — | — | — | — | — | — | 3,121 |
| NVDA | $5.33T | 44.8× | 40.0× | 24.7× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | 0.1× | 5,582 |
| AAPL | $4.98T | 45.2× | 34.8× | 12.0× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.6× | 5,858 |
| MSFT | $3.70T | 27.7× | 19.6× | 11.1× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.2× | 5,944 |
| AVGO | $1.65T | 72.8× | 65.1× | 25.8× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 2.5× | 4,442 |
| MU | $1.10T | 128.8× | 60.7× | 29.3× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.7× | 2,894 |
| AMD | $888.5B | 205.7× | 210.2× | 25.6× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | 0.8× | 3,059 |
| INTC | $543.3B | — | 67.4× | 10.3× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 5.5× | 2,495 |
| CSCO | $436.6B | 43.2× | 36.6× | 7.7× | 5.3% | 64.9% | 18.0% | 21.7% | 13.6% | 2.3× | 3,560 |
| PLTR | $421.4B | 279.8× | 291.6× | 94.2× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | — | 2,883 |
| DELL | $383.6B | 67.8× | 36.1× | 3.4× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 2.8× | 1,564 |
| LRCX | $341.7B | 64.9× | 54.5× | 18.5× | 23.7% | 48.7% | 29.1% | 54.3% | 37.4% | 0.7× | 2,500 |
| RPAY | $338.0B | — | — | 1092.8× | -1.2% | 75.0% | -83.0% | -53.0% | -28.2% | -1.7× | 142 |
| AMAT | $331.0B | 48.2× | 38.1× | 11.7× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | 0.8× | 2,826 |
| UMC | $307.4B | — | — | — | — | — | — | — | — | — | 302 |
| ARM | $281.9B | 311.6× | 242.9× | 57.3× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | — | 730 |
| SAP | $262.5B | — | — | — | — | — | — | — | — | — | 794 |
| ANET | $250.7B | 72.6× | 63.3× | 27.8× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | — | 1,930 |
| PANW | $250.5B | 234.4× | 156.5× | 27.2× | 14.9% | 73.4% | 12.3% | 14.5% | 14.5% | — | 2,374 |
| SNDK | $235.7B | — | — | 32.0× | 10.4% | 30.1% | -22.3% | -17.8% | -14.8% | -1.5× | 1,127 |
| TXN | $234.6B | 47.4× | 30.9× | 13.3× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.8× | 2,345 |
| CRM | $225.6B | 31.1× | 24.4× | 5.4× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 1.5× | 2,547 |
| IBM | $222.8B | 21.3× | — | 3.3× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | — | 3,351 |
| MRVL | $204.0B | 78.4× | 133.3× | 24.9× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 2.9× | 1,477 |
| QCOM | $202.7B | 37.7× | 15.2× | 4.6× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 1.1× | 2,611 |
| QTWO | $3.6B | 72.4× | 35.0× | 4.6× | 14.1% | 54.1% | 6.5% | 7.9% | 7.9% | — | 329 |
Peers = companies sharing QTWO'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.