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Held by 445 of 5,944 reporting institutions (96th 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 $34.74 today, the market must believe free cash flow compounds 31.0%/yr for a decade (off $74M normalized FCF).
The market's 31.0% is more optimistic than its 9-yr track record.
2-stage DCF · 0.22B shares · net debt $219M
mean 40.3% · volatility σ 113% · implied rate exceeded in 4/9 yrs
Central path = implied 31.0%/yr growth; shaded band = ±1σ (113%) 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).
Interest coverage is thin — monitor; 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 + $16M buybacks = $16M returned on $62M 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: 2%. 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).
Thin coverage — earnings barely cover interest. Effective rate ~4.7% on $643M of debt.
Cash of $424M fully covers short-term debt of $246M.
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 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.08B 100.0% | $1.00B 100.0% | $1.11B 100.0% | $1.29B 100.0% | $1.20B 100.0% | $1.14B 100.0% | $1.13B 100.0% | $875.7M 100.0% | $805.0M 100.0% | $906.3M 100.0% |
| Cost of Revenue | $463.2M 42.7% | $424.5M 42.4% | $467.3M 42.2% | $518.9M 40.2% | $484.5M 40.4% | $471.0M 41.5% | $478.9M 42.4% | $387.3M 44.2% | $326.0M 40.5% | $356.6M 39.3% |
| Cost of Products | — | — | — | — | — | — | — | — | $260.9M 32.4% | $278.1M 30.7% |
| Cost of Services | — | — | — | — | — | — | — | — | $50.2M 6.2% | $61.2M 6.8% |
| Gross Profit | $621.1M 57.3% | $575.9M 57.6% | $638.8M 57.8% | $773.5M 59.8% | $714.4M 59.6% | $665.3M 58.5% | $651.4M 57.6% | $488.4M 55.8% | $479.0M 59.5% | $549.7M 60.7% |
| Research & Development | $208.7M 19.2% | $201.9M 20.2% | $206.9M 18.7% | $213.2M 16.5% | $203.0M 16.9% | $193.6M 17.0% | $187.0M 16.5% | $133.3M 15.2% | $136.3M 16.9% | $166.4M 18.4% |
| Selling, General & Admin | $349.4M 32.2% | $333.3M 33.3% | $328.7M 29.7% | $365.7M 28.3% | $337.5M 28.2% | $315.0M 27.7% | $343.5M 30.4% | $323.9M 37.0% | $300.1M 37.3% | $351.1M 38.7% |
| Total Operating Expenses | $563.6M 52.0% | $555.1M 55.5% | $556.4M 50.3% | $588.5M 45.5% | $572.2M 47.7% | $547.2M 48.2% | $584.0M 51.7% | $486.5M 55.6% | $472.0M 58.6% | $634.0M 70.0% |
| Operating Income | $57.5M 5.3% | $20.8M 2.1% | $82.4M 7.4% | $185.0M 14.3% | $142.2M 11.9% | $118.1M 10.4% | $67.4M 6.0% | $1.9M 0.2% | $7.0M 0.9% | -$84.3M -9.3% |
| Interest Expense | $30.0M 2.8% | $30.9M 3.1% | $27.1M 2.5% | $23.3M 1.8% | $14.7M 1.2% | $13.4M 1.2% | $34.3M 3.0% | $47.3M 5.4% | $43.2M 5.4% | $35.7M 3.9% |
| Interest & Investment Income | $13.1M 1.2% | $18.9M 1.9% | $10.2M 0.9% | $3.4M 0.3% | $2.9M 0.2% | $7.1M 0.6% | $8.1M 0.7% | $16.0M 1.8% | $11.1M 1.4% | $5.9M 0.7% |
| Other Income (Expense), net | $11.1M 1.0% | $21.7M 2.2% | $7.6M 0.7% | $5.2M 0.4% | $3.3M 0.3% | $9.6M 0.8% | $6.2M 0.5% | $9.7M 1.1% | $13.1M 1.6% | $2.5M 0.3% |
| Pretax Income | $38.6M 3.6% | $11.6M 1.2% | $60.7M 5.5% | $65.1M 5.0% | $130.8M 10.9% | $114.3M 10.1% | $39.3M 3.5% | -$35.7M -4.1% | $180.0M 22.4% | -$45.9M -5.1% |
| Income Tax Expense | $4.4M 0.4% | $37.4M 3.7% | $35.2M 3.2% | $49.6M 3.8% | $63.3M 5.3% | $65.3M 5.7% | $31.5M 2.8% | $12.9M 1.5% | $21.4M 2.7% | $4.5M 0.5% |
| Net Income | $34.8M 3.2% | -$25.8M -2.6% | $25.5M 2.3% | $15.5M 1.2% | $67.5M 5.6% | $49.0M 4.3% | $5.4M 0.5% | -$48.6M -5.5% | $160.2M 19.9% | -$99.2M -10.9% |
| Per Share | ||||||||||
| EPS (Basic) | $0.16 | $-0.12 | $0.11 | $0.07 | $0.30 | $0.21 | $0.02 | $-0.21 | $0.70 | $-0.42 |
| EPS (Diluted) | $0.15 | $-0.12 | $0.11 | $0.07 | $0.29 | $0.21 | $0.02 | $-0.21 | $0.68 | $-0.42 |
| Weighted Avg Shares (Basic) | 222.5M | 222.6M | 224.6M | 230.9M | 228.7M | 229.4M | 228.1M | 227.1M | 229.9M | 234.0M |
| Weighted Avg Shares (Diluted) | 225.7M | 222.6M | 226.6M | 238.2M | 236.3M | 234.8M | 231.2M | 227.1M | 234.5M | 234.0M |
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.
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
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 21.0× 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 | FY2022 | FY2023 | FY2024 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 44.2 | 42.4 | 41.5 | 40.4 | 40.2 | 42.2 | 42.4 | 42.7 |
| Gross Profit | 55.8 | 57.6 | 58.5 | 59.6 | 59.8 | 57.8 | 57.6 | 57.3 |
| R&D | 15.2 | 16.5 | 17.0 | 16.9 | 16.5 | 18.7 | 20.2 | 19.2 |
| SG&A | 37.0 | 30.4 | 27.7 | 28.2 | 28.3 | 29.7 | 33.3 | 32.2 |
| Operating Income | 0.2 | 6.0 | 10.4 | 11.9 | 14.3 | 7.4 | 2.1 | 5.3 |
| Income Tax | 1.5 | 2.8 | 5.7 | 5.3 | 3.8 | 3.2 | 3.7 | 0.4 |
| Net Income | -5.5 | 0.5 | 4.3 | 5.6 | 1.2 | 2.3 | -2.6 | 3.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VIAV: 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 |
| VIAV | $7.7B | 229.8× | 82.4× | 7.1× | 8.4% | 57.3% | 3.2% | 4.5% | 2.4% | 6.7× | 445 |
Peers = companies sharing VIAV'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.