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Held by 2,481 of 5,944 reporting institutions (100th 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.
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
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $658.32 today, the market must believe free cash flow compounds 17.5%/yr for a decade (off $6.8B normalized FCF).
The market's 17.5% is more optimistic than its 9-yr track record.
2-stage DCF · 0.38B shares · net debt $32.9B
mean 11.2% · volatility σ 24% · implied rate exceeded in 2/9 yrs
Central path = implied 17.5%/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.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
5/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash conversion lags reported earnings — watch accruals. 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.
The dividend is comfortably covered — only 10% of free cash flow, leaving room to grow it and fund buybacks. Last year: $636M dividends + $3.0B buybacks = $3.6B returned on $6.3B FCF.
8 consecutive years of dividend increases · 12%/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: 7%. 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 $9.9B covers the $3.5B due within a year 2.8× over. 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).
Coverage is adequate but not comfortable. Effective rate ~3.3% on $42.7B of debt.
Cash of $9.9B fully covers short-term debt of $3.5B.
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
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 | $44.56B 100.0% | $42.88B 100.0% | $42.86B 100.0% | $44.91B 100.0% | $39.21B 100.0% | $32.22B 100.0% | $25.54B 100.0% | $24.36B 100.0% | $20.92B 100.0% | $18.27B 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | — | $8.98B 42.9% | $8.21B 44.9% |
| Cost of Products | — | — | — | — | — | — | — | — | $8.98B 42.9% | $8.21B 44.9% |
| Cost of Services | — | — | — | — | — | — | — | — | $2.50B 11.9% | $1.69B 9.3% |
| Research & Development | $1.40B 3.1% | $1.39B 3.2% | $1.34B 3.1% | $1.47B 3.3% | $1.41B 3.6% | $1.18B 3.7% | $1.00B 3.9% | $967.0M 4.0% | $887.0M 4.2% | $754.0M 4.1% |
| Selling, General & Admin | $8.73B 19.6% | $8.60B 20.0% | $8.45B 19.7% | $8.99B 20.0% | $8.01B 20.4% | $6.93B 21.5% | $6.14B 24.1% | $6.06B 24.9% | $5.50B 26.3% | $4.97B 27.2% |
| Total Operating Expenses | $36.81B 82.6% | $35.54B 82.9% | $36.00B 84.0% | $36.52B 81.3% | $29.18B 74.4% | $24.42B 75.8% | $20.95B 82.0% | $20.57B 84.5% | $17.96B 85.8% | $15.82B 86.5% |
| Operating Income | $7.75B 17.4% | $7.34B 17.1% | $6.86B 16.0% | $8.39B 18.7% | $10.03B 25.6% | $7.79B 24.2% | $4.59B 18.0% | $3.78B 15.5% | $2.96B 14.2% | $2.46B 13.5% |
| Interest Expense | $1.42B 3.2% | $1.39B 3.2% | $1.38B 3.2% | $726.0M 1.6% | $536.0M 1.4% | $553.0M 1.7% | $676.0M 2.6% | $667.0M 2.7% | $592.0M 2.8% | $469.0M 2.6% |
| Interest & Investment Income | $993.0M 2.2% | $1.08B 2.5% | $879.0M 2.1% | $272.0M 0.6% | $43.0M 0.1% | $65.0M 0.2% | $224.0M 0.9% | $137.0M 0.6% | $81.0M 0.4% | $48.0M 0.3% |
| Other Income (Expense), net | -$12.0M -0.0% | $12.0M 0.0% | -$65.0M -0.2% | -$104.0M -0.2% | -$694.0M -1.8% | -$76.0M -0.2% | -$70.0M -0.3% | $9.0M 0.0% | -$20.0M -0.1% | -$13.0M -0.1% |
| Pretax Income | $7.31B 16.4% | $7.04B 16.4% | $6.30B 14.7% | $7.83B 17.4% | $8.84B 22.5% | $7.22B 22.4% | $4.07B 15.9% | $3.26B 13.4% | $2.43B 11.6% | $2.02B 11.1% |
| Income Tax Expense | $547.0M 1.2% | $657.0M 1.5% | $284.0M 0.7% | $703.0M 1.6% | $1.11B 2.8% | $850.0M 2.6% | $374.0M 1.5% | $324.0M 1.3% | $201.0M 1.0% | -$1.0M -0.0% |
| Net Income | $6.72B 15.1% | $6.34B 14.8% | $5.96B 13.9% | $6.96B 15.5% | $7.73B 19.7% | $6.38B 19.8% | $3.70B 14.5% | — | — | — |
| Per Share | ||||||||||
| EPS (Basic) | $17.77 | $16.58 | $15.52 | $17.75 | $19.62 | $16.09 | $9.24 | $7.31 | $5.64 | $5.12 |
| EPS (Diluted) | $17.74 | $16.53 | $15.45 | $17.63 | $19.46 | $15.96 | $9.17 | $7.24 | $5.59 | $5.09 |
| Weighted Avg Shares (Basic) | 377.0M | 382.0M | 386.0M | 392.0M | 394.0M | 396.0M | 400.0M | 402.0M | 395.0M | 395.0M |
| Weighted Avg Shares (Diluted) | 378.0M | 383.0M | 388.0M | 394.0M | 397.0M | 399.0M | 403.0M | 406.0M | 398.0M | 397.0M |
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.
EOD close · as of 2026-09-17
No standout strengths flagged.
Where each multiple sits in its own 14-yr range · 91th 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 1.4× 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 |
|---|---|---|---|---|---|---|---|---|
| R&D | 4.0 | 3.9 | 3.7 | 3.6 | 3.3 | 3.1 | 3.2 | 3.1 |
| SG&A | 24.9 | 24.1 | 21.5 | 20.4 | 20.0 | 19.7 | 20.0 | 19.6 |
| Operating Income | 15.5 | 18.0 | 24.2 | 25.6 | 18.7 | 16.0 | 17.1 | 17.4 |
| Income Tax | 1.3 | 1.5 | 2.6 | 2.8 | 1.6 | 0.7 | 1.5 | 1.2 |
| Net Income | — | 14.5 | 19.8 | 19.7 | 15.5 | 13.9 | 14.8 | 15.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TMO: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
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 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 |
Peers = companies sharing TMO'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.